1. My Dad owned one decades ago. I have some friends that had them.
Plan on working 20 hours a day 7 days a week. Hardly ever saw my dad. Does your chef friend have any ownership experience? Restaurants are tough. Hard to get good help. Food disappears. A lot of work involved cleaning everything and making sure everything is OK. Check where your restaurant will be, what kind of competition is around. Plan on living on savings for awhile, just in case you're not an instant hit.
2. possible partner has owned three small restaurants
one successful, one modestly successful (he had to sell and move to keep his family together) and one that failed pretty quickly because it was grossly undercapitalized and not marketed well. He knows some reliable staff people who probably would come aboard.
I'm a marketing kind of guy. I know (albeit second-hand) the kind of hours required.
We would need at least one more partner. We're torn between a location with little competition and a location where there are a number of bar and restaurants, but not one with this style of food and entertainment.
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