What Are Some Environmental Concerns Associated with Purchasing a Gas Station?
When buying a gas station some of the biggest and most important assets that you will be purchasing relate to (a) the business location and (b) the fuel storage and dispensing equipment. Environmental concerns are critical as any environmental contamination (especially if discovered after you buy the gas station) will require expensive remediation that may shut down or significantly limit the future operations and profitability of your station. So, when buying a gas station some of the important factors to consider and evaluate include:
- The results of an environmental site assessment evaluating the environmental history of the gas station property and, if needed, a sampling and study of the underground property;
- The need to have mandatory double-lined tanks;
- State specific laws concerning gas stations;
- Lingering environmental litigation that the current owner may have been involved with.
These are critical factors to assess before buying a gas station. Also before signing any agreement for the purchase of a gas station you must consider inclusion of an "Environmental Due Diligence Agreement Contingency". Learn more by requesting a complimentary copy of Charles N. Internicola's "An Entrepreneurs Guide to Buying a Business".
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