Article
Technology is a key consideration when selling your trucking business
July 12, 2023 · Authored by Terry Dickens, Jesse Proctor, Hans Galland of BeyondTrucks
A version of this article was originally published in BeyondTrucks in February 2023.
Viable companies need technology. With larger shifts in trucking technology on the horizon, including self-driving and electric vehicles, assessing your technology stack can expand opportunities.
If you own a trucking business and a sale or exit is on the horizon, there are numerous factors to consider. This series of articles on business transitions in the trucking industry discusses business valuation methodologies and tax and other considerations when deciding to sell or gift the business.
This article emphasizes the importance of incorporating technology during generational transitions.
Benefits of incorporating technology into your business transition strategy
Technology, particularly smart workflow technology, is a valuable tool in a generational transition. It digitizes the business end-to-end, builds operating standards, institutionalizes the wisdom of the retiring generation, and offers visibility to senior leadership governing incoming management.
It can boost confidence in the business remaining competitive in its valuation and projected cash flow. Given the extent of technological change, owners should consider moving past outdated legacy systems.
New trucking companies are digital native businesses — a disruptive business model that can shake up the profitability of long-established incumbents. It’s important to incorporate aspects of technology to support the sustainability of cash flows and the preservation of wealth, and also to leverage technology to address challenges that traditionally surface during generational transitions.
Technology is taking an unprecedented role in protecting and enhancing trucking companies’ enterprise value.
Technology considerations
Related sections
Tax and other considerations in selling or gifting a trucking business
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.