​Should I buy this business?

Hi Everyone! I currently work in tech and have been considering starting a business with my wife for a long time now but haven’t taken the step. I now have an opportunity to buy an established 5-year old baby brand of prams, car seats and relevant accessories as the owners want to focus on their exec-level jobs and other small business. The business is being sold for ~$25k including stock of around $10k value, which can get us ~$15k in profit when/if sold. Note I am not based in the US and these figures are considered quite significant here 🙂

The revenues have varied since inception but the owners left the business on autopilot without much marketing effort for the past 2 years due to time constraints. Their approximate yearly net profits in the last three years was $22k, $9k and $18k. There are no physical stores – the main channel of sales is a Shopify store and baby exhibitions.

We have no prior business experience so we thought buying an established business like this one would give us a good opportunity to get our feet wet. However, we are a bit nervous as there is already some competition in this space and we will be tapping into our savings to buy the business and make the initial investment of securing stock since most of the existing stock is only accessories. We have identified the growth areas by targeting retail chains and expanding the product line in the next few months.

What do you all think of this opportunity? What else should we consider before sealing the deal? This will not only be our first acquisition but also our first business to run so any pointers and guidance will greatly be appreciated 🙂