Buying the assets of a small business

Would like some feedback as I may purchase the assets of a failing business. I was planning to start a small business in a niche industry that I have worked in for quite a while. It may be easier and or lower cost to pay the owner of another company for his materials then he will cease operations.

Besides the known specific assets of the company I was thinking about the value of the existing business website, email, office space and phone number. They do not have a good reputation but it will be clear to the customers that this is a new business.
I know this is something my lawyer will address but besides legality I am curious of the real world experience of anyone who may have done something like this.

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