A very inspirational successful story of businessman in the philippines
A very inspirational successful story of businessman in the philippines
by THE EXPLORER on Sat Apr 14, 2012 6:04 pm
He Never Stopped Dreaming. He was once a janitor and his resume proudly declares it. Now, this Southland Filipino-American entrepreneur is one of the most successful businessmen around.
Janitor, Metropolitan Cleaners, Cebu, 1969-73.” Thus read the last line under “Business and Employment” of the resume of Edwin N. Aroma, a low-profile Cebuano businessman now living in Van Nuys, California. Above this line is a long list of former employment and current business enterprises that range from being an auditor with the San Miguel Corp. to being president and owner of numerous agricultural, financial, and management consultancy firms. Behind this impressive employment and business history is a barrio boy’s story of success, vision, hard work, and dogged determination to achieve the goals he has set for himself.
Edwin N. Aroma was born to a fisherman and a school teacher in Catmon, Cebu on September 11, 1949. As the family grew to three sons and two daughters, Aroma’s mother was forced to stop teaching to attend to the children. The family could hardly get by with the father’s income from fishing.
When Aroma graduated from public high school at 17, he told his father he wanted to be an engineer, but his father said he couldn’t afford to send him to college.
“I didn’t know how to farm nor to fish. I really wanted to study, and make something of myself. So, I asked my father to give me 20 pesos, so I could travel to Cebu City and find a job,” Aroma said. “I applied for so many jobs, and finally found an agency that needed janitors.”
For four years, Aroma labored as a janitor, sweeping streets and alleys and cleaning offices, while he studied accounting at the University of the Visayas. He distinguished himself as a scholar and student leader. He became a college representative and later a university senator. Once, when he was a university senator, some school mates saw him sweeping an alley with fellow janitors from the Metropolitan Cleaners of Cebu, and word spread around in school at once that he was a janitor. Aroma was embarrassed for a moment, but he went on being a janitor and finished his accounting degree in 1973.
When he finally passed the CPA exams and was hired as an auditor for Carlos J. Valdez & Co. in Cebu, Aroma went to the owner of the janitorial services firm.
“I thanked him for employing me for four years, and told him I was resigning. I told the owner and his wife that I had been hired as an auditor, but they wouldn’t believe it. The wife asked: Who would hire you as auditor, you haven’t even finished college? They didn’t know I was studying all the time that I was working as a janitor. I told them I just finished my bachelor’s degree and was reviewing for the board exams,” Aroma said. “When the owner heard this, he came to me and hugged me.”
“We are proud of you and happy for you,” the owner said. “You are our first employee to finish college.”
He served as auditor for Carlos J. Valdez & Co. until 1976, then became auditor for San Miguel Corp. (in Cebu and Manila) until 1978, and then was chief accountant for Mandaue Printers until 1982.
While working for these companies, Aroma continued his studies, finishing two more bachelor’s degrees — in Management and Economics —and a master’s degree in management engineering from the University of the Visayas.
In 1982, his godfather, Ben Boiser, who was living in the U.S., was offered by an Indonesian plywood company a job as accounting manager, but Boisier didn’t want to leave the U.S. Boiser recommended Aroma for the job. Aroma left for Jakarta early that year and became accounting manager of P.T. Hartaty Jaya Plywood, the biggest plywood plant in Indonesia, which was, at that time, on the verge of bankruptcy.
Later that year, the owner died and Aroma was promoted to general manager. Within six months of assuming the helm at the plywood plant, he turned the company around and made it profitable for the first time in years. He managed the plywood company until 1986, but decided to quit his job because he could no longer stand dealing with corrupt Indonesian officials.
During this time, he earned his second master’s degree in Business Administration (financial management) from the University of Singapore.
Aroma, who remains very fluent in Bahasa Indonesia (Indonesia’s national language), went back to the Philippines in March 1986, and looked for a business where he could invest his savings from his Indonesian job.
“I decided on a mango farm because I found out that the demand is high for mangos, the number one fruit in the Philippines. The Philippines can only supply 27% of Asia’s requirements,” Aroma said. From a small plantation in Cebu, he now has three huge plantations in Cebu and another big one in Bohol, totalling 25,000 trees, almost 3,000 of which are bearing 500 fruits each per harvest. The other 22,000 trees are expected to bear fruits for commercial purposes in one or two years.
It takes a mango tree five years to bear fruits. But these fruits will not be of commercial quantity until the tree is eight years old, when it begins to bear from 500 to 800 fruits every year.
Aroma has now become one of the biggest, if not the biggest, mango growers in the Philippines, beating out even Eduardo “Danding” Cojuangco Jr., who has about 15,000 mango trees in Davao.
“In addition to mango, I have also planted avocado and jackfruit trees for commercial purposes,” Aroma said. “I buy idle lands and plant them with trees. I make these idle lands productive, help provide employment for the barrio folks, and, at the same time, help in the ecological development of the country. I am happy to feel that I am helping in the economic development of the country.”
In October 1986, Aroma came to the United States for a much-needed vacation, but decided there are better opportunities awaiting him in the U.S. Since then, Aroma has established numerous businesses. He is president and owner of Trans-World Services Inc., which provides management and financial services to business clients (mostly Jews). “We help find financing for businesses,” he said.
Aroma, who is called by acquaintances as Mr. Future because every time he talks to people, he talks about the future, also owns and operates the Chandler Apartments in Phoenix, Arizona, which has more than 100 rental units. He also owns the Prime Appliance Rentals Inc., based in Los Angeles. Aroma is also a managing partner of Worldwide Empire Funding Inc., based in Delaware; and is controller of All Valley Washer Service Inc., based in Van Nuys, California.
Still a Filipino citizen, Aroma has numerous business and land holdings in the Philippines. He is president of Imgime-Aroma Mango Ranch in Cebu and Bohol; president of Socsargen Realty & Development Corp., based in General Santos City in Cotabato; and president of Capital One Financial Solutions Inc., based in Cebu.
How does he manage all these companies, which are located in at least four cities in the United States, and three cities in the Philippines?
“My managers in the Philippines fax or e-mail to me financial and other reports regularly, and I visit the Philippines at least four times a year to personally look into the businesses,” he said. “With the modern telecommunications systems, you can communicate with your employees from anywhere in the world.”
Aroma is not all about business. In 1988, he finished his third master’s degree in Business Administration (majoring in Global Management) from the University of Phoenix-LA in addition to his three bachelor’s degrees, and will soon receive his Ph.D. in Global Economics from UCLA.
At present, he is chairman of the board of Kiwanis Club of Phil-Am Los Angeles, where he also served as president for two terms (1996-98). In addition, he is executive vice president of the National Association of Cebuanos — USA, vice president of the Cebu Brotherhood Inc., chairman of the Children First Foundation (the only Filipino in the board), executive vice president of the Rainbow Coalition for Philippine Progress (which he helped found along with three other Filipino leaders), and a member of the Philippine-American Institute of CPAs.
He has received numerous awards, among them “Outstanding Club Leader,” Kiwanis Club of Phil-Am Los Angeles; “Distinguished Kiwanian,” Kiwanis International; “Outstanding Civic Leader,” Pamana Awards; “Outstanding Club President,” Kiwanis Club of Phil-Am Los Angeles; “Kiwanian of the Year,” Kiwanis Club; and “Club Builder of the Year,” Children First Foundation Inc.
Aroma now sets his sights to a political career in the Philippines. He plans to run for a congressional seat in his native Cebu, to enable him to contribute his expertise in the fields of global and financial management, and to help the Philippines solve its “economic imbalance.”
Aroma also wants to give attention to the Philippines’ children by teaching them positive mental attitude. “They are the future leaders of our country, and we have to focus our attention to their development,” he said.
Aroma is married to Imelda Ochia of Tubocan, Cebu, whom he met while he was still working as a janitor and she was a ticket clerk in a Cebu City cinema house. “I also urged her to study accounting,” Aroma said proudly. They have three children — Moanna, 21; Imee, 15; and Edwin Jr., 4.
Aroma tells all his children and his friends proudly that he was once a janitor, who had to work hard day and night to make his dreams come true. He has achieved many dreams, but Aroma never stops dreaming. And when he sets his sights on one thing, he does everything to achieve it. Such is the mark of a successful man.
Janitor, Metropolitan Cleaners, Cebu, 1969-73.” Thus read the last line under “Business and Employment” of the resume of Edwin N. Aroma, a low-profile Cebuano businessman now living in Van Nuys, California. Above this line is a long list of former employment and current business enterprises that range from being an auditor with the San Miguel Corp. to being president and owner of numerous agricultural, financial, and management consultancy firms. Behind this impressive employment and business history is a barrio boy’s story of success, vision, hard work, and dogged determination to achieve the goals he has set for himself.
Edwin N. Aroma was born to a fisherman and a school teacher in Catmon, Cebu on September 11, 1949. As the family grew to three sons and two daughters, Aroma’s mother was forced to stop teaching to attend to the children. The family could hardly get by with the father’s income from fishing.
When Aroma graduated from public high school at 17, he told his father he wanted to be an engineer, but his father said he couldn’t afford to send him to college.
“I didn’t know how to farm nor to fish. I really wanted to study, and make something of myself. So, I asked my father to give me 20 pesos, so I could travel to Cebu City and find a job,” Aroma said. “I applied for so many jobs, and finally found an agency that needed janitors.”
For four years, Aroma labored as a janitor, sweeping streets and alleys and cleaning offices, while he studied accounting at the University of the Visayas. He distinguished himself as a scholar and student leader. He became a college representative and later a university senator. Once, when he was a university senator, some school mates saw him sweeping an alley with fellow janitors from the Metropolitan Cleaners of Cebu, and word spread around in school at once that he was a janitor. Aroma was embarrassed for a moment, but he went on being a janitor and finished his accounting degree in 1973.
When he finally passed the CPA exams and was hired as an auditor for Carlos J. Valdez & Co. in Cebu, Aroma went to the owner of the janitorial services firm.
“I thanked him for employing me for four years, and told him I was resigning. I told the owner and his wife that I had been hired as an auditor, but they wouldn’t believe it. The wife asked: Who would hire you as auditor, you haven’t even finished college? They didn’t know I was studying all the time that I was working as a janitor. I told them I just finished my bachelor’s degree and was reviewing for the board exams,” Aroma said. “When the owner heard this, he came to me and hugged me.”
“We are proud of you and happy for you,” the owner said. “You are our first employee to finish college.”
He served as auditor for Carlos J. Valdez & Co. until 1976, then became auditor for San Miguel Corp. (in Cebu and Manila) until 1978, and then was chief accountant for Mandaue Printers until 1982.
While working for these companies, Aroma continued his studies, finishing two more bachelor’s degrees — in Management and Economics —and a master’s degree in management engineering from the University of the Visayas.
In 1982, his godfather, Ben Boiser, who was living in the U.S., was offered by an Indonesian plywood company a job as accounting manager, but Boisier didn’t want to leave the U.S. Boiser recommended Aroma for the job. Aroma left for Jakarta early that year and became accounting manager of P.T. Hartaty Jaya Plywood, the biggest plywood plant in Indonesia, which was, at that time, on the verge of bankruptcy.
Later that year, the owner died and Aroma was promoted to general manager. Within six months of assuming the helm at the plywood plant, he turned the company around and made it profitable for the first time in years. He managed the plywood company until 1986, but decided to quit his job because he could no longer stand dealing with corrupt Indonesian officials.
During this time, he earned his second master’s degree in Business Administration (financial management) from the University of Singapore.
Aroma, who remains very fluent in Bahasa Indonesia (Indonesia’s national language), went back to the Philippines in March 1986, and looked for a business where he could invest his savings from his Indonesian job.
“I decided on a mango farm because I found out that the demand is high for mangos, the number one fruit in the Philippines. The Philippines can only supply 27% of Asia’s requirements,” Aroma said. From a small plantation in Cebu, he now has three huge plantations in Cebu and another big one in Bohol, totalling 25,000 trees, almost 3,000 of which are bearing 500 fruits each per harvest. The other 22,000 trees are expected to bear fruits for commercial purposes in one or two years.
It takes a mango tree five years to bear fruits. But these fruits will not be of commercial quantity until the tree is eight years old, when it begins to bear from 500 to 800 fruits every year.
Aroma has now become one of the biggest, if not the biggest, mango growers in the Philippines, beating out even Eduardo “Danding” Cojuangco Jr., who has about 15,000 mango trees in Davao.
“In addition to mango, I have also planted avocado and jackfruit trees for commercial purposes,” Aroma said. “I buy idle lands and plant them with trees. I make these idle lands productive, help provide employment for the barrio folks, and, at the same time, help in the ecological development of the country. I am happy to feel that I am helping in the economic development of the country.”
In October 1986, Aroma came to the United States for a much-needed vacation, but decided there are better opportunities awaiting him in the U.S. Since then, Aroma has established numerous businesses. He is president and owner of Trans-World Services Inc., which provides management and financial services to business clients (mostly Jews). “We help find financing for businesses,” he said.
Aroma, who is called by acquaintances as Mr. Future because every time he talks to people, he talks about the future, also owns and operates the Chandler Apartments in Phoenix, Arizona, which has more than 100 rental units. He also owns the Prime Appliance Rentals Inc., based in Los Angeles. Aroma is also a managing partner of Worldwide Empire Funding Inc., based in Delaware; and is controller of All Valley Washer Service Inc., based in Van Nuys, California.
Still a Filipino citizen, Aroma has numerous business and land holdings in the Philippines. He is president of Imgime-Aroma Mango Ranch in Cebu and Bohol; president of Socsargen Realty & Development Corp., based in General Santos City in Cotabato; and president of Capital One Financial Solutions Inc., based in Cebu.
How does he manage all these companies, which are located in at least four cities in the United States, and three cities in the Philippines?
“My managers in the Philippines fax or e-mail to me financial and other reports regularly, and I visit the Philippines at least four times a year to personally look into the businesses,” he said. “With the modern telecommunications systems, you can communicate with your employees from anywhere in the world.”
Aroma is not all about business. In 1988, he finished his third master’s degree in Business Administration (majoring in Global Management) from the University of Phoenix-LA in addition to his three bachelor’s degrees, and will soon receive his Ph.D. in Global Economics from UCLA.
At present, he is chairman of the board of Kiwanis Club of Phil-Am Los Angeles, where he also served as president for two terms (1996-98). In addition, he is executive vice president of the National Association of Cebuanos — USA, vice president of the Cebu Brotherhood Inc., chairman of the Children First Foundation (the only Filipino in the board), executive vice president of the Rainbow Coalition for Philippine Progress (which he helped found along with three other Filipino leaders), and a member of the Philippine-American Institute of CPAs.
He has received numerous awards, among them “Outstanding Club Leader,” Kiwanis Club of Phil-Am Los Angeles; “Distinguished Kiwanian,” Kiwanis International; “Outstanding Civic Leader,” Pamana Awards; “Outstanding Club President,” Kiwanis Club of Phil-Am Los Angeles; “Kiwanian of the Year,” Kiwanis Club; and “Club Builder of the Year,” Children First Foundation Inc.
Aroma now sets his sights to a political career in the Philippines. He plans to run for a congressional seat in his native Cebu, to enable him to contribute his expertise in the fields of global and financial management, and to help the Philippines solve its “economic imbalance.”
Aroma also wants to give attention to the Philippines’ children by teaching them positive mental attitude. “They are the future leaders of our country, and we have to focus our attention to their development,” he said.
Aroma is married to Imelda Ochia of Tubocan, Cebu, whom he met while he was still working as a janitor and she was a ticket clerk in a Cebu City cinema house. “I also urged her to study accounting,” Aroma said proudly. They have three children — Moanna, 21; Imee, 15; and Edwin Jr., 4.
Aroma tells all his children and his friends proudly that he was once a janitor, who had to work hard day and night to make his dreams come true. He has achieved many dreams, but Aroma never stops dreaming. And when he sets his sights on one thing, he does everything to achieve it. Such is the mark of a successful man.
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Henry Sy Success Story
by THE EXPLORER on Sat Apr 14, 2012 6:08 pm
Today, I’m now going to feature the life story of the richest man in the Philippines. He is no other than Henry Sy, the retail magnate who owns all established 33 SM Malls and also a banking magnate who owns Banco De Oro-EPCI Bank and majority share in China Bank.
This is another inspiring story as we witness his rags to riches story on how he built all SM Malls and became one of the biggest bankers enabling him to become the richest man in our country surpassing both Lucio Tan and the Ayalas.
Let’s learn and be inspired from another successful entrepreneur story as his daughter Teresita Sy-Coson narrates the story of his father’s success:
Our company, SM, as many of you may already know, came from the hard work of my dad, Henry Sy, Sr. It is a rags to riches story that even myself did not realize until I went to trace his roots in China.
His journey from the thatched hut I saw there to the shopping centers he has today is something that amazes even myself.
His determination, his discipline and his thriftiness have produced an astute and street smart businessman who has influenced a lot of people. Including us, his children.
My father’s perseverance during the different crises our country has gone through has made our active business pursuits possible for a half century. True, he was disappointed with the economy many times, but he never saw the reason to quit and instead pursued his goals relentlessly.
He had many obstacles – both external and internal – in his business, and there were times he could not understand why things had to be so complicated for him to pursue his business objectives.
It has been written – and I can attest that it is true – that Henry Sy started from the bottom.
He came to the Philippines at the young age of 12, and worked in his father’s small sari-sari store more than 12 hours everyday to help him. It was located on Echague St., which is now Carlos Palanca Sr. St. in Quiapo, Manila. There, he devised ways to increase his income by developing small portions of products – much like the sachets we see today in the supermarkets.
He was able to make multiple sales in order to make extra income, spending so much time in the store that he had no time to go out and play with friends in the neighborhood. It did not take a long time for him to realize, however, that he can only do so much in a sari-sari store environment.
WWII came and the sari-sari store was looted and burned. He did a lot of buying and selling of odd things during the war to enable the family to survive.
This must have provided him the hands-on training for his stamina in business. At one time, he was hit by shrapnel while selling, and quite fortunately was brought to the hospital by his good friend in a kariton.
Without that friend, he could have bled to death. He treasured that friendship and later expressed his gratitude after the war by making that friend his partner in a shoe store. The partnership lasted for more than 40 years until the shoe store had to give away to the building renovations of the lessor.
After the war ended in 1945, he ventured into selling American shoes imported by enterprising Gis.
He later saw the opportunities of opening a shoe store, and not long after he was managing three shoe store in partnership with friends.
With the pleasure of a growing family while at the same time pursuing studies at FEU in the early 50s, he sought more ways to augment his income.
He studied the market and decided to be different. While other young men went to the US to pursue a higher education, he went on a long business trip to the East Coast, and came home with a lot of merchandising ideas.
For a time, he was selling a lot of shoes, accessories, and leather goods, hoping to change the way shoe manufacturers look at the industry.
Sensing a lot of opportunities, he decided to open SHOE MART – “SM” – the first air-conditioned shoe store that merchandised shoes in a very inviting and classy format. With the success of that store, he went on to open more shoe stores, but he could not get enough suppliers.
Many shoe manufacturers at that time could not understand why they had to listen to this shoe retailer who had very definite ideas on what he wanted to sell. They did not cooperate by providing him with the volume he needed, and because of that limitation, he gradually shifted to apparel – and thereafter other merchandise – with the help of my mother.
He was continuously learning from his customers, suppliers, and employees. This on-the-job research gave him enough confidence to expand to a department store chain. Many things in life grow out of needs, and to meet the needs, you become determined. With determination you will take extra challenges and do things differently – which will most likely bring success.
We opened our first department store in 1972, two months after Martial Law was declared. The business had a slow start, but progressed steadily. During the Martial Law years, he continued to open more department stores, reaching a point wherein he could not get space he needed in the existing shopping centers during that time. He then decided think long term, and invest in properties for malls, which were patterned after suburban shopping centers, which he had been studying for some time.
When we started the construction of our first mall in 1983, the Philippines was in the midst of a debt moratorium and experienced hyper inflation. The economy decline was further aggravated by the assassination of Ninoy Aquino. Many bankers predicted our demise because my dad came from nowhere – he may had a few department stores and shoe stores at that time, but he was not one of the financial heavy-weights at that time.
Unaffected by criticism, and armed with sheer determination and optimism, he persisted and opened in 1985 with our department store and supermarket and a few tenants. Many potential lessees were saying no to lease offers.
At about the same time, given the social unrest of the times, our own Shoemart Makati was faced with ugly strikes. He almost gave up, but through the encouragement of his employees and customers, he continued. At that time, he decided emotionally draining disturbances should not overpower him or detract him from his goals. Since that time, he has not faltered in his confidence, and became even more determined to continue the business. He also convinced everyone of us in the organization to follow his optimism.
Later, we expanded, slowly building malls at that time to get our formula right. The expansion was not without difficulties. When constructing Sta. Mesa and Megamall, we were faced with delays in construction due to cement shortages and the 1989 coups.
When the 1997 Asian crisis came, we were planning our mall expansion, including the Mall of Asia, which was then envisioned to be the biggest mall in the region.
Because my dad felt the tsunami-like effects of the region wide crisis, which was unlike any other he had experienced, we had to change plans. We deferred opening the Mall of Asia, and went on with the opening of other malls.
We grew in numbers instead of size, serving different smaller markets. We have also expanded our retail business beyond department stores to include supermarkets, hardware stores, appliance superstores, and other retail formats.
At about the same time, we looked into the banking business – both at our bank and at the industry. At the time, our main bank, Banco de Oro was a medium sized bank. Because we were quite conservative in lending, the deluge of bad loans that characterized the times did not affect us. Given that, we thought it was an opportune time to grow amidst some instabilities. We reorganized and strengthened our organizations for about three years and developed growth strategies that started in the year 2000.
Encouraged by the consolidation program of Central Bank of the Philippines (BSP) in making Philippine banks more competitive relative to the region, Banco De Oro made few acquisitions because of the moratorium on banking. It acquired the Dao Heng Philippines branch, the First eBank, the Banco Santander Philippines branch, the United Overseas Bank branches, and most recently – Equitable PCI Bank.
Opportunity is where you find it, not where it finds you. Crisis and weakness indicate one can look for opportunities. Transforming problems into opportunities can bring good returns. Prosperity and growth come only to a business that systematically exploits its potentials and systematically optimizes its performances.
Our business – especially that of shopping centers is a long term business. It takes at least eight years to pay back. We feel that the country will always be around, and with Filipinos’ love for shopping, there will always be customers we can sell to.
We also have to continuously innovate. Our other retail formats like supermarkets, hardware stores, appliance stores, home stores, toy superstores, baby stores, and Watsons are continuously evolving with the shopping habits of our customers. Because they frequently visit the store, we make sure we have new products all the time so that their shopping experience will not be boring.
Our group’s policy is to look for opportunities at all times, and to be ready to act when it comes. While crises may have brought opportunities, we continue our plans in good or bad times with some changes to suit our demands of the time.
May Henry Sy’s success rubs off to us as well. As a final note, I would like to leave this quote from Henry Sy: ““There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again. When you do well, do not change your ways. Success is not just good luck: it is a combination of hard work, good credit standing, opportunity, readiness and timing. Success will not last if you do not take care of it.”
This is another inspiring story as we witness his rags to riches story on how he built all SM Malls and became one of the biggest bankers enabling him to become the richest man in our country surpassing both Lucio Tan and the Ayalas.
Let’s learn and be inspired from another successful entrepreneur story as his daughter Teresita Sy-Coson narrates the story of his father’s success:
Our company, SM, as many of you may already know, came from the hard work of my dad, Henry Sy, Sr. It is a rags to riches story that even myself did not realize until I went to trace his roots in China.
His journey from the thatched hut I saw there to the shopping centers he has today is something that amazes even myself.
His determination, his discipline and his thriftiness have produced an astute and street smart businessman who has influenced a lot of people. Including us, his children.
My father’s perseverance during the different crises our country has gone through has made our active business pursuits possible for a half century. True, he was disappointed with the economy many times, but he never saw the reason to quit and instead pursued his goals relentlessly.
He had many obstacles – both external and internal – in his business, and there were times he could not understand why things had to be so complicated for him to pursue his business objectives.
It has been written – and I can attest that it is true – that Henry Sy started from the bottom.
He came to the Philippines at the young age of 12, and worked in his father’s small sari-sari store more than 12 hours everyday to help him. It was located on Echague St., which is now Carlos Palanca Sr. St. in Quiapo, Manila. There, he devised ways to increase his income by developing small portions of products – much like the sachets we see today in the supermarkets.
He was able to make multiple sales in order to make extra income, spending so much time in the store that he had no time to go out and play with friends in the neighborhood. It did not take a long time for him to realize, however, that he can only do so much in a sari-sari store environment.
WWII came and the sari-sari store was looted and burned. He did a lot of buying and selling of odd things during the war to enable the family to survive.
This must have provided him the hands-on training for his stamina in business. At one time, he was hit by shrapnel while selling, and quite fortunately was brought to the hospital by his good friend in a kariton.
Without that friend, he could have bled to death. He treasured that friendship and later expressed his gratitude after the war by making that friend his partner in a shoe store. The partnership lasted for more than 40 years until the shoe store had to give away to the building renovations of the lessor.
After the war ended in 1945, he ventured into selling American shoes imported by enterprising Gis.
He later saw the opportunities of opening a shoe store, and not long after he was managing three shoe store in partnership with friends.
With the pleasure of a growing family while at the same time pursuing studies at FEU in the early 50s, he sought more ways to augment his income.
He studied the market and decided to be different. While other young men went to the US to pursue a higher education, he went on a long business trip to the East Coast, and came home with a lot of merchandising ideas.
For a time, he was selling a lot of shoes, accessories, and leather goods, hoping to change the way shoe manufacturers look at the industry.
Sensing a lot of opportunities, he decided to open SHOE MART – “SM” – the first air-conditioned shoe store that merchandised shoes in a very inviting and classy format. With the success of that store, he went on to open more shoe stores, but he could not get enough suppliers.
Many shoe manufacturers at that time could not understand why they had to listen to this shoe retailer who had very definite ideas on what he wanted to sell. They did not cooperate by providing him with the volume he needed, and because of that limitation, he gradually shifted to apparel – and thereafter other merchandise – with the help of my mother.
He was continuously learning from his customers, suppliers, and employees. This on-the-job research gave him enough confidence to expand to a department store chain. Many things in life grow out of needs, and to meet the needs, you become determined. With determination you will take extra challenges and do things differently – which will most likely bring success.
We opened our first department store in 1972, two months after Martial Law was declared. The business had a slow start, but progressed steadily. During the Martial Law years, he continued to open more department stores, reaching a point wherein he could not get space he needed in the existing shopping centers during that time. He then decided think long term, and invest in properties for malls, which were patterned after suburban shopping centers, which he had been studying for some time.
When we started the construction of our first mall in 1983, the Philippines was in the midst of a debt moratorium and experienced hyper inflation. The economy decline was further aggravated by the assassination of Ninoy Aquino. Many bankers predicted our demise because my dad came from nowhere – he may had a few department stores and shoe stores at that time, but he was not one of the financial heavy-weights at that time.
Unaffected by criticism, and armed with sheer determination and optimism, he persisted and opened in 1985 with our department store and supermarket and a few tenants. Many potential lessees were saying no to lease offers.
At about the same time, given the social unrest of the times, our own Shoemart Makati was faced with ugly strikes. He almost gave up, but through the encouragement of his employees and customers, he continued. At that time, he decided emotionally draining disturbances should not overpower him or detract him from his goals. Since that time, he has not faltered in his confidence, and became even more determined to continue the business. He also convinced everyone of us in the organization to follow his optimism.
Later, we expanded, slowly building malls at that time to get our formula right. The expansion was not without difficulties. When constructing Sta. Mesa and Megamall, we were faced with delays in construction due to cement shortages and the 1989 coups.
When the 1997 Asian crisis came, we were planning our mall expansion, including the Mall of Asia, which was then envisioned to be the biggest mall in the region.
Because my dad felt the tsunami-like effects of the region wide crisis, which was unlike any other he had experienced, we had to change plans. We deferred opening the Mall of Asia, and went on with the opening of other malls.
We grew in numbers instead of size, serving different smaller markets. We have also expanded our retail business beyond department stores to include supermarkets, hardware stores, appliance superstores, and other retail formats.
At about the same time, we looked into the banking business – both at our bank and at the industry. At the time, our main bank, Banco de Oro was a medium sized bank. Because we were quite conservative in lending, the deluge of bad loans that characterized the times did not affect us. Given that, we thought it was an opportune time to grow amidst some instabilities. We reorganized and strengthened our organizations for about three years and developed growth strategies that started in the year 2000.
Encouraged by the consolidation program of Central Bank of the Philippines (BSP) in making Philippine banks more competitive relative to the region, Banco De Oro made few acquisitions because of the moratorium on banking. It acquired the Dao Heng Philippines branch, the First eBank, the Banco Santander Philippines branch, the United Overseas Bank branches, and most recently – Equitable PCI Bank.
Opportunity is where you find it, not where it finds you. Crisis and weakness indicate one can look for opportunities. Transforming problems into opportunities can bring good returns. Prosperity and growth come only to a business that systematically exploits its potentials and systematically optimizes its performances.
Our business – especially that of shopping centers is a long term business. It takes at least eight years to pay back. We feel that the country will always be around, and with Filipinos’ love for shopping, there will always be customers we can sell to.
We also have to continuously innovate. Our other retail formats like supermarkets, hardware stores, appliance stores, home stores, toy superstores, baby stores, and Watsons are continuously evolving with the shopping habits of our customers. Because they frequently visit the store, we make sure we have new products all the time so that their shopping experience will not be boring.
Our group’s policy is to look for opportunities at all times, and to be ready to act when it comes. While crises may have brought opportunities, we continue our plans in good or bad times with some changes to suit our demands of the time.
May Henry Sy’s success rubs off to us as well. As a final note, I would like to leave this quote from Henry Sy: ““There is no such thing as overnight success or easy money. If you fail, do not be discouraged; try again. When you do well, do not change your ways. Success is not just good luck: it is a combination of hard work, good credit standing, opportunity, readiness and timing. Success will not last if you do not take care of it.”
Last edited by THE EXPLORER on Sat Apr 14, 2012 6:13 pm; edited 1 time in total
THE EXPLORER- V I P MEMBER
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Join date: 2011-09-10
The Birth of Julie’s Bakeshop
by THE EXPLORER on Sat Apr 14, 2012 6:10 pm
Julie noticed that her customers consumes a lot of bread which she bought from different bakeshops at that time. One of her bread supplier, Vicente Ruiz encourage her to put up her own bakeshop so she could supply her own needs. She realized that it was a good opportunity because the market was already there but she was hesitant at first because she have no experience in baking or bakeshop business.
Eventually she took Vicente’s advice on the condition that he joins her business and take care of all the baking while she took care of the rest. One of the keys for a successful business is hiring an expert which attributed to her success. By hiring an expert to help start her bakery business, she didn’t have to worry about the product. Again I would say that she was lucky enough that she have an expert on her side because if she hired an amateur, then that would hinder her success.
Julie put up her savings which amounts to Php19,000 to open up the family’s first bakeshop on January 6, 1981 in Wireless, Mandaue. She served staples like Elorde, Everlasting, Pan de Coco and Pandesal. Then she opened up another bakeshop in Aznar road near Southwestern University just six months after she opened up the first and she recovered her investment only in one year.
Based on the short success story, it is obvious that age doesn’t matter if we were given a break by our Almighty Creator. Just let us keep ourselves hoping and trusting in Him that someday we will have our break.
Source: Masigasig Magazine
Eventually she took Vicente’s advice on the condition that he joins her business and take care of all the baking while she took care of the rest. One of the keys for a successful business is hiring an expert which attributed to her success. By hiring an expert to help start her bakery business, she didn’t have to worry about the product. Again I would say that she was lucky enough that she have an expert on her side because if she hired an amateur, then that would hinder her success.
Julie put up her savings which amounts to Php19,000 to open up the family’s first bakeshop on January 6, 1981 in Wireless, Mandaue. She served staples like Elorde, Everlasting, Pan de Coco and Pandesal. Then she opened up another bakeshop in Aznar road near Southwestern University just six months after she opened up the first and she recovered her investment only in one year.
Based on the short success story, it is obvious that age doesn’t matter if we were given a break by our Almighty Creator. Just let us keep ourselves hoping and trusting in Him that someday we will have our break.
Source: Masigasig Magazine
THE EXPLORER- V I P MEMBER
- Posts: 51
Join date: 2011-09-10
Re: A very inspirational successful story of businessman in the philippines
by bert on Sat Apr 14, 2012 10:51 pm
thanks for thier story . . . .
bert- COMPUTER MASTER
- Posts: 213
Join date: 2010-05-02
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