Buying a Gas Station or Convenience Store: Due Diligence Checklist
What to verify before you buy a store, from the books to the tanks to the walk-in cooler, so the price reflects what you're actually getting.
Updated October 25, 2026
Quick answer
Before buying a gas station or convenience store, verify the financials against tax returns and supplier statements, review the fuel supply agreement, get a Phase I environmental site assessment and the tank records, inspect the building, refrigeration and equipment, and confirm which licenses and permits can transfer. Price in any remodel or equipment replacement you will need.
Buying an operating store is often the fastest way into the business, but the price only makes sense once you know what you're buying. Use this as a starting checklist with your attorney, accountant, lender and environmental consultant.
Financials
- Profit and loss statements for at least three years
- Tax returns that match the P&L
- Fuel volumes by month, matched to supplier statements
- Inside sales by category, matched to point-of-sale reports
- Lottery, money order and other commission income
- Payroll and staffing
- Lease terms, or deed and property taxes
Fuel supply
- Supply agreement: brand, term, volume commitments
- Image requirements and any planned upgrades
- Incentives that must be repaid if the agreement ends early
- Whether the agreement transfers, or must be renegotiated
Tanks and environmental
- Phase I environmental site assessment, usually to ASTM E1527-21
- Tank registration with the state UST program
- Tank age, material and leak detection method
- Inspection, testing and compliance records
- Any past releases and their cleanup status
- Financial responsibility coverage for the tanks
Building and site
- Roof, HVAC, electrical service and plumbing condition
- Code and accessibility issues a remodel would trigger
- Parking, access and canopy condition
Equipment and refrigeration
- Walk-in coolers and freezers: age, refrigerant, condition
- Cooler wall doors: fogging, gaskets, lighting
- Food-service equipment and hood
- Point-of-sale, fuel controller, cameras: owned or leased?
- Which equipment is included in the sale
Licenses and permits
- Alcohol license: transferable, or a new application?
- Tobacco, lottery and health permits
- Zoning conformance for the current use
Price in the remodel
Most buyers change something. Before agreeing a price, get a floor plan of your concept on the existing building and a sense of what the remodel and equipment replacement involve. See remodel cost. We can draw that plan before you close.
Frequently asked questions
What is a Phase I environmental site assessment?
Do fuel supply agreements transfer to a buyer?
How old is too old for refrigeration?
Keep planning
- Buy or build?Buying gives you sales history and speed; building gives you the store you want. How the two compare, and the middle route most buyers end up on.
- How to start a gas stationWhat makes a gas station different from any other retail start-up: fuel supply, tank regulation, the forecourt budget, and the store that carries the profit.
- Remodel costA remodel can be a refresh or a near-rebuild. What decides the budget is how much of the store's systems have to change.
- Financing a storeThe SBA loan programs most store owners look at, what they allow, the down payment rules for gas stations, and what a lender will ask for.
Ready for real numbers?
Turn a planning range into a quote for your store
JayComp Development has designed and built more than 2,500 convenience stores, liquor stores and travel centers since 1996, from Ravia, Oklahoma to all 50 states. We design the store, then supply and install the equipment.
Send the site, the store type and your timing. Quotes are free, with no obligation.
Request a design-build quote
Or call (877) 843-0183.