Latest / Towing News Now / The Art of Towing Synergy and Sustaining Family Legacies

Transcript

The Art of Towing Synergy and Sustaining Family Legacies · Towing News Now

• 0:05
  Speaker 1: Welcome one and all to the American Towing Recovery Institute podcast.
• 0:10
  Speaker 1: Remember this is your podcast to promote safety, education, positive public relations and networking within the professional and business-minded towing and recovery industry.
• 0:23
  Speaker 1: I'm your co-host, dj Harrington, better known as the Tow Doctor, and my other host is Wes Wilburn, over 40-year towing industry veteran, the founder of American Towing Recovery Institute of Fayetteville, north Carolina.
• 0:40
  Speaker 1: He has produced and conducted training and certification programs for leading towing companies, equipment distributors, towing associations, dot, fire departments, rescue, as well as military installations across the United States.
• 0:58
  Speaker 1: Wes has been published over 100 times in major towing publications published over 100 times in major towing publications.
• 1:08
  Speaker 1: Wes has developed many courses, including the most recent awareness-level course for all responders that specialize in electric vehicles as well as hybrid, natural gas and hydrogen vehicles.
• 1:19
  Speaker 1: Wes has provided insight as the main speaker for over 30 years at more than 900 training classes and has been recognized as one of America's greatest towing trainers.
• 1:34
  Speaker 1: He is well known for his straightforward but down-to-earth teaching style.
• 1:40
  Speaker 1: No-transcript.
• 2:08
  Speaker 1: Without further ado, here's my dear friend and a great guy for our industry, wes Wilber.
• 2:15
  Speaker 2: Well, dj, as always.
• 2:16
  Speaker 2: I thank you for your kind words and I appreciate your support, your guidance you've given me over the years.
• 2:24
  Speaker 1: Well, you're a good man, Wes, and I'm proud to be your co-partner on this project.
• 2:30
  Speaker 1: And, of course, our guest today is a phenomenal person, that's for sure.
• 2:36
  Speaker 1: But what's happening in your world now, wes?
• 2:40
  Speaker 2: Well as this airs.
• 2:42
  Speaker 2: I'm just getting ready to leave for Chicago.
• 2:44
  Speaker 2: I've got a big school up there at Lynch Chicago.
• 2:49
  Speaker 2: The Miller dealer in Chicagoland Sold out for heavy duty on Saturday and Sunday Full house, and then on Friday night we're doing an electric vehicle course.
• 3:00
  Speaker 2: I think that's almost filled up as well.
• 3:03
  Speaker 2: So when people are hearing this podcast it will already have happened.
• 3:04
  Speaker 2: Vehicle course I think that's almost filled up as well.
• 3:05
  Speaker 2: When the people are hearing this podcast it will already have happened.
• 3:09
  Speaker 2: But I'm getting ready to leave tomorrow for that.
• 3:11
  Speaker 2: Then we've got just after that.
• 3:14
  Speaker 2: We're headed a week after this podcast airs we're headed to Indianapolis, indiana.
• 3:22
  Speaker 2: It's going to be a one-day heavy duty on Saturday, hosted by Paddocks Wrecker that's May 18th and May 19th.
• 3:31
  Speaker 2: A one day light duty, again hosted by Paddocks that's May 18th and 19th.
• 3:37
  Speaker 2: That's a new one day format that's been popular so far.
• 3:40
  Speaker 2: So we're anxious to get it to the Midwest and see what those folks think about it there.
• 3:43
  Speaker 2: There still are seats available.
• 3:44
  Speaker 2: So we're anxious to get it to the Midwest and see what those folks think about it there, and there still are seats available.
• 3:47
  Speaker 2: So you can go to our website, wwwamtowriorg, for more information on that.
• 3:56
  Speaker 2: We have other class dates as well.
• 3:59
  Speaker 2: We'll be in St Louis June 21st for that free electric vehicle class.
• 4:05
  Speaker 2: It's a three-hour class.
• 4:06
  Speaker 2: Friday evening, saturday and Sunday we'll be doing one day heavy on Saturday.
• 4:14
  Speaker 2: One day light duty on Sunday, Hosted by Bob Bolin, Cardinal Towing, the whole group up there Just got the hotel information, got a smoking hot deal on that.
• 4:28
  Speaker 2: So we're looking forward to being in St Louis that's in June and in between that, dj, we're going to go up to the New York Toe Show, the Astro Show.
• 4:35
  Speaker 2: That's going to be June 6th, 6th through the 9th, and our organization, ev-clevercom, is going to be sponsoring the Friday night auction.
• 4:48
  Speaker 2: All funds raised at the auction are going to support Destra, the group that's hosting the event, and we're very proud to be hosting the auction portion of it.
• 5:00
  Speaker 2: I got some really cool old towing memorabilia, some old framed ads, some old memorabilia, some old framed ads and some old stuff from homes and actual tools that people use and whatnot in the towing industry.
• 5:12
  Speaker 2: So we're looking forward to a great event Friday night.
• 5:16
  Speaker 2: Last year we did it and had a great turnout.
• 5:20
  Speaker 2: Folks at Highs Alert donated one of their systems.
• 5:24
  Speaker 2: Eric from Big Wheel Cohen donated a class.
• 5:28
  Speaker 2: It was really nice DJ.
• 5:33
  Speaker 2: It was a random, what they call one of them random acts of kindness you see, a fellow was bidding on that school, that billing school, which it's not an inexpensive proposition, it's a two-day school that they do around the country and the fellow bidding on it went up to a certain A couple people were bidding on it.
• 5:54
  Speaker 2: It went up to a certain point and it got down to two people bidding on it and then one fellow dropped out a fair amount earlier was also, you could tell tell, interested thinking about putting his hand up.
• 6:07
  Speaker 2: Anyway, one gentleman that ended up being the high bidder when I were paid for the seat and then gave it to the fellow that was ended up, would have been the third high bidder that backed out you know, and uh gave him the seat for for free, for him to attend the class.
• 6:26
  Speaker 2: He said I've been to the class, my boys have been to the class.
• 6:28
  Speaker 2: I just didn't want the seat to go, you know, for not that much money and I wanted this fellow to go.
• 6:35
  Speaker 2: So I'm going to be anxious to see if he went to the class throughout the year and what he thought of it.
• 6:41
  Speaker 2: But it was one of those random acts of kindness that just kind of happened in the middle of the whole thing happening.
• 6:48
  Speaker 1: Where did all the proceeds go to?
• 6:50
  Speaker 1: That's true.
• 6:53
  Speaker 2: That's true.
• 6:53
  Speaker 2: The Empire State Towing and Recovery Association.
• 6:56
  Speaker 2: They use that money to pay their executive director employee.
• 7:00
  Speaker 2: They have a paid lobbyist in Albany you know, lobbying on legislative issues for telling they do a scholarship a couple different ways.
• 7:14
  Speaker 2: They do scholarship for the kind of training and education that I provide, others like me provide, and then they also do a for children of members.
• 7:27
  Speaker 2: They do something with some financial aid for those children, for young adults going to college and whatnot.
• 7:36
  Speaker 1: Fantastic, so it's a big cause.
• 7:39
  Speaker 1: So our listeners will know that they should mark their calendar, because the people come from all over to go to Lake George in June.
• 7:48
  Speaker 2: Yeah, it's upstate New York.
• 7:49
  Speaker 2: The weather's breaking up there.
• 7:51
  Speaker 2: It's just starting to get warm but it's not burning hot yet is what I've experienced.
• 7:56
  Speaker 2: You know, the climate is extremely nice.
• 8:01
  Speaker 2: It's a resort area, is extremely nice.
• 8:04
  Speaker 2: It's a resort area.
• 8:05
  Speaker 2: It's up above Albany and it's in the lake region the term for the region.
• 8:12
  Speaker 2: I can't think of what it is it's, you know, it's not too far from where Tommy Luciano lives.
• 8:20
  Speaker 1: Right right.
• 8:22
  Speaker 2: Yeah, it's in the situated in the Andorrandex Mountain.
• 8:28
  Speaker 1: So now we're put up.
• 8:29
  Speaker 1: There's nowhere to go.
• 8:33
  Speaker 2: Yeah, for more information on that show.
• 8:35
  Speaker 2: It's June 6th through the 9th Estra Toshow.
• 8:40
  Speaker 2: Wwwestratoshowcom, wwwestratoshowcom.
• 8:48
  Speaker 2: That's Estra.
• 8:49
  Speaker 2: Wwwestratoshowcom, wwwestratoshowcom.
• 8:55
  Speaker 2: It's a great show.
• 8:56
  Speaker 2: All the money goes back into the industry.
• 8:58
  Speaker 2: It's really a nice event.
• 9:01
  Speaker 2: There's all kinds of other things to do in Lake George.
• 9:04
  Speaker 2: You know touristy kind of things to do.
• 9:09
  Speaker 2: So I got one more thing I want to mention before we get ready to go to the break.
• 9:14
  Speaker 2: Here, august 2nd and 3rd, we're going to be doing a train recovery class working with railroad type equipment.
• 9:22
  Speaker 2: We're doing that at Maggio's up in Rockford Illinois.
• 9:23
  Speaker 2: Working with railroad type equipment.
• 9:23
  Speaker 2: We're doing that at Maggio's up in Rockford Illinois.
• 9:25
  Speaker 2: If you're interested in that class, reach out to us.
• 9:28
  Speaker 2: We'll get you some information on it.
• 9:30
  Speaker 2: We are limiting registration to attendees that have attended some of our training before and we're working on just starting to get the word out on that.
• 9:41
  Speaker 2: So that's going to be something kind of a highlight of my career DJ working with train recovery with the great Maggio's up in Rockford Illinois.
• 9:51
  Speaker 1: Probably looking forward to that.
• 9:52
  Speaker 1: That would be fantastic.
• 9:56
  Speaker 2: That's going to be.
• 9:56
  Speaker 2: August 2nd and 3rd.
• 10:01
  Speaker 1: Got it so we should take a fast break to come back for our guests, or what do you say?
• 10:06
  Speaker 2: Yes, absolutely.
• 10:08
  Speaker 1: Listeners, make sure you come back, because we got a guest that you've heard before and have taken a lot of notes, so get your paper out.
• 10:16
  Speaker 1: We'll have the master, as I call him, the you know the head man coming on next.
• 10:21
  Speaker 1: We'll take a fast break.
• 10:22
  Speaker 3: We'll be right back the head man coming on next.
• 10:29
  Speaker 3: We'll take a fast break.
• 10:30
  Speaker 3: We'll be right back.
• 10:30
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• 11:34
  Speaker 3: That's 910-747-9000.
• 11:37
  Speaker 3: We look forward to serving you.
• 11:39
  Speaker 1: You have been listening to the American Towing Recovery Institute podcast with Wes Wilburn and DJ Harrington.
• 11:45
  Speaker 1: I want to remind all of you we do our best every week to bring you improved information episodes like the one you're about to hear.
• 11:55
  Speaker 1: Make sure you download and listen.
• 11:57
  Speaker 1: We're available on Spotify, itunes, pandora, stitcher, iheartmedia, amazon or wherever you get your podcasts.
• 12:08
  Speaker 1: So, without further ado, wes, you can introduce our guest.
• 12:12
  Speaker 1: I think he's a fantastic human being and an icon in our industry.
• 12:18
  Speaker 1: So grab your pen and paper and get ready for some note-taking.
• 12:23
  Speaker 2: Thanks.
• 12:23
  Speaker 1: CJ.
• 12:24
  Speaker 2: I do want to.
• 12:25
  Speaker 2: Before we introduce a returning guest, I do want to thank our listeners.
• 12:30
  Speaker 2: It blows me away that people keep subscribing and subscribing, so we appreciate that.
• 12:36
  Speaker 2: Hit that like button, share it with your friends and again, we appreciate it.
• 12:42
  Speaker 2: Well, returning podcast.
• 12:46
  Speaker 2: Returning friend of the podcast, I guess, is how it's supposed to word it friend of the American Toner and Covey Institute.
• 12:52
  Speaker 2: As a matter of fact, he was the first member when we started the organization.
• 12:55
  Speaker 2: Fred, chief executive with Henry's Record Service, now Roadrunner in Windsor.
• 13:03
  Speaker 4: Fred, introduce yourself to our group, would you please yeah, hi, my name is fred schiller, executive chairman for henry's roadrunner and windsor based out of northern virginia, and we do work in, you know, maryland dc and all of northern virginia, but our main base is in northern virginia we've had had Fred on the program a couple times.
• 13:25
  Speaker 2: We had him on as recently as last August and he talked about what he and the group he's working with are doing with consolidation, and we definitely suggest you listen to that, and we're going to get an update on what they're doing today.
• 13:38
  Speaker 2: But before we start there, fred, what's been going on with you?
• 13:43
  Speaker 2: How are things going?
• 13:45
  Speaker 4: Things have been really good.
• 13:46
  Speaker 4: Wes uh.
• 13:47
  Speaker 4: First of all, thank you and dj for having me on.
• 13:49
  Speaker 4: You know um oh, it's a pleasure yeah, no, I mean, things have been going well, you know, bouncing back and forth across the country a little bit, but, um, you know, and looking constantly in in the market for looking for good, strong companies with strong management teams, uh, that that understand the philosophy and where the owners want to stay on for at least a couple years to five years and help grow this thing.
• 14:13
  Speaker 4: And that's what we're doing, and we had a couple NDAs signed right now and we're working.
• 14:17
  Speaker 4: So we'll see what happens here in the next six months or so.
• 14:22
  Speaker 2: Well, that must be exciting.
• 14:23
  Speaker 2: But I heard a lot of stuff there.
• 14:26
  Speaker 2: I want to how they say it, unwrap it a little bit.
• 14:31
  Speaker 2: You're looking.
• 14:33
  Speaker 2: I heard some key points there.
• 14:35
  Speaker 2: You're looking for well managed, well organized towing companies.
• 14:39
  Speaker 2: So there isn't an exact geographical location that you have to stick to.
• 14:45
  Speaker 2: Is that correct?
• 14:47
  Speaker 4: Correct, Correct.
• 14:48
  Speaker 4: You know I look at it as we're growing this.
• 14:51
  Speaker 4: You know I'd like to have bigger companies in the sense because they usually have more structure starting out, but they could be anywhere in the country.
• 15:01
  Speaker 4: And then, if that owner and management team is the right fit, there's your I would like to call it our hub and then, you know, you go from that hub, you start buying other companies up that are around that hub, you know, and they become your for better lack of term your spoke, so then you have your hub supporting all your spokes spoke, so then you have your hub supporting all your spokes.
• 15:23
  Speaker 4: And then you create your rim out of it and then you've got that territory or region covered, You've got another region over here and you grow it that way and eventually the tires will start touching each other and you start taking over more of a geographic area.
• 15:45
  Speaker 2: Well, yeah, that hub and spoke has worked for airlines and transportation of packages.
• 15:51
  Speaker 2: It's a very, very good way.
• 15:53
  Speaker 2: Grocery store chains, very efficient system.
• 16:02
  Speaker 4: If you have the hub, the hub's there to support everybody and that's the to support everybody and that's the main support system for that geographic area.
• 16:15
  Speaker 4: That's how I look at it.
• 16:16
  Speaker 4: So we're excited as we branch out and again, when we do this.
• 16:21
  Speaker 4: Again, one of the big things is that I hear a lot of people when we're first talking is you know what changes?
• 16:28
  Speaker 4: What changes are you making?
• 16:29
  Speaker 4: The answer to that is really no changes.
• 16:37
  Speaker 4: You know.
• 16:51
  Speaker 4: You know your area, you know your territory, you know how to run a business, obviously or we wouldn't be interested and you know over the first, I'd say, year or so, it's just a matter of getting to know the owner, the operation better.
• 16:59
  Speaker 2: You know, and then start learning from that owner and that owner learning from us, because there's things that we're going to do better and there's things that they're going to do better.
• 17:05
  Speaker 2: So the energy is a cross flow, you're saying.
• 17:06
  Speaker 2: Basically it's not a one-direction situation.
• 17:08
  Speaker 4: No, no, no, no.
• 17:10
  Speaker 4: It is a cross flow.
• 17:12
  Speaker 4: You know it's give and take.
• 17:13
  Speaker 4: We're going to have ideas on how we do things and you know what?
• 17:16
  Speaker 4: You're going to have ideas and better solutions than we already have.
• 17:21
  Speaker 4: It's always a learning process.
• 17:22
  Speaker 4: The day you give up learning is the day you end up stop growing.
• 17:26
  Speaker 4: Amen.
• 17:29
  Speaker 2: Absolutely.
• 17:31
  Speaker 1: Yeah, true.
• 17:33
  Speaker 2: So the hub does provide different support situations.
• 17:39
  Speaker 2: Can you give any examples of that, like group buying?
• 17:51
  Speaker 4: Well, it's group buying as a whole, no matter where we're at number one.
• 17:53
  Speaker 4: But the main thing with support is, for example, windsor had an account call in kind of a last-minute deal, and they wanted a bunch of trucks.
• 18:03
  Speaker 4: I think it was 10 trucks one of our accounts and it was a brand new account.
• 18:08
  Speaker 4: We knew they didn't need as many trucks as they wanted.
• 18:12
  Speaker 4: But you know what.
• 18:13
  Speaker 4: We sent them.
• 18:14
  Speaker 4: But Windsor needed help because they had up.
• 18:17
  Speaker 4: You know they had to service their other customers.
• 18:19
  Speaker 4: So Henry sent some trucks up, roadrunner sent a couple over and made sure the customer was happy.
• 18:25
  Speaker 4: It all worked out.
• 18:26
  Speaker 4: The customer realized, yeah, next time we do this and need your service for what we do.
• 18:31
  Speaker 4: They said, yeah, we won't need as many trucks because we understand, you guys know what you're doing.
• 18:37
  Speaker 4: But again, they asked for this many trucks.
• 18:39
  Speaker 4: So we made sure we had them available for them.
• 18:41
  Speaker 4: And that's where the support comes in.
• 18:45
  Speaker 2: Yeah, that's very powerful.
• 18:48
  Speaker 4: Right, and there's been times where it's been, you know, vice versa.
• 18:51
  Speaker 4: We swap calls all day long.
• 18:56
  Speaker 4: You know, our customers know that.
• 18:59
  Speaker 4: Hey, just because I called Roadrunner and I'm broken down in Baltimore, no-transcript.
• 19:17
  Speaker 4: And again, that's what the customers are looking for.
• 19:20
  Speaker 4: Is that quicker response time yeah, and that adds efficiency for y'all, for you guys too oh yeah, definitely, because then when that truck comes down to northern virginia, nine out of ten we can get something kind of working his way back towards baltimore.
• 19:35
  Speaker 4: So he's not riding back totally empty, but you know, it does happen here and there, right Well yeah, but with as many units as you all have, there's a better chance of happening.
• 19:50
  Speaker 2: you know being able to do some field work, you know heading back in that direction.
• 19:54
  Speaker 1: Hey Wes.
• 19:54
  Speaker 1: I got a great question for Fred Fred.
• 19:58
  Speaker 1: We got over 12,000 listeners.
• 20:00
  Speaker 1: This is the number one podcast of towing and recovery industry.
• 20:06
  Speaker 1: Wes has done a phenomenal job through social media.
• 20:09
  Speaker 1: So out of the listeners, who would be an ideal candidate that should maybe give you a holler and say do we qualify her?
• 20:20
  Speaker 1: How do we put her hat in the ring to become part of the group?
• 20:24
  Speaker 1: Do you want more people like in the I-95 corridor type, or do you want them more in the Southern Virginia or going into Tennessee?
• 20:41
  Speaker 4: I mean currently, anything right now, definitely east of the Mississippi.
• 20:45
  Speaker 4: Ideally I'd like to see a company doing at least $3 million plus in revenue, but to be what I would consider a hub, I'd like to see companies doing, I would say, $7 million to $10 million or more, because they're going to have a stronger fleet usually.
• 21:09
  Speaker 4: So that way you've got the support there and there's already some structure going on.
• 21:18
  Speaker 4: Because our biggest thing that we find is when we deal with these smaller companies and that's not that they're not doing a good job, and I don't want anybody to think that they tend to lack in the sense of structure, and by that I mean as making sure that everybody's held accountable for what they're supposed to be doing, that everybody's held accountable for what they're supposed to be doing.
• 21:43
  Speaker 4: You assign jobs, whether it be tasks, to your accounting CFO or this or the mechanic.
• 21:49
  Speaker 4: It doesn't make a difference, it's just holding them accountable, make sure they get the task done in a timely, efficient manner.
• 21:56
  Speaker 4: And then there's family involved in some of these, and that's the you know and I get.
• 21:58
  Speaker 4: There's family involved in some of these and that's great.
• 22:01
  Speaker 4: But at the same time it can be sometimes that one family member happens to be a slacker in a sense, like just does enough to get by, and it's always in the ship.
• 22:15
  Speaker 4: So that's what I mean by structure is making sure the main thing is, when things are given out, they're done in a timely manner, the way they're supposed to be done, and there's a workflow.
• 22:24
  Speaker 2: Yeah, so we're up against it.
• 22:29
  Speaker 2: We need to take a quick break.
• 22:30
  Speaker 2: But after the break, fred, I want you to hang around and I want to talk some more about what you guys are doing with consolidation and some other things, about what's going on in the industry, and I also want to talk a little bit about home area for you both and what's going on with the port there, and you're involved in that.
• 22:46
  Speaker 4: Sure Can you?
• 22:47
  Speaker 2: hang around for a minute.
• 22:49
  Speaker 4: No problem, Wes More than happy.
• 22:52
  Speaker 2: Thank you, We'll be right back Austin.
• 22:58
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• 24:04
  Speaker 3: Information in this podcast is made possible by generous sponsorship from Henry's Wrecker, serving the community with quality towing and recovery for over 40 years.
• 24:13
  Speaker 3: Henrysweckercom.
• 24:15
  Speaker 1: Welcome back listeners.
• 24:16
  Speaker 1: Of course you know you're listening to the American Tone Recovery Institute podcast.
• 24:20
  Speaker 1: Wes Wilburn, dj Harrington and Fred Shearer is on today A great guy.
• 24:26
  Speaker 1: Please, just like Wes said, remember to like, review and share everywhere, and we always welcome.
• 24:34
  Speaker 1: If you want to hear another industry expert like Fred, just dial the hotline number that's here in the podcast center 706-409-5603, 706-409-5603, and that comes right to the podcast center and let us know of that, tony, the Recovery Expert that you'd like to hear on the fastest growing podcast in the industry.
• 25:01
  Speaker 1: All right, wes, let me pass it back over to you.
• 25:06
  Speaker 2: Thanks, dj, we're here with Fred from Henry's talking about what's going on with them, with consolidation, and what's going on with the industry in general.
• 25:14
  Speaker 2: I guess we kind of jumped right in the middle of it, fred, I'm going to suggest to our listeners to go back and listen to the episode we did with you in August which really explains what your group is doing with consolidation.
• 25:30
  Speaker 2: I haven't done an official count, but there's what 10 or 12 groups now out there doing consolidation.
• 25:36
  Speaker 2: Have you got any count on how many groups there are, fred?
• 25:43
  Speaker 4: There's around that 10 to 12, from what I've heard, um doing the same kind of consolidation.
• 25:47
  Speaker 4: But you know we're different than those groups and I'm sure those groups are good.
• 25:51
  Speaker 4: I'm not going to say anything bad about any other group because I really don't know them that well.
• 25:57
  Speaker 4: But the main difference is between our group and those groups are.
• 26:03
  Speaker 4: From what I understand, most of them are private equity groups and we are a family fund.
• 26:09
  Speaker 4: Difference is private equity groups got to go out and raise money.
• 26:14
  Speaker 4: Family fund we already have the funds available.
• 26:17
  Speaker 4: There's no timeline on selling the business again so that our family fund members can get their return on their investment.
• 26:26
  Speaker 4: We're in private equity.
• 26:28
  Speaker 4: There's usually a time frame that their little fund is open and they do the purchasing and then within so many years they have to sell it to recoup their investors' profits, to give back to them and start another fund up to go buy whatever else they're going to go buy.
• 26:44
  Speaker 4: I would say that would probably be the major differences.
• 26:47
  Speaker 4: And also, you know we're not adverse to being approached by another fund and taking a look and let's say there's a fund out there already doing consolidation and it's got five good companies.
• 27:02
  Speaker 4: We're not adverse to saying, hey, let's take a look at them and possibly buying that fund out and folding them into our group.
• 27:14
  Speaker 2: So you folks are looking at expanding in many different directions.
• 27:19
  Speaker 4: Yes, we're expanding and there's tons of ways to do it.
• 27:25
  Speaker 4: There's internal, which we are doing.
• 27:28
  Speaker 4: Our call lines have been up overall.
• 27:30
  Speaker 4: We've gotten more customers since the consolidation because we are the biggest in the area and they know they can get the service.
• 27:40
  Speaker 4: But there's also you know that- organic but there's.
• 27:44
  Speaker 2: I mean, I'm sorry, I'm sorry to interrupt you.
• 27:47
  Speaker 2: You say for the area.
• 27:49
  Speaker 2: Some of our listeners may not know where you're located, so give us just an overview on that, would you?
• 27:54
  Speaker 4: okay, um, so we are at from baltimore, where the baltimore Show is, all the way down through that 95 corridor which surrounds all of Washington DC and all that area in northern Virginia, going west to the West Virginia line in Loudoun County.
• 28:16
  Speaker 4: So we're in all five major counties, what they call the Northern Virginia Hub, and then we surround the District of Columbia, dc and go up towards and including the City of Baltimore and Baltimore County.
• 28:33
  Speaker 2: Gotcha, thank you, and I interrupted you, so can you finish what you were saying before I interrupted you?
• 28:44
  Speaker 4: Yeah, there's all kinds of ways of growing and we're open to you, know all of them.
• 28:48
  Speaker 4: We're not just focused on you know one, one way of growth.
• 28:53
  Speaker 4: You know, like I was saying, there's organic growth and then there's acquisitions, and even if you're in a group let's say, like I said earlier, it's five companies we're more than have to take a look at you as a group and probably do a purchase as a group.
• 29:10
  Speaker 2: So that is an option that's always out there, and these purchases are funded purchases.
• 29:18
  Speaker 4: We're not paid for stock purchases again because we want like-minded management teams and owners involved so that as time goes on they're invested in the company as a whole.
• 29:30
  Speaker 4: So if that new owner comes on, not only does he own a percentage of his company still, but he owns a percentage of Roadrunner, henry's and Windsor all combined.
• 29:43
  Speaker 2: But for the rest of that percentage that they don't own, you folks work in cash right.
• 29:50
  Speaker 4: Yes.
• 29:50
  Speaker 4: So for example, just keep it simple numbers, let's keep it simple.
• 29:58
  Speaker 4: So let's say we buy your company for $10 million, right, and you keep the 15% in, so that's 1.5 million.
• 30:06
  Speaker 4: The rest you get in cash.
• 30:07
  Speaker 4: Now it has to be.
• 30:09
  Speaker 4: It is a debt-free.
• 30:10
  Speaker 4: You know it's a debt-free transaction.
• 30:13
  Speaker 4: Your company must be debt-free at the time of the transaction.
• 30:16
  Speaker 4: So let's say you had a hundred thousand on trucks.
• 30:18
  Speaker 4: That hundred thousand would come off a closing and be wired to the bank to pay off that truck or trucks.
• 30:26
  Speaker 4: We do not want to buy the land which is great for owners if you own your land, because that's just residual income.
• 30:34
  Speaker 4: We lease the yards back on a long-term lease at a fair market rate and that helps the owner on the residual income also, right, you're not worried about.
• 30:45
  Speaker 4: Oh my God, my company's worth this.
• 30:47
  Speaker 4: I sold it for $10 million and now I'm only getting $2 million up front or $3 million or even $5 million up front, and then I've got to sit on the rest and collect it over the next 10 years and hope that the company keeps going over the next 10 years and hope that the company keeps going, and then your investment that rolls over gets 8%.
• 31:08
  Speaker 4: You get preferred stock and it gets an 8% dividend a year also, which keeps continually compounding as the years go on.
• 31:15
  Speaker 2: And this allows families to secure their generational wealth, doesn't it?
• 31:19
  Speaker 4: Yes, and that's the idea is building generational wealth.
• 31:23
  Speaker 4: That's what this is all about, and most of the members in the family fund all came from blue-collar industries.
• 31:32
  Speaker 4: Whether it be plumbing, ac parts company, they've all been in the service blue collar industry and you're, and that's the parent corporation that that's controlling things, is what you're saying, right?
• 31:51
  Speaker 4: yeah, the family fund, yes, they all those people that are in that fund pretty much, have come from blue collar industries and have grown their industry and then it has sold, not sold off, and then they are now have money in the fund because they want to continue with the generational wealth.
• 32:08
  Speaker 4: Okay, you know.
• 32:10
  Speaker 4: And again, again, that fund does not come in and say we know how to run your business better than you.
• 32:15
  Speaker 4: No, they don't get involved in the operations.
• 32:17
  Speaker 4: They don't get involved in the operations.
• 32:19
  Speaker 4: They don't get.
• 32:20
  Speaker 4: That's not the goal for them to get in the operations.
• 32:24
  Speaker 4: Theirs is on the back end, helping grow and giving support when needed, whether it be with your back of the house, stuff with HR and financials and stuff like that, not the general operations of the company.
• 32:42
  Speaker 2: Insurance issues, kind of the big picture issues.
• 32:46
  Speaker 4: Yes, you know, like lobbyists, you know we have two lobbyists that we use, one in Maryland and one in Northern Virginia, so you know they're involved in that stuff, like saying, hey, make sure you have funding for that, Make sure you're getting stuff done protecting the industry.
• 33:09
  Speaker 2: Interesting.
• 33:09
  Speaker 2: And then, when you all work with a company negotiating, use that term to help calculate things.
• 33:19
  Speaker 2: What is that term?
• 33:21
  Speaker 2: Ebito, ebitda, ebitda.
• 33:24
  Speaker 4: Earnings before interest, taxes, depreciation and amortization.
• 33:29
  Speaker 2: Can you expand on what that is a little bit A general idea.
• 33:37
  Speaker 4: I know we look at that number and it's adding all that up.
• 33:41
  Speaker 4: Now there's a bunch of add-backs and add-ins.
• 33:43
  Speaker 4: I know we look at that number and it's adding all that up.
• 33:46
  Speaker 4: Now there's a bunch of add-backs and add-ins.
• 33:48
  Speaker 4: For example, there's some owners that draw money out of their company, let's say to pay I don't know.
• 34:01
  Speaker 4: Let's say you're getting.
• 34:02
  Speaker 4: I'm not saying this is a good thing, but I know there's owners out there that have done it.
• 34:04
  Speaker 4: They go out and let's say they renovate their house or they get a vacation home and the vacation home mortgage payment, vacation home is going to be in their own name, not the company name.
• 34:13
  Speaker 4: But the payment for that mortgage comes right out of the company.
• 34:16
  Speaker 4: The company just pays it every month of the company.
• 34:19
  Speaker 4: The company just pays it every month, right?
• 34:21
  Speaker 4: Well, once the sale happens, that money going out every month would not be going out.
• 34:32
  Speaker 4: So that gets added back into that EBITDA number.
• 34:33
  Speaker 4: Let's call it your mortgage.
• 34:34
  Speaker 4: Let's say $5,000.
• 34:36
  Speaker 4: So it's an extra $60,000 a year coming out of your company.
• 34:38
  Speaker 4: And let's say your EBITDA number is one, one million, two hundred thousand.
• 34:42
  Speaker 4: It's really going to be one million two hundred sixty thousand and, yes, the owner's still going to get a salary right.
• 34:50
  Speaker 4: His salary is not going to be as much as when he was the sole owner, obviously.
• 34:55
  Speaker 4: So let's say you know that that's added back.
• 34:59
  Speaker 4: That gets all added back in the difference.
• 35:03
  Speaker 2: And all negotiated ahead of time.
• 35:06
  Speaker 4: Oh, yeah, yeah, definitely.
• 35:08
  Speaker 4: That's all negotiated ahead of time.
• 35:11
  Speaker 4: When the letter of intent is issued Saying that, as long as your numbers work out to this you know this number we're going to pay you a multiple of let's call it whatever.
• 35:22
  Speaker 4: The multiple is four and a half, four, um, and that's what we're going to pay off of.
• 35:27
  Speaker 4: You know, and that's why I told in the earlier podcast, stop taking cash out of your companies, because all you're doing is hurting yourself four, five times more.
• 35:42
  Speaker 2: When it comes time to retire, semi-retire, regardless of what you're doing- yeah, whether you're moving forward with an organization like yours or just in a different direction, all that is important, isn't it?
• 35:57
  Speaker 4: Yeah, it's real important.
• 35:59
  Speaker 4: It adds up quickly, isn't it?
• 36:00
  Speaker 2: Yeah, it's real important.
• 36:01
  Speaker 4: It adds up quickly, yeah, and even if you're not ready today, I tell people, sit down with your accountant and go over and say, hey, what do I need to do so that I can be considered more profitable in the next five years, eight years, even 10 years?
• 36:17
  Speaker 4: Start planning ahead.
• 36:18
  Speaker 4: And that doesn't mean implementing everything right away.
• 36:22
  Speaker 4: You do it in steps and just start working your way so that, when you are ready, you get the most value out of your company that you took the time and effort and energy and away from your family to build, because that's what it's about and that'll help get you more money for your generational wealth as you grow it from generation to generation to generation.
• 36:47
  Speaker 2: Well said, well said.
• 36:50
  Speaker 4: And just real quick.
• 36:51
  Speaker 4: You know the quarter just ended and everybody's looking at, you know inflation right now and where are we at the rates?
• 37:01
  Speaker 4: Is the Fed going to cut or not?
• 37:03
  Speaker 4: When they're going to cut, if they're going to cut?
• 37:05
  Speaker 4: But one of the things I will say that came out, that I've read, is the Employment Cost Index and it's based on what employers are paying for their labor, their health, and it rose last first quarter of the year 1.2%, and a lot of it is in the service industry, which is our industry.
• 37:30
  Speaker 4: We're a service industry of paying out more money to our employees to keep the good employees and there's nothing wrong with that.
• 37:38
  Speaker 4: But I would suggest that every one of your listeners take a look at their pricing and make sure they're pricing their toes correctly to be able to afford that and pay for your better health.
• 37:52
  Speaker 4: Because, as we know, drivers drive the business.
• 37:55
  Speaker 4: Your dispatcher drives the drivers.
• 37:57
  Speaker 4: It's all into your help, your employees.
• 38:03
  Speaker 2: Good advice, dj.
• 38:04
  Speaker 2: Good advice oh yeah, hey, wes.
• 38:06
  Speaker 1: I just hope our listeners are listening to what Fred's saying, because he's explaining.
• 38:13
  Speaker 1: Fred, what I'd like to know is my dad was Vice President of Bethlehem Steel and some guy asked him one day what was the most influential thing that led him to become the Vice President of Bethlehem Steel?
• 38:30
  Speaker 1: And he said when I was in school, some guy told me that ethics and morals had so much to do with leadership and your character.
• 38:41
  Speaker 1: Morals had so much to do with leadership and your character.
• 38:45
  Speaker 1: So start developing young a character, leadership ability.
• 38:52
  Speaker 1: So when you listen to guys like you, you've taken care of all your employees for years.
• 38:54
  Speaker 1: Everyone knows how well Henry's was run and then, because of your leadership, you've done this.
• 39:00
  Speaker 1: What are some of the things you pass on to our listeners that helped you develop to be the Frank Shearer that you are today?
• 39:11
  Speaker 4: Well, first thing is always be humble.
• 39:13
  Speaker 4: You know ideas come to you from all sorts of people and take the time to listen and listen to your employee, whether it's the driver that's been there for six months or the driver that's been there for 10 years, because they're there doing the job every day and they may have an idea that'll make stuff more efficient and then reward them.
• 39:39
  Speaker 4: Listen to your managers, listen to your CFO or your accounts payable person if they come up with a better solution on how the workflow goes.
• 39:50
  Speaker 4: Take the time to really listen.
• 39:52
  Speaker 4: Don't blow them off thinking that you know better than everybody, because you don't.
• 39:57
  Speaker 4: And I don't care if you're in charge of Microsoft, apple, any, any name it.
• 40:03
  Speaker 4: You've got to listen to your employees, the ones that do the job day in and day out, and if you do that, you then build an environment where ideas are fostered, where people are constantly thinking about different ways of doing stuff.
• 40:21
  Speaker 4: And that doesn't mean every idea is going to be great.
• 40:24
  Speaker 4: You know it may be one out of 100 that comes in, that's a great idea and changes something dramatically, but the fact that you're listening it fosters that environment of I'm not just a driver.
• 40:38
  Speaker 4: I'm part of a team, I'm part of a team, I'm part of a culture.
• 40:41
  Speaker 4: And then again, with that culture comes structure, accountability also.
• 40:51
  Speaker 1: I spoke at Caterpillar one time, fred, and the guy said we created a seat on our Caterpillar machine that was uncomfortable, but the owners never told us.
• 41:04
  Speaker 1: It was the guys who drove the Caterpillar, the guys who were in the pit and he come out and he said the seats are uncomfortable.
• 41:13
  Speaker 1: So Caterpillar changed the seats.
• 41:15
  Speaker 1: As soon as they changed the seats, they sold more machines, exactly Because they listened.
• 41:23
  Speaker 1: More machines, exactly Because they listened, that's right, I mean.
• 41:26
  Speaker 4: Well, think of the Tony Street, the one gentleman who came up with the way the beds are mounted on the truck and lowered the bed level.
• 41:35
  Speaker 4: Why?
• 41:36
  Speaker 4: Because he was tired of reaching over all the time and everybody snagged up on his idea yeah, the low profile beds yeah yeah, absolutely, that's a great example.
• 41:51
  Speaker 2: So.
• 41:51
  Speaker 3: Fred, I want to shift gears with you slightly here.
• 41:56
  Speaker 2: You're originally from the Baltimore area.
• 41:59
  Speaker 2: I know you don't live there today, but you have operations there and y'all do quite a bit of business at that port.
• 42:05
  Speaker 2: Telling wise, don't you?
• 42:07
  Speaker 1: yeah, we do.
• 42:08
  Speaker 2: Can you give us an update of what's going on there and how things have affected the towing?
• 42:14
  Speaker 4: Yeah, right now we are on hold, except for one of the terminals that is prior to the Key Bridge, and I know they just opened up the deeper channel.
• 42:26
  Speaker 4: I think that channel is at around 30 feet but from what my understanding is, for the ships that we're loading and doing our work on, they need closer to 50 feet for draw when they come in and out of the port.
• 42:42
  Speaker 4: So we're waiting to hear because you know, it's not just the weight of the cars, it's the balance.
• 42:48
  Speaker 4: You know they fill those tanks up inside the hull of the ship with water to keep the balance correct in the ship.
• 42:55
  Speaker 4: That's what really weighs the ship down on its water.
• 42:58
  Speaker 4: So if they can get through without having their balances totally filled up, they can probably get through that 30-foot level and then we'll start normal operations up.
• 43:09
  Speaker 4: But right now we are taking less revenue in.
• 43:14
  Speaker 4: But when the channel does open up for those ships to get in we will be able to make up, because the cars aren't going anywhere.
• 43:24
  Speaker 4: They're all just kind of stacking up a little bit.
• 43:27
  Speaker 4: Some of them have been deferred to Philadelphia and Delaware, but they're going to start stacking up and then we'll probably, instead of working you know, let's say three days, they're going to pull us in for five days, when we're scheduled to work, just to get more vehicles on the ships and get them out.
• 43:44
  Speaker 4: And the ships will probably be coming into the terminal instead of coming in ours, then going down to south carolina to pick up some more and then the georgia to pick up some more before they go um you know out to their final destination.
• 43:55
  Speaker 4: They'll probably just load up to help clear out the cluster at the port backlog how long do they expect things to start resuming operations again?
• 44:10
  Speaker 4: Right now.
• 44:10
  Speaker 4: They're still saying right now, end of May, but I think it'll be before the end of May.
• 44:18
  Speaker 2: We're definitely praying for everybody in the region.
• 44:21
  Speaker 2: I know that's affected a lot of people in a lot of ways and you know, one of the biggest highway workers construction lost six souls on that bridge that night.
• 44:30
  Speaker 2: So we're praying for everybody and appreciate the update I know it was a sad.
• 44:35
  Speaker 4: it was a sad morning when I woke up to that.
• 44:37
  Speaker 4: You know and like, and, and the worst thing is, in my opinion the whole thing could have been prevented because, from everything I've read, that ship was having issues electrical problems while at the dock, so it should have never left the dock.
• 44:53
  Speaker 4: It was having these intermittent electrical issues sitting at the dock, so the ship should have never left.
• 44:59
  Speaker 2: in my opinion, yeah, I've seen some of the same reporting.
• 45:04
  Speaker 4: Yeah, yeah, it's always an accident happens, but when the accident is preventable, it's always an accident happens, but when the accident is preventable, it's even worse.
• 45:14
  Speaker 2: Absolutely.
• 45:14
  Speaker 2: One more question I've got for you.
• 45:20
  Speaker 2: I want to talk about electric vehicles.
• 45:24
  Speaker 2: What is your thinking on charging for storage, charging for handling them, etc.
• 45:36
  Speaker 4: Well, with electric vehicles, with the recommendations of how many square feet you have to keep open around the vehicle, the barricades compared to storing a normal, you know, diesel or gas engine vehicle, in all honesty, the rate should, you're taking up three times the space, so your storage rate should be at least three times that.
• 46:01
  Speaker 4: In my, you know opinion, convincing municipalities and the county and your local city to understand that may be difficult, because the insurance companies definitely don't want to pay that extra money, even though they know the standards are supposed to be there for safety.
• 46:26
  Speaker 2: Yeah, it's guidance from the federal government, but I didn't hear what you're saying about the insurance companies.
• 46:33
  Speaker 4: The insurance companies only take guidance from the federal government seriously when it's in their favor.
• 46:40
  Speaker 4: Right, you know what I mean.
• 46:43
  Speaker 4: Like that report that's out right about junk fees and saying that administrative costs and all that stuff are considered junk fees, well, no, well then you know, if then fine, we won't notify people anymore and we'll take the cost off of the, the admin costs off Off our tow trucks, I mean, but so that they want to listen to and that they're going to support.
• 47:03
  Speaker 4: But saying that, hey, towers have to charge more because of storing electric vehicles, they're not going to support that, even though the federal guidelines there yeah, absolutely and unfortunately that's the world we live in.
• 47:20
  Speaker 4: You know, and that and that and again.
• 47:22
  Speaker 4: Same with the trucking industry.
• 47:23
  Speaker 4: They all want want the highways open faster.
• 47:26
  Speaker 4: Right, Because it's holding up their cargo, it's holding up delivery.
• 47:31
  Speaker 4: It's costing them money when the roads are shut down, but they don't want to pay to have that road opened up fast.
• 47:40
  Speaker 4: They want to pay the rates from the 80s and 90s to have a major highway opened up compared to the cost of our equipment.
• 47:51
  Speaker 4: I mean Wes and I'm sure all the listeners out there know anybody that's bought a truck in the last year, two years, three years, has seen a big, huge difference from eight years ago.
• 48:07
  Speaker 2: Yeah, it's not only the price of the truck and the equipment, it's the insurance, it's everything.
• 48:11
  Speaker 2: Exactly, it's everything A much more complicated machine breaks down much easier with all these sensors and whatnot.
• 48:23
  Speaker 4: Which is great.
• 48:24
  Speaker 4: Hey, that's great.
• 48:26
  Speaker 4: It's like my grandfather told me, you know, years ago when I, when I had one of my first cars and I said something about, yeah, I really want a car with electric windows, grandfather looked at me and said why?
• 48:40
  Speaker 4: It's just something else that's going to break easier, you know.
• 48:44
  Speaker 4: So, with technology and stuff, and there there's improvements and it's all great, but sometimes it's not that great.
• 48:54
  Speaker 4: You know, they had all these little sensors and stuff there's.
• 48:58
  Speaker 4: You have a lot of things that still go wrong on these.
• 49:00
  Speaker 4: These trucks that are supposed to be, you know, quote-unquote indestruct, but there's just one little sensor can down your truck and make something not operate correctly and cause a damage or something.
• 49:13
  Speaker 4: And that's my thing is I think they need a little bit more testing sometimes before they throw this stuff out in the field.
• 49:19
  Speaker 2: Oh, I definitely agree with that.
• 49:20
  Speaker 2: Yeah, so anything else you'd like to discuss today, fred?
• 49:25
  Speaker 2: So anything?
• 49:27
  Speaker 4: else you'd like to discuss today, fred, you know, just in general, you know I love the fact that you know, since COVID, you know the resilience of the American worker to thrive, the way we are as a country as a whole, is something that I think every person should be proud of.
• 49:49
  Speaker 4: Right now that we've come out of where we've come out of and, yeah, inflation is a problem right now Everybody's paying more but the fact that we are still that strong of an economy really says a lot to the American workers that are here every day going out and doing the service work, no matter what industry you're in and doing the manufacturing and producing and you know what.
• 50:19
  Speaker 4: That's why I really would love for your listeners to take a minute, double-check their pricing and make sure they're taking care of their employees in a proper way and they're getting paid fair wages and good benefits, because that's what's needed to keep the economy strong and your company stronger.
• 50:40
  Speaker 2: Amen to that.
• 50:40
  Speaker 2: That's good advice.
• 50:42
  Speaker 1: Great tip.
• 50:44
  Speaker 2: If people want to get in touch with you, how can they reach out to you, Fred Great tip.
• 50:48
  Speaker 4: If people want to get in touch with you, how can they reach out to you?
• 50:50
  Speaker 4: Fred, they can reach out to me at my direct office line is 301-324-1954.
• 50:59
  Speaker 4: I had to stop and think a second.
• 51:02
  Speaker 4: Another way, of course, is through my email, which is fred__sandsand at henrysreckercom.
• 51:13
  Speaker 2: Fred, I can't thank you enough for being on today, sharing some great insight and information with us and, as always, your long-term support we appreciate as well.
• 51:23
  Speaker 4: Well, as I said, I love coming on the show and talking with you and DJ.
• 51:26
  Speaker 4: It's always a good experience and, you know, I'm hoping that you know maybe a caller calls in and I learn something else, Because I look forward to learning something new every day.
• 51:38
  Speaker 4: As a matter of fact, I think I just realized I messed up on my phone number, so I'm going to learn something new today.
• 51:46
  Speaker 4: My direct office line is 301-324-1954.
• 51:54
  Speaker 1: It's too close to my old home phone number.
• 51:56
  Speaker 4: That's why I keep getting messed up.
• 51:57
  Speaker 4: Anyway, it's 301-324-1954.
• 52:02
  Speaker 4: And, as always, it's always a pleasure to be able to connect with you and DJ and Wes.
• 52:09
  Speaker 4: I commend you for the work you've been doing with the training, because every training session, every time a new driver, or even an older driver, learns something new.
• 52:19
  Speaker 4: I know it helps with safety on the highways and helps keep all our drivers safe.
• 52:25
  Speaker 2: Exactly.
• 52:26
  Speaker 2: Thank you, fred.
• 52:27
  Speaker 2: I appreciate that recognition.
• 52:28
  Speaker 2: I really do All right Well, thanks to our loyal listeners.
• 52:33
  Speaker 2: Dj take us home, buddy.
• 52:35
  Speaker 1: All right, this was a great one.
• 52:37
  Speaker 1: Fred, I can't thank you enough for your leadership.
• 52:39
  Speaker 1: I hope all of you took notes, just like me.
• 52:41
  Speaker 1: I was taking the notes.
• 52:43
  Speaker 1: If you take care of your people, make sure you're charging the right prices, you'll be in business.
• 52:48
  Speaker 1: Listen to Fred.
• 52:49
  Speaker 1: All right, till next time.
• 52:51
  Speaker 1: See you on the American Towing Recovery Institute podcast and thank you from the bottom of Wes's and my heart for passing the word on to fellow towers and recovery people.
• 53:03
  Speaker 1: Take care.
• 53:04
  Speaker 1: See you next week.