Trucking: Hot Shot Trucking, trucking business, term leasing

Question
Jim- I know a couple who have started a trucking business here in Houston, they have one truck, the wife is the broker, and the husband is a driver. They've recently hired a driver for their rig, and the husband has presented an offer to me, that I have been really thinking about. I mentioned to him a few months back that I wouldn't mind investing in a pickup, and a gooseneck to make some extra cash, and he said that if I were serious, he'd drive my truck. They're a small business, so far they seem to be doing fairly well with the one truck. I'm a trucking novice, he mentioned that I could lease with his company. Can you please explain to me the priniciple of "leasing?" He said that I could pay him a driver salary, but would not have to pay a fixed fee to the broker which is his wife. Instead, I could tell them, for example, "I'd like to gross $500/day," and anything over that would be considered a "broker's fee." Have you ever heard of an agreement like this? I can see both the benefits, and the drawbacks, but I thought that I should seek some professional advice.
Thanks for the help,
Eric Johnson

Answer
Eric, the term leasing as used in trucking can have several variations.  You can lease a tractor or tailer or straight truck just like you lease a car.  You can get a full service lease which includes a maintenance contract.  These will generally be from a company like Penske or Ryder.  The term is also used to identify an owner operator who leases himself and his truck to the company providing the loads, usually a trucking company.  I have not head of a deal like you describe but I don't doubt that there are many variations I have not head of.  For a general education on the "hot shot" or expedited industry try some of the industry websites.  Here are a few:
http://www.expresstrucking.com/index.html
http://www.expeditersonline.com/
http://www.expedite.org/ema-home.html
The organization for owner operators is:
http://www.ooida.com/
Do your due diligence and financial analysis with you deal your friend is offering.  Make sure it is fair to both parties and that you are getting a fair return on your investment.
Best of luck.