Opening Record Store

Looking for advice from my fellow audiogoners...I have the potential to move into a store front that is already being operated as a record store (lps only) and become the new shop proprieter/owner. The owner has offered me the space (rediculously cheap rent) in a good area of town. He has had his store for about 5 years now and has a steady customer base. He will be taking all of his inventory and record storage bins that were in the store.He has a web site set up already and signs out front indicating the name of the shop...I plan on rebranding the shop with name change and interior upgrades. It is not a large space maybe 800-1000 square feet. I have a rather large inventory of my own so my up front investment of vinyl would be minimal. The owner wants me to buy him out..basically give cash in return for his customer base and the potential to get my hands on pretty good collections. I am trying to come up with a fair valuation of something like this and I am looking for advice..What do you think something like this is worth? Thank you in advance.
Its a rocks in your head thing to do if your goal is income. But if you like High Fidelity (the movie, not the hobby) then it could be a really good way to spend your retirement. Assuming you saved up and have a lot of retirement to spend.

Of course the owner wants you to cash him out. No one knows the current worthlessness of the business like the current owner.

But really, hate to be the one to break it to you, but what this depends on more than anything else is where are you? What town? Or more to the point what state? 
In my hometown, growing up, there was a restaurant on the corner of main street.  Every few years there would be a new restaurant at the same location.  None of them ever made it.

Clearly, the previous owner isn't getting out of the record selling business.  He's taking his merch online only and letting his current customer base know this.

If things were going well in that shop he wouldn't be turning to an online only business.  

If you're financially set and want a hobby and owning a record store is something you always wanted, go for it.  If you're needing the shop to succeed in order to survive, you might reconsider

Storefront in Northern Ca? Cheap? OK that’s good, operating cost and the first employee, will floor you on cost. There went that record collection..I’m not laughing.. But maybe a little.. I’ll give you my business if you can stay in business. I wouldn’t pay anybody for an existing record business, with no inventory..AND you’re doing a name change. NOPE! BTW look to storage companies for LARGE volumes of LPs.

I had two good businesses in CA. I was young a full of thunder. Both were good money earners, and SECOND jobs for me. My kids first jobs, and a few neighbor kids, too. 15 and 12 years each. I owned the property though both times..

Lots of thought, and lots of luck.. and a double scoop of the above post, fun or fortune? Lot of liability for the wheelchair, the public (pubic I say), the infermed, like me.. LOL You better think on this now..

"My MOMMA told me, you better aware".. Still hear her..NOW...

We were dancin’ and movin’ an grovin’ to the music and....
Play that funky music white boy, play that funky music, LOUD, oh yea!! KC......