​Boss is offering to sell me his business

So the details are thin right now, as he just approached me about all of this an hour ago. We still need to crunch some numbers, and do a lot more investigating to see if this is really worth it. I’m stuck between a rock and a hard place on this decision, and just need some insight. Will likely make a new post once I get more details.

Here is what I do know. I’ve worked for this guy for the last four years, we are a plumbing company that does inspections and cleanings. I’m in my 20s, and make about 50k through him, he has been slowly training me to take on more responsibilities in the business (book keeping, inventory, scheduleding, etc). We have about six total employees, all with work provided vehicles and equipment so there’s definitely some assets, along with a small Warehouse. As of right now, the number is 1 million in value. I’m currently reaching out to some connections I have in commerical banking to see everything that needs to be done for this deal. The advice I’ve been given is to do a third party audit and ensure the business is profitable/all the numbers make sense.

About the business: Like I mentioned, it’s a plumbing firm with six employees. We’ve been operating for more than 30 years. He is the original owner and founder. Since we specialize in inspections, a lot of our business is real estate related. If I bought the company, I would work towards transitioning us slightly away from real estate and towards general plumbing since real estate is not always reliable. Doing math on our average cost per job, and an average amount of work per day split between all employees, we make about $6,000 in revenue a day, give or take. In the Spring/ Summers we do more business, in the Fall/Winters we do less.

For added context: He’s retiring, and is looking for someone he trusts to carry on the business. He’s a good guy, I wouldn’t think he’d try and screw me over, but of course I’ll do my due diligence to ensure he won’t.

Does anyone have any advice or experience in this environment?