Buying a gas station
- Determine which type of gas station you'd like to purchase.
- You may purchase a franchise of an oil company or an independent station.
- A franchise is obligated to purchase the franchiser's gasoline, participate in their promotions, and follow their policies.
- If you choose a franchise, the franchiser assumes full liability for environmental issues.
- An independent station is not required to purchase gasoline from any particular company.
- An independent station will allow you to purchase from local distributors and gain a pricing advantage on the competition.
- If you choose an independent gas station, you will assume full liability for environmental issues.
- Determine the location where you would like to purchase a gas station.
- Research current or future plans for roadwork near any gas stations that you are considering. If the roads that provide access to the gas station are scheduled for construction, the accessibility of the station may be disrupted.
- Consider the environmental laws of each location you are considering. Environmental compliance is costly in many areas.
- Look for stations that are immediately accessible from a high-traffic roadway.
- Look for stations that have little to no competition from nearby gas stations.
- Find gas stations in areas with low crime rates.
- Gas stations are easy targets for criminals.
- Gas stations with large windows, security cameras, and substantial amounts of lighting are best suited to deter crime.
- Find gas stations with large convenience stores.
- Studies show that large convenience stores are attractive to customers.
- Choose a station that has a larger convenience store than others nearby.
- Find attractive gas stations.
- Customers are attracted to clean gas stations.
- Be sure that the signage is up-to-date and that there are canopies over the pumps.
- Research the past performance of each gas station that you consider.
- Be sure that the station has been profitable in the past. You may need to hire an accountant to go over the books.
- Park near the station and count how many customers visit over a few hours. Cross-check your observations with the seller's claims.
- Have the below ground tanks and other infrastructure inspected by an independent appraiser for leaks and other problems.
- Select a station and negotiate a deal.
- Be sure to consult with an attorney if you are unfamiliar with this process.
- Select the best gas station that you find and negotiate a deal with the owner(s).
- If you are unable to work out a deal, move on to the next station on your list (and so on) until you reach a deal that you are comfortable with.
- Purchase the gas station.
- After reaching a deal, purchase the station.
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I agree with items 2,3,and 4. If you can afford to buy a gas station, you can afford to hire employees, so you will not be working long hours everyday. Gas stations have very low margins. Most of your profit will come from either the convenience store side (cigarettes, drink sales) or your auto repair shop. If you don't have either, just stand alone pumps, I have no idea how you will make a profit.