RESTAURANT TAVERN FOR SALE - SIEM REAP

Yes... we are absolutely interested in your $50,000 bar for sale with 3 stools and no customers.
Lexroulor
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RESTAURANT TAVERN FOR SALE - SIEM REAP

Post by Lexroulor » Fri Dec 27, 2019 10:23 am

FOR SALE: THE HARBOUR RESTAURANT TAVERN - SIEM REAP

Very renowned and very well established and profitable business for sale in Siem Reap. The Harbour has been running for over 5 years, and has experienced a very steady trend of growth in the past 3 years. The Harbour is 100% functionable right now, and ready to operate by itself and generate profit instantly: That's the perfect turn key business.

A very quick overview:
- Set close to Sok San Road, along the Night Market Street, walking distance from the Old Market and Pub Street.
- Nested on the first floor of a beautiful wooden house, with a huge front yard and maximum visibility from the street.
- Very well known among the expats community and gathering a lot of tourists form a tremendous online presence and strong word of mouth due to great impressions from visitors.
- Featured in the Lonely Planet and showing only top level reviews on Google+ and Tripadvisor
- Featured several times on TV and TV shows (Netflix's Travels With My Father - Jack Whitehall - for example)
- Based on a strong concept with a one of a kind menu, and homemade flavored rums
- Offers the best and most varied live music scene in Siem Reap, with a great musician community involved.
- 4 1/2 years solid remaining on the lease, with an option to easily extend for a much longer period of time (and the possibility to actually take over the WHOLE property that includes the ground floor and an extra building to generate a very comfortable extra rental income or live in).

The tavern is sold with all its equipment (that can be listed upon request) and all its online materials and communication tools. As explained, there is also an option to take over the whole property since the tavern is sharing the building with Lex Roulor Tattoo Shop on the ground floor; we can discuss a package to pass the lease agreement.

NEW SELLING PRICE: $35,000 NEGOTIABLE - We'd like the business to be sold by April.
All numbers and information available upon request. Contact me in PM or via email at [email protected]

A few videos from The Harbour (many more pictures and visuals available)
www.facebook.com/theharboursiemreap/vid ... 236927389/
www.facebook.com/theharboursiemreap/vid ... 598730040/
www.facebook.com/theharboursiemreap/vid ... 064394289/
www.facebook.com/gaew.goodluck/videos/4 ... AyMDc2ODI/
www.facebook.com/gaew.goodluck/videos/4 ... AyNDM2ODM/
angkorjohn2
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Re: RESTAURANT TAVERN FOR SALE - SIEM REAP

Post by angkorjohn2 » Tue Jan 07, 2020 4:31 am

Glad the price dropped but it's still $20k over budget. It is a wooden dive bar, popular yes but you are hardly buying some up to date conversion. Considering what some of the other bars in Arguing have gone for E.g. Republic bar, youll be waiting until April 2022 still trying to sell it. You have been trying to sell it since April 2018 with no luck. It is only worth what someone is prepared to pay. Siem Reap tourism is dying so it is just locals and expats you will rely on for trade. If you want it sold by April rethink the price.
Lexroulor
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Re: RESTAURANT TAVERN FOR SALE - SIEM REAP

Post by Lexroulor » Fri Jan 31, 2020 10:57 am

angkorjohn2 wrote:
Tue Jan 07, 2020 4:31 am
Glad the price dropped but it's still $20k over budget. It is a wooden dive bar, popular yes but you are hardly buying some up to date conversion. Considering what some of the other bars in Arguing have gone for E.g. Republic bar, youll be waiting until April 2022 still trying to sell it. You have been trying to sell it since April 2018 with no luck. It is only worth what someone is prepared to pay. Siem Reap tourism is dying so it is just locals and expats you will rely on for trade. If you want it sold by April rethink the price.

Thank you John for your interesting input. I'm Oli, the owner of the Harbour and if you allow me I will reply to your comment.

I would be curious to know what your sources are and how deeply you understand the dynamics of business in Siem Reap. I am not doubting your experience but maybe you could give some credential to support your analysis. To make it short, I personally have been in Siem Reap for 10 years, have been part of at least 3 successful businesses and other side activities that have proven doing pretty well, so I can pretend to understand things a little bit. So I will take your points one by one and challenge them.
- 20K above budget. You mean YOUR budget? If you talk about the actual value of the Harbour, then I will ask you if you know the way to value a business here in Cambodia? So here in town the buyers seem to expect to get their overhead within 2 years. Our selling price has partly been calculated on this base, with the advise and assistance of a couple of agents among the most respected in town. Of course, you could try to sell a business cheap and run away if it does not make money - or worse if it is actually losing money, but the Harbour generates a comfortable amount of profits so that's why we're not in a rush to let it go, and also selling it the right price. Also, how can you judge the price of a business without having even seen the numbers? I would invite you to come and see me directly so you can review our records. The Harbour is not the kind of small bar you'll find all along Sok San Road, it is a proper business run in a proper business way.
- Republic Bar. I don't want to go down into embarrassing details or discussion I don't want to have, but obviously Republic bar did not end up really well. The business partners had a huge fall out and happened what happened. I don't think your comparison works at all. And you never know what was lying under the visible layer as well...
- selling since April 2018. I'm not completely sure if that is right actually John. We have been toying with the idea for quite a bit and probably talking around, yes, but we have put things in motion for real since then end of last summer. That being August 2019. And again, we are not in a rush since the tavern is doing pretty good. So time goes by and we're taking it easy to find the right person who will keep on the same great trend we are at. We pushed back few offers, because we are still doing really well. So no rush, except for the fact that we are getting tired and would love to move on towards new projects.
- It is only worth what someone is ready to pay. That's a way to see the things, why not... And it is this way that leads Siem Reap into a financial wall, with people coming here to do business when they got no clue, or renting properties at stupid prices and making the prices sky rocket. For all things, things have a price and if the price stays consistent then the market itself stays consistent. Indeed with your thinking, there is no logic and no price to things. We still think there is a structure and a price for things, and the Harbour is for sale at this price because it is the right calculated AND logical price. But feel free to come and chat and give us your arguments and maybe negotiate if you're interested, we are very open people.
- Tourism is dying. No, tourism is NOT dying John... People like you think tourism is dying because they seem not able to adapt the ever changing market. So you might want to adapt and you'll see there is still business around. And expats and locals? Well all of them seem really happy to come and enjoy our very good open mics and the quality of our food so far. So we're not too worried honestly.

I guess overall, John, you should look in details at what you are talking about before throwing a partly or completely wrong judgement. Feel free to contact me directly if you are interested in seeing numbers and records, so I will convince you that we are selling the right price. Obviously we'd be ready to talk, because it's the game, but in all honesty, we are not going to discount a strong and profitable business because of what expats like you may be thinking. I'm not sure which John you are since I know few of them, but I'm sure I know you... So get in touch if you want. But anyway thank you for your input and thank you for helping our post pop back up at the top of the discussions.

Very kindly,
Olivier
Lexroulor
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Re: RESTAURANT TAVERN FOR SALE - SIEM REAP

Post by Lexroulor » Fri Jan 31, 2020 11:08 am

PS: As I see I indeed posted about potentially selling the place in April 2018. Was toying with the idea and going to taste the water.
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Re: RESTAURANT TAVERN FOR SALE - SIEM REAP

Post by jah steu » Fri Jan 31, 2020 11:37 am

Interesting.
Valuation of a leased business is always difficult. And past performance may not be a good indicator of future performance.
Here in Phnom Penh to get a rough valuation we tend to use 12 or 18 months of net profits to calculate value rather than 24 months, but Siem Reap is a different place.


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frizzie77
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Re: RESTAURANT TAVERN FOR SALE - SIEM REAP

Post by frizzie77 » Fri Jan 31, 2020 11:37 am

It's all good and well Oli, and I really don't know whether the price is right or not.
But I do wonder why you're not mentioning the rent is jumping by more than 80% come April, as in April 2018 you wrote:
Lexroulor wrote:
Mon Apr 02, 2018 12:00 pm
The lease is still running for around 7 years ($600/month for another 2 years then $1100/month for another 5 years)
ssian
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Re: RESTAURANT TAVERN FOR SALE - SIEM REAP

Post by ssian » Mon Feb 24, 2020 10:15 am

I'm kind of curious to the reason for your selling away your business which is profitable?
Wouldn't it be better off to keep sustaining it since your records show it's sustaining and not downward trend?
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Re: RESTAURANT TAVERN FOR SALE - SIEM REAP

Post by djstuntmunch » Wed Feb 26, 2020 4:26 pm

Lexroulor wrote:
Fri Dec 27, 2019 10:23 am
FOR SALE: THE HARBOUR RESTAURANT TAVERN - SIEM REAP

Very renowned and very well established and profitable business for sale in Siem Reap. The Harbour has been running for over 5 years, and has experienced a very steady trend of growth in the past 3 years. The Harbour is 100% functionable right now, and ready to operate by itself and generate profit instantly: That's the perfect turn key business.

A very quick overview:
- Set close to Sok San Road, along the Night Market Street, walking distance from the Old Market and Pub Street.
- Nested on the first floor of a beautiful wooden house, with a huge front yard and maximum visibility from the street.
- Very well known among the expats community and gathering a lot of tourists form a tremendous online presence and strong word of mouth due to great impressions from visitors.
- Featured in the Lonely Planet and showing only top level reviews on Google+ and Tripadvisor
- Featured several times on TV and TV shows (Netflix's Travels With My Father - Jack Whitehall - for example)
- Based on a strong concept with a one of a kind menu, and homemade flavored rums
- Offers the best and most varied live music scene in Siem Reap, with a great musician community involved.
- 4 1/2 years solid remaining on the lease, with an option to easily extend for a much longer period of time (and the possibility to actually take over the WHOLE property that includes the ground floor and an extra building to generate a very comfortable extra rental income or live in).

The tavern is sold with all its equipment (that can be listed upon request) and all its online materials and communication tools. As explained, there is also an option to take over the whole property since the tavern is sharing the building with Lex Roulor Tattoo Shop on the ground floor; we can discuss a package to pass the lease agreement.

NEW SELLING PRICE: $35,000 NEGOTIABLE - We'd like the business to be sold by April.
All numbers and information available upon request. Contact me in PM or via email at [email protected]

A few videos from The Harbour (many more pictures and visuals available)
www.facebook.com/theharboursiemreap/vid ... 236927389/
www.facebook.com/theharboursiemreap/vid ... 598730040/
www.facebook.com/theharboursiemreap/vid ... 064394289/
www.facebook.com/gaew.goodluck/videos/4 ... AyMDc2ODI/
www.facebook.com/gaew.goodluck/videos/4 ... AyNDM2ODM/
tBales chairs/beds

As with any bar/restaurant business, you can’t sell good will, or potential profit. It doesn’t exist.
You’re really only able to sell the assets.... bar stools, tables, chairs, stock items, beds and linens. Can’t see 35000, anywhere, unless you have gold plated tables and chairs, I reckon 25000 overpriced. 10,000 for existing assets only seems a better price.
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