Owning a Gas Station

[kc123]

I am thinking about buying a gas station here in NC. It's pretty vague. I have a small restaurant where I have made most of my capital, and met me partner in business. Is there anyone here who has owned or will own a gas station soon ( only buying business, not property). I know there are various licenses I need. Much of the gas stations i have looked at is with brokers i have come in contact in real life. I am not a tech savvy person, but it seems like bizbuysell.com looks like a very good website. When they display cash flow, is it after all expenses?

[LIG]

I don't own a gas station my self, but a good family friend does. What I have seen close gas stations down, is the cost of replacing the underground fuel holding tanks. Several gas stations in my town closed because they could not pull off or recover the price of new replacement tanks and pumps. I would suggest looking into how long ago the tanks were installed, quality of tanks etc. I have also been playing with the idea of opening my own gas station later on down the road but I am thinking of building one from scratch. all the stations here in my home town are quite old. Wish you the best of luck!

[David Hunter]

I worked for my buddy's dad's gas station 11 years ago... you only make pennies on the gas, but all the money came from the sales inside the store (plus, he had a repair shop... but it wasn't a huge money maker. He eventually sold it and the new owners took out the repair shop and expanded the inside sales. No clue how they're doing today, but it is in a high traffic area.

[kc123]

I don't own a gas station my self, but a good family friend does. What I have seen close gas stations down, is the cost of replacing the underground fuel holding tanks. Several gas stations in my town closed because they could not pull off or recover the price of new replacement tanks and pumps. I would suggest looking into how long ago the tanks were installed, quality of tanks etc. I have also been playing with the idea of opening my own gas station later on down the road but I am thinking of building one from scratch. all the stations here in my home town are quite old. Wish you the best of luck!

Thanks, i did not not think about that. That would be very essential in buying a gas station, but I totally forgot to ask.

[Fulcrum]

Don't forget about possible environmental concerns that can affect the land.

[LIG]

Good call fulcrum! I agree. a local gas station had leaking problems with the old tanks they had. the owner would have went out of business had he not been insured! EPA is a deadly foe so make sure you are covered in that aspect!

[Patrysha]

All I know is there are tons of regulations involved...at least in the area I live in, a convenience store/gas station is one of the most regulated businesses in town -lots of paperwork involved in operations to comply with regulations

[NeckKnifeCentral]

Also be sure to consider the staffing, as well as the need for a 24 hour service. I don't think it will be the most difficult thing in the world, per se. But there are so many factors for this type of business, and so many corners that can not be cut. I believe it may pay of but not to the point were you are swimming in wealth. I may research more into it, but know it is definitely a lot of work.