In this process you are highly likely to lose either your "friendship" or your business. Given OPs description of the situation, I would put both of those term

In this process you are highly likely to lose either your "friendship" or your business. Given OPs description of the situation, I would put both of those terms in quotes, if not both at very least the business parts. If he is losing money, lending money and his only option "getting out" is spending even more, I'd say he has a "business", not a business.