Chapter 176
The internal auditor placed the storage building and the dormitory on the market for sale . The products piled up in the storage building were mostly returned products . Gun-Ho threw them all out without a second thought .
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The internal auditor came to Gun-Ho's office and gave a report to him on a new location of their factory .
"A 5,000 pyung large factory came out on the market; it is located in Jiksan Town, Cheonan City . It was at first priced for 7 billion won, and after failing two attempts of sale at the auction, the price dropped to 3 . 4 billion won . Since the economy is currently not doing well, there are not many bidders at the auction . I looked into the current status of that factory; the building is a bit old but it has high electric power capacity . "
"Okay . Let's buy the factory at the auction then . "
"What about the funds to buy it with?"
"Sell the storage and the dormitory as soon as you can, so we can use the proceeds to buy the new factory . If we can't sell them in a short period of time, we will think of something else, then to find the funds to buy that factory with . "
"Understood, sir . "
Fortunately, the dormitory was quickly sold .
The workers from the management and the production department, who were living in the dormitory had to vacate their rooms; however, they received extra pay added to their salary as compensation .
"Find a place to stay on your own . You can rent a OneRoom nearby the company or move in with a relative or anything that works for you . "
Some workers rented a OneRoom with the extra payment they received from the company and some moved into a OneRoomTel by adding their personal funds for the rent . However, there was no worker who would quit the job because of it .
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The storage building was sold as well . The offer price was less than its appraised value, but Gun-Ho decided to sell it when there was a buyer who wanted the storage . The storage was sold for 2 . 4 billion won, and the dormitory was sold for 1 . 1 billion won . Gun-Ho bought the 5,000 pyung large factory in Jiksan Town, Cheonan City at the auction with the sales proceeds of these two buildings, which was 3 . 5 billion won in total .
The internal auditor entered Gun-Ho's office and asked,
"Shall we make a plan to move the factory?"
"No, we will build a new factory there before our moving; that factory building is over 20 years old and we will need a new building . It won't take much time . "
"Are we building a new factory? But we don't have money to do it . We spent all of the proceeds we made by selling the storage and the dormitory in buying that factory . "
"We can borrow money . "
"Borrow money? From whom? We have more than enough debt, sir . No bank will lend us money . "
"I will lend the money . "
"Huh? You are lending the money to the company?"
"I will lend the amount of 2 billion won . However, once the main factory and the second factory where the research facility is located are sold, the company will have to pay me back . "
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The internal auditor looked at Gun-Ho with his mouth open .
'How much money does President Gun-Ho Goo have? 2 billion is a substantial amount of money, but he is talking like it was just pocket money . '
In the internal auditor's eyes, Gun-Ho looked like a mysterious man .
A few days later, Gun-Ho called for the internal auditor again to his office
"How much do you think it would cost to construct a new factory in the new location in Jiksan Town, Cheonan, which we purchased at the auction?"
"That factory is still usable . It would be a shame if we just demolish that factory building . "
"Let's just make a plan to build a new factory and see what happens . "
"The new factory would be nice but it will cost a lot . I was told that it would cost about 2 million won per pyung to build a decent factory . "
"The land is 5,000 pyung large . Say, the new factory's ground floor area is 1,000 pyung large and we make it a two-story building, then the gross floor area will be 2,000 pyung . So if the construction cost per pyung is 2 million won, then we will need 4 billion won to build the two-story factory . "
"That's right . It's too expensive . A big company might handle the cost, but we can't . "
"Hmm . "
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"2,000 pyung factory is too expensive for us, sir . Why don't we make a one-story building? We can build another small building later for an office or a research center . We can also buy a shipping container building for an office later . "
Gun-Ho was lost in thought for a moment, without responding to the internal auditor's suggestion .
"Umm, sir…"
"Yes?"
"To be honest with you…, building a factory is not my area of expertise . My area of expertise is a bank or money related matter . I think we need someone who knows about the construction of a factory . "
"Hmm . "
"I think it's time to hire a general director . The position has been vacant for too long . "
"Hmm . "
"I once worked on a case as a court officer for a construction company before . That company was eventually sold off in pieces, but I remember that the general director of that company was very good at what he was doing . "
"He must be working in another company by now, right?"
"I am still in contact with him and he sometimes sent me a text message . I don't think he found a new job yet . He graduated from a good college, but since he is a bit old now, he seems to be having a hard time finding a new job . "
"Hmm . "
Gun-Ho was thinking with his arms closed, and asked the internal auditor,
"How old is he?"
"He is in his mid-50s . He is very competent and talented in his field . "
"Hmm . "
"He actually graduated from Seoul National University majoring in architecture, and he had worked in a big company . He usually worked at a construction field overseas for that company for a long time before he was laid off when the company was acquired by another company . He subsequently encountered a natural turf battle in the newly combined company and couldn't survive . He also didn't play the power game right either . So he moved to a small company with a position at an executive level . "
"It was that small company that started the court receivership because they were inundated with debt . "
"That's right . The company started building a large commercial building and borrowed way too much funds from banks in the process, which they later couldn't handle when they couldn't sell enough units . So the company went broke . One little misstep could result in a quick collapse of a construction company . "
"He studied architecture and had worked in the construction field, but that is not really management work experience, right? Do you think he can handle the work of a general director? They are different fields . "
"He worked as a general director in that small construction company . Because the company was so small, he practically took care of almost everything in general . "
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"Hmm… Okay, I'd like to meet with him . "
"Yes, sir . "
"And also, I will add an additional 2 billion won to the company account for a new construction project of the factory in Jiksan Town . "
"Huh? Another 2 billion won? Then, 4 billion won in total?"
The internal auditor was astonished by Gun-Ho's wealth .