Thinking about exiting the convenience retail business? It’s best to start preparing early, according to former retailer and W. Capra partner Tony Miller. He’s well-versed in the process of selling retail locations, having overseen the sale of both MAPCO Express and Delek US’s DK stores.

“Achieving a successful exit and maximizing the value of [an owner’s] life’s work requires careful planning and preparation, ideally starting months or even years in advance,” Miller said in the October 2025 NACS Magazine article “Following in the Family Business Footsteps.”

To smooth the sell-off process and get the highest return for the business, he recommends identifying and eliminating “lost profit opportunities” (LPOs).

“These are areas where hidden inefficiencies or outdated practices could be silently eroding profitability and, consequently, the company’s valuation,” he said. “Take the time to gather your leadership team and honestly assess various aspects of your business.”

Questions to answer:

• Are you capturing every possible basis point of margin on fuel and inside sales through smart pricing strategies?
• Are you fully leveraging technology to create the most efficient back-office processes?
• Is your labor model optimized to provide an excellent customer experience while carefully managing expenses?
• Have you meticulously reviewed all your routine and recurring expenses to identify potential savings?
• Are you effectively using data to minimize waste and maximize profitability in areas such as inventory and potentially foodservice operations?
• Are you leveraging technology and implementing strong protocols to minimize losses from theft and errors?

Eliminating LPOs can increase a chain’s EBITDA by $10,000 per store, which could mean an increase in valuations of $70,000 to $100,000 per store, Miller said.

“Thinking about your business’s future isn’t just about an eventual exit; it’s about maximizing the return on your dedication and ensuring a smooth transition when the time is right for you,” he said. “Proactive preparation, started months or even years ahead, puts you in control, allowing you to secure the best possible outcome for the business you’ve poured everything into.”

Continue reading “Following in the Family Business Footsteps” in the October 2025 issue of NACS Magazine.