What should I check about a towing company’s storage lot and fencing?
Walk the whole lot with the seller. Check fence height and condition, gates and locks, lighting, cameras, surface and drainage. Then ask how vehicles are logged in and out, what happens when something is damaged or stolen, and whether the lot is rented or owned.
The yard holds other people’s property, so its security matters as much as its size. Walk the full perimeter in daylight and again after dark if you can. Look for gaps, sagging sections, damaged posts, weak gate hardware and dark corners. Check whether cameras record, who reviews the footage and how long it is kept.
Look at the ground. Standing water, ruts or soft spots affect how trucks and flatbeds move, and fluid leaks on the surface can raise questions about cleanup. Ask who handles the lot’s upkeep and snow clearing.
Then review the process. Ask how a vehicle is logged in, photographed and released, and who holds the keys. Ask about past theft, vandalism or damage claims and how they were settled. Confirm the land arrangement too. If the lot is leased, ask for the lease and whether the landlord will continue it with a new owner. Your lawyer can review the terms. Finally, ask the seller to show any notes from neighbours or the landlord about noise, lighting or complaints, since a lot that annoys its surroundings can become a problem for the next operator.
Key takeaways
- Walk the fence, gates, lighting and cameras in daylight and after dark.
- Review how vehicles are logged, stored and released, and any past theft or damage.
- Read the lot’s lease and ask whether the landlord will continue it for a new owner.
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Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 02Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
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