With more than 30 years of experience at the head of Thailand’s leading boutique financial and investment advisory firm, The Brooker Group, a listed company in The Stock Exchange of Thailand, Chan Bulakul has witnessed the fall out of regional and global economic downturns — and the opportunities they provide.
After completing his training as a certified public accountant in the United States and working there for a year, Bulakul went back to Thailand to work for his third generation family business. In 2003, he took over The Brooker Group and since then the company has advised clients in various sectors in Thailand, including in heavy industries, finance, services and real estate, earning recognition as a trusted financial advisor. Forbes Asia awarded The Brooker Group the recognition as one of the “200 Best Under a Billion” in Asia-Pacific for the success in operating three consecutive years of outstanding financial performance based on earnings growth, sales growth and return on equity (2011).
What is the most difficult leadership lesson you have learned?
The importance of restructuring a company to make it sustainable. In 1997, during the financial crisis in Asia, the country went through very hard conditions. We were able to help companies from different industries, including steel, telecom and agriculture, restructure and add value to the business. This gave us invaluable experience.
Before then, bankruptcy law in Thailand was loosely written, so it was a learning process and we were able to make good profit by helping companies restructure and raise money, leading them to recovery with the same ownership. Until now, we see our primary role is to help owners, not bankers, to restructure unhealthy companies. When the global crisis hit in 2008, the country was stronger and was not affected as much since corporate debt level is very low.
What is the best piece of leadership advice you have received?
Once I asked the former two- time Prime Minister of Thailand, Mr. Anand Panyarachun, about ethics, specifically how do you define ethics in business? His reply was very insightful: If you start thinking whether it is ethical or not, don’t do it.
In our industry, because we are dealing with a lot of money, this becomes an important issue. People become more greedy and the temptation to cross the border is greater. This is the same everywhere, not only in Thailand, but more so in the stock market industry where people want to get rich fast instead of earning in the proper way.
What is a top trend you are seeing now in your industry?
I am seeing a change in the concept of Other People Money (OPM). Increasingly, management need to put a substantial portion of personal wealth such that they share both profit and loss.
On a personal level, every 10 years I have a certain theme, concept or idea that I try to implement for the next five to 10 years. At age of 50, I decided not to borrow. It took three or four years to implement this personally and my company.
In terms of investment opportunities, my focus is still on Thailand as this is where our expertise is and where there are still lots of opportunities, particularly in small and medium size enterprises (SMEs). If managed properly, they can realize lucrative profit. SMEs are a niche market opportunity but need to be approached differently. You have to visit each company because nobody has the information. Brokers do not provide research because it is not profitable so we have to do the work ourselves in selecting and visiting up to 50 SMEs every year. There are plenty of gems in these companies.
What are the top three insights you would like to share?
- Take time off. Join a cruise with friends or family, choosing the most expensive time slots. It is usually the best time of the year and the price explains why. My new philosophy is to work less and make more time for vacations. This forces you to work harder to pay for your vacations.
- The best time to invest is when there is panic and market over-discounts the value of stocks.
- Work with passion and seek new knowledge. Take time to digest the knowledge, applying and implementing it accordingly. Finding your passion drives the motivation to learn. I believe an entrepreneur requires having a substantial ownership, a hunger for profit, and working with passion.
What has been your involvement in YPO?
I joined YPO Thailand Chapter in 1985 at the age of 37. Since then, I have taken several officer positions, including education officer, chapter chair and membership chair and regional conference co-chair. In 2009, I was one of the founders of WPO Thailand Chapter. We started with less than ten members. After serving as chapter chair for four years, membership increased to 50. I have also served in WPO South East Asia Regional board and look forward to participating as co-chair of YPO Next Generation (YNG) mentorship in South East Asia Region next year.
Throughout the process, I learned that the more you give to the organization, the more you get back. The journey has provided contacts as well as referrals and trust to my business. It has also added to my knowledge base providing me with different perspectives on leadership, while offering lifetime friendships.