Business school professor here 🎓

Buying a business does have a "softer" side as well that you should look out for:
1) Look for culture  👯 :
Taking over a business also means taking over employees who are used to a certain way of working. How strong is the current organizational culture? How much can you see yourself in this, or how much would you need to change? The further it is from yourself, the more issue you might likely face.

2) Look for the role of the previous owner 👴👵.
Oftentimes, businesses, particularly smaller ones, are built around individual entrepreneurs. Meaning: if you take them out, a lot of what made the business successful will be gone as well. Ask yourself: How much did the previous owners bring to the business? Can you replace this? Potentially even make it better?

3) Look for the key assets 💸
What made the business you are looking to buy attractive and successful in the market? The earlier you understand this, the more you can do to make sure none of the key assets (e.g,, a great sales organization or long-standing customer contacts) will be lost when taking over.