Anyone actually bought a business?

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Pretty much what the title says. This guy I pick up supplies for work said he's going to retire soon. Turns out he owns the business when I thought he was just an employee. While it's a tiny premises it couldn't be in a better position and the land it occupies has the best of titles and planning rights. I've been watching his company for some time and it always seems busy and appears to turn over a lot. It's a smallish business.

He wants to eventually sell it and it's obvious he'll retire soon, he's about 134 years old now.

I was wondering if anyone has gone through the process of buying a functioning business. It's a completely different kettle of fish to a shop I was interested in in the past.