HAPPY NEW YEAR TO ALL NAIRALANDERS

So i am in dire need of advice and I recognize naira land is a pool of intelligent minds

I have a friend who's mom has been running a bar for over 25 years and now the dude is in his late 20's and doesn't want to work for anyone, he wants to take over the business from his mom since she has come of age. Well I was the one who advised him to consider running the business since I have observed his mum wasn't utilising the bar optimally, I mean the bar has been the same all these years no growth or decline just stagnant with depreciating infrastructures and taking a look at her daily sales record the bar makes up to 25k per day after deduction of cost/expenses and weekends the bar rakes in as much as 45k after deduction of cost/expenses. The lowest the bar ever makes is 10k daily which is only on weekdays and rarely.

So my friend approached me and proposed a merger which i consented to since I had access to loan facility at my place of work. So he wanted me to get a loan of 500k but to be on the safe side I scaled the figure down to only 200k.

Now we are at a fix, i am of the opinion that the 200k should be spent on drinks and 5k deducted daily to enable us to pay back the loan in the shortest possible time, but he is of the opinion that out of the 200k we spend at least half of it on getting an extra t.v and DStv to boost sales since the belief is that if we can offer the service of match viewing center it could double our ROI, this being undoubtedly true but I didn't buy the idea of spending the 200k on anything besides drinks, My main aim is to pay back the loan as soon as possible, although on paper I have at least 10months to pay up the loan but looking at the amount the bar rakes in on a daily basis I am of the opinion the loan can be paid in less than 5months if we can pay 5k every day. So basically I want us to focus on paying up the loan before we start adding other little necessities, since the bar has stayed afloat with the only tv that is there, why cant we be patient and offset the loan before we start making additions.

The basic product that brings people there is the beer, the tv is secondary but notwithstanding my view, my friend still insists on getting the DStv and extra plasma tv. Well, I told him to go ahead but on the condition that he does that from his personal money and not from the 200k loan which he consented to but we agreed that once the loan has been paid up, the business will refund him the money he spent on the tv and DStv. I am also of the opinion that we pay ourselves salary monthly and if on the long run we can't keep up with that then it means the business cant sustain us then we would either have to downsize or reduce our salaries. He is of the opinion we don't pay ourselves for a few months as a means of sacrifice at least until we are stable but the dissented because I am operating under the assumption that we both didn't have any extra source of income but depended on the bar only.

Y'all should note that the mom doesn't know I am in the picture. I and my friend decided this because according to him his mom would get skeptical and may not want to secede the bar to him if she discovered he plans running the bar with an outsider since I am not a family member.

Well, to cut the long story short I need advice on how to make this work.

The plan is to value the current stock of drinks in the bar and pay the mom off then commence trading with the initial stock or to trade with the initial stock then start spending the 200k when the stock is getting exhausted and there is a need to replenish. We are still trying to decide on which to follow. But my fear is I don't want a situation where the mom wakes up one day and decides to take over the bar. This fear is part of what informed my suggestion of paying 5k every day to offset the loan quick.

Note: The loan will be deducted from my salary every month, I just need to make sure as money is leaving my account it is entering back in until the loan is paid in full.

Basically, we want to propose to the mom to let him[us] manage the bar for 5 months just to test the waters and since it is our first time of undertaking such a project I want to eliminate the avoidable risk and loss and make this as seamless as possible.

Beyond doubt the business is viable, I need to get over the fear that once my money goes in the mom won't change her mind, I want to draft a legal agreement with my friend and I also need a way to commit his mom also without her knowing I am in the picture. My friend says we won't have a p with his mom so there won't be a need for a legal agreement between him and his mom. But for me, I am just thinking 'What if' and I don't want to have a fall out with him in future, I mean I have seen what money can do to relationships and I am trying to avoid that.

SO PLEASE PALS, I NEED ADVICE/IDEAS. Lawyers, Business guru's etc help a brother out.