Be Careful When Buying A Bar In Paradise!

[koheesti]

When I first visited Thailand back in 1997 the "novel" idea my friends and I had was to move to Thailand and buy a bar. We never did but nowadays it's a cliche. Well, people shouldn't let the idea of owning a bar in paradise keep them from doing due diligence. I recently learned of a retired man from England who thought he had bought the bar next to me here in Bangrak. After paying 1.2 million baht, he arrived the other day to find out that the man he bought it from has skipped town with his money and that the bar isn't his at all. This type of thing needs to be publicised no matter how ugly it is. People need to be aware that this kind of thing happens around here (please refrain from the "it happens everywhere" excuse. We know that already). The only possible good news in this specific case is that the guy who took his money has been found in Hua Hin and just might feel enough guilt & shame to return to Samui. For both their sakes I hope so.

[Samuian]

........e good news in this specific case is that the guy who took his money has been found in Hua Hin and just might feel enough guilt & shame to return to Samui. For both their sakes I hope so.

taking advantage of a willing buyer, I don't think that this person will return, why? on moral grounds?

I know about one such a case where the victim lost 250.000 SFR!

And another such case for a partnership in a bar 250.000 ThB!

and, and, and.... and another one where nobody cheated, business just didn't take off!

[PeaceBlondie]

So, did this English guy come and inspect the premises, have a chartered independent accountant audit the books, have a lawyer examine the title, etc.? Probably not. Would you do that, and more, in your home country? How many bars make big profits you can take top the bank each month? Or is there something magical about bars in paradise?

[samuibeachcomber]

there's a sucker born everyday! Why is it when we westerners first come to thailand we start throwing our money around like there's no tomorrow.Would we do it say in spain or say florida?

[mikethevigoman]

When dealing with pimps and prostitutes you should expect no less,.

[Samuian]

there's a sucker born everyday! Why is it when we westerners first come to thailand we start throwing our money around like there's no tomorrow.......

No, I never did and I never will, and there have been times this didn't exist as it does nowadays...it's a certain clientele doing this and falling for the traps.

And as it seems the more are falling, the more are comin' and the more traps are being prepared, some do this in a professional way!

Ahh... well, if someone would have told me some time ago, about condominiums for sale for some 100.000 plus Pounds on this island, or any other remote area in SEA, I would have declared him/her for insane!

Times change!

[samuibeachcomber]

When dealing with pimps and prostitutes you should expect no less,.

Very true,but people still seem to throw money away even without the above.Is it something to do with just being here?For example beer in bars and restaurants is not exactly cheap and paying for bar girls is n't realy that cheap either,maybe the latter is" just because you can"

[koheesti]

Or is there something magical about bars in paradise?

Apparently, being located in paradise is magic enough - until the fairy dust settles and reality sets in.

[southbot]

"My Momma used to say 'stupid is as stupid does'"

Forest Gump

[Beachedwhale]

So, did this English guy come and inspect the premises, have a chartered independent accountant audit the books, have a lawyer examine the title, etc.? Probably not. Would you do that, and more, in your home country? How many bars make big profits you can take top the bank each month? Or is there something magical about bars in paradise?

My understanding is different and it was told to me by a guy (Peter) who had loaned THB1.2 million Baht to a bar owner (named Paul). Peter was evidently a neighbour or friend that was trying to help out Paul who was havig some "short-term" financial problems. Peter had no intention of owning the bar at all, just lending him the cash. The same sort of due diligence should have been done and the same sort of comments can be made about someone lending money without security etc but the motives were different.

While Peter is certainly feeling bad about this transaction he is feeling slightly better lately as he is learning that he is not the only one that lent money to Paul as the total known debt at this stage is around THB5 million (he has met a few of the otrher creditors waiting outside the bar which is now closed).

(I couldn't think of how to get Mary into the story so will have to do without it)....

[ozsamurai]

I've owned and run 4 bars (2 bars 2 nightclubs) for 6 years in Japan, I never understood what the attraction of it was, it was a money making business thats all. Some fun of course, but the 2am morinings cleaning spew up, breaking up bar fights, waiting around watching TV on slow days, watching all the good lookers leave before you have to close up, paying for Yakuza, what's fun about that. Drinking your own stock gets tiring after a few months, may even put you off alcohol. I don't get it....

Oz

[samuibeachcomber]

So, did this English guy come and inspect the premises, have a chartered independent accountant audit the books, have a lawyer examine the title, etc.? Probably not. Would you do that, and more, in your home country? How many bars make big profits you can take top the bank each month? Or is there something magical about bars in paradise?

My understanding is different and it was told to me by a guy (Peter) who had loaned THB1.2 million Baht to a bar owner (named Paul). Peter was evidently a neighbour or friend that was trying to help out Paul who was havig some "short-term" financial problems. Peter had no intention of owning the bar at all, just lending him the cash. The same sort of due diligence should have been done and the same sort of comments can be made about someone lending money without security etc but the motives were different.

While Peter is certainly feeling bad about this transaction he is feeling slightly better lately as he is learning that he is not the only one that lent money to Paul as the total known debt at this stage is around THB5 million (he has met a few of the otrher creditors waiting outside the bar which is now closed).

(I couldn't think of how to get Mary into the story so will have to do without it)....

not a good story.I remember when i first came to live in thailand a friend gave me good advise "trust no one in thailand especially falang when it comes to money and business dealings"........wise advice!

[Pakeha]

Start spending time in thailand when you are young and broke! I didn't have the money to buy any of the bars I wanted to and now I do wouldn't buy any of them. Thank goodness, I started when I was young and poor!

[girlx]

Apparently, being located in paradise is magic enough - until the fairy dust settles and reality sets in. sad.gif

don't try telling them they should be more careful either. even though they came on holiday knowing zilch about thai culture and became friends with the bar boys on the beach (who have very sordid and criminal pasts but of course pretend to be angels when the farang with cash is around) who convince them to open a new bar with all their savings and let the bar boys run it.... they know what they are doing!!!!! don't tell them any different! you will just be a sh*t stirrer.

[lazeeboy]

there are still some decent bar owners left in samui that wouldnt turn you over ,dont tar us all with same brush

[chiang mai]

Anyone remember the Brit who managed the go-go bar in Nana (lower level on the right) about eight years ago - everyone knew and liked him and he was everyone's best friend. Seems he sold shares in the joint to some eight different regulars, all on the QT and then duly skipped town and hasn't been seen since.

[samuiseagull]

there's a sucker born everyday! Why is it when we westerners first come to thailand we start throwing our money around like there's no tomorrow.Would we do it say in spain or say florida?

Wow, sounds like your perfect mate.

[samuibeachcomber]

there's a sucker born everyday! Why is it when we westerners first come to thailand we start throwing our money around like there's no tomorrow.Would we do it say in spain or say florida?

Wow, sounds like your perfect mate.

I include myself in what i originally said OK

[samuiseagull]

there's a sucker born everyday! Why is it when we westerners first come to thailand we start throwing our money around like there's no tomorrow.Would we do it say in spain or say florida?

Wow, sounds like your perfect mate.

I include myself in what i originally said OK

[malcolminthemiddle]

Anyone remember the Brit who managed the go-go bar in Nana (lower level on the right) about eight years ago - everyone knew and liked him and he was everyone's best friend. Seems he sold shares in the joint to some eight different regulars, all on the QT and then duly skipped town and hasn't been seen since.

Was his name Rick?

[mattias33]

So, did this English guy come and inspect the premises, have a chartered independent accountant audit the books, have a lawyer examine the title, etc.? Probably not. Would you do that, and more, in your home country? How many bars make big profits you can take top the bank each month? Or is there something magical about bars in paradise?

My understanding is different and it was told to me by a guy (Peter) who had loaned THB1.2 million Baht to a bar owner (named Paul). Peter was evidently a neighbour or friend that was trying to help out Paul who was havig some "short-term" financial problems. Peter had no intention of owning the bar at all, just lending him the cash. The same sort of due diligence should have been done and the same sort of comments can be made about someone lending money without security etc but the motives were different.

While Peter is certainly feeling bad about this transaction he is feeling slightly better lately as he is learning that he is not the only one that lent money to Paul as the total known debt at this stage is around THB5 million (he has met a few of the otrher creditors waiting outside the bar which is now closed).

(I couldn't think of how to get Mary into the story so will have to do without it)....

"short-term finansial problems" that required to loan 1.2 million baht from a "friend"????

Knowing Paul a bit, not exactly the brag around money spending lifestyle, cheap house and renting his bike from me (dont worry, got it back), i have to wonder how he ever got into that finansial situation. 5 million baht must have taken him some years to spend? Working in the bar almost every day and living cheap. Unless he was into gambling or something?

Anybody know real facts around this story? Just dont make any sence at all to me......

[samuibeachcomber]

When I first visited Thailand back in 1997 the "novel" idea my friends and I had was to move to Thailand and buy a bar. We never did but nowadays it's a cliche. Well, people shouldn't let the idea of owning a bar in paradise keep them from doing due diligence. I recently learned of a retired man from England who thought he had bought the bar next to me here in Bangrak. After paying 1.2 million baht, he arrived the other day to find out that the man he bought it from has skipped town with his money and that the bar isn't his at all. This type of thing needs to be publicised no matter how ugly it is. People need to be aware that this kind of thing happens around here (please refrain from the "it happens everywhere" excuse. We know that already). The only possible good news in this specific case is that the guy who took his money has been found in Hua Hin and just might feel enough guilt & shame to return to Samui. For both their sakes I hope so.

any update on whats going on?

[Maipenrai007]

Aparently you can see him tonight at 9pm dont be late get the seat get the seat earlier!!!!!

Lol I bet someone would like to put him inot the ring.

[koheesti]

any update on whats going on?

There is a rumour but I'm not sure I can post it here. You can PM me though.

[NHJ]

<br />

any update on whats going on?

<br /><br />There is a rumour but I'm not sure I can post it here. You can PM me though.<br />

can i spread the rumour myself?

[Mark Wolfe]

The "story" by the original poster is just that, an allegation. Until the incident is covered by the paper can the post be considered valid. This is just the way it is. There are people who might know or assume what bar is being targeted, if such a bar exists, and if it exists, that would open the door to defamation.

This thread ought to be closed.

[PaulAllen]

The "story" by the original poster is just that, an allegation. Until the incident is covered by the paper can the post be considered valid. This is just the way it is. There are people who might know or assume what bar is being targeted, if such a bar exists, and if it exists, that would open the door to defamation.

This thread ought to be closed.

This is like saying, "I don't believe that the Titanic sunk unless you go to the bottom of the ocean and show me pictures of it lying there."

[simey]

Not sure what 'paper' you are waiting for Mark, maybe the well reknowned bastion of truth the Samui Express, or the non-profit Community magazine (assuming it still exists)? While topics on this forum are always subject to being taken with a small amount of salt, there is also more likely to be truth in a group of local people posting in a forum than, for example, the bangkok post.

Anybody posting on here is expressing an opinion or passing on information, no point in a forum that is limited to posting articles from the Nation newspaper. And there is certainly some truth here - the bar is very definitely closed as you can see when you drive past, and the guy is certainly not answering his phone as you can tell by calling it.

[Nirvana]

Anyone remember the Brit who managed the go-go bar in Nana (lower level on the right) about eight years ago - everyone knew and liked him and he was everyone's best friend. Seems he sold shares in the joint to some eight different regulars, all on the QT and then duly skipped town and hasn't been seen since.

Was his name Rick?

Yes I believe it was, do you know him ?

[koheesti]

The "story" by the original poster is just that, an allegation. Until the incident is covered by the paper can the post be considered valid. This is just the way it is. There are people who might know or assume what bar is being targeted, if such a bar exists, and if it exists, that would open the door to defamation.

This thread ought to be closed.

First, I'm not sure if it's an allegation if no parties are named and I didn't name anybody or place in my OP. And the original post is stll VERY, VERY valid. You gotta be careful before getting sucked into the fantasy of owning a bar in paradise. I'm sure you agree with that.

Second, if you read through the thread you'll find someone who guessed at who I was talking about and did name names. He clarified that it was a LOAN, not a PAYMENT for the bar and others have confirmed that with me. He's still out a lot of money so I'm not sure how much difference it makes to him.

Third, a topic must be covered by a newpaper before it can be considered valid? ROTFLMAO For what it's worth, a local reporter was also a vcitim and is very close to the situation. So maybe you will see it in print soon.

Fourth, Defamation? This is something that is very well known up in this part of Samui. There is no defamation happening here. It's as if you post something about what happened in Lamai (that's where you're at, right?), your story is backed by others and in fact common knowledge but them some guy from another part of the island with no knowledge of it claims it didn't happen. I have more of a case against YOU for defamation.