Employees who do well are usually given promotions or even a raise.
This was after his boss retired.
After establishing Lim Ah Boy at the age of 21, the business grew by leaps and bounds as he gained a firm foothold in the industry.
He then retired three years ago.
Before retiring, Mr Lim made a bold move — he gave half the shares in the business to long-time employee Xie Guoliang, 48.
That amounted to about S$1 million, he said.
Mr Xie had worked for him for about 20 years, so the decision wasn’t on the spur of the moment, but after careful consideration, he added.
Explaining the move, he felt that Mr Xie would be a suitable successor as his thoughts and ideas were very close to his, and he also has leadership abilities.
After all, he maintained, wealth is meant to be spread out and can’t just remain entirely in the family.
As for the other half of the shares, Mr Lim gave them to his eldest son, 28.
That means both Mr Xie and the younger Mr Lim run the company together.
Mr Lim happily noted that since his son and Mr Xie took over, they’ve already shown results as the business has expanded to more markets.
Describing the duo’s partnership as “seamless”, he said they complemented each other, adding,
One person’s ability is limited, two people can go further when they cooperate.
You might think Mr Lim’s family might protest his decision, but his wife supports it, Shin Min reported.
He gave half the shares to Mr Xie to benefit the business, he said, and so his son could have a suitable partner.
The younger man will also start from the very bottom and be equal in status to Mr Xie.
As for Mr Lim’s retirement plans, he still helps out in the shop as a consultant.
However, he spends most of his time on charity work.
He said he feels that humans can’t bring all their wealth with them when they pass away.
Thus, he chooses to use his money to help those who need it.
Not many bosses would willingly give up half their company to their employees, no matter how good they are.
Hence Mr Lim’s actions are worthy of respect as someone generous and smart enough to know that it’s better to spread the wealth around.
We wish him a happy and restful retirement, content with the knowledge that his legacy is safe.
Have news you must share? Get in touch with us via email at firstname.lastname@example.org.
Featured image adapted from Shin Min Daily News on Facebook.
FairPrice has repackaged the product since Apr 2022.
Not sweet, just sour now.
Stored value can be transferred as Linkpoints too.
The man was allegedly selling the watch off on behalf of a distressed girlfriend.
The daughter noticed when her mother was installing the camcorder in the kitchen bathroom.
He reportedly reached out to the authorities personally to surrender.