So I’ve worked at a small waffle and coffee shop for about 3 years. It’s a small operation in downtown of a large city. The owner recently offered to sell me the business for $65,000. His reasoning is that he wants to free up capital to put into another business he’s scaling, and he feels comfortable passing this one on to me since I already run much of the day-to-day. They’re hardly there in person at this point, maybe once a month or every other month to collect the cash. We’re located in a small food hall under an office building, so there’s a constant supply of costumers from there. Not enough to keep our numbers where we want, but it helps make sure we’re never actually dead I think. We’re also located right by the theatre district so whenever there’s ballet shows or operas it guarantees some traffic. The rent is also taken by the food hall as a percentage of our sales so whenever it’s slow we don’t get hurt too badly. Another factor maybe worth considering is that we partnered with Starbucks, so we buy their products and can sell them, something he already paid the license for.

Some numbers:

• Monthly sales usually fall between $5k–$7k per week. Highs of 8k+ • Average month is around $30-35k. Busy months can get close to $40k, slowest (usually just January) is around 25 • He claims the business nets about $3k–$4k in profit per month 

What I’m trying to figure out:

• On the surface, does a $65k asking price sound reasonable given those numbers? • What specific documents should I ask to see before even considering this seriously? • What questions should I be asking about expenses, lease terms, debt, equipment, etc.? • What are common things first-time buyers overlook in situations like this? 

I’m not rushing into anything — just trying to educate myself before I say yes or no. I appreciate any insight from people who’ve bought or sold small businesses before.

Thanks in advance.