Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

If you are looking for a business to buy in Cambodia, you've come to the right place! This is a section where owners can post their businesses for sale and where others in the community can ask questions about starting a business here. Foreigners can own 100% of a business here in Cambodia, and it's a pretty simple process to buy or sell, whether it's a bar, restaurant, hotel, or anything else. Have questions about what paperwork is needed for your company? Ask away. Curious if the expat bar on Street 136 selling for $100,000 is a good deal? Start a discussion on CEO and we'll let you know what we think.
explorer
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by explorer »

A bit more about law.

This would apply if a similar situation occurred in Australia or the UK, where the law is clearly defined.

If a business is owned by a company, that company has a legal contract with somebody, and the company is sold to a new owner, the contract is still binding with the company, so both parties have has a legal obligation to abide by the terms of the contract.

If a business is owned by a person, that person has a legal contract with somebody, and the business is sold to another person, the contract does not apply with the other person. Neither party has a legal obligation to abide by the terms of the contract. To have a legal contract, the new owner needs to make a new contract.

In reality, the owner of the property wants the business to continue to be successful, so he continues to make money. He may agree to a new contract with exactly the same terms as the previous one. He may also use this as an opportunity to increase the dollar value of the lease. Both parties can negotiate new terms. The lease could be extended to 10 years, for example.

So the correct thing to do is, make a new contract with the property owner.

Then keep in mind, most Cambodians will break a legal contract, if they see an opportunity to make more money, and there is little you can do about it.
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Jerry Atrick
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by Jerry Atrick »

explorer wrote: Sat Oct 13, 2018 7:18 am

Then keep in mind, most people will break a legal contract, if they see an opportunity to make more money, and there is little you can do about it.
Amended for reality.
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beaker
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by beaker »

explorer wrote: Sat Oct 13, 2018 7:18 am A bit more about law.

This would apply if a similar situation occurred in Australia or the UK, where the law is clearly defined.

If a business is owned by a company, that company has a legal contract with somebody, and the company is sold to a new owner, the contract is still binding with the company, so both parties have has a legal obligation to abide by the terms of the contract.

If a business is owned by a person, that person has a legal contract with somebody, and the business is sold to another person, the contract does not apply with the other person. Neither party has a legal obligation to abide by the terms of the contract. To have a legal contract, the new owner needs to make a new contract.

In reality, the owner of the property wants the business to continue to be successful, so he continues to make money. He may agree to a new contract with exactly the same terms as the previous one. He may also use this as an opportunity to increase the dollar value of the lease. Both parties can negotiate new terms. The lease could be extended to 10 years, for example.

So the correct thing to do is, make a new contract with the property owner.

Then keep in mind, most Cambodians will break a legal contract, if they see an opportunity to make more money, and there is little you can do about it.
MO lease to a barang let them build it up buy all the fixtures and make all the repairs then break the contract and have relatives run it. There is not a thing the barang can do about it if the owner is connected and most of who own buildings in desirable locations are connected. Especially with the restrains on visas, you no longer have a business so you no longer have a valid work permit, get out.
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by logos »

If a business is owned by a person, that person has a legal contract with somebody, and the business is sold to another person, the contract does not apply with the other person. Neither party has a legal obligation to abide by the terms of the contract. To have a legal contract, the new owner needs to make a new contract.
What a pile of garbage by "explorer"
You lecture about "the law" in the UK and Australia and write idiotic nonsense.
"A business owned by a company" Vs "by a person"?
Are you for real?
The business IS the company and thus in western countries commercial leases are in a business name for that very reason, you moron. Businessess are set up to protect against personal liability and to ensure continuity of existing contracts, including leases, in case of a transfer of the business, be it by sale, inheritance or whatever.

Yes in Cambodia that distinction seems lost as courts will normally with the locals when foreigners are involved. But stop writing utter nonsense about "the law" in western countries when you're as clueless as you seem to be.
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by Duncan »

logos wrote: Sat Oct 13, 2018 10:25 am
If a business is owned by a person, that person has a legal contract with somebody, and the business is sold to another person, the contract does not apply with the other person. Neither party has a legal obligation to abide by the terms of the contract. To have a legal contract, the new owner needs to make a new contract.
What a pile of garbage by "explorer"
You lecture about "the law" in the UK and Australia and write idiotic nonsense.
"A business owned by a company" Vs "by a person"?
Are you for real?
The business IS the company and thus in western countries commercial leases are in a business name for that very reason, you moron. Businessess are set up to protect against personal liability and to ensure continuity of existing contracts, including leases, in case of a transfer of the business, be it by sale, inheritance or whatever.

Yes in Cambodia that distinction seems lost as courts will normally with the locals when foreigners are involved. But stop writing utter nonsense about "the law" in western countries when you're as clueless as you seem to be.

Sounds like someone does not know the difference between, '' Business '' and ''Public Company '' and a '' Private Company ''

And that's just the start.
Cambodia,,,, Don't fall in love with her.
Like the spoilt child she is, she will not be happy till she destroys herself from within and breaks your heart.
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by taabarang »

beaker wrote: Sat Oct 13, 2018 9:44 am
explorer wrote: Sat Oct 13, 2018 7:18 am A bit more about law.

This would apply if a similar situation occurred in Australia or the UK, where the law is clearly defined.

If a business is owned by a company, that company has a legal contract with somebody, and the company is sold to a new owner, the contract is still binding with the company, so both parties have has a legal obligation to abide by the terms of the contract.

If a business is owned by a person, that person has a legal contract with somebody, and the business is sold to another person, the contract does not apply with the other person. Neither party has a legal obligation to abide by the terms of the contract. To have a legal contract, the new owner needs to make a new contract.

In reality, the owner of the property wants the business to continue to be successful, so he continues to make money. He may agree to a new contract with exactly the same terms as the previous one. He may also use this as an opportunity to increase the dollar value of the lease. Both parties can negotiate new terms. The lease could be extended to 10 years, for example.

So the correct thing to do is, make a new contract with the property owner.

Then keep in mind, most Cambodians will break a legal contract, if they see an opportunity to make more money, and there is little you can do about it.
MO lease to a barang let them build it up buy all the fixtures and make all the repairs then break the contract and have relatives run it. There is not a thing the barang can do about it if the owner is connected and most of who own buildings in desirable locations are connected. Especially with the restrains on visas, you no longer have a business so you no longer have a valid work permit, get out.
Quite so beaker. It is ridiculous to quote foreign law on a legal situation pertaining to KofW. What "the law" is depends on who is involved and under what circumstances. If you are a foreigner without a "ksai"
literally a string or connection, you are just Joe Shit the ragman in 'the eyes of the law."
As my old Cajun bait seller used to say, "I opes you luck.
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by Dilby »

frank lee bent wrote: Fri Oct 12, 2018 6:36 amyour feigned concern for potential buyers is absurdly transparent.
It's always about money with him.
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by Kammekor »

taabarang wrote: Sat Oct 13, 2018 10:45 am
Quite so beaker. It is ridiculous to quote foreign law on a legal situation pertaining to KofW. What "the law" is depends on who is involved and under what circumstances. If you are a foreigner without a "ksai"
literally a string or connection, you are just Joe Shit the ragman in 'the eyes of the law."
Interesting, never heard the word 'ksai' (string / connection / rope) used in this context. Usually I hear people use 'knong', a back, back up, or someone backing you up.
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by taabarang »

Kammekor, "knong" make's sense since we English speakers talk of having an inside (nau knong)connection just as we sometimes use the term."pulling strings.'. In any case I've heard "ksai" frequently used and used myself with that as the proper meaning. I have never used nor heard of your rendition, but I do not for one moment doubt it. Maybe we both need to get around a little more.
As my old Cajun bait seller used to say, "I opes you luck.
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Re: Lone Star Saloon Bar & Guesthouse FOR SALE in Phnom Penh, Cambodia: $69,000

Post by LaudJohn »

Cam Nivag wrote: Fri Oct 12, 2018 6:30 am

buying a particular business (one listed at more than 4X what it was listed for last year),
Please show me where it was advertised a year ago for under $17,000.

I would have bought it then for that.

As far as I know it was advertised by Greg for over $50k. I also know what Ronnie paid for it and it was a lot more than $20k. In fact it was not much more than he is asking now and it has a longer lease and improved financials.
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