How to describe a distressed company exit in interviews/resume?

Hi all,

Reaching out for advice on how to describe an exit from a distressed company on my resume/in FT interviews. Currently in undergrad and during my time as a student, I've owned, operated, and now exited from a campus business. Business was in the retail sector and operated both on campus and in the city in which I go to school.

In Dec '16, a partner and I bought the company from a group of graduating seniors and each controlled 50% of the equity. Later, in May '17, we diluted our investments by selling equity to another undergrad to get down to 33.3% each. Operationally, the business could only exist under the umbrella of the university - if it was to fall out of good standing, the sales base would no longer exist. For various reasons, the company's situation became distressed when one partner's actions severely harmed relations with the university. Finally, in Dec '17, I and the partner in question exited the company in a distressed situation in which the company had a week to remove the partner or else it would lose its status with the university and dissolve/begin liquidation.

My question is this: how do I describe on a resume and in FT interviews my experience and exit without disparaging my former partners' actions/making my action seem like I left when the going got tough?