S'porean woman, 30, quits 6-figure tech job to save family roast meat business which was S$500,000 in bad debt

A Singaporean woman left her six-figure tech job to help her father run the family's roast meat business, only to find that the firm was owed more than S$500,000 in unpaid debts.

In a video posted to Instagram, Joey Low spoke about her journey from a stable corporate job to managing her family's business.

"I often ask myself this question, is 30 too late to start over?"

According to CNA, she joined the family business, Hup Cheong Roasted Food, full-time in 2024.

Upon joining, Low discovered that the family business had bad debts, including a wanton noodle business which owed them nearly S$260,000 and another business accounted for around 60 per cent of their debts.

Her father, Tommy Low, 54, said he was shocked and initially thought that their business was owed around S$200,000.

Bad debts are funds owed to a business or lender that they are unlikely to get back as customers default due to bankruptcy, insolvency or other financial problems.

Previously a product manager

Low was previously a product manager at cryptocurrency exchange OKX, reported CNA.

Before joining the family business on a full-time basis, Low, a business management graduate, helped out part-time since she was 18.

In an Instagram video, she said her parents went their separate ways in 2022, leaving her father to manage the business alone.

"The business that my parents spent decades to build lost a part of its soul and it became difficult for my dad to carry everything by himself."

Low said she found herself having to choose between climbing the corporate ladder or running the family business alongside her father.

She chose the latter and now oversees the business's operations, finance, human resources, marketing and sales, reported CNA.

She also assists at the stalls when needed.

Business started in 1985

Hup Cheong Roasted Food started as a market stall selling meats such as char siu, roasted pork belly, braised and roasted duck, and chicken.

The business, which later expanded into wholesale, a factory, and other stalls, was run by Low's father, grandfather, and uncle.

However, market stall sales fell more than 50 per cent since the Covid-19 pandemic, and the firm's factory lease ends in 2027.

Low said an extension is only possible if cash flow improves or debts are recovered.

The business also faced challenges such as rising overheads and manpower costs, and a price-sensitive customer base.

Recovered around S$50,000

After running a weekly tracker on who owes money, calling customers and pushing for tighter payment terms, Low has recovered around S$50,000.

To increase revenue streams, Low also launched a new brand, Charrou, to sell Hup Cheong's roasts under a modern label.

Charrou's menu, which includes frozen meats and ready-to-eat meals, caters to a younger crowd.

The business has a pay-first model to ensure better cash flow for Hup Cheong.

The father-daughter pair allocates their weekdays to Hup Cheong and weekends to Charrou, and the latter has reached a six-figure revenue after a year.