Gas Station & Convenience Store Acquisition & SBA Underwriting Financial Model (Excel + Google Sheets)

Description
Buy a gas station and convenience store and underwrite it the way an SBA lender actually will - not the way the broker's revenue sheet wants. A lender-ready acquisition model for a single-site fuel + c-store, built around the margin the fuel actually earns and the costs a broker leaves out.

Fuel is a pass-through; the margin is cents per gallon. The model builds gross profit bottom-up: fuel gallons times a normalized cents-per-gallon margin, then - the line brokers hide - the credit-card SWIPE fee that eats about a fifth of the fuel gross. Add the inside c-store gross at a blended margin for the real gross profit. SDE is read on GROSS PROFIT, not the fuel-inflated revenue, so a ~7% SDE-to-revenue margin is normal, not a red flag.

Three add-backs the broker skips. The separated swipe fees, an owner-operator replacement (the seller works 60-70 hours; a market manager costs real money), and a UST / environmental reserve. The model deducts them to reach Adjusted EBITDA and shows the TRUE DSCR (1.69x) next to the broker-style NAIVE DSCR (2.60x).

The honest headline is the down-case: a fuel-margin compression drops coverage to 1.08x - the sector's #1 near-term risk - while inside-gross coverage (1.98x) and a long-term EV/volume flag are shown too. Includes a 3-part SBA 7(a) capital stack, a DSCR gate, a 3-way profile toggle, a 23-page PDF guide and a sourced benchmarks tab. 10 sheets, machine-verified across 3 engines, Excel + Google Sheets, no macros. Educational planning tool, not financial advice.