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CH33 | Heir
🕑 Added 2025-03-19 03:40:00 +0000 UTCTaewoo Group collapsed due to the foreign exchange crisis, primarily because of its massive debt.
I knew this because I came from the future, but Advisor Fukuda had predicted the situation solely through his own analytical skills.
"Are you the grandson of Chairman Kim, who has come as the new General Director?"
"Allow me to introduce myself formally. My name is Kim Min-jae, and I have been appointed as the General Director of the research institute. I am also Chairman Kim Tae-jung's grandson."
"By the way, have you ever read the report I wrote?"
"I haven't read the report myself, but I have heard about it through word of mouth. I fully agree that Taewoo Group's massive debt has put it at risk."
Advisor Fukuda scoffed.
His expression showed disbelief—he didn’t trust that I truly shared his perspective.
"You agree with me without even reading the report? Fine, but what do you plan to do about it? The report I wrote was never even submitted to the group; it was tossed into the trash."
"That's because there was no one in the group who could recognize its value. And there are people in high positions who don’t want the chairman to see it."
"So, are you saying you’ll personally deliver it to the chairman? Even if you do, Taewoo Group will never change. It is the most closed-off organization despite its rhetoric about globalization."
I see—there's someone who understands my grandfather as well as I do.
I was probably the only one who fully agreed with Advisor Fukuda’s words.
"That’s why I intend to reform Taewoo Group’s rigid, closed-off structure."
"And how do you plan to do that? Frankly, it would be better to tear Taewoo Group apart and sell off the pieces."
"I think the same. I plan to sell off more than 50% of Taewoo Group’s subsidiaries to other companies."
"...The chairman would never agree to that."
"But isn’t that better than watching the group collapse? And if necessary, we can create a situation where selling is the only option. May I use the blackboard for a moment?"
Without even waiting for approval, I picked up a piece of chalk.
I then wrote down the names of 40 subsidiaries on the board and marked more than 30 of them with an X.
Advisor Fukuda immediately grasped the significance of my markings.
"So, you're planning to cut off all the subsidiaries marked with an X? Ha! I thought I was the craziest one in Taewoo Group, but it turns out you're even bolder than me. Selling off Taewoo Shipbuilding, Heavy Industries, and even Electronics?"
"I plan to sell everything that can bring in money. The only divisions worth keeping in Taewoo Group right now are Taewoo Motors and Construction. Taewoo Shipbuilding is a bit of a loss, but considering the future, wouldn’t it be more beneficial to use the money from its sale to invest in new businesses?"
For the first time, I voiced the thoughts I had only kept to myself.
I was planning to sell off most of the subsidiaries that my grandfather had painstakingly built.
This was the only survival strategy I had devised for Taewoo Group, from my past life to the present.
My act of wielding the blade was not just about cutting out people like Executive Director Lee.
A true restructuring meant severing Taewoo Group’s vast network of subsidiaries altogether.
"You're far more radical than I expected. I had planned to improve Taewoo Group by halting expansion and repaying its debt."
"Your approach is the most stable and reasonable one, Advisor. However, it takes far too much time. Based on Taewoo Group’s revenue, it would take at least ten years to pay off all its debt."
"Ten years isn’t that long."
Advisor Fukuda was around seventy years old.
For someone his age, a decade might not seem like a long time.
But there were only two years left before the foreign exchange crisis hit.
"Japan’s economic bubble burst five years ago. And earlier this year, another financial crisis struck. There’s no reason to believe Korea is immune to such a crisis."
"So, you believe Korea will soon face an economic crisis?"
"Korean conglomerates are no different from glass castles. Their debt-to-equity ratios exceed 400%, yet no one sees this as a problem. They’re standing on the edge, ready to collapse with just a single push."
The warning signs of the foreign exchange crisis had already begun.
Quantum Fund had started targeting Mexico, and Southeast Asia was next.
If Southeast Asia collapsed, Korea would be next in line.
"So, you're saying we should sell off the subsidiaries to reduce our debt ratio and increase our cash reserves? I understand your reasoning, but doing so would drastically lower Taewoo Group’s ranking in the business world."
"It's a step backward to move forward. When the economic crisis hits, Taewoo Group can use its cash reserves to acquire valuable companies, and our ranking will rise again."
"You sound certain that a financial crisis is inevitable. Certainty is dangerous for an economist."
That was exactly what my professor had told me back in college.
But since I had come from the future, this wasn’t just a prediction—it was a certainty.
"Even if a financial crisis doesn’t happen, Taewoo Group is already on a path to self-destruction."
"Then wouldn’t selling Taewoo Motors be the best option? Just by selling Taewoo Motors, we could significantly reduce Taewoo Group’s debt ratio."
"Taewoo Motors is like a child to my grandfather. That’s why I plan to restructure Taewoo Group with Taewoo Motors at its core."
"But aren’t the other subsidiaries just as precious to the chairman?"
"It's just my grandfather’s vanity. He established and acquired companies solely to climb the ranks in the business world. Well, of course, he wouldn’t see it that way."
Taewoo Group had over 40 subsidiaries.
Who in the world has 40 children?
They were nothing more than ornaments to satisfy his vanity.
"If the chairman finds out, he might sever ties with you."
"That’s why it has to be done in secret. First, I’m going to sell off Taewoo Electronics."
"Taewoo Electronics holds a significant share within Taewoo Group. It has a diverse range of technologies and products, and it operates in over 100 overseas markets."
"Which means there will be plenty of buyers. And I won’t just sell it off—I’ll dress it up as much as possible and fetch the highest price."
They say a business leader should not act like a mere merchant.
I had heard that somewhere before, but I intended to be both a leader and a merchant.
I would manage the core subsidiaries as a businessman and handle the rest as a trader.
"The chairman will never agree to sell Taewoo Electronics."
"That’s why I need to secure ownership of Taewoo Electronics first. If I do that, I can sell it without my grandfather’s approval."
"Are you planning to inherit shares of Taewoo Electronics? Given enough time, they will naturally become yours, but for now, that’s impossible."
"Then I just need to achieve results that make my grandfather want to transfer ownership to me ahead of time."
"And what do you expect me to do?"
Fukuda’s tone had changed dramatically.
His gruff demeanor had disappeared, and he now looked as excited as a child receiving their first toy.
"Research future promising industries. We need data to justify selling off the subsidiaries."
"I can create reports, but will they even serve as valid justification? The reports I’ve made so far have all ended up in the trash."
"A negative report will never make its way up the ranks. That’s why we need a hopeful report—one that outlines a path for Taewoo Group to become the number one conglomerate. If my grandfather sees such a vision, he will surely take interest."
I looked at Fukuda once again.
More precisely, I checked the detailed information displayed beside his face.
He was one of the few in Taewoo Group who possessed S-grade work capabilities.
With his S-grade predictive abilities, his reports would be of great help to me.
Even though I knew the future, I did not know everything.
That was why I needed Fukuda’s predictive insights.
"Haha, looks like I’ll have to write a very interesting report."
"I’ll send you some data I’ve gathered. It was difficult to obtain from Wall Street, so it should be very useful. It’s highly classified, so please make sure it doesn’t get leaked."
"Leaked? Who would I even leak it to? No one ever visits my office."
Of course, the data I was going to provide was not from Wall Street.
I planned to give him a rough overview of future industries based on my own experiences.
"Then, I’ll be counting on you."
"I haven’t been sleeping well lately anyway. This should keep my nights from getting too boring."
After wrapping up my conversation with Fukuda, I headed to the technology research lab.
I had already memorized the faces of all 100 researchers at the lab.
I had also thoroughly reviewed their individual skills and work capabilities.
"Vice Director Joo Kwang-il, I’d like to establish a new team within the research lab."
"What kind of team are you thinking of?"
"We need a dedicated patent registration team."
The importance of patents could never be overstated.
To prepare for the upcoming patent wars, we needed to secure a vast number of patents in advance.
Patents were a type of weapon.
The more weapons we had, the stronger our position in negotiations would be, and they would also serve as a deterrent to prevent other companies from recklessly attacking us.
"Our research lab already holds various patents. We also register new ones every quarter."
"A dedicated patent team won’t be filing patents quarterly—we need to mass-produce them."
"Patents aren’t something that can be created so easily."
"That’s because you’re overcomplicating it. What is a patent, really? If it's something no one else has thought of, then it can be registered as a patent."
"That may be true, but such patents wouldn’t be of much use."
He was thinking of patents only in terms of technological innovations, which was why he reacted that way.
If we were the first to design a rounded edge on a product, that too could be patented.
"A world where patents hold immense power is coming. We need to prepare for it in advance. I’ll assign 20 of our current researchers to the patent team, and we will also recruit an additional 20 new members specifically for it."
"That’s too many people. Our ongoing projects won’t be able to proceed smoothly. Most of them are being conducted at the request of Taewoo Electronics."
"I’ll take care of Taewoo Electronics myself, so don’t worry."
For the time being, CEO Park Jin-hoon of Taewoo Electronics had no choice but to accommodate my requests.
The audit team had barely managed to drive him out, so he would have to go along with whatever I wanted.
In fact, he might even be pleased. He could use me as an excuse, claiming he hadn’t been able to focus on technological development because of me.
"Also, I’ve already completed the recruitment list. Before proceeding, I thought I should show it to you first, Vice Director."
"You’ve already given it some thought, I see."
I handed the recruitment list over to the Vice Director.
Given that the research lab had always struggled with staffing shortages, news of additional hires should have been welcome.
However, the smile quickly disappeared from his face as he reviewed the list.
"Most of them are foreigners… And why are we recruiting lawyers and designers?"
"They’re patent attorneys. Legal expertise is essential for patent registration."
"Taewoo Group’s legal team already has excellent lawyers. I suppose I can understand hiring attorneys, but why designers?"
"In the future, product design will become just as important as technological innovation."
"Even so, this is a research lab. Each subsidiary already has its own product design team."
The Vice Director still couldn’t see the bigger picture I had in mind.
Well, in time, he would understand.
In any case, I had full authority over the research lab now, so I didn’t need his approval.
"We can discuss the details after the recruitment process is complete. For now, please assign 20 researchers to the patent team."
Comments
Rch_ii
Patents are territorial, would he apply on a global scale (Leading countries)?
