What should I check when buying a gas station from a lender or receiver?

A station sold by a lender or a receiver is not sold like one handed over by its owner. The person selling often never ran it, so there may be little history, no training and few promises. That can suit a buyer who is prepared. It does not suit one who expects the usual handover, so plan around what will be missing.

Records may be thin

The former owner may have taken the knowledge with them, and the books may be incomplete. Ask what records the seller actually holds: point-of-sale data, supplier statements, service logs. Where fuel and store results were never kept apart, you may have to build your own picture. Your accountant can tell you how much weight any set of figures can bear.

Is the fuel supply still in place?

A closed or struggling station may have lost its supply agreement or its brand. Ask whether either still exists and whether it passes to you, then speak to the supplier directly. Reading a supply agreement explains what to look for. Without a supplier you may need to set up a new one before you can open.

People, suppliers and idle equipment

Staff may have gone, along with the suppliers who were unpaid or tired of waiting. Plan to rebuild both. Equipment that has sat idle may need service before it is safe to run, so ask for its history and arrange your own inspection. What to look for when visiting a station gives a starting point.

What the seller will not promise

Sellers in this position often sell as is and give very few assurances. That makes your own checks more important, including environmental ones. This page on environmental checks lists what to ask about. Take the court and legal process to your lawyer, who can explain what it allows.