So a couple of years ago my brother was buying a gym in Coeur d’Alene, Idaho. He had bought and sold a few companies and had done well and he let me invest $5K for 5% ownership, it was a generous deal.
Then the build out went from $150K to $500K - the land lord paid the first $150K, the contractor kept fucking us, and we had to pay it based on the shitty lease we signed. Personal guarantees and all.
Obvs, with an extra $350K in debt, and a roided out manager that was tapping the help and the customers, (IT guy had access to his email and all of the naked pictures going back and forth), it took about four years for it to implode.
By the time we sold it, I ended up owning 35% of it, which was 35% of nothing.
But, the losses ended up saving me close to fifteen thousand in taxes, so my brother did me right in the long run.
I would never own a gym unless it was just for me to have a place to lift, In fact, I plan on opening one when I retire. But, it will be spartan at best, with a yoga room and a juice bar and will focus on recovery rather than getting jacked. Morning sadhana, a juice bar, recovery meetings and yoga.
Sangha of Jodha Anand (my spiritual name, lol)
Sedona or Santa Cruz - look me up in ten years.