A trucking company is priced on adjusted earnings, and the adjustments are larger than in most trades because owner compensation, equipment finance and maintenance timing all distort the reported profit. The multiple then depends on how contracted the revenue is and how good the safety record looks.
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What a buyer adjusts
Owner compensation to a market rate. Equipment finance separated from operating costs. Deferred maintenance added back into the cost base if the fleet has been run hard. Fuel surcharge treatment normalised. Each of these can move the earnings figure substantially, and preparing them yourself with evidence is what stops the buyer doing it less generously.
What moves the multiple
Dedicated contracts with terms and history rather than spot market revenue. Customer concentration, which is often worse than the owner thinks. Driver turnover and pay competitiveness. Safety scores and insurance claims history, because the acquirer's insurance is priced on the combined record. Fleet age, which decides whether earnings require immediate capital spending.
Getting a realistic number
Ask two intermediaries who have sold trucking companies what they would expect and why, and compare their reasoning rather than their numbers. Then subtract what the equipment finance payoff and any secured debt will take at closing, because the enterprise number and what reaches your account are different figures.
Other questions people ask
Does my authority transfer?
In a share sale the entity keeps its operating authority; in an asset sale the buyer generally needs their own. That structural choice belongs in the letter of intent.
Is spot revenue worth anything?
Less than contracted revenue, because it is worth less next year. A mix weighted to dedicated freight prices better.
Who buys trucking companies?
Regional competitors adding lanes, logistics groups adding capacity, and financial buyers building platforms. Owner operators buy at the smallest end.