Yes‚ Before Signing a Contract You Even Need to Evaluate Potential Road Repairs
The purchase of a New York or New Jersey car wash or gas station involves a number of due diligence factors that a prospective purchaser must consider and discuss with his or her business lawyer. In addition to evaluating these "existing due diligence" factors‚ such as the environmental condition of the property and the financial performance of the business‚ a prospective purchaser should consider the prospect of "future events" that may affect his or her newly purchased business. In particular‚ in New York and New Jersey where road repairs are common events‚ the prospective purchaser of a car wash or gas station should consider the current condition of major roadways leading to the business and the possibility of future road repairs and construction that may affect traffic flows and future revenues.
Evaluating the prospect of "future road repairs" is not an easy task‚ is not a legal issue and‚ in most instances‚ cannot be verified. However‚ it is critical that the prospective purchaser at least be "aware" of this potential issue. Pay attention to surrounding traffic flows and the condition of surrounding roads. Also‚ discuss this issue with your business lawyer and evaluate the necessary representations to be added to your purchase agreement.
LEARN MORE: Order a complimentary copy of Mr. Internicola's boo‚ "An Enterpreneurs Guide to Buying a Business or Franchise".