FIRST SEEN IN LP GAS MAGAZINE | Selling a business is a monumental milestone that few people get the privilege of doing. Many sellers approach the process with excitement and optimism yet fail to recognize the many pitfalls that can derail even the most promising of negotiations. Understanding what can kill a deal is crucial for anyone navigating this landscape effectively.

This article will delve into seven key pitfalls that can ultimately lead to a deal falling through. By being aware of these challenges and taking proactive steps to address them, sellers can significantly enhance their chances of achieving a successful business transaction.

• Lack of preparation. Sellers who fail to organize their financial records, to resolve outstanding legal, tax or environmental issues, or to streamline operations risk creating red flags for potential buyers during due diligence. A well-prepared business instills confidence in buyers and can significantly accelerate the transaction process, as well as increase the value of the business.
• Overvaluation. Setting an unrealistic asking price can immediately turn away buyers. Overvaluation often stems from emotional ties or a misunderstanding of market conditions. Sellers should rely on professional valuation experts to set a fair price that reflects both the company’s current performance and market realities.
• Emotional attachment. For many owners, their business is deeply personal, which can lead to emotional decision-making during negotiations. This attachment can result in stubbornness on terms or an unwillingness to compromise. Recognizing and managing this emotional component is critical to maintaining a clear-headed approach throughout the process.
• Inadequate advice. Sellers who forgo experienced advisers often struggle to close deals due to the complexities and time involved. Legal and financial advisers provide critical support by conducting due diligence, negotiating terms, ensuring compliance and optimizing the deal for tax benefits. Engaging professionals early helps streamline the process and safeguards the seller’s interests.
• Failure to qualify buyers. Not all buyers are created equal, and failing to vet them properly can lead to wasted time and resources. The current market is increasingly attracting inexperienced buyers who are eager to break into the acquisition space but often lack the financial capacity or operational knowledge needed to follow through on a deal. Sellers should establish clear criteria for buyer qualifications and thoroughly evaluate potential buyers to ensure they are serious, capable and a good fit for the transaction.
• Timing. Timing can make or break a deal, as market conditions, economic trends and industry dynamics all play a role in determining buyer interest. Selling during a downturn or when the business is underperforming can significantly reduce its value. Sellers should aim to time the sale strategically, ideally during periods of growth and favorable market conditions.
• Shared vision and values. Cultural misalignment between the buyer and seller can sow distrust and uncertainty, especially if the buyer plans to retain the existing team. Ensuring alignment on core values and future goals is vital to building trust and confidence in the transition. Open discussions about the company’s mission and vision can help bridge any gaps and solidify the deal.

Selling a small- to medium-sized business is not just a financial transaction – it’s a complex process that requires careful planning, realistic expectations and a clear understanding of potential obstacles. By addressing these pitfalls, sellers can position themselves for a smoother and more successful deal.

Even if you don’t plan to sell your business in the immediate future, the time to start preparing is now. The stakes are high, but with proper guidance and a proactive mindset, sellers can avoid deal killers and create a foundation for a transaction that benefits all parties involved. Preparation and perspective truly are everything. 

First published in LP Gas Magazine, April 2025 issue.

About Cetane Associates

Cetane is a leading provider of financial advisory services to business owners in the propane, heating oil, pest control, lawn care, landscaping, and HVAC & plumbing industries. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as to perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.com.

HOUSTON, Texas. – June 16, 2025 – Cetane Associates (“Cetane”), is pleased to announce that Blueox Corporation (“Blueox”), of Oxford, N.Y. has acquired Ace Robbins, Inc. (“Ace-Robbins”), of Tunkhannock, Pa. The transaction was closed on June 6, 2025.

Ace-Robbins began in the 1940s, when James Ace operated several businesses in the Tunkhannock area, including feed, farm supply, fuel, and appliance sales. In 1956, Frank Robbins joined as manager, and by 1964, the two became partners and officially formed Ace-Robbins. Since 1982, Ron and Abby Kukuchka have owned Ace-Robbins, and have grown the company through strategic acquisitions and expanded product lines to serve their community’s energy needs – adding propane delivery and service, a state-of-the-art appliance showroom and a team of highly trained propane and fuel technicians. Ace-Robbins has become a trusted one-stop provider of home and business energy solutions. Ron commented, “Selling our business was a big decision, but we’re confident that the company and our customers will be in good hands with the new owners. Working with Cetane made the entire process a success — they guided us every step of the way and made what could have been an overwhelming undertaking into a thorough and successful transition process and great experience.”

Blueox is a full-service energy provider, offering propane, bioheat fuel oil, kerosene, diesel, and gasoline delivery. They also install and service heating and cooling systems, including furnaces, boilers, water heaters, and air conditioning units. Known for reliable service and customer-first convenience, Blueox combines modern tools with local, personalized care. Jared Bartle, President at Blueox, said, “We are thrilled to be acquiring such a wonderful company with a rich history and deep ties to the community. We are committed to honoring the legacy that has been built and will continue to provide the same great service and care that customers have come to expect for years to come.”

Joe Rosengrant, Director of Business Development at Cetane Associates, shared, “It’s been an absolute pleasure and honor working with Ron and Abby. They’re not only great business owners but truly wonderful people who built something special.  We wish them all the best in this next chapter of their lives.”

Cetane served as the sole arranger to Ace-Robbins. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiating the final deal terms, and coordinating the due diligence process. Team members Joe Rosengrant, Fred Lord, Dalton Brooks, Whitney Parsley, and Trey Brasseaux managed the transaction.

About Cetane Associates

Cetane is a leading provider of financial advisory services to business owners in the propane, heating oil, pest control, lawn care, landscaping, and HVAC & plumbing industries. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as to perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.com.

In the retail propane industry, loyal customer relationships and strong local community reputations play a critical role in shaping mergers and acquisitions. While infrastructure and customer counts remain key components in deal valuation, a less tangible yet highly influential asset often drives transaction value: customer retention rooted in trust and local loyalty.

Many retail propane companies have operated for decades, establishing deep ties with their communities through reliable service and personalized care. Often family-owned or independently operated, these businesses bring not only established customer bases but also intimate knowledge of the regions they serve. For acquiring firms—whether strategic buyers or private equity groups—this represents a unique opportunity to enter new markets while leveraging local loyalty and experienced teams.

What distinguishes these businesses is not merely their operational footprint, but the credibility and familiarity they’ve built over time. In a service-driven industry like propane, where safety and dependability are paramount, trusted relationships can ease the transition during a merger, strengthening customer retention.

Preserving that local loyalty post-acquisition is essential. Successful buyers typically prioritize retaining staff and leadership, often maintain legacy branding, and implement system changes gradually to minimize customer disruption. The goal isn’t to overhaul a functioning business—it’s to build on the strengths that already work.

As consolidation accelerates across the retail propane sector, one thing is clear: companies with deep community roots offer far more than physical assets. They deliver enduring customer confidence—and a resilient foundation for future growth.

HOUSTON, Texas. – June 5, 2025 – Cetane Associates (“Cetane”), is pleased to announce that Blue Eagle Logistics, Inc. (“Blue Eagle”), of Breinigsville, Pa. has transitioned to Morgan Hartz of Breinigsville, Pa. The transaction was completed on May 5, 2025.

Blue Eagle, based in Breinigsville, Pennsylvania, is a trusted air freight trucking company specializing in first and last-mile logistics and warehousing. The company handles sensitive freight, including auto and aircraft parts, electronics, medical equipment, military gear, and pharmaceuticals. Its hub in Breinigsville manages daily linehaul, sorting, cross-docking, and storage, while their staff coordinate local deliveries. Their facility in Scranton, Pa. maintains rapid logistics for critical parts, helping restore essential services such as ATMs and cell towers.

Blue Eagle recently entered a new chapter under the ownership of Morgan Hartz, managed by her team of experienced leaders from the private equity space. She aims to build upon the company’s strengths while exploring new opportunities to serve clients more effectively. The transition has progressed smoothly, and the team is enthusiastic about the company’s future. Morgan expressed her optimism, stating, “We are thrilled to be taking on Blue Eagle. They built an impressive business, and we see enormous potential for growth, innovation, and expansion in the logistics space.”

Doug Woosnam, Director at Cetane Associates, shared, “We are truly grateful for the trust the Blue Eagle team placed in Cetane to guide them through this important transition. It’s rewarding to see the legacy of the business carried forward by passionate and committed new owners.”

Cetane served as the sole arranger to Blue Eagle. Cetane advised on the sale, including an initial valuation opinion, marketing the business through a confidential process, assisting in negotiating the final deal terms, and coordinating the due diligence process. Team members Doug Woosnam, Barrett Conway, and Duncan McMurchie managed the transaction.

About Cetane Associates

Cetane is a leading provider of financial advisory services to business owners in the propane, heating oil, pest control, lawn care, landscaping, and HVAC & plumbing industries. Clients engage Cetane to advise on sales, spin-offs, and acquisitions, as well as to perform valuation and ad hoc corporate finance assignments. For more information, please visit www.cetane.com.

When you hear the words “key performance indicators” at work, you might worry that the user has watched too much Office Space.  And the concept can sound self-important and jargon-y.  Once simplified and applied to your business, though, Key Performance Indicators (KPIs) can become essential tools for the success of your company.  At its core, a KPI is just a number that has meaning to your business.  While not every business decision needs to be numbers-driven or supported by data, good Key Performance Indicators can be illuminating.  Without the kinds of clear metrics that KPIs can provide, it can be difficult to evaluate what’s working and what isn’t, especially when management time and resources are limited.

The first important thing for small businesses to understand is that KPIs need not require complex formulas or major analytical tools.  Your Key Performance Indicators could be almost anything – figures as simple as revenue growth rate or profit margins per unit can be tremendously helpful KPIs.  A company may choose to track industry-specific figures like average revenue or gross profit per technician in order to manage staffing; tracking the average number of jobs per week or the average income per customer can help to better understand efficiency and customer value.  Still other types of business goals might be addressable with KPIs like customer retention rates (customer satisfaction and growth), website traffic (marketing success and customer acquisition), or days sales outstanding (collections and cash flow).  Whatever your objective, there’s likely a metric out there that you can turn to in tracking results and pursuing improvement for your business.

KPIs are also important tools to align team efforts by setting clear expectations. When employees have a clear understanding of the indicators the business is targeting, they’ll have a better idea of how they can succeed at work.  Owners and managers will also have a stronger grasp of how to track and reward employee success.  By coordinating everybody’s interests, KPIs can improve motivation and accountability among staff, fostering a culture of transparency and continuous improvement.

Ultimately, KPIs turn data into actionable insights.  By determining the questions to be answered, identifying a relevant Key Performance Indicator, and consistently monitoring these indicators, owners can spot trends, seize opportunities, and make progress toward nearly any goal.