The Return of the Ruined Chaebol's Third-Generation Heir - Chapter 103

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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Regression of a Fallen Chaebol’s Third Generation — Chapter 103
“Would you say the restructuring on the trading company side is in its final stages?”
Meanwhile, in the Seonjin Group Chairman’s Office.
Chairman Kim Ja-young handed over the report and asked, while Choi Dong-su nodded slowly.
“Freight rates have stabilized, and shipper attrition has stopped. With the DK line now operational, we’re bringing in new shipment volumes, and it looks like we’ll be able to turn a profit in the third quarter.”
“So it’s not yet at the stage where we can be completely at ease.”
“That’s true, but the structure is sound now. Everything else is just a matter of time.”
Kim Ja-young closed the report.
Over the course of more than a year, Seonjin Trading Company had plugged its deficits and closed several deals.
Now, at last, the end of that long struggle was coming into view.
“Have you looked into the logistics side?”
At the last meeting, Yoon Sang-chul had agreed to submit a report on the areas where restructuring and additional investment were needed.
Choi Dong-su paused, choosing his words carefully. It was a habit he had when delivering unfavorable reports.
“A report has come in from the logistics division itself. In broad terms, they’re taking a status quo approach. They say there’s short-term pressure, but it’s manageable.”
“Manageable, is it…….”
Kim Ja-young turned the word over in her mind. She knew logistics wasn’t easy. But the reports that came up from logistics always reached the same conclusion.
Difficult, but survivable.
Of course, since this was an instruction from the group, they were doing their best to maintain it, but it was far too insufficient a report for those at the top to see into logistics’ true situation.
“What about Saeyang’s movements?”
“The acquisition of Daesung is still in progress. The market will be restructured once it’s confirmed, but it’s not finalized yet.”
“Not yet finalized…….”
That meant there was still time, but also that not much time remained.
“Since the trading company’s shipping division is heading toward profitability, it’s time we took a closer look at logistics.”
“Yes, I’ll prepare for that. However, since logistics internally says they can wait, I’ll keep the trading company as top priority.”
At Choi Dong-su’s words, Kim Ja-young nodded in agreement.
“How is Seon-woo doing?”
Once the report ended, Kim Ja-young’s tone softened. There was a feeling of her asking both as chairman and as a mother.
“He’s adapting well, I’m told. He’s performing his assigned tasks properly and isn’t damaging team morale. The reactions from the surrounding staff are also favorable.”
This was information from the line she had planted in logistics.
“That’s a relief. That child actually struggled with adaptation back when he was in high school, and he’s been through so much.”
Kim Ja-young laughed softly.
There was the environment in which Seon-woo had grown up. She’d always worried whether a child raised in a chaebol family could survive among ordinary employees, but now it seemed she could let go of that worry.
“Goodness, what am I even talking about.”
Realizing she’d been sharing such personal matters in front of a subordinate, Kim Ja-young waved her hand dismissively.
“Not at all. I also have children, so I understand your concerns well.”
At Choi Dong-su’s words, Kim Ja-young offered a slight smile and spoke.
“Then shall we call it a day? You’ve worked hard. Please keep an eye on that logistics division…….”
Knock, knock.
Just as Kim Ja-young was about to stand, a knock sounded at the door.
“Come in.”
Moments later, the door opened and the Secretary Director entered the room.
“Chairman, I apologize for the interruption, but you have a visitor.”
“A visitor? Do I have an appointment?”
“No, ma’am.”
“Who is it?”
“It’s your son.”
Kim Ja-young’s hand froze.
“Pardon?”
“Your son has come to see you.”
Seon-woo, the son they had just been discussing with Choi Dong-su, had arrived at headquarters without warning.

* * *
“You can go right in.”
The Secretary Director bowed and spoke. In truth, when he had first brought the report to Im Do-hyun and the latter had gone to report to him, many thoughts had crossed his mind.
If the report was accepted, there would be no need to step forward—I’d just do my job. If it wasn’t accepted, I swore I’d do everything I could.
And in the end, it had come to this—coming all the way to headquarters.
“Thank you.”
I bowed to the Secretary Director before stepping into the chairman’s office.
Mother was seated, and across from her, Choi Dong-su rose and bowed slightly.
‘Choi Dong-su is here.’
It was unexpected. I’d come thinking of speaking to her alone, but Choi Dong-su’s presence meant they’d been in a meeting until just now.
“What’s the matter?”
Mother asked, her face surprised.
“I’ve come to see you, Chairman.”
Mother’s eyes narrowed slightly.
Coming here, I’d thought a moment about what to call her.
I’d decided on this form of address because it seemed right to draw the line first.
Choi Dong-su stood up.
“Chairman, I’ll step out first.”
“Director Choi.”
Choi Dong-su, who was turning to leave at my call, stopped.
“Please hear this too. I’d like you to listen to what I have to say.”
Choi Dong-su’s eyes turned toward Mother. She neither nodded nor refused, only watching me quietly.
“I have something important to discuss. It concerns the company.”
At my words, Mother nodded to Choi Dong-su.
Choi Dong-su sat back down, and I moved toward the sofa.
“You could talk about this at home…….”
“As I said, I’ve come today because of company business.”
Mother’s expression hardened.
“I’ve come as an employee of the Seonjin Logistics Management Planning Team, Kang Seon-woo, to see you, Chairman.”
A brief silence fell.
“Then an ordinary employee couldn’t see me at all, could they? There’s a reporting structure in any company. You can’t just show up unannounced and expect to be seen.”
I knew it was contradictory, but I had something more urgent than propriety.
“I understand that. But I believed that with the company facing a critical juncture, you wouldn’t turn people away based on rank.”
Mother’s expression gave nothing away, but after steadying her breath, she spoke.
“What’s your assessment of logistics, both you and Director Choi?”
Mother signaled to Choi Dong-su with her eyes, and he slowly opened his mouth.
“Based on the report that came up from logistics, I’d say there’s short-term pressure currently, but it’s at a manageable level. Unit prices are declining, but revenue is being maintained through increased volume.”
Survive.
That would be the conclusion of the official report sent up from logistics, wouldn’t it?
But the data I’d seen told a different story. The report from logistics seemed to have stripped out cost items and highlighted only increased volume.
‘They massaged the numbers.’
The company was dying, but they were telling those above that it could survive. In a way, it was a choice befitting a rigid chaebol organization.
Until those above make a move, you don’t move first. And you can’t.
“Director Choi, if I may ask one thing.”
I looked at Choi Dong-su.
“You said revenue is being maintained as volume increases—have you checked the margin per shipment?”
Choi Dong-su didn’t answer immediately. The official report would have had revenue and volume, but the margin per shipment was probably missing.
“It’s 70 won. Of course, as you said, with courier volume increasing now, this 70-won revenue is quite stable.”
Choi Dong-su’s eyes trembled slightly.
“But as volume increases, costs increase with it. Labor, sorting, delivery. Revenue may look stable, but margins are shrinking.”
I met Choi Dong-su’s gaze.
“It’s not survival—it’s slow death.”
“Unit price decline is an industry-wide trend.”
Choi Dong-su countered calmly.
“I don’t believe it’s a problem unique to us.”
“That’s a fair point.”
It wasn’t wrong. In my previous life, I’d heard that logic too.
The whole industry is like this. It’s not just our problem.
Hidden behind that argument, no one took action, and in the end, logistics was never even attempted to be saved before it was sold off.
“We’re trying to maintain a 70-won per-shipment margin, but what about Saeyang? Their unit price is 2,300 won per shipment. Ours is 2,500 won.”
Choi Dong-su’s expression didn’t change. He probably knew these numbers already.
“From a shipper’s perspective, tens of thousands of shipments move daily. A 200-won difference per shipment means millions won difference per day. That’s why major shippers are switching to Saeyang.”
Mother sat watching me with a hardened expression.
“Saeyang, backed by their group’s full support, is sacrificing margin to increase volume. And us? We’re trying to protect our 70-won margin. Without investing in anything whatsoever.”
I paused for breath. From here on, this was information that didn’t exist in the official report.
“Soon Saeyang will acquire Daesung. The acquisition process is still ongoing, but with Nakwon Group stepping back, it will fall to Saeyang. When that happens, their market share becomes 34 percent.”
Choi Dong-su’s hand stilled.
“From that point, economies of scale kick in for Saeyang. For now, they’re sacrificing margin and surviving with group support, but then those sacrificed margins will return as profit. At that moment, Seonjin Logistics can’t compete on price.”
Choi Dong-su’s lips moved, then stopped. Whether he couldn’t think of a counter-argument or thought of one but held it back.
He’s not stupid. He understands what I’m saying.
But from just the report that came up from logistics, he couldn’t have seen this far.
“Even though we’re doing our best to protect our margin, if this trend continues, we’ll be in the red within six months.”
The room fell silent.
“Once losses begin, driver attrition will accelerate. Shippers leave, we can’t bear hub operating costs. At that point, whatever choice we make will be too late.”
“…….”
“The opposition is sacrificing the present for the future, investing. We’ve sacrificed the future for the present. Why are we doing this?”
There was only one reason.
“Simply because the group said to prioritize the trading company and tell logistics to survive. If that’s the case, the group needs to reach a conclusion. Why are we surviving right now—to preserve logistics’ value?”
What frustrated me was that I couldn’t see what the current maintenance was for.
“If this is a choice for selling off logistics, then the current strategy is excellent. If it’s not……it’s the worst.”
I finished speaking and looked at Mother. Throughout my exchange with Choi Dong-su, she hadn’t said a word.
I couldn’t read whether she was angry, convinced, or offended that her son was doing something like this.
I’d known Mother for over twenty years, but this expression was new.
“I apologize for coming so suddenly and only speaking my piece.”
I bowed my head slightly as I spoke.
“I know that as an ordinary employee, bypassing the reporting structure to meet the chairman privately is both my advantage and your weakness as a matter of governance.”
I’d used the heir card while claiming to want equal treatment.
I thought it was shameless, but when the company was dying, there was no room for such niceties.
“That’s precisely because I stepped forward. Logistics, if not addressed now, will become a burden not just for the trading company but for the entire group.”
I steadied my breath.
“There are two choices. Sell now, or invest now.”
“…….”
“I’ve done everything in my power to report this to you. Now I’ll return to being an ordinary employee and wait.”
Mother still watched me in silence.
“The choice is yours, Chairman.”
I left those final words and stood up.
“Thank you for hearing me out despite my presumption. Chairman, and Director Choi.”
I bowed and opened the door and left.
I didn’t look back, and no voice called me back.
‘I’ve said all I can.’
I don’t know what decision Mother will make. Whether she invests, sells off, or does nothing at all.
That wasn’t in my control.
I’d done all I could.

* * *
“The choice is yours, Chairman.”
Even after Seon-woo spoke those words and rose and the door closed, Kim Ja-young was still looking at the seat where he’d been sitting. Choi Dong-su didn’t move either.
“…….”
She’d raised this son for over twenty years and thought she knew what kind of child he was. Smart, kind, having lost his father early and mature for his age. The person who had just sat before her was not the son she knew.
He was demanding that she make a decisive decision.
‘……The Seon-woo I know isn’t everything there is to Seon-woo.’
She felt proud and at the same time estranged. And she thought that the Seon-woo she knew would not have acted so rashly.
“Director Choi, verify whether the situation Seon-woo described is accurate…….”
She stopped herself mid-sentence.
If she verified and it was true? By then it might already be too late.
She needed to move and verify directly.
“Call a meeting tomorrow with everyone at the manager level and above in logistics.”
Choi Dong-su looked up.
“I’ll attend personally.”
In Choi Dong-su’s career, a chairman personally attending an operational meeting of a subsidiary was unprecedented. Not sending the Management Planning Division chief, not ordering in operational reports, but the chairman herself stepping in.
“I’ll relay your instructions.”
Choi Dong-su answered briefly and bowed, while Kim Ja-young looked out the window. The sun was setting.
‘If this is a choice for selling off logistics, then the current strategy is excellent. If it’s not, it’s the worst.’
Her son’s parting words wouldn’t leave her mind.

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This chapter was translated by Lunox Novels. To support us and help keep this series going, visit our website: LunoxScans.com
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