advocate wrote:Make sure you have a non competion agreement that prevents the former owner from soliciting his past clientele, and doing any sort of competitive business in your trading area for at least 5-8 years.
Non-comp agreements for that length of time are not even enforcable in western countries. Even less so here.
They are enforceable in Western countries, but I may have been over reaching as to the length of time. It's been awhile since i was in the game.
They can be ruled to be unenforceable if they are deemed unreasonable by a court. The length of time and size of geographical area must be reasonable.The length of time can be different depending on the individual circumstances, but I doubt 3 years would be deemed unreasonable.
Not sure how enforceable in Thailand, but can do no harm by having one.
advocate wrote:Make sure you have a non competion agreement that prevents the former owner from soliciting his past clientele, and doing any sort of competitive business in your trading area for at least 5-8 years.
Non-comp agreements for that length of time are not even enforcable in western countries. Even less so here.
Yes, exactly! The only people that will benefit from any "agreement" are the Lawyers; for the next 10 years.
May you be in heaven half an hour before the devil know`s you`re dead!
One can only hope that you are purchasing from an honorable gentleman who is of good character and will honor whatever agreement you come to. There is of course no guarantee.
As part of due diligence, I would not only investigate the business and competition, but also the seller. A search of the internet, but also both criminal and civil court registers here and in his home country may bring info to light that would discourage the purchase. If he has convictions for fraud or has been sued for past dealings, you may want to reconsider.
