Everybody wants to go out a winner. That certainly applies to a business owner who is approaching retirement. But what will it take to make sure you can walk away from the daily grind and into the next phase of your life with confidence? Money. Whatever the reason you started your business, as you prepare…
Over the past 25 years I have been able to observe and work with hundreds of different oil company owners and managers. Like any industry, there are good managers and bad managers running oilheat companies. See if you recognize your own management style in any of these examples. “Larry Faire” – Larry’s company has plodded…
If you thought having a Board of Directors was only for Fortune 500 corporations, think again. Even a small, privately held business should have a Board. If you don’t want to call them Directors (with the responsibility that entails), call it a Board of Advisors. Formal boards of directors have legally defined responsibilities and fiduciary…
Let’s face it, we love our trucks. An oil delivery truck is a large, mobile symbol of your oilheat company. And an expensive one. That’s why oilheat dealers of all size lavish so much attention on their trucks. From snappy paint jobs to careful maintenance, that major investment must be protected. But trucks don’t last…
What will happen to your company after your death? Will it live on without you? Or will it be forced to close, ending the life of another small business? These are questions that many fuel dealers may have in the back of their minds. But they fail to address them in a timely manner. Really,…
Most oilheat and propane dealers have a budget item for the repair and maintenance of their delivery trucks and service vehicles. Those are “hard” assets that are very obvious. Yet few dealers put the same effort into maintaining their customer list – even though the value of the list far exceeds the combined value of…
By John H. Nardozzi, CPA, CVA One of the most important factors in making an oil heat or propane business more valuable is “goodwill.” While you can easily tally up the value of your delivery trucks, parts and product inventory, equipment and real estate, these assets can all be dwarfed by the importance of goodwill….
By John H. Nardozzi, CPA, CVA Identity theft is a very real and growing danger to the financial well being of thousands of Americans. Identity theft occurs when someone uses your personal information such as your name, Social Security number (SSN), or other identifying information, without your permission, to commit fraud or other crimes. Even…