Episode 65: The Launch of the Trading Company
Namdaemun, the busiest goblin market in Seoul during the 1970s.
The market is bustling with merchants engrossed in bargaining and customers trying to haggle down the prices.
“Choose! Choose! One T-shirt for a thousand won. It’s cheap. Cheap.”
“A thousand won isn’t cheap. Give me a bit of a discount.”
“No, customer, at this price, I’m already losing money. I’m selling at a loss.”
“That’s nonsense. Why are you even in business then? Just give me a discount of 100 won.”
At that time, Namdaemun was renowned as a trading hub dealing in imported goods.
It was filled with young peddlers who lived off their dreams.
On one side of the street stalls, import traders hurriedly ate their belated meals.
In the crowded market, Jung Ho-seong sat down, wiping his sweat.
Jung Ho-seong blew on his hot chicken soup to soothe his hunger.
As he ate his late meal, he reflected on the money he had earned over the past few days.
In a week, he had earned a mere 30,000 won.
30,000 won was not a small amount considering the prices at the time, but the problem was the profit margin.
After deducting the cost, the amount in hand was less than 10,000 won.
In terms of salary, it was less than what one would earn from a day labor job.
“Damn it, I must be crazy. I quit such a good company because I was possessed by a ghost…”
Thinking about the debts he had to repay, Jung Ho-seong lost his appetite.
The rice grains felt as rough as stones.
He put down his spoon. He had no appetite.
Jung Ho-seong felt pathetic. Although he was now reduced to selling second-hand clothes in Namdaemun Market, he was once known as a successful company man.
During his time as an assistant manager at Mirae Group, he was responsible for the overseas division and was a counterpart to the British CM (Construction Management) company for a Saudi petrochemical project, showcasing his impressive career.
Fluent in English, Jung Ho-seong, as one of the few 20-something Project Engineers (PE) at Mirae Construction, managed the progress payments. His resignation from the company was due to a sudden impulse.
“Hey, if you’re born a man, you should be the head of a chicken rather than the tail of a dragon. Want to try being a broker with me?”
Jung Ho-seong was momentarily swayed by the coaxing of a close senior colleague. Without a plan, he threw in his resignation and took his first step into brokerage a month later. He moved to Hong Kong, set up an office, and engaged in intermediary trade.
Though it might have seemed like a reckless challenge, Jung Ho-seong had a fallback. Above all, he was an elite graduate of Korea University’s Chemical Engineering Department.
Before joining the company, he had briefly worked as a university researcher with academic aspirations. He was a recognized expert in chemistry and textiles.
With high hopes, he crossed the Korea Strait, but his luck was terrible. Just as he was beginning to establish himself among Hong Kong buyers, a competitor accused him of being a spy to the Chinese police.
Jung Ho-seong was arrested by the Hong Kong police and spent three months behind bars. After rotting in a detention center for months, he was deported back to Korea.
Although the suspicion was cleared later, his business was already ruined.
But that wasn’t the end of it.
Investigative agencies that believed the Hong Kong police’s words started interrogating Jung Ho-seong.
“You’re a commie, aren’t you? Why did you go to Hong Kong?”
“I just went to make money. There’s no other reason.”
“Don’t lie. You went to raise funds for a revolution, didn’t you? Who instructed you?”
Jung Ho-seong, dragged to Namsan, endured brutal torture.
It was painful enough to die, but he held on till the end.
Knowing that admitting to being a spy would mark him for life, he couldn’t acknowledge it even if he died and came back to life.
A few months later, when the misunderstanding was cleared, he was finally released from the detention center.
“Don’t cause trouble and stay quiet.”
After losing almost two years to that incident, all he had left was a meager compensation.
But even after that, Jung Ho-seong’s life was a series of hardships.
Every company he interviewed for reemployment suspected him of being a commie, leaving him with no place to go.
In the end, Jung Ho-seong chose to sell clothes in Namdaemun as a means of survival.
“Damn it, how long do I have to keep doing this?”
Jung Ho-seong was on the verge of frustration.
To start brokerage again, he needed at least some spare funds.
To travel abroad and find companies for business partnerships, he needed travel expenses. Each trip cost two to three hundred thousand won, so he needed at least five hundred thousand won to restart his business.
But at this rate, who knows how many years it would take?
The thought of repaying the debts incurred from his previous business was daunting. Frustrated, Jung Ho-seong gulped down cold water and thought of his successful friend.
Lee Chang-jin. His friend and schoolmate had now become a successful businessman.
What if he asked that friend for help?
With his friend’s generous nature, he wouldn’t refuse if asked for a position.
Though it was a tempting option, his pride still wouldn’t allow it.
‘Forget it… don’t think about it.’
No matter what, relying on a friend didn’t seem right.
After a moment of contemplation, he picked up his spoon again.
Just then, a familiar voice reached Jung Ho-seong’s ears, bringing him joy.
“I’ve been looking for you. Here you are.”
Startled by the familiar voice, Jung Ho-seong turned to his side.
As the saying goes, speak of the tiger and it will appear.
Lee Chang-jin, with his suit jacket off, casually sat beside him.
“Ajumma, one chicken soup, please.”
Startled by Lee Chang-jin’s sudden appearance, Jung Ho-seong couldn’t hide his surprise.
“Why are you so surprised?”
Finally regaining his composure, Jung Ho-seong asked awkwardly.
“What brings you here so suddenly without any notice?”
“We can run into each other by chance. I just thought of you and dropped by. By the way, this place has changed a lot.”
Lee Chang-jin rolled up his sleeves and looked around with interest.
“Why are you being so bland?”
“How’s your work going?”
“Not well. I’m just scraping by. After paying the interest, there’s nothing left.”
“Really?”
Lee Chang-jin nodded indifferently. Just then, their order arrived.
“Here you go, your food is served.”
Lee Chang-jin started eating the hot chicken soup, blowing on it.
Watching Lee Chang-jin eat the chicken soup deliciously, Jung Ho-seong, feeling hungry again, picked up his spoon.
The two resumed their meal in silence.
After filling his stomach, Lee Chang-jin slyly asked.
“This chicken soup is always the same. Do you remember? We used to come here during breaks. Hyung Jung-oh hit it big here. He met his wife here and got married. We even staked out here, waiting for them to show up.”
“Those were good times. The night before, Hyung Jung-oh covered the cost of the drinks and food we had on credit. The bill was so high that he even pawned his cherished watch. His expression was hilarious…”
“Ha-ha. But he succeeded. Life is all about timing.”
Reminiscing about their college days, the two friends laughed.
As the awkward atmosphere dissipated, Lee Chang-jin slowly brought up the main topic.
“By the way, how long are you going to keep doing this?”
“I don’t have any plans yet. I just have to hold on until I pay off my debts.”
Having finished his soup cleanly, Lee Chang-jin wiped his lips with a tissue and took out his wallet.
He casually handed over a new business card.
“Daese Trading? What’s this?”
“What do you think it is? I’m also getting into trading seriously. I’ve got a spot for you if you’re interested.”
“…”
Lost for words, Jung Ho-seong stared blankly at the business card.
It was a moment filled with a whirlwind of emotions.
In truth, he wanted to say okay right away, but his damn pride made it hard for him to speak.
He tried to act as nonchalant as possible, but he couldn’t stop the corner of his mouth from twitching.
“Out of the blue, you’re making a scouting offer?”
“Yeah, you could say that.”
“What’s the condition?”
“I’ll match it to 60% of the assistant manager salary at Mirae Group.”
“60%? That’s too low.”
“Is salary that important? If you close deals and bring in business, you’ll get performance-based incentives. How about 1% of the profits as an incentive?”
“Hmm…”
Jung Ho-seong didn’t give an immediate answer.
It was clear he was thinking hard about it, not taking the bait at once.
Seeing through the obvious ploy, Lee Chang-jin smiled inwardly.
Although he didn’t accept immediately due to his pride, Jung Ho-seong’s eyes were already wavering.
Lee Chang-jin, putting on his jacket, patted his shoulder and stood up.
“If you’re not interested, forget it. Take care.”
Without hesitation, Lee Chang-jin stood up and placed money at the counter.
As Lee Chang-jin took a few steps, a loud voice came from behind.
“Hey, how can you leave without getting my answer? I need time to think.”
“Do as you wish. Are you someone who can be persuaded? I’ll look for someone else.”
Without turning back, Lee Chang-jin waved his hand.
Just a few steps further, Jung Ho-seong shouted.
“Hey! When do I start?”
Only then did Lee Chang-jin turn around. Jung Ho-seong, revealing his gums, smiled awkwardly.
Lee Chang-jin smiled broadly.
“From tomorrow.”
A few days later, the inauguration ceremony of the trading company.
The newly opened trading company settled on the second floor of Taebang Textiles in Seongsu-dong. In the hallway of the building, a signboard with the name Daese Trading in both Korean and English was hung, and the spacious office was equipped with office furniture.
In the meeting room, employees sat on either side of Lee Chang-jin. On the right were Goo Chang-dong, Seo Yo-han, and Lee Yong-sik, and on the left were Hwang Chul-gwan, Yoon Jung-pil, and Lee Chang-sik.
The employees looked through the pamphlets titled “Daese Trading” placed in front of them. The catalog, introducing items such as ships, steel, timber, cement, cranes, vacuum dryers, forklifts, and factories, was quite sophisticated.
Lee Chang-jin introduced Jung Ho-seong to the employees.
“Ladies and gentlemen of Daese Industries, today is the first official meeting of Daese Trading, the third division following Daese Textiles. Today marks the historical opening of our long-awaited trading business.”
Assistant Manager Goo Chang-dong stood up and cheered.
“Let’s give a round of applause!”
Amidst the enthusiastic applause, Lee Chang-jin continued.
“Taking this opportunity, I’d like to introduce someone to you. This is Jung Ho-seong, who has joined us today. Manager Jung will be in charge of our newly established trading division. Although you may not see him often due to different departments, I thought it would be good for you to know him.”
Jung Ho-seong stepped forward and bowed.
After getting acquainted, the employees took their seats, and Lee Chang-jin spoke again.
“Ha-ha, let’s end the introductions here. We’ve already completed the trade registration, and we’ve been gathering information and studying trading continuously before the inauguration. And during this time, I’ve realized something important.”
“What is it?”
“There is not a single proper trading company in our country.”
“What do you mean? There are already seven general trading companies approved domestically.”
People were puzzled by Seo Yo-han’s question, curious about what the president would say next.
“A general trading company is not what it seems. The current general trading companies are merely subsidiaries’ export departments or intermediary traders.”
Lee Chang-jin opened the prepared catalog.
“A trading company is not just about acting as an intermediary for manufacturers’ exports. But the current companies with the trading company sign merely sell their products and earn a commission barely enough to cover labor costs. However, our company is different. At our company, anything profitable is a commodity. Even if it’s not something we handle, if it’s profitable, we are willing to buy and sell it. The catalog in front of you is just the beginning.”
The employees looked at the president without blinking.
Lee Chang-jin continued, looking around the room.
“We are modeling our company after Japanese companies like Itochu, Mitsubishi, and Mitsui. Our trading company will develop into a comprehensive investment company that transcends trade, encompassing information, technology, finance, and construction. We will not just invest in promising businesses to earn stock differences but will build global networks, attract investment funds, and secure large projects. Daese Trading will be our future and the vanguard of our global expansion.”
Clap clap clap!!!
The employees, perhaps infected by the president’s enthusiasm, unknowingly clapped their hands.
Yeo Jin-ju, who had been preparing materials, stepped forward and presented the information.
“There are over 100 brokers in the country engaged in overseas trade. We’ve already informed them about our company and our business plans. Additionally, we’ve sent our business introduction to major brokers active overseas.”
Lee Chang-jin nodded and opened a document.
“Now I will announce the new organizational structure. Planning Director: Lee Chang-sik, Heavy Equipment Department Head: Yoon Jung-pil, Trading Division Head: Jung Ho-seong, Administration Department Head: Yeo Jin-ju, Public Relations and Support Director: Goo Chang-dong, Crane Department Head: Seo Yo-han, Machinery Production A/S Department Head: Lee Yong-sik, Textile Business Division Head: Hwang Chul-gwan. That’s all. Our strategy is to carry out our duties while responding to global trends. New instructions will be issued to each department soon, so please take note.”
Assistant Manager Goo and Yoon Jung-pil were promoted to department heads. As the company grew, the assistant manager position was insufficient to manage subordinates.
The business was smooth sailing, and Daese was thriving.
But even Lee Chang-jin, with all his foresight, was unaware.
Unaware that there were eyes keenly watching his business.
- To be continued in Episode 66 -
