Don't want to burst your bubble but, if you want to keep your friend don't borrow money from him. It is common sense that, if a franchise cost runs from $143,000 to over $300,000, you can't get it for $40,000. The guy is your best friend now but dollars do strange things to friendships.

I make a practice of NEVER lending money to family or friends. Been there a couple of times.

The fact that you even mentioned bankruptcy makes me think you wouldn't hesitate to jump ship and leave your friend holding the bag.