Mineral rights award the authority to harvest resources from a certain land. However, the word “mineral” may include petroleum, natural gas, metal, and coal. Texas is famous for producing oil and gas. In fact, with many areas rich with resources such as the Eagle Ford Shale and Permian Basin,
Texas has gained a reputation of its own as the country’s largest producer of oil and gas. Living in Texas could mean that you might just be sitting on mineral deposits. Maybe now is the time to find out. 🙂
In this blog post, some of the advantages of selling mineral rights in Texas are mentioned for your perusal.
Advantages of Selling Mineral Rights in Texas
The interest in minerals and royalty are real property interests and are classified as capital assets for federal income tax considerations. When it’s maintained for more than a year, the capital asset will be counted as long-term capital gains, leading to substantial federal tax cuts once the property is transferred.
The RRC estimates that from June 2018 to May 2019, the total output recorded by Texas was around 1.4 billion crude oil barrels and 9.2 trillion cubic feet in gas. However, your interest in oil and gas is a scarce and depleting asset. The production of oil wells is steadily declining, and royalties become lower and lower. Horizontally drilled wells undergo a drastic decline in output from the first 30 days.
Minimizing the Timing Threat
Keeping your mineral rights is a gamble if you think somebody will ultimately develop your land area, but further progress can take several years or may not occur at all, based on economic demands. Divesting your mining interests means that you will be paid with no possibility of uncertainty.
Lowering Oil Price Uncertainty
Market fluctuations in the competitive crude oil industry indicate that the volume of your potential monthly royalties is highly volatile. West Texas Intermediate is a reasonably light crude oil, and because of that, it’s used as a standard for fuel pricing. It’s included in commodity price reports, among other major oil brands, such as the UK Brent or the OPEC basket. Once you sell your mineral rights in Texas, you remove the possibility that your prospective royalty payments will be decreased when oil price lowers.
Versatility and Convenience
Not having the responsibility to monitor and validate the monthly performance reports, division directives, and other documentation from various distributors, you can be free to allocate your money and time somewhere more profitable for you.
Diversification of Assets
Diversification is an investing strategy that permits you to boost your visibility to all other markets via equities, bonds, property development, etc.
What’s the Mineral Rights Selling Process in Texas?
Selling mineral rights is considered as a real property trade and the process usually follows this path.
- The buyer and the seller must negotiate and agree on a price.
- Legal documentation is signed for both sides during agreements, typically as a Purchase Sale Agreement (PSA) or a Letter of Intent (LOI).
- The property title is subject to an inspection procedure, where the company sends a landman to the location, and the title is verified.
- Last is the closure in which the deed or conveyance will be traded for the decided price.
The entire mineral sale process typically takes about 30 days to finish.
Whether you’re planning to sell your mineral rights in Texas or merely would like to explore the advantages you can gain in doing so, start first by locating a seasoned royalty company to work with. A trustworthy royalty firm has significant exposure to a network of eligible buyers who could pay you the highest price for your rights and will ensure dishonest buyers do not exploit you. If you sell mineral rights in The Lone Star State to the correct purchasers, you can make a huge profit!
How to Improve Employee Development
How are you developing your employees? Hiring and retaining the right staff is a top priority for most businesses, and the process needs a failproof plan.
Employee development should also be part of your HR strategy and include online training for your remote workers. Plus professional development should commence from the moment staff are hired and continue throughout their employment.
If you’re wondering if your employee development program is up to scratch, don’t worry, we can help, and there are some straightforward steps you can take that will improve it immediately.
Below, we look at what employee development is and what it takes to make it successful.
Employee Development Explained
Supporting your staff to develop their skills is not solely about their current job. Nor is it just about where they can progress within your organisation. Staff development is about providing a series of training and knowledge programs and workshops that develop the employee.
The training should include on the job training, and ‘hard skills’ pertinent to their ability to perform their current role and move up the ranks in their profession. For example, a cybersecurity analyst will undertake certifications, and industry recognised training or learn a new skill like pen-testing.
The training also should cover soft skills which are transferrable to other roles. Every employee needs to develop their social and communication skills. Emotional Quotient (EQ) or emotional intelligence, will play a role in the hiring and promotion opportunities for all staff.
Now we know the basics of professional development let’s look at how you can improve your program.
How To Improve Your Employee Development
Employee development should begin from the moment that your new member of staff steps through the door. This means coming up with a training program that gets them up to speed with the company and how it does business at the earliest possible opportunity.
Not only will this help your company, but it will also show the new employee that you are committed to their development right from the get-go. As a result, they are more likely to stay with your organization as it improves their career prospects in the future.
Run Regular Programs
Running a series of mandatory and voluntary employee development programs that take place throughout the year ensures that your staff members are always learning something and never stagnating. The programs could focus on their soft skills, particularly communication, or focus on something that is altogether more technical and specific such as looking at their Google cloud abilities.
Plus when there are some assessment and certification at the end of each program, the employee keeps it. Plus exams or tests are evidence the knowledge has been properly absorbed and retained.
Create Individual Development Plans
The general training programs that you put into place also help if you make some of these more specialized and personalized for each employee.
Usually, the setting of goals and targets can take place at each employee review. As well as the setting of targets, you also need to go back and check that everything has been followed up effectively.
Make sure that each employee is closely involved in their own development plan and that they agree to the targets that have been set for them.
Give Constructive Feedback
The art of giving feedback is a difficult one to master. Essentially, it should involve ensuring that any advice you give to your employees is constructive. If it’s too critical, it can have the opposite effect on the one you were intending. This is also the case if you make it too vague with no actionable steps that the employee can put into practice.
There is a balance to be struck along the way, and you may not be able to get the hang of it straight away. Over time, you will be able to put your finger on which feedback is constructive and not.
Use Certified Trainers
While you may want to take care of some of your own training in-house, there is a lot to be gained from getting in touch with certified trainers and bringing them in to manage some of the programs.
They are experienced in the sector and have specifically designed their classes to get the best from the people who take them. However, make sure that you read all the reviews and hire a team that knows what they are doing and talking about.
Hiring is costly and retaining the right employees can be even more expensive if your only option is to pay them more.
Improving employee development should be a reason staff stay, and it can end up bringing all sorts of unexpected advantages to your organization beyond staff retention. So, now is the time to put some of these techniques into practice.
5 Steps You Can Take To Become A Successful Business Leader
Do you want to know five steps you can take to further your career as a business leader?
Getting ahead in any career is challenging and in leadership more so as this discipline requires soft skills that are harder to obtain from your usual tertiary qualification.
If leadership is your thing, you’ll need to take roles and opportunities to improve year upon year, so you’re not stagnating but climbing up the management ranks.
In this article, we look at the fundamental steps you can take to hone your leadership acumen, to give yourself a fighting chance to secure roles that are developing you as a leader.
Understand the business from the inside out
If you’re to find solutions to break down resistance to change as a leader and get more productivity from your people, expanding your thinking and attaining a wider skill-set will never go a miss.
For example, you may be managing a customer support team. Your direct knowledge and accountability are within customer support. However, this current leadership role is not the end game for you.
To be an effective business leader, you’ll need a working knowledge of the business as a whole, including operations, sales, technology, finance and so on.
Thorough knowledge of your business as a whole will make it easier for you to plan your rise up the ranks of leadership and management. How do you get it? This is easier than you think.
Form close alliances with other leaders in the company and suggest working together on projects that allow knowledge transfer. As the saying goes: a problem shared is a problem halved.
Your peers will be experiencing some of the same people management issues so you can learn a lot about their departments with closer associations with them.
Further education can deepen your knowledge
It sounds counter-intuitive, but further education is a powerful way to lead by example and thus become a role model in business. You may feel you left education behind years ago, that the only learning you need is outside the classroom, on the job – this is a grave mistake.
After all, you wouldn’t just be learning about your own business and colleagues, but the bigger picture. A deep understanding of how to manage and motivate those around you and organizational techniques is crucial. So, studying a degree like the BSBA degree will act as a springboard for your business leadership career.
Share what you’ve learned
Now that you’ve gained a deeper understanding of business administration and a grasp of relevant skills outside your area of expertise, it is time to solidify your newfound knowledge so you can implement it when you need it.
A great way to understand what you’ve learned is to teach it. Why not offer your advice to colleagues who need guidance or speak at seminars and events?
By teaching others, you can better understand what you’ve learned yourself.
Building the confidence to teach and learn from others will also sharpen your leadership skills further still.
Widen your network of contacts and your visibility
Attend in-person events and speak to as many attendees as you can. Turn up early and leave late, so you get ample time to circulate and introduce yourself to like-minded peers.
Get your profile set up on business networking sites such as LinkedIn and regularly post interesting, relevant information, so your network grows.
All leaders need to be confident communicators so improve your public speaking skills by joining seminar groups and putting yourself forward as a speaker.
Widening your network isn’t reserved for networking events either. Simple, everyday acts can help, too.
Make time to chat with your colleagues daily. You’ll stay engaged with what’s happening in different areas of your business and the wider industry. It will also keep your name at the front of people’s minds and stop you from slipping out of touch.
Have clear achieveable goals
Understand where you’re going in your career and how the role improves your leadership acumen. Having a clear business goal is a proven method for furthering your business career.
Where do you see yourself in a year? Or five years? If you can picture what you want to be doing in the future, it is easier to organize the ‘now’.
With clear, reachable goals, you’ll be inspired and motivated to work harder, smarter, and smash through any ceiling of resistance.
Strive for more in your leadership career using these five steps to deepen your knowledge and experience. Then use your network of contacts and goals to acquire new leadership roles that challenge you and are rewarding.
3 Tips for Those Looking to Complete Their Bachelor’s Degree
These days, starting on the journey to your ideal career almost always begins with higher education. While there are certainly some career paths that don’t require a degree, those who wish to take their career as far as it can go will certainly need to equip themselves with the right level of education. As far as careers like something in tech the road to higher education begins with completing a bachelor’s degree.
Perhaps you started your degree at one point but became caught up with your job and put the task of completing it on the back burner.
Maybe you have several applicable credits that can be counted towards a bachelor’s degree, but you have yet to enroll in an actual program. Whatever your situation may be, if you now find yourself wishing to complete your bachelor’s degree, there are a few things you can do that will make achieving that goal a bit easier.
1. Opt for Online Education
One aspect of completing a degree that tends to deter many people is the fact that it takes time. Enrolling in a traditional degree program at a university will see you in class throughout the week and working on your own time to complete the required course work.
While there is no such thing as a degree that won’t take up any of your time, opting for an online degree can afford you the time you need to maintain your current schedule while finishing your bachelor’s.
There are several benefits of earning your bachelor’s degree online. First of all, you can easily communicate with an admissions advisor who can help you transfer what credits you already have from previous courses.
This will shorten the amount of time you have to spend on your degree and allow you to put any hard work you have done up until now to good use. By visiting https://www.scps.virginia.edu/, you can find out all that you need to know about transferring credits. Then, you can essentially learn at your pace when you have time to do so.
The benefits stretch much further than this, however. Not only are you saving money on accommodation and transport because of the flexible nature allowing you to study from home, but it is also great for career advancement.
You can both work and study at the same time, and so when it comes to finding your dream job, an employer will consider that you have been able to do this. You are increasing your career prospects simply by choosing to study at home.
2. Become a Master of Time Management
Another thing that commonly stands in the way of those looking to complete a bachelor’s degree has to do with an already hectic lifestyle. Even when you enroll in an online degree program, you still have to find the time to do the work.
The good news is that it is possible to manage your time wisely to allow yourself to finish your degree. Common time management practices can make a major difference. Bear in mind, as well, that any alterations to your schedule that you must make to earn your degree are only temporary.
3. Focus on Your Motivator
You are going to complete your bachelor’s degree for a specific reason that is personal to you. You might be looking to take your career to the next level, or perhaps you want a fresh start in a new career. Whatever your motivations may be, keep them at the forefront of your thoughts throughout the process. By focusing on your goals, you can avoid feeling burned out or lacking in motivation.
Achieving a bachelor degree will put you on par with your peers when job hunting for a role in your chosen profession. Even if you’re not exactly sure of your career path right now, achieving tertiary level education will work well for you.
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