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The Tenney Minute

How should you exit the trucking industry? One option business owners can consider is an ESOP. We asked Bill Prevost to shed some light on his experience with an ESOP and to address some common confusion related to this topic. Bill is the President and CEO of Paladin Capital, Inc., an ESOP holding company headquartered in Nashville, TN. Paladin is widely recognized as one of the countries most successful ESOPs and consists of 5 operating companies: Quickway, Volunteer Express, Inc., Robert Bearden Inc., Dolphin Line, Inc., and Capital City Leasing, Inc.

nceo.org

New Study: High-Performance Work Practices Can Have Negative Outcomes If Not Linked to Broad Incentive Pay
 

A new study in the UK shows that high-performance work practices can positively affect employee commitment, engagement, turnover intention, and job satisfaction, but only if multiple practices are used together, including broad-based incentive pay. Where only some practices are included, the results can be greater job stress and lower commitment. 

Are ESOPs Good Retirement Plans?

nceo.org

November 23, 2016

Research Shows That ESOPs Provide Retirement Benefits that Are Both Much Larger and Much More Equitably Distributed than Most Other Retirement Plans

Introduction

Perhaps the most common and politically important question about ESOPs is whether they are too risky to be a good retirement program for employees. ESOPs inherently increase the concentration of retirement assets in a single security—company stock— and critics contend that this reduced diversification makes ESOPs too risky. Even worse, employees depend on the same company for both their paychecks and their retirement accounts. 

Are ESOPs Really More Complex Than Other Ways to Sell a Business?

nceo.org

October 01, 2016

Using an ESOP for Business Transition Can Be Complicated, But Selling to an Outside Buyer Is Often Uncertain and Even More Complicated
 

When people describe the pros and cons of ESOPs, often they note that the plans are complex. ESOPs are somewhat more complex than 401(k) and similar retirement plans and do cost substantially more to install and somewhat more to operate, mostly because an annual appraisal is required for closely held companies. But ESOPs are not more complex than selling to a third party.

100% Driver Turnover Hurts Trucking Industry: Correct M&A Approach Can Fix It | Mary Josephs

forbes.com

January 06, 2016

It’s remarkable how fully optimized some industries are – computer chips and potato chips come to mind, as in Intel and Pepsico’s Frito-Lay – and how others continue to offer enormous pieces of low-hanging fruit to the enterprising business leader.

By the American Trucking Associations’ count, annual driver turnover runs nearly 100% at so-called large truckload carriers, also known as long-haul truckers. And if it costs $3,000-to-$5,000 to recruit and hire one driver (I’m told that estimate is conservative), keeping the million or so long-haul driver jobs (1) filled every year represents a $3 billion-to-$5 billion toll on an industry that already suffers from narrow profit margins and an enormous need for capital.

PeopleNet recognizes four fleets for innovation | Aaron Marsh, Fleet Owner

fleetowner.com

August 29, 2015

Fleet mobility technology provider PeopleNet recognized three trucking companies and a large private fleet as innovators for using its technology to streamline operations, reduce costs and downtime, run greener fleets and more. Among the winners are a national supermarket chain that found a way to prepare its stores better for deliveries and a Canadian freight hauler that's retaining more drivers after automating driver pay requests.

The dinner took place Tuesday evening, Aug. 25, at PeopleNet's annual User Conference in Phoenix. The awards are given in four categories: fleets of fewer than 100 trucks, 100-500 trucks, more than 500 trucks and Canadian fleets.

NBJ 100's 25 Fastest-Growing Private Companies: Quickway Distribution Services Inc.

bizjournals.com | National Business Journal

September 26, 2014

How are you different from your competitors? [We are] 100 percent employee owned.

 

If your company were an imaginary car, what would it be called? The Paladin.

 

What is a risk, if not addressed, that can prevent companies from growing quickly? Sufficient capital.

Trevecca pays $1.5M for site slated for School of Music Building

Nashville Post

December 03, 2015

Trevecca Nazarene University officials announced today the purchase of 4.48 acres on which is planned a building to house the university's School of Music and Worship Arts.

The acquisition price was $1.5 million.
 

According to a TNU release, the seller was trucking company Volunteer Express, an affiliate of Quickway Distribution Services. McDaver Properties is the real estate holding company for Quickway.
 

Volunteer Express has occupied the facility, with an address of 502 Lester Ave. (see the site here courtesy of Google Maps), for about 30 years. It plans to move operations two blocks away to a property at 1116 Polk Ave.

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