My brother in law opened a restaurant with his friend from HS. It wasn't a happy story. They bought a successful restaurant downtown St. Louis. The original owner was older and looking to retire. B-law's friend had already started 3 other restaurants that were successes. What ended up hurting the businesses, what they believe caused it to quickly fail, is that they made the new place non smoking. With that change they lost most of the previous customers, I was told. the restaurants failure caused his friends wife to divorce her husband on top of things.
On better news, around the corner from my parents home lives a successful restaurant owner. He and his partners own something like 5 restaurants around the area. He lives in a big pink home, with one of his cars being an older convertible pink Cadillac with bull horns on the front. Not sure why his place and car are pink as his restaurants are not that color.