I sent the seller a text the Wednesday before Thanksgiving and gave him a call the Monday after. He called me back and we are going to set up a meeting to try to work out a sales price. I know where I am, max $6 million with the initial offer around $5.5 million.
Let’s see where this goes.
The total investment in the acquisition, equipment purchases, and renovations will be around $12 million, probably less depending on how I choose to defer replacing underground storage tanks.
It’s a far more complicated deal than just outright buying up and running stores that don’t need any repairs. The bet is that we’re getting a bargain by buying broke shit. Establishing the platform for growth and getting the fuel distribution contract is where I’m trying to go.
Let’s see what happens.