Forums: Discussions for entrepreneurs and small business.

I am interested in purchasing a business (convenient store) that was profitable but is being liquidated due to divorce. I need some help, this is my first business venture, is there any advice you can offer? The store has closed and there is no inventory but all the equiptment is included in the price, so is almost like starting over.

First of all ... wecome aboard!!

It sounds like a great opportunity has come your way ...

Some real quick thoughts ... the financing of the business?

Cash?  Bank financing?  Seller financing?

Have the seller made the "books" available to be audited ... so that a cash flow analysis can be done? Do you hace a CPA available to complete the "audit" and analysis?

Are there any outstanding liens, taxes or encumberances that you will be assuming?

Are there any outstanding EPA issues, if the C Store will also be "pumping" gas/diesel?

Will the store be open 7/24/365? If so, have you brought yourself up to speed regarding employment requirements? Workman`s Comp insurance, ect?

Ok, let`s give you some time to digest all that.

 

 

This is very helpful. Thank you very much. Any further advise you can offer will be greatly appreciated!!

Cindy