Gas Station For Sale In Ottawa– Let us say that you have decided to go into the gas station business and are considering buying a gas station for sale in Ottawa. Just before you dive deep into it and draw up the contract on the first property that catches your eyes, you must do all the due diligence.
Based on experience, we have drawn up a list of items you consider before taking the final plunge.
Condition of fuel tanks and gas pumps:
If the gas station is a franchisee or runs for a brand, the representatives must monitor and record the condition’s pumps and tanks. Get your hands on these reports to understand the current state. So, try and understand the type of fuel tanks to use. If the gas station has a fibre glass double wall tank, it will help save on maintenance as they are corrosion resistant and also good on the environment.
Talk to the previous owner and understand monthly and weekly profits. It is also best to understand gains by month and if there are any trends in the dip.
Many of the gas station for sale in Ottawa have convenience stores. We recommend our clients to buy gas stations with other businesses to add to the bottom line. When looking at such gas stations, understand the current condition and the inventory. Look at the snack machines and see if they need repair or replacement. It also makes sense to know how the vendors operate to refill the stock. If a convenience store doesn’t make sense to you, you can also look at buying one with an automotive garage or a restaurant or a café or car wash.
We can’t stress enough on the ‘location,’ for it is the most important aspect when running a gas station business. How strong is the site? And where is it situated? is it close to a highway or a residential area? How easy is the accessibility to it? You have to be clear on the type of traffic you would like to drive to your gas station and, based on that, choose the location. For example, if you’re looking to get trucks and fleet vehicles, a residential area does not help.
Talk to the previous owner or the seller and understand if any renovation needs to be done that way, you can calculate the total cost, including these expenses. It was also better to check if there are any infrastructures inside the buildings that have a deadline for renovation anytime sooner. There is always a water pipe that leaks or an electrical issue perineal in any property in our experience.
These are just essential items that we recommend to those looking to buy gas stations available for sale. However, this is only the surface. You will invest billions of dollars to get into this business, and hence you should take so much care in finalizing the deal. We at Nav Sidhu can broker deals for you to start the business right away without worry.