It was reported in the Straits Time today that the boss of the Emporium, Mr. Lim Tow Yong, passed on at the age of 87.
As I only migrated to Singapore in the 1990s, I did not know much about Mr. Lim’s personal story until Adam Khoo shared his story with me and the rest during our Wealth Academy Workshop.
Why is Mr. Lim’s story so inspiring? It went back to three decades ago when he faced a big challenge in his life. His company, the Emporium Group was once a successful company with an annual turnover peaked in 1984 at $300 million. His stores were in Singapore, Malaysia and Hong Kong. Unfortunately, Singapore suffered from the worst economic recession in the mid-1980s and because of Mr. Lim’s personal guarantee, he was made bankrupted at the age of 72.
Imagine you were in his position. How would you feel? Many people would say “forget it and that’s the end!”. However, Mr. Lim’s belief system was different from that of such people because he said that he did not fail and he would still be rich because he had learnt so much from his past experience. Although he was heavily indebted, he said what was left was his business knowledge and he started to venture out to Sabah, Labuan and Brunei to partner with the local retailers in 1999.