Fueling Success: Dominick Tullo on Diesel Distribution and Family Business
July 30, 2024
In this insightful conversation, Alan interviews Dominic Tullo, a fourth-generation businessman running TNR Oil Company. Dominic shares his experiences in the diesel fuel distribution industry, discussing the evolution of his family business, the challenges of the fuel industry, and the complexities of managing a multi-generational family enterprise.
Dominic Tullo, representing the fourth generation of his family business, discusses TNR Oil Company's operations in the diesel fuel distribution industry. He details the company's focus on servicing commercial fleets, explaining its unique overnight fueling service and the value proposition it offers to clients. Dominic shares insights on the company's revenue model, profit margins, and operational strategies, including their expansion into DEF (Diesel Exhaust Fluid) distribution.
The conversation explores the history of the Tullo family business, from its origins in ice and coal delivery to its current diverse operations in fuel distribution, truck stops, and real estate. Dominic reflects on the challenges and benefits of working in a family business, offering candid advice for those considering joining their family enterprises.
Throughout the discussion, Dominic offers valuable insights into the fuel distribution industry, including the application of technology to improve efficiency, the complexities of credit management, and the ever-present threat of fuel scams. He also touches on the historical context of operating a business in New Jersey, including past interactions with organized crime.
The conversation explores the history of the Tullo family business, from its origins in ice and coal delivery to its current diverse operations in fuel distribution, truck stops, and real estate. Dominic reflects on the challenges and benefits of working in a family business, offering candid advice for those considering joining their family enterprises.
Throughout the discussion, Dominic offers valuable insights into the fuel distribution industry, including the application of technology to improve efficiency, the complexities of credit management, and the ever-present threat of fuel scams. He also touches on the historical context of operating a business in New Jersey, including past interactions with organized crime.
Episode Highlights:
- [00:03:18] On-site fueling: A $120K savings per fleet
- [00:09:40] DEF business: TNR's unexpected profit center
- [00:15:44] Tech edge: How TNR outsmarts competitors
- [00:20:29] PE pitfalls: Why trucking resists buyouts
- [00:29:07] Tullo legacy: From ice delivery to diesel
- [00:47:35] Fuel scams: Navigating industry challenges
Quotes:
- "We service people with their most critical fluid. We call it diesel literally. It's the blood of the business. You cannot operate your trucks without it."
- "Revenue is a vanity metric in the fuel business, if anyone ever mentions it to you, just kind of understand that."
- "If you're considering joining your family business, you need to just be honest with yourself and look at the person and say, Although this is my dad, look at them objectively. Does it look like he's ever gonna be willing to let go?"
- "I don't get two bites of my inheritance. I'm taking my inheritance in the companies, the operating entities. And if I don't do well with them, it's my problem."
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