Help on legal end

Hi all - I don’t own a business but ran into an interesting opportunity. What do you think? And what are some recommendations?My daughter does gymnastics at a gymnastics gym. It’s rather smaller than the surrounding competitors but I’m finding that is a selling point for those parents that bring their kids there (instead of the puppy mill gyms). The actual gym needs a face lift, help with migrating from paper to online, advertising and marketing. Bones are there, but it’s run by a man who seems tired and quite frankly, depressed. He’s done everything himself - my husband is in IT so can handle the migration online and the advertising/marketing. The gym has virtually no online presence. Business is mostly by word of mouth. And I can handle the day to day (being in corporate business myself). Only one of us will quit our jobs once we go fully 100%, but at 50% we will continue to work FT.I’ve known the owner for a couple years and we’ve had some serious conversations about buying into the business (starting at 50%). He’s agreed to teach me and my husband the business, how he runs it, what needs to improve and so forth... and then when comfortable wants to be bought out for the remaining 50%. We will have all the details set on a writer contract.I’ve asked for balance sheets for last 3-5 years, full class offerings (which has much room for improvement), and business goals. What else needs to be done? I’m new to all of this but don’t even know where to start!Also, he is on a 7 year lease (one year 3 of 7, now) - and I’ve asked for a copy of this as well.I’ll analyze the numbers, but from conversations I think he is just depressed and wants out. His wife is terminally ill and he needed to send his daughter back to Europe to live with his parents while he cares for his wife. It’s sad - but I think he’s just lonely and likely wants to go back to Europe and wants out of the business.It’s located in NY/NJ area. Initial price discussed was 120k, but I need to see numbers to see if this makes sense (I think it’s high, but I think he will go down). I think I’d aim for 80k via /r/legaladvice https://ift.tt/3d5SmPU