Family and business in the same pot is a fast way to have neither going well. Be exceedingly cautious and have all expectations on paper. Memories get fuzzy in favor of the rememberer.
I know a family business can work, but it takes work. I also know one where the family members got into full out physical fights to the point one went in an ambulance once.
Business plan, business plan, business plan. If you don't know where you're going, how will you know when you've gotten there.
If you're very serious, get all the books and go over them with an accountant. This would be a no-brainer if it were a non-family member, but we don't look as hard at family as we would at a 'stranger'. This is a mistake. Family outside the door, business partners inside the door. See above again if you need
Look at the local market. Ask yourself what is a realistic expectation percentage of the offices around you working with you. When you buy an existing lab, you are NOT opening a new lab. All the associations people have with the current lab will remain for some time. Good and bad. You are not just buying equipment and accounts that may stick around, but also any ill feelings and negative history.
Is the lab location rented or owned. Does the roof/windows/plumbing/heat and AC etc etc have issues that may need to be addressed soon. Who will pay for them? Can you get an inspector to go through like they do for homes. If its a rented space, will the lease transfer, and will the terms stay the same. Does the landlord have the building for sale and is still renting it out? My lab is in a huge bldg that would be hard for one group to need, so I'm somewhat safe, but I know it is for sale.
Are there any oddities or new regulations coming from the municipal, county, state gov't that will change or impact the assumption that business will continue as it always has.
Hard surface taxes(rain absorbtion prevention tax-flooding) Noise ordinance changes for you zoned area, etc.
Buying a lab, if you are being serious as you should, requires all the pre-work and due dilligence of opening a lab, but with even more on top. You aren't just buying space, equipment, and hoping the trained techs will be good enough that you'll want to keep them.
You are buying all its debt, financial and political.
You are buying a brand, and all it's positive and negative associations.
[Edit: the import ants of proofreading]
