Selling your gas station yourself, or with a broker

1. Pricing it from your tax returns, fuel gallons, inside sales and property.
2. Finding buyers without telling the whole town.
3. Screening them: NDA, proof of funds, lender pre-qualification.
4. Negotiating the letter of intent: price, deposit, due diligence period, financing, inventory and closing date.
5. Running due diligence: records, Phase I, supplier approval, landlord consent.
6. Transferring licenses such as lottery, tobacco, beer and wine, which vary by state.
7. Closing and handover: inventory count, fuel reading, training.

Our how to sell guide walks through each step.

• You already know the buyer, and they have the money or a lender lined up.
• Your books, tank records and supply contract are clean and easy to share.
• You have a good attorney and CPA who know fuel deals.
• You have time to answer a lot of questions while still running the store.

Even then, many owners pay for a valuation so they know they aren’t leaving money on the table.

• Confidentiality. Posting your station publicly is the fastest way for staff and competitors to find out. See selling confidentially.
• Unqualified buyers. Weeks lost to someone who never had financing.
• The supplier and landlord. Approvals and consents that stall late in the deal.
• Environmental. A Phase I finding with no plan for it. See old tanks and environmental issues.
• Pricing. Too high and nobody bites; too low and you never know.

A good broker brings buyers, keeps your name out of it, and keeps the deal moving. Look for one who:

• Works mainly with gas stations and c-stores, not houses
• Has an existing list of buyers who have signed an NDA
• Understands supply contracts, tanks and SBA lending
• Screens buyers for proof of funds before you meet them
• Can give you references from owners they have sold for

GPA specializes in fuel and convenience businesses, and about 1,700 buyers have signed our NDA, including private-equity-backed groups.

Most business brokers are paid a success fee when the deal closes, set in the listing agreement and negotiated. Before you sign, ask:

• Is there any upfront fee, or only a fee at closing?
• How long is the listing term, and can I end it early?
• Is there a “tail”: a fee if a buyer they introduced buys after the agreement ends?
• Is the real estate handled under the same fee? Licensing rules for real estate vary by state.
• How exactly will you market my station without revealing it?

Whether you sell yourself or hire help, the same file makes a buyer take you seriously:

• Two to three years of tax returns and P&Ls, plus year to date
• Monthly fuel gallons and POS reports by category
• Your fuel supply agreement and lease
• Licenses, tank registrations, test records and any environmental letters
• A list of equipment and its age

Start with an honest value range. It tells you whether now is the right time and what your bottom line really is.