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|
|Prabhjot Randhawa, Broker: SF Bay Area, Central Valley
I'm a Business Advisor at Liberty Business Advisors of San Francisco. I have over 20 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 10 businesses. 209-815-3842 Cell.
|Jack Oh, Business Broker: Southern California
Business broker and real estate services in the Los Angeles and Orange County areas. 10 years experience with great negotiating skills. To sell a business or buy a business in the LA or Orange County Areas phone Jack and his team at 562-787-4989 Cell / Text.
|Diane Boudreau-Tschetter: Escrow & Bulk Sale Services - CA
California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.
|Mike Brewer: Liquor License Broker, ABC Consulting Service
Liquor license brokerage and consulting services. We provide: Alcohol License Transfers Application Consulting & Processing, Liquor License Purchases & Sales, City Zoning Permits & Land Use Entitlements, Public Convenience or Necessity Findings and Letters. Phone Mike Brewer direct at 800-437-1100.
|Michael Davidson, Business Broker - Southern California
Los Angeles Business Broker providing M&A quality services for Small Business Owners. We leverage our technology and expertise to Simplify & Expedite the Business Sales Process. Matching the right buyer with the right business is how we define success.
|William Park, Business Broker: Southern California
Highest Volume Broker in California, Simply Check our HUNDREDS of Listings! Over 25 Associates, Speaking Dozen Languages, Helping Buyers and Sellers of Small Business since 1982, Centrally Located between Los Angeles and Orange Counties, while Riverside & San Bernardino Counties are Very Accessible.
|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.
|Peter Siegel MBA, BizBen Founder, ProBuy, ProSell, ProIntermediary Programs
Founder Of BizBen.com (since 1994). I am the Lead Advisor for the ProSell, ProBuy, & ProIntermediary Programs. I consult daily with buyers, sellers, and brokers daily about buying and selling California small to mid-sized businesses. Call 925-785-3118.
|Related Articles, Events, Blog Posts, Discussions, Videos, Interviews|
|Article On Buying C-Stores: Finding Moneymaking Convenience Stores
Trying to find the best convenient store for sale? Learn how to find convenient stores for sale with high traffic, profitable locations to maximize your investment. Peter Siegel, MBA (925-785-3118) the Director of the ProBuy & ProSell Programs with BizBen.com explores this topic on buying a C-Store.
|Why Deals Fall Out: Unrealistic High Asking Prices Are Usually The Reason
The unfortunate truth is that approximately 50% of all small business sales transactions fall through. While failed transactions can happen for a variety of reasons, Peter Siegel, MBA (BizBen Founder & Lead Advisor) discusses the most common reason deals fall through; unrealistic asking prices.
|Business Sellers: Do Not Make It Hard To Buy Your Small Business: Owner Tips
Successful sellers of small businesses need a game plan to sell their California small business for maximum price and for the best terms. Peter Siegel, MBA discusses these seller strategies with BizBen Blog readers based on his experience as the lead Advisor with the ProSell Program on BizBen.com.
|Unreported Income Cash Claims By The Seller-What Should A Business Buyer Do?
One of the most difficult challenges when purchasing a California small business is expressed by a prospective buyer of a liquor store who is told by the owner/seller that there is more money being made than shows up on the books. Should this buyer accept that statement and go ahead with the deal?
|Selling A Business Without Getting Sued: 5 Tips For Business Sellers/Brokers
How do I sell my business without getting sued, isn't a subject just for discussions with lawyers. A seller can take some precautions to reduce potential legal problems. Peter Siegel, MBA Founder Of BizBen and BizBen's ProSell Program discusses this topic for business owners/sellers and brokers.
|How Many Listings Is Too Many For One Broker To Handle? Is It 5? 10? 20?
Peter Siegel, MBA in this Vlog/Podcast discusses how many listings is too many for one business broker to handle at one time. Is it 5 is it 20? I recently had a coaching call with one of my BizBen broker clients who asked that question this week. There are many factors that go into the answer.
|If You Plan To Offer Seller Financing: 3 Things Owner Sellers Need to Know
When selling your business, offering seller financing is a great way to help your business standout from others on the market and it is also a good strategy to consider that can help you close a sale. Peter Siegel, MBA (BizBen ProSel Program & Financing Expert) explains. Reach him at 925-785-3118.
|I am Buying A Business: Should I Buy The Property As Well? A Good Decision?
There are advantages and disadvantages to owning commercial property. Here are a few questions to ask when it comes to deciding whether or not to buy the property along with the business. Peter Siegel, MBA with the BizBen ProSell Program reviews this issue with potential sellers and intermediaries.