A decision-making process is involved in buying a gas station.To find a strong business, you need to investigate the location and work with a commercial real estate broker.To make a strong offer, consider practical and financial factors.Your broker can help you negotiate a good purchase deal.
Step 1: The traffic flow can be studied.
You need to know the location of the gas station before you buy it.You can drive around the neighborhood.Get to know the busy intersections by studying the traffic patterns.Look for locations that have a lot of travel and local businesses.
Step 2: You can talk to the police.
You can find out about crime in the area by visiting the police station.Ask if the gas station has a history of criminal activity.The police are patrolling that neighborhood.To make sure you get the attention you deserve, you should call the police station ahead of time and make an appointment with someone.This will work better than just dropping in.You can review local police activity on the police department's website.
Step 3: You can visit the Chamber of Commerce.
The Chamber of Commerce helps local businesses communicate with each other and share their successes.Ask the Chamber of Commerce about the strengths and weaknesses of the community.You should be able to see if there are new businesses in the area.If you can't schedule a meeting in person, visit the chamber's website and learn how to do it.You can find information on community activities, charitable donations, and business involvement on the chamber's website.The Nashville Chamber of Commerce has a section on its website dedicated to relocating in the area and starting a new business.
Step 4: You can read the newspaper.
You can read through weeks or months of the local paper at the public library.The police Blotter is a common article that reports police activity.There are stories of crime at gas stations.There is information about growth or decline in the local population.It is possible to get a sense of the community's attitude toward new business.
Step 5: You can visit as a customer.
You should visit the station you are thinking of buying after you have narrowed down your options.Take notice of the details.Is it easy to enter the station?Is the layout of the pumps easy to maneuver?Some things may be easy to change when you take over, but other things could be expensive.Cleaning up the bathroom would be a relatively small cost.If the plumbing doesn't work at all, you could be in for an unexpected expense.
Step 6: You can search for a commercial real estate broker.
You can run a search for commercial real estate in a location that interests you.There are listings for several commercial real estate agents.To see the kinds of properties they handle, review their websites.If possible, look for a company that specializes in retail businesses and gas stations.
Step 7: The agency has other listings.
Most of them are probably not for you.They might be able to run a gas station, but it won't be their specialty.Find a company that has similar businesses.Several gas stations and convenience stores can be found in the St. Louis, Missouri, area on A&M Realty, Inc.'s website.This company is likely to be able to help you.
Step 8: Meet a real estate broker.
Call to schedule an appointment with a broker when you find an agency that can help you with commercial properties.Ask the broker questions about what the agency has to offer.Some of the questions you may ask are: how familiar are you with this community, how many sales of gas station businesses have you or your company been involved with in the past year, and what special concerns do I need to think about when buying a gas.
Step 9: You can explore the agency's support services.
The real estate agency can help you.Buying a gas station business is more than just looking for a property.You need a real estate agency that can help you analyze the market, look at the business's financial records, and understand the community.The Commercial Florida agency offers such strategic services as: site selection feasibility studies, market forecasts, and demographic research.
Step 10: Take a look at available properties.
There are gas station properties in the area that a commercial real estate broker should know about.You can speak with the business manager if you ask the broker to arrange visits.Look at the facility, structure, traffic patterns, and location of the pumps when you visit.You can ask to see the company's financial accounts.
Step 11: Inquire about the convenience store.
There are convenience stores at many gas stations.Gas stations make more money from their convenience store than they do from the sale of gas.Look for the kind of store, the number of products sold, and the overall appearance.These are indications of a successful business.
Step 12: The value of the name should be considered.
The value of a recognized name is what comes with buying a franchise.You become part of a recognized brand when you purchase a Shell, Sunoco, or other name.That brand adds value to the station and will attract some level of business to it.
Step 13: The company's protections should be reviewed.
Some legal protections will be provided by the national company when you buy a franchise.It is possible to buy a franchise business instead of an independent gas station.You may be left on your own if you buy an independent station.The threat of tank leak and environmental damage is one of the biggest concerns of owning and operating a gas station.In such cases, most franchise purchases will protect you.The company that is national will often take on the responsibility.You will need to read the franchise agreement very carefully to fully understand your obligations and those of the national company.
Step 14: Future costs and fees of a franchise can be explored.
You will be responsible for substantial fees and other financial expectations if you buy a franchise.The franchise agreement should be read carefully.Before you buy a station, learn the requirements of owning a franchise.You will most likely be required to purchase gas from the company's own suppliers.You will have to pay for the company's insurance.You will probably have to pay franchise fees.
Step 15: Look at potential competitors.
The national company may have the right to approve other franchises very close to your own location if you buy a franchise.Competition from your own brand is something you don't want.If you want to buy into a franchise, you should negotiate this point first.
Step 16: It's a good idea to test the soil around the property.
You will be responsible for any environmental hazard that comes from the property you buy.Before buying, you need to know about these dangers.If the gas tanks are leaking or have leaked into the soil, you have to clean it up.There are agencies in your area that perform environmental testing.Explain to anyone the purpose of the testing and your desire to purchase the property.
Step 17: Inquire about the individual tanks.
If you inquire, the seller may volunteer information about the quality of the storage tanks.The owner should give you copies of the purchase receipts and technical specifications.Make sure the tanks meet the minimum requirements in your state.Double-walled fiberglass (DWFG) must be used for gas station tanks in California.You may need to hire an attorney to find the requirements in your state.You can call the office of the Secretary of State.The regulations will be set by each state's office.
Step 18: It is necessary to verify ownership.
You have to know what you are buying.Purchasing a business is not the same as purchasing the property of the business.To see the title for the property, you need to ask.You will need to adjust the purchase price if you discover that the sale is only for the business and not the property.Don't pay more than you need to for the business and land.If you want to know what your purchase includes, a real estate attorney can help.
Step 19: Check the city hall.
You should not assume that the streets and businesses in the area of your gas station will stay the same.If there are changes coming, you should check the office of public works.A new road could cause traffic to be diverted away from your site.Before committing to a location, you should be aware of the city's plans to changezoning.
Step 20: Financing that is secure.
If you want to buy the business on your own, you need to visit a bank or other lender to get a loan.You can find business loan mortgage rates online.Find a lender with low rates.To get approval, you need to meet with a bank officer.You will need to provide a lot of personal and financial information in order to get a loan.Information about your employment history, bank accounts, and tax records can be turned over.You can prequalify for a business loan.It's a good idea to get prequalification before you start looking for a property.
Step 21: The broker can make an offer.
The real estate broker can help you evaluate the asking price for any gas station property.The prices of other gas stations in the area should be considered along with the history of sales of similar businesses.The records should be in the broker's possession.Determine the likely success of the business by analyzing its sales and financial records.Your broker should submit your offer when you are ready.
Step 22: A reasonable purchase price is what you should negotiate.
The seller's asking price is not likely to match your first offer.The seller is not likely to accept your first offer.Work with your broker to find a good price for your purchase.The terms of payment may be included in a part of the negotiation.
Step 23: Complete the regulatory details.
A good commercial broker can help you with the state regulatory requirements.The tanks and soil need to be inspected.Each state has its own expectations and requirements.