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Home > Story of a Big Player from Gangnam

88 Starting a Company 2 – PART 1

 Gun-Ho went to Daechi Town accompanied by Manager Kang to visit the OneRoomTel that Manager Kang recommended earlier.

"Hmm, it's clean. But there are many rooms that are still vacant, maybe because it was opened not long ago."

"Actually it was opened two months ago and back on the market for sale again."

"Two months? Why would the owner put it back on the market that quick? Is the owner a professional flipper who purchases a real property at a discounted price and quickly resells it at a higher price after fixing and renovating a few things?"

"Haha, if that was the case I wouldn't have taken the work selling it on behalf of the owner. The owner is actually a high-ranking government official's wife. Her husband disapproved of her doing business like this."

"I see."

The owner came to the OneRoomTel to make the sales contract. The owner was a female who looked like in her late 40s; she was wearing glasses.

"I talked with Manager Kang yesterday and agreed to the price of 260 million won; however, that is way too low. I spent tons of money on renovating this OneRoomTel. I feel like I am losing too much money here."

Manager Kang became chatty.

"You are making money by selling it when there is someone who wants to buy it. Ma'am, let's make the contract now."

"I will sign on the contract at the realtor's office across the street."

The lady owner sounded cold. In responding to the lady's grievance, Gun-Ho suggested slowly.

"I will pay for your realtor fee since you are not very happy in selling the property."

The lady looked over her glasses at Gun-Ho and smiled slightly.

After returning to his office, Gun-Ho did the math.

"I spent 320 million won in acquiring the OneRoomTel in Seocho Town, and another 280 million won for the one in Bangbae Town. The OneRoomTel in Daechi cost me an additional 260 million won. So I spent a total of 860 million won and acquire three OneRoomTels so far."

Gun-Ho asked for Ji-Young.

"We incurred 860 million won in acquiring three OneRoomTels. Our company's capital is 300 million won. For the source of the 560 million won, just record it as a fund that came from the company CEO."

"Okay, I will do that."

"I will get you an accounting software and install it on your computer so you could use it. I already placed an order. Do you think you can handle it?"

"I learned it from an accounting private institution, but I haven't actually used one yet. I think I can learn quickly though."

"If you have any question while you are using the software, you can ask the tax accountant office we work with, or you can ask me if the question is a simple one."

"Huh? You, sir?"

"It had been quite a while, but I've done accounting work for a manufacturing company before. I used one of their accounting programs as well, of course."

"Oh, I see. Okay."

Manager Kang and the bookkeeper, Ji-Young was talking about Gun-Ho while Gun-Ho was not in the office and was going to the bathroom.

"Did you see his car? I saw his car yesterday. He is riding a Land Rover that is over 100 million won."

"I think our CEO is rich. I saw his residential address while making a file for the Four Major Public Insurance. He is living in a TowerPalace condo. I heard a condo there costs over 2 billion won."

"TowerPalace? Wow, he is probably very rich. His parents must be quite wealthy."

They stopped the conversation when Gun-Ho returned to the office.

"Oh, sir, I just received our new business card."

"That was quick. Oh, I like the new design. I see a colorful logo there."

"It's our company, GH Development's logo which geometricized the initials-GH."

"Oh, that's right. I see the letters, GH. Wow, it looks like a big company's business card. So did you design all this? Maybe your friend in the design company helped you?"

"Yes, I designed it, and my friend modified it a little."

Ji-Young smiled as she explained.

"Hmm, I appreciate your friend's help. Why don't you buy her lunch? Use our business credit card and treat her lunch."

"Thank you."

Ji-Young handed the business card to Manager Kang as well. Manager Kang seemed to be excited about having his own business card.

Gun-Ho went to Bangbae Town with Manager Kang to meet Min-Hyeok.

Min-Hyeok was looking at his cell phone while standing at the subway station. He was wearing a shabby jacket.

"Hey, Min-Hyeok. Good to see you."

"Oh, Gun-Ho."

Min-Hyeok glanced at Manager Kang and looked at Gun-Ho as if he was asking who this guy was without saying anything.

"This is Manager Kang. He's the one managing the OneRoomTel where you will be working at."

"Oh, then is he the owner?"

"No, he is not the owner, but he is managing it. The OneRoomTel is owned by a company."

Manager Kang gave his business card to Min-Hyeok. Gun-Ho also handed his business card to Min-Hyeok. Min-Hyeok seemed to be surprised by looking at Gun-Ho's business card. It said Gun-Ho was a CEO and Manager Kang was working for the same company as a manager.

"Get in. I brought a car today. Let's go have lunch together."

Min-Hyeock was stunned. The car Gun-Ho brought was an expensive foreign-made car. Min-Hyeok was lost for words.

"I know you have been under a lot of stress because of the exam. Let's go have pork. I know a good place that makes tasty Sooyook*."

Once Min-Hyeok looked around the OneRoomTel in Bangbae Town, he seemed to be satisfied.

"Whoa, the OneRoomTel in Gangnam District is really good."

"Manager Kang here will come by the OneRoomTel maybe once or twice per week. However, you will be the one who'll actually manage this OneRoomTel. There is no resident who would make any trouble here so you should be good. There are only 45 rooms so you won't have heavy traffic either. The place will be quiet and clean. You just need to take out trash bags in the morning, prepare cooked rice and kimchi for the residents, and clean the building from time to time. The work won't disturb your studies that much."

"Thank you, Gun-Ho for everything."

Manager Kang showed Min-Hyeok where to toss out a trash bag and how to use the credit card processing device. Manager Kang added while handing a business card of a Kimchi producing company to Min-Hyeok.

"Your monthly salary will be 800,000 won. You can purchase rice at the supermarket across the street. For Kimchi, you can call the number on this business card and place an order; they will deliver it here."

"Thank you."

Min-Hyeok bowed deeply low to Manager Kang.

"Min-Hyeok, we are leaving now. Good luck."

Gun-Ho walked out of the OneRoomTel after patting Min-Hyeok's back. Min-Hyeok had mixed feelings and felt confused. He, of course, was grateful to Gun-Ho for getting him a job, but Gun-Ho looked like a totally different person.

Gun-Ho's company was now operating three OneRoomTels. Money was coming in on a daily basis from those three OneRoomTels; sometimes it was over 2 million won and sometimes it was only 400,000 won. Usually, they were getting about 1.5 million won on average.

The bookkeeper, Ji-Young verified the company account every morning.

"Sir, we have received over 10 million won so far. What do you want me to do with it? Do you want me to transfer it to the major company bank account with Kookmin Bank that you are holding?"

"Make payments to each residential manager first at the OneRoomTels and also pay the rent. Once you send the payments, print out the statements and attach them to the cash payment record and make a report to me."

"I will do that."

Ji-Young printed out all the transaction statements for incoming and outgoing and attach them to the transaction record and report to Gun-Ho every day. There were not much to report since the company was not doing many transactions yet, it was about in the range from three to twenty pages. Ji-Young and Manager Kang put the report inside a folder and handed it to Gun-Ho respectfully. Gun-Ho usually signed on it without raising any problem.

"Umm, sir, I will have to pay the wage next week for Manager Kang and myself. How much should I do for your wage?"

"Me? Hmmm.., let me see... Since the company is still small, let's make it 4 million won."

"Are you sure, sir?"

"Yes, that's fine. And don't forget to pay rent for this office-tel. I, personally, purchased this office-tel for 500 million won. I, as an individual, leased this office-tel to GH Development. So please send the rent to my personal bank account."

"How much should I send?"

"Hmm... 2 million won per month will be good."

"Okay, sir."

Gun-Ho received 6 million won to his personal bank account every month: 4 million for his wage and 2 million for the office-tel rent. He listed any cost incurred for his automobile and meals under the company's expenses.

Note*

Sooyook - boiled pork meat.