I've been an investor in a local San Dieo nightclub for the past five years with three other partners.
All started well, and we made mo' Benjamins. But, as other hot nightclubs came onto the scene, our bar lost some of its cache.
Eventually, we had to do capital calls and placed the business up for sale. Luckily for us, we found the right buyer. But getting the business sold turned out to be a royal pain in the ass. Each time we thought we were clear, there was always another road block.Liquor license transfers, lease negotiations, tenant improvements always make the sale harder.
Finally… we got the deal done, and all of us were relieved.
When I look back on the business, through the good times and bad, everyone kept their composure, paid their money during the capital calls, and took care of business. Each partner was professional and treated the other partners with respect and decency.
I didn't make a lot of money on this deal, but I learned the value of good partners. Anyone can be a good partner when things go well, but it take a person with character to be a good partner when plans go south.
When you find these people, make them your life-long friend and work to do business with them in the future. They are rare. They are mature. They are gentlemen.