How do I prepare my trucking company’s driver files for a buyer’s review?
Audit the files yourself before the buyer does. Make a list of every driver, check each file against your own checklist, fix what can be fixed and write a short note for what cannot. A buyer who finds gaps you already explained trusts you more than one who finds them unaided.
Start with a full driver list, current and former, and note where each file sits. Then go through them one at a time using a single checklist, so every file is judged the same way. Mark each gap: missing item, expired item, unsigned item, or item stored somewhere else. Ask your safety lead or an outside advisor to help if you have never done this review.
Fix what you can honestly fix. Obtain current copies of documents and complete anything that was missed, but never backdate. A buyer will notice a page created the week before they arrived, and it damages trust in everything else. If something cannot be repaired, write a short, dated explanation of what happened and what you changed.
Finally, think about how the buyer will see the files. Organize them the same way each time, keep originals secure and decide in advance who may view personal information. Ask your lawyer how to share driver details safely, and whether names should be hidden until a deal is likely. Prepare a one-page summary of how you keep files current going forward.
Key takeaways
- Run your own audit with one checklist before any buyer asks.
- Fix gaps honestly and never backdate a document.
- Explain what cannot be fixed in a short dated note.
- Decide with your lawyer who may see personal details and when, before any buyer asks.
Related reading
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Buying
Due diligence
Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Transport CanadaGovernmentMotor carriers, commercial vehicles and drivers
- 02Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 03Business Development Bank of CanadaGovernment7 steps to increase your business’ value—before you sell it
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