Yesterday, I had a client for my "HOW TO SET-UP AND MANAGE A LOTTO OUTLET" seminar (a 2-hour One-on-One for only P2,000 per head).
1. He heads the IT Department of one of the largest Business Conglomerate in the country that is into varied industries.
2. My client is looking at opportunities for entrepreneurship which could be complementary to his profession and Lotto interested him
because of its simplicity and probably, it is also IT-based.
3. During the seminar, he made known of an offer from a Lotto agent west of Manila to sell his existing outlet for the sum of P1,000,000 (or US$21,505.00). Rent is only P7,000 (or US$150) and it is in a busy section of Manila ( or so he thought). The reason given by Lotto Agent for selling is he is going abroad. I advised him not to buy because:
a. There are only 2 reasons why a Lotto agent will sell his Lotto
Outlet:
a.1 It is losing money
a.2 It has problems (in debt, owes money to the
PCSO, (the govt Lotto franchisor) or is in a
crime-ridden area
b. Sales is not as high as the reported P20,000/day sale (My
client did in fact verify from the residents around the
Lotto outlet area that sales is poor.
c. The area where the Lotto is located is bordered by several
big malls that have already Lotto outlets inside (which are
are more convenient for bettors to go to)
d. Lastly, if he paid P1,000,000 for his Lotto outlet, it will take
him about more than 4years to get his money back.!!!! I told
him for that money, he could put-up several roadside outlets
already.
4. More Last, when you buy an existing Lotto outlet, BE
WARNED AS THE CONTRACT OF AGENCY IS BETWEEN PCSO
AND THE LOTTO AGENT. YOU , AS THE NEW BUYER, IS NOT
PART OF THAT CONTRACT AND HENCE, HAVE NO RIGHT TO
OPERATE THAT OUTLET WITHOUT THE EXPRESS CONSENT
OF PCSO. YOU MIGHT LOST YOUR SHIRT!!!!
The seminar was followed with a tour of my existing outlet. In parting, my client found the seminar WELL WORTH THE MONEY SPENT. He is now seriously considering putting up a lotto outlet but
in a location that I have RECOMMENDED.
A PARTING SHOT-- WHY IS IT PEOPLE WHO WANT TO GET RID OF SOMETHING ALWAYS SAY I AM SELLING BECAUSE I AM GOING ABROAD????
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