Due diligence is essential to all business purchase transactions. However, when the business transaction involves the lease or purchase of property that may be contaminated (such as a gas station, “quick lube” and car wash), your due diligence must expand to include the additional task of obtaining an environmental study.
So where do you start?
Keep in mind that when purchasing a business such as a gas station, “quick lube” and even car wash, typically, you will be leasing land or purchasing property that may have a long history of “industrial type” activity that may be contaminated. Once you purchase the business – even if you did not cause the contamination – you could be stuck with a big problem created long-ago. Environmental assessments are readily available, affordable (relative to the investment of your life savings) and should never be ignored.
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