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CH86 | Heir
🕑 Added 2025-04-06 03:55:24 +0000 UTCThe IMF headquarters was located in Washington, D.C.
So, I boarded a flight with David, and by evening, we were dining with IMF executives.
"It’s truly an honor to meet you all. I’m Min-jae Kim from Taewoo Group. Please feel free to call me Kim."
"We’ve heard quite a bit about you. You have strong ties with SAVE Investments and connections with multiple firms on Wall Street, correct?"
"I’m honored that you know of me."
"And you’re also the heir to Taewoo Group? No wonder the company is so solid—it’s rare for a Korean conglomerate to have zero debt. Taewoo Group is the only one, as far as we can tell."
"I was fortunate to learn advanced corporate management and financial strategies in school. I simply followed the path that outstanding seniors like you paved before me."
It had been a while since I greased the wheels with some flattery.
In the U.S., lip service worked even better than in Korea.
And academic background mattered immensely in American society.
Even as a young Asian businessman, simply being from the same school was enough to earn a seat next to these IMF executives.
"Once we enter Korea, we plan to completely overhaul the corporate structure and governance of major firms. The way they operate is far too inefficient."
"Taewoo Group had already begun restructuring even before the financial crisis hit."
"That’s why your company is doing well. The other Korean firms should take notes from you."
I smiled outwardly, but inside, I felt a bitter sting.
The IMF had mercilessly strangled Korea’s economy, leading to massive layoffs and a surge in unemployment.
Even the IMF’s own Managing Director later admitted that their approach had been too harsh on Korea during the crisis.
But what could I do?
This wasn’t something I could change by speaking up. Instead, I had to work within their system—to get the best possible deal out of it.
"Many promising companies have collapsed. That’s why Taewoo Group is planning to acquire these firms."
"That’s an expensive endeavor. If you take over failing businesses, you could end up accumulating debt yourself."
"That’s exactly why I need your help, seniors. Allow me to make a toast."
"Well, if our junior is offering a drink, of course, we must accept!"
We laughed as we clinked glasses.
The IMF executives were sharp—they had already figured out what I wanted.
I was asking them to use their influence to sway the government and creditors—to write off corporate debts in our favor.
Acquiring companies at a bargain price was a win for me.
For the government, keeping businesses alive was a win as well.
The only downside? Taxpayers would be footing the bill.
Honestly, it wasn’t exactly the right thing to do.
But even if I did nothing, the government would still use tax money to bail out corporate debt.
So if that was inevitable, I might as well be the one reaping the benefits.
For the next few days, I spent time strengthening my relationships with IMF executives.
By the time we were calling each other "brother" in private settings, I knew I had secured their goodwill.
With that, I left Washington and headed to Las Vegas.
In Vegas, preparations for CES were in full swing.
Steve was staying at a hotel, finalizing his iPod presentation.
"You should take better care of yourself. You’ve lost so much weight since the last time I saw you."
"Vegas food just doesn’t agree with me. But I just need to hold out a little longer—I'm almost there."
Steve was mostly vegetarian, and combined with his grueling schedule, the exhaustion was starting to show.
"It’s just a few more days now—the world is about to see the iPod."
"Oh! Today’s the last day of 1997, isn’t it? Well, an early Happy New Year!"
"Next year will belong to Apple."
"To Apple—and Taewoo Group."
There was an edge to Steve’s joke.
He was subtly pointing out how much of Apple’s revenue was now flowing to Taewoo Group in royalties.
I couldn’t deny it.
If I hadn’t intervened, Apple would never have agreed to such an arrangement.
Sensing the tension, I quickly changed the subject.
"I heard the negotiations with the record labels went well."
"They were a nightmare to deal with. They know nothing about IT, so it was impossible to get through to them. But once the fire was at their feet, they had no choice but to take our hand."
"If P2P sites hadn’t started eating into their revenue, the negotiations would have been even tougher."
I had been worried about this.
Record labels were still making massive profits from CD sales.
It was obvious they would be hostile toward this new MP3 format.
If the P2P sites hadn’t emerged early, the negotiations with record labels might not have wrapped up until after the iPod launched.
"Are you bragging about how you helped with the negotiations? If you want praise, I’ll gladly give you some."
"That wasn’t my intention. I was genuinely concerned."
"No, you’re far ahead of your time. You didn’t just anticipate MP3 players—you even planned for record label negotiations in advance. I’ve never met anyone with a broader or deeper vision than you."
My face flushed.
This wasn’t the usual flattery I often heard from Woo Sung-il.
This was Steve Jobs, of all people, praising me.
A strange mix of pride and embarrassment swelled inside me.
"I still have a lot to learn. I may see the big picture well, but I often miss the finer details."
"A CEO isn’t supposed to micromanage. That’s why you hire employees—to handle those details. And whatever you miss, I’ll cover for you. So don’t hold back—do whatever you want to do."
His sincerity was evident.
Steve truly saw me as his partner.
"I look forward to working together. If Apple and Taewoo Group join forces, I guarantee we won’t just dominate MP3 players and mobile phones—we’ll lead in every industry."
"Sounds like you’ve got another grand plan brewing. Are you already thinking beyond MP3 players and phones?"
"For now, just a rough sketch. I’ll share the details once the iPod is launched."
"Let’s do that. My head is already overloaded from preparing for the presentation. If you throw more ideas at me now, my brain might crash."
Steve’s eyes were bloodshot.
If we talked any longer, he’d probably collapse.
For his sake, I ended the conversation early, giving him time to rest.
***
Time passed, and CES finally began.
The world’s attention was on Apple.
They had already revealed the Innophone, a music-playing mobile device, at a German electronics fair.
And since Apple had given select insiders a sneak peek at the iPod to persuade record labels, word had already spread like wildfire.
With everyone’s eyes on him, Steve Jobs stepped onto the stage.
Flashing his signature smile, he began his presentation.
"Today, I’m going to introduce a revolutionary product. Some of you may be tired of hearing me say ‘revolutionary’ all the time…"
[Hahaha!]
Laughter rippled through the audience as Steve pulled an iPod from his pocket.
"Today, I present to you a truly revolutionary product—one with stunning technology and an incredible design."
Holding the iPod delicately between his thumb and forefinger, he tilted it back and forth, emphasizing its slim profile.
"Back in high school, I used to carry a bulky cassette player on my shoulder just to look cool. Later, we moved on to CD players stuffed into our bags. But now? The era of MP3 players has arrived. You can carry your entire music collection right in your pocket."
As he stepped back, a giant screen behind him lit up, displaying the iPod’s specs.
"It can store up to 100 songs and delivers over 10 hours of continuous playback thanks to next-generation battery technology. No more lugging around stacks of CDs—your iPod can hold the equivalent of 10 full albums. Welcome to the iPod era."
Steve had just declared the dawn of a new age.
The crowd erupted in thunderous applause, captivated by the iPod’s sleek design and groundbreaking features.
But this was just the beginning.
So far, he had only shown off the hardware.
Now, it was time to tug at their emotions—to tell a story that would make them feel.
"Have you ever considered how much effort it takes for an artist to release a single song? They compose, they write lyrics, they spend hours recording, and after all that hard work, they rely on record labels to distribute their music."
Steve spoke as if he were an artist himself, pouring emotion into every word.
"But what happens to that music? It gets illegally downloaded for free. And unfortunately, those pirated songs can be played on MP3 players without any restrictions."
He pounded his chest, his voice filled with sorrow and frustration.
"Music deserves to be paid for. That’s why I’ve created a platform where MP3 files can be purchased legally—just like physical albums. In collaboration with MCA Records, we’ve built a digital music store that is officially certified by the Recording Industry Association."
The screen behind him switched to an image of the newly launched music store.
Once again, Steve clutched his chest, his voice rising.
"To everyone who loves music—I beg you, support your favorite artists. Pay for the music you enjoy, so we can continue to create something even greater. Apple is committed to protecting artists’ rights."
This was more than a product launch—it was a public service announcement.
And because Steve Jobs was the one delivering it, his voice, gestures, and raw passion moved the audience.
Some even wiped away tears as they clapped.
At that moment, I received a text message from Team Leader Han.
[The music store’s servers are crashing! Traffic is off the charts!]
***
After CES ended, I flew back to Korea.
By then, the iPod’s success was undeniable.
Within three days, every unit had sold out.
The music store shattered traffic records daily.
"Apple’s stock price has doubled in just a week. Steve never disappoints."
"America will take care of itself. Let’s focus on Korea. We have work to do, Dimon."
I had returned with Dimon, ready to begin our corporate acquisitions.
He licked his lips like a hungry predator.
"Where do we start? Just point me to the first target, and I’ll grab it for pennies on the dollar."
"My grandfather once told me—don’t call it ‘pennies on the dollar.’ Call it a perfectly reasonable price (fair valuation)."
"A reasonable price, huh? I like that. So, who’s first?"
"Kia Motors. Once the fourth-largest automaker in Korea."
Dimon’s eyes gleamed.
"Now that’s a name worth going after. This will be fun."
