Having all that, you've just started. You need to compare this business to others like it, just like when buying a house you compare similar deals in houses. It's not simple but it's very important.
Next step: find the right attorney and broker. Get help.
Tim Berry is the chairman of Eugene, Ore.-Palo Alto Software, which produces business-planning software. He founded Bplans.com and wrote The Plan-As-You-Go Business Plan, published by Entrepreneur Press. Berry is also a co-founder of HavePresence.com, a leader in a local angel-investment group and a judge of international business-plan competitions.