Hi everyone,

I am a student and a part-time employee at a small shoemaking shop. My boss is planning to retire soon and he is looking for a buyer for his business. I have been working at this shop for 3 months now and I really enjoy it. I have learned a lot from my boss and I have a good relationship with the customers.

I have always dreamed of owning my own business and I think this is a great opportunity for me. However, I don’t have enough money to buy the business outright. My only income is the salary I get from working at the shop.

I am wondering if anyone here has any advice or experience on how to buy a business from your boss. Is there a way to finance the purchase with a loan or a partnership? How do I negotiate a fair price and a smooth transition? How do I prepare a business plan and a budget?

I would appreciate any help or guidance you can offer. Thank you for reading.