Soon to be business owners.. what steps should we take to ensure we aren’t screwing up?

My wife and I have the opportunity to purchase a small business this year (or next), and neither of us know where to really begin with the process. Obviously we have been doing our own research, but I wanted to come on here and get an idea of how this process could go. It will be obvious that I don’t know much, so go easy on me. But we really want to do this!

My wife’s employer is getting to the age where he no longer wants the headache of running his own business and has given my wife the option to purchase the business from him. So far, the main discussion with the current owner is that we (my wife and I) would purchase the business itself from the gentleman, and then another person (the owners son who we know very well) will inherit the building and property so that he can benefit from the business as well. Not sure what to think about that but I feel like that is a fair deal? We adore the current owners family and we are certain they are not trying to screw us over as we will continue to do business with them even after acquiring the business from them.

Anyway, my questions are simple.. what should our first steps be? How hard is it to go from knowing nothing to owning a business and what are some major things to look out for when finalizing an agreement with the current owner? How important is it to bring in a financial advisor and what should I look for in an advisor?

If I forgot to ask anything important please educate me!!

Thanks in advance.