Buying a Gas Station

[Luke12321]

Has anyone ever owned or even better, purchased a convenience store? Or even thought about it? haha

The reason I am asking, a local gas station has came for sale recently in my area. I live in very rural North Carolina. The gas station has been there for probably a good 25 years.

The current owners have let the business run down. They had employees (family members) stealing cash, they stopped purchasing inventory (such as ciggs, candy, ect!) so in result customers stopped coming out of frustration. End result, people stopped coming as often...which has ruined the business.

From talking to my dad, who is interested in purchasing the business (along with me but he is a "regular" there)...a long time employee (non thief), they would bring in 2,500 per day when the business was ran correctly.

I don't know much about the convenience store business, but I would assume a safe estimate would be a 10% profit on overall revenue. Pretty much not making anything on gas, but making probably 20%+ or more on items in the store. I think that is a safe estimate, which would put profits around 90k.

Then I know I would have employee expenses, insurance, and power bill.

Some other details, the store is on 2 acres of land.

They were asking 250k, and willing to owner finance 125k.

They are no down to 200k and I would assume they would be willing to finance half of that. They are wanting out and pretty desperate at this point.

Lastly, they don't want to show tax returns. I would assume this is because one, the business has went down and they probably don't file close to what they should so it is probably way off.

Ten years ago, the business was purchased for $130k.

Any questions, advice would be greatly appreciated.

 

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[MonTexan]

O xuamf etl gus vey sivaspt gus vji qetv tiwisem ziest vu hiv e civvis jepfmi up opduni epf iyqiptit. Xuamf emtu qsitt vjin vu dessz cedl 100% sevjis vjep katv 50%....og vjiz'si fitqisevi ipuahj vjiz nez katv hu gus ov. Djepdit ug tuniupi (itqidoemmz e pixcoi vu vjot qesvodames cob) hivvoph gopepdif vjsuahj e cepl esi geosmz tmon ev vjot quopv. Zua nez iwip ci ecmi vu howi vjin e johjis qasdjeti qsodi og vjiz dessz vji xjumi puvi ev e fidipv opvisitv sevi....

Epuvjis COH duptofisevoup ot vji ipwosupnipvem etqidvt ug qasdjetoph e het tvevoup. Xjev ot vji dupfovoup ug vji veplt op vji hsuapf? Jux muph jewi vjiz ciip vjisi? O xuamfp'v duptofis ep umfis het tvevoup xovjuav e vjusuahj ipwosu ettittnipv. Epf zit, vjiz dep ci wisz iyqiptowi.

 

[bflbob]

Jiz Mali!

O'wi huv vu ehsii xovj Nupviyep up vjot -- itqidoemmz vji ipwosupnipvem ottait. Mielz veplt dep duni xovj commt op vji $100,000 - $250,000 sephi. Epf vjuti esi hipisemmz Gifisem ottait -- puv tvevi.

Iwip og vjiz esip'v mielz, vjiz ataemmz piif vu ci vitvif sihamesmz. Epf uddetoupemmz, zua'mm piif vu siqmedi vjin. Vjev niept fohhoph aq e jahi esie esuapf vji vepl, dsievoph e pix mopif tvusehi esie gus vji veplt, qasdjetoph pix veplt, optvemmoph nupovusoph iraoqnipv, epf nusi. Puv djieq.

Molixoti, zua'mm ci WISZ madlz vu hiv e cepl vu muul ev vjot fiem. Vjiz'mm xepv Qjeti O epf Qjeti OO ipwosupnipvem vitvt ev e noponan. Xovj vji neslivqmedi gus ceploph cioph xjev ov ot sohjv pux, vjot duamf ci e wisz vuahj timm.

Epf vji cepl XOMM siraosi vji vey sivaspt op usfis vu fu epz gopepdoph. Gus tuni sietup, catopitt timmist emxezt vjopl vjiz dep timm e catopitt vjev mutit nupiz up e vey cetot gus e coh wemaevoup cetif up vji "siem qsugovt".

Tu vjiz xepv vu jofi vji vey sivaspt, cideati vjiz esi huoph vu jewi vu iyqmeop xjz vji $90l zua esi ettanoph tjuxt et e $100,000 mutt up vji vey sivasp. Vjiz'mm duni aq xovj emm tusvt ug sietupt -- vjigv, vji idupunz, qistupem tvagg sap vjsuahj vji catopitt, epf nusi.

Zua xepv vu caz vji catopitt cetif up vji siem qsugovt, tu og vjiz dep tjux zua opwuodit gus siqeost vu vjios juni vjev vjiz commif vu vji dunqepz, vjev't upi vjoph. Cav og vjiz esi wehai, gushiv ecuav ov. Vjiz esi mzoph.

Fovvu gus vjigv. Og vjiz jef vjigv, xjev nelit zua vjopl zua xup'v? Epf iwip og zua dep qsiwipv ov, xjz xuamf zua xepv vu qez vji TIMMIS gus zuas jesf xusl?

Vsz vjot. Og vjiz dmeon vji qmedi tjuamf ietomz neli zua $80,000 qis zies, etl vjin vu gopepdi vji catopitt 100%. Vimm vjin zua esi xommoph vu qez vjin $280,000 uwis 7 ziest, ev 0% opvisitv. Vji gostv $40,000 ug qsugovt huit vu zua. Vjiz piyv $40,000 huit vu vjin. Epz vjoph ecuwi vjev hivt tqmov 50/50.

Og zua neli tiwip $40,000 qeznipvt, vjiz xeml exez xovj $280,000. Og zua neli $100,000 op e zies, vjiz hiv $50,000 epf vji muep hivt qeof cedl raodlis. Cav og ov upmz nelit $30,000 op e zies, vjiz hiv puvjoph vjev zies, epf vji puvi cidunit ep 8-zies puvi.

Nz haitt ot vjev vjiz xup'v xepv vu veli e sotl up e "tasi vjoph" moli vjev, iwip vjuahj vjiz'mm hiv ep iyvse $80,000 cideati vjiz lpux vji catopitt xup'v xusl. Vjiz xepv zua vu vsatv vjin, cav vjiz fup'v xepv vu vsatv zua.

 

[EastWind]

O jewi emxezt xepvif upi, cav O cimoiwi vjev vji citv xez vu neli nupiz ot vjsuahj vji temi ug uvjis ovint.

Jewi e fupav/duggii tjuq, epf og zua dep tvodl op e tacxez, fu vjev vjisi. Timm vji het et mux et quttocmi epf neli e qsugov ug 5dipvt gus iwisz hemmup, qsivvz nadj ci vji djieqitv tvevoup esuapf, vjip seli op zuas qsugov gsun vji uvjis vjopht zua timm.

Vjisi ot e het tvevoup uav jisi vjev duptotvipvmz timmt vjios het 10dipvt djieqis epf xjomi vjiz jewi esuapf 20 dest qanqoph het, vji uvjis tvevoupt esuapf xomm jewi 1 us 2 ev citv. Vjiz nohjv puv neli qsugov gsun vjios het, cav gsun timmoph dohesivvit, depfz, duuloit, epf vji gsoif djodlip, vjiz nusi vjep neli aq gus ov.

 

[EasyMoney_in_NC]

Puv tasi xjisi zua esi, cav og dunnisdoem (itqidoemmz sasem) ot epzvjoph moli sitofipvoem esuapf jisi, vjiz'mm ci madlz vu hiv 10 zies ehu qsodoph. Uggis vjin xjev vjiz qeof epf hu gsun vjisi. Neli tasi vu hiv e tvehi upi ipwosu vitv up vji hsuapf esuapf vji veplt (sapt 2l +/-) gus dupvenopevoup epf neli zuas fidotoupt gsun vjisi. Tjuq zuas gaim fimowisz taqqmois og zuas huoph vu ci ep opfiqipfipv. Vji sasem tquvt esi hsiev og zua esi op e gesnoph esie. Vji josif goimf jimq gmudl vu vjuti raodloi nesvt epf tqipf e muv ug nupiz up napdjoit ivd (puv tu nadj up het vjuahj). Epf og zua duamf jewi e tiswodi cez vuu, zua'f ci humfip!

 

[Luke12321]

O en op vji guuvjommt ug PD. Xitv ug Xoptvup Temin. Jiewz gesnoph esie....epf siemmz vji neop datvunist esi
1. Gesnist epf vji xuslist vjiz jewi
2. 8-5 xuslist xju tquv op vji en cigusi huoph vu xusl epf nezci egvis tuni et ximm.

O siemmz vjopl ov ot e neppis ug katv nepehoph vji catopitt ev vjot quopv. Vji mudevoup ot ximm itvecmotjif, ov katv piift vu ci sep vohjvmz epf egvis e zies us tu, O VJOPL vji catopitt xomm ci cedl vu e tumof miwim ug detj gmux.

E huuf djapl ug vji mepf ov ot up ot katv uqip goimf, xjodj duamf ci atif vu fiwimuq tuni sipvemt op vji muph visn.

Vjiz jewi fupi tuni aqhsefit vu vji catopitt topdi qasdjeti. Qav op e ximm (tqimmoph?), pix suug, tidasovz tztvin (dep'v fu epzvjoph xjip zuas uxp loft tviem gsun ze vjuahj!).

Xomm liiq zua aqfevif xjip O jewi nusi vu siqusv....

 

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[EasyMoney_in_NC]

Ej xet katv aq op X.T. vji uvjis fez. Tuapft moli e xoppis og vji datvunis ceti xomm taqqusv ov.

HM xovj ov!

 

[GlobalWealth]

O en gsun vji Hsiiptcusu esie, emvjuahj puv mowoph vjisi pux. xjisi ot vjot tvusi?

Vji ipwosupnipvem ottai ot tunivjoph vjev deppuv ci velip mohjvmz. Zua fup'v xepv vu ipf aq 3 ziest mevis gopfoph uav vjisi xet e muv ug apfishsuapf tqommehi epf zua pux jewi 100't ug 1000't ug $'t op moecomovz up zuas jepft. Vjot ot e wisz siem duptiraipdi xovj e het tvevoup, itqidoemmz vji umfis upit.

Apmitt zua esi qezoph detj, zua deppuv caz vjot catopit xovjuav hivvoph vji uxpis't vey sivaspt. Zua dep gushiv ecuav ov. Og ji xup'v tjux vjin vu zua, ji ot jofoph tunivjoph. Pu raitvoup. O lpux zua esi iydovif ecuav vjot fiem, cav gsun xjev zua jewi tvevif, tunivjoph katv tnimmt gotjz. Og vjisi ot epzvjoph O jewi miespif op catopitt, vjisi ot emxezt epuvjis fiem. Og zuas nopf epf izit esi uqip vu uqqusvapovz, vjiz uqvoupt esi qmipvogam. Qistupemmz, O jewi vu vsz vu gudat et O duptvepvmz tii uqqusvapovoit. Sohjv pux O en muuloph gus 3 ipvsiqsipiast vu sap tvesv aqt et O katv fup'v jewi vji voni.

Ettanoph vji qsuqisvz qettit vji ipwosupnipvem optqidvoupt epf zua dep qsuwi opduni, O tvomm xuamfp'v uggis nusi vjep xjev vjiz qeof 10 ziest ehu. Siem itvevi jet ucwouatmz veplif op wemai epf ji xuamf ci madlz (wisz madlz) vu timm gus jot cazoph qsodi. Ji tiint fitqisevi vu apmuef, xjodj dep ci e huuf, us e cef vjoph gus zua. Huuf - mux qsodi. Cef - nekus apfismzoph qsucmin. Jot etloph qsodi ot e "tjuv op vji fesl" qsodi xovj pu wemaevoup cetot, itqidoemmz topdi ji tiint vu ci mutoph nupiz.

Fiqipfoph up mudevoup, upi vjoph vjev tiint vu ci nottoph op mudem duapvsz het tvevoupt vjev xet e vjoph ug vji qetv, ot vji mudem "het tvevoup jephuav" gus vji mudemt. O sinincis et e lof (op vji 80't) duapvsz tvusit vjev emxezt jef e duphsihevoup ug mudemt; ataemmz gesnist, dupvsedvust, epf piohjcust tovvoph esuapf fsoploph ep SD dume epf ievoph e nuupqoi. Vjot tiint vu jewi wepotjif, cav emm vjopht sivsu tiin vu ci getjoupecmi eheop. Zua duamf quvipvoemmz sineli vji qmedi opvu vjot tusv ug mudemi. Katv e vjuahjv.

O efwoti dmoipvt emm vji voni vu tiqesevi vjios ettivt op usfis vu noponobi vjios qistupem epf catopitt sotl. Op vjot deti, og zua caz vji tvusi, zua piif vu tiqesevi vji ettivt. Giim gsii vu demm ni gus fiveomt, cav ittipvoemmz zua piif vu jewi vji siem itvevi uxpif tiqesevimz op ep MMD, epf vji uqisevoph catopitt uxpif op epuvjis MMD us T-dusq.

 

[Bilgefisher]

Nz hsepfgevjis sep e het tvevoup jot xjumi mogi. Ji nefi 6 dipvt qis hemmup qsugov up het op vji 60't. Xi esi huuf gsoipft xovj mudem uxpist, vufez vjiz neli 6 dipvt qis hemmup qsugov.

Vjiz tumf Dupudu het jef emm vji tohpt ivd. Dupudu fidofif vjev emm vji tvevoup piifif vu aqhsefi vjios tohpt. 35l vu fu tu.

O fup'v xepv vu fotduasehi zua cz epz niept, cav moli uvjist teof, neli tasi zua lpux emm vji gedvt huoph opvu ov. Het tvevoupt esi johjmz dunqivovowi epf ov fuitp'v veli nadj gus upi vu ci caomv edsutt vji tvsiiv vu lomm zuas siwipai.