#025: Financial Strategies for Oil & Gas Operators with Milan Simic
How do you best set up your oil and gas business for financial success? What about if you want to avoid a personal guarantee loan or are unsure of how to navigate the challenges that come with financing drilling and producing wells?
This week’s podcast guest is Milan Simic, a Strategic Solutions Advisor for a CPA firm who has many years of experience in the oil and gas industry. He shares how he first got into the oil and gas industry and the different positions he’s held over the course of his career. Milan and Phil chat about networking, the financial challenges of small oil and gas operators and strategies for those who want to avoid a personal guarantee loan.
If you want to hear the in’s and out’s of cash management and finances in the oil and gas industry, you’ll want to take a listen to this episode.
Here are some of the things you can look forward to in this episode:
- How Milan ended up working in oil and gas
- His experiences of working for several oil and gas companies
- Why you need to network in any industry - but especially oil and gas
- Financial challenges and strategies for oil and gas operators
2:48 How Milan initially got started in the oil and gas industry
5:05 Playing basketball while in college and deciding to take a different career path
6:27 Milan’s memories of working for Halliburton and traveling for the job
8:14 Transitioning to working as the President for an Enron family office
10:39 Mentors that made an impact on Milan’s careers
11:48 Why networking is crucial in any industry
13:28 What he does in his position at Adams, Brown, Beran & Ball, Chtd.
17:03 The financial challenges of small oil and gas operators
18:41 How they help those going through a growth process
21:14 Cash management strategies for operators
25:55 Strategies for avoiding a personal guarantee lender
28:03 Milan’s advice for oil and gas operators
About Milan Simic:
In 2001, Simic graduated from Stephen F. Austin State University with a bachelor’s degree in finance and accounting. He spent five years as an internal auditor at a large oilfield service
company and two and a half years as a business risk services consultant with a Big Four accounting firm. Before joining the firm, Milan served as the president of a family office operation. In this role, he was responsible for growing the business, including overseeing seventeen different oil and gas project acquisitions which ranked the family office in the top 300 operators in Texas. Simic lives in Hoisington with his wife Sarah and their three daughters, Sofia, Mila, and Ana.
Connect with Milan:
LinkedIn | Call or text: 281-799-4315
About SherWare, Inc.
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SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform -- and we’re the only software on the market that can integrate with your QuickBooks company. Click here to watch a demo of the software in action right now.