re: Advice on purchasing a business with a loan

I have savings, retirement, investments, and another very, very small business that is owned and paid for. I hope that will help with acquiring a loan.

Owner financing scares me as to the guy basically owns the business until I pay him off. Would it be best to increase the loan length, the interest, and a lower note but pay him off sooner or keep the terms short with a low interest and high monthly note?