How Mergers Work For Trucking Companies
One of COVID-19’s significant effects on the U.S transport sector is undoubtedly the consolidation of the trucking industry, as many trucking companies are partnering with their competitors for various reasons. Primarily, these companies merge with others to pool resources together and withstand the harsh economic climate. This way, they can continue their operations and even expand into new markets later on.
The effect of this strategic combination is a new company that’s more valuable, operationally, and financially stronger than the two previously separate businesses on their own. Below are some insights into how mergers work for trucking companies.
General planning is vital to merging plans in the trucking industry, so trucking companies typically kickstart their merging efforts this way. At this phase, employees, resources, assets, and physical space are critical factors considered when planning the merger. Also, the highest-ranking officials from both enterprises meet with one another to discuss tentative plans for the merger. During this period, proper communication is crucial to the entire transition’s success.
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The next step in the merging process is a more detailed planning phase where the two trucking companies break down each of their big-picture plans into smaller and more detailed components. At this stage, vital, qualified personnel or teams are assigned specific projects to ensure the merger’s overall success. For example, if service expansion is a priority of the merger, forming a recruitment team to hire the industry’s best drivers is undoubtedly necessary at this stage. However, great recruitment platforms can also help you find the trucking drivers for your company. Efficient driver recruitment solutions such as FATj are good examples of such platforms.
FATj is a recruitment advertising platform for the transportation and logistics sector that simplifies truck driver recuitment for trucking businesses. Trucking companies can leverage this platform to post driver job openings and recruit the right qualified drivers who best suit their needs. Also, FATj’s driver recruitment services provide top professionals ready to work for your enterprise, saving your recruitment teams hours of looking for and interacting with unqualified job applicants. Furthermore, they never send your organization drivers who have never heard of your business.
In addition, they ensure that shortlisted drivers are always the best fit for the specific jobs and markets that businesses are hiring for. What’s more, FATj has empowered over 1,000 large and small business recruitment teams globally with the necessary expertise and tools that streamline their recruitment efforts.
After building detailed plans for each aspect of their merger, the merging companies then execute their strategies to bring their merger to life. At this stage, teams are already in place to act on the various plans decided on cooperatively, implementing each agreed-upon strategy to the latter. Also, if you’re entering into a SPAC merger, it’s essential to know the complete details of your new business partnership and what you must do to make it a reality. Notable accounting and consulting firms such as Marcum Bernstein & Pinchuk LLP (Marcum BP) can offer great insights and services related to SPAC mergers.
These leading auditors provide assurance, audit, and international tax services to Chinese companies on the U.S. stock market. They also offer forensic accounting and financial due diligence services to foreign individuals and organizations seeking to invest in China. Furthermore, they’re also known SPAC audit specialists and are widely recognized as one of the best auditors for SPAC IPOs worldwide. A SPAC, or special purpose acquisition company, is a shell corporation listed on capital markets with the primary purpose of acquiring a private company, turning it into a public company without going through the traditional IPO (initial public offering) process. Marcum is highly experienced in offering advisory services and independent audits to Asian SPAC IPOs and operating enterprises based in Asia preparing for a merger with a SPAC.
Mergers are now prevalent in the trucking industry for various good reasons. The points above are some key insights into how mergers work for these trucking companies.