Sale of Family-Owned Oil Company
May 3, 2022The Krall Oil Company, an institution in the New Haven area, was recently sold to Petro, Inc. for a mid-seven figure price. The over 90-year-old, multi-generational business was sold by George Krall, president and son of the company’s founder. Mr. Krall determined that given the present valuations of oil companies, now was the best time to sell, though he and his family were obviously saddened to sell the family business.
The company, Mr. Krall, and General Manager, Robert Katzman, called upon Attorney James S. Brownstein, the company’s longtime attorney, to handle all of the closing details to ensure the sale was successful and trouble-free, especially given the Krall family’s emotional ties to the business.
Attorney Brownstein successfully closed the sale on time and on schedule and completed the transaction to the satisfaction of the selling family members. Mr. Katzman described Mr. Brownstein’s assistance as absolutely essential to the well-being of the family and to the ability to close the transaction without any significant issues arising.
James S. Brownstein, an attorney with 50 years of experience and a partner at Neubert, Pepe, & Monteith, P.C., practices in the areas of creditor rights, business law, commercial and real estate financing, general commercial law and related litigation. An experienced practitioner, Jim advises small to mid-sized companies and has a reputation for innovative thinking and finding ways to resolve issues when others cannot. His clients represent diverse industry areas including medical, transportation, retail oil sales, insurance, manufacturers, and real estate investment companies. Generally, his clients are companies with sales between $1 million to $12 million.