Start-Up Oil Field Trucking Company Financed by Sky Experiences Rapid Growth

February 15, 2023 | Blog, Case Studies

 

Sometimes, you want to do it for yourself.

In 1986, Paul took a job driving trucks for oil field trucking companies. For almost 35 years, his time and effort enriched other people, helping company owners grow their businesses and wealth.

Then, one day, Paul decided it was time. In October 2020, he and his wife, Shelia, started a business. Like so many other entrepreneurs, their goal was to be more in control of their lives and future.

Paul and Shelia’s company moves oil field fuel to and from locations. Drivers transport fuel from different sites 24 hours a day, 7 days a week, 365 days a year. There are no holidays. As Paul says, “We gotta keep the gas moving for the customers.”

To keep the gas moving, though, the couple had to navigate some considerable challenges. COVID infections could and did shoulder drivers without discrimination or warning. At the same time, the workload continued to grow… and so did the expense of sanitizer, face masks, and all the other COVID precautions and protocols.

Unfortunately, COVID and its ramifications weren’t the worst of it.

The new business faced a significant challenge: its payment cycle.

Most oil field companies pay their invoices in 45- to 90 days. However, Paul and Shelia needed to pay owner-operators weekly and purchase gas for their trucks. This mismatch of payables and receivables threatened to collapse their new venture before it had the chance to succeed. To keep their trucks rolling, Paul and Shelia needed a funding option that could bridge the gap. That’s where Sky came in to help.

As many business owners find, help arrives at unexpected times and from unexpected places. Paul and Shelia were trying to secure a loan for another truck; that lender knew Gail and made an introduction.

Gail immediately recognized that Paul and Shelia needed financing to grow. Their clients were reliably paying invoices, just not fast enough. Sky could immediately pay out cash tied up in those invoices through factoring, providing much-needed operating funds.

Paul and Shelia are careful about who they go into business with and found Gail to be very knowledgeable, helpful, and – importantly – nice. They were immediately struck by how responsive the entire Sky team is, which helped build collaboration and trust between the two companies.

“If I have a problem or question, I can text or email, and I’ll hear back from them within two minutes,” says Shelia. “And they’re always calling and letting us know what’s going on.”

The payoff: explosive growth.

Today, Paul and Shelia’s company has quadrupled in revenue and grown from six drivers to 52. They own 32 trucks. Most importantly, though, Paul and Shelia did “it” for themselves—they no longer stay up at night, worrying if they’ll have the money to pay their employees. They have found a degree of financial freedom themselves.

Sky was there for Paul and Shelia when they were just starting out and struggling to secure the financing needed to sustain their operations. Now, this husband-and-wife team enjoys a thriving business and peace of mind.