We received an upfront payment of 700 million won and returned to the hotel.
It was time to fulfill my promise to Park Jong-bum.
"Let's be honest. Shares or cash?"
"I want shares."
"Alright. How much do you think is appropriate?"
Park Jong-bum thought for a moment and said,
"Honestly, I'm not sure. Of course, the more the better, but it's a bit awkward for me to name a specific amount."
"Okay, let's rephrase the question. What do you think Chunha Trading will be worth after we dominate the Korean market with urban mining and secondhand goods?"
"At least tens of billions of won, I think."
"I agree. How about 1.5%?"
Park Jong-bum's eyes widened.
"1.5%?"
"I believe the company will be worth at least 100 billion won in a year. 1.5% is not a small amount. I'm offering you this much because I recognize your significant contribution. What do you think?"
"It's more than enough. Thank you! I'll devote myself to the company!"
Park Jong-bum stood up and bowed deeply.
"I was expecting 1% at most, and even then, I wasn't sure if you would actually give it to me. But more than the shares, I'm truly impressed that you recognize my efforts and value me. I, Park Jong-bum, will work hard for the company and for you!"
I pulled him back down onto the chair and said,
"You don't have to be so formal. We're both owners and family now, aren't we? Let's work hard together."
We continued chatting amicably.
We ordered various dishes from room service and popped a bottle of champagne.
Pop!
"To Chunha Trading!"
"Cheers!"
Our private celebration began. As we reveled in the festive atmosphere, I said,
"Team Leader Park, to be honest, I'm willing to overlook it."
"What do you mean?"
I smiled.
"The 470 million won. Be honest, do you have any left?"
Park Jong-bum's face stiffened, and his eyes darted around.
"The deal went well, and I'm just curious how much you have left. I'm planning to give it to you as a bonus, so just tell me how much you have."
After a long silence, Park Jong-bum mumbled,
"You promised you wouldn't bring it up."
"I promise."
"Actually… I have about 200 million won left."
I was surprised that he had so much left.
"Why didn't you tell me?"
"I thought of it as a kind of insurance. I was short-sighted. Please forgive me. I'll return it."
Park Jong-bum closed his eyes tightly, bowed deeply, and apologized.
"Hahaha, it's fine. Keep it as a bonus. I gave over 200 million won in bribes to strangers, what's 200 million won to a family member? But keep it a secret from the others."
Park Jong-bum smiled brightly.
"Thank you!"
"But this should never happen again."
"Of course not. Never ever again."
"Now that you've received your bribe, let's work hard together."
I smiled and extended my hand. Park Jong-bum shook it and said,
"Of course, sir."
The business started expanding rapidly.
In just two months, we manipulated the secondhand goods price list to achieve an average profit margin of 15%, generating over 500 million won in monthly profit. The volume of discarded computers also increased steadily, exceeding 2,000 units per month and generating over 250 million won in monthly profit.
The donation box business, our cash cow, was also booming. With over 7,000 boxes installed, exceeding our target of 5,000, we were receiving a steady 100 million won in rent every month. And junkyard owners were still clamoring for more boxes.
And urban mining was generating insane profits.
"This is the 12th delivery, right?"
"Yes, and the 13th is almost ready."
Our first delivery was more of an experiment, focusing on sending a variety of items to assess their gold content. But from the second delivery onwards, we focused on delivering single-item batches.
"If this keeps up, I couldn't ask for more."
Director Park Jong-bum said with a big smile.
"Of course. We have no competition in Korea, at least for now."
After Park Jong-bum became a shareholder, I promoted him to director and Maru to managing director.
I wanted to appoint Maru as vice president, but he refused, saying it would be weird for someone his age to carry a business card with the title "Vice President." So I had no choice but to promote him to managing director.
I thought it was just as weird for a managing director, but I respected his decision.
"Managing Director Kim, how much have we earned from urban mining?"
Maru flipped through a thick document and said,
"We haven't received the final payment for the 11th delivery of high-grade boards, but excluding that, it's about 4 billion won."
The wafers we delivered the first time hadn't yielded as much as we initially expected, but they were still generating substantial profits.
"The school computers were a one-time deal, but electronic scrap is a continuous source of income. So we're making about 2 billion won per month. That's 24 billion won per year."
Our current monthly profit from all our businesses was approaching 3 billion won.
Assuming a net profit margin of 10-30% for a typical company, our margin was close to 70%.
Excluding secondhand goods, our actual margin was close to 90%.
We were practically buying for next to nothing and selling at a premium.
Maru continued explaining the current situation.
"We're receiving inquiries from large corporations. We've explained to the wholesalers that we specialize in electronic scrap, so there shouldn't be any major problems."
The contract with Naoshima Smelter had earned us credibility even with large corporations.
And with our monthly sales exceeding 7 billion won, those corporations started selling their electronic scrap to us instead of giving it to wholesalers for incineration, even if it meant receiving a lower price.
We faced some resistance from the existing wholesalers, but we promised them that we wouldn't target scrap metal or non-ferrous metals, and they were cautiously observing the situation.
"There haven't been any rumors or leaks, right? Information control is crucial in this business."
"Of course not. Junkyards are notoriously secretive and difficult to gather information from, and electronic scrap is a niche market that we pioneered. There won't be any attempts to enter the market for a while."
"You're keeping them happy with incentives, right?"
Park Jong-bum answered,
"We're mainly focusing on the staff in charge of waste disposal and their immediate superiors."
For large corporations, waste was literally garbage.
Usually, only one or two people in the relevant department handled waste disposal, and the higher-ups were more interested in new business ventures than in trash.
"And there must be someone in the production department who handles waste disposal. Give them some pocket money too. Ask them to separate the waste by type when they discard it. It's a small favor we can ask as a partner company. It would save us time and effort."
"Alright."
We finished our discussion and watched with satisfaction as the electronic scrap for the 12th delivery was loaded into containers. We then returned to the office.
"The potential for growth is limitless."
We were still learning about electronic scrap.
With our expanding business, thousands of different types of electronic scrap were being delivered to our company, and even we often didn't know what they were.
"We need at least a basic verification system."
We had to find a way to determine, even roughly, whether an item contained gold and how much.
For now, we were buying at such low prices that it was always profitable, but we needed to prepare for the future.
"Well, our current situation is good enough for now. Now, let's get back to business!"
I raised my arms and shouted,
"10 billion won is just around the corner!"
***
"Hello."
"Sol, it's Mom."
"Mom, what's up? You called."
"Can't a mother call her son? I called because you never contacted us"
"I'm sorry. I've been busy and haven't had time to call. I was actually just thinking about calling you."
Maru had found and bought a house for my parents, and we were discussing when to tell them.
I hadn't seen the house myself, but I trusted Maru's judgment.
And it had cost 500 million won.
'What kind of apartment costs 500 million won?'
I grumbled internally, and my mother said,
"You remember that your brother's wedding is coming up soon, right?"
"Ah… Of course. How could I forget?"
I had completely forgotten. I vaguely remembered receiving a call after the engagement ceremony, mentioning a date in October, so I checked the calendar. I had marked it down.
"It's Saturday, October 15th."
"Yes, you remembered. You're not going to skip it this time, are you?"
My mother growled, and I replied,
"Of course not. I have to go to the wedding. I'll drive you there, so don't worry."
"So, Sol, can you lend your car to your brother for his wedding car?"
I was confused.
"What do you mean? My car as a wedding car?"
"Yes, he said a Grandeur would be a proper wedding car. Would that be possible?"
My mother asked cautiously, and a vein popped on my forehead.
"What does he need a wedding car for? Where are they going for their honeymoon?"
"They're going to Guam, so he just needs it to get to Gimpo Airport."
"And I'm guessing I have to drive them there too?"
"Yes, would that be possible? I know it's a lot to ask, but it's your brother's only wedding. Please, Mom's begging you."
My head was pounding, so I massaged my temples and said,
"Mom, let me think about it and call you back."
"Okay."
I hung up and tried to calm down. Maru asked,
"What's a wedding car?"
"My brother asked Mom if he could borrow my car for his wedding."
"Just let him use it. He's your brother, do him a favor."
"…"
Maru waited for my response and then said,
"From what I've heard, sound like a real jerk. Is he really that bad?"
"Very, very bad."
"Then use this opportunity to put him in his place."
"Put him in his place? How?"
"Use everything you have. What's the point of having money if you don't use it? You earned it like a dog, now spend it like a lord."
I pondered Maru's words and then my eyes widened.
"Alright, I'll crush his ego. I'll make sure he never talks back to me again."