17: Chapter 17 Decision

Chapter 17: Decision

Over the next week, Chairman Wang Shunyi's mind was filled with thoughts of those 200 million won.

He thought about it while handling business during the day, and while lying in bed at night. Sometimes he'd wake up in the middle of the night, staring at the ceiling, tossing and turning over those few numbers—a 570 million valuation, 35% stake, and 200 million in cash.

He remembered what Park Min-ji said: "Financing isn't the only choice. You can find a partner instead of an investor."

But where could he find a partner willing to shell out 200 million without taking a stake? There was no such thing as a free lunch.

He also thought of the questions Professor Kim raised: Is the moat deep enough? Can the management keep up? How much room is left in the market? Each one hit a nerve, impossible to avoid.

On Wednesday night, he met Zhang Junhao for dinner at a small restaurant near the company. When the army stew was served, neither of them picked up their chopsticks first.

"Jun-ho, I want to hear your thoughts on the financing," Chairman Wang Shunyi said.

Zhang Junhao put down his chopsticks and thought for a moment.

"I think we should take it. If we don't, we can't beat Chan-hyeok. They have over thirty years of foundation—channels, capital, connections—everything is stronger than ours. If we just push forward slowly on our own, I'm afraid we won't catch up."

"If we take it, we have to give up 35%."

"Giving up 35% is better than giving up everything." Zhang Junhao looked at him. "If Chan-hyeok squeezes us out, it won't just be about 35% anymore."

Chairman Wang Shunyi didn't reply, picking up a piece of Rice cake and chewing slowly.

"And," Zhang Junhao continued, "those people from Xingchen Venture Capital seem reliable. Park Jun-hyeok isn't the kind of investor who's desperate to control the company, and although Professor Kim's questions were blunt, they were all practical. If they only wanted to make a quick buck, they wouldn't have talked to you in such detail."

"Do you think the valuation is acceptable?"

"570 million is about right. Our annual profit is over 30 million, so based on the P/E ratio, it's only about a dozen times—not high, but not ridiculously low either. The key is that they can provide resources—channels, branding, management consulting—things you can't necessarily buy with money."

Chairman Wang Shunyi nodded and fished out the last piece of luncheon meat from the pot.

"Alright. I'll talk to them again."

On Friday morning, he went to the Xingchen Venture Capital office again. This time, he didn't wait for the receptionist to lead him; he walked in himself, already familiar with the way.

Park Jun-hyeok and Professor Kim were already waiting in the conference room. Two bottles of mineral water and several documents were placed on the table, looking like they were well-prepared.

"Mr. Wang, have you made a decision?" Park Jun-hyeok asked directly.

"I've thought it over. I'm willing to accept your company's investment, but on three conditions."

Park Jun-hyeok leaned back in his chair and made a "please" gesture.

"First, I'll be responsible for daily operations. Major decisions will be made through consultation, but the final say rests with me."

Park Jun-hyeok and Professor Kim glanced at each other.

"Agreed." Park Jun-hyeok nodded. "Our philosophy is to support excellent entrepreneurs, not to be the boss."

"Second, for the next two years, your company will not interfere with the company's operations."

Park Jun-hyeok smiled. "Don't worry, we don't have time for that."

"Third, increase the valuation to 550 million for 35%."

Park Jun-hyeok didn't rush to answer. He looked down at the documents, then up at Professor Kim. Professor Kim nodded slightly.

"550 million is a bit high," Park Jun-hyeok said. "But given your product and growth potential, I can accept it. However, there's a detail—200 million for 35% works out to a valuation of 570 million, not 550. Can you accept that?"

Chairman Wang Shunyi did the math in his head. 200 million divided by 0.35 was approximately 571.4 million. It was 20 million higher than the figure he had proposed.

"I can accept that."

Park Jun-hyeok stood up and extended his hand.

"Then, it's a pleasure doing business with you, General Manager Wang."

"A pleasure."

Three days later, the agreement was signed. The lawyers from Xingchen Venture Capital brought a thick stack of documents. Chairman Wang Shunyi flipped through them page by page until his eyes grew tired. Zhang Junhao was also beside him, checking every clause and asking about anything he didn't understand. Two hours later, the pens hit the paper, and the agreement took effect.

Park Jun-hyeok capped his pen and patted Chairman Wang Shunyi on the shoulder. "The money will arrive tomorrow. Now, it's up to you."

"I won't let you down."

On the day the funds arrived, Chairman Wang Shunyi called everyone together for a meeting.

There were now five people in the company—Zhang Junhao, Kim Dong-xu, person, Lee Soo-yeon, and the newly hired Administrative Assistant Lee Eun-bi. She was a young woman who had recently graduated, quiet but efficient. The office was small, and with the five of them plus Chairman Wang Shunyi squeezed together, there weren't enough chairs. Lee Eun-bi borrowed two plastic stools from next door.

Chairman Wang Shunyi stood in front of the whiteboard and drew a few lines with a marker.

"I have something to tell everyone. The company has secured financing—200 million."

Everyone's eyes lit up. Kim Dong-xu whistled and was promptly slapped on the arm by person.

"I'll briefly explain how we'll spend this 200 million." Chairman Wang Shunyi wrote a few lines on the whiteboard.

"First, build a factory. Jun-ho will be in charge, with a budget of 120 million. That includes the plant, equipment, personnel, and certifications."

"Second, channels. Dong Xu, continue working on offline expansion. Get us into GS25 within three months."

"Got it," Kim Dong-xu nodded.

"Third, marketing. Xiuyan, keep doing what you're doing, but come up with some new tricks."

Lee Soo-yeon made an OK gesture.

"Fourth, Hiring. Eun-bi, you'll manage recruitment. We need to add people across production, logistics, and sales."

Lee Eun-bi took out her notebook and wrote it down.

Chairman Wang Shunyi put down the pen and looked at everyone.

"Everyone, this is a new starting point. Our goal remains the same—to become Korea's most influential food brand. The road ahead won't be easy, but we'll walk it together."

After the meeting adjourned, Jun-ho stayed behind.

"Sunyi, is 120 million enough to build a factory?" He sat across from Chairman Wang Shunyi, frowning. "I've asked around, and just a small production line's equipment costs tens of millions."

"We'll build a small factory first, just enough for what we need. We can expand later as we grow."

Jun-ho nodded. "Then I'll start looking for factory space tomorrow. Seongdong-gu or Gangdong-gu?"

"Let's go with Seongdong-gu. It's close to here, and the transportation is convenient. Even if the rent is a bit higher, it's worth it."

"Alright."

That evening, Chairman Wang Shunyi called his mother. The phone rang four or five times before she picked up; there was the sound of a television in the background.

"Mom, I have some good news."

"What good news?" His mother's voice was full of smiles.

"The company got financing—200 million won."

There was a pause on the other end. "200 million? That much?"

"Yes. The company is doing quite well now, so don't worry about me anymore."

"That's good, that's good..." His mother repeated twice, her voice trembling slightly. After a moment, she added, "Your father is here; he wants to say a few words to you."

Chairman Wang Shunyi was stunned. His father was taking the initiative to speak to him? That was a rare occurrence.

There was a rustling sound from the other end, and then his father's voice sounded, a bit hoarse.

"Sunyi."

"Dad."

"I heard you got financing?"

"Yes."

"200 million?"

"Yes."

Silence for a few seconds on the other end.

"Not bad. Keep working hard."

Just those four words. But Chairman Wang Shunyi could tell that this time, it wasn't sarcasm or perfunctory. He gripped his phone, his Adam's apple bobbing.

"Thanks, Dad. Take care of yourself and Mom."

"Mhm."

The call ended.

Chairman Wang Shunyi sat in his office chair, the phone still held to his ear until the dial tone sounded from the receiver.

Outside the window was the Seoul night. He leaned back in his chair and closed his eyes for a moment.

His lips twitched. It wasn't quite a smile, and it was hard to say what it was, but he felt as though the weight on his chest had lifted significantly.