Very good information and opinions. When looking to acquire a company in this industry you have to make sure you are buying something that makes sense for your business and not as it currently stands as his business.
In other words, for example, he may be selling you $125k in work that HE bid at HIS prices done by HIS guys with HIS equipment working at HIS pace.
These are probably not the same as your business, your prices, your way of doing things, etc....
You may want to check out this link - it leads to a "sellability" questionnaire that will give you some additional insight to things to consider when selling (and buying) a business.