'Successors are hard to find during the pandemic': Maxwell hawker lowers asking price for business from $1m to $500k

Despite it being over a year since the second-generation owners of popular hawker stall China Street Fritters tried to pass down their recipe to a successor for $1 million, there have still been no takers. 

The owners, Ng Kok Hua, 65, and Ng Kok Rong, 66, had hoped to hang up their aprons by March this year. 

In hopes of making the deal more attractive to potential buyers, they've recently lowered the price for their secret recipe and the China Street Fritters brand to $500,000, reported Shin Min Daily News. 

While some may attribute this to the initial asking price being too hefty, Kok Hua revealed that there have actually been some interested buyers. However, they eventually backed out, he said. 

He shared that in 2020, a year before he made the offer to the public, an investor in the catering industry had already shown interest in buying the family recipe from him. However, everything fell apart when the pandemic broke out and the investment decision was shelved. 

Earlier this year, another potential buyer had shown interest in the business, but unfortunately, due to old age and a recent surgery, the deal did not go through. 

"Successors are hard to find during the pandemic," said Kok Hua, adding that the price is negotiable and all he wants is for someone to inherit the recipe so people can continue to enjoy the traditional dish. For the uninitiated, the stall specialises in ngoh hiang (meat and vegetable roll wrapped in beancurd skin) and other fried fritters. 

"Many customers say it would be a pity if it were lost," he added. 

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If they are unable to find a successor, Kok Hua said that his family will continue running the business till they are physically unable to anymore. 

Unfortunately, this may happen sooner rather than later. Just a few months back, China Street Fritters shifted to a four-day work week and shorter hours due to the owners' age and deteriorating health. 

This isn't the only time a F&B business has had a hard time finding a successor. The popular Heng Ji Chicken Rice faced difficulties as well. However, two young Malaysian cousins, who are completely unrelated to the family-owned business, have stepped forward to run it. 

Address: #01-64 Maxwell Food Centre, 1 Kadayanallur St, Singapore 069184

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