Buying an existing business without the intellectual property

Good morning! I was approached by a former employee recently, and asked if I was interested in buying his business. He owns a upfitting company that works on police , fire, and rescue vehicles. He said I can have everything that comes with the business including, the customer list, equipment, tools, tax info, pictures of previous builds, and a mentorship as I need it. BUT he doesn't want to sell the retail side or the intellectual property. He said I could operate under this name until I get established, but would sooner or later have to change the name. Is this common with someone selling a business , or do I need to walk away? He is selling this business for a very minimal price and risk. I am interested in doing this so any information on this would be great. Thanks for your time.

Best regards,
Mike Wilson