Chapter 42: Sprinkling the Bait

As soon as I arrived in front of Kangseong Foods’ headquarters, two people approached my car.

They were faces I had seen while investigating Kangseong Foods before.

“President Kang Jisung?”

“Yes, that’s me.”

“Nice to meet you. I’m Managing Director Park Mujin.”

“I’m Director Jwa Siin.”

A managing director and a director.

I hadn’t expected two executives to come down personally to greet me.

Was this proof that Yuha had perfectly carried out what I asked?

“Shall we head up right away? The conversation we’re about to have isn’t suitable for here.”

The discussion we were about to have would clearly cause massive ripples in many ways.

So it wasn’t appropriate for a place where people came and went.

“Let’s do that.”

We moved to Managing Director Park Mujin’s office.

While Director Jwa Siin personally served tea, Managing Director Park Mujin smiled like a sly old fox and said.

“I heard from Ribbon Corporation’s vice president. You’re planning to sell <Neighborhood Bakery>?”

This was why an executive had come down personally to greet me.

Because there was the bait of selling <Neighborhood Bakery>.

Kangseong Foods had tried and failed at a franchise.

Like other milling companies, Kangseong Foods had challenged the bakery franchise business.

But the result?

Within half a year, they admitted failure and withdrew.

The loss at that time was about 20 billion.

There had been debates about the reasons for failure, but in conclusion, it was immature management by the executives.

They failed to identify the target demographic and couldn’t properly utilize their pipeline; that was the consensus.

Selling a franchise to them?

A fully established cash cow, no less?

Kangseong Foods had no reason to refuse.

“That’s correct.”

“Haha, if it’s alright, may I ask the reason?”

“Reason.”

I had prepared many excuses.

The most plausible one.

“Franchises aren’t easy.”

It was that my skills were lacking to make more use of it.

At my words, Director Park Mujin laughed heartily.

“Right, right. We failed once too, so we know. Franchises require more attention than expected, and competition with rivals is fierce.”

“And because of that, profits aren’t high either.”

“Exactly. We do this to make money, but everything earned just flows out.”

Director Park Mujin shook his head as if trying to forget the past.

And after that action, he subtly revealed his greed.

“Still, you’ve thought well. We learned a lot from our previous failure.”

“Is that so?”

“Yes, we gritted our teeth and worked hard not to repeat the same mistake.”

Did they really?

According to rumors at the time, the personnel who led the project had their evaluations tanked, and the person in charge submitted a resignation.

It was doubtful whether the foundation for the franchise business remained.

But I didn’t show it and instead acted pleased.

“That’s a relief. If I’m selling anyway, it’s better to go to a successful place.”

“Hahaha, exactly. Well, then….”

Director Park Mujin rubbed his hands together and licked his lips before saying.

“How much are you thinking for the sale price?”

Straight to the point.

I liked that he didn’t beat around the bush.

So I should strike right in the center with the main point.

“I’m thinking 200 billion.”

Two years ago, the top bakery in the industry, <Tous Les Jours>, sold for 250 billion.

I called a price comparable to that, which was far above the average franchise sale price.

Almost double.

Perhaps because of that, Managing Director Park Mujin’s expression hardened.

“…Pardon? How much did you say?”

“200 billion.”

“Huh, huhuhu.”

Managing Director Park Mujin let out hollow laughs repeatedly and looked at Director Jwa Siin sitting beside him.

Dry laughter came from his mouth, but his eyes cooled sharply.

“President Kang Jisung.”

“Yes.”

“No matter what, saying <Neighborhood Bakery> is worth 200 billion is a bit much.”

Lower the price appropriately, that’s what it meant.

Ah, well, Ribbon Corporation isn’t listed, so internal information isn’t widely known.

Considering that, I kindly explained.

“It’s not excessive.”

“Huhu, then is <Neighborhood Bakery> on the same level as <Tous Les Jours>?”

“Bigger than that. Especially considering growth scale.”

“Hmm?”

“Since you seem unaware, let me show you some data.”

I immediately pulled up a graph on my phone.

“This is the sales and net profit graph for <Neighborhood Bakery>. As you can see, it grew at least 10% monthly. The highest growth was 230%.”

“That’s because it’s a newly launched brand.”

“Sales growth scale could be like that. But what about net profit?”

The net profit graph I presented was one no other company could match.

“As you see, our net profit is substantial. Compared to others, it’s nearly double.”

Managing Director Park Mujin finally relaxed his guard a little.

If earlier his eyes saw a con artist, now they saw a proper business counterpart.

Still, he sharply looked for things to undercut.

“This is all growth based on wheat secured by Ribbon Corporation. You’re not handing over the wheat and milling factory. If we buy this and you raise flour prices, what then?”

“Then just change suppliers. Kangseong Foods has its own milling factory.”

One of the pillars of the domestic milling industry, yet whining.

“Just look at the content, ignoring raw materials. <Neighborhood Bakery> hasn’t properly entered the capital and Gyeonggi regions yet.”

“That’s true.”

“How much do you think sales and net profit would be if it enters there?”

I could hear Managing Director Park Mujin’s mind whirring.

It was clear net profit would be solid.

Still, for him who wasn’t fully satisfied, I added one more thing.

“If this isn’t enough, we’ll hand over our development lab too.”

“The R&D department?”

“Yes, we have a separate lab where we research bread. And training is conducted there.”

Facilities and know-how-possessing employees for just 200 billion?

Moreover, a company with extraordinary growth?

No matter how conservative, not buying this product would mean incompetence as an executive.

While Managing Director Park Mujin was lost in thought, Director Jwa Siin cautiously spoke.

“Our company doesn’t have that much cash right now. Would installment payments be possible in the future?”

“Ah, that’s not possible.”

Am I crazy? To give them breathing room?

This was the core of the plan.

“We need funds for another business. Immediately. So only lump sum.”

“Huh. President Kang Jisung, no matter what, that’s a bit too much.”

“What is?”

“Well, demanding 200 billion in lump sum. What company can do that?”

In reality, more companies hold assets than cash.

Kangseong Foods was the same.

“It would take considerable time just to liquidate.”

“So you’re asking for time?”

“Otherwise, what choice do we have?”

Hearing we needed business funds, they were trying to take the upper hand.

Trying to seize initiative somehow, but that couldn’t happen.

“Then we have no choice but to look for other companies.”

“Other companies?”

“There’s more than just Kangseong Foods eyeing <Neighborhood Bakery>.”

Just buy and hold, sell later for profit.

With a clear money-printing opportunity, what company would sit still?

My words weren’t wrong, so both fell silent.

Director Jwa tried whispering countermeasures, but all were cut by Managing Director Park.

Giving up?

There was a possibility they’d give up due to burden.

But what was the probability?

Definitely low.

At most 2, 3%.

The rest leaned toward acquiring <Neighborhood Bakery> somehow.

As I felt their thoughts sinking, I dangled the bait before their eyes.

“Well, bringing cash immediately would be difficult.”

“Yes. That’s right. Do you have another alternative?”

“An alternative, there is one.”

“May we hear it?”

“Simple. Pay with stocks.”

Nothing liquidates like stocks.

So I’d take stocks.

At this, both expressions turned serious.

“All of it?”

“Pay what you can in cash, the rest in stocks.”

“That… we’d need to discuss.”

“But there’s room for negotiation.”

“Of course. We see <Neighborhood Bakery> as a product hard to miss.”

Confirming a foothold for negotiation, both visibly relaxed.

Well.

I wonder what they’d think knowing this was all my desired big picture.

“Good. Then we’ll also consider your thoughts and adjust the sale price.”

“Really?”

“Oh, if I hold shares, we’re brothers. Can’t treat brothers like strangers.”

A slight sneer at “brothers,” but whatever.

It wouldn’t last long anyway.

“Good. Then when we become brothers later, we’ll buy you a drink.”

“Yes, let’s.”

We shook hands.

But whether the day I accept their drink would come, I wasn’t sure.

That moment probably wouldn’t arrive.

***

After finishing the deal and returning to the company, Yuha was waiting.

“Didn’t go home?”

“Because of whom. Leaving work this big, how could I go home?”

“Well, the big stuff is done today. Nothing resolves tonight.”

“Would be nice. But there’s still someone to negotiate with?”

Yuha gestured toward my office.

Through the frosted glass, a silhouette was visible.

Well now.

“Quite impatient.”

“Right? Shouldn’t someone with means be relaxed and leisurely?”

“News of crushing Kangseong Foods must be different.”

The person who’d cheer most if Kangseong Foods crumbled was Han Yeri inside.

“Ugh, thought today’s work was done.”

“Finish the last negotiation well. Ah, should I inform our employees and store owners about this?”

“Yeah, in case the other side spreads something, tell them not to panic.”

“Got it. We have countermeasures, so no worries.”

“Good.”

With rough guidelines set, Yuha would handle details well.

I just needed to resolve the last landmine.

“What brings such a shabby person to this precious place?”

“My outfit is indeed shabby today. Came without time to dress properly because of someone.”

She takes it like that.

Han Yeri, seated in one corner of the office, smiled brightly and said.

“I heard an interesting story and came. Shall we talk a bit too?”

The biggest puzzle and key person in this plan.

Han Yeri.

It was time to start negotiations with her.