Tuition center was poorly managed. Teachers left no replacement angry parents. Supposed to debt free but owe renovator $46K and teachers $80+K in back salaries.
If I have time I will share the story Abt my friend who paid $70K for computer school ...and found he got scammed.
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Stupid people deserved to get scammed.
They always explain that the scammer is really good. And that’s why they let their guard down.
In reality the victim was dumb and gullible, and usually greedy.
That’s how they get scammed.
Whether it is money or love scams.
There’s a new scam going around in sg. Some wechat insurance scam.
The caller will say the wechat insurance expiring today and you will have to start paying SGD$800 a month. Basically a social engineering scam where they aim to take over your wechat account and install a malicious app.
You can find more info over at Reddit. For China peepur and those with tiong mistresses.
A. Few years ago I receive a call from a friend to come down to help him with his newly acquired "computer school" the place was in a bit tomah shopping center. He bought it from a woman who was previously from China ....but it was a scam.
The student list was full but was phantom...teachers all left and the seller went back to China.
The material was all outdated like 10yrs old.
In the end had to write off the money.
Part of it was his own fault because he left his job and was eager to start a business so rushed into it.
(18-12-2024, 07:17 AM)p1acebo Wrote: [ -> ]Stupid people deserved to get scammed.
They always explain that the scammer is really good. And that’s why they let their guard down.
In reality the victim was dumb and gullible, and usually greedy.
That’s how they get scammed.
Whether it is money or love scams.
Blaming the victim..is like saying people deserve to be raped because they walk alone at night.
As the liabilities of the tuition center can be hidden and various problems only person managing it will know ...you depend on the integrity of the seller on these things.
(18-12-2024, 07:36 AM)sgbuffett Wrote: [ -> ]Blaming the victim..is like saying people deserve to be raped because they walk alone at night.
As the liabilities of the tuition center can be hidden and various problems only person managing it will know ...you depend on the integrity of the seller on these things.
She did not do her due diligence. Misplaced sympathy.
The correct way is to wipe the slate clean. Incorporate a new entity / company. Or have an underwriting to stipulate that the previous owner is liable for all previous debts owed etc. And have him / her sign it.
No sign no deal. Don’t rush and always DYODD. So simpur.
(18-12-2024, 07:47 AM)p1acebo Wrote: [ -> ]She did not do her due diligence. Misplaced sympathy.
There is a limit to due diligence in such small businesses operated by one person. The air con gas can take 12 months to leak and if owner don't tell you you won't know.
It's better to avoid buying small businesses because ilyou are better off starting one yourself.
(18-12-2024, 07:32 AM)sgbuffett Wrote: [ -> ]A. Few years ago I receive a call from a friend to come down to help him with his newly acquired "computer school" the place was in a bit tomah shopping center. He bought it from a woman who was previously from China ....but it was a scam.
The student list was full but was phantom...teachers all left and the seller went back to China.
The material was all outdated like 10yrs old.
In the end had to write off the money.
Part of it was his own fault because he left his job and was eager to start a business so rushed into it.
Your friend tried to scam u?
Never, never take over a company that is previously own by another person. If the company is profitable, why would the owner sell? There could also be many hidden debts that take long time to reveal. Better start from scratch. Begin with a small company and slowly expand if profitable.
(18-12-2024, 07:50 AM)sgbuffett Wrote: [ -> ]There is a limit to due diligence in such small businesses operated by one person. The air con gas can take 12 months to leak and if owner don't tell you you won't know.
It's better to avoid buying small businesses because ilyou are better off starting one yourself.
If the agreement is in tiong language, have it translated into English and stipulate that if there are variances in the 2, the latter version shall prevail.
(18-12-2024, 07:47 AM)p1acebo Wrote: [ -> ]She did not do her due diligence. Misplaced sympathy.
The correct way is to wipe the slate clean. Incorporate a new entity / company. Or have an underwriting to stipulate that the previous owner is liable for all previous debts owed etc. And have him / her sign it.
No sign no deal. Don’t rush and always DYODD. So simpur.
If the case go to the court, they only look at the owner's name in the rcb. Don't think anybody can just sign away the debt.
(18-12-2024, 08:00 AM)Clyde Wrote: [ -> ]If the case go to the court, they only look at the owner's name in the rcb. Don't think anybody can just sign away the debt.
The undertaking is important. Can be used to go after the conman for previous debts owing before takeover date. Of course best is to incorporate a new entity, but it may not always be possible or cost effective.
(18-12-2024, 07:36 AM)sgbuffett Wrote: [ -> ]Blaming the victim..is like saying people deserve to be raped because they walk alone at night.
As the liabilities of the tuition center can be hidden and various problems only person managing it will know ...you depend on the integrity of the seller on these things.
Always be alert and exercise situational awareness.
If you are dressed to the nines with nice titties and smelly meow meow with a pert ass, will you insist on walking into a dark alley filled with many lurking banglas in the shadows? Common sense right?
Same for HDB and condo sale in Singapore where the Govt also managed it like Robbers Den. If the house is leaking or renovation cost not paid, these must be mandated in the selling details and the law can take over.
(18-12-2024, 07:02 AM)sgbuffett Wrote: [ -> ]Tuition center was poorly managed. Teachers left no replacement angry parents. Supposed to debt free but owe renovator $46K and teachers $80+K in back salaries.
If I have time I will share the story Abt my friend who paid $70K for computer school ...and found he got scammed.
If you have time, could you please update us on what happened with the canteen cashier? We need closure on this matter, as it feels like a scam with an incomplete story.
(18-12-2024, 07:17 AM)p1acebo Wrote: [ -> ]Stupid people deserved to get scammed.
They always explain that the scammer is really good. And that’s why they let their guard down.
In reality the victim was dumb and gullible, and usually greedy.
That’s how they get scammed.
Whether it is money or love scams.
Most victims are gullible and greedy and pray on Hope.
(18-12-2024, 10:09 AM)pinkpanther Wrote: [ -> ]If you have time, could you please update us on what happened with the canteen cashier? We need closure on this matter, as it feels like a scam with an incomplete story.
In the end Sgbuffet found out the cashier was a tranny, so he sodomised her instead. End of Story
why dun get a lawyer to help close deal? this kinda biz lawyer fee only a few hundreds dollars.
(18-12-2024, 10:15 AM)p1acebo Wrote: [ -> ]In the end Sgbuffet found out the cashier was a tranny, so he sodomised her instead. End of Story
They also fell in love and end up having violent sex daily but kiss up at day end. Rinse and repeat.
(18-12-2024, 08:34 AM)Wy:Nox Wrote: [ -> ]Same for HDB and condo sale in Singapore where the Govt also managed it like Robbers Den. If the house is leaking or renovation cost not paid, these must be mandated in the selling details and the law can take over.
New owner to pay the renovation debt?? Don't scare me.
True??
(18-12-2024, 10:15 AM)p1acebo Wrote: [ -> ]In the end Sgbuffet found out the cashier was a tranny, so he sodomised her instead. End of Story
The casher could be married with a few children already, that’s why no follow up
The cashier might be married to ah Butt best friend...sad ending!