Mall Kiosk Business

Here is a business for sale that I found. I talked to the owner and here's the gist of it:

It is a cell phone accessory businesses that is currently has 4 mall retail businesses already open, set up and operating. Great center court locations. Monthly sales average for all carts is $40,000(GROSS) and average net profit is $10,000 per month in the owners pocket. The current owner is moving in October and doesn't want to be an absentee owner. Doesn't think that it'll be worth it to go through all the hassle of setting it up to be an absentee owner. Says he's pricing these for a quick sale for 2 reasons, ( 1. ) He's moving in October, and has been making money since May off of this businesses so he's not losing any money ( 2.) can get a lot more for it if he used a business broker, however that may take 6-9 months.
They have $5-6k worth of products at each store. He paid $1,500 for each display at each cart. Also another $500 for display cases and display hooks and registers. He paid $700 per cart for visual merchandising and another $3,000 for matching packaging. With those purchases alone that is over $30,000. This deal also includes a lease for Red cliffs location. They currently aren't open over there yet, the new owner could set up this location this month or next to make sure they're there just in time for Christmas. (If you don't know Red cliffs is a mall in St. George Utah about 1.25 hours away from Vegas. It has a pretty high average household income and home to a lot of retirees).
The owner is looking for someone to take over as of October 1st. There are employees working right now, the owner and his spouse have always worked the carts as well. The employees will stay on if needed but that will be for the new owner and them to discuss. 1 of the employees has been in the cell accessory business for 4 years and there are at least 3 employees that are manager material. Owner is willing to sign a no competition agreement. Owner can train as well as give suppliers.

The rent is high, BUT they have the best locations in the malls and mall rents are typically high. Stores average gross is $40k.
Payroll on 1,168 hours a month at $8 and $9 per hour (pay is minimum wage plus commission). Also this includes owner and spouse's payroll so the you could profit a little bit more if you look at it that way but payroll is about $9k per month.
For the products, purchase for $.50-$1.75 and sell for $10-15 or, buy for $1.75-$3 and sell for $12.95-20 and items purchased for $3-7 , sell for $20-45. there are even companies that are 50% cheaper than the suppliers currently used but current owner likes to keep things simple and order most my products from just 3 suppliers rather than many just to cut cost a little. So on products they spend about $8k a month.
Rent is $3.5k for each cart, plus the rent in red cliffs is $1k. So that totals $15k per month in rents.
Phone bills and supplies are $200-300 a month.
So average take home is about $10k. Depending on business that can go up or down 10-20%.
As far as what type of accessories that are sold, they sell almost everything. Protector shields, silicone skins, pouches, leather cases, home and car chargers, hands free headsets, stereo headsets, memory cards, screen protectors, lanyards, purses, clip hangers, ipod and mp3 player accessories, but don't sell bluetooths but are able too. Anything cell phone related can sell.

Now here is the kicker: The seller wants out bad, has gone though a bad deal already with someone who said they would buy and turned out flopping on him thus frustrating him more and wasting a good month of his. SO he has very little time to get someone in now. That's where I came in and talked with him. He said he'd take $2k down payment and make the rest of the payment later.
Sweet deal. I told him that if he doesn't find a buyer buy Oct 1 to drop me an email to just take it over and make payments. (and I would talk down the total price as well) NOW THAT is a sweet deal.
Anyone can pick up a free business! What excuses can hold up to that other than they don't want to because they are scared! Make sure you put in the agreement that you will only pay back upon the business making money! That way it will save you of any problems and ensure you that the owner KNOWS that it is truly a money maker and not a problem money pit.
If I were to get the business I would work it hard for a few months till I can get someone else to be there all the time and manage it for me. I just get the money straight into my account. Yea Buddy.