The Legacy Energy Consulting Business Sale Process: Edition 4 of 7

September 29, 2026


After confidential marketing, the goal is to receive formal offers in the form of a Letter of Intent (LOI). The LOI outlines the major business terms and sets the framework for diligence and final documentation, including the proposed purchase price, deal structure, expected timing, and key conditions that must be satisfied before closing.


Although the LOI is not the final purchase agreement, it is a critical stage because price, structure, exclusivity, timing, and many risk-related expectations often become difficult to change later and need to be defined clearly in the LOI. This is also the point where our clients should understand what is binding, what is not binding, and how the buyer's proposed terms may affect leverage as the process moves forward.


A well-managed LOI process helps our clients compare offers beyond headline price and understand the practical impact of structure, timing, contingencies, financing certainty, and post-closing obligations. Two offers with similar prices can produce very different outcomes depending on how the terms are written and how much risk remains with the seller.


Why guidance matters: Legacy Energy Consulting helps our clients evaluate what an LOI really means, protect competitive leverage where possible, and avoid agreeing to terms that create problems later in the process.

Client Testimonial

"Chad and the team at Legacy Energy Consulting made what could have been a grueling, drawn-out process very seamless. From the first day working together they helped explain what to expect, what to do, and how best to do it to ensure the transaction and transition went exactly how we wanted. I can't say enough positive words about the service and care provided by Legacy during this process."


Larry Charette, Silver Valley Propane, Apple Valley, CA

More Completed Sales

J-M Transport logo, a Millington, Illinois propane and liquid bulk transportation company acquired by Hilco

J-M Transport

By Chad Pendill • September 29, 2026
Learn about our sale of J-M Transport, a propane and liquid bulk carrier in Millington, IL, to Hilco. Crystal Flash and Legacy Energy Consulting closed the deal.
O'Connell Oil Company

O’Connell Oil Company

By Karlie Mosher • July 6, 2026
Learn how we delivered comprehensive merger & acquisition services for the sale of O'Connell Oil Company to Central Farm Service headquartered in Truman, MN.
Legacy Propane LLC

Legacy Propane LLC

By Karlie Mosher • June 1, 2026
June 1, 2026 Legacy Energy Consulting, a prominent merger and acquisitions consulting firm, is pleased to announce the successful sale of Legacy Propane in Allison, IA to Heartland Co-op headquartered in Clive, IA. Legacy Propane of Allison, IA was originally established as Allison Propane in 1972 and was acquired by Heritage Petroleum of Evansville, IN as part of its much larger acquisition of Diamond Oil in February of 2025. John Clark, the COO of Heritage Petroleum commented “We have bought 25 companies in 12 years but had never sold anything. The Legacy Energy team presented, then executed a plan seamlessly to make our first selling experience a success. I would not only use them again, but I would recommend them to other companies looking to execute a transition." Chad Pendill, founder, and President of Legacy Energy Consulting commented "John Clark and Phil Davidson of Heritage Petroleum were a pleasure to work with on this project and it could not have gone any smoother." Legacy Energy Consulting delivered comprehensive merger and acquisition services to Legacy Propane. These services encompassed the initial valuation, discreetly marketing the business to potential buyers through an efficient and structured sale process, negotiating the final deal structure, and managing the due diligence process between the seller and the eventual buyer. Chad Pendill, Tyler Pendill and Dustin Shafer managed the transaction. This transaction is the first for Legacy Energy Consulting in 2026, and it’s twenty-eighth since 2020.