Third-Generation Chaebol

Currently, Taewoo Group was holding two poisoned apples.

One was the shared office business called Together Work.

The other was the THAAD site land swap, also a poisoned apple.

The fight over the THAAD site was between Charlotte Group and Hyundai Motor Group, each claiming it for themselves.

Now, only the decision remained about to whom they would hand over the remaining poisoned apple, Together Work.

For that reason, I called Beryl, the CEO of Together Work, back to Korea.

Beryl, who was once an heir at Waggoner Ranch, had now become a rising star in Silicon Valley, yet still retained a desperate earnestness.

"Chairman, it is an honor to see you again. Ever since I received the call to come to Korea, I couldn't sleep a single moment."

"Why so nervous? Aren't we now comrades sailing in the same boat?"

"I prepared the coffee American style. Please don't be too anxious."

President Han personally brought in the coffee.

Beryl's hands trembled even more, and strangely, he seemed much more nervous facing President Han than when looking at me.

President Han had been Beryl's role model.

He had clung to us, casting aside his pride, to become like him.

"You've done far better than expected in your role. Together Work's growth to this point is entirely thanks to your outstanding ability, CEO Beryl."

"No, I merely tended the flowers you and the president planted with diligence. Anyone could have watered them on time."

"Not everyone who plants an unassuming flower in a pot will lovingly nurture it. It was your fervent care that made Together Work's value increase."

Indeed, Beryl managed Together Work with great devotion.

Thanks to that, Together Work grew quickly and attracted keen interest from many investment firms, including Wall Street.

This gave us more choices.

The original plan was to swap it for some of SoftBank's assets.

But given Together Work's current value, we could exchange it for far more.

"I was just circling the edges of Wall Street. But through Together Work, I'm receiving tremendous attention. I can die happy now."

"Don't get emotional already. There's still plenty of work ahead of us. You're going to receive even more attention, and you won't just be on the fringes of Wall Street—you'll be at the center of it all."

"Thank you so much. Meeting you and the president has been the greatest blessing of my life."

Beryl was someone who knew how to feel gratitude.

And with his solid abilities, I could trust him completely to handle things.

Wall Street was full of people who either had ability but a difficult personality, or good personalities but lacked ability.

Cases like Beryl, who had both, were rare.

That was why we entrusted him with the opportunity called Together Work.

"Now all that's left is to hand over the poisoned apple. Are preparations going well?"

"Chairman Son Jung-woo of SoftBank is scheduled to come to Korea this week. I will coordinate the date to fit your schedule."

"With a guest from Japan, it's only right I make time. Set the date and time to fit Chairman Son's schedule."

At the moment of sealing the deal, I had to step in personally.

And Chairman Son surely already knew there was powerful backing behind Together Work.

So it was only proper that I be present for the final meeting instead of Beryl, my proxy.

That was the only way to extract the compensation I wanted.

"I will do my best to bring this to a successful conclusion."

"And when Together Work is sold to SoftBank, we'll compensate you for your shareholding, CEO Beryl."

"No! I'm satisfied just to have had such a great experience."

"If you're working, you deserve a salary. That's how we keep good partnerships. You're not planning on disappearing after this operation, are you?"

"Absolutely not! No matter the amount you give me, I will accept it gratefully without complaint."

Handing over the poisoned apple made me feel like the queen.

In the Snow White fairy tale, the queen who gave the poisoned apple met a bad end—but fairy tales and reality are different things.

***

A few days later,

Chairman Son Jung-woo of SoftBank visited Korea.

Son Jung-woo, a Korean American, was called the most successful Korean American businessman.

There was even a saying that if Warren Buffett was the top in the U.S., then Son Jung-woo was the top in Japan.

How could one show him anything less than utmost respect?

The annex of Captain Kang's Korean traditional restaurant was lavishly decorated, and the table was set with rare delicacies from all over Korea.

When everything was ready, Chairman Son entered the annex.

I, who was waiting with Beryl, greeted him very politely.

"Welcome. I am Kim Min-jae of Taewoo Group. It is an honor to finally meet someone I've always respected."

"Hahaha, so Taewoo Group was behind Together Work all along. If I had known, I might not have needed to go to the U.S."

Chairman Son was in a better mood than expected.

Indeed, he lived up to his reputation as Japan's most successful person, showing a broad and forgiving heart.

I could only hope that his generosity would match his breadth of spirit—

only then would I be able to secure the compensation I sought.

"Together Work was a business I started with CEO Beryl. That's why we rejected many investment proposals from other firms."

"But since you wanted to meet me, I guess you've changed your mind."

"I still don't have strong intentions to sell Together Work. But because you are someone I have always respected, Chairman Son, I want to meet you and make a final decision."

I had to act as if I was very reluctant to sell.

Only then, when Together Work's value crashed a few years later, would I be free of responsibility.

The core of the plan was to make sure the sale proceeded solely because Chairman Son Jung-woo wanted it.

"Let's keep it brief. The offer I can make is to buy 60% of Together Work's shares for $5 billion."

"Together Work is currently valued at more than $10 billion. Five billion seems far too low."

"The discussion isn't over. Additionally, we'll invest another $5 billion in Together Work. That will raise the value of the 40% stake you hold by several multiples."

Five billion dollars was about six trillion Korean won.

Even a highly paid actor rarely got that much.

Though Beryl and I had boosted Together Work's value with our performance, we were not actors—we were entrepreneurs.

If Together Work were to go public (IPO) immediately, it could easily be valued at $10 billion or more, and within a year or two, upwards of $40 billion.

Chairman Son Jung-woo certainly knew this.

That was why he emphasized the 40% stake.

He meant to manage the company himself and reap a hefty profit on that stake—but that wasn't the direction I wanted the negotiation to take.

"Taewoo Group isn't in need of money. In fact, we're flush with cash."

"So it's not money you want but something else."

"I'm not asking you to pay for Together Work's future value. But I want at least its current value. Not cash, but assets from SoftBank."

Chairman Son paused thoughtfully.

In many ways, he resembled President Han.

He had a calculator in his head and could analyze profit and loss in real time.

"Let's be clear on the terms. Are you planning to sell 60% of the shares or all 100%?"

"I like things clean. I have no intention of dragging things out by keeping a partial stake. I will sell 100% of my shares."

"So you want assets worth at least $10 billion. What can I offer you?"

For several months, President Han had been analyzing SoftBank's assets.

From that, I identified some that were currently undervalued but would increase in worth dozens of times over time.

Of course, I couldn't reveal what I truly wanted right away.

The plan was to first propose offers that Chairman Son Jung-woo would have to reject, then bring up the real deal.

"I want ownership of the telecommunications network linking Japan and Korea."

"That's impossible. It would shake SoftBank's foundation."

"In that case, I'd like to exchange for shares in the e-commerce site invested in by SoftBank in China."

"That's also impossible. Not only is the company's valuation off, but it has greater growth potential than Together Work."

Chairman Son had already rejected two proposals.

Seldom would he reject a third time, so it was time for me to present the true terms.

"Then I want to exchange Together Work for a semiconductor design company recently acquired by SoftBank."

"You mean ARM, a semiconductor design firm in the U.K.? Few people even know we acquired it, but you seem remarkably well informed. The rumors about Taewoo Group's world-class intelligence must be true."

For the first time, Chairman Son did not say "impossible."

Of course, he didn't say "possible" either, but his hesitation suggested some sliver of potential.

"As you know, semiconductors are Taewoo Group's core business. We're also completing a massive semiconductor factory next year."

"Most of those factories will be foundries."

"If you can acquire ARM, you can supplement your shortcomings in design capabilities. Though, Taewoo Group's semiconductor design capabilities are already world-class."

ARM, the British semiconductor design company, had been suffering enormous losses due to various issues.

Thanks to Chairman Son's relentless investment, it was projected to grow into a company worth over $60 billion within five years.

But for now, Together Work was a company valued at $10 billion with limitless growth potential.

ARM was a $10 billion company with less impressive growth prospects.

"Not a bad offer."

"I haven't told you all the terms yet. We want to acquire ARM with 90% of Taewoo Group's shares. The 10% stake held by CEO Beryl is a separate negotiation you need to do."

"Ha ha, you want ARM and money too. So how much do you want?"

Chairman Son turned his gaze toward Beryl.

Beryl, who was already mentally prepared, didn't even pause to take a breath before stating his desired amount outright.

"I know the 10% stake I hold isn't very significant, so I'm willing to sell it for $100 million."

"You're a sensible person. If you had asked for $1 billion for your 10% in a $10 billion company, I wouldn't have bothered negotiating your stake."

Right now, Beryl held 10% of the shares.

But if Chairman Son poured tremendous money into Together Work and increased the total number of shares, Beryl's stake would rapidly shrink.

So if he got overly greedy, Chairman Son was ready to cut him out of the negotiations entirely.

"I'm not saying I don't want to ask for more, but because I sincerely want Together Work to succeed, I'm not being greedy. I want you to invest in Together Work an amount equal to the value of the shares I hold."

"You have a mindset rarely found on Wall Street. Very well. I will acquire the 10% stake for $100 million, and Taewoo Group's shares will be exchanged for ARM."

Swift and decisive—

That was Chairman Son's style.

He was the kind of person who could invest billions after just a ten-minute conversation with a founder.

And since we had already confirmed all the terms, he had no desire to prolong the process any further.