Story of a Big Player from Gangnam

It had been a month already since Gun-Ho put his restaurant on the market, and no one came to take a look at the property. Gun-Ho went to the realtor’s office to talk to him.

“Why is no one coming to see my restaurant? Stores in Noryangjin are supposed to sell quickly since the area is very well established for business. What’s going on?”

“The market is slow now probably because the New Year’s Day is coming. You have to be patient.”

That was all Gun-Ho could hear from the realtor as a valid explanation. Gun-Ho was anxious. The more time passed by, the more money he was wasting.

“I help the kitchen work and clean the toilet every day for nothing. I am wasting my f*cking life here. When I worked in a factory, even though the work was hard, I got paid every month. What am I doing here? The more days I work here, the more money I waste. Sh*t! F*ck!”

Gun-Ho requested another realtor for selling his restaurant. He was thinking of putting it on the Internet as well. To make the situation worse, the kitchen lady was not helping. Since she was aware that the restaurant would be closed anytime soon, and she would lose her job then. She didn’t work as hard as before. She had even made Gun-Ho work more by asking him to do additional work.

“Please throw this trash out.”

“Please turn on that light.”

Gun-Ho felt like she was ordering him to do things, and it certainly didn’t feel good. Gun-Ho was smoking outside when the shaved-head restaurant owner joined him.

“Did you sell your restaurant?”

“No one was even coming to see it.”

“Try this. Tell the realtor that you will give him some incentive. He will try harder.”

Gun-Ho wondered why he didn’t come up with that idea earlier. The realtor was actually as cunning as a fox.

“Son of a b*tch! He had told me when I made the contract for this restaurant that it was a steal, and now he isn’t even trying to sell.”

Gun-Ho bought a box of juice and went to the realtor’s office, and he told the realtor that he would pay a high incentive in addition to the realtor commission fee. Shortly after Gun-Ho’s visit to the realtor’s office, the realtor started bringing potential buyers to the restaurant.

The realtor suggested to price the restaurant at 95 million won, the same price Gun-Ho had paid when he had bought it. By doing so, Gun-Ho would lose his additional investment of 12 million won that he spent for the renovation.

“Sir, if you don’t sell it for 95 million won now, you will keep losing money every day.”

Gun-Ho at first wanted to wait for someone who was willing to pay the full price that Gun-Ho was asking for to appear, but he was getting sick and tired of that restaurant business. He didn’t want to waste any of his life any longer without getting paid while cleaning the toilet and doing kitchen chores. He eventually decided to sell it for 95 million won. He agreed to vacate the restaurant within a week.

“I ended up losing a lot of money, but let’s try to empty my mind.”

Gun-Ho somewhat felt better after he made a contract to sell his restaurant despite the loss he had to bear. He went to his usual smoking spot and saw the shaved-head owner there.

“I guess we feel the urge to smoke at a similar time.”

“Haha, I guess so. Did you sell the restaurant?”

“Yes, finally I did. I am leaving within a week.”

“That’s nice. You have been suffering a lot.”

“I feel better now.”

“So what are you going to do after you sell the restaurant?”

“I want to take some time off to be recharged.”

“If you don’t have any specific plan yet, can I suggest something? There is a Chinese restaurant available if you are interested.”

“Chinese restaurant like selling Jajangmyeon*?”

“No, I am talking about a restaurant in China.”

“In China? I don’t even speak Chinese.”

“You don’t have to. You can use an interpreter; it’s not a problem at all. That’s actually my uncle’s restaurant. The restaurant is doing fine, but my uncle wants to move back to Korea and he needs to sell that restaurant before he could do so.”

“Where in China?”

“It’s in Hangzhou City next to Shanghai.”

“What kind of restaurant is it?”

“It’s actually a Korean restaurant. My uncle had used to work as a manager in a big company, and he opened that restaurant after his retirement. So, are you interested?”

“I don’t know. I am tired of a restaurant business. I just want to take a rest for now.”

The shaved-hair restaurant owner came into Gun-Ho’s restaurant when Gun-Ho was sitting on a chair in his restaurant while staring at the refrigerator and the water heater thinking how much he could sell them.

“My uncle is coming to Korea the day after tomorrow from China. Would you like to meet him? Why don’t you take a trip to China after you close your restaurant? You can take a rest there. I don’t mean to push you to take over that restaurant in China. I am just telling you this because it is a good opportunity. You can acquire a large restaurant with the same amount of money you spent on this one.”

“Haha. Well, okay. I’ll meet your uncle once he arrives. Why wouldn’t I?”

“My uncle will stop by my restaurant once he comes to Korea. At that time, I will bring him here, so you can meet with him. I don’t want you to feel imposed.”

“Haha, that’s quite alright. I will see your uncle then.”

Gun-Ho was thinking about closing the restaurant right away since he already sold the restaurant, and then he changed his mind.

“I have to pay the rent anyway whether I close it now or later. Let’s keep it open until the last day I promised to vacate it.”

Gun-Ho was gazing outside the window from his restaurant hall. The kitchen lady was talking on her cell phone. As he thought more about his failure in this restaurant business, he felt more embarrassed.

“That dandy-looking owner keeps smiling at me whenever he sees me. I feel like he is laughing at me. I’m offended by that!”

He felt like he disappointed Jong-Suk in Yangju and Suk-Ho in Gyeongridan Street.

“I am so embarrassed. Good thing is, I didn’t tell my parents about this restaurant.”

Gun-Ho grabbed the mini calculator placed on the counter and started calculating.

“Renovation, realtor fee, kitchen appliances, tables, and chairs… F*ck! I threw out 20 million won.”

Gun-Ho, let out a deep sigh.

“If I invested the entire 500 million won I had into this restaurant business, I would have lost probably 100 million won. If a retiring man in his 50s went through the same thing I did, it would have been a huge problem. I don’t have any dependents, but they have children who go to college; they also have to make a living for the family.”

Putting himself in their shoes for a second made him terrified.

Gun-Ho was dozing off in a chair in the restaurant since there was no customer at all when the next door restaurant owner with a shaved head came into the restaurant. He was with someone.

“Sir, this is my uncle I talked to you about the other day.”

The uncle person smiled as he extended his hand for a handshake. He seemed to be in his late 50s and he was tall. He didn’t look like a business person maybe because he spent more of his life working in an office rather than running a business.

“I’m Gun-Ho Goo. Please have a seat.”

“So, you sold your restaurant? If you are, by any chance, interested in running a Korean restaurant in China, please come visit us. In China, you don’t need a large amount of money to buy a restaurant. If you invested about the same amount you spent on this restaurant, you could get a big one in China.”

“How big is your restaurant in China?

“It’s about 100 pyung. It shares the same building with a hotel. You can acquire it for 50 million won.”

“That cheap?”

“In China, security deposit and premium are not required. Instead, you make the whole payment up front for the period you rent.”

“The entire amount?”

“Yes, instead of a security deposit, you pay the one year period rent in a lump sum.”

“Hmmm…”

“Why don’t you just take a vacation in China and come visit us. Take a look and make a decision then. You have to first like it to acquire it, right? Haha.”

“When are you going back to China, sir?”

“I am leaving in three to four days. If you are interested, you can tell my nephew.”

“Sounds good. I will be busy tomorrow in vacating this restaurant, so I will let you know around the day after tomorrow.”

“Okay. No problem. And if you don’t have a passport, you’d better make one now. If you take your passport and the business license before you close your restaurant to a travel agency, they can help you get your business visa to China with one-year duration.”

Note*

Jajangmyeon – Korean style Chinese noodle in black bean sauce

Gun-Ho decided to make a trip to China once his restaurant was sold.

“Come to think of it, I’ve never been outside of the country.”

Gun-Ho had never had a chance or money to travel abroad because his family and himself hadn’t had money for it while many of his friends took a trip overseas to study English or to do volunteer work abroad.

“I already have my passport. I applied for it with Jong-Suk when I was in Pocheon working in a factory. We, at that time, talked about working in Australia or Canada because we heard that we could make a lot of money doing welding over there. I guess I can make use of it this time.”

Gun-Ho took his passport along with his business license to a travel agency close to the Noryangjin Station. He paid the agency fee, and they told him to come back after three days and pick his passport up.

Gun-Ho left the refrigerator and water heater in the restaurant because the new owner wanted to buy them.

“They were very expensive when I bought them, but when I sold them their prices are like the price of a chewing gum.”

Even so, Gun-Ho thought it was not a bad deal. It was better than nothing after all.

After he handed over his restaurant, he had nothing to do. When he was running the restaurant, he couldn’t even dream about going out to have fun or meet with friends because he just didn’t have the time for it.

“Let’s go see a movie.”

For the first time in a long time, Gun-Ho went to the CGV movie theater close to the Yongsan Station and watched a movie. After that, he stopped by a PC room to play computer games. It only took him a day to feel bored playing computer games.

“Even though I lost 20 million won from the restaurant in Noryangjin, I still have my seed money of 480 million won. What do I want to do now? Oh, I have to let him know whether I would go to China or not. Let me first ask the travel agency if my visa is ready to be picked up.”

The travel agency said his visa was ready when he called them, and he could pick it up in the morning on the following day.

Once he received confirmation about his visa from the travel agency, Gun-Ho made a call to the BBQ restaurant owner with a shaved head in Noryangjin.

“Hi, I’m Gun-Ho Goo, the one who used to run the Vietnamese noodle soup restaurant next door. Could you tell your uncle that I’d like to come and visit his restaurant in China? I already got my visa.”

“Oh, really? I will tell him right away.”

The shaved-head owner’s uncle called Gun-Ho.

“Sir? So are you going to China? You made the right decision. I will make a reservation for your flight. Please text me your name and your name in English as well.”

Gun-Ho sent him a text with his name in Korean and English. Then the uncle called him again.

“Let’s meet at the Gimpo International Airport after two days. The flight leaves at 2 PM. You need to arrive at the airport an hour early. For the flight cost, you can pay in credit card, but I recommend you to prepare 200,000-300,000 won in cash. You might need it in China. Bring your suitcase and wear comfortable clothes. I will see you at the waiting area in front of the currency exchange booth.”

“I will see you then.”

Once he got off the phone with the uncle, Gun-Ho called Jong-Suk.

“Jong-Suk? It’s me. I sold my restaurant.”

“You did? I’m sorry to hear that, bro. I was hoping for you to succeed in the restaurant business. Did you lose a lot?”

“A little. Not an amount I have to terribly worry about. And I am going to China the day after tomorrow.”

“China?”

“There is a restaurant I want to see. So I’m just taking a vacation there.”

“You don’t even speak Chinese, bro. What’s your plan?”

“They said I could use an interpreter and I don’t have to speak Chinese to run a restaurant there. I will tell the details once I come back.”

“Did you say you are leaving the day after tomorrow? Then you are free tomorrow, right? Tomorrow is Sunday. Let’s go fishing. I went to the Pocheon fishing site last week by myself and saw Chairman Lee there.”

“Really? He is still going there.”

“He asked me how you were doing, and why you didn’t come fishing any longer. Why don’t you go there with me tomorrow? Let’s drink soju.”

“I have to buy a travel suitcase.”

“Just get a bag or something. Buy it today!”

“Okay. I will be there tomorrow at 10 AM.”

Gun-Ho went to the fishing site; it had been a while. Seoul was too busy for Gun-Ho. Once he arrived at the quiet Pocheon City, Gun-Ho felt like he could breathe better. It was late fall and Cosmos flowers started falling down; dragonflies were still flying in the sky.

“Very nice. I love the nature in my country.”

Gun-Ho walked down to the reservoir, carrying his fishing rod. Jong-Suk was waving at Gun-Ho at the reservoir; he must have arrived earlier.

“Hey, Jong-Suk! Good to you see you, bro.”

“Bro, I’m happy to see you. Enjoy this day and forget about that Noryangjin restaurant thing.”

“I’m trying, man. I don’t see Chairman Lee.”

“I don’t see him either. There are two men fishing over there. Do you think it’s them?”

“Did they change their fishing spot?”

“Let’s go there to say hi, and come back to our spot.”

Gun-Ho and Jong-Suk walked to the other side to see if Chairman Lee was there. The two men fishing on that side were Chairman Lee and Manager Gweon.

“Hi!”

“Oh, Mr. Gun-Ho Goo and Mr. Jong-Suk Park!”

“You still remember our names.”

“Of course. How can I forget the person with ShinWangJaeWang fate!”

“I’m sorry?”

“I’m just saying it. I heard you moved to Noryangjin from Asan to run a restaurant.”

“I sold it already.”

“Oh, really? You made the right decision. Running a restaurant is supposed to be your last one in your life.”

“I beg your pardon?”

“You only run a restaurant business once you’ve failed all other businesses, meaning that running a restaurant requires that much experience. That’s why running a restaurant is very difficult.”

“It was hard. That’s for sure.”

“You only open a restaurant if you can open it in a corporation form with chain restaurants, or with your family. A restaurant business requires a large amount of labor, so you need family members’ support to succeed. It’s really hard to succeed if you run it by yourself. Now, what are you going to do?”

“I haven’t decided on anything yet. Someone wants to show me a restaurant in China so I’m planning to travel to China for a vacation.”

“China…”

Chairman Lee retrieved his fishing rod to change the bait, and he said to himself while gazing at the fishing float that was floating on the water.

“The ShinWangJaeWang fate is leading him there.”

Gun-Ho had no idea what Chairman Lee meant, so he just pretended he didn’t hear anything.

“Mr. Gun-Ho Goo, you said you worked at a company in Asan and worked in accounting. How long did it last?”

“For accounting work, I worked in Yangju for six months and for four months in Asan.”

“Are the companies still using the B2B payment system?”

“Yes, they are.”

“Sons of b*tches!”

“Huh?”

Gun-Ho was frightened because he never expected to hear that sort of cursing word from Chairman Lee; he seemed to be a perfect gentleman. Chairman Lee smiled and looked at Gun-Ho.

“I apologize. I couldn’t suppress the urge!”

“Do you have any particular reason or story for saying that?”

Chairman Lee sighed lightly and started reeling off a story slowly.

“Mr. Gun-Ho Goo, I actually worked as a hard money lender in the Myeongdong area when I was young.”

“Oh, I see…”

“At that time, there was no such thing as a B2B payment system. The accounting staff in each company came to me with their promissory note whenever they needed money. The line was long. We quickly grasped their credit rating; we were quicker than banks. Bank branch managers often asked me about a company’s credit rating. Knowing a company’s credit rating was critical because that was the base to determine the interest rate for that company.

“Oh, I see.”

“The company in Asan, what was the early payment discount rate there?”

“It was 4.5%.”

“A*sholes! They are doing good.”

“I’m sorry?”

“The companies that needed money came to me—I was the big player in Myeongdong’s hard money market—with their promissory note, and just like banks do now, we took our fee and gave them discounted cash. It was called promissory note Warikkang. I made a lot of money doing it. I almost swept money into my pocket. Once the banks realized that we were making a lot of money that way, they made it into a bank service and took it away from us.

“Oh…, I see.”

Gun-Ho learned new facts.