A bold decision was made by Joey Low, a 30-year-old woman who chose to leave her brilliant career as a product manager at global crypto asset company OKX. The drastic decision was taken to save Hup Cheong Roasted Food, a family culinary business established in 1985 that was on the verge of financial collapse.
After stepping directly into the business in 2024, Joey discovered shocking facts about the company's financial condition. The business, pioneered by her father, Tommy Low, turned out to be burdened by bad debts amounting to SGD 500,000 or around IDR 7 billion. One of the largest contributors to the arrears came from a wonton noodle business partner who owed up to IDR 3.6 billion.
Hup Cheong Roasted Food, once known as a legendary stall selling char siu and roasted duck, hit a rough patch due to the COVID-19 pandemic. A drop in physical outlet sales of over 50 percent, combined with rising operational costs and a factory lease set to expire in 2027, put the family business in a vulnerable position.
Unwilling to let her parents' legacy crumble, Joey implemented more disciplined financial management. She began keeping regular records of delinquent customers and contacting them personally. This firm step successfully recovered SGD 50,000 back into the company's coffers.
In addition to financial restructuring, Joey innovated by launching a new brand called Charrou. This frozen roasted meat and ready-to-eat food product is specifically designed to reach the youth market with an upfront cash payment system to keep cash flow stable. Today, this transformation strategy is bearing fruit with steadily increasing revenues, offering a new glimmer of hope for the future survival of the Low family business.
