When it comes time to buy a convenience store, finding the right location is key to buying a successful business. Convenience stores live and die on convenient and easy access for customers to drop by and make their purchases, whether the store is located in a shopping center, along with a gas station, or is a standalone business. While the due diligence phase will allow prospective buyers to examine the financials before they buy a convenience store, here are some highly effective techniques for scouting out the location to determine if it is an asset to the business.
Check On The Location Multiple Times A Day
If you plan to buy a convenience store, most buyers will come to the location to determine how easy the store is to access along with parking and road conditions. However, to get a true picture of how well customers are getting to and from the store, prospective buyers should check multiple times during the course of a day. What if during morning and evening rush hours, traffic backs up and blocks access? These types of issues are essential to find out before you buy a convenience store.
Be Your Own Mystery Shopper Before You Buy A Convenience Store
Like test driving a car, take a tour of the store. Buy gas if the store offers it. Make a few purchases inside and try to pay with a credit card. Use the bathroom and peruse the aisles. The condition of the store on a normal working day can reveal a lot to an entrepreneur looking to buy a convenience store. Take a moment to talk to the cashier and ask a few questions about how well the store is being run. The more details you can attain from the mystery shop, the more informed purchase decision you'll be able to make.
Visit Comparable Locations
Similar to the above tip, try talking to the managers and owners of other convenience stores in the area. Most owners would be glad to 'talk shop,' giving you the opportunity to find out information from another location before you buy a convenience store. However, if you are under a confidentiality agreement, remember you are not permitted to discuss any details of the purchase deal you are currently engaged in.
Focus On Safe Neighborhoods
In this industry, it is especially important to buy a convenience store in a safe neighborhood. There are a few ways to find out which location is in a good area. Crime rates are recorded by cities and are available for review. You can also check recent police blotters as well. A great way to get an instant answer is to politely ask a police officer who is on duty in the area.
These tips are designed to educate buyers who want to buy a convenience store and turn it into a successful business. However, it is important to note that although location plays a critical factor in the purchase decision, due diligence should also be performed by reviewing financial records and inventory before a final offer is made.
Looking to buy a convenience store business? See all convenience store businesses for sale in California - or sell a convenience store business and reach thousands of c-store buyers. Also keep up to speed on the California convenient store market (with industry business brokers & experts) with upcoming BizBen Online Talk Shows & Webinars.
About The Author: Peter Siegel, MBA is the Founder of www.BizBen.com (established 1994 - 7000+ California businesses for sale, 200 new listings daily). Peter Siegel can be reached direct at 925-785-3118 to discuss selling a convenience store, financing a convenience store purchase, or buying a California convenience store.
|Helpful Resources To Assist In Selling And Buying California Businesses|
|Matt Sadati, Business Broker, SF Bay Area, Northern CA
I have Engineering and Law, JD degree, with over 30 years of experience in all phases of entrepreneurship. During the past 15 years my concentration has been in business of mergers and consulting. I have owned and operated over 33 businesses each having one to 30 branches.
|Peter Siegel, MBA - SBA Loans, Non SBA Financing Assistance
For over 25 years I have provided niche business purchase financial advisory and loan placement services with SBA and Non-SBA Loans, Retirement Plan Conversions, Private Investors, etc. Financing amounts available: $20K to $7MM. Call today to get pre-qualified or receive financing: 866-270-6278.
|Chris Seaman, Business Broker - San Diego County Area
Founded in 1994, First Choice Business Brokers has accelerated to become one of the most successful Business Sales Organizations in the world. Our team of agents have gone through extensive training to become experts in the field of business brokerage. Call Chris at 858-578-4111 for more info.
|Joe Sandbank, Esq. - Legal Services
I have provided legal counsel to business buyers, sellers and brokers for over 17 years. With prior experience as a business broker and SBA loan officer, Joe brings both a practical and legal approach to all aspects of the business acquisition process.
|Rick Carlson, Business Broker - Southern California
You Will Never Feel Lost In The Shuffle. Many Brokers Simply Send Out An NDA And That's The End Of Communication. All Buyers Receive A Personal Meeting With An Ace Acquisition Specialist So They Can Recommend The Perfect Business For You. Phone Rick direct at 800-985-4939.
|Joe Ranieri, Business Broker, Orange & LA County Areas
Having owned retail/restaurant businesses for over 20 years, my interest turned to listing and selling businesses rather than owning them. I specialize tend to specialize in Orange County high volume restaurants, fast food independents and chains, bars and liquor stores. Call 714-292-5448.
|Manjit Singh: SF Bay Area - Business Intermediary
Assistance in the San Francisco Bay Area. Contact me about buying or selling a restaurant, liquor store, gas stations, markets, and c-store businesses. If you are looking to buy or sell a SF Bay Area liquor store, market, c-store, restaurant, etc phone me direct at 510-417-9429.
|Elizabeth McGovern: Escrow Services - SF Bay Area
McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.
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