The family business: Next-generation leaders making their mark

SINGAPORE: Despite its decades as an industry leader, joining the family’s Goldbell Group did not initially appeal to Alex Chua.

For years, he pursued a banking career overseas and only came on board Goldbell because he wanted a closer relationship with his family.

“My brother started out in the family business, right out of school, so he was really immersed in the family business,” said Mr Chua.

“During family dinners, or family holidays, you could see there was this different way of communication between him and my dad because it was always about business, how they do things, how we can improve.”

In 1980, Mr Chua’s father started Goldbell as a forklift distribution business. It later expanded into commercial vehicles.

Today, Goldbell is Singapore’s largest commercial vehicles and industrial equipment distribution and leasing company. 

Mr Chua joined Goldbell in 2012. He said back then, he did not have any skill set that his father thought was useful.

“(My father) had to justify giving me a (salary) that was, I think, a 70 per cent cut from my last pay,” said Mr Chua.

“Then he found me a role where I couldn’t cause much harm to the company even if I made a mistake,” added Mr Chua, who began his journey with the company as head of marketing.

From there, Mr Chua eventually led the leasing unit before setting up Goldbell’s financial services arm in 2015. Today, Mr Chua is the CEO of Goldbell Financial Services.

The division was initially set up to help existing customers finance their vehicles, and has since expanded to offering loans to start-ups and small businesses.

It has also grown to become a pillar of the group, with several ventures under its wing.

Mr Chua said the company adopts a collaborative approach to lending, which reflects Goldbell’s core values.

“We always think very long-term. Because we are family-run, our actions and the fruits of the actions can last a generation. We don’t have to see immediate returns, so with that, our value system is very different also,” he said.