My accountant feels this is a major undertaking, that the business isn't worth the asking price or that the one customer wouldn't go to another vendor. I'm very confused and need some advice. In recessionary periods there are businesses that thrive off the misfortunes of others. You are closely aligned, I assume, to the commercial construction industry. Developers have been known to build in times of recession.
Building supplies are cheap.
Builders build at lower costs, write off expenses against net income until the economy turns around and then lease the space at profitable rates. Recessions create hardships for non-union employees who are willing to contract themselves out for lower wages in those periods. As for this particular proposal, first and most importantly you must find out why your competitor wants to sell his business. This is the key question to answer. The response is intended to wave red flags, if necessary, or simply confirm the acceptable matter of fact that the present owner simply wants to move on to something else or private matters are now demanding more attention.