On Saturday I attended a preview talk by Ernie Chen at his college Portman College located at Mines 2.
Ernie is a long time serial entrepreneur but recently becoming more visible on social media. He does daily bite size videos on business and entrepreneurship. He is also the CEO of Mines2, in charge of managing the overall site.
Apparently Ernie bought Portman College from another seller and move it to Mines2. Mines2 on the other hand is owned by TopGlov boss Tan Sri Lim Wee Chai, story is that it was sold to Tan Sri Lim from Tan Sri Lee Kim Yew, Country Heights boss.
Ernie mentioned that one should not necessary think that businesses have to be started from scratch. Businesses can be purchased from other owners. In fact, Ernie himself likes to buy distress businesses also.
Ernie's principle workflow for buying properties is as follows :
Buy
This is where the business is bought, preferably it is bought at rock bottom levels from distress owners
Fix
This is where the problems and action to fix in the business are done
Close
This is where the non core activity/business in the business are removed
Sell
This is where the business is sold off for a profit
For those businesses that are in trouble, it is best to kill it before it kills the founder.
Ernie mentioned that a business is only valuable when it has intellectual capital (IC). A business that is not valuable cannot be sold. One example was where a business is dependent on the founder. Eg one of the attendees had a business which hired freelance trainers to train out of job people, Ernie mentioned that this business did not have value because there is no IC at all, the business model can be easily duplicated.
Ernie then mention a good business besides being valuable has to have 2 more characteristics, loveable and noticeable
One very interesting area at the college is the instagram spot at Portman College called Portman Spotlight.
Overall the talk was quite informative and motivating. I do see the passion in Ernie for sharing his business and entrepreneurship knowledge. Ernie is also quite a star on social media, he does daily motivation videos, interviews with successful people in Malaysia. His content can be reached at his Facebook Page.
You can stalk Ernie Chen here :
https://www.facebook.com/askerniechen/
https://www.instagram.com/ask.ernie/
https://www.facebook.com/askerniechen/