How much will you pay to inherit a traditional Ngoh Hiong recipe, together with its store and brand?
This hawker located at Maxwell Food Centre feels that a million dollars is a fair asking price.
Hawker Asking for $1 Million for His Recipe & Brand; Claims Successor Can Make Up the Cost in 3 Years
64-year-old Huang Guo Hua inherited the famous ngoh hiong business at Maxwell Food Centre, China Street Fritters, 20 years ago.
While he has been putting out plate after plate of delectable, crispy ngoh hiong, he is ready to put up his apron and enjoy his golden years.
His target deadline? March 2022.
When asked about his asking price, he told Shin Min News Daily (SMND) that it’s a fair price.
Over the years, he explained, they’ve cultivated a following of regular customers.
As long as the successor keeps up the standards, they can make up the cost in 3 years.
In fact, if it does well, the successor can expand the brand as well.
Can’t Find Anyone Interested
The reason why Huang is retiring is that his body, and those of his family, is unable to withstand the hard work of being a hawker.
“We work about 10 hours every day, with almost no rest days in a year. It’s very taxing on the body. Now that we’re old, we aren’t as strong physically. We can’t work even if we want to.”
None of his three children is interested in taking over the business.
When he tried asking younger members of his family, they were also uninterested.
Rather than forcing someone to take over, Huang would rather find someone who is passionate and willing to do so.
What Qualities Are They Looking Out For?
Fancy yourself serving up ngoh hiong while bantering with regulars?
Here’s what Huang is looking out for:
- Have a passion for the hawker industry
So if you have a million dollars to spare, this might just be what you are looking for.
Last year in August, it was reported that Joo Chiat Hokkien Mee hawker stall Yong Huat sold their brand and recipe for S$20,000.
They had initially asked for S$50,000 but lowered it due to the COVID-19 situation.
Speaking of famous recipes, here’s one for the popular Famous Amos cookies.
Feature Image: WhyQ / Hungrogowhere