Buying and Selling Gas Stations in Illinois

 Posted on September 15, 2017 in Business Law

Buying or selling gas stations in DuPage County can be a lucrative business. However, for first-time buyers and sellers, as well as more experienced small business owners, it is important to have a dedicated Oakbrook Terrace small business law attorney on your side. The process of buying and selling gas stations can be complex, and it is a niche industry. With help from an experienced advocate, you can ensure that you are making the best possible deal with all of the necessary information.

Benefits of Comparison: Know What You Are Buying or Selling, and Know What It Is Worth

One of the most important steps in buying or selling a gas station is understanding what the best price might be, and how to read comparison numbers. According to an article in the Business Buyer Resource Center, it is often difficult for small business owners to assess the value of a gas station. Whether you are buying or selling, there are “many variables involved with gas stations for sale,” and as such, “prices and profits vary greatly.”

What are some of the factors that affect the selling prices or profit numbers of gas stations? In some cases, buying or selling a gas station also involves buying or selling the land that the gas station sits on. In other cases, you may be buying or selling the franchise, but you will need to enter into a commercial lease with a landlord. A DuPage County business law attorney can help you to decide what kind of buying or selling situation is right for your needs. And if you do decide to buy a gas station that will require leasing commercial real estate, we can help to negotiate the terms of your lease to ensure that you get a fair deal.

Should You Own a Franchise?

If you are considering buying a gas station, you will have to decide whether to own a franchise. There are pros and cons to owning a franchise that you should know about before you enter into any kind of sale. Generally speaking, when you buy a franchise gas station, you have the benefits of a brand-name gas station, and the franchisor will be responsible for environmental issues that may arise. If you own an independent gas station and an environmental problem arise, you can spend a lot of money that you were not anticipating.

However, there are also drawbacks to owning a franchise. For instance, you will need to buy the franchisor’s gasoline, and you will need to abide by the company’s policies.

If you already have a franchise gas station and are hoping to sell, you will need to ensure that any sales agreement coincides with company policies. Even with an independent gas station, it will be important to work with a small business lawyer who can help you to decide how and where to list your case station, according to an article in the Small Business Chronicle.

Contact a Small Business Lawyer in DuPage County

At Farooqi Law Office, our passionate Oakbrook Terrace business lawyers regularly assist Muslim small business owners throughout DuPage County. If you have questions about buying or selling a gas station, we can speak with you about your options today. Contact us for more information about our services.

Sources:

https://www.diomo.com/buying-a-gas-station-business-for-sale.html

http://smallbusiness.chron.com/sell-gas-station-12595.html