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Purchasing a declining business

Should I purchase a business that has declined due to the owner's personal problems? 
Purchasing a business that was once good, but has declined due to issues outside of the operation, can be a great opportunity. The reason is that the price should reflect the current bad condition, but after the purchase, if the negative outside influences can be removed, the operation can return to its old performance.

But proceed with caution; the price must be right and you must be able to disconnect the new business direction from the old. If you don't know how to evaluate such a transation, get professional help. 
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AskJim ID: 219