When taking over an existing business, there are many factors that come into play, as the new business owner, for the success of the business. Just because the previous owner was turning a profit or running it well, does not mean that you will be able to do the same. You could possibly run it way better or possibly make it go south. As the new owner you will have to understand the business in depth and know how to properly grow it.
There are various steps to take before purchasing an existing business. The best piece of advice that I would say, is to work/operate the business before actually taking it over. The hands on experience is probably the greatest experience you can get. While working in the business, you will get a feel for what to expect as the owner/operator. You might face problems and when you do, you are not stuck trying to figure them out, because the owner is still there to guide you through options they have entertained in the past. If you were faced with a problem as a new owner, who would you turn to? So it's always best to get some experience prior to the purchase.
Also get a grasp, if you can, on the management of the business. How the books are kept, how the accounting is done, anything A-Z in management. This will ensure that you will have somewhat of a smooth transition after the takeover and you can potentially avoid any road bumps in the management sector.
---->Operating a new business IS tough. Don't hesitate to pick up the phone and call upon the previous management and ask them to guide you through some issues. In most cases it is best to be mentored on an issue from someone who has experience otherwise you could lead to more problems branching off of a small one.
You should always remember, there is no such thing as a "Turnkey Guarantee" because even the current business owner would not be able to tell what the future has for the business.
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