"Hello, I'm Kim Yong-tae. I've heard a lot about you."
"Nice to meet you. I'm Park Sol."
I initially tried to politely decline, but I couldn't resist CEO Kim's persistent requests and agreed to meet his son.
The impatient CEO immediately called his son to the seafood restaurant.
Perhaps because of his father's words, Kim Yong-tae seemed stubborn and headstrong.
"Are you still set on starting a business?"
CEO Kim asked, and Kim Yong-tae replied in a firm voice,
"Father, I'm confident. The cell phone industry will continue to grow, and if we ride that wave, we can be successful. Please, just give me a chance."
CEO Kim sighed and said to me,
"See, CEO Park? This is driving me crazy. Yong-tae, CEO Park is the most successful person I know. He runs a company that does business with large corporations like Sasung and MG, so he must know more than us. If even CEO Park agrees with your plan, I'll invest in your business."
His words put immense pressure on me.
"How can I convince you?" Kim Yong-tae asked.
"Just explain it to him like you did to me."
"Alright."
Kim Yong-tae began explaining his business plan.
"First of all, I worked at Daehoo Electronics' research lab for ten years. I've witnessed the evolution of electronic products firsthand. The importance of information and communication technology is growing rapidly. For example, cell phones, once a symbol of wealth, are becoming increasingly common. If we don't act now, it'll be too late. The cell phone market is just starting to take off, and if it becomes established, there will be no room for latecomers. I don't believe this will be a guaranteed success. But isn't it worth a try?"
"You're not wrong, but cell phones are a complex technology. You said the timing is right, but when are you going to develop the technology and manufacture them?"
"Technology is not an issue. That's what I've been doing at Daehoo. Of course, I can't completely copy their technology, but with enough time and funding, I can develop a new cell phone."
CEO Kim seemed intrigued, but I wasn't convinced.
Large corporations' research labs weren't stupid. They invested heavily in research and development to maximize efficiency.
Kim Yong-tae was suggesting that he could create a workaround technology based on the technology he had worked on at Daehoo. But a workaround technology was unlikely to be better than the original.
It would be more realistic if he proposed developing a new technology based on a different approach.
"You can develop the technology, sure. Anything is possible. But isn't the order wrong? You should ask your father for funding after you've developed the technology. No one invests in a business with nothing to show for it."
"Of course. The funding I'm asking for is for research and development. I've worked on dozens of cell phone models at Daehoo's research lab. Some were scrapped, but many were released. I know those technologies inside and out. With enough time and funding, I can do it. Once I develop the technology, I'll find investors and establish a company."
He became more and more excited as he explained his plan, seemingly lost in his own fantasy.
"The current cell phone market is all about brand value. We can manufacture phones using semiconductor components from other companies and assemble them ourselves. We can make them cheaper than the big brands. With a price advantage, it's definitely feasible."
CEO Kim looked at me expectantly, as if urging me to say something. But what could I say?
I was just a junkyard owner.
I had no knowledge of semiconductor component prices or whether it was possible to manufacture phones cheaply.
"How much do you need for research and development? I don't know your father's financial situation, but it'll cost a lot of money."
"About 300 million won would be enough to buy the minimum equipment."
"How long will the research take?"
"Six months should be enough."
"By yourself?"
"Of course."
Was that even possible?
"Let's say you develop the technology. How are you going to find investors?"
"I'll hold investment presentations. I want to find people who share my vision and build a future together."
His unrealistic dreams and hopes made me sigh.
"But you're not asking your father for money to start a business, right? You must have saved some money from working for ten years. You should use that to achieve some tangible results before asking for help."
"I know how shameless I am to ask my father for such a favor. But once I start the research, the money I saved will be gone in an instant. I'm being hasty because I believe this is a now-or-never opportunity, but that's how urgent it is. I want to give it a try, whether I regret it or not."
If he had demanded the money forcefully, I could have rejected him outright. But his pleading tone made it difficult to say no.
But wrong was wrong. I had to bring him back to reality.
"Look, I think it's commendable for a man to have a sense of challenge. But you need to be realistic. You've worked in a company, so you know how much 300 million won is. Have you considered how much your father struggled, handling dirty trash, to earn that money? It's not just a matter of asking for a handout because the timing is right. And another thing, it's a mistake to think that a good idea is all it takes to succeed in business."
I emptied my soju glass and continued in a lecturing tone,
"There's design, accounting, marketing… the list goes on. Your father introduced me as the most successful person he knows, but I've also gone through countless trial and error, and I'm still going through it. I admire your ambition. I can even cheer you on. But don't underestimate the challenges of running a business."
Kim Yong-tae retorted,
"Who's underestimating it? I've worked in a company, so I know how difficult it is to run a business. I'm saying I'll try it, taking all those factors into consideration."
"Does everyone become rich just by thinking positively? What if the technology development is delayed? What if you can't find investors? You can have a great product and still fail if you can't market it. Every day, tons of inventory from bankrupt companies are delivered to our company. Many of those products are better than the ones on the market. Do you think those people failed because they were stupid? You can't run a business with just one idea in mind."
I wanted to grab him by the collar and slam him to the ground, but I held back because of CEO Kim, who was fidgeting nervously beside us.
This bookworm, who had spent his life studying and working in a lab, was completely delusional about starting a business. He wasn't listening to me at all.
I had also been reckless in my business ventures, but I had always done at least some basic research and market analysis.
I always had a plan B and considered the possibility of failure. I only pursued a business if I was confident that I wouldn't be ruined even if it failed.
I could tolerate the research and development phase, but if he actually established a company and things went wrong, he could end up drowning in debt.
I whispered to CEO Kim,
"I'm sorry to say this, sir, but do you really have 300 million won?"
"I do if I scrape together everything I have."
"Can't you just tell him you don't have the money? He's so excited that he's not even listening to me. He's living in a fantasy world."
CEO Kim sighed.
"I let it slip while bragging after a few drinks."
Meanwhile, Kim Yong-tae was still talking about some standard technology, and I couldn't bring myself to stop him anymore.
"Is there no way to talk some sense into him, CEO Park?"
I forced a smile and said,
"He's not listening."
"Sigh, maybe I should just let him try."
"I'm sorry I couldn't help. We do business with many electronics companies, so I'll look into it and contact you tomorrow."
"Thank you, CEO Park. You're the only one I can rely on."
We sent Kim Yong-tae away and had a heavy drinking session with the heartbroken CEO Kim.
We drank until we were almost unconscious, and the night ended with CEO Kim saying he would invest in his son's business, even if it meant losing the money.
***
"Ugh, I have a hangover. I drank too much yesterday."
I had overdone it, trying to keep up with CEO Kim.
I woke up at CEO Kim's junkyard, where we had crashed for the night. It was already morning. I clutched my aching stomach and returned to the company.
"Sir, you're finally here."
When I entered the office, I saw Park Jong-bum waiting for me with a stranger.
I frowned and asked Park Jong-bum,
"Yes, but who is this?"
"He's a friend I knew from my secondhand trading days. He was desperate to meet you, so I brought him. I called you yesterday, don't you remember?"
I vaguely remembered receiving a call while I was completely drunk.
"Now that you mention it, I think I do… I drank too much yesterday, so my memory is a bit hazy. Anyway, nice to meet you. I'm Park Sol."
"Hello, I'm Han Young-bok."
Park Jong-bum's friend bowed deeply and shook my hand.
"It's an honor to meet you. Wow, as expected of the legend of the secondhand industry. Your impeccable attire, your impressive physique… I'm truly in awe."
"L-legend?"
I was flustered by Han Young-bok's over-the-top flattery and looked at Park Jong-bum, who said awkwardly,
"He tends to exaggerate. I apologize."
"Exaggerate? At such a young age, you've conquered the Korean market! You deserve to be called a legend!"
I calmed down the indignant Han Young-bok and said,
"Alright, calm down. Let's go to my office and talk."
As we walked to my office, Han Young-bok continued his non-stop flattery, making me cringe.
"How did you come up with those methods? A mere mortal like me wouldn't even be able to imagine it. The moment I saw your price list, I knew it. All secondhand goods in Korea flow through Chunha Trading. Wow."
"Ugh…"
I couldn't believe this guy. Even Park Jong-bum seemed embarrassed, his face flushed.
We entered the office, and I offered him a seat.
"So, what brings you here?"
"It's about secondhand goods."
"Secondhand goods?"
I looked at Park Jong-bum for an explanation.
"He's a domestic secondhand trader, and he's running low on supply. He wants to buy some of our sellable goods."
"Secondhand goods? Most of the goods we receive are low quality, not suitable for the domestic market."
When secondhand goods arrived at a junkyard, the junkyard owners would first pick out the items that could be sold domestically.
The prices were much higher in the domestic market.
And the rest would be exported to China through our company.
"I know, but no one is perfect. There must be some items, even if it's just a few hundred kilograms out of tens of tons, that are suitable for the domestic market."
"Well, that's possible…"
"I won't interfere with your operations. Just let me access your warehouse, and I'll pay you for whatever I choose."
It was a win-win situation for me.
All I had to do was open the warehouse and receive payment for the goods he selected.
"We have nothing to lose, but why did you come all the way here? I understand about exports, but the domestic secondhand market is doing well on its own, isn't it?"
Han Young-bok sighed.
"It's a nightmare trying to find goods these days. Even items that were considered unfit for the domestic market before are in high demand."
"Really? Why?"
"The number of people buying secondhand goods has suddenly increased. It's more than double what it used to be."
"Double? Wow."
I remembered the scene at the Cheonggyecheon secondhand market I had recently visited.
"It's good for business, but it's difficult to find goods. That's why I came here. I thought there might be some items in your warehouse that are of ambiguous quality, between domestic and export grade."
"Well, in that case, you're welcome."
We agreed to discuss the details later, and Han Young-bok left.
"Director Park, he said the domestic secondhand market has suddenly grown?"
Park Jong-bum nodded.
"That's right. He said there's a sudden surge in customers."
"What's going on?"
"I'm not sure, but maybe it's because of the economic downturn? People are looking for cheaper alternatives."
"Could that be it?"
"It's just a guess. It's strange, though. I've never seen such a sudden increase in demand in my secondhand trading days."
"Well, it's good for us. As long as we're making money, right?"
And so, the first signs of the IMF(International Monetary Fund) crisis, which would later be known as the golden age of the Korean junkyard industry, bringing unprecedented prosperity to junkyard owners, were emerging from the grassroots economy.