For those living around Bedok, you might be familiar with Borobudur Snacks Shop, an Indonesian pastry and cake shop that is located at 537 Bedok North Street 3.
After nearly four decades of running the business, its owner Simon Tay has recently made the decision to retire, mostly due to work injuries and old age.
And that’s not all.
Mr Tay, 74, is also selling everything from the business, including its shop, factory and equipment, for a price tag of $4 million.
His 69-year-old wife, who works with him, will be retiring together with him as well.
Business First Established in 1980s
When speaking to 8days, Mr Tay shared that Borobudur Snacks Shop was first opened by Indonesian-born Chinese Singaporean Richard Goh in the 1980s.
Mr Tay joined the business as a partner in 1993, and took over the business by himself as the co-owner after Mr Goh passed in 1996.
And for those who haven’t been to the shop before, the store mainly sells Nonya kueh, such as their famous ang ku kueh and kueh lapis.
Expansion of Company Due to High Demand
Mr Tay told Shin Min Daily News about how the business managed to churn out nearly 1,000 of such kueh on a daily basis when the business was at its peak.
He also shared that they would supply these kueh to at least ten well-known local hotels, and that the kueh would get distributed to other retail stores in Singapore as well.
As time passed, there was a rise in the number of food courts in Singapore, creating stiffer competition. The company also experienced more competition in the wholesale market, prompting Mr Tay to change the business’ target audience.
In particular, he focused the business on supplying kueh to buffet operators.
A factory was also set up at Mandai Link in 2004 to better cope with the increasing demand for the store’s Nonya kueh.
Apart from that, he also chose to try experimenting with innovative kueh lapis flavours such as palm sugar, green bean and durian.
Found Buyer Willing to Take Over Business for $4 Million
Mr Tay revealed to 8days as well that he started searching for a buyer before the COVID-19 pandemic begin, and touched on how business was affected to a certain extent when the pandemic hit.
However, he also added that business has bounced back ever since.
Mr Tay also shared that he has found someone who is willing to fork out the $4 million to take over the business.
According to AsiaOne, the prospective buyers are a young couple.
He added that his shop and factory are worth over $3 million, and that other aspects such as the shop’s equipment and the “goodwill” it has with suppliers and patrons bring the total amount that his business is worth to more than $4 million.
However, he will still be sticking with the $4 million price tag.
New Owner Must Learn How to Make Kueh for 1 Year First
Even though the contract has yet to be signed, the shop’s successor have already begun to learn the ropes of making kueh since April this year.
Mr Tay also insisted that the new owners should learn how to make the kueh for a year before being ready to run the company.
He expressed that the new potential owners are hardworking, and that he has no doubts about handing his four-decade-old business to a younger generation.
However, he also noted that the successors are new to learning how to make Nonya kueh, meaning that much work and effort still has to be put in.
In Mr Tay’s opinion, the recipes, which are included in the $4 million, can only serve the new owner by teaching one the fundamentals of making kueh; the rest is still up to the hard work that one has to put in to master the art of making kueh.
One of his other conditions for selling the business is also that the new owners have to look after Mr Tay’s existing employees, some of which have worked for him for over a decade.
Retirement Plans
Despite the whopping amount of money that Mr Tay will make by selling his entire business, he expressed that he still feels sorrow at having to sell it since no one in his family is willing to take over the business.
However, he admitted that he is getting on in age, and that he should take a rest after manning the business for such a long time.
He then shared that he and his wife have a daughter who currently lives in Canada, and that both his wife and daughter approve of him selling his business.
As for what plans he has in store after retirement, he said that he intends to take a break and take his wife on a holiday, and that the couple may visit Canada as well.
Featured Image: Shin Min Daily News