Jim Harris, whose family owned Dick Harris & Son Trucking Co. Inc. for nearly 50 years, sold his business at the end of February to Cowan Systems, another family-owned company, which began in 1924.
Dick Harris began with one truck in the late 1960s, and his son ran the company for more than 40 years, doing business as Harris Trucking near Lynchburg, Virginia. But at age 74, Jim Harris said he’s ready to retire, and his son wasn’t interested in taking over.
Harris has known Cowan CEO Joseph Cowan for decades, and the two companies belonged to the same insurance captive, company representatives told Transport Topics. A captive refers to a group created to buy insurance at lower costs than one can generally do on its own — in this case, a coalition of more than 50 trucking companies.