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Established since 1940, Lee's Diner is a family-owned Chinese restaurant located in the Vancouver Chinatown District. Lee's Diner grew exponentially when John Lee, the original

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Established since 1940, Lee's Diner is a family-owned Chinese restaurant located in the Vancouver Chinatown District. Lee's Diner grew exponentially when John Lee, the original owner's son, took over. John has successfully been running the restaurant for the past 35 years but since he is approaching retirement age and has no offspring to pass the business to, he has decided to list the family business on the market. Imagine that you are interested in taking over Lee's Diner. What could be the possible advantages and disadvantages to this arrangement? Explain your answer. (15 points)

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