This week's episode provides a captivating look into the rise and fall of Surge Transportation, a freight brokerage founded by Omar Singh. In July 2023, Surge filed for Chapter 11 bankruptcy. One year later, the US Bankruptcy court of Jacksonville confirmed their plan of reorganization, making them the first brokerage to successfully reorganize post-bankruptcy. We dive into all the details of the ups and downs of this story, as told by it's CEO and owner himself.

The episode begins with Omar's journey, which has admirable and humble beginnings. He got his CDL license out of high school and drove trucks to pay for college and an MBA, eventually starting his own trucking company. Omar is a true trucker at heart. But, his experiences during the 2008-2010 recession led him to pivot to brokerage, and in 2016 he launched Surge Transportation. The company experienced strong growth, reaching over 280 employees and a $300 million run rate by late 2021, driven by prioritizing backup routing guide support and dynamic pricing.

However, a number of strategic decisions and financial mismanagement would spell trouble as the market shifted in 2022. Surge's reliance on the spot market and lack of long-term primary contracts became problematic as the industry reached the latest down cycle. Omar walks us through every step of the way, the challenges he faced, the sale attempts in the final months, etc. Despite filing for bankruptcy in July 2023, he expressed his intent of doing the right thing, taking personal responsibility and working to restructure the business in a way that allows him to repay debts and rebuild trust. His story serves as a cautionary tale, but also demonstrates the resilience and determination required to rebuild a business in the face of adversity. 

***Episode brought to you by Rapido Solutions Group. I had the pleasure of working with Danny Frisco and Roberto Icaza at Coyote, as well as being a client of theirs more recently at MoLo. Their team does a great job supplying nearshore talent to brokers, carriers, and technology providers to handle any role necessary, be it customer or carrier support, back office, or tech services.***

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***Episode brought to you by Rapido Solutions Group. I had the pleasure of working with Danny Frisco and Roberto Icaza at Coyote, as well as being a client of theirs more recently at MoLo. Their team does a great job supplying nearshore talent to brokers, carriers, and technology providers to handle any role necessary, be it customer or carrier support, back office, or tech services.***