BusinessesForSale.com spoke to Nidal Saleh, founder of the Saleh Group, Ohio, about the legalities of buying a gas station, what attracts buyers to the sector and why many owners own multiple units.
Having previously served in the US Marine Corps Nidal then went on to own convenience stores and gas stations. He now owns a full-service brokerage specializing in the gas station/convenience store sector.
Nidal Saleh on buying a gas station...
"What attracts people to any retail business is really what attracts people to gas stations: availability of cash and high demand because of the current market condition and job stability.
"More and more professionals are turning to gas stations because it's a cash business, so there's more security."
On the legalities of buying a gas station...
"Mainly inside sales, which are convenient store sales, play a bigger role rather than how much gas the business sells.
"Also, as we verify the numbers with buyers, you move into different aspects of due diligence, in terms of checking the underground and checking the property. But performance is the number one issue in everyone's mind."
"It is well known in this industry that a good operator can in time acquire multiple locations, I've seen many success stories of people growing from one to 30 locations."
On buying more than one gas station unit...
"It's well known in this industry that a good operator can in time acquire multiple locations. I've seen many success stories of people growing from one to 30 locations.
"More realistically I've seen many of my customers come to me not knowing anything about the business and now they own three or four locations."
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