7 Steps to Sell Your Gas Station
Compile Financial Reports
Being completely transparent with your potential buyer will increase their interest and help establish a stronger relationship during the buying process. Gather all your financial information for the past few years. Tax returns aren’t always 100% accurate, so giving additional information you a potential buyer will be very useful to them. Provide as much in-depth operation expenses and budgets as well, if possible.
Analyze your competitors in your area and get a full grasp of what your advantages are versus theirs. Too many competitors around may affect the way your business is performing, and knowing that information about your business may be crucial to potential buyers.
Compare Other Listings
As part of the appraisal process, properly listing all assets for your gas station such as pumps, stores, car washes, etc will help your broker and accountant better price your gas station competitively. Do some research for other listings nearby as well to set your gas station at a fair and reasonable price.
Unless you are selling confidentially, make sure you take advantage of all listing possibilities for your gas station to get the maximum exposure you can. Working with a business broker allows you to list your gas station on their listing website and other possible listings.
Work With The Right People
The process of selling your gas station can be long and tedious. Working with buyers who will only end up wasting your time can be incredibly frustrating, leaving you at nothing and having to start the process again. This may sometimes be due to the buyer losing interest, changing their mind, or not getting approved for the business loan needed to buy your gas station. Working with a trained business broker will help you avoid some of those issues and work with pre-qualified buyers who the broker has identified as real potential buyers that will not waste your time.
Participate in Business Closing
Working with a business broker will give you the confidence and trust you need to be fully aware of every step of the selling operation, however, it is important that as an owner you participate in all closing procedures to make sure that nothing slips by. Ask questions as needed to your business broker, that is what they are for.
Why Jan Wild?
Having a trustworthy business broker by your side will help you eliminate the risk and get the most value for your gas station. Jan Wild has over 35 years of experience in business valuations and selling processes. Contact Jan for a free consultation.