Good-Person
Captain Junkie
It's very possible to pursue high education when running business, but I can see that your friend matter is very complicated, because it's not advisable to Lea a business for Who is not trustworthy. Your friend has to find someone that helps be managing the shop whenever he's not around. Or your friend should enroll for part-time program.
Education can be pursued at any time of time. However, the opportunity to run a great business rarely comes in one's life. I do not think that a wise person would leave a running business just to pursue degree.