Couple of thoughts. If this is a personal bankruptcy that he “has” to declare, how is he going to set up a new business prior to actually going through bankruptcy proceedings. Or is he just basically having his former business declare bankruptcy but not personally? These details are important.

If you’re going to drop out of school he should be able to provide you with some expectation of earnings. And if you’re doing most of the work there should be a salary prior to your 40% owner benefit. Lastly, keep doing online classes or something. If this doesn’t work out you don’t want to feel like you wasted a year or two of your time.

You should ask him how much revenue he’s expecting. Also, what’s the start up cost going to be? At 60% equity just know he maintains all operational control. Might be a good learning opportunity for you but he needs to share a lot more information with you. If he’s filing for bankruptcy at this stage in his life is he someone who will be a good mentor/partner?

Normally winging it and learning on the fly are expected in the entrepreneurial world, however I would advise against this when it comes to aviation. I don’t get the feeling that you really understand the industry or even what you are trying to build/create. It’s a competitive space with tight margins. If you think your ability to sell is your advantage then why not just start as a charter broker? As soon as you have a 135 certificate and manage aircraft that’s another complex set of issues operationally and the capital requirements are significant. On a macro level, the economy seems to be softening. I don’t know that it’s a great time to jump into private air travel.

Great advice on here. Seems like a relatively small population where you are. Look at those online channels to sell. Keep in mind with online advertising through SM you can target your ads geographically to your area as well. If you provide western and workwear have you tried any efforts to knock on doors with local businesses/farms/wineries or ranches? The rent you pay is a sunk cost but maybe shift your mindset to see yourself as a supplier not confined by people walking into your store. As someone already mentioned with personalizing workwear etc. Even if you get turned down repeatedly, people will know your face and remember your store. Build those relationships. Good luck, sounds like a cool business.