Diligence on a fuel retail acquisition covers more ground than a typical commercial purchase because you are buying real estate, equipment, a regulated fuel operation, and a retail business at the same time.
This is the working checklist we hand buyers, grouped the way diligence actually runs. It is a starting framework, not legal or environmental advice, and your attorney and consultant should tailor it to the site.
Environmental, tanks, and equipment
Order a Phase I environmental site assessment and, if it recommends one, a Phase II. Collect tank registration records, tank age and construction details, piping type, leak detection and monitoring records, inspection history, any release or discharge reports, and documentation of prior remediation or eligibility in state cleanup programs.
Then inspect the hardware: dispensers and meter calibration, submersible pumps, canopy and lighting, tank pads, coolers, POS system, cameras, air and vacuum, and car wash equipment if present. Get written repair histories and remaining useful life estimates where you can.
Financial, supply, and operational review
Request three years of financial statements and tax returns, monthly gallon and inside-sales reports, fuel invoices, category-level margin reports, payroll records, utility bills, insurance history, and any car wash or ATM income statements. Reconcile reported sales against bank deposits.
Read the fuel supply agreement closely: pricing method, term, minimum volume, image obligations, image loan balance, assignment consent, termination charges, and any right of first refusal. A right of first refusal held by a supplier can change your entire deal, so find it early.
Legal, licensing, and real estate items
Title commitment, survey, easements and access rights, zoning and permitted use, code compliance, open permits, property tax status, and any lease if the business operates on leased ground. On a leasehold, verify remaining term, options, rent escalations, and assignment rights.
On the licensing side, confirm what transfers and what must be reissued: fuel tax registration, tank ownership, sales tax, food permit, tobacco, lottery, and alcohol. Also review employee matters, vendor contracts, and outstanding liabilities. Our buyer and seller representation pages outline how these items sequence inside a contract timeline.
Frequently Asked Questions
Speak With a Florida Gas Station Specialist
Request a confidential consultation or off-market opportunities and pricing through our contact page, or call +1-305-518-1545. The Gas Station Group is headquartered at 8603 S Dixie Hwy, Miami, FL 33143. Principal: Bobby Berrido.