Gas stations
How to sell a gas station
Short answer
To sell a gas station, prepare monthly fuel gallons and margin, inside store sales, your fuel supply agreement, and your tank and environmental records, and decide whether the real estate is part of the sale. Expect the buyer's lender to order a Phase I Environmental Site Assessment and the buyer to apply for their own alcohol, tobacco and lottery licenses. Market it privately to buyers under NDA, then sign a letter of intent and close.
How to, at a glance
- Read your fuel supply agreement and its transfer terms
- Gather fuel gallons, inside sales and tank records
- Expect an environmental review and plan for it
- Confirm whether the land is in the sale
- Plan for licenses the buyer must reapply for
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Thinking about selling your gas station?
Buyers already signed up and under NDA, including cash buyers. No public listing. 3% at closing, $25,000 minimum, nothing upfront.
Get my call back Get the free seller kitQuestions owners ask
- Can I sell my gas station without the property?
- Yes. Many stations sell as a business on a lease. The landlord's consent and the years left on the lease matter to the buyer.
- Do I need an environmental report to sell?
- You may not be required to order one, but the buyer's lender typically will. Gather past reports and tank records early.
- What does Optimax charge to sell a gas station?
- 3% of the sale price at closing, $25,000 minimum, nothing upfront and nothing if it does not sell. Buyers also pay Optimax a fee under their own agreement, and both sides are told in writing.
The records buyers ask for
- Fuel gallons by month and your margin per gallon.
- Inside store sales by month, plus lottery, food service or car wash income.
- Profit and loss statements and tax returns for two to three years.
- Your fuel supply agreement: brand, term, volume commitments, and what happens on a sale.
- Tank records: install dates, leak detection and tightness tests, and inspections.
- Any environmental reports done in the past.
Read your fuel supply agreement first
Branded stations usually sign multi year supply agreements, often with incentive money for image upgrades or rebates. Check whether the agreement can pass to a buyer, whether the supplier must approve the buyer, and whether any incentive must be paid back if the agreement ends early. Knowing this before you set a price avoids a surprise at closing.
Environmental review is standard
Underground storage tanks are regulated, and lenders that finance station purchases typically require a Phase I Environmental Site Assessment, the standard review of a property's past and present use. If an earlier report flagged an issue, have the file ready. Buyers move faster when they can see the history.
Real estate: own or lease
Say up front whether the land and building are part of the sale. Many buyers search for one or the other, and the financing differs: a sale that includes real estate can support a longer loan.
Licenses do not usually transfer
Alcohol, tobacco and lottery licenses are usually issued to the operator, so the buyer applies for their own. Rules vary by state and city, so plan the closing date around how long those approvals take where you are.
Sources
Thinking about selling your gas station?
Buyers already signed up and under NDA, including cash buyers. No public listing. 3% at closing, $25,000 minimum, nothing upfront.
Get my call back Call 701 504 8429A call back from Ayo in one business day.