ok, who can help me?

[Guest]

got this opportunity to buy into a bar in Sukhumvi BUT wanna hear the issues that i face


Please scribe facts only as we allknow the risks in Thai Law

Cheers

[stogie bear]

Just DON'T

I hope this helps...  

[Guest]

ok will sleep on it u r up early!

[stogie bear]

Please please please don't pour your money down these money pits unless it's money that you have lying around the place that you won't miss when it's gone.

I promise you that this is nothing more than a scam or optomistic wishful thinking on the part of your partners.

There's NO MONEY to be made by farangs in this business.

But just out of interest... how much is your share of the investment?

If there was any money to be made here the Thais would already be doing it... Stay away and keep your money in an interest yielding account in the UK!

[Guest]

20% = 2M 2 other thai womem owners

[stogie bear]

The issues you face?

OK - here are a few...

It's (probably) illegal for a start!
The cops in Bangkok cost a fortune if they know you are a farang owner.
The 'key money' will be millions (of Baht.)
You can't control the staff. (They are all thieves.)
You can't control the inventory. (See above.)
You can't control the cash flow. (See above.)

Let's not even begin to talk about the drunk customers that won't/can't pay. The girls on salary that have jealous boyfriends and angry fathers.

Nothing can prepare you for the bubble popping nightmare that is about to change your life if you decide to get suckered into the seedy world of bar ownership in Thailand.

If you don't believe me then read any copy of The Pattaya Mail.

[stogie bear]

(Scooby @ Apr. 05 2007,07:44) 2 other thai women owners

I've seen enough... Politely decline and save your money. I don't care if these women are friends of the family or 'seem like they are nice enough' you are gonna lose.

Here's the deal... If you give me the 2 mill I'll give you 10,000 Baht a month for the rest of your natural life.

If 10,000 Baht is 20% of the profits of this bar then that bar needs to clear 50,000 Baht a month after ALL THE BILLS ARE PAID. That's about 2,000 Baht a day just profit only (assuming the bar shuts down 20 days a year for holidays.)

What's more you'll get this 10K a month from me stress free, without lifting a finger for the rest of your natural life...

You are being taken for a ride, my friend... walk away.

[Road Runner]

Stogie has just about said it all.

Or as I have seen it put before - 'How do you turn a large fortune into a small one? - Buy a bar in Thailand'

I would be very wary about putting any money into anything in Thailand without the benefit of some very reliable local knowledge.

RR.

[Ladyboy_Loser!]

Are you fluent in Thai? Are you going to be there everynight? Are you going to be there especially at closing to take charge of the money? Can you keep from fishing off the company pier? Or for a better way of saying the same thing, are you willing to never, never shit where you eat? I'm guessing that you will answer no to eveyone of these questions. Remember, "A fool and his money are soon parted." Plesase for Gods sake don't be that fool.

[Guest]

All the advice is excellent.

I've been to my lawyer about 10 times now to look at land and business purchases.

With the recent changes in laws, there is NO loophole left, as there was before, for a foreigner to own controlling interest in a company. If you do not have controlling interest, it means your Thai partners can make all decisions whether you agree or not. If any lawyer tells the opposite, he is wrong. I have seen and read the government circulars sent to the land department and commerce departments. NO loopholes left. In fact, they issue a new circular every month closing down even the last little trick.

Now, I know the answer, but just ask the question, do you fully trust the partners you have to make the right business and investment decisions with your money, and are you sure they will never get angry at you and do something against you?

I met at least 3 people in Phuket who jointly purchased houses with Thais whom they fully trusted. The 3 got screwed by their partners.

The additional problem in trust is families. It may be you can trust the person you're in business with, however, they get STRONGLY influenced by their families to the point they break down and do what they say. Imagine this...the family in Issan, poor, 4 brothers with no money, tells your business partner, the sister "Screw this foreigner. We need money to live! Sell the business and share it with us. You're our sister! It's your duty!". That was EXACTLY what happened to one of my very close photographer friends married to this sweet, docile, very kind and cute little girl from Issan. The family pressured her to sell his gold shop, share the money, and make a coffee shop with what was left over.

BTW, do you think the bar business is competitive in Thailand perhaps? Does competitive = low profit by any chance? And...if you had to go to court, do you think the court might be just a bit biased to Thai?

Put your money in India Mutual Funds, get >10% annually with near zero risk, zero hassle, or, as Stogie says, give to me, I'll give you 5% zero risk, legal documents listed in Sinagapore!

[BAM]

(Scooby @ Apr. 05 2007,07:32) got this opportunity to buy into a bar in Sukhumvi BUT wanna hear the issues that i face


Please scribe facts only as we allknow the risks in Thai Law

Cheers

Was it one of those great business opportunities you see posted over the urinal when you're taking a long piss in the back of some go-go bar?

"We are looking for serious investors in our Bar"

What they're really saying is "Turn around you stupid Falang and just flush all your money down the Toilet behind you"

[Snick]

I think its a great idea !

Would you be interested in this Bridge I am trying to sell ?

( Seriously - this is a lose/lose situation. even if you owned the bar outright you could not make money in this industry, its too competitive and tourist numbers are DOWN right now -- throw in the fact that you are a minority partner to Thais and you will get screwed )

I don't know if you have ever done business with Thais ( I have ), its not like doing business with anyone else. Logic and Reason have no part in the deal, they will say anything and do nothing. I've walked away from business deals with Thais, it was too much trouble for too little money (if any).

[SamplerDoc]

Invest your cash into stocks, bonds, mutual funds or currency.
Take your money earned each year and go to LOS and enjoy the cash at bars while on vacation without ever touching your principal.
Repeat as often as needed and enjoy life

[mardhi]

The simple reality (in addition to all the good and true stuff above) is that Thai's dont like sharing something that makes money - any money, not even talking about 'good' money by western standards. Which then leads me to think, why would these two sisters want to sell 20%? Either the 2,000,000 b is a way to high figure and/or their is another angle in this such as they are never planning to share any of the profit. Assuming its a 10,000,000 baht business, it should be generating pure profit of at least 500,000 baht month - in which case, why would they even consider selling 20%? - its not that they need the money.

Seriously not a recommended route unless you just want to throw the money away. One guy you might want to go and chat this through with, is the guy who has just bought the bar next to Guess - probably spent about 300,000 baht buying it - go and ask him how things are going - he has plenty of time to chat as he never has any customers. Equally could say the same about Lynx Bar in the same complex as Guess - again, open for about 2 months and zero customers.

Cheers
Mardhi

[post-op lover]

This thread is a riot!



Stogie and Ziggy are brilliant. I hope Buttafly weighs in.