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“Think like a corporate and act like a start-up.”

Steen Puggaard once walked out on a company, only to return to finish what he started.

WORDS WENDY KAY • IMAGES YEW KWANG

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teen Puggaard is the first to admit he’s a bit DID YOU KNOW? stubborn. It was this character trait that 4FINGERS supported national rower Saiyidah Aisyah during triggered his departure the Rio Summer Olympics last year. As Singapore’s first from 4FINGERS chicken brands? “It’s like Crispy Chicken after Olympic rower, Saiyidah was relying on crowdfunding to raise chalk and cheese,” Steen just months in the money for her training and preparation until 4FINGERS says. “For a start, there are top job, and it was the it forward, Steen assisted with a change in entered into a three-month cash sponsorship with the no pre-cooked foods at same tenacity that saw him return less than ownership and within six months he was athlete and contributed a portion of proceeds from 4FINGERS. Our dishes a year later to catapult the business into back, joining the board before taking the are made to order, fresh S the sales of its secret menu item the X.B.F.F burger. multiple stores and overseas markets. helm as CEO. To prove his commitment and on the spot. Our When the CEO of 4FINGERS Crispy to the new owner and his confidence Company CEO Steen Puggaard sees the partnership as chicken is hand brushed Chicken first tasted the Korean-style crispy in the business potential, Steen invested a perfect fit. He is a keen rower himself, having won with artisanal sauces, cooked fried chicken at Singapore’s ION Orchard a three per cent stake in the company. Singapore National Rowing titles, and while hoping to raise to render out the flavour shopping complex in 2013, he was clearly “At that time, we were kind of a one- with natural herbs and impressed by the disruptive brand and the outlet chain,” Steen laughs. “I suppose it Saiyidah’s profile and increase awareness of the sport, spices, and without artificial unique flavours tantalising his tastebuds. was my determination and my will to see he also believes Saiyidah displays the same fearlessness flavours or MSG. “From But the concept of serving freshly made my vision through that carried us through and dedication that 4FINGERS is driven by in its pursuit a brand positioning point fast food in a unique, casual dining a transition of ownership and drove the of view, we are not so environment also intrigued. With growth from one store to 12 in Singapore of continued international growth and the disruption much focusing on speed 20 years of food and beverage experience, and Malaysia in just four years. And, of it wants to create in the fast casual restaurant industry. and convenience, as on including time at McDonald’s and Burger course, with the right resources and one quality and experience,” King, Steen realised 4FINGERS offered major shareholder, my team and I are able Steen adds. “Our store the perfect solution to diners wanting the to make big decisions very fast.” designs, our uniforms, the kind of music experience of a unique, easy night out Steen’s approach to business is simple. New York. Dining in Koreatown, they were we play, all reflect that. We are about casual to eat delicious and distinctive chicken It’s a tried-and-tested philosophy that captivated by the flavours of the unique dining, not fast food.” without fuss. No waiters, no tips, just has pushed him to expand from one Korean-style fried chicken. After some Steen’s plan for further expansion extraordinary tasty food enjoyed at the 4FINGERS outlet to 12 in Singapore, research into the recipe and method of overseas is focused on more mature table amid a vibrant, buzzing atmosphere. four in Malaysia (July 2017), two in cooking, they took the idea home but Western markets where diners, disgruntled The founders of 4FINGERS were just Indonesia, three in Australia (June 2017), developed the 4FINGERS brand and with old established brands, are open to as impressed by Steen’s extraordinary as well as good progress with the launch concept before launching the first store new options. He doggedly ensures three credentials and wasted no time recruiting in the US. Further targets are European in 2009 at ION on Orchard Road in criteria – legal, financial and commercial him, enticing him with promises of funds markets such as the UK and Germany. Singapore. “Rather than theme it as a – are met before he considers a country for the growth he envisioned. Steen “Think like a corporate and act like Korean chain serving fried chicken, they 4FINGERS-ready. “Legally, we like to do knew the company could expand globally a start-up,” he says. “It’s about structuring honoured New York instead. The store business in countries that respect the rule and he wanted to take it there. However, the company properly and being very had a more cosmopolitan feel, making it of law. Financially, we always assess the within months, Steen was out the door, smart about strategies and long-term goals. a vibrant place to visit. It was all about resources, the purchasing power, and taking his big ideas with him. “4FINGERS But do it with the energy, the enthusiasm being a brand rather than just a chicken the currency stability in relation to the was just one store, and I joined on the and passion that you’d find in a start-up. joint,” Steen says. business potential. Commercially, we look predication that the owners would inject “When I talk to people with strong Dining at a 4FINGERS outlet is for consumers wanting new and better some funding into the business to get it corporate backgrounds about joining us, definitely entertaining – it exudes New brands,” Steen explains. “When this off the ground and expand,” Steen explains. I explain they should come onboard, not York grunge with subway signs, graffiti criteria is met, we come in with a “I knew it was a great business, but the despite our small size, but because of it,” walls, and a sense of underground brand that’s fresh, different, disruptive, » ownership structure and lack of funding Steen adds. “They can be a big fish in insurgency. Meanwhile, on the website, was holding it back. Promised funding a small but fast-expanding sea where they words like ‘rebellion’, ‘revolution’ and

never came, so I left, telling the owners have the opportunity to apply everything ‘disrupt’ are splashed about, with diners “It’s a pleasure being the preferred beverage partner of to call me when they were ready to put they’ve learned in a meaningful way and urged to ‘Fight the good fight’ and 4FINGERS. Steen values the importance of transparent data sharing and regular business reviews to exchange best the funding in.” help shape something very special.” competitors warned that ‘It’s game on!’ practices and insights, so that strategic win–win business Tired of waiting for that call, but The founders brought the idea for So what exactly is the difference decisions and continuous business improvement can be made.” – Bernie Ng, General Sales Manager, Coca-Cola still keen to lead the business and take 4FINGERS to Singapore after a trip to between 4FINGERS and established Singapore Beverages

36 | theceomagazine.com theceomagazine.com | 37 DPS advert DPS advert Coca Cola Coca Cola Interview | INSPIRE and offers a great product. We understand within the recommended daily intake. “When I talk to people with after KFC, and Steen aims to open four that consumers in mature markets are I feed my young children 4FINGERS – more stores in Singapore by the end of becoming increasingly fatigued with old of course I do; it’s the only thing that strong corporate backgrounds 2017. At the moment, the company brands – brands that have been around for keeps them quiet for a while,” he laughs. operates on a lean but very hard-working too long and are resisting change. So, while “But seriously, I know our product inside about joining us, I explain they management team of a dozen staff with the potential markets we have selected for and out. I know that our chicken and the another 150 manning the stores. Steen growth plans – like Australia, the US, the rest of our raw material is delivered fresh should come onboard, not strongly encourages progression through UK and Germany – are very competitive, every morning. I know how it is prepared, despite our small size but the ranks and is recognised not only as we have an excellent brand proposition that we have no artificial additives and a mentor within his own business but also to offer. If we align our brand and our flavours in our chicken. Everything is made because of it.” to aspiring entrepreneurs trying to succeed proposition to match our consumers’ needs, from natural ingredients. We’ve provided in a variety of fields. we will capture these markets. meals for my kids’ school as a sponsorship, “I try to keep our staff engaged,” “Trends in real estate are also working and I’m totally happy to do it because he says. “Staff who are willing to stay for us,” Steen adds. “In many cases, as I know what goes into it. We’re aware that him about his work–life balance and he’s with us – and fortunately most of them established brands continue to expand consumers are more mindful of health and momentarily confused. “I don’t have a job; are – definitely have opportunities for their market presence, landlords are nutrition,” he adds. “But it depends on I have a purpose,” he says. “It would have advancement. We have very loyal employees increasingly looking for new brands to how much you eat, doesn’t it? In general, been easy not to bother with 4FINGERS who have stayed with us from the help differentiate their properties.” if you maintain a balance of how much after I initially left the company. I could beginning, and I try to pay that forward While in many markets there’s growing you take in and how much you expend, have looked for a corporate job, but I by continuing to take good care of them awareness of the importance of eating a there is no problem. But 4FINGERS is not really believed in 4FINGERS’ potential to and provide a place where they can grow balanced and healthy diet, Steen is unfazed competing with low calorie food; we focus grow. Having seen the company through and prosper. by any suggestion that 4FINGERS food is on tasty and enjoyable food.” the process of change of ownership and “This is not only in the context of unhealthy. “We’ve done lab testing of our While Steen may have sound advice re-funding, I’m now driven by a very 4FINGERS but also the context of our food and portion sizes, so we know we’re for balancing more weighty problems, ask strong sense of purpose. It’s not just a job industry association. The food and beverage to me. I want to – I must – see this thing industry is facing some fundamental through, because I really believe in it. structural problems – the increasing cost “Sure, as we increase our staff strength of labour and rent among them – and and the wheels continue turning when owners and operators need to assess I’m not there, I can occasionally which changes they must make to go and pick up the kids their business model from school,” he says. FAST FACT in order to continue “But when I returned While the idea for taking to keep it competitive to 4FINGERS Korean-style fried chicken and profitable,” Steen in 2014, it was explains. “Because our basically me and to Singapore emerged after the business is structurally an accountant, so founders feasted on it in New York’s very healthy, I was handling Koreatown, the concept is not Korean. 4FINGERS was more or less three The 4FINGERS brand and concept recently asked by jobs at the same one of Singapore’s time. It was during was originally created and statutory boards if we Half page advert that time that my job launched in Singapore would mind sharing MEOTIN FOOD TECH became my purpose and in 2009. some of our key success it will remain my purpose drivers. I am willing to share, as long as I can continue to but only to a point of course,” he add shareholder value.” laughs. “I don’t want to shoot myself in Right now, Steen is the perfect man the foot by giving away too many secrets.” for the job. 4FINGERS expects to record Steen will never forget a pivotal career S$40 million in sales this year, up moment when, in his mid-20s and on significantly from S$2 million in 2013 the cusp of launching a life in business, when he left the company. It is now he found himself on a plane next to Singapore’s second-largest chicken brand a businessman about 30 years older. »

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This organic chicken listens to Mozart

He’s never forgotten the conversation that “No-one knows 4FINGERS ensued. “As a young man, I was somewhat better than my team and me, Full page advert in awe and told the gentleman that his age KEESONG and wealth of experience would make him and we’re always looking for BROTHERS much smarter than me,” Steen remembers. POULTRY “He replied that sometimes having disruption and standing out.” Export ready experience is like having a ticket to a train that’s left the station, meaning you should HACCP certifi ed never assume you know everything and never take anything for granted. I think Halal certifi ed there’s something very salient about that brand in markets that are already saturated which I often remind myself of. with established food chains. Rather than Organic certifi ed “What I think now, and what I try to trying to reinvent an existing, tired brand, do, is to use a combination of experience he embraces the freedom to shape and Fed with lactobacillus and inexperience to explore all options. structure his new brand how he likes. After the change of ownership in 2014, “There are so many F&B brands and Less fat and cholesterol when our new owner asked me to prepare business models that have lost relevance a business plan to take 4FINGERS to a and competitiveness because they’re not UK Certifi ed by ISO9001:2008 in S$100-million valuation, I might’ve said in sync with the way that things are antibiotics free farming system it can’t be done, that it’s too small, today,” Steen explains. “We can shape our or there’s too little time. But because brand and our business to match current I’d never been faced with such a unique consumer demands, not struggle against Farmed without using antibiotics opportunity, I approached the challenge how things were conceived 50 years ago and growth hormones without inhibition. I really do embrace and battle to overhaul thousands of stores. the idea that as a leader, while experience No-one knows 4FINGERS better than is important, it can also at times be my team and me, and we’re always looking Email us at [email protected] to fi nd out more. www.keesong.com counterproductive and actually hold back for disruption and standing out rather your thinking.” than blending in. We want to disrupt at Steen regards it as a huge advantage to all levels: as an employer, a franchisor, be the last to market with a fried chicken a brand, and as a business.”

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