Asia's Largest Mini-Storage CEO: How to Recover from Business Crisis and Betrayal
Asia's Largest Mini-Storage CEO: How to Recover from Business Crisis and Betrayal
Catch Your Purpose Podcast #64
Kevin Shee built his company SC Storage into one of Asia’s largest mini-storage operators. In this purpose talk, Kevin and Aaron talk about the fire that killed two firemen, how he lost interest in running his business, and his journey to rediscover his passion for business and life.
Tell us your answer: "One of these companies will go bankrupt in 10 years: Google, Microsoft, Meta or Amazon - which one and why?"
00:00 Introduction
01:59 Who's Kevin Shee
02:55 Why Did Kevin Turn from Entrepreneur to Advisor and Traveler
04:30 Why Kevin Wanted to Give Up His Business
06:30 The Lesson from Fire That Killed 2 Firemen
08:30 Retiring through Investing is HARD!
11:25 What is WEALTH?
14:20 What is Purpose to Kevin?
17:50 Kevin's Advice to Entrepreneurs
19:20 How I Paid Off My Dad's DEBT!
23:00 How to Scale Your Business
25:30 My Friend STOLE My Customers
27:50 How Should Young People Build Wealth?
30:00 Impact of AI
31:24 How to Solve Complex Business & Life Problems
36:26 How to Build a Loyal Team
38:00 Memorable Trips and Vagabonding
41:26 Lessons to My Younger Self
43:30 2 Ways To Fail in Business!
44:19 What Are Bad Business Ideas?
46:00 What's Kevin's Forgiveness Ritual?
48:13: Kevin's Question for YOU
In the world of entrepreneurship, few stories resonate as deeply as that of Kevin Shee, the founder of SC Storage. From building a successful self-storage company in Hong Kong to navigating the aftermath of a devastating fire, Kevin's journey is filled with invaluable lessons on resilience, purpose, and the complexities of business. Here are five key insights drawn from his experiences.
1. The Weight of Guilt
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Kevin's journey took a dark turn in 2016 when a tragic fire resulted in the deaths of two firefighters. Initially, he felt an overwhelming sense of guilt, believing that his business was at fault. The media scrutiny was relentless, and the legal ramifications were daunting. Kevin learned a crucial lesson: **never operate a business without considering the potential downsides.** His experience taught him to build safeguards into his operations, ensuring that he would be better prepared for unforeseen crises in the future.
2. Resilience in Adversity
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After the fire, Kevin shifted his focus from self-storage to investing and traveling, seeking to escape the pain associated with his business. However, the global pandemic and subsequent market crashes led to significant financial losses. Yet, through perseverance, he found his way back to the industry he loved, this time with a lighter perspective. Kevin emphasizes the importance of resilience and adaptability during tough times.
3. Learning from Betrayal
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In the early days of SC Storage, Kevin faced betrayal from a trusted employee who opened a competing facility. This experience left him feeling angry and disappointed but ultimately served as a catalyst for growth. He learned to be cautious about whom he trusted and to implement protective measures in his business dealings. Trust, he realizes, must be earned and not freely given.
4. Redefining Wealth and Purpose
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Kevin's understanding of wealth has evolved significantly over the years. Initially, he equated wealth with financial success and competition. However, after overcoming personal and professional crises, he now views wealth as freedom, health, and the ability to explore the world. His purpose has shifted to prioritize enjoyment in his work and giving back to the community, reflecting a more holistic approach to life and business.
5. The Importance of Mentorship and Community
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Throughout his journey, Kevin has placed immense value on mentoring the next generation of entrepreneurs. He hosts "Starbucks Saturdays," where he offers guidance to aspiring business owners. This commitment to community and mentorship not only enriches others' lives but also reinforces his own sense of purpose. Kevin believes that helping others succeed is a crucial aspect of a fulfilling life.
Key Takeaways
* Always prepare for potential downsides in business to mitigate risks.
* Resilience and adaptability are key traits for overcoming adversity.
* Trust should be earned; protect yourself in business relationships.
* Redefine wealth to include personal fulfillment and community impact.
* Mentorship and community support are invaluable for personal and professional growth.
What do you think of Kevin Shee's insights on purpose and resilience?
What was your favorite part of his journey? I'd love to hear your thoughts in the comments below!