I want to buy a service station with Mart/Gas/Wash and Mechanic area. How much should I be expetected to buy? How much a year will I earn? It the business labor intensive meaning I am there the whole time 24/7? The owner claims earnings of 150k per year. Do gas stations owners work like slaves? Is employee turnover a problem? Will I become rich owning service stations?
2007-02-20 05:34:08 · 3 answers · asked by Suzy V 1 in Business & Finance ➔ Other - Business & Finance
First keep in mind that the sales figures that are touted are usually crap. Ask to get copies of the past 3-4 years taxes.
Second, make sure you contact the IRS and the state to make sure his tax payments are filed and paid. You can be held liable for his unpaid taxes, especially on employees.
And finally keep in mind that the $150k he is claiming is because he does not have to make the payments on the business that you will. Are you planning on paying cash for this business? Or taking out loans? That will make a huge difference in what you will make a year.
Good luck and get a good lawyer/CPA that have dealt with multiple business purchases AND call their references.
My hubby bought a company and got SCREWED. Figures were inflated by over 100% and the company was bleeding money. 5 years later and we still are on the verge of bankruptcy.
2007-02-20 06:51:25 · answer #1 · answered by Gem 7 · 0⤊ 0⤋
Before you buy any business, you need to do your research and a business plan. By doing these, your questions will be answered. See if there is a local SBA office in your area that can lead you in the process.
2007-02-20 13:44:51 · answer #2 · answered by jr8551_us 2 · 0⤊ 0⤋
sure...
2007-02-20 18:31:13 · answer #3 · answered by chicago cub's bat bunny 5 · 0⤊ 0⤋