Category: Freight Brokers

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Freight Brokers

Becoming Certified Business Broker

Business brokers, also called business transfer agents, or intermediaries, assist buyers and sellers of privately held small business in the buying and selling process. They typically estimate the value of the business; advertise it for sale with or without disclosing its identity; handle the initial potential buyer interviews, discussions, and negotiations with prospective buyers; facilitate the progress of the due diligence investigation and generally assist with the business sale.

A business broker is someone paid to buy and sell businesses. Unlike a Realtor, who lists and sells real estate, a business broker specializes in buying and selling business entities. Becoming a business broker doesn’t require a considerable amount of advanced education; however, you must have a significant amount of industry experience. Some states require business brokers to be certified and licensed. To become a certified broker, you must also complete broker training. The following information will help you take the necessary steps to get certified and licensed in your state.

Find a business broker school. Although a business or finance degree isn’t a must to become a business broker, you must have considerable knowledge in the field of finance, economics, large-scale negotiations, corporate takeovers and commercial real estate. Certification status is important in many industry circles. It is also a requirement in many states. Business broker training courses can be completed online through in-class formats. Contact the International Association of Business Brokers and obtain a list of training centers. By completing a training program, you will be recognized as a certified broker. In addition to your degrees, if you’ve earned them, being certified is proof you have extensive knowledge of the business. Find a business broker school that fits your needs.

Apply for a state license. In some states, you must obtain a license to operate as a business broker. State business broker licensees are commonly regulated by the same departments that oversee real estate or insurance agents, or the Department of Revenue. Contact your Secretary of State or Department of Revenue to find out if a business broker must obtain a business license to operate in your state. For example, the Alabama Department of Revenue provides a list of businesses, by industry, required to obtain a state license. Download a copy of the license application or have one sent to you. Complete each form and send it the proper state office. Expect to pay an application fee of $50 to $200. When your application is approved, you will be required to pass a state test. You may be asked to produce proof that you’ve passed a certification class prior to taking the state examination. Complete your broker training course before applying for your state license.

If your state does not require business brokers to be licensed, proof that you have completed an official business broker training program is all you need to be certified.

Gain experience. Especially if you are new to the industry, it is a good idea to work for an established brokerage firm for a minimum of two years. This will allow you to work alongside veterans and receive the on-the-job training necessary to succeed on your own.

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Freight Brokers Trucker News

Load Broker Info

A freight broker is an individual or company that serves as a liaison between another individual or company that needs shipping services and an authorized motor carrier. Though a freight broker plays an important role in the movement of cargo, the broker doesn’t function as a shipper or a carrier. Instead, a freight broker works to determine the needs of a shipper and connects that shipper with a carrier willing to transport the items at an acceptable price.

Work in the cargo and freight business. Find work with a shipping, trucking or freight brokering company in any position available and begin learning how the freight business operates. First-hand knowledge about the actual job a load broker performs can be learned as an apprentice to a transportation broker or agent. A load broker should have comprehensive knowledge about the ins and outs of the freight business.

Choose a freight specialization. There are many types of freight that require transportation. Specializing in a particular freight type puts the agent in the role of expert and the go-to person for transportation companies handling that particular type of freight. Freight specialties include livestock, over-size loads, hazardous materials and perishable food.

Develop networking skills and build a business network. Load brokers are the contact point for drivers and transportation companies. The load brokers contact list becomes an asset to the broker, without it they have no way to conduct business. Daily conversation with transportation companies and drivers is required of the broker to initiate and successfully complete a shipment.

Obtain a freight brokers license from the U.S. Department of Transportation. Brokers must be licensed whether they are working as an employee of a brokering company or as an independent broker. The Federal Carrier Safety Administration known as the FMCSA is the DOT department that oversees the licensing of load brokers. Call the FMCSA at 800-832-5660 or visit the website to find out more about the licensing process. The license fee is $300 and requires proof of the purchase of a surety bond in the amount of $10,000 before the application is approved.

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Freight Brokers

Freight Brokers Course

Other freight broker training courses only tell you what to do, our freight broker course SHOWS you how to do it. Our freight broker training course was designed
by FindFreightloads.com online load board and freight brokers in the industry. Utilizing the load board the course was designed from all aspects of the transportation industry the shippers perspective, carriers needs and the challenges of the truck and property brokers.

What makes us different from the rest?
* We are the only training program that give 1 Year FREE membership with a load board to post freight & find carriers.
* We are the only training program that gives a 350,000 transportation database for lead generation.
* We are the only training program that has freight broker courses under $900.
* We are the only training program that gives 24/7 Toll Free customer support.
* We are the only training program that gives brokerage forms and contracts included in their package
* We are the only training program that includes license filing support.
* Course has lifetime access, NEVER EXPIRE. Some schools have limits on their course WE DON’T.

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Freight Brokers Trucker News

Truck Broker Salary

Unlike automotive brokers, whose function is to assist buyers when they purchase a new vehicle, truck brokers, often known as freight brokers, help companies arrange shipping services with independent freight lines or owner/operators. Truck brokers also arrange and manage billing and payments for the freight lines with whom they work. Most brokers work on commission rather than on a base salary many are self-employed and their earnings fluctuate with their ability to make deals and the volume of goods shipped in any given period.

Although they may not receive a consistent salary because their earnings are tied to their job performance, truck brokers earn $39,000 annually as of July 2011, according to SimplyHired.com. Brokers who work strictly as agents, handling pickup and delivery scheduling for clients but not assuming billing and payment processing responsibilities, earn smaller salaries because of their decreased responsibilities. Freight agents earn an average annual salary of $34,000, according to SimplyHired.com.

Salaries by Region

Freight brokers who live in large metropolitan areas may expect to earn higher salaries than the industry average. Virtually all cities reporting salary data to SalaryExpert.com earned significantly more than the national average. Freight brokers who work in New York receive the highest average annual salary, $76,349 as of July 2011. Those working in Chicago and Houston also earned some of the largest average salaries, earning $73,381 and $73,173, respectively. Sixty percent of the cities reporting salary data to the website reported average earnings between $54,924 and $60,672.

Commission Percentage

Truck brokers who work for themselves are free to set their commission rates at whatever they find necessary. Rates may be influenced by the amount of competition in their market. Many truck brokers charge a commission of 17 percent for their services, while freight agents often work for an eight percent commission. To earn average salary figures listed by SimplyHired.com, a truck broker would need to book more than $229,411 in freight charges in a year, or a freight agent would need to arrange for $425,000 in shipping fees.

Licensing and Bonding

Because they also handle billing in addition to logistics, freight brokers must be licensed like any other type of broker. To operate as a freight broker, the Federal Motor Carrier Safety Administration (FMCSA) requires brokers to be bonded and licensed. Brokers must receive broker’s authority recognition from the FMCSA and processing agent status. Brokers must also carry at least $10,000 in surety bonds in order to operate.

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Freight Brokers Lifestyle

How to Verify a Freight Broker Bond

If you’re new to working with freight brokers, you may be confused about the role of their surety bond. From the Carrier’s standpoint, the surety bond is in place as protection in case the broker refuses to pay for services rendered. Always verify a freight broker’s bond before accepting a load.

Visit the Federal Motor Carrier Safety Administration (FMCSA) website. Go to the Licensing and Insurance section and choose Carrier Search from the drop down menu.

Enter the freight broker’s information. It isn’t necessary to fill out the entire form. If you have the Motor Carrier (MC) or Freight Forwarder (FF) number, no other details are necessary. If you don’t, fill in as much information as you can. Hit “Search.”

Choose the correct broker from the formulated list. Click on “Report.” (HTML shows a snapshot of some pertinent information. Report provides full FMCSA information about the broker in PDF format).

Note the Authorities section. Freight brokers must have current brokerage authority for their surety bond to be valid. Be sure the broker authority listed is active; with no application pending. If the broker authority status is listed as None or Inactive, the company has no current legal standing as a freight broker. Don’t take the load; the broker bond (if any) won’t be enforceable.

Drop down to the Insurance Requirements section. Look for bond insurance. If the freight broker is acting in accordance with federal law, it will list bond insurance as both required and on file. It will also show the current federal minimum requirement of a brokerage surety bond. (Note: Some brokers voluntarily purchase a larger bond. The federal minimum will show regardless of actual bond value).

Look down the page at Active and Pending Insurance. Verify a listing for an active broker bond. (Note: If the freight broker has changed insurance companies, cancelled bonds will also show on this form).

Call the insurance carrier to clarify coverage if desired. Many trucking companies find this step unnecessary, because the insurance company is required by law to notify the FMCSA if coverage ends. However, a short time lag can be possible between a bond lapse and an FMCSA update. If you want to be 100% certain the bond is in effect, note the bond number and use the insurance contact information on the form.

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Freight Brokers

Broker Authority Questions

The word “broker” derives from Anglo-Normandian brocour “small trader”, of uncertain origin, but possibly from Old French brocheor “wine retailer”, which comes from the verb brochier “to broach.

A broker is a party that arranges transactions between a buyer and a seller, and gets a commission when the deal is executed. A broker
who also acts as a seller or as a buyer becomes a principal party to the deal. In general a broker is an independent agent used extensively in some industries. The prime responsibility of a broker is to bring sellers and buyers together. Therefore, a broker is the third -person facilitator between a buyer and a seller. Brokers also can furnish considerable market information regarding prices, products and market conditions. Brokers may represent either the seller (90 percent of the time) or the buyer (10 percent) but not both at the same time. Brokers play a huge role in the sale of stocks, bonds and other financial services.

Broker Authority Questions

Q. What is an MC Number?
A. A Motor Carrier (MC) number is issued by the FMCSA. It grants the right to commence operations in interstate commerce in the transportation industry. There are several factors involved in obtaining an MC number including having BOC 3 Process Agent and a Surety Bond or Surety Trust.

Q. What are BOC 3 Process Agents?
A. A BOC 3 process agent is someone who may be serviced with court papers in any proceeding brought against a broker. In order to obtain your authority, you must have a list of BOC 3 Process Agents available to be serviced on your behalf.

Q. What is a Surety Bond or a Surety Trust?
A. A Surety Bond or Surety Trust is a safe guard for carriers to collect monies for nonpayment from a broker. The bond or trust must be in the amount of $10,000. The main difference between a bond and a trust is that a bond is through an insurance company and a trust is through a financial institution.

Q. How long does it take to obtain freight broker authority?
A. It takes approximately 16 business days to obtain broker authority provided a bond or trust is in effect within that time frame.

Q. How much does it cost to get your authority?
A. Obtaining your broker authority is only $685 through GLAuthority.com. This includes: all federal and process agent fees and same day processing. Our streamlined process allows you to start brokering as quickly as possible!

Traditionally, only the wealthy could afford a broker and access the stock market. The internet triggered an explosion of discount brokers, which allow investors to trade at a lower cost, but don’t provide personalized advice. Because of discount brokers, almost anybody can afford to invest in the market.

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Freight Brokers Lifestyle

How to Get a Freight Forward Broker License

Freight brokers are agents who help customers arrange the transportation and delivery of goods via licensed carriers. Brokers are not required to register as carriers as long as they do not take possession of the goods in transit. They do not carry cargo insurance and do not issue bills of lading under their company names. Brokers are required to be bonded to assure that they will pay the carriers’ invoices after they receive payment from their customers. Freight brokers are licensed by the Federal Motor Carrier Safety Administration, a division of the U. S. Department of Transportation.

Instructions

Go to the Federal Motor Carrier Safety Administration website to register. Complete form OP-1 (Motor Property Carrier and Broker Authority) online. Have a credit card ready to pay the $300 registration fee. Alternatively, you may print the form, complete it and mail it in. Mailed applications may require four to six weeks for processing. FMCSA strongly encourages applicants to use the online guidance and registration.

Record the MC or FF number assigned during the online registration process. This number is required when filing the additional forms listed below. A confirmation letter will be mailed. If you apply by mail, the number will be issued by mail. Your broker’s application will be published in the “FMCSA Register.”

Have your insurance company or financial institution file evidence of financial security in the amount of $10,000 either on form BMC-84 for a surety bond or form BMC-85 for a trust fund with a financial institution. Blank forms are available from the FMSCA.

File form BOC-3 (Designation of Process Agents) online or print the form, complete it and mail it in. The FMCSA strongly encourages online submissions. A list of companies that offer process agent services is found on the FMCSA website .

Begin operations after you receive your license in the mail. You do not have operating authority until you have the license in hand.

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Freight Brokers Lifestyle

Freight Broker Revenue Grows 17.1%

A freight broker is an individual or company that serves as a liaison between another individual or company that needs shipping services and an authorized motor carrier. Though a freight broker plays an important role in the movement of cargo, the broker doesn’t function as a shipper or a carrier. Instead, a freight broker works to determine the needs of a shipper and connects that shipper with a carrier willing to transport the items at an acceptable price.

Freight brokers increased their revenue 17.1 percent in the first quarter from the same period a year ago as the third-party logistics companies expanded fastest in business beyond their core truckload sales, according to an industry report.

The Transportation Intermediaries Association said the shipment count in its quarterly survey of 3PLs increased 7.4 percent in the first three months of the year but that the overall profit margin for the brokers slipped back to 14.9 percent from 15.3 percent a year ago.

But revenue per shipment grew at a sharp rate, including 10.3 percent growth in truckload business, a sign of tight capacity in a growing market at the start of 2011.

The strongest shipment growth came in less-than-truckload arena, which soared 24.5 percent over last year, and brokered intermodal shipments jumped 11.7 percent in the first quarter. Truckload shipments, which bring 3PLs some 98 percent of their operating revenue, grew 5.3 percent.

“The report indicates that 3PLs expanded their services into intermodal and LTL to meet customer needs,” said TIA President and CEO Robert Voltmann.

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Freight Brokers

Freight Broker Course- Shoulder your Success

Our freight broker license course is unmatched in the online training industry, because we give our students many tools that other online broker courses do not offer, like load board access, transportation database, license filing service and we sell our broker courses for half of the price.

Freight Broker Manual
With over 5 years in the transportation industry we have developed not just an easy to understand self study freight broker course but a transportation network for you to jump start your freight brokerage career. We cover all these topics in our training program. You will be ready to enter this booming transportation industry and always use our materials as a reference point in the future.Other freight broker training courses only tell you what to do, our freight broker course SHOWS you how to do it. Our freight broker training course was designed by FindFreightloads.com online load board and freight brokers in the industry. Utilizing the load board the course was designed from all aspects of the transportation industry the shippers perspective, carriers needs and the challenges of the truck and property brokers.
What makes us different from the rest?
* We are the only training program that give 1 Year FREE membership with a load board.
* We are the only training program that gives a 350,000 transportation database.
* We are the only training program that has freight broker courses under $900.
* We are the only training program that gives 24/7 Toll Free customer support.
* We are the only training program that gives forms and contracts included in their package.
* We are the only training program that includes license filing support.
* Course has lifetime access, NEVER EXPIRE. Some schools have limits on their course WE DON’T.

Even operating as a small freight brokerage you will need a professional website to give the impression to your clients and shippers that you are an established freight brokerage company. When you market your services to shippers they will want to see your website and more than likely, based on how your website looks, (if you even have one at all) will be one of their deciding factors if they want to do business with you. Your website will be the key to describing all your services, testimonials, and contact information.
So what are you waiting for? Be your own Boss and work at home.Visit us http://freightbrokerscourse.com/.FREE to Register.

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Freight Brokers Trucker News

Revenue of a Freight Broker

A freight broker is an individual or company that serves as a connection between another individual or company that needs shipping services and an authorized motor carrier. Though a freight broker plays an important role in the movement of cargo, the broker doesn’t function as a shipper or a carrier. Starting your own freight company can be close to impossible, especially if you don’t have any other businesses to rely on.
A freight broker does not require formal training, but for somebody who wants to go into this business with well build knowledge, there are some institutes that provide knowledge on the subject. Such an institute, like a freight broker training school, not only gives insight about the business but also provides certificates to students who successfully finish the course.

Freight Broker
A freight broker is legally a property broker, which is the term established by theFederal Motor Carrier Safety Administration (FMCSA), a division of the United States Department of Transportation. It describes licensed individuals or corporations that help make a shipper and an authorized motor carrier successful in the transporting of freight.If you have never been a broker, taking a good training program could prove beneficial in that it will teach you the process of finding truck freight and matching it to a truck driver.Another advantage of being a freight broker is that you can make a reasonable amount of money. It depends on how good a freight broker you are.
Manual Traning
The broker is held responsible for the freight until it is actually delivered so keep that in mind also.Becoming a freight broker is a time consuming process, but once you obtain your license you can now work as your own boss, or find job with an already established company.
Grab the chance! Online Training start with $99, REGISTER NOW!