Need different POV, friend's offer has gotten me into 6M debt under my name
In need of different POV since I can no longer think straight.
I have a regular job at a small construction company. Salaries and bonuses kept me afloat, but I always wanted passive income.
So I went into business with a long-time entrepreneur friend. She said she needed the additional investment to expand and she offered a share of one of her restaurants. Our agreement was she would run it as she normally did and I get to monitor and take a portion of profits. The idea seemed good, so I agreed.
She suggested to setup the new business as single proprietorship under my name for fast processing. At that time, I thought it was also a way to protect my investment. The new lease which was clear was transferred to my name.
The first few months was great but for different reasons in a span of three years the business has gotten into 6M in debt from rentals, salaries, and supply purchases.
I saw how disorganized and oblivious my friend managed the business. It was the complete opposite of how she presented herself when she made the offer. It started to look like she was just delaying her own bankruptcies by supplementing it with other people's investments.
I don't know if she was scamming me or she was just ignorant of her own management. But I know that it's my fault. I trusted too much and didn't consult other people. I was already fantasizing of bigger goals when the one in front of me was barely even forming. I should have realized it earlier. I wanted to pull out as early as the first few months of losses but I felt tied to the contract and deposit under my name. I thought of quitting my job to go full-time there but I felt insecure of my family's financial situation if things all go down. I also had no idea how to even fix things since it was far from my field.
I held on to the hope both from her and my own that things will magically turn around after rainy season, during Christmas, and some other events etc. I was in over my head.
Things will crash later this week as the business can no longer pay its debts even after numerous restructurings as our debtors' patience run out. Where do I go from here?