Celadon files bankruptcy is a good thing or a bad thing?
Welcome to Monday Transportation in Minutes, powered by Commercial Fleet Financing. Celadon’s the big trucking news of the week in our industry. What happened? They filed bankruptcy, man. All the subsidiaries filed for bankruptcy. 3,000 plus truckers are left stranded, almost a thousand administrative people out of jobs. 3,500 trucks, 10,000 plus trailers, all going bye-bye. Is it a good thing or a bad thing?
Well, I think it’s a good thing and here’s why. Bad eggs are rotten. There are two chief executives over at Celadon who frauded the company, frauded stakeholders, and lenders, and vendors, and clients, and employees, and that cost the company $42.2 million in a settlement earlier this year. Now, I’m not discounting the economic headwind that we’re facing in transportation. Rates aren’t great, the demand isn’t exactly what we want, but that’s not the reason that Celadon tanked. The reason Celadon tanked is because everybody lost confidence in them. Who’s going to loan Celadon debt and money to continue operating when you’ve got two guys in the head of the organization that are committing fraud? Proven that they committed fraud. That’s the problem. Nobody trusts crooks and that’s what happened to Celadon.
Now, how is it a good thing? Number one, I think it’s good when the crooks get outed. I like that, man. I don’t think two guys should be able to have that much control over an organization that hurt employees and clients and vendors and banks. I don’t think they should have that. I think every dog gets their day and these two got their day.
Unfortunately, it hurt a lot of other people. Now, why is it a good thing? Because it opens up the opportunity for change. It opens up an opportunity for you to hire great people that work for Celadon. You’re sure as hell not going to hire these two guys, but you might hire a couple of hundred people to drive for you, or some incredible people in the office who need work. It also opens up an opportunity for those people to maybe make a career change. Maybe this is the push that they needed to go and do something different.
So look, I’m not making light of the fact that people lost their jobs, but I’m saying that with every dark cloud there is a silver lining. Your job is to go find it and take advantage of it. Take advantage of the Celadon situation, protect yourself for the future, and 2020 is going to be a great year. Now, stick around for your bonus tip.
Thanks for watching this far, we’ve got a good bonus tip. I’m hearing that people are doing what we’re saying in Monday Transportation in Minutes today and they’re actually going and trying to capitalize on drivers that are available and great operational staff that’s available from Celadon. The Indiana Motor Truck Association has actually taken the bull by the horns and they’ve created a download, and we’re going to give you a link to this download in the bonus episode, where the IMTA has just put together a 21-page list of carriers that are hiring right now. So if you’re a driver and you’re watching this and you hauled freight for Celadon and you’re out of work, download this free link and go ahead and find out who’s in the market to hire. Get yourself a job right now. Make it a great transition, make it an actual opportunity for the positivity of change. We’ll see you down the road.Motor-Carriers-Now-Hiring