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172 Company Restructuring 2 – PART 1

 Gun-Ho could smell money very well; that was one of the strengths that Gun-Ho had. He also had good judgment, and he grabbed an opportunity without hesitation once he saw one.

People tend to look for someone to blame when things don't go well in their lives.

Gun-Ho wasn't an exception to it. He used to blame his parents when he was suffering from debt during his factory worker life. His parents couldn't provide an affluent childhood to him. Now he was enjoying massive success because luck was on his side.

Gun-Ho was a mediocre student in high school with a grade of a bit above average. Given the fact that his high school was not located in Seoul but in a province, no one could say that he was a good grade student.

The grade of a student tended to be proportional to their home environment. If Gun-Ho was raised in a wealthy family and went to school in Gangnam District-8 accordingly, he would have been admitted to a decent college in Seoul and would have gotten a nice office job in a big company or become a professional. However, Gun-Ho developed skills and learned important things in life through his harsh life as a factory worker; he just hadn't realized it yet. Gun-Ho was also not aware that he was a risk-taker and naturally knew which side he needed to bet on because he recognized the winning side by grasping the flow of money. He had a unique talent.

Gun-Ho received a call from the bank branch manager from Gangnam; he said that he would visit Gun-Ho's factory today. Gun-Ho called for the internal auditor.

"The bank branch manager is coming today at 2 pm from Gangnam."

"I will have the workers clean the factory and will also have those appraisals ready for him."

"Since you used to work at a bank, you probably know what the branch manager is looking for. Why don't you stay with me and assist me in dealing with him? If we could move the loans from a non-bank financial institution to a bank, we can enjoy the ordinary income, right?"

"Of course, sir."

Gun-Ho called for the plant manager, chief officer of the research center, and the sales director.

"We will have a visitor soon today. Please make the factory clean and arrange the semi-manufactured products in an organized way."

"Yes, sir."

The managers and executives who were in their 50s or 60s responded to Gun-Ho's request altogether in one voice.

The bank branch manager arrived. He was accompanied by another bank staff who was handsome. They were driving a black vehicle.

"Welcome."

"Your factory is larger than I expected."

"Please come in."

Gun-Ho took the bank branch manager and his staff to the president's office. He then took out the original appraisal and handed it to the branch manager.

"The appraised value of the main factory at the time when they borrowed money from the non-bank financial institutions was 5 billion won. Our second factory where the research center is located was appraised for 4 billion won. The storage was 2.5 billion won and the company dormitory was 1.2 billion won. So, the total appraised value of the company at that time was 12.7 billion won. The loan from a bank is 3 billion won while the loan from 4 different non-bank financial institutions is 9 billion won. We are currently paying 60 million won per month for the loan interest only to those non-bank financial institutions."

"What is the current appraised value?"

"The main factory is 6.2 billion won and the second factory is 5 billion won. We haven't had the storage and the dormitory appraised."

The internal auditor entered Gun-Ho's office.

"This is our internal auditor."

"Huh?"

The internal auditor and the bank branch manager seemed to be surprised when they saw each other.

"Sir, you are working here?"

"Oh, so you are the bank branch manager from Gangnam."

Gun-Ho was surprised by their reactions as well.

"So, you two know each other?"

"When I was a manager at the bank, he was the branch manager. I didn't know he is working here."

"I worked as a court officer for a while and then decided to join this company to work for President Gun-Ho Goo."

"Oh, I see. It is indeed a small world."

"I hope you are making a favorable decision for us."

"Haha. Of course, sir, as long as all the requirements are met."

"Let's take a tour around the factory since you are here today. You can review the papers later."

"Shall we?"

Gun-Ho, the internal auditor, the bank branch manager and his staff headed to the factory. The factory was clean and neat. The factory workers' cleaning job in the morning seemed to be paid off. The workers at the factory seemed to work harder than usual when they saw Gun-Ho and bank personnel came to the factory and looked around.

"Hi, I am the plant manager. Nice to meet you."

The bank branch manager asked a few questions to the plant manager.

"How many products do you manufacture every day?"

"Who are your customers?"

The customers of GH Mobile were mostly big companies. When the factory manager named three customers, the bank branch manager seemed to recognize that they were all big companies.

"Hmm, they are all A+ companies."

The bank branch manager could tell right away the credit ratings of each company by hearing the name of the companies, whether it had A+ or B-.

After having the tour, Gun-Ho and the others went back to the president's office.

The internal auditor said to the bank branch manager,

"The factory is working vigorously. If you could take the loan from non-bank financial institutions to the bank, I would really appreciate it. Think of the time we had worked together."

"Of course, sir. I know you and I do trust you, sir. Moreover, President Gun-Ho Goo is our VIP client at our branch. I will do it. However, the papers should indicate the right stuff since I have to make a report to my superiors as well."

"Is there something wrong with the papers?"

"No, I think it will all work out. If we take an appraisal of the storage and the dormitory, the value will go up by 20%, so it will work. However, I have one request."

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"What is it?"

Gun-Ho and the internal auditor were desperately waiting for the bank branch manager's response.

"Please make our bank your major bank."

"The branch in Gangnam?"

"Yes, sir."

Gun-Ho looked at the internal auditor's face.

"It doesn't matter, sir. We can have our major bank in Gangnam, and we can still use the same bank in Asan City for our daily transactions. However, we need to inform all of our vendors and customers about the change."

"Hmm."

The bank branch manager said while adjusting his glasses.

"Once you move all the loans with non-bank financial institutions to a bank, the loan interest you need to pay on a monthly basis will decrease by 20 million won. The company's public image will become better as well."

"Hmm."

Gun-Ho thought of it for a moment, and then he said to the internal auditor.

"Let's take an appraisal for the storage and the dormitory. Also, please inform our vendors and customers with our new bank information."

"Yes, sir."

The bank branch manager also wanted to see the company's organizational chart.

The general affairs manager brought the chart to Gun-Ho's office.

"There are 12 departments and 1 research center, hmm... You are running a big company at your young age, President Goo. I admire you."

"Oh, thank you."

"And I hope you know the value of your internal auditor here. I have worked with him before, and I know he is a decent person."

"I am aware of that. He has been helping me a lot in running the company."

The internal auditor blushed at Gun-Ho's compliment about him.