My boss is 70 years old and talked to me about having me take over the business within the next 1-5 years. He said he is selling due to his age. He owns a welding, machine shop. The company has been running for over 40 years which 12 years he owned. I have worked in this trade for over 15 years, but have only been with him 1 year. We trust one another, and work well together. He said he would gove me 5% of the business for free with no extra responsibilities. He said when I decide to take over I would owe him 95% of whatever we agreed upon after a apraiser came in to evaluate the company. I am 33, and my father and I made an appointment to sit down and discuss more about the business this tuesday. He told me what his overhead is each month/week but when I ask him how much $ he makes its hard for him to tell me because some months he makes more than others. Im planning on talking to him about what goes out, and what comes in over the past 1-3 years to get an idea. He said he will have his accountant wrtite a projection up before our meeting on tuesday. I need advice, and need to know Im not getting into a bad deal. I know I want to do this type of work forever so thats not a issue. I make the company $ and the company had 4 employees including myself. they said they would stay if I baught the company a year or 2 from now. What should I do?
