After Resigning as OKX Product Manager: Takes Over Family BBQ Business, Pursues $500,000 SGD Bad Debt
Original Title: S'porean woman, 30, quits 6-figure tech job to save family roast meat business which was S$500,000 in bad debt
Original Source: Mothership
Original Translation: Lila, BlockBeats
Singaporean woman Joey Low returned home to help her father manage the family's roasted meat business after resigning from her high-paying six-figure tech job. To her surprise, she discovered that the family business had over S$500,000 in unrecoverable bad debt.
In a video posted on Instagram, she narrated her journey from a stable job in a tech giant to taking over the family business. She said, "I often ask myself: Is it too late to start over at 30 years old?"
According to Singaporean mainstream media Channel NewsAsia (CNA), Joey Low joined the family business full-time in 2024 at "Hup Cheong Roasted Food."
Upon entering the company, Joey Low discovered a significant amount of bad debt accumulated by the family business. One wanton noodle vendor owed them nearly S$260,000, while another company held almost 60% of their total debt. Her 54-year-old father, Tommy Low, expressed his shock, initially thinking the outstanding debts were around S$200,000.
Note: Bad debt refers to funds owed to a business or creditor that are highly likely to remain uncollectible, usually due to customer bankruptcy, insolvency, or other financial crises.
Former Tech Giant Product Manager
According to CNA, Joey Low previously served as a product manager at the well-known cryptocurrency exchange platform OKX.
Image Source: Joeylbao/Instagram
Before joining the family business full-time, this business administration graduate had been assisting part-time since she was 18 years old. In her Instagram video, she revealed that her parents separated in 2022, leaving her father to single-handedly sustain the entire company.
“The business that my parents spent decades building seemed to have lost a part of its soul, and my dad found it increasingly challenging to carry the burden alone,” Joey Low said, finding herself at a crossroads: whether to continue climbing the corporate ladder in a mega corporation or to return home and stand shoulder to shoulder with her father.
Image Source: Hupcheong/Instagram
She eventually chose the latter. CNA reported that she is now fully in charge of the company's operations, finance, human resources, marketing, and sales. Moreover, she also assists at the stall with cashiering and cutting meat when needed.
Family Business Established in 1985
“Hup Cheong Roast Meat” started from a market stall selling BBQ pork, roast pork, braised duck, roast duck, and white-cut chicken. This business later expanded into wholesale operations, a central factory, and multiple outlets, all managed by Joey Low's father, grandfather, and uncles.
Image Source: Hupcheong/Instagram
However, since the COVID-19 pandemic, the turnover at the market stall has plummeted by over 50%, and the company's factory lease is set to expire in 2027. Joey Low admitted that the factory will only be renewed if cash flow improves or outstanding debts are successfully recovered.
Furthermore, the business is facing a double whammy: escalating fixed costs and labor expenses, along with a consumer base highly sensitive to prices.
Successfully Recovered Around SGD 50,000
By implementing a weekly reconciliation mechanism, aggressively chasing customers for payment, and tightening payment terms, Joey Low has currently managed to recover around SGD 50,000. To diversify revenue streams, she has also launched a new brand, “Charrou,” to package and sell Hup Cheong’s roast meat products with a more modern brand image.
Charrou’s product line includes frozen meat and ready-to-eat bento sets, precisely targeting the pain points of the younger generation of consumers. The brand operates on a “payment first, delivery later” business model to provide a healthier cash flow for the parent brand, Hup Cheong.
Image Source: Joeylbao/Instagram
Currently, this father-daughter duo dedicates their weekdays to Hup Cheong, and weekends are fully devoted to running Charrou. The latter, after only one year of operation, has already surpassed a six-figure annual revenue.
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