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I found a gas station in Los Angeles for sale. What questions should I ask the seller ?

I've never been in the gas station business. In terms of permits & licenses, what should I ask the seller to verify if it is in compliance. Any comments will be appreciated.

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Answers (2)
Richard Parker (Richie)
Diomo Corporation
Business Buyer Advisor and Consultant
Broward County, FL

Andrew...there are a lot of questions you need to ask when buying a gas station...too many to mention here however, I would recommend you visit www.howtobuyagasstation.com - lots of helpful information and a guide to help yopu.

Richard

Jul 10, 2009
Salvatore B. Urso
Florida Business Acquisitions, Co.
FL

Andrew, it's good to ask the Seller questions, but I would not rely solely on his answers. You should make sure to have an expert in business acquisitions help you assimilate a list of questions AND help you analyze the business. Quite often the answers the Seller gives you are not accurate. Do not make a major mistake. Also, make sure your CPA audits the figures. Trust me you would be better off spending a little now rather than losing everything later. Good luck!

Jul 9, 2009