Hey Steve, you are 90% correct. Not so much of a venture as an investment.
A while back I leased some space in one of my retail centers to my LFS for a second location. I spent several thousand dollars on cabinetry, signs, flooring, etc. Unfortunately, they got themselves into financial problems before they ever opened.
So, I became stuck with a store filled with aquariums, nice cabinetry, a non-performing lease, etc. and I ended up being forced to exercise my Landlord's rights, which is never a pleasant experience. Fortunately, everyone was understanding. Now I had a choice: Sell everything, cut my losses and lease the space to another business, or get a little creative.
Before I got the chance to do either, I was approached by someone that wanted to open the LFS in that location. We spent time together discussing the business, disappointments that I and fellow local reefers had with our existing LFS's and were very like minded. I want to have a LFS that follows the same or similar procedures on it's tanks, as I do on my own at home. Proper quarantining, proper acclimations, the use of Ozone, UV, ATO's, hospital tanks, etc. A store that would make custom orders and would be a "one stop" place with pumps, plumbing fixtures... Everything!
I figured that the only way I would get what I want in an LFS was to provide the capital necessary and so I agreed to back this young man that will be an owner/operator of what will be the best LFS in Arizona!
There was one major, major condition (besides the strict policies). I am not going to run a LFS or business. I love the hobby too much and don't want to lose that "love." It's an investment, just like any other investments that I do. I am not going to be promoting the business or any of its products online. I hope that no one asks me to order anything or check on prices... The answer is "No" and "I can't!" I am not even going to mention the name, unless they start advertising on Reef Central!
