He is Already a Tycoon at a Young Age! - Chapter 44



Only Noblemtl

#044

“Jisung, do you play around a bit?”

“There is no time to play.”

“Jisung, I worry about how many memories you’ll have of your childhood when you’re my age. There’s a time for everything, but you seem to skip too much.”

My uncle is a person who truly cares about me.

“Yes, that’s right.”

I answered like this, but that doesn’t mean I have time to make memories.

‘I need to find out more about my uncle.’

I had that thought.

“What does Ji-sung think of your suggestion?”

My aunt asked me.

It seems that my aunt is really my grandfather’s daughter.

‘I told you she’s a good woman.’

If my aunt had been born a boy, she would have been a threat to my father.

“In the current situation, exchanging the shares of both sides would be a loss for Gaya Hotel.”

“A loss?”

“Yes, it’s a loss. I think it’ll be a loss later on too.”

“Why should I lose money? Samjeong Department Store has a higher stock price than Gaya Hotel and its market capitalization is higher.”

“But the size of the real estate holdings is different.”

“So you don’t like it? If we exchange the shares, your aunt’s share will also become 25%, and I will also receive a share from my older sister, increasing my share to 25%.”

“Yes, but Auntie, you still can’t escape from your grandfather’s influence. Most of the major shareholders turn from being friendly to opposing at your grandfather’s word.”

“That’s true.”

“Why did my little aunt, who knew that, suddenly become so anxious?”

This is important.

“Jisung, you may not know it, but your grandfather is very fickle. He can change his mind about giving you the department store at any time. And the same goes for your aunt.”

“Then, we can increase the value of our little aunt as a CEO.”

“Increase my value?”

“Until now, my aunt has only been eating the food that my grandfather prepared by putting a spoon on the table. I know that after my aunt became the president of Samjeong Department Store, the growth rate of Samjeong Department Store has not been high. I think the decisive reason why my grandfather treats my aunt as an outsider, as my aunt said, is because Samjeong Department Store is not growing any further.”

“Oh, you hit a sore spot. Ji-sung, unlike other affiliates, department stores and hotels are not businesses that can achieve visible growth.”

“Why do you think so?”

“Because it can’t be helped.”

“I don’t think so.”

“No?”

“Yes, I think department stores can grow in new ways. If they break the existing mold, they can attract more customers. I think they can increase sales in the process.”

“Jisung, you’re talking vaguely right now. Could you please be a little more specific?”

“If I may be specific, my aunt is taking my business idea for free?”

“Hohoho, you really look like your grandfather.”

“Little Aunt, if you have listened to my story and feel that my idea is plausible, then please consider my next proposal positively.”

“Hohoho, do you have any suggestions for me?”

“Of course there is.”

“Okay, just tell me.”

“The existing department store sales strategy is to maximize department store sales through VIPs.”

“Yes, it’s not the common people, but a small number of VIPs who account for most of the department store sales.”

“I think we need to break that mold. And I think department stores should be places that provide relaxation and enjoyment, not places to buy things.”

“Provide rest? Isn’t a hotel supposed to provide rest?”

“So, I think we need to break the mold. Up until now, hotels have focused on the accommodation business, but I think they should sell department store products in the future. So department stores should provide relaxation like hotels.”

My aunt didn’t seem to understand what I was saying.

“Can you explain it to me in a way that’s easier to understand?”

“It’s simple. If you give up sales in a department store, you can maximize sales. In department stores today, sales on the first floor are the key to overall sales.”

“Yes, because the first floor is full of luxury stores.”

“The main branch of Samjeong Department Store has 14 floors. If we open restaurants and a movie theater on the 10th to 14th floors, customers will flock there.”

“I guess that’s true.”

“As the economy of South Korea grows, the spending power of ordinary citizens is also increasing. So I think it would be a good idea to change our business strategy. Also, it would be a good idea to establish large warehouse-type stores as subsidiaries, like in the United States.”

Now, as if she had finally realized something, the look in my aunt’s eyes changed.

“Warehouse mart?”

“Yes, ultimately, there is a need to convert department stores from offline to online. Of course, it would be better to open a cable home shopping channel first before that. In Korea, everyone trusts Samjeong Department Store.”

“Ah, so that’s why they say it’s different.”

My aunt’s mouth fell open.

“Auntie, would you like to join forces to establish a warehouse mart?”

“Joint venture?”

“Yes, let’s join forces. If we do that, the department store’s sales will skyrocket, and when my grandfather sees that, he will have no choice but to give the department store to my aunt.”

“Jisung-ah, do you have the funds to establish a warehouse mart joint venture?”

“Of course there is. Hahaha!”

I know the future.

‘Samjeong Department Store in the end.’

Through the division of the group, it became JK Group, and JK was created by taking the first letters of the names of my maternal aunt and uncle.

And the JK Group that I know is at the center of the distribution business in Korea based on its department store business.

‘I can take over the Starbucks.’

Just thinking about it made me smile without realizing it.

I plan to take over the Starbucks and put it next to my aunt’s hotel.

“Okay, let’s do it.”

She is a very decisive aunt.

* * *

June 13, 1993, the living room of Ji-sung’s aunt’s mansion.

My aunt and I have formed an alliance for our own purposes.

“Should we start investigating the former president’s slush funds?”

Why are you touching the former president’s slush fund?

Because if we touch that slush fund, Jin Kyung Group will be shaken.

“I’m not sure, but I think it’s over 700 billion. That money is ultimately the people’s property. It needs to be recovered and returned to its owner.”

My uncle looked at me intently at my words.

“Isn’t it a big problem that a special relationship with the head of Samjung Group is making such a request?”

“That’s true.”

“Jisung, even your grandfather never gave such instructions to me, his son-in-law.”

“I guess there was no need for that yet.”

“what?”

My uncle immediately frowned at my words.

“I’m sorry, I know you might be offended, but the knife in your uncle’s hand is not a cow knife, it’s more like a chicken knife. I don’t think your grandfather would support your uncle to kill a rival who is as small as a cow.”

“Look at this guy.”

widely!

My uncle immediately hit the honey chestnut.

“oh!”

“Are you sick?”

“Yes, it hurts.”

“No one stopped you from being so bold and taught you that it was wrong, so that’s why you’re like this. I think that’s how I should be too.”

“Yes, I deserved to be hit by my uncle. But that’s the reality. My grandfather will probably use my uncle when he needs to catch a tiger or a dragon. Anyway, I think this is something that someone has to do without me asking. That way, in the future, those in power won’t be able to ask corporate leaders for money under the pretext of subsidies and create slush funds.”

“Someone has to do it?”

“Yes, I hope my uncle becomes the most righteous prosecutor in the Republic of Korea.”

My uncle looked at me blankly at my words.

“No one can beat you with words, you little one. Hahaha!”

“You will do it for the people of the Republic of Korea, right?”

“Yes, you are right. Someone has to do it. Even if it is not a righteous prosecutor.”

“thank you.”

“Jisung is something you shouldn’t be grateful for. And if you ever ask me to do something like this again, don’t come. Lastly, play like a child. A child is happy when he plays like a child.”

“I’ll try.”

I looked at my uncle and smiled.

* * *

June 15, 1993, GL Electronics President’s Office.

“It seems that Samjung Group, or rather Taean Electronics, is serious about acquiring Korea Semiconductor.”

The closest aide to the former president of GL Electronics is currently in the process of giving an interim report on matters related to the acquisition of Korea Semiconductor, and the main subject of the report is, of course, the Taean Electronics issue, which all business people recognize as a subsidiary of the Samjung Group.

“Of course, that old man may look like a noble scholar, but he is actually a poisonous person, and he is desperate to somehow push me out of the position of successor to the GL Group.”

“It seems so. First, Taean Electronics scouted most of the executives who were laid off from Korea Semiconductor. Among them, they scouted Jang Ji-hwan, the head of the finance department of the General Affairs Department, and appointed him as the head of the Korea Semiconductor acquisition team.”

“If you’re in charge of finance, you must know Korea Semiconductor’s financial statements accurately, right?”

“That’s right. In fact, the most important thing in an acquisition is the actual financial statements. No one will believe Korea Semiconductor’s financial statements at face value.”

“Are there more hidden debts?”

“Yes, I am sure it will be. But I think the next-generation memory semiconductor technology announced by Korea Semiconductor alone is enough reason to acquire it.”

But the problem is that the next-generation memory semiconductor technology is also fake.

The only people who knew about it were the CEO of Korea Semiconductor and some of its staff. Even those few staff members were all scouted by Ji-sung through Taean Electronics President Park Seon, so it will probably be revealed after GL Electronics or Daehyun Electronics is acquired.

“Yes, GL Electronics has been focusing on the non-memory semiconductor sector, and if it acquires Korea Semiconductor and takes over the memory semiconductor sector, then the chicken game during a recession? It can endure that and eat everything up. It will be difficult at first, but if it endures, it can dominate the domestic semiconductor market and even the Asian market. A semiconductor company in Taiwan? How much can it grow, hahaha!”

“Yes, that’s right. And Taean Electronics has issued corporate bonds worth 400 billion won to acquire Korea Semiconductor.”

“400 billion?”

GL Electronics’ former president was surprised.

“Yes, what’s even more surprising is that the purpose of issuing corporate bonds is to acquire Korea Semiconductor.”

“Even if the rumor spread that he was a collateral of the Samjung Group, who would buy corporate bonds worth 400 billion won for a small electronics company? When Park Sun was the chief secretary, he displayed incredible ability, but when he became the son-in-law of that old man, did he immediately become greedy? That’s ridiculous. Hahaha!”

“I think so too, but surprisingly, the 400 billion won worth of corporate bonds issued by Taean Electronics were guaranteed by Samjung Electronics, Samjung Department Store, and Gaya Hotel, an affiliate of Samjung Group.”

“Is it true?”

The president of GL Electronics frowned.

Episode 45