Buying the family business

So I’m considering making my father an offer for his auto shop. His wife passed in 21 and he has been making poor choices ever since (she ran the actual business side, he handles employees and is a 30+ year mechanic). Long story short, it’s either I buy the place with the debt he has acquired and try to get it back successful again or sit back and just watch it die and my father lose his 20+ year business. I work in the first location (2 shops) doing office work, buying parts, checking customers in and out, I’m the service writer for people who understand auto shops. Here’s the kicker, he’s been struggling to make payroll and late on almost every payment we’re required to make. I don’t know if it’s even possible to take over 🤷🏻‍♂️. I’m currently back in college at 41 years old going for my bachelor’s degree in business administration, because he has said he wants to retire and just let me run it for him. I’m afraid at the rate we’re going, there won’t be a place left if I don’t take over. I’m very serious thinking of looking into getting a business loan and offering to buy him out and just give him a salary to help me get rolling well enough on my own. My first move would be to shut down the 2nd location…. It doesn’t generate enough income to cover the extra overhead. Is it legally possible to buy the business from him with the debt he has acquired or does he have to have everything squared away? Another question and this sounds bad but, I don’t fully trust the books are correct. What kind of issues could that bring up?

Signed, someone who wants to run the business the right way.