A few questions.
First, are you excited (or can you be excited) about this business and the customers (apart from the freedom and money). Do you want to be interacting with these customers for years, because you will be. It's ok if you don't love love love it, but if you hate it, that will be a slog.
What is the exit strategy for your father-in-law? Are you buying it outright, paying him off over a few years, taking out a loan to buy it from him? Will he be hanging around for 6 mos as an employee/consultant?
Do you want to be in the business side? You mention some technical ideas, but as the owner, you might get to play with technology, but most owners I've seen get sucked into the sales side and don't get to do as much tech as they want. Are you ok with that?
What is your best guess at the future of the niche? That obviously plays into valuation and how sustainable the business is? Have you taken a good long hard look at that?
Why is f-i-l selling? Sellers always have more info than buyers, so I'd ask about that.
How does this fit with your career goals? Do you want to improve as a developer? If so, as a generalist (in which case this might be a good move) or as a specialist (in which case this is probably a bad move)? Do you want to work on a team?
First, are you excited (or can you be excited) about this business and the customers (apart from the freedom and money). Do you want to be interacting with these customers for years, because you will be. It's ok if you don't love love love it, but if you hate it, that will be a slog.
What is the exit strategy for your father-in-law? Are you buying it outright, paying him off over a few years, taking out a loan to buy it from him? Will he be hanging around for 6 mos as an employee/consultant?
Do you want to be in the business side? You mention some technical ideas, but as the owner, you might get to play with technology, but most owners I've seen get sucked into the sales side and don't get to do as much tech as they want. Are you ok with that?
What is your best guess at the future of the niche? That obviously plays into valuation and how sustainable the business is? Have you taken a good long hard look at that?
Why is f-i-l selling? Sellers always have more info than buyers, so I'd ask about that.
How does this fit with your career goals? Do you want to improve as a developer? If so, as a generalist (in which case this might be a good move) or as a specialist (in which case this is probably a bad move)? Do you want to work on a team?