'Wealth should be distributed': Retired motorcycle workshop boss gives $1m in shares to employee

Loyalty begets loyalty.... and in some cases, $1 million (albeit in shares).

When he hung up his tools three years ago, retired motorcycle repair shop boss Lim Soon Hock did not forget about an employee who had stuck by him for the past 20 years.

In fact, he made the bold decision to give half of the shares in his business — worth about $1 million by his estimate — to the employee surnamed Xie, Shin Min Daily News reported on Saturday (Nov 26).

The other half was transferred to Lim's 28-year-old son.

Lim, 59, was the boss of popular bike parts and accessories shop, Lim Ah Boy. He'd started the business, located at 33 Kelantan Lane, close to 40 years ago, according to a description on his Facebook page.

Speaking to Shin Min Daily News, Lim shared that the decision to split the shares was made after careful consideration.

He explained that he'd found Xie to have strong leadership qualities and the two shared many similar thoughts and values.

"Perhaps some people might not understand what I did, but that's just who I am. I believe wealth should be distributed. It cannot be that it's passed down in its entirety to family members," said Lim.

He added that he's usually someone who "goes by his gut feeling".

"But I believe my employee is a suitable successor," Lim added.

He's proud of the fact that since handing over the reins of the business to Xie and his son, they have turned in results and grown the business.

Explaining how "two people working well together can go the distance", Lim shared that both his son's and Xie's abilities complement each other.

"I did this not for one person, but for the company — so that my son can have a good team and everyone can work well together," said Lim, who added that the younger Lim had "started from the bottom" in the business.

Lim, who'd quit school as a teenager to head out to work, told the Chinese evening daily that growing up poor made him determined to become a successful businessman.

And although he has since left the running of the business to his son and Xie, Lim still holds the role of consultant, occasionally helping out at the shop when it's busy.

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He shared that most of his time now is spent on philanthropic activities.

Lim, who's a charity ambassador for Singapore Chung Hwa Medical Institution, was recently appointed its Permanent Honorary President.

In May last year, Lim was reported to have donated $8,888 to a madrasah for its after-school activities.

Rationalising his decision to do more for the needy, Lim said: "A person can't take all of his money with him when he dies."

candicecai@asiaone.com