A Slice of Pie 1
“Has Uncle left?”
“Yes.”
When I went up to the study on the second floor, the two of them were deep in discussion over the DMC map and a list of companies.
“Have you made any progress?”
“Government agencies and organizations like KOCCA, KOFIC, and the KCC are all moving in, so that’s not an issue. The remaining challenge is getting the Chungmuro film companies and independent productions to join.”
Judging by my father’s expression, the outlook didn’t seem too bleak.
“I’m not worried about Chungmuro. Plenty of companies will follow us. The real issue is the broadcasters.”
“Aren’t the public broadcasters tied to government policy anyway? They’ve already announced the relocation of individual studios, so it should be fine, right?”
“Governments change every five years. We can’t be sure until the new headquarters is up.”
I understood their concerns, but I couldn’t just tell them to stop worrying. With the rise of cable and comprehensive programming channels, there would be plenty of platforms. I was the only one feeling relaxed.
“There’s no need to rush. This is a project that will take years to complete, and media companies will gradually move in over time. By the way, Dad, have you considered acquiring DCN?”
“There’s no issue with film supply, so operations should be smooth. But the profits are still…”
“As I mentioned, let’s not worry about profits for now. We have enough funds. Think of it as planting strong seeds.”
My father still looked uneasy, but Sehyun was different. He knew exactly how much money was stashed away in both the U.S. and Korea.
“Hey, take it when it’s offered. Even if a cable broadcaster eats up some money, it’s like a drop in the Han River.”
One? Not a chance.
We need to go big. Lay the groundwork to sweep up talent from the start.
“Let’s change a few drops to a few barrels. Movies, dramas, games, entertainment channels. Let’s start with these.”
“What? Four of them?”
“With your connections, securing film content shouldn’t be a problem, right? And take this opportunity to produce dramas and variety shows. Produce half yourself and rerun the other half on public channels.”
If I push my hesitant father to the edge, he’ll have no choice but to find momentum. I need to awaken all of his dormant potential.
“Building an Asian film distribution network, running a film company, and managing cable will keep you busy.”
Sehyun didn’t forget to lend his support, understanding my intentions.
“I’ll look for some talent in the industry too. Let’s create a proper media company this time.”
Watching our father’s face, a mix of excitement and anxiety like a student before an exam, we both burst into laughter.
The year 1999 was a time when Nostradamus’s doomsday predictions mingled with the hope of a new millennium, capturing the end-of-century emotions.
Our family was no different.
The atmosphere among the gathered family members on New Year’s Day was awkward.
“Happy New Year.”
“Stay healthy.”
Everyone exchanged greetings, but there was a noticeable absence.
Even those who were usually oblivious avoided mentioning the names of the two missing people.
Jin Youngjun was still in exile, and the family’s only son-in-law hadn’t shown up, perhaps not ready to face everyone.
The aunts exchanged knowing glances, while the uncles were on guard.
Rumors had started circulating within the group that Chairman Jin was going to give his daughter a generous settlement for her divorce, and there were already signs that the process of separating the affiliates had begun.
If the sister was taking something akin to a dowry, they might have laughed it off, but she was essentially taking a pillar of the family, so the brothers’ expressions were far from pleased.
The chill at the table, even while eating rice cake soup, prompted Grandfather to put down his spoon after only a few bites.
“Once you’re done eating, come to the study. If we keep eating like this, we’ll all end up with indigestion.”
As Chairman Jin stood up, the children quickly followed suit.
This was a sure sign that a bombshell was about to drop today.
Chairman Jin looked around at his gathered children in the study and began to speak.
“I have an important announcement to make today. Listen carefully, and even if you have complaints, don’t argue. This is a decision I’ve made after careful consideration.”
Jin Seoyun tried to hide her nervousness from her brothers, but she couldn’t help swallowing dryly.
Finally, the day had come to pack up a bundle. She hoped and prayed that the bundle included Sunyang Distribution.
“First, Yoonki.”
“Yes.”
When Jin Yoonki’s name was mentioned first, everyone started to look around in surprise. They were wary of the youngest getting a share.
“As you already know, from this year, you are officially the chairman of Sunyang Medical Center and the director of Sunyang Human Resources Development Institute. The legal procedures are already complete. Once the press announcement is made, take office immediately.”
Everyone was relieved, as it was something they already knew, but they couldn’t completely relax. They hoped nothing more would be added in the following statements.
“The medical center is profitable enough to support your family. As long as you don’t do anything reckless, there shouldn’t be any issues in the future.”
Everyone’s expressions softened. It was essentially a declaration that the hospital was all he would get.
“The Human Resources Development Institute will receive enough funding from each affiliate, so manage it well. Don’t think about making money there. Just run it so it doesn’t go into the red.”
Jin Yoonki nodded with a blank expression. His mind was too occupied with the massive media company, a task given by his son, to think about the hospital or training center.
“Lastly, I’ll ask you this. I don’t plan to give you anything more… Are you satisfied?”
Everyone turned their attention to Jin Yoonki.
“If I say I’m not satisfied, will you give me more?”
Everyone was surprised by the bold question, but Chairman Jin just chuckled.
“No, not a chance.”
“Then you shouldn’t ask if I’m satisfied.”
Chairman Jin smiled at his youngest son, finding it admirable how confident he had become.
“Seeing that you’re not whining, it seems you might have complaints but no greed. That’s good. Even without me, thanks to your capable son, you’ll live doing whatever you want. You’re the best among them.”
With Jin Yoonki’s share clearly defined, tension filled the room again. Whose turn was it next?
“The department store, hotel, condo, and golf course will be bundled into Sunyang Distribution and completely separated as affiliates. We’ll break the circular shareholding structure and convert the value difference when exchanging shares into bonds to settle everything.”
Jin Seoyun had to restrain herself from cheering. She had heard it clearly. Sunyang Distribution would become the parent company.
And then her name was mentioned.
“This is your share, Seoyun.”
“Thank you, Father.”
As Jin Seoyun slightly bowed her head, Chairman Jin waved his hand.
“It might not be something to be entirely grateful for.”
“What?”
“We incurred a lot of debt in the process of bundling into distribution. You need to make money quickly and pay back Sunyang Group. Now that it’s separated, there will be no leniency.”
Debt is the fate of businesses, isn’t it? Jin Seoyun didn’t care how much debt there was. No matter how much, she could handle the interest.
“Youngki, Dongki.”
“Yes, Father.”
The two sons responded without much enthusiasm.
A pillar of the family had just been removed.
“Make sure to collect the principal and interest. Don’t go easy on her just because she’s your sister, and don’t let executives you know ask for favors. If you don’t collect the money, it’s your responsibility. Remember that.”
Jin Seoyun’s lips pouted.
That old miser.
He always finds a way to keep a hold on things. And her brothers as creditors?
They’d be worse than loan sharks, nitpicking at everything. If the interest was even slightly overdue, they’d demand stocks instead of cash.
“Hakjae.”
At Chairman Jin’s nod, Lee Hakjae distributed a few documents.
“These are the bond statuses of each affiliate as of 1998. We’ve organized the interest that needs to be paid by the end of this month for each affiliate.”
Jin Seoyun’s jaw dropped at the numbers on the documents. Seeing his daughter’s shocked expression, Chairman Jin chuckled.
“If you don’t pay back the money quickly, your brothers might slap foreclosure notices on your department stores and hotels and take them all away. Run your business well so that creditors don’t even come near.”
Ignoring Jin Seoyun, who was staring at the documents, Chairman Jin turned his attention to his second son.
“Dongki.”
“Yes.”
“From this year, you’re the vice chairman.”
It wasn’t particularly moving or grateful. Looking at his brother, Vice Chairman Jin Youngki, he knew. It was just a title.
“You’ll be in charge of the affiliates in heavy industry, construction, and chemicals. You’ve managed them well so far, so it shouldn’t be difficult.”
As expected! It was all noise without substance. Jin Dongki gritted his teeth to suppress his dissatisfaction.
“Yes, thank you, Chairman.”
Chairman Jin read his second son’s expression and smiled. He wanted to tell him it was too early to be disappointed, but that was for the final announcement.
“And Youngki.”
“Yes.”
Vice Chairman Jin Youngki responded indifferently, without much expectation.
“You’re responsible for the electronics and trading affiliates, just as you are now.”
When you have no expectations, there’s no disappointment. Jin Youngki nodded without any particular expression.
Chairman Jin slowly began to speak about the remaining decisions, looking at his two sons.
“Now, you two will have to act as true vice chairmen. From now on, the presidents of the affiliates won’t have any business with me. Everything will proceed under your authority.”
Even with all the authority handed over, neither the eldest nor the second son looked pleased.
No matter how grand it sounded, for Vice Chairman Jin Youngki, it was just the affiliates he was already ‘nominally’ responsible for. It was merely a gesture to give him a bit more decision-making power.
In a situation where even a few more would be insufficient, maintaining the status quo was all they got!
Jin Dong-ki, the second son, was growing increasingly anxious.
Even when combining the heavy industries, construction, and chemical sectors, they only amounted to about 60% of the electronics division. If things hadn’t been finalized, there might have been room for more expectations, but with everything cut off so cleanly, the opportunity for more seemed to have vanished.
Chairman Jin’s succession plan for the group only fueled dissatisfaction among his two sons.
“Let me make this clear out of caution. Make sure the division heads don’t come running to me because they don’t trust you. If that happens, I’ll switch that division to a professional management system. Do you understand what I’m saying?”
It sounded like a warning that even what they had could be taken away at any moment.
The two sons ground their teeth at their father’s relentless nature, which never allowed them a moment of complacency.
In contrast, the third son, Jin Sang-ki, listened to the entire conversation with a flushed face.
There were still many divisions that hadn’t been mentioned by Chairman Jin. Specifically, the financial sector.
Sunyang Life, Sunyang Marine & Fire Insurance, Sunyang Securities, Sunyang Card, and the recently launched Sunyang Asset Management.
These were the hidden pillars of Sunyang Group, playing a crucial role as financial powerhouses and saviors in times of need.
Surely, these would be his to manage.
This seemed like a ‘fair’ distribution, one that wouldn’t pale in comparison to his brothers’.
“Sang-ki.”
“Yes.”
“You’ll manage all the non-profit entities like the school foundation, welfare and cultural foundations, and research institutes. They hold a significant amount of shares, so take good care of them. Oh, and I’ve left the art museum for you. Your mother should have her hobbies, after all. Let her enjoy pretending to be European nobility while admiring art.”
What kind of nonsense was this? It was practically telling him to step away from the group’s management entirely.