Who should help me buy a convenience store?
Plan to involve a broker or the seller’s agent, a lawyer, an accountant, a lender, an independent stock-count service for closing day and, for a banner store, the banner’s contact. Each covers a separate part, so bring them in at the stage where their work first matters.
A convenience store looks small, but a purchase can touch contracts, tax, financing, stock and a brand. No single person covers all of it. Our guide to buying a convenience store covers what to check. This answer covers who does each part, and when to ask them in.
Broker and the banner contact
A business broker, who may be acting for the seller, can introduce the store and the paperwork and explain the seller’s timeline. Brokers are a good source of listings, and a good one will answer your questions early. If the store flies a banner, ask the banner’s contact what approval involves before you spend on other advisers.
Lawyer and accountant
Bring your lawyer in before you sign anything, including a letter of intent. They review the lease, the purchase agreement and any franchise terms, and explain what licences must be transferred or reissued. Your accountant reads the financial statements, tests the numbers against deposits and advises on how to structure the purchase.
Lender and the closing-day stock count
Speak to a lender early, because it will set its own terms and may want an adviser’s review of the file. Stock changes every day, so consider hiring an independent stock-count service to count it with the seller at closing. Ask your lawyer to write the counting method into the agreement.
- Broker or seller’s agent: listing details and timeline
- Lawyer: lease, agreement, licences and franchise terms
- Accountant: financials, structure and tax
- Lender: financing terms and conditions
- Stock-count service: closing-day inventory
Related reading
15 pages on the same subject, grouped by topic.
Buying
- GuideBuying a convenience store in Canada
- Expert answerHow many hours will I work after buying a convenience store?
- GuideHow do I buy a convenience or grocery store that sells alcohol in Ontario?
- Expert answerWhat happens to the Canada Post outlet when I buy a convenience store?
- Expert answerDo the wholesaler accounts carry over when I buy a convenience store?
- Expert answerWhat running costs should I check before buying a convenience store?
Valuation
Selling
Legal
Sources
This answer is checked against primary sources. Links were last confirmed on the dates shown.
- 01Business Development Bank of CanadaGovernmentWhat are the steps to buying a business?
- 02Business Development Bank of CanadaGovernmentHow to conduct due diligence when buying a business
- 03Business Development Bank of CanadaGovernmentWhat is inventory
- 04Business Development Bank of CanadaGovernmentBuying a business? How to protect yourself from potential liabilities
Deavo is an advertising and listings platform, not a brokerage, law firm or valuation firm. This page is general information, not legal, tax, accounting or valuation advice, and rules differ by province. Confirm anything you rely on with a qualified professional before you act on it.