You still have a choice to start over or use the previous owner's budget. However, when you choose to use the previous owner's budget, you get a combination of ranges. For example, if the previous owner had $16 million in training, you could bump it to $20 million or down to $10 million. If he also had $16 million in High School Scouting, you could move this down to $10 million (what you start out with if you started from scratch) or up to $20 million. So, you get a range for each category.
However, if you choose the previous owner's budget, you cannot move the base of $10 million to $14 million. For example, if the previous owner had $0 in college scouting, you could not move it to $14, the highest you can go is $10 (base).
This is kind of nice because most owners have high medical and training budgets and you can hit max quicker if that is your goal. However, if you take over a team that has super high or super low in a scouting budget that you do not want or you do want, then you are kind of behind because you can't jump it to $14 in that first year.