I would not offer to buy the business unless you tell her about this other potential deal. Otherwise, if this business takes off, be ready for a giant lawsuit for undervaluing the business and basically ripping off this person. There have been such lawsuits in the past where the sellers won.

I would approach her and tell her that you have a potential deal. DO NOT give her the details because you don't want her circumventing you. See if you can work something out. Tell her what you're telling us - that you have all this experience, etc.

If she doesn't want a partner and doesn't want to sell, then see whether you can work out some licensing deal. Where, she sells to you but you pay her like a 5% cut of all sales.

If you can't work something out, then get an attorney and find out whether you can circumvent her. If you need a recommendation for a lawyer, PM me. You can also have your lawyer contact her about a deal. She may take it more seriously if its someone with "authority." That is, she'll see that you're really serious because you're willing to throw money at the situation.

Good luck!! :)
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