Creative financing for a business, buying out the owner?

[Eddie Starr]

Greetings, BP community. Doing reading on various creative strategies for buying real estate, real estate businesses, and so on. I'm looking for suggestions on how to structure an offer. Right now, it's just a scenario, but fine tuning it, I plan to use it when the kinks are out.

The scenario is that there's a motivated seller (wanting to retire, sell it off for other ventures...) of a rather profitable business; the asking price is low, and the net cash is more than enough to pay for the business.

What I'm thinking is that I offer them more than their asking price, have a loan to "cash them out," and then I and some associates can then take over running the business, with the cashflow paying off the cash out loan.

How much should I offer, as a guide? A set number higher, or a percentage higher? 

Would this be something a business broker, or commercial real estate broker, shoot down?

The main thing we would be bringing to the table are Veterans with different management skill sets, for running the business.

Tips for how to do this offer? @Omar Khan, I saw you tagged on a similar post, so maybe you can help?