Chapter 3

Really? Giving up control of the company? Is a dog giving up its poop?

People often think that things they once considered unfair are acceptable when the unfairness benefits them.

That's why history changes so slowly.

I had these thoughts, but I didn't voice them.

"Anyway, it wouldn't look good for us brothers to inherit the entire company publicly, so we decided that only a few of the group's subsidiaries will be inherited by us, and the rest will be let go."

I'm not included in that 'us brothers.'

"I see. So the family won't inherit the entire group, just a few subsidiaries."

"Right. So I'll take L Electronics, and Hyunseok will take L Motors."

Go Hyunwook glanced at Go Hyunseok and asked.

Hmph. They're going to hold onto the best subsidiaries and not let go.

But it does look like a significant concession from the outside.

"Of course, we'll have control, but the actual ownership of shares won't be much. Father's shares in L Electronics and L Motors will be within 5 percent. So even if we inherit all of it, we can't monopolize the entire control."

"That's true."

I nodded.

In South Korea, it's common for the chairman's family to control the company with just 5 percent of the shares.

But technically, what he said isn't wrong.

"So, our L Group is setting a new precedent in the business world."

"That's true. But what about Hyunmin?"

"Hyunmin... won't become the largest shareholder of any subsidiary for now. He's still young. And it wouldn't look good if all three of us were the largest shareholders."

"..."

"Hyunjun, you're smart, so you understand, right?"

"Um..."

I had an idea.

Father's 39 percent stake in L Life. If I inherit 3 percent, I'll become a major shareholder with over 1.2 percent of the shares.

"Hyunmin is giving up the largest shareholder position to avoid outside scrutiny... If you become the largest shareholder, it would be awkward. Do you understand?"

Go Hyunwook asked in a subtle tone.

That's exactly what he meant.

"Oh, so you're asking me to give up my shares in L Life?"

When I asked this, Go Hyunwook smiled.

He was clearly trying very hard to maintain a friendly attitude.

"No. You've worked hard, and our family hasn't taken care of you. It wouldn't be right to ask for a one-sided concession."

Go Hyunwook paused and continued.

"I'll offer you 10 percent more than today's market price. How about taking it in cash?"

"Ah."

"And, 3 percent of Father's shares in L Electronics and L Motors is quite significant. So, I'll convert that into cash as well, adding 10 percent."

At this point, Park Changsoo, who had been silent, interjected.

"As you know, this is a significant amount. You also need to consider inheritance tax. If you only receive 5.6 billion in cash, the stock assets are much larger. You need to consider that you might not be able to pay the inheritance tax with just the cash. So, we're being considerate."

"Ah."

I pouted.

"Can I say something?"

"Sure, go ahead."

Go Hyunwook nodded with a smile.

"First, according to the will, I'm supposed to inherit the shares, and you're offering to buy them, right?"

"It's not exactly buying..."

I interrupted Park Seongsu.

"Um, no. We need to be clear. In fact, the L Group or the L family doesn't actually interfere in the execution of the will. I'm just inheriting Father... the Chairman's estate."

"Right."

Park Seongsu said with a troubled expression.

"And I can dispose of the shares I inherit to pay the inheritance tax. For example, I could put 30 percent on the market."

"..."

"Besides, L Group shares aren't unsellable in the market. With this level of holdings, I could even sell them at a premium. It's a significant stake that could contribute to securing or strengthening control."

"..."

The faces of the three people, excluding me, darkened.

"So, I might consider not selling these shares, or I might decide to sell them to someone for a certain price. You're using the word 'considerate' while offering to buy them?"

"Damn... this brat..."

"Shut up."

Go Hyunwook stopped Go Hyunseok.

"10 percent is the minimum premium people would offer if I put the shares on the market."

"Now I see you're well-versed in business matters. How did you learn all this?"

Go Hyunwook asked, and Go Hyunseok interjected.

"I told you. They all have ulterior motives. They must have prepared for this situation and had a plan!"

"No, this isn't something to worry about."

I said.

"Huh?"

"Where did you learn this? I don't have much money to play, so I just worked part-time and read web novels and watched YouTube. I see a lot of these scenarios in those."

"Web novels? YouTube?"

Go Hyunwook looked bewildered.

"While we're on the topic, there's one more thing."

"Huh?"

"Usually, to minimize inheritance tax, people try to lower the value of the shares as much as possible. I heard the value of L Group subsidiaries has dropped significantly... and L Life is like the cash cow of the L Group. It's been heavily undervalued. Selling it now would be incredibly foolish, wouldn't it? If I hold onto it, the value could double."

"Did you learn that from web novels too?"

Go Hyunwook asked, bewildered.

"No, I saw it on the news. A few years ago, S Group used this method to reduce inheritance tax. It was widely reported."

"Wow..."

Go Hyunwook and Park Jeongsu were speechless.

"Working hard part-time, but watching TV a lot, huh?"

Go Hyunseok said.

"Who watches news on TV these days? I watch it on YouTube."

I retorted.

"..."

"Ah, speaking of YouTube..."

"Uh-huh?"

"Did you follow my YouTube channel?"

"Huh?"

Go Hyunwook's eyes widened.

I didn't miss the moment he glanced at Park Seongsu.

'So, you did tell him to investigate me.'

You gave the order to investigate me, but you didn't specify what to do.

So, he unconsciously looked at Park Seongsu.

"Since you're following, why don't all three of you follow?"

I said with a smile.

10 subscribers

"..."

There was a moment of silence in the room.

In short, they were trying to buy my inherited shares at a low price.

But I knew more than they thought, and my words exceeded their expectations.

They seemed confused, having lost control of the conversation.

Moreover, by not giving them a chance to deny that they investigated me, I made it a fact, pushing them into a speechless mode.

"Then, what do you plan to do?"

Go Hyunseok broke the silence.

I thought it was better to have someone like him in this situation.

Go Hyunwook and Park Seongsu, who were pretending to be polite, were flustered.

"Hmm. Honestly, becoming the largest shareholder of L Life is a big responsibility for me."

"Huh?"

The expressions of the L Group people relaxed when they heard this.

I had said something conciliatory.

Park Seongsu's expression was the brightest.

For him, if this deal didn't go through, he would be in big trouble.

'Somehow, Go Hyunwook seems more intimidating when he doesn't have a good eye for people.'

I thought.

"I'm willing to hold some L Group shares for investment, but I don't plan to hold enough to be called to shareholders' meetings."

"Oh, really? That's a relief."

Go Hyunwook looked even more relieved.

"..."

This time, Go Hyunseok was also silent, watching the conversation.

He was careful not to say anything that might ruin the atmosphere.

In short, he was watching my reaction.

I smiled slightly and continued.

"I have a lot of things I want to do. Managing a company doesn't fit into my life plan."

"Oh... Come to think of it, Hyunjun, what's your major?"

Right. The people in front of me are my half-brothers.

I have my mother's surname, 'Jang,' and they have Father's surname, 'Go.'

We have the same father, even if our mothers are different.

But it's a sad meeting. One is openly hostile.

The other is smiling, but it's a fake smile to get what he wants.

Moreover, they only know I'm a college student, not my major. It's embarrassing to call them brothers.

"Media and Communication."

"Huh?"

"Media and Communication. Short for 'Micom.'"

"Oh. Media."

Go Hyunwook scratched his head and smiled.

"Right. There is such a major. No wonder you talk about web novels and YouTube."

He muttered to himself and then continued.

"We, of course, had no choice but to go to business school. It sounds interesting. I'm a bit envious."

"Um..."

I was forced to attend business school to be groomed as a successor.

Should I be envious or pity them?

It's a privilege and obligation I didn't get because of a half-genetic difference.

"Anyway, my major has nothing to do with corporate management. I like what I do and have plans."

"Uh-huh. Uh-huh."

Go Hyunwook nodded repeatedly, accepting my words.

"Frankly, how can I stand up to the top two in the company with a small stake? I'd be physically and mentally drained."

After a pause, I added with a twisted smile.

"You've already followed my YouTube channel. I was really surprised to find it. The ID isn't even my name, and there are no videos uploaded. How did you find it?"

"..."

Silence as an acknowledgment.

"Then, are you going to transfer the shares to us?"

"Most of them, yes."

"Most?"

"Yes. I don't want to oppose them, but I'm not a pushover. Since the shares have high investment value, I'll keep 10,000 to 20,000 shares. I'll transfer the rest."

"Hmm."

That wasn't a bad deal for the Jang brothers.

Usually, you need to hold at least 10 million shares to have a 1 percent stake.

In the end, I'll be transferring most of the L Group shares I inherited from Father.

"But, the 10 percent you mentioned today is unreasonable. As far as I know, the shares are undervalued by more than 30 percent. I can't sell them at that price."

"Then..."

"Please adjust the offer to the pre-undervaluation price. Not here, but later."

I demanded confidently.

This is the right way.

Since it's specified in the will, they should be the ones feeling regretful in this situation.

I was the one in the position of power.

Father set it up this way.

I was surprised and grateful to the man who had refused to be my father for years, but that's a matter between him and me.

It's not related to these brothers who are worse than strangers.

"Hey, isn't it tiring to keep seeing each other? Why don't we just decide everything now?"

"No. I don't know the exact market price. It doesn't seem right to decide in this situation."

"Don't be ridiculous. We already discussed everything in the bathroom..."

"No, Hyunjun is right."

Go Hyunwook stepped in.

"It's an important matter. And it involves hundreds of billions. It doesn't seem right to decide it right away."

You called me here for this. But the moment you realized I'm not a pushover, you quickly changed your stance.

"Right. Then, we're almost done. About the cash..."

"Let's discuss the cash after we finish talking about the shares."

"No, why? It seems like you're setting conditions. Just put it in escrow. I'll come and get it after paying the inheritance tax."

"Ah."

When I mentioned 'escrow,' Park Seongsu was surprised and stepped back.

"Alright. I'll do it your way. In return, I hope you'll think positively about the share transfer."

Go Hyunwook said.

"Understood."

I nodded slightly and bowed.

As I walked out of the chairman's office, Go Hyunseok's voice hit my ears.

"That brat is just like his mother. He's trying not to lose a single penny, just like a fox."

"Phew..."