Story of a Big Player from Gangnam

Gun-Ho decided to raise the capital of GH Development by issuing new stock; otherwise, his company would look too small with its currently small capital and annual sales. He would raise the initial capital of 300 million won to 1 billion won. That way, Gun-Ho’s company would look better when joining the joint venture.

“Ms. Ji-Young Jeong.”

“Yes?”

“Do you remember that time when we acquired three OneRoomTels, I added my personal funds to the company’s capital of 300 million in order to make enough funds to buy them? And you recorded it as a fund that came from the company CEO, right?”

“Yes, I did.”

“We are going to raise our company’s capital to 1 billion won. I’ve already deposited an additional 300 million won to our major business bank account. So use the 300 million I just deposited and some of the funds that were previously added when we acquired the OneRoomTels to raise our capital to 1 billion won. Why don’t you go to the certified legal consultant’s office this afternoon?”

“Sure, I will do that.”

“They will draft the board minutes to issue shares. That office helped me establish this company so they are aware of our business. Ask them what documents we need to prepare.”

“Okay.”

Manager Kang asked,

“Umm, sir. You are raising the capital because of that vacant lot in Gangdong District, right?”

“No, I’ve been thinking about it and decided to purchase that land under my name rather than using the company name. If the company retains 50% of the property interest, the other property owner would possibly try to sell to us at a higher price.”

“Hmm, that’s true. Then why do you raise the capital?”

“Let’s acquire one more OneRoomTel. We will set up a joint venture with China, and our company’s capital and annual sales are too small to be the co-venturer.”

“A joint venture with China?”

Manager Kang and Ji-Young looked at each other in surprise.

After talking on the phone with the certified legal consultant’s office, Ji-Young made a report to Gun-Ho.

“They said they need the company directors’ certificate of a registered seal and registered stamp, that would include yours, sir.”

“I will prepare them. They might need the stamp for power of attorney or a consent statement. I will bring them.”

“They said they already have the articles of incorporation, and a list of directors in their office.”

“Of course.”

“I will prepare bank statements and the company’s certificate of a registered seal.”

“Okay, please do so.”

Gun-Ho had listed his father and himself as directors of GH Development when he formed the company. Gun-Ho called his father.

“Dad? I need two copies of your certificate of a registered seal. I need them to issue new shares of the company.”

“I need to go to the township office to get those documents. I’m at the Tapgol Park in Jongno 3-ga District right now.”

“Tapgol Park? Then you can get them tomorrow then.”

“I can mail it to you tomorrow.”

“That’s okay. I need your stamp as well, so I will come by home tomorrow to pick them up.”

“You don’t have to waste your time on the trip; you are a busy person. I will bring them to your office tomorrow.”

“Okay, then. You need to take the subway line 1 in Incheon then change to line 2 at Sindorim Station and get off at Gangnam Subway Station.”

“Get off where?”

“Gangnam Subway Station, dad. I will see you at the exit 8.”

“Okay.”

“Let’s have lunch together. Come by noon. I will see you tomorrow, dad.”

Gun-Ho made a call to Jong-Suk. It had been a while since he talked with him.

Jong-Suk and Suk-Ho in Gyeongridan Street hadn’t called Gun-Ho lately. They seemed to feel distant from Gun-Ho.

“Jong-Suk? It’s me.”

“Bro! What’s up? I know you are busy.”

“Why haven’t you called me lately since you got promoted to a manager?”

“I didn’t want to bother you, bro. I know you are busy.”

“You, jacka*s, you should be calling your bro sometimes. I thought you passed away.”

“I’m very much alive. I’m doing fine even though I have to work with all these machine lubricant oils.”

“Do you still go to the fishing site?”

“Yeah, sometimes.”

“Does Chairman Lee come to the fishing site as well?”

“Yeah, he still does.”

“Do you want to go fishing with me this Sunday?”

“Don’t you have to play golf?”

“Who would play golf every single day? And I don’t play golf well at all!”

“Okay. I will be there at 11 AM this Sunday then.”

It was almost noon and Gun-Ho went to the exit 8 at Gangnam Subway Station.

“Huh? It started raining!”

Gun-Ho ran to Gangnam Subway Station. Gun-Ho’s father was hunkering down at the exit 8 in the rain.

“Dad! What are you doing here? Why are you in the rain? Come here.”

“I was worried that you might not see me if I wait inside, son.”

“I can find you, dad. Don’t stay in the rain. Did you bring the documents?”

Gun-Ho’s father pulled out the certificate of a registered seal and his registered stamp.

“This is good. You haven’t had lunch yet, right? Let’s go and have lunch together.”

“Are you not busy? I ate my breakfast late so I don’t have to eat now. You can go back to your office and work. I’m okay.”

“Dad, let’s go!”

Gun-Ho took his father to a Japanese restaurant.

“This restaurant looks so expensive. Let’s go somewhere else.”

“Dad, it’s okay. Have a seat. What would you like to have?”

“Huh? I will just have a buckwheat noodle.”

“Have something delicious, dad. Don’t worry about the price.”

“No, I’m good. I do like buckwheat noodle. It digests easily.”

Gun-Ho ordered buckwheat noodles and Sushi.

“Dad, since it’s raining, why don’t you have a drink? Since I have to go back to the office, I will have half a glass of liquor.”

The buckwheat noodles and Sushi came out. The noodles looked too much for Gun-Ho’s father, but he ate them all. His father finished a bottle of Cheongha as well. Gun-Ho’s father looked happy, and he kept smiling while looking at Gun-Ho.

“How are my sister and her husband?”

“They are doing fine. Your brother-in-law bought the 4-ton truck and already started working at Hite Jinro. You know the truck with wings.”

“That’s good.”

“Your sister changed her work since your brother-in-law is already making money.”

“To where?”

“They do some kind of selection of clothes or something somewhere. She’s working part-time, and she started studying since she has spare time now.”

“Study? Study what?”

“She said she wants to obtain a level-2 certificate of a social worker.”

“Hmm, really? I guess a social worker is in high demand.”

“I was going to Tapgol Park after seeing you here, but I think I’d better go home since it’s raining.”

Gun-Ho and his father walked out of the restaurant after finishing their lunch with a coffee.

“Dad, be careful on your way home, and have a drink with your friends with this.”

“Huh? What is this!? I can’t take it.”

Gun-Ho slipped an envelope with money in it into his father’s pocket and ran to his office.

Ji-Young brought the company’s newly issued certificate of formation to Gun-Ho, which reflected the new changes with capital and shares.

“It’s done, and here is the new certificate of formation of the company.”

“Hmm. Thank you.”

Ji-Young placed the two directors’ certificate of registered seals and registered stamps on Gun-Ho’s desk as well.

“Since the company’s capital has officially been raised, Manager Kang, please look for another OneRoomTel to acquire.”

“Yes, sir. Actually, I saw one in Yeoksam Town that is on the market, and it seems good. I will go and visit it.”

“How are the residential managers doing?”

“They are doing good. A new residential manager is working now at the Daechi town location because the resident manager quit it.”

“Was it easy to find a new residential manager?”

“Yes, I am sure we would receive a lot of applications if we placed a job advertisement on a job posting site such as Albamon because the economy is still not doing well. However, for the Daechi Town location, we hired the person who the previous residential manager recommended; he said that person was his friend.”

“How do you handle when a residential manager needs a vacation or a few days off?”

“They handled the situation by themselves. They ask someone to do the job while they were not present, such as their family members or friends.”

“Hmm.”

“I think we should consider hiring one more residential manager once we acquire the fourth OneRoomTel. So, we will have five residential managers for our four OneRoomTels.”

“Hmm.”

“I know we have to pay for the additional residential manager, but that would take care of a situation where a residential manager would need a few days off or so.”

“Hmm, let’s think about it. For now, let’s focus on buying the fourth OneRoomTel. Let me know once you visit the OneRoomTel in Yeoksam Town.”

“Okay, sir.”