Fighting the rapid waters of a Financial Crisis
Analysis of a Family Crisis

CRITICAL APPLICATION PAPER

Fighting the rapid waters of a Financial Crisis
My Family Business & Family Relationships: (prior to January 2008):

Giron Trucks and Transportation: In 2004, my parents started their own drive away company. Our company was small, and consisted of three main drivers, my brother Oscar and our two neighbors, that hauled the big eighteen-wheeler commercial trucks. Corporations, like Freightliner and Kenworth, would go to different auctions throughout the United States and would purchase use trucks. They would then proceed to contact us to pick them up and bring the trucks back to their respective locations. My father had insurance that covered two million dollars worth of damages, which differentiated him from others. He also had license plates that allowed his drivers to go through any state without a problem. This gave our company a huge advantage and helped us create business. My fathers network and knowledge within the industry also helped with the consistency of work opportunities for our drivers. The business was blooming, and our financial profit was increasing.

Giron Freight Carriers and Wholesale: With the growing success of our drive away company and the blooming business, my father and brother decided to open another small company together. GFC came along in the beginning of 2007. We opened a wholesale company where we bought and sold used trucks. My father had learned about auctions and grew to become an expertise in trucks, so this allowed him to understand what to buy, and what not to buy. Not only father, but also my brother, who spoke English fluently, became very knowledgeable of people within the auctioning industry and created a strong network. Auctioneers, like Taylor and Martin, enjoyed the relationship with my family and would always give us the best deals, or best auction prices. With GFC, we were able to bring in more income, and become stable within our family unit. My father knew the right prices to sell off the used trucks, and even provided financing for his customers. GFC was growing faster then expected and business was great. Julio: My father name is Julio, and is the oldest and only son in his family of seven, six being women. This gave my father the initial instinct of becoming responsible and a provider for his family. He met my mother at 17, and soon after had my oldest brother in 1981. He immigrated to the United States in 1989, and began working as a driver for a trucking company. After two years, he purchased his first truck, and became a self-owner/operator that only used another company for dispatches to locations. You become your own boss and can find work through these companies, and only pay them 20% of your total earnings for the day. My father had begun trucking driving back in Guatemala, so he was already extremely wise about his field of business. He wanted more then just a day-to-day income and he was determined to do so. My father liked having material goods, so he knew he had to work hard. Overtime, he became an expert in his industry, which gave him the courage to start his own business. Not only courage, but also the ambition my father had to succeed and give his children a better life helped him in taking these risk. With the need for money and success, my father knew the reward would be worth it. He is street smarts type of guy, with an eye for good business. He was always loving and giving to our family and took on the role of being the main source of income. He gave us all we needed, and more no matter how hard that meant he needed to work.

Conchy: Concepcion is my mother’s name, but she goes by Conchy. My mom grew up with her four sisters and widowed mother. My grandfather committed suicide when my mother was only thirteen. She was the oldest. After meeting my father and becoming a mother at 17, she left home to go live with him and his family. My