PATRICK PESENGCO & HERWIN SEE
Business: Philippine Vending Corp.
Category: The Young Millionaire
The cousins Patrick and Herwin wanted a convenience store, but because 7-Eleven was already there, along with their friends set up Philippine Vending Corporation and Philippine Food Service group instead to offer customers the convenience of quick retail service. They spent around P7 million to import 30 vending machines, buy a truck, and rent a small warehouse with office space. They started with five employees.
They decided not to franchise the business because they intended Philippine Vending to be of full service vending operator. They would take care of product replenishment, coin collection, service and maintenance of the machines, logistics and warehousing.
Operating their own vending machines allows them to build long-term relationships with customers and to introduce new systems and products. And by establishing economies of scale with more and better machines and importing technology from vending operators, they've made the business profitable and world-class. They've also succeeded in offering a wide array of products, from cold to hot beverages to snacks and frozen goodies. They also partnered with Globe Telecom and Smart Communications to produce a vending machine that allows consumers to electronically load credits.
They share their blessings by donating to charitable institutions and providing college scholarships.
"We feel we have succeeded when we hear people say 'teka muna, kukuha lang ako ng softdrink sa vendo.' That and when people call us to install vending machines in their school or office when not long ago we were begging them to let us install them. Now we install them all the time, and practically all offices have vending machines."GOLDEN RULE:
"To succeed, you have to recognize your capabilities and synergize these with those whose strengths are your weaknesses."
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