Gun-Ho went to a restaurant that specialized in Soy Sauce Gejang* with the former vice president of S Group—Mr. Jang-Hwan Song for lunch that day. Mr. Song said he used to come to this restaurant pretty often when he enjoyed golfing before. The restaurant was located on the road that led to Jincheon County in Chungcheongbukdo Province. It was not very crowded and Gun-Ho liked it. The crab dish came with lots of various side dishes.
“Sir, since you don’t work today, why don’t you have some rice wine?”
“Maybe I should. Haha. But I blush whenever I drink liquor…”
Former Vice President Song drank a glass of rice wine anyway. He seemed to be feeling good that day.
During lunch, Gun-Ho and Mr. Song just exchanged superficial small talk. Since they were having marinated raw crabs, they talked about crabs in general. They talked about the crabs caught in Yeongpyeongdo Island and they also discussed the taste of the crabs in Imjin River. After they were done talking about crabs, they started talking about golf. Mr. Song seemed to enjoy golfing a lot. Since he stayed overseas for an extensive period of time in his entire career, he knew lots of popular golf courses abroad.
After lunch, Mr. Song tried to get a cup of coffee from a vending machine inside the restaurant when Gun-Ho suggested something else.
“Why don’t we have a cup of coffee in a nice café instead of having it here?”
Gun-Ho took Mr. Song to Cheonho Reservoir in Cheonan City where they could have the view of Dankook University. There were many nice cafés in the area.
Gun-Ho and Mr. Song were sitting at a café while looking at the lake. Gun-Ho asked him,
“I know there are more than twenty large companies which supply their products to S Group, like Egnopak. Have you been offered any position by any of those companies?”
“Yes. I have actually received a job offer from two companies, but I decided to decline their offer. They are small companies compared to S Group, and I know they can’t offer me a president position and they will give me a vice president position. I didn’t want to work for a small company as a vice president. Moreover, if I join them, I am sure they will ask me to use my connection with S Group to demand them to buy more products. I didn’t want to do that.”
“But you can do that, right?”
“Not necessarily. S Group wouldn’t increase their purchase unless the manufacturing company doesn’t produce defective products and it can provide the products on time.”
“That makes sense. They won’t increase the volume of product purchase if they can’t rely on the manufacturer.”
“Right. You probably know well, President Goo. Manufacturing business is all about producing good products without any defect. A large company like S Group doesn’t accept products from a company that is consistently producing defective products just because someone who has a connection with them is asking for it.”
“Hmm.”
“Your company, President Goo, GH Mobile is producing some defective products as well. You might not have received any report specifically about the defective products, but your company has probably recalled several products already. The department which is in charge of it should be aware of it.”
“I believe you have been working mostly for a company that is registered with KOSDAQ. Have you ever worked for a company that was a private company but became a public company while you were working there?”
“Of course. After I helped one company go public, they let me go instead of promoting me.”
“Who did that?”
“What do you think? Obviously, the company owner’s family did that.”
“They are so bad.”
“The large company’s owners, especially the founder’s children or grandchildren have very different and unique mindset and approach in handling things in life.”
“Could you elaborate?”
“I would say it is like elitism. They think they are the dominant group in the society, and most people are the workers for them or slaves. I had participated in a civil rights protest when I was in college before I entered into S Group, but I am not saying this because I am biased.”
Mr. Song looked at the lake nostalgically while having a cup of coffee.
“It has been already 24 years since I began my career with S Group. I’ve had a good life while I was working there, so I don’t have any resentment toward them now.”
“Sir, why don’t you join us to GH Mobile? Let’s work together.”
Mr. Song’s eyes widened.
“I do appreciate your offer and thank you for highly recognizing my ability at work. I actually do like you, President Goo. I was told that you started your career as a factory worker. At first, I didn’t believe that, but I realized later that it was true. It must have not been easy for you to come this far and I admire you for it. And I highly recognize your success at a young age. I was intrigued by your unique career path and it was interesting for me to see how you grow your company.”
“Thank you.”
“However, I don’t think there is much I can do for GH Mobile.”
“I just want you to be there. We were able to successfully develop our new product—AM083 Assembly because of you, sir.”
“Don’t say that. GH Mobile developed that product with its technology and system.”
“Do you remember I told you before that I consider you like my older brother? Please join me at GH Mobile, I need your help, brother.”
“Well, I don’t know. If I join you, I want to be productive at least as much as I get paid.”
“Join us and help us go public.”
Mr. Song finished his coffee. He turned his head to Gun-Ho; he looked serious.
“If I successfully help GH Mobile go public, what would you give to me in return?”
Gun-Ho didn’t expect the question, and he couldn’t quickly respond to him.
Mr. Song continued,
“Even though I like you personally, President Goo, business is business. I don’t want to make the same mistake. I don’t want to be kicked out once I help a company go public.”
Gun-Ho made a serious face and asked,
“What do you want in return, sir?”
It was getting dark and several college students started coming into the café.
Silence filled the air.
Mr. Song broke the silence and said,
“Once GH Mobile is successfully registered with KOSDAQ, the price of the shares will increase ten or twenty times the current price. You know that, right?”
“Yes, I know that.”
“Well, since GH Mobile is not a pharmaceutical company or an IT company that often produces a new product, but it is a manufacturing company, the price of the share won’t increase that dramatically, but at least it will increase five times the current price.”
“I am aware of it, too”
“Then you know what I want.”
Gun-Ho laughed.
“So, you want company shares.”
“Before I left home to meet with you today, I read GH Mobile’s financial statements. There are lots of things to be done in order to fulfill the requirement of KOSDAQ registration. I can make GH Mobile be registered with KOSDAQ within three years. Give me the company shares. I want 3% of what you are currently holding, President Goo.”
“3%…”
“I am not asking that I want to participate constantly in managing GH Mobile. I am getting old so I can’t hold it for a long time anyway, and I will let my power in managing the company go when the time comes.”
“Okay. I will give you 3% of the GH Mobile shares. Also, since you used to work as a vice president for a large company, I will give you a co-president position at GH Mobile.”
Mr. Song extended his hand to Gun-Ho for a handshake. Gun-Ho grabbed it. The female college students of Dankook University, who were sitting at a table across the hall, looked at Gun-Ho and Mr. Song and laughed. They were probably thinking that these two middle-aged men were acting weird in a café.
Note*
Gejang – Fresh raw crab dish, which is marinated in soy sauce
