After selling ErgoTune in his late 20s, Jake discovered that financial freedom did not necessarily bring fulfilment. On The Building Series podcast, he shares how he managed his newfound wealth, rediscovered his purpose and returned to entrepreneurship.
For many entrepreneurs, selling a successful business represents the ultimate reward after years of hard work and sacrifice. But what happens when you achieve that milestone while still in your 20s?
For Jake, co-founder of Singapore ergonomic chair brand ErgoTune, selling the company provided financial security and the freedom to explore new opportunities. Yet it also left him questioning what he wanted to do next.
On this episode of DollarsAndSense Building Series podcast, Jake shares the decisions behind ErgoTune’s sale, how he managed the proceeds and why he eventually returned to entrepreneurship with his latest venture, onflowLab.
Watch the full episode of Building Series podcast.
Why Jake And His Co-Founders Decided To Sell ErgoTune
Selling ErgoTune was never part of the original plan. Jake and his two co-founders, Joshua and Damon, had built the company from scratch without external funding. By the time an acquisition opportunity emerged, ErgoTune was generating eight-figure annual revenue, with healthy cash flow and strong profitability.
The opportunity came unexpectedly when one of his co-founders received a call from a friend who was looking to acquire businesses. Despite the company’s success, the offer prompted the founders to consider whether they wanted to continue running ErgoTune for the rest of their lives.
Having grown up without significant family wealth, financial security remained an important consideration. Although their business was profitable, the founders were still drawing salaries of around $4,000 a month.
Selling ErgoTune would allow them to secure their personal finances and pursue opportunities that might otherwise have been difficult to explore. However, money was not their only consideration.
Having spent years building the company, they wanted to ensure the new owners could take ErgoTune to greater heights. Jake also recognised that a company’s potential could be limited by its founders’ capabilities. Bringing in the right owners could create opportunities for the business to grow beyond what they could achieve themselves.
What Happens When A Life-Changing Sum Enters Your Bank Account?
When the acquisition closed at the end of 2023, the deal was structured with 75% of the payment received upfront and the remaining 25% tied to performance. For Jake, seeing the initial payment arrive was surreal. He recalled having to count the digits in his bank account to ensure the amount was correct.
His initial thoughts turned towards luxury purchases, including a Lamborghini and a landed property. But after returning home and getting a good night’s sleep, he woke up to a surprising realisation.
“I’m still me. My life remains the same. Nothing has changed.”
Despite his newfound wealth, Jake’s spending habits remained largely unchanged. Having grown up in a modest household, he continued to value money the same way he had before the acquisition. He joked that even with significantly more money in the bank, he would still hesitate to pay $8 for chicken rice at a hawker centre.
Rather than dramatically upgrading his lifestyle, he focused on securing his financial future.Excluding property purchases, Jake estimated that less than 10% of the proceeds went towards discretionary spending such as cars and holidays.
Most of his money went into exchange-traded funds (ETFs), which allow investors to invest in a basket of assets through a single fund. He also topped up his Central Provident Fund (CPF) accounts and purchased some Bitcoin. With his financial needs largely addressed, however, a more difficult question emerged: How did he want to spend his time?
Financial Freedom Did Not Automatically Bring A Sense Of Purpose
Following the sale, Jake remained with ErgoTune as part of a two-year contractual commitment. During this period, he began exploring what life after the business might look like. He took on consulting projects and invested in smaller businesses, enjoying the flexibility that came with financial independence.
Yet despite living comfortably, he found himself struggling with a lack of direction. Jake shared that he experienced significant anxiety, difficulty sleeping and periods of brain fog. More importantly, he felt that he had lost part of his identity.
For years, being an entrepreneur and building ErgoTune had defined much of his life. Without the same responsibilities and goals, he struggled to determine what he wanted to pursue next. Although he no longer needed to work for financial reasons, he missed the sense of achievement that came from building something meaningful.
His experience highlighted an important distinction between financial independence and personal fulfilment. Having enough money to stop working did not necessarily mean he wanted to stop creating.
How Jake Found His Next Opportunity With onflowLab
During his search for a new direction, Jake met a group of researchers and doctors from the National University of Singapore (NUS) who had started a supplement company called onflowLab. While the team had scientific expertise, they needed support in marketing their products. This presented an opportunity for Jake to apply the business-building experience he had developed at ErgoTune.
Initially sceptical about supplements, Jake decided to try the products himself. He reported improvements in his sleep and morning mental clarity, which encouraged him to explore the business further. These were his personal experiences rather than independent evidence of the products’ effectiveness.
He subsequently invested in onflowLab and took responsibility for its go-to-market strategy, focusing on how the company would market and sell its products.
As the business gained traction, Jake brought in his friend Ee Chien. Together, they decided to take a majority stake in the company. This arrangement allowed the original researchers to concentrate on product development while Jake and Ee Chien focused on growing the business locally and internationally.
For Jake, the venture offered something that financial freedom alone could not provide.
“I think that fills up my sense of purpose.”
Despite having completed one successful exit, Jake is not building onflowLab with the intention of selling it. Instead, he believes in focusing on the fundamentals: developing good products, assembling the right team and building a sustainable business.
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Finding The Right Co-Founder Is Like Choosing A Marriage Partner
One lesson Jake carried from ErgoTune into his second venture was the importance of choosing the right business partners. He compares finding a co-founder to choosing a marriage partner, as both relationships require trust, compatibility and the ability to navigate difficult situations together.
At ErgoTune, Jake already knew Joshua and Damon from their polytechnic days. Their friendship provided a strong foundation of trust before they started working together.
Finding a partner for his next venture was more challenging. Jake first connected with Ee Chien through LinkedIn while the latter was working at Endowus, where Jake was a client. Their relationship began with a Korean lunch in Telok Ayer, followed by more conversations, social gatherings and eventually a trip to China with their wives. By the time they started working together, they had developed a strong friendship.
Beyond trust, Jake believes co-founders should bring complementary strengths. He describes himself as an introvert who is comfortable spending time alone, while Ee Chien enjoys networking and meeting new people. Their different personalities help them complement each other when running the business. Having a trusted partner also provides emotional support during what Jake describes as an often lonely entrepreneurial journey.
Why Starting A Second Business Is Not Necessarily Easier
Having built and sold ErgoTune, Jake now approaches entrepreneurship with significantly more experience. However, he does not believe starting a second business is necessarily easier. The difference lies in knowing how to navigate the journey more effectively.
Rather than figuring everything out through trial and error, he can now break larger business objectives into smaller goals, identify important performance metrics and take more calculated risks. Nevertheless, he cautions experienced entrepreneurs against assuming that previous success guarantees future results.
Markets evolve, consumer behaviour changes and technology continues to reshape industries. Founders must remain curious, speak with customers and suppliers, and stay informed about developments in their markets.
For younger Singaporeans considering entrepreneurship, Jake encourages taking small, practical steps rather than waiting until everything is perfectly planned. When he first started ErgoTune, he gave himself one year to try building a business. If it failed, he believed he could return to employment and catch up with his peers.
He also credits his family for giving him the confidence to take that risk. His parents, who work as hawkers, never pressured him to pursue a particular career or questioned his income when he started his business. Instead, they supported his decisions and allowed him to learn from his experiences. For Jake, having people who accept the possibility of failure made it easier to pursue entrepreneurship.
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Building A Life Beyond Financial Success
Jake’s journey shows that selling a successful business does not necessarily mark the end of an entrepreneur’s story. The ErgoTune exit gave him financial security and the freedom to explore new opportunities. But it also forced him to reconsider his identity, motivation and long-term goals.
Through onflowLab, he has found a new opportunity to apply his experience while pursuing work that gives him a sense of purpose. Ultimately, his experience suggests that entrepreneurship is not simply about achieving financial success. It is also about building the freedom to pursue a fulfilling life, even after the money is no longer the main motivation.
