27th Negotiation with shop owner at 6pm

27th Negotiation with shop owner at 6pm


Lersi Sompit @ Three Treasures 13th to 19th of August

Luang Phor Nien @ Three Treasures on 21st to 26th

Lersi Phuttavet @ Three Treasures 31st August to 6th September

Lersi Kalong @ Three Treasures on 24/09 to 01/10

Three Treasures proudly invites Lersi Pu Sompit to town on 05/10 to 11/10

Fortune telling @ Three Treasures 25/10 to 18/11


The above had been directly copy and paste from a forum thread by shop owner. Is the sequence of event held during the period of investment by ABS.

EVENTS IN red denotes financial involvment by ABS such as air tickets, accomodation, transport, even cash top ups when shop owner did not enough to pay the visiting master.

Others ABS absolutely avoided any involvment except bringing those master for food and/or entertainment.

27th Oct Negotiation at Three Treasure LLP 6pm sharp.

This negotiation is for withdrawal of ABS private investment in Three Treasures LLP.
Person present

1. The shop owner
2. ABS
3. shop owner uncle.

Meeting started with the uncle requested to speak. ABS agree in respect for age and seniority.

Uncle started calculating the rent for both shop since ABS involvement in the business.
$1650 X 4 months = $6600 (rightful amount)

but somehow he able to derive figure of $4950.
Next he claimed he calculated with shop owner since this period, biz has got only abt $5000 profit. No sales record shown.
Thus asking ABS > "simple calculation.... profit left $50 !"

Next he mentioned both shop owner and ABS had agreed that shop owner total value of this business is at abt $25-26k including all registration, stock, fixtures, furntiure and of course good will. ABS had earlier accepted. But we use $30k for easy calculation.

Uncle mentioned, if you agree , then have you (ABS) pay the half share in cash which is $15K ?

ABS of course say no. Simply then uncle say then you have not pay the $15k then how and why you should claim 50% share and divide the inventory of this business.

ABS involvment is to contribute cash, renovation and as per shop owner proposal, took up another smaller unit opposite the existing one.

ABS upgraded, renovated, purchased new furnitures, gave out cash support for purchasing, thailand trip, temp staff wages and of course rental and rental deposit for the new and exisitng shop.

As such total amount ABS contributed amounts to over $36k. Of which ABS may claim more then 50% share in the business. But for easy administration, both party agreed to 50-50 share holding.

So ABS  explained the above. As such ABS did not have to pay the shop owner the $15K as per mentioned above. If ABS did so , he may hold up to 75% share in this business.

Uncle immediately said who knows the $36K you mentioned is really for the shop or you mark up , nobody knows.

any expenses via ABS have got receipts, cheque payment transaction records etc. ABS had been requesting shop owner to make time to discuss this accounting issue ; i.e. to verify all ABS receipts and his set of expenses accounts and for ABS to check on all sales and expense record by the shop owners. unfortunately, nothing realise and been dragged on to date.

From day 1 to date, the shop owner handled all sales; including of collecting monies. Nothing - incoming revenue has been pay out to ABS. ABS had not collect any mony from any clients whom made purchases from the shop.

All money had been collected and kept by shop owner from DAy 1 ABS involvment.

As such,
1. shop owner had avoided to discuss accounts issue.
2. never keep a proper sales records
3. kept all sales money
4. shop owner and uncle may easily put a claim that shop has got only $5k profit without showing any sales records, documents , etc.

To uncle -

ABS has got the following comments.

I had early rejected shop  owner proposal of having uncle been the neutral 3rd party during the meeting simply :-

From my obervation; uncle daily appearance in the shop is to have a free ride on this ship to reach his destination. Meaning he trying to sell his collections in the shop via the shop owner, both make profit, yet I pay the rental and expenses. Indeed a free meal !

As for the meeting, for so much uncle trying to put  across to me during the meeting, i really felt like telling him:
just be a man, tell me straight in the face. In all uncle trying to tell me , i can say it in one single sentence that is  - dun remove anything and leave it for you and shop owner to use abosultely free of charge.

Why waste my time listening to unreasonable stuff ?

So ABS suggested for easy management of situation, as before his involvment, all items in the shop remained till today except one shower screen and a sink been removed and disposed.

So since all agree that we (ABS and shop owner) should share in 50-50 for all profit and expenses, so we discuss based on items by items.... mainly the following

1. renovation - include altar feature walls, altar table
2. furniture
3. electrical fixtures
4. master events - air tickets, food, any expenses and sales
5. staff wages
6. rental.


First we discuss rental. mid July - shop owner suggested taking the opposite smaller unit. ABS agreed and paid in cheque. followed by subsequent months for both units for 2 months.

When ABS showed that a request had been made to OCBC for details of such cheques transactions , which been issued by ABS for rental payment; both readily agreed that since is a 4 months period and each shall liable for 2 months of rental each. Fair enough. However, uncle immediately reminded me that since cheque is given to shop owner for the rental, so is his responsibility whether he did pay for that  month rental or not. I agreed.

                          Unit 04-40                                                       Unit 04-46
                          - Rental deposit  $650  by ABS                  
15/7 to 14/8      - month rental    $650  by ABS             20/7 to 19/8  - month rental $1000 by ABS
15/8 to 14/9      - month rental  - $650 by ABS              20/8 to 19/9  - month rental $1000 by ABS
15/9 to 14/10    - month rental - ???                               20/9 to 19/10 - month rental ????
any action not known
15/10 to 14/11  - month rental - ???                               20/10 to 19/11  - month rental ????
any action not known
from sms received by ABS from shop owner, shop owner had been in consistant in his answer as to if that 2 months rental had been paid.  Once he mentioned he is in a disco meeting a boss to borrow money for purpose of paying the 2 months rental, next day when questioned again, he mentioned one month not pay only which is the coming month.
          A rather funny and fast reaction from both!
This issue is easy to resolved. Thanks to OCBC !


Master events.

1. Lersi Sompit @ Three Treasures 13th to 19th of August

2. Luang Phor Nien @ Three Treasures on 21st to 26th August

3. Lersi Phuttavet @ Three Treasures 31st August to 6th September

4. Lersi Kalong @ Three Treasures on 24/09 to 01/10

5. Three Treasures proudly invites Lersi Pu Sompit to town on 05/10 to 11/10

6. Fortune telling @ Three Treasures 25/10 to 18/11

From mid july to the 1st event, the shop been renovated, shop owner made a trip to Thailand.
ABS supported the 1st 2 events immediately after the revamped. Having the plans that subsequently , the business should be fully operational in terms of adminstrative and logistic, etc.
and business should or must be self substainable , never mind profit or not.


Shop owner still did not have any sales record to show and simply gave a figure to represent all.

Event 1 - Lersi Sompit @ Three Treasures 13th to 19th of August
not resolve as shop owner cannot give the figures.
ABS -  is he trying to balance the sales figure as now he knows my total expenses for this event? simply he will need more time for this as I know how much is been paid to the master !


Event 2 - Luang Phor Nien @ Three Treasures on 21st to 26th August

ABS expenses

1. SGD$1300 air tickets
2. SGD$ 400 cash top up - as shop owner has got not enough to pay the master for master rightful share of profit !
3. SGD$ 89.88 food
4. SGD$70.00 cable car trip
5. SGD$96.00 night safari trip
Total of $1,955.88

ABS personal contribution to master for sake of shop image
NOT TO BE CHARGED TO SHOP EXPENSES !

1. SGD$3048.78 amulets purchsed (products)
2. SGD$500.00 urn purchased for shop
3. SGD$2000.00 cash donation to master for temple building.
Total of SGD$5,548.78

As during payout to master on master's last day in Singapore. Shop owner calculated and master shall be paid an amount of close to SGD$1600.00. Master took only SGD$1500 and push the rest of less then $100 to shop owner (as master did not know am the partner at that time) Shop owner took the money.  During payout, shop owner told me that he was short of $400 and ask me to top up. I had to agreed at that time as is a very bad image for the shop if we do not have enough to pay the master.

In this trade, is common to have a 50-50 profit sharing between the shop (host) and the  invited master. As such for this, is easy to calculated. 

Total shop sales should be approx more then $3k. Master took $1500 and the shop has got $1500.
But during pay our shop owner is short of $400 and took from ABS !

So where did the $1900 go to ?
Shop owner - Pay rent lah !
ABS - didn't i give you the rental ?
Shop owner - oh ya ah. I check.

??????????????????????????????????????????????????????????????

Not necc to pursue this matter, ABS derive a figure of which shop owner agree to pay up.

With ABS contribution, the master able to bring back slightly more then SGD$7,000 for his temple building funds. With out ABS personal contribution, master will only have abt SGD$2,000 to bring back.