What Factors Should Be Considered When Purchasing a Gas Station?
When buying a New York or New Jersey gas station consider that some of the primary rights that you will be acquiring relate to the property location and lease, the pumps, tanks and agreements with fuel suppliers. Some of the factors that should be considered, include:
- Prior or current environmental conditions associated with the property where the gas station is located. Consider that even if environmental cleanup or abatement is the responsibility of the property owner that contaminated property will interfere with your business;
- Whether the tanks and pumps are included in the sale;
- The repair history of the tanks;
- Compliance of the tanks with your state rules and regulations;
- Location; and
- Street repair history (if the street the gas station is on is going to be repaired soon this may cause a decrease in business)
These common considerations should be discussed with your business lawyer along with any other questions and concerns that you may have. Learn more by ordering a complimentary copy of An Entrepreneurs Guide to Buying a Business, by clicking here.
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