Some seem to miss the part he works for the guy and probably knows the accounts well.
Sounds like the accounts have little value to the owner. They don't make any profit so he lets you take over and all you have to come up with is the equipment. Either buy his or buy new. But you have little choice in this since if he doesn't get out and he's losing money he will have to shut it down before long and your unemployed. I say go for it the accounts may be priced to low for employees but for a solo guy you could make a living. And even if you end up deciding to dump most of them latter it at-least got your feet wet and got you some experience.