insight
工程技术，地产投资，信仰家园，时尚生活
正文
Me & My Money Series (Sunday Times)
Feb 20, 2011
Never too old to start new businesses
Entrepreneur founded three firms, the latest when he was aged 81
By Lorna Tan, Senior Correspondent
A successful entrepreneur, Mr William Yong lives the adage that one is never too old to venture into new territory.
His main business had been office supplies, but three years ago, when he was a ripe 81 years old, he set up a business in the health supplement sector.
Called ODC Healthcare, it distributes health supplements like Le Beau Sheep Placenta capsules and Royal Black Garlic capsules, which Mr Yong religiously takes himself. The average turnover of the firm is $1 million.
His other business, ODC Technology, which supplies office equipment such as barcode printers, sees an average annual turnover of $2.5 million.
He also owns ODC Investments, which is a holding firm for his property purchases.
The fifth child in a family with 13 children, he had to leave school after Secondary 1 because the family needed him to earn an income. He helped out in his father's tailoring business for four years before joining Ford Motor as an accounts clerk earning $110 a month.
He later joined the accounts departments of Nestle and then United States cigarette firm Muller & Philips, rising up the ranks to become chief accounts clerk.
In 1958, he set up his own firm Office Development Corp, which supplied office equipment such as staples, carbon paper and ballpoint pens. Its paid-up capital was $5,000.
He operated out of his father's tailor shop, before moving to a 2,000 sq ft unit at Bras Basah Complex in 1980.
He moved to his current 12,000 sq ft office-cum-factory premises in Kallang Pudding Road in 1994. Now he has 30 staff members, including his wife and two children who are the firm's directors.
In 1977, Mr Yong renamed Office Development Corp as ODC Technology.
By 2007, he had increased the company's paid-up capital to $6 million. ODC Investments was started in 2000.
He started investing in shares when he was 50. His stock portfolio is now worth about $500,000.
So far, his best investments are in commodities and properties, he said.
His wife Jenny Koh, 77, is ODC Technology's production director. Son Arnold, 54, is the company's managing director, and daughter Jennifer, 42, is the accounts director of the company.
Q: Are you a spender or saver?
I am largely a saver. I could save 60 per cent of my pay when I was saving very hard to start my business. Branded goods do not appeal to me. While I do eat at restaurants occasionally, especially when entertaining business guests, I am equally comfortable with hawker food and home-cooked meals.
Q: How much do you charge to your credit cards every month?
I charge about $3,000 monthly to my three credit cards and my cash withdrawal is about $2,500 monthly.
Q: What financial planning have you done for yourself?
My investments are in shares, commodities and properties. I have invested $500,000 in shares, $1.2 million in commodities (gold and silver), and my office properties are worth about $4.8 million.
For stock picks, I read broker reports and talk to my remisier friends from DBS Vickers. I monitor about seven counters regularly and will sell the counter if the share price rises more than 20 per cent. The shares include OCBC Bank, Ezra, SembMarine and Swiber.
In 2006, I read from the newspapers that gold is a good investment. I bought gold and silver certificates at United Overseas Bank for $450,000. Now they are worth about $1.2 million. I plan to keep them for the long term.
Q: Moneywise, what were your growing-up years like?
My parents were Chinese Hakka immigrants who came to Singapore in the 1920s. I had a dozen siblings and I was the fifth child. We lived in a rented three-storey shophouse in Cross Street in the Chinatown area. My father was a tailor and my mother, a housewife.
Times were hard during those days, and I had to quit school after Secondary 1 to start working. My father became depressed and drank heavily after the Japanese Occupation because his shop was looted and he lost everything he had worked for. He died at the age of 56 in 1946.
Those early growing-up years taught me to appreciate the value of money and to be frugal. Back then, our meals were mainly porridge with tapioca and sweet potato. My siblings and I shared books and clothes.
Q: What property do you own?
I own a residential property and an office-cum-factory.
I bought a freehold 2,000 sq ft condominium in Lower Delta Road in 1985 for $520,000 and it is now worth about $2.8 million.
My 12,000 sq ft freehold office-cum-factory premises at Tong Lee Building in Kallang Pudding Road, which comprises four units, was bought in 1990 for $1.8 million. It is now worth about $4.8 million. Of the four units, I am using two and renting out the other two at an annual yield of 8 per cent. At one time, I owned 10 office-cum-factory units in the building, but have since sold six of them.
Q: What's the most extravagant thing you have bought?
In the 1980s, I bought four Rolex gold- and diamond-studded watches for about $25,000 each, and one Vacheron Constantin diamond watch for $40,000 from Great Eastern Watch in Singapore. The watches are now worth about $50,000 each. They are good investments. I change watches daily during the work week.
Q: What's your retirement plan?
I have no retirement plans. I am still strong and fit, and intend to continue working for as long as I can. It is not so much for financial reasons as I have sufficient assets and cash. But working keeps me going, both mentally and physically. I contribute to the National Kidney Foundation and the Children's Society on an ad hoc basis and will continue to do so.
Q: Home is now...
My condo in Lower Delta Road. I live with my wife and daughter.
Q: I drive...
A blue Mercedes model S350 bought two years ago for $280,000.
lorna@sph.com.sg
---------------------------------------------------------------------
WORST AND BEST BETS
Q: What has been your worst investmenttodate?
I incurred a loss of $2 million in 2003 when a customer did not pay for office supplies (mainly fax ribbons), which were sold and delivered to him. He had given me good business in the previous two years and paid regularly in hard cash till he got busted for fraud. I even invested in additional manpower and materials to fulfil that customer's orders. He was involved in a major legal tussle here and in the United States, selling imitation goods there using our products.
He was made bankrupt, so I didn't take legal action after consulting our lawyer.
I wrote off the loss.
Q: And your best investment?
My commodity investments. I bought about $450,000 worth of gold and silver shares in 2006 and they are worth about $1.2 million now.
Never too old to start new businesses
Entrepreneur founded three firms, the latest when he was aged 81
By Lorna Tan, Senior Correspondent
A successful entrepreneur, Mr William Yong lives the adage that one is never too old to venture into new territory.
His main business had been office supplies, but three years ago, when he was a ripe 81 years old, he set up a business in the health supplement sector.
Called ODC Healthcare, it distributes health supplements like Le Beau Sheep Placenta capsules and Royal Black Garlic capsules, which Mr Yong religiously takes himself. The average turnover of the firm is $1 million.
His other business, ODC Technology, which supplies office equipment such as barcode printers, sees an average annual turnover of $2.5 million.
He also owns ODC Investments, which is a holding firm for his property purchases.
The fifth child in a family with 13 children, he had to leave school after Secondary 1 because the family needed him to earn an income. He helped out in his father's tailoring business for four years before joining Ford Motor as an accounts clerk earning $110 a month.
He later joined the accounts departments of Nestle and then United States cigarette firm Muller & Philips, rising up the ranks to become chief accounts clerk.
In 1958, he set up his own firm Office Development Corp, which supplied office equipment such as staples, carbon paper and ballpoint pens. Its paid-up capital was $5,000.
He operated out of his father's tailor shop, before moving to a 2,000 sq ft unit at Bras Basah Complex in 1980.
He moved to his current 12,000 sq ft office-cum-factory premises in Kallang Pudding Road in 1994. Now he has 30 staff members, including his wife and two children who are the firm's directors.
In 1977, Mr Yong renamed Office Development Corp as ODC Technology.
By 2007, he had increased the company's paid-up capital to $6 million. ODC Investments was started in 2000.
He started investing in shares when he was 50. His stock portfolio is now worth about $500,000.
So far, his best investments are in commodities and properties, he said.
His wife Jenny Koh, 77, is ODC Technology's production director. Son Arnold, 54, is the company's managing director, and daughter Jennifer, 42, is the accounts director of the company.
Q: Are you a spender or saver?
I am largely a saver. I could save 60 per cent of my pay when I was saving very hard to start my business. Branded goods do not appeal to me. While I do eat at restaurants occasionally, especially when entertaining business guests, I am equally comfortable with hawker food and home-cooked meals.
Q: How much do you charge to your credit cards every month?
I charge about $3,000 monthly to my three credit cards and my cash withdrawal is about $2,500 monthly.
Q: What financial planning have you done for yourself?
My investments are in shares, commodities and properties. I have invested $500,000 in shares, $1.2 million in commodities (gold and silver), and my office properties are worth about $4.8 million.
For stock picks, I read broker reports and talk to my remisier friends from DBS Vickers. I monitor about seven counters regularly and will sell the counter if the share price rises more than 20 per cent. The shares include OCBC Bank, Ezra, SembMarine and Swiber.
In 2006, I read from the newspapers that gold is a good investment. I bought gold and silver certificates at United Overseas Bank for $450,000. Now they are worth about $1.2 million. I plan to keep them for the long term.
Q: Moneywise, what were your growing-up years like?
My parents were Chinese Hakka immigrants who came to Singapore in the 1920s. I had a dozen siblings and I was the fifth child. We lived in a rented three-storey shophouse in Cross Street in the Chinatown area. My father was a tailor and my mother, a housewife.
Times were hard during those days, and I had to quit school after Secondary 1 to start working. My father became depressed and drank heavily after the Japanese Occupation because his shop was looted and he lost everything he had worked for. He died at the age of 56 in 1946.
Those early growing-up years taught me to appreciate the value of money and to be frugal. Back then, our meals were mainly porridge with tapioca and sweet potato. My siblings and I shared books and clothes.
Q: What property do you own?
I own a residential property and an office-cum-factory.
I bought a freehold 2,000 sq ft condominium in Lower Delta Road in 1985 for $520,000 and it is now worth about $2.8 million.
My 12,000 sq ft freehold office-cum-factory premises at Tong Lee Building in Kallang Pudding Road, which comprises four units, was bought in 1990 for $1.8 million. It is now worth about $4.8 million. Of the four units, I am using two and renting out the other two at an annual yield of 8 per cent. At one time, I owned 10 office-cum-factory units in the building, but have since sold six of them.
Q: What's the most extravagant thing you have bought?
In the 1980s, I bought four Rolex gold- and diamond-studded watches for about $25,000 each, and one Vacheron Constantin diamond watch for $40,000 from Great Eastern Watch in Singapore. The watches are now worth about $50,000 each. They are good investments. I change watches daily during the work week.
Q: What's your retirement plan?
I have no retirement plans. I am still strong and fit, and intend to continue working for as long as I can. It is not so much for financial reasons as I have sufficient assets and cash. But working keeps me going, both mentally and physically. I contribute to the National Kidney Foundation and the Children's Society on an ad hoc basis and will continue to do so.
Q: Home is now...
My condo in Lower Delta Road. I live with my wife and daughter.
Q: I drive...
A blue Mercedes model S350 bought two years ago for $280,000.
lorna@sph.com.sg
---------------------------------------------------------------------
WORST AND BEST BETS
Q: What has been your worst investmenttodate?
I incurred a loss of $2 million in 2003 when a customer did not pay for office supplies (mainly fax ribbons), which were sold and delivered to him. He had given me good business in the previous two years and paid regularly in hard cash till he got busted for fraud. I even invested in additional manpower and materials to fulfil that customer's orders. He was involved in a major legal tussle here and in the United States, selling imitation goods there using our products.
He was made bankrupt, so I didn't take legal action after consulting our lawyer.
I wrote off the loss.
Q: And your best investment?
My commodity investments. I bought about $450,000 worth of gold and silver shares in 2006 and they are worth about $1.2 million now.
评论
目前还没有任何评论
登录后才可评论.
