Car Wash Due Diligence Checklist for Illinois Buyers

Due diligence is the most critical phase of any car wash acquisition. This checklist covers every area you must verify before committing to purchase an Illinois car wash business.

Financial Due Diligence

• 3-5 years of Federal tax returns (business and personal)
• P&L statements verified against tax returns
• Bank statements (12-24 months) reconciled to stated revenue
• Monthly transaction counts and average ticket by wash type
• Membership/subscription count, monthly revenue, and churn rate
• Utility bills (water, electricity, gas) for 24 months
• Payroll records and employee documentation
• Credit card processing statements to verify revenue

Equipment & Facility Due Diligence

• Third-party equipment inspection by certified technician
• Age and service history of all major equipment
• Water reclamation system inspection and compliance status
• Building structural inspection (roof, foundation, parking lot)
• Point-of-sale and payment systems
• Deferred maintenance cost estimates

Legal & Compliance Due Diligence

• Lease agreement review (remaining term, renewal options, assignment rights)
• City/county operating licenses and renewal status
• Illinois EPA environmental compliance records
• Phase I Environmental Site Assessment
• Pending or threatened litigation review
• UCC lien search on equipment

Operational Due Diligence

• Visit location multiple times at different days/times
• Competitive analysis within 1-3 mile radius
• Employee list, roles, wages, and retention risk assessment
• Online reputation review (Google, Yelp ratings)
• Traffic count data from IDOT