After Resigning as OKX Product Manager: Taking Over Family BBQ Business, Chasing $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

Singaporean woman Joey Low, after resigning from a six-figure salary tech job, returned home to help her father manage the family's roast meat business. 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 of transitioning 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?"

According to Singapore's mainstream media 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 in the family business. One wanton noodle merchant owed them nearly S$260,000, while another company made up almost 60% of their total debt. Her 54-year-old father, Tommy Low, expressed his shock as he initially thought the external debts were around S$200,000.

Note: Bad debts refer to funds owed to a business or creditor that are highly unlikely to be recovered, usually due to factors such as the customer declaring bankruptcy, insolvency, or other financial crises leading to default.

Former Tech Giant Product Manager

According to CNA, Joey Low previously served as a product manager at the renowned cryptocurrency exchange platform OKX.

Image Source: Joeylbao/Instagram

Prior to dedicating herself full-time to the family business, this business management 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 alone to single-handedly sustain the entire company.

"The business that my parents spent decades building seemed to lose 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: either continue climbing the corporate ladder in a large factory or go back home to stand side by side with her father.

Image Source: Hupcheong/Instagram

She ultimately chose the latter. According to CNA, she is now overseeing all aspects of the company's operations, finance, human resources, marketing, and sales. Furthermore, she also steps in to help with cashiering and cutting meat at the stall when needed.

Family Business Established in 1985

"Hupcheong BBQ Meat" started from a market stall selling BBQ pork, roast pork, braised duck, roast duck, and white-cut chicken. This business gradually 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 onset of 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 admits that the factory's renewal is only possible if there is an improvement in cash flow or successful debt recovery.

In addition, the business is facing multiple pressures: escalating fixed costs and labor expenses, and a consumer base highly sensitive to prices.

Successful Recovery of Around $50,000

By implementing a weekly reconciliation mechanism, aggressively following up with customers for payment, and tightening payment terms, Joey Low has successfully recovered around $50,000. To expand revenue streams, she has also launched a new brand, "Charrou," to modernize the branding and sales of Hupcheong's BBQ products.

Charrou's product line includes frozen meat products and ready-to-eat bento boxes, accurately targeting the consumption pain points of the younger generation. The brand has adopted a "payment upfront, delivery later" business model to provide a healthier cash flow for the parent brand, Hupcheong.

Image Source: Joeylbao/Instagram

Currently, this father-daughter duo devotes their weekdays to their day jobs and spends their weekends fully focused on managing Charrou. The latter, after operating for just one year, has already surpassed a six-figure annual revenue.

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