Guide · Updated October 2026
How to buy a business
Buying a station or c-store is buying a cash flow, a fuel contract and often a piece of land with tanks under it. Here is how buyers we work with get it right. Tap a step to open it.
1. Know what you want
Decide on region, budget, business only or with the real estate, branded or unbranded, and how hands-on you'll be. Clear criteria get you shown the right stores first.
2. Line up the money
Most buyers use an SBA 7(a) or 504 loan or a conventional loan, often with about 10 to 20% down. Have proof of funds ready: sellers and brokers ask for it before sharing full details.
3. Read the numbers
Check tax returns against P&Ls, monthly fuel gallons against supplier statements, and inside sales by category. Price follows owner's cash flow times a multiple, plus the property.
4. Check supply, lease and licenses
Read the fuel supply agreement for term, gallons owed, assignment rules and any buyout. If you lease, confirm years left and landlord approval. Tobacco, lottery and alcohol licenses must transfer or be reissued.
5. Environmental due diligence
Your lender will almost always require a Phase I environmental review. Ask for tank ages, registrations, inspections and any past releases with their closure letters.
6. Offer and closing
Make the offer as a Letter of Intent with price, deposit, a due diligence period (often 30 to 60 days), financing and inventory at cost. Plan for training and a smooth handover of staff, suppliers and licenses.