I have been offered a small spa business at a good price, but the previous owner, who was my employer, insists that part of the agreement be that she gets to stay as a booth renter for 1/2 the price of everyone else.I am greatful for the oppertunity, but is this really a good idea to commit to, is it fair, is it common for previos owners to ask this?

Jessica - this is very exciting! Based on what I have seen, it is not un-common for a previous owner to stay on in some facet after they sell, however I am not sure about her being able to rent a booth for 1/2 of what everyone else pays. Does this person have any other offers to buy her out? I would really try and negotiate with her. Why not determine what renting to her at 1/2 the cost is going to cost you for the next 5 years and then ask for the selling price to be reduced by that much? You will want to consult a lawyer as well - to ensure everything is legit. You probably want to have someone look at the companies financials over the past few years as well - you don't want to be taking on bad debts, etc. Good Luck!