Reply With QuoteHow many seats?
Alright gents. Roast me if you want but I'm genuinely curious on the feedback and discussions here.
Pattaya Bar and Lease up for sale. 3 year option at approx $22,500 per annum. T/O around $125,000 per annum with margins somewhere around 20-30%. Existing manager and staff in place. No access to detailed financials yet but will assume they're all over the place. Plenty of things to improve around the place. Will def be getting deeper into the details with the seller shortly.
My skills, digital marketing and SEO. The socials, and business listings are a shambles so that's an easy fix. Otherwise, it has the potential to be a hand's off operation.
Thoughts? Who's done this before?
How many seats?
You mean seating capacity? I'd say less than 30 but don't know exactly. Think hole in the wall bar, downstairs area, upstairs gogo room and bedrooms.Originally Posted by Vincent888
And bedrooms, how many?
Firstly you will need a Thai business partner, someone who’s not a bar girl that will poison or divorce you straight away, and a good lawyer,
Than you will need to apply for your operational licences, business and liquor licence.
Cash wise you will need a minimum of 6 months of operational capital to cover your start up, and pay your suppliers, as no credit is given and to cover renovations, as most of them are just money pits,
the location is very important as you will depend on the pedestrian traffic, and you need to check if the zone has been designated for any redevelopment as you don’t want to be shut down for demolition and the owner cancels your lease, as there is no way the former lease holder is going to refund any money to you,
This is the type of business where you need to be at ground zero and involved with it on a daily bases otherwise you can kiss your money and arse good bye.
Please have clean comfortable and firm mattresses
Has anyone recently experienced sh-t mattresses?
have you own a business before? better yet, work with thai people? I respect your strength is in digital marketing and SEO, but thats a fraction of what is required to run a business.
As an owner, you need to know cashflow, finance, management etc etc. you are dreaming if you think this will be a hands off business. otherewise the skimming would be rampant. lol
Why not name the current name of the bar you intend to buy...or at least the area where it is. Send me a PM if you want.
What about paying off the local police commander? Wonder if that's still a thing
Still a thing? Always the optimist...
VISITING Thailand is one thing, running a business there is a WHOLE world of difference.
Hands off operation? Quickest way to lose your investment. With the successful bars, the owner is there every night. Or your brother must be an experienced bar manager in Thailand. I'm sure Stick has written about this and how few make a go of it.
Sounds straight forward but nothing in Thailand is straight forward if you know what's going on...
In Cambodia, the bar owners I’ve met live in the country and are well connected. Got the police officials on their side. I’d think Thailand is at least similar in that way.
Do it. It will all go smoothly.
Please report back.
What I meant is, has the approach changed since the raids on the secret Chinese bars. They splashed the local commander all over the news for failing to do his job. Sure it's just PR and there will be someone else to take his place.
Think OP needs do some hard investigation work to figure out why the current owner wants or even needs to get out. If it's such a good deal, why let it go?
My idea for a Pattaya bar.
Get 3 or 4 mates and pool some money and buy a bar.
Party hard there for 4 to 6 months.
After that, sell if you can but probably just walk away.
As for a hands off money making proposition, you're dreaming.
I know bar owners that were in their bars every night and still got ripped off by their own family members.
I guess the people have spoken, the bar business is Not something a foreigner should get involved. One comment in particular, whoever the current operator , if the business is making money, why sell ?
Enough said.
Cheers
It’s all about free sex. That’s the bottom line.
Cost per fuck.
Certainly seems so. Current owners were a remote partnership and one of the owners passed away. I think they were both American.
I've run businesses and teams remotely before, but nothing in the hospitality space. The comments around local politics and government scams makes a lot of sense.
It feels like the only way to make a go of this is via a local partner on the ground, which if they're good, takes away all the current profit.
Just drawing from my consulting experience, I reckon it's an investment that's far from being hands off. There are so many ways the managers you hire there can cook the books and screw you with the financials. Also, you would have to know local regulations both written and unwritten. In in points, one of my bubbies from school opened bar/restaurant in a college town. Competition is fierce, so he learned that he can bribe the local fire department to do routine checks on this competition almost weekly. These are things that you only learn when you are actually there running the business day in and day out.
Good to see you have come to your senses, I found the for sale post for the business located in soi 13/2, and pretty much its a rat hole bar that depends on a couple of girls running yo-yos with customers up and down those stairs for short term bom boom,
With the manager just getting his cut from the girls, the bar itself would see zero profit and you be lucky to recover your rental from that sort of business let alone cover any other maintenance and utilities costs
It’s also the type of business where if things go wrong and most likely they will, everyone will disappear really quickly and you be the one left stranded with your dick in hand taking all the responsibility
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