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This. You are trying to hard to force this to work. The opportunity of a lifetime comes around about once a month. If the guy is in a hole financially it is because of this business. Chances are you will be the next person in a hole financially because of this business.

Things that jump out are => depreciation => rent from personal premises => lack of licence fees - No music played? No food on site? No council place of assembly required? => check insurance coverage to make sure it includes public liability, business interruption, building and contents...

Whats the split on equipment/stock and goodwill? Ask for copies of bank statements to prove income My main experience is in hospitality businesses where most of the time, value was 3x net profit. In your case this would be $30k. I'd be very concerned about this one - hope you have a tonne of...