[dgorila1]

I have been approached by the owner of a machine shop who is retiring to buy the business. We haven't sat down and talked details yet since he just asked last week, but I have been thinking of this opportunity for about a year, since I knew he would be retiring sometime in the next few years and I have gotten to know him and the business pretty well because we use him at work regularly. He would stay on to train me in the details of machining ( I was a welder/metalworker for many years so I know the basics of machining). I'm interested because I could work for myself and make a good living at it if I play my cards right, but at the same time I'm hesitant. I would have the debt of buying the business from him, plus whatever upgrades I would need to take it to the next level (our company is basically his only customer and we have reduced the amount of work he gets substantially in the last few years due to budget cuts), and the monthly operating expenses (electric, rent, loan payments, website, etc). I don't know if I am comfortable taking on all this extra debt to go along with the household debt we also have. I guess if I could be assured I could bring in a monthly income like I currently have, I would be more inclined to jump in. I see the potential to grow the business, especially by seeking out work such as government contracts, inventing/making/selling product ideas I've had for years, etc. I know him pretty well, and he wouldn't offer this to just anyone. He would rather shut it down than sell it if he doesn't find a person he trusts to take it over and maintain the high standards of work he holds himself to, so I feel grateful he trusts me enough and values my work ethic/attention to detail to even offer. Does anyone here own this or a similar business that could offer insight, knowledge, advice, etc? Its a hard decision to make, but I'm sooooo tired of working for others its very tempting. Thanks.