Looking for ideas on how to take over a business

Hi all,

So I have been in the furniture making business for a little over a year now. As many of you know it ain't easy. I have found that while I have spent 80% of my marketing and exp on my furniture business 80% of my income has come from Contracting and on site work. I have not even tried to build up that business, it has all come from friends and word of mouth.

I have recently been taken on as a sub working for a contractor who is currently doing work on his own property. He is 70 years old and is currently getting out of the business. He is only taking on small jobs to help offset his costs associated with the work he needs done on his properties. Over the last few years he was planning on his son taking over the business but his relationship went south and his son got a killer oppurtunity working for a large construction company so do to age and no longer having a family member to take over he has slowly been downsizing and focusing on getting his own stuff done while he still has 1 employee and the energy to complete the necissary work.

So here is the situation. His one employee sees how things are going and he has gotten a new job and giving notice tomorrow. So now his one employee is gone. He now needs help and for me to keep growing I need help. We both need a worker, he is getting out of a business and I am gearing up to start one.

Back ground on his business. He is known as one of the top tile, marble and plasterers in Philadelphia area. While those are his specialities he handles all aspects of a GC. While he is difficult his reputation is incredible and he caters to only high end clients with big budgets. I see the calls he gets and hear the conversations where he is pushing them away. He is one of the owners of the building I rent from so I know what he managed to build up over the years.

I don't have money to try and buy him out and I would need him to transition and mentor me for several years anyway. My question or the ideas I am looking for is how to pitch him to get him to trasition the business to me that would be finicially beificial for him as well as me.

Currently my thoughts are to get him to up my sub rate to include enough for an employee or two so he no longer has to deal with managing etc and I then have the funds to hire some guys with his work and what else I get in. Then to try and work out a percentage of business he brings in through calls where I would supply the man power and he would effectively act as a consultant on the job or GC. This would go on for 3 years with a strong transition at the end of year two. At the end of year 3 we evaluate the business and go from there. Thoughts?

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Looking for ideas on how to take over a business