Adam Khoo: The expats will rule Singapore

[Jman888]

How is this case any different from California Fitness closing down?

 

Management collect high salary and then the company doesn't have enough money to clear the debts.

 

 

different case, California get to con customer money and walk away with it, Adcom pay on behalf of customer but kena sue by vendor.

 

Actually why he needs to clarify on FB, business is business, fail let it fail lah, the way he describe like the father never make money since day 1.

[Jamesc]

still think so?

 

https://www.facebook.com/adamkhoosuccess/

Some of you may have read recently that Adcom, the advertising agency my father had founded in 1972 (44 years ago, even older than me!) is being applied to be wound up by SPH after failing to pay $1m in debts.

Not many companies are able to last for more than 10 years. For Adcom to have prospered and survived for 44 years (overcoming more than 5 major recessions is no easy feat. My father was one of the best bosses I know. He always empowered his staff to be the very best they could be and always conducted himself with the utmost integrity and honesty. These traits, I picked up from him.

In its glory years, Adcom ran some of the most famous advertising campaigns in Singapore… AIA Trust Campaign, the M1 Launch and building the M1 brand and many of the Ministry of Family and Social Development Family campaigns in Singapore (encouraging Singaporeans to get married, start a family etc…)

Although I was very proud of the business he built, my passion was in trading stocks and children’s education and building my own company (Adam Khoo Learning Technologies Group). Maybe if I had helped him to run his business instead, things would have turned out better. That is a regret I would always have.

Sadly, after many of Adcom’s recent clients failed to pay up (they closed down because of tough times), Adcom incurred bad debts of over $4 million dollars. The funny thing is that when the company’s clients do not pay, Adcom has to still pay SPH for the bill of $4m++… The clients get away scot-free… that's just how it is.

I have seen my dad having to take millions of dollars of his own money to pay up clients’ debts over the years and having to sell properties to cover the bill. Although it no longer made sense to keep the business running, my dad kept it going for the sake of giving the staff a job (many have been with the company for 10-20 years) and paying back the debts slowly.

Then early this year, SPH decided not to give any more credit to Adcom. With Adcom having no more financial resources to keep going, and not being able to take on any more clients without credit facilities, the painful decision was made to let SPH wind up the company. Although my dad can afford it, I don’t think it makes sense for him to keep paying off his retirement savings into a business that is no longer viable. It is sad that something that is 44 years old has to come to an end but that is how life is. Nothing lasts forever.

 

Adam Khoo is right.

 

Take the company he mentions for example, if they don't pay their debts then

 

the staff will lose their jobs and find another job in a more successful company

 

maybe run by expats. We really need locals to do a better job in management.

 

[Jamesc]

Many many years ago, my ex-company forced all of its 1000+ employees to attend his "motivation" seminar, fully paid by the company. Throughout the 2 hours, he kept repeating these "secrets" steps to financial success:

 

1) Work harder than the rest of your team;

2) Go the extra mile;

3) He made his first million in his 20s.

 

Ok I get it, so we basically have to work hard to be successful. He is God's gift to mankind. 

 

Then he pitched his technical analysis workshop to us, which will give us a better shot at beating the stock market for more financial success. And he kept talking about buying Osim shares (???)   

 

Haha that's better than the one I went to.

 

He said sell Google and buy Enron.

 

[Jamesc]

still think so?

 

https://www.facebook.com/adamkhoosuccess/

Some of you may have read recently that Adcom, the advertising agency my father had founded in 1972 (44 years ago, even older than me!) is being applied to be wound up by SPH after failing to pay $1m in debts.

Not many companies are able to last for more than 10 years. For Adcom to have prospered and survived for 44 years (overcoming more than 5 major recessions is no easy feat. My father was one of the best bosses I know. He always empowered his staff to be the very best they could be and always conducted himself with the utmost integrity and honesty. These traits, I picked up from him.

In its glory years, Adcom ran some of the most famous advertising campaigns in Singapore… AIA Trust Campaign, the M1 Launch and building the M1 brand and many of the Ministry of Family and Social Development Family campaigns in Singapore (encouraging Singaporeans to get married, start a family etc…)

Although I was very proud of the business he built, my passion was in trading stocks and children’s education and building my own company (Adam Khoo Learning Technologies Group). Maybe if I had helped him to run his business instead, things would have turned out better. That is a regret I would always have.

Sadly, after many of Adcom’s recent clients failed to pay up (they closed down because of tough times), Adcom incurred bad debts of over $4 million dollars. The funny thing is that when the company’s clients do not pay, Adcom has to still pay SPH for the bill of $4m++… The clients get away scot-free… that's just how it is.

I have seen my dad having to take millions of dollars of his own money to pay up clients’ debts over the years and having to sell properties to cover the bill. Although it no longer made sense to keep the business running, my dad kept it going for the sake of giving the staff a job (many have been with the company for 10-20 years) and paying back the debts slowly.

Then early this year, SPH decided not to give any more credit to Adcom. With Adcom having no more financial resources to keep going, and not being able to take on any more clients without credit facilities, the painful decision was made to let SPH wind up the company. Although my dad can afford it, I don’t think it makes sense for him to keep paying off his retirement savings into a business that is no longer viable. It is sad that something that is 44 years old has to come to an end but that is how life is. Nothing lasts forever.

 

The funny thing is that when the company’s clients do not pay, Adcom has to still pay SPH for the bill of $4m++

 

There is nothing funny about that, its called risk management. 

 

The clients get away scot-free

 

My company is going to do a big advertising campaign and I only want this company to do it.

 

I like their policy of letting the client get away scot-free.

 

Edited September 27, 2016 by Jamesc

[Jamesc]

A very stupid policy but I like it.

 

Something original from an ad company. 

 

[Jamesc]

Do people really pay to hear this man talk?

 

MCF should really start charging. You get far more intelligent

 

discourse here than so many paid seminars giving advice.

 

  

[Lala81]

Do people really pay to hear this man talk?

 

MCF should really start charging. You get far more intelligent

 

discourse here than so many paid seminars giving advice.

 

Wrong. People pay to hear what they like to hear.

Here you get the full cash and living above your means preachers

[Mockngbrd]

Clients don't pay must be either their work is bad or their clients are not as big as they make it out to be. Big mnc where got won't pay?

[Jman888]

Clients don't pay must be either their work is bad or their clients are not as big as they make it out to be. Big mnc where got won't pay?

 

 

the big MNC he mentioned was "In its glory years"  but not now, now the father business model probably outdated and only fetch small businesses that usually dun pay       

[Kusje]

Haha that's better than the one I went to.

 

He said sell Google and buy Enron.

 

 

Sure or not. Timeline doesn't match.

 

Enron went bankrupt in Dec 2001.

 

Google only IPO in Aug 2004.

[Voodooman]

Many many years ago, my ex-company forced all of its 1000+ employees to attend his "motivation" seminar, fully paid by the company. Throughout the 2 hours, he kept repeating these "secrets" steps to financial success:

 

1) Work harder than the rest of your team;

2) Go the extra mile;

3) He made his first million in his 20s.

 

Ok I get it, so we basically have to work hard to be successful. He is God's gift to mankind.

 

Then he pitched his technical analysis workshop to us, which will give us a better shot at beating the stock market for more financial success. And he kept talking about buying Osim shares (???)

KNN, I work very hard and always go the extra mile but still bo lui by 40 years old.

 

Maybe because I don't have a dad that is in marketing/ advertising and one that can pay but don't want to pay when owing people money. The last one alone can make many rich. Think I now have a chance to make my first million by 60 years old. Hahaha...

Edited September 27, 2016 by Voodooman

[Ender]

Many many years ago, my ex-company forced all of its 1000+ employees to attend his "motivation" seminar, fully paid by the company. Throughout the 2 hours, he kept repeating these "secrets" steps to financial success:

 

1) Work harder than the rest of your team;

2) Go the extra mile;

3) He made his first million in his 20s.

 

Ok I get it, so we basically have to work hard to be successful. He is God's gift to mankind. 

 

Then he pitched his technical analysis workshop to us, which will give us a better shot at beating the stock market for more financial success. And he kept talking about buying Osim shares (???)   

They may be repeating common sense which everybody knows. I don't think the value is in them repeating common sense, but more motivation us. We know all these common sense, but most of us procrastinate in our work. Our boss don't know to push us, other, repeating company goals, KPI until we can memorise them, but yet we procrastinate.

[Jamesc]

They may be repeating common sense which everybody knows. I don't think the value is in them repeating common sense, but more motivation us. We know all these common sense, but most of us procrastinate in our work. Our boss don't know to push us, other, repeating company goals, KPI until we can memorise them, but yet we procrastinate.

 

In my experience common sense is not as common as people make out.

 

To me its very rare.

 

Second I don't think a boss should push us.

 

I think they should lead from the front and pull us. 

 

Let be honest how many bosses know how to pull

 

their own weight let alone pull his whole team along.

 

[Jamesc]

So if a manager don't know how to lead

 

they can just spew KPIs. It works for me. 

 

[Jamesc]

We local managers maybe incompetent but the expat managers

 

may not be any better. Foreign companies just want a foreign

 

manager they can trust to protect their investments. Same with

 

local companies. If a Singapore company puts up a factory in China

 

they may insist only on a Sporean to be the factory manager.

 

So in China, India, even Malaysia, Indonesia, Thailand a lot of

 

foreign companies are headed by expats. So what's the big deal?

 

Is Mr Khoo going to say all the people in those countries are lazy

 

and not hungry for success etc etc?

 

[Mockngbrd]

khoo khoo jiao

[Galantspeedz]

Why dispute his ownership of the advertising coy today and not in 2009?

 

In your link, he mentioned he has best world in 2009, i wonder is he holding on to it anot...

 

http://news.asiaone.com/News/Education/Story/A1Story20090223-123961.html

 

This year increase almost 5 folds from about 30cents to $1.50+ now, highest was almost $2.... if he bought in 2009, lowest price about $0.16

[Jamesc]

Drives a red Lotus Elise and a red BMW convertible.

 

and he claims to be a frugal spender?

 

I wonder what he will call someone

 

who drives an Altis or Civic?

 

 

 

 

Edited September 27, 2016 by Jamesc