But until it gets to the appropriate time to actually make those decisions it's nothing you can hold them to. 

There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.

Figure out the appropriate price point and you can determine which deal makes more sense to you.

I'm sure he's expecting me to come back and negotiate something more but we are both very new at this and I have no idea what would be an appropriate value for the risk and the time my money would be tied up in this. 

Depending on market (lets say one invest at Tesla or OpenAI at the beginning).So all these investment can be allocated appropriately based on investor risk perception, there's no correct answer for sure.

@Jay HinrichsJay - thank you for your thoughts and I definitely intend to be mindful of the delicate situation this may put the current owners in and handle it appropriately.

There's a very good chance the issue(s) you face have already been discussed and answered.Ask questions in the appropriate forum.

Please consult with your CPA and/or tax attorney for appropriate tax planning.

This helps ensure you're including all the appropriate expenses.

Tell the insurance rep what you are doing and they will help you select the appropriate policy.