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How much of the shop's equipment is currently in good repair? Small Business Chron places the value of basic auto repair shop equipment at roughly $30,000, the single biggest expense.

What is the annual revenue? The average owner/mechanic can net $54,753 a year in the first two years of operation.

Do you know the biggest market share in the industry? Tires account for the single largest share, at 33.48 percent.

Do you know the shop's customer base? Household customers make up 75 percent of the industry share.

What is the start up cost? $275,00 is the median cost, or $95 per square foot on average.

Are there conditions attached to the lease? Some leases require additional red tape from new owners.

Do customers love the food? You want to vet the local reputation as carefully as possible.

Does the place already have a liquor license? It will increase profit margins, but the cost of the license itself can be up to $400,000 in some states.

Do you know the competition? Perform research on local occupancy rates, types of accommodation, and area reviews before you buy.

Have you talked to the city planner's office? New zoning laws and long-term construction projects can impact your business.

Do you have the financial records? You are entitled to view the records going back three years, according to Small Business Chron.

Is the establishment up to code? You'll need a good inspection report to make sure there are no violations and that things are functioning properly.

What else are you planning to sell? Eighty percent of convenience stores in the United States also have fuel pumps.

What about the tanks and pumps? It's important to find out if this essential piece of gas station equipment is in good shape and meets the rules and guidelines for your state.

Do you know the station's environmental history? According to the EPA, the average cost to clean up a problem is $130,000.

Is it worth investing in the infrastructure? EV will transform the gas station industry in the coming years, and you need to decide how proactive you will be.

Do you know the average sales price? The cost of buying an established bar can be as low as $20,000 -- but popular nightclubs for sale will be pricier.

What type of bar do you want to own? There are nightclubs, Irish pubs, neighborhood bars, and live music venues -- to name just a few.

Will the liquor license transfer over to you? Many states do allow the transfer, but you need to check your jurisdiction.

Do you know your target market? Unless you'll planning to rebrand, you'll need to cater to the tastes of the existing client base.

Do you understand the niche? Since you'll be involved in branding and marketing decisions, it's good to understand the service or product behind the website.                

Is it a proven money maker? Ecommerce, social media consulting, and aflliliate marketing are among the top online businesses cited by Business News Daily.

Have you checked the metrics thoroughly? It's particularly important to look for consistent monthly revenue and traffic to the site.

Do you know what you'll be getting? An online business sale should at least include the domain, website, social accounts, and customer list.

Do you know the local, state, and federal laws? Liquor stores are heavily legislated, and even if you are purchasing a pre-existing business, you have to file the necessary applications and meet eligibility requirements.

Have you researched the location carefully? When it comes to liquor stores, location has a huge impact on potential cash flow.

Have you factored in the cost of inventory? Due to the control distributors have over product, so you won't have much negotiating room.

Are you willing to be a community staple? Successful mom and pop stores tend to give back to their communities.