From Property Agent to Multi-Brand F&B Entrepreneur - Maxthon

The Gourmet Factor

Executive Summary

Lukas Teo transformed from a property agent into the founder and CEO of The Gourmet Factor, a fast-growing multi-brand food and beverage group in Singapore. Starting with a $70,000 investment in Rise Bakehouse in 2023, he rapidly expanded to manage multiple F&B concepts with over $2 million invested and $6.5 million in annual revenue within two years. This case study examines his journey, strategic solutions, and impact on Singapore’s F&B landscape.

Background & Journey

Early Life & Foundation (1982-2005)

Humble Beginnings: Raised by maternal grandmother in single-parent household
Early Work Ethic: Started working at age 12 as cashier at aunt’s candy store at Ginza Plaza (West Coast Plaza)
Formative Experience: Worked at Delifrance Singapore at 14, then 20 hours weekly at Super Chicken in Australia during university
Financial Independence: Stopped taking pocket money from mother at age 19
Education: Bachelor’s degree in commerce from University of Queensland (2005) through Ministry of Defence study award
Key Influence: Robert Kiyosaki’s “Rich Dad Poor Dad” inspired vision to build scalable business

Career Evolution (2005-2023)

Ministry of Defence (2005-2009)

Staff officer handling logistics planning and manpower allocation
Gained structured organizational skills

Real Estate & Experimentation (2009-2022)

2009: Transitioned to real estate to support growing family (daughter born)
2011: First entrepreneurial attempt – $50,000 investment in tuition business (exited after 1 year due to partner differences)
2013-2015: Advertising account manager during divorce, gained events and campaign planning experience
2015-2020: Car sales at Cycle & Carriage (Mitsubishi) – achieved #1 top sales award in first year, remained top 3 performer
2022: Returned to real estate with PropNex Realty, specializing in shophouses under “Shophouse Collective” brand
Critical Insight: Commercial real estate exposed him to tenancy lease negotiations, contracts, and restaurant space market rates

F&B Entry (2023-2024)

2023

Investment in Rise Bakehouse (Potong Pasir, 111 Somerset, Chinatown locations)
September: Invested over $100,000 in Oud Restaurant (Kandahar Street) – stepped in when original investor backed out

2024

May: Invested in Ipoh Town Kopitiam (Jewel Changi Airport)
May: Joint venture with Italian Chef Egon Marzaioli for Fortuna (Tanjong Pagar)
August: Incorporated The Gourmet Factor
Mid-2024: Left real estate to focus full-time on F&B

Challenges & Obstacles

1. Market Saturation

Singapore’s F&B market is highly competitive with high failure rates
Many deemed his rapid expansion hasty and unwise
Oversupply of restaurants relative to demand

2. Zero Formal F&B Training

No culinary background or formal hospitality education
Had to learn marketing, finance, HR management, licensing systems, and daily operations simultaneously
Steep learning curve in unfamiliar industry

3. Operational Complexity

Managing multiple brands with different concepts and partners
Revenue fluctuations (Oud Restaurant experienced 20% sales dip in Sept-Oct)
Balancing chef creativity with market positioning and cost constraints
Food cost management (targeting 20-30% depending on cuisine)

4. Partnership Management

Working with chefs who lack business experience (e.g., Chef Masato at Shin Katsu)
Aligning different partners’ visions across four outlets initially
Maintaining quality consistency across multiple locations

5. Financial Risk

Over $2 million invested in highly volatile industry
Personal savings on the line with multiple simultaneous ventures
Pressure to achieve profitability quickly

Solutions Implemented

1. Strategic Consolidation

Problem: Managing disparate investments lacked efficiency and scalability

Solution: Established The Gourmet Factor (August 2024) with three-tier structure:

Tier 1 – Owned & Managed: Shin Katsu, Oud Restaurant, Oud Catering
Tier 2 – Strategic Joint Ventures: Fortuna Group (Fortuna, Fortuna Terrazza, Medusa Osteria Romana)
Tier 3 – Investment Portfolio: Promising brands like Ipoh Town Kopitiam

Impact: Unified operations, reduced costs, enabled knowledge sharing across brands

2. Leveraging Property Expertise

Problem: High rental costs and unfavorable lease terms in prime locations

Solution: Applied commercial real estate knowledge:

Selected Fortuna location at 7 Craig Road for optimal footfall (offices, hotels, residences)
Negotiated lower rent and secured fixed-rate renewal clause for subsequent 3-year term
Utilized existing property network relationships for favorable terms

Impact: Fortuna broke even in under 5 months (far ahead of projections)

3. Backend Systems Development

Problem: Manual processes couldn’t scale across multiple outlets

Solution: “Dual-engine aircraft” model – kitchen + backend systems:

AI-Driven Inventory Platform: Integrates invoices into accounting software for real-time food cost tracking and manpower optimization
Comprehensive Backend: Payroll, staff scheduling, finance reporting, pricing strategy, HR processes
Corporate Structure: Hired 7-person team in corporate office (March 2024)

Impact: Efficient operations, better cost control, data-driven decision making

4. Performance-Driven Marketing

Problem: Traditional marketing didn’t address low-traffic periods or seasonal variations

Solution: Launched Socials.sg marketing arm:

Tracks sales patterns down to hourly data
Plans promotions around low-traffic periods
Prepares seasonal campaigns months in advance
Focus on performance metrics rather than just content creation
Now offers services to external F&B brands (new revenue stream)

Impact: 35% sales increase at Oud Restaurant after strategic pivoting

5. Rapid Pivoting Capability

Problem: Oud Restaurant 20% sales decline (Sept-Oct 2024)

Solution: Within 2 weeks, pivoted from à la carte to buffet format ($68++ per diner)

Impact: First weekend hit – 35% sales increase, reversed negative trend

6. Cost Discipline & Market Alignment

Problem: Chef creativity vs. profitability balance

Solution: Systematic approach:

Assess whether premium ingredients fit brand’s price point
Work backwards from market capacity
Maintain food costs between 20-30% (industry standard)
Regular menu engineering based on cost analysis

Impact: Maintained profitability while preserving food quality

Extended Solutions & Future Strategy

1. International Expansion

Current Actions:

Visited Japan, Vietnam, Indonesia, and Malaysia to explore opportunities
Planning to franchise Shin Katsu brand overseas
Evaluating market conditions and partnership opportunities

Strategic Rationale:

Diversify revenue streams across geographies
Reduce dependence on Singapore market
Leverage proven concepts in emerging markets

2. New Concept Development

Planned Launches:

Straits Chinese Eatery (Second half 2026) – targeting heritage food segment
Shin Katsu Express – Heartland locations for mass market accessibility
Medusa Osteria Romana (January 2026, South Beach Avenue)

Strategic Rationale:

Portfolio diversification across price points and cuisines
Capture different customer segments
Test express format for rapid expansion model

3. Aggressive Growth Target

Goal: 15-20 outlets within 3 years (3-5 outlets yearly)

Enablers:

Scalable backend systems already in place
Proven track record attracting investment
Strong partner network (chefs, investors, property owners)
Marketing arm generating external revenue

4. Quality-Driven Success Metrics

Definition of Success: “Customers come back more than 4 times without promotions; magic number is 3 times”

Indicators:

Pricing strategy correctness
Consistent food and service quality
Effective marketing campaigns and loyalty programs

Strategic Focus: Long-term customer retention over short-term promotional spikes

5. Partnership Selection Criteria

Philosophy: “Work with visionary founders who are down to earth and always looking to do better”

Approach:

Avoid partners who think they’re “the best” (no room for improvement)
Seek complementary skills (chefs with culinary expertise, Teo provides business systems)
Value grit, determination, and creativity

Singapore Impact

1. Job Creation

Corporate team of 7 employees
Multiple restaurant outlets employing kitchen staff, servers, managers
Marketing arm (Socials.sg) creating opportunities for marketing professionals
Indirect employment through suppliers, contractors, delivery partners

2. F&B Industry Innovation

Operational Excellence:

Demonstrating how backend systems and AI can transform traditional F&B operations
Sharing Socials.sg services with external F&B brands (knowledge transfer)
Proving that non-chef entrepreneurs can succeed with right systems and partnerships

Business Model Innovation:

Three-tier structure (owned/JV/investment) provides replicable framework
Shows pathway from investor to operator to group builder
Balances risk across different ownership models

3. Culinary Diversity

Contributing to Singapore’s food landscape:

Japanese: Shin Katsu (tonkatsu)
Middle Eastern: Oud Restaurant (Muslim-friendly, wood-fired)
Italian: Fortuna Group (multiple concepts)
Malaysian: Ipoh Town Kopitiam
Heritage: Upcoming Straits Chinese eatery

4. SME Success Story

Inspiration for Aspiring Entrepreneurs:

Demonstrates career transition is possible (property to F&B)
Shows importance of transferable skills (negotiation, operations, marketing)
Proves formal training isn’t prerequisite for success
Highlights value of grit, determination, and continuous learning

5. Economic Contribution

$6.5 million annual revenue contributing to Singapore’s GDP
Over $2 million invested in local F&B infrastructure
Supporting local suppliers and service providers
Contributing to Singapore’s reputation as F&B hub

6. Social Mobility Narrative

Personal Story Resonates:

Single-parent household background
Financial independence from age 19
Multiple career pivots and setbacks
Building legacy for next generation (daughter 16, son 13)

Message: Success possible through hard work, adaptability, and strategic thinking regardless of starting point

7. Franchise & Export Potential

Planning overseas franchise of Shin Katsu brand
Could become Singapore F&B export success story
Potential to create “made in Singapore” F&B brand recognition internationally

8. Industry Best Practices

Setting Standards:

Data-driven decision making (hourly sales tracking)
Rapid pivoting based on performance (Oud buffet transformation)
Balancing creativity with commercial viability
Professional management structure for multi-brand groups

Key Success Factors

1. Transferable Skills Application

Property negotiation skills → favorable lease terms
Sales experience → understanding customer acquisition
Logistics background → operations management
Advertising experience → marketing strategy

2. Speed & Decisiveness

Opened 4 outlets in 10 months
Pivoted Oud Restaurant concept in 2 weeks
Quick assessment and action on opportunities

3. Systems Thinking

Recognized need for scalable backend early
Invested in technology (AI inventory) before scaling
Built corporate structure to support growth

4. Strategic Partnerships

Compensates for lack of culinary expertise through chef partnerships
Provides business acumen chefs typically lack
Creates win-win structures (joint ventures, investments)

5. Financial Discipline

Clear cost targets (20-30% food costs)
Data-driven pricing strategies
Conservative lease negotiations

6. Personal Motivation

Driven by desire to provide better life for children
Building lasting legacy beyond immediate profits
Maintaining humble, improvement-focused mindset

Lessons Learned

For Aspiring F&B Entrepreneurs:

“Do not enter F&B simply because of your passion for cooking”
- Understand full business aspects
- Leverage partners to cover skill gaps
Backend Systems Matter as Much as Food
- Operational excellence enables scalability
- Technology investment pays dividends
Speed Must Be Balanced with Systems
- Move quickly on opportunities
- But build infrastructure to support growth
Location & Lease Negotiation Critical
- Right location drives footfall
- Favorable terms impact profitability dramatically
Market Discipline Over Chef Ego
- Creative vision must align with market reality
- Work backwards from what customers will pay
Data Drives Better Decisions
- Track everything (hourly sales, food costs, traffic patterns)
- Use data to optimize operations and marketing

Future Outlook

Short-Term (1-2 Years)

Launch Medusa Osteria Romana (Jan 2026)
Open 3-5 new outlets
Establish Shin Katsu Express in heartlands
Finalize international franchise agreements

Medium-Term (3 Years)

Achieve 15-20 outlet network
Launch Straits Chinese eatery concept
Establish presence in 2-3 overseas markets
Grow Socials.sg as standalone service provider

Long-Term Vision

Build sustainable, multi-generational business
Export Singapore F&B concepts regionally
Become model for systems-driven F&B group management
Create training ground for next generation of F&B entrepreneurs

Conclusion

Lukas Teo’s journey from property agent to F&B group founder exemplifies how transferable skills, systems thinking, and strategic partnerships can overcome lack of formal industry training. His impact on Singapore extends beyond his restaurants—he’s demonstrating new models for F&B entrepreneurship, creating jobs, contributing to culinary diversity, and proving that rapid, sustainable growth is possible with the right approach.

His story resonates because it challenges conventional wisdom: you don’t need to be a chef to succeed in F&B, you need to understand business fundamentals, build strong systems, and partner with people who complement your skills. As The Gourmet Factor continues expanding, it may well become a case study in how to scale F&B operations professionally while maintaining quality and profitability.

The key to his success lies not in any single decision, but in the combination of speed, systems, and strategic thinking—moving fast enough to capture opportunities, building infrastructure to scale sustainably, and making data-driven decisions that balance creativity with commercial reality. For Singapore’s F&B industry, this represents an evolution toward more professional, scalable business models that can compete regionally and globally.