i think tons of luck.................or should i say fortunate circumstances.............how to grow business when got no capital ?
by the way, what business is JIT in ?
never mind lah..............i don't know........i don't wanna know..............and i don't care...............
Just use google search.
Found this too his SIL is pretty successful too in his own right
http://forums.fuckwarezone.com.sg/eat-drink-man-woman-16/singaporean-earned-$80-million-sale-his-biz-3132898.html
Thai Express founder has earned $80 million from the sale of his business. (Photo: screen grab from Thai Express website)
Founder of restaurant chain Thai Express Ivan Lee pocketed a cool $80 million from the sale of 70 per cent of his business to Thai-listed food and beverage conglomerate Minor International in 2008.
And already, the 35-year-old multi-millionaire has jumped into a new venture, where he wants to conquer the booming Chinese Internet market by building the next Baidu or Facebook, reported The Sunday Times.
Mr Lee told the paper, “I can’t wait. It’s going to be so cool.”
The entrepreneur first started Thai Express with his then fiancee with just $300,000 borrowed from friends and family in 2002. From a single restaurant in Holland Village, Mr Lee went on to open nearly 100 stores.
The first store bankrolled the second one, and the two paid for the next four and so on. Encouraged by the stunning success of the budget Thai eatery chain, he went on to add brands such Xin Wang Hong Kong Cafe and New York New York to the Thai Express stable.
The young millionaire recalled being surrounded by doubters. He said, “I don’t think I got a lot of support from anyone at all. Even my wife thought Thai Express was a stupid name!”
When he opened the other brands,
his father-in-law, founder of JIT Holdings Tommie Goh (who netted some $350 million when he sold his company to Flextronics for $1 billion in 2000)
strongly objected.
While Mr Lee said he would seek his father-in-law’s advice before he learnt to make his own decisions, he refuted rumours that he borrowed $5 million from Mr Goh.
“I don’t want to rely on anyone. And it’s my personal belief that if you rely on anyone it takes away your hunger and drive,” he told the paper.
In 2008, after he had opened 60 to 70 outlets and total revenue was at least $50 to $60 million, Mr Lee decided to invite partners in. He received four serious offers, two from private equity firms, one from a company in the Philippines and the last was Minor.
The deal was concluded swiftly in May 2008, just before the global financial crisis. Mr Lee and his business partner Dellen Soh, who owned a fifth of the 70 per cent stake, initially receieved $40 million but after they met certain targets agreed upon in the contract, they got another $40 million last year.
Now, Mr Lee wants to dive into an industry where his passion lies. “For the first time in a long time, I will get to do something I really enjoy for myself,” he said, adding that his F&B venture was “out of necessity”.
He declined to reveal his new Chinese Internet start-up’s name as he is still sorting out trademark issues but he intends to launch a new social networking site in the next three to four months.
The aim is to build an online community that combines the social networking of Facebook with entertainment, to be delivered on mobile platforms like the iPhone.
Mr Lee’s friends and family are again doubting his choice. The businessman said he knows the China market will post many challenges but he is bullish about his chances, reported the paper.
Said Mr Lee, “I’m a rookie now playing in a much bigger league and I feel like I’m nine years back, starting all over again.”
“We just moved out office, people don’t know us here, and we’re trying to market ourselves. But I am loving every minute of it.”
sauce:
http://sg.yfittopostblog.com/2011/03...80m-from-sale/
Just watch and get ready to smile dude.
