[jwasbury]

I'd recommend you work with a good attorney to help with a purchase & sale agreement. Is the business you're looking at operated as a sole proprietorship, or is there a legal entity involved? If a legal entity, you have the option to purchase the entity as a whole, or just the business assets can be purchased from the entity. Asset purchase is generally in the buyer's best interest. Consider whether there are any intangible assets that are important to you if you purchase the business. Is the name of the store valuable or would you change it? Any client lists, special designs, or other proprietary processes or info that are part of the business that you want to own when the dust settles? Do you want the seller to sign a non-compete agreement to keep him/her from opening a new store right across from the one you buy? Having all this kind of stuff in writing is important.