Buyer's Guide · Gas Stations
25 questions to ask before you buy a gas station
The right questions surface what a P&L can't. Before you sign, you want straight answers on five things: the books (and whether they reconcile), the lease and brand agreement, the tanks and physical condition, how the business really runs, and the deal terms. Here are 25, grouped so you can work through them in one sitting with the seller.
A seller who's confident in the business answers these easily. A seller who dodges, delays, or gets defensive is telling you something too. Bring this list to the table and write down the answers, because you'll cross-check them against the documents later.
A. The books
- Can I see three years of P&Ls, federal tax returns, and bank statements, and do they reconcile within a few percent?
- How did you calculate SDE, and can you document every add-back?
- What were the gallons sold each year, and can I see the supplier's delivery records to confirm?
- What's the split between fuel and inside-sales revenue, and what's your fuel margin per gallon?
- Why does any month show unusually round or flat revenue?
B. Lease & brand
- How many years remain on the lease, and is it assignable to me?
- What does the rent escalate to over the remaining term?
- Is the branded fuel agreement assignable, and what's left on its term?
- Are required brand image refreshes coming, and what will they cost me?
- What brand or franchise fees do you pay, and where do they show up on the P&L?
C. Tanks & condition
- How old are the underground tanks, and can I see current inspection and leak-detection records?
- Have there ever been leaks, spills, or environmental notices on this site?
- How old are the canopy, pumps, coolers, and HVAC, and what needs replacing in the next few years?
- When was the last fire-marshal inspection, and is the site ADA-compliant?
- What deferred maintenance are you aware of but haven't done?
D. Operations & people
- How many employees do you have, at what wages, and how much of the work is unpaid family labor?
- How many hours a week do you personally work in the business?
- Which supplier and service contracts transfer with the sale, and are any terms personal to you?
- Will the lottery, ATM, and any side income continue under my ownership?
- Why are you selling?
E. The deal & legal
- Are there any liens, judgments, or lawsuits against the business?
- Is inventory included in the asking price, or counted separately at closing?
- Will you sign a non-compete, and if so, for how long and covering what radius?
- Will you provide a training and transition period after closing?
- Are you open to a seller note (financing part of the price yourself)?
Get the questions tailored to your deal
This list is the universal version. BizScore reads the seller's own documents and generates 20 to 25 questions aimed at the exact red flags in your deal, so you walk in with the right list, not a generic one.
Frequently asked
- What's the single most important question to ask?
- “Can I see the tax returns and bank statements?” Almost everything else is only trustworthy once you can check it against those two documents.
- What if the seller won't answer some of these?
- A dodge is data. Persistent evasion on the books, the lease, or the tank records is itself a red flag, and something to price into your offer.
- When should I ask these?
- Early: before you're emotionally committed and before you spend on inspections, ideally during the LOI and due-diligence window.
- Will BizScore generate questions for my specific deal?
- Yes. The Full Report produces 20 to 25 seller questions tailored to the exact red flags found in your documents, so you walk in with the right list, not a generic one.
Keep reading
About this guide
BizScore is built by first-time business buyers — people who watched someone close to them lose their life savings on a deal that looked clean on a spreadsheet and fell apart in the documents the seller never volunteered. That experience is why these guides exist, and why every BizScore report cites the exact document behind each finding.
Where the numbers come from: the benchmark ranges in our guides — SDE multiples, expense ratios, typical timelines — are widely-used industry rules of thumb, cross-checked against the analytical benchmarks BizScore applies inside its reports. Dollar figures such as a ~$15,000 quality-of-earnings review or a $5,000 deal attorney are representative of what buyers typically pay, not quotes; actual costs and multiples vary by deal. We review these figures periodically — last updated June 2026.
BizScore is an information service — think of it as a Carfax for a small business — not a CPA, an attorney, or financial advice. Use it to decide where to spend your professional dollars, and bring in a qualified professional before you sign anything.
This guide is general education, not a formal business appraisal or financial, legal, or tax advice. Every deal is different. Verify against the actual documents and talk to a qualified professional before you sign anything.