Canton, MA (March 10, 2021): FuelExchange™, a merger and acquisition service for the energy industry, recently provided advisory services during the sale of Taylor & Murphy Oil of Waltham, MA.
Taylor & Murphy Oil is a family owned and operated business that was founded in 1964, and currently serves thousands of homes and businesses in the metro Boston market area. The sale of the company was precipitated by the death of Helen Taylor, the family matriarch and co-founder of the company.
The Taylor family was not sure how they wanted to proceed after the passing of their mother, who ran the business with her late husband. They approached FuelExchange for help in sorting through their options.
“We examined multiple possibilities, including making the investment needed to remain in business, how a division of assets might be made, and the current market for acquisition. Our goal was to make sure each member of the family was treated fairly and that assets would be allocated equitably – whichever direction they chose to take,” said Joe Ciccarello, CPA, MST, managing member of FuelExchange and a partner with Gray, Gray & Gray.
After much discussion the family decided that selling the business was the best route. FuelExchange managed the entire process of valuation, marketing the company, fielding offers, and negotiating the most favorable deal for the family, making sure everyone was kept in the loop throughout the course of the deal.
“We are very happy that FuelExchange was able to bring their family business experience, inside knowledge of the energy industry, and financial acumen together to craft a solution that worked so well for our family,” said Scott Taylor of Taylor & Murphy Oil. “They made certain that an evenhanded allocation of assets was made so that all family members – both in and out of the business - were ‘made whole.’”
“There are several valuable lessons to be learned from this experience,” said Ciccarello. “First, having a succession plan in place and adjusting it as time goes on can help avoid misunderstanding and disagreement. Second, it is always a good idea to look at your options with an open mind. Third, conflicting opinions do not have to torpedo a process that, eventually, will benefit all.”
FuelExchange is a service created by Gray, Gray & Gray, the country's premier consulting, accounting and business advisory firm serving the retail energy industry, to provide a clearinghouse for companies interested in buying, selling or merging fuel oil, propane, or petroleum businesses. FuelExchange helps facilitate transactions within the energy industry as a "one stop" source for business valuation, marketing and negotiation of sales, purchases and mergers.