I plan on going to talk to the bank and to the accountant that has been doing the books for the fitness center. If everything at the bank lines up to make it a go, I will definitely be doing more digging and spend time combing through things to make sure all is as stated.
Also make sure that you talk to a lawyer and if you decide to do it have your lawyer make up a contract. That way if the partner does not like it then something is not quite right. You have to cover your butt any way you can. There was a lawyer in the next town up that had lived there for as long as I can remember. He was investing money for people. In the middle of the night he just packed his belongings and went. Long story short for years he was telling them their money was doing good. He cleaned them out. Another lawyer in my town (I just read this the other day in the paper) is in a little hot water because an employee was juggling the books somewhat. Seems she was buying Longaberger Baskets with other peoples money. $14,000 from one person and $29,000.00 from another. I'm just saying that don't just look at the books yourself, but have a lawyer one your side in your back pocket that will work for you instead of 5 people on the other guys side telling you everything is just fantastic. Look at everything with skepticism to a degree. If you tear it apart to every last nut and bolt and everything is fine not only will you feel better but your partner will feel better also that you are that thorough of a person and not a risk taker.