Wealth
How One Nightclub Defied the Odds to Last a Decade—and Make $250 Million
Owners Ronnie Madra and Richie Akiva of 1OAK reveal the secrets to their success.
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It's hard out there for a nightlife impresario. Eight out of 10 nightclubs fail during their first year of operation. And as music and fashion tastes change, even a club that makes it past this key 12-month milestone has to constantly evolve to stay popular and relevant.
Which makes what Butter Group co-founders Ronnie Madra and Richie Akiva have accomplished all the more remarkable. The pair have maintained 1OAK, one of the hottest nightclub properties in America, for a whopping 10 years—and it is showing no signs of slowing down.