Queensland’s floods have pushed several small trucking firms to the wall but buyers are so hard to find that many have withered on the vine, according to Savvy Business Sales.
The Queensland business brokerage does have and has recently had a few minor transport and transport related firms on its books, with Queensland Boat Transport and the heavy vehicle training firm Coastwide looking for buyers while the Bidvest franchise for Maroochydore has sold.
But Savvy’s principal, Rod Russell, says shifting firms with more than a couple of trucks has been an almost fruitless task.
By Rob McKay | November 15, 2011
Queensland’s floods have pushed several small trucking firms to the wall but buyers are so hard to find that many have withered on the vine, according to Savvy Business Sales.
The Queensland business brokerage does have and has recently had a few minor transport and transport related firms on its books, with Queensland Boat Transport and the heavy vehicle training firm Coastwide looking for buyers while the Bidvest franchise for Maroochydore has sold.
But Savvy’s principal, Rod Russell, says shifting firms, especially with more than a couple of trucks, has been an almost fruitless task.
“It’s been very difficult in our neck of the woods, mainly because of the rain that we’ve had over the past couple of years,” Russell says.
“One we had was doing quarry work and they just couldn’t turn a wheel, mate.
“A lot of them are just no longer.
“It’s been a clean-out of the industry.”
Russell was certain that equipment had become a millstone around many owners necks.
This had made selling distressed firms that much harder and less worthwhile.
Owners with a truck and a trailer that should be worth $120,000 may only be getting offers of $80,000 and the situation was compounded if there is a fleet involved.
“We’re not being able to yield a fair return for sellers on what they’re worth – you can buy them for nothing,” Russell says.