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It sounds like a good idea to buy it from him and revamp it to the way you want. Unless this will be more work than starting the business up from scratch itself. You may have many good ideas to turn it around, but as business owners sometimes it’s easier to get caught up in the day to day running, and not have time to improve or develop how you would like.

You’ve probably seen many businesses that have changed hand, and they will generally also advertise themselves as ‘Under New Management’ or ‘Ownership’. Just something to tell previous customers things are changing for the better.

Good luck.