All language subtitles for [English] The Art of Negotiation ep 1

(The Art of Negotiation)

I hear Yoon Joo No is coming.

That's crazy. Says who?

He's not even in Korea.

Exactly. He's on his way.

Then a storm is coming.

Ladies and gentlemen,

we will soon arrive at
Incheon International Airport.

We're experiencing turbulence
due to unstable weather,

so please fasten your seat belts.

(Creating value, Sanin Group)

The infamous Yoon Joo No is coming?

Exactly. Yoon Joo No, the
legendary M and A expert.

A few subsidiaries could be liquidated.

Don't let it be ours.

I still have a mortgage to pay.

If I lose my job,

I won't be able to pay my credit card bill.

No wonder a sudden board
meeting was called today.

Tell me about it.

I've never seen the
higher-ups that flustered before.

- Sir.
- Hey.

Did you hear the news?

Unbelievable.

Not all M and A transactions...

result in liquidation.

Yoon Joo No could be coming here...

to have us acquire another company.

Hey, don't you see the news?

Rumor has it that we're going under,

so why would we buy anything?

Yoon Joo No is coming to give us the ax.

Hence the mayhem.

Thank you for flying with us.

Have a good day.

(Episode 1: The kick-off)

Who's coming that has everyone fussing?

His name is Yoon Joo No,

an M and A expert.

He...

Do you even know what M and A is?

Isn't it the act of buying,
selling, and merging companies?

What did I even expect from a mere intern?

Sure.

Those who don't know better...

could think like you.

Hey, let me school you on this.

M and A...

isn't just buying and selling.

M and A is about...

who dies and who lives.

Why you...

Hey.

What's a corporate body?

A legal entity, right?

M and A...

either combines
corporations or eliminates one.

Now,

let's say an entity was eliminated.

Isn't that murder?

- How is that murder?
- You brat.

What happens when a company is sold?

Its employees will lose their jobs.

And then what? They won't get paid.

Then what about their families?

They'll starve, right?

That actually leads to people dying.

Layoffs are the same as murder.

Don't you get that?

I guess, but...

On top of that,

that guy Yoon Joo No...

Hey.

Do you know what people call him?

What?

The White Snake.

- The White Snake?
- Yes, the White Snake.

- A snake that is white.
- What?

While moving soundlessly,

he swallows companies
whole leaving no trace behind.

Why the White Snake though?

Mamushi or viper could've
been a better choice.

It's to describe his cold-blooded nature.

Hey.

Why does anyone go through with an M and A?

Money. That's why they do it.

M and A is about selling companies...

worth 10 million dollars at 100 million...

and acquiring those worth
10 million dollars at 100,000.

Would an expert in that field...

even bat an eye...

when hundreds or even
thousands of pencil pushers like us...

lose our jobs?

He wouldn't.

That's why...

M and A experts...

are psychopaths.

Hence the nickname the White Snake.

In summary,

Yoon Joo No coming to
the main office means...

that it's already begun.

What has?

Sir.

There will be blood
once Yoon Joo No arrives.

Exactly.

We need a contingency plan.

As if.

He worked under me for ten years.

Why should I be worried about his presence?

I thought...

it could've been Director Lee's
idea to bring in Yoon Joo No.

Director Lee constantly
mentions retirement,

but who knows what he's thinking?

What if Director Lee is
bringing Yoon Joo No in...

to use as his sword?

(Vacant)

Sanin head office, please.

(Lee Dong Joon)

Director, I'm at the airport.

Come in.

- Director.
- Hey.

You should've gone ahead
rather than coming all the way here.

- It was on our way anyway.
- Oh, please.

Now you know.

Now you know what Yoon
Joo No being here means.

Hello, sir.

As the volatility of the global
financial market increases,

the stability of the
financial industry decreases.

To this, financial
authorities have decided...

to call for risk management...

and have recommended banks...

to maintain the BIS
capital adequacy ratio...

at 13 percent.

However, that of Hanbit Bank,
which is Sanin's main bank,

is currently at 12 percent.

For that reason,

the bank has given word
that it'll not be extending...

the maturity.

Darn banks. They beg us to take out a loan,

but now they want it back.

Moreover, the debt
ratio of our Sanin Group...

is at 428 percent which
is somewhat higher...

than the average debt ratio of
the ten top major companies...

which sits at 250 percent.

That was already reported via documents,

so cut to the chase.

Samoel Fund has openly required us...

to decrease our debt ratio...

which has led to many
financial newspapers...

reporting our critical situation.

Some are even...

mentioning the possibility of a bankruptcy.

He told you to cut to
the chase. Are you deaf?

We're to pay back the
loan which is how much?

Right.

It's 11 billion dollars.

And the deadline?

The loan will mature at the
end of next year's first quarter,

but we must wrap it up
by the end of this year.

Are you kidding me?

Eleven billion dollars isn't chump change.

The bank isn't the boss of us.

Every company operates on debt.

At the end of last quarter,

the chairman promised to lower...

Sanin's debt ratio to 200 percent,

which resulted in our
stock price to stabilize...

and increase 11 percent that day.

It has maintained an
upward trend since then...

and is at 40 percent
higher than its lowest price.

But the stock price will plummet...

if we can't keep that promise?

Yes.

That's why we must pay back the loan.

You must work at Sanin.

That's a fine company you work for.

The best apartment
complexes are built by Sanin.

Check that out.

Those were all built by Sanin.

(Report on Samoel Fund's convertible bonds)

Other than the bank loan,

we also have convertible
bonds held by Samoel Fund.

That's right.

Samoel Fund bought convertible bonds...

at the amount of three billion dollars.

And when does that mature?

In the first half of next year.

They overlap.

- We can extend that.
- Yes, sir.

What are the terms of the put option?

If the stock price falls below 100 dollars,

which is the conversion price,

Samoel has the right to refix the latter...

or request the repayment of the principal.

What you mean is that...

if our stock price falls below 100 dollars,

- Samoel can claim all our shares?
- Yes, sir.

Should Samoel convert the bonds,

it will become...

our largest shareholder.

Unbelievable.

The chairman will collapse at the news.

What a mess.

However, the stock
price is currently stable...

at 150 dollars.

Unless we're met with a crisis,

I doubt there will be any trouble.

I'm glad to hear that.

- What?
- He's glad?

Unbelievable.

What should we do, then?

We're to pay back 11 billion dollars...

and maintain our stock price.

Yes, sir.

- At all costs.
- Yes.

He's saying it like he wasn't the one...

who put us in this mess.

As you know, that's his specialty.

Unbelievable.

How did we get to this state?

As if that's the issue right now.

Tell me about it.

The press will probably be all over us.

Most definitely.

Now that the administration
is entering its second half,

it'll need an excuse for
mismanagement of economy.

If we make ourselves visible,

any support will go out the window.

Not having any support is one thing.

To make an example out of us,

we'll be beaten to a pulp.

Then Sanin might even cease to exist.

That is why the chairman gave the order...

to do our best as if our company's fate...

depended on it.

Director Lee, don't you
have anything to say?

Right.

That is why...

Yoon Joo No will be here.

By the way, what do you do?

I was wondering what
your role was at Sanin.

You wouldn't take your
eyes off those documents.

I buy and sell things.

You must be in sales.

What?

From what I remember, he's one with issues.

What would our employees think...

if we brought in someone like that again?

Exactly.

He must be shameless to come back here...

when he caused trouble and took off.

Director Ha,

there seems to be a misunderstanding.

What am I wrong about?

Correct me if I don't know the whole story.

Still, since he agreed to come here,

we should hear him out and...

Did you invite him here?

No, the chairman did.

Each member of the board...

must have their own opinion.

Why don't we get some coffee?

My head's throbbing as is.

- Let's go get coffee.
- Sure.

Hurry.

- We don't want to wait in line.
- Right.

By the way, - Yes?

The members of the board
seem to hate Yoon Joo No.

Would you be a fan of his?

Especially for Director Ha,

this hits close to home.

How so?

The other executives are
worried about losing their jobs,

but Director Ha?

Yoon Joo No used to work for him.

- Really?
- Yes.

Before Director Ha became
CFO, he was on the M and A Team.

(CFO: Chief financial officer)

I see.

Director Ha has nowhere to go now.

He'll either make CEO or be gone.

However, the chairman
is bringing in someone...

who used to work under Director Ha...

to do the latter's work.

Director Ha's life is at
stake this time around.

Hold on.

Now, we can go.

Why is the chairman doing this?

Why else?

So that they'd give everything.

Pit one against the other.

The winner stays while
the loser gets the boot.

What do you think will happen?

They'll both do whatever it takes.

Neither will want to lose,
so they'll go the extra mile...

and then some.

- Here are your beverages.
- Right.

Thank you.

Coming through.

Come on.

Still,

Director Ha and Yoon Joo No...

aren't in the same weight class.

Director Ha ranks second at this company.

That has me curious too.

Does the chairman see Yoon Joo No...

as the future?

Or is he giving Director Ha...

the opportunity to evade responsibility...

by using Yoon Joo No?

As if we'd know how the higher-ups think.

Director Lee is here.

Was it really the chairman
who brought Yoon Joo No in?

I don't know.

Director Lee must've whispered in his ear.

I guess.

Director Lee is directly
under the chairman.

Maybe there's no particular reason to it.

Director Ha should now be CEO,

so he could've brought Yoon Joo No in...

to do the grunt work.

- I see you're on the younger side.
- Sorry?

You don't seem to know
how scary labor can be.

You're still quite young.

Either way, a war has begun.

If Director Ha wins, he'll be made CEO.

If not, he'll be fired.

If Yoon Joo No wins... Could
he become an executive?

Didn't you say he was a psychopath...

who only chased money?

Would they have him as an executive?

Hey.

- That's more the reason.
- What?

His kind is loved by company owners.

They protect your money.

All right.

Hey.

Wait in the conference room.

- Sir, here's some coffee.
- Yes, thanks.

Either way, he can't solve this problem.

That's true.

I mean, the amount is...

Eleven billion dollars is unheard of.

In the midst of all this, we also
have to defend our stock price.

So, what will happen if this fails?

What do you think?

Yoon Joo No will have to take
responsibility for this mess...

and leave the company.

Oh, then naturally,

you'll become CEO.

Fine, Yoon Joo No can come.

Since the decision came from the chairman.

But who will manage him?

He used to work under you,

and since you're the CFO of the group...

Me?

Well, Mr. Yoon has his
own opinions about things.

Tell him to set up his own team.

Director Lee, you could help
him out if he needs support.

By that,

he means he wants...

to clearly identify who's a friend or foe.

- Is that what he's saying?
- Yes.

I guess Director Ha is confident.

Then who will join his team?

We'll accept applications.

M and A is popular, you know.

Should we apply?

Do you want to join a
game you're bound to lose?

In any case,

what is Mr. Yoon going to
sell first when he joins us?

As for what his plans are,

let's have him tell us when he's here.

Do we have to hear it
directly from Mr. Yoon?

I am the CFO of Sanin Group.

Right.

Then let's listen to Mr. CFO first.

(Sanin Group)

(Yukchamgoldan)

"Yukchamgoldan."

"Yuk" as in "meat,"
"cham" as in "to sever,"

"gol" as in "bone,"
and "dan" as in "to cut."

"Sever my flesh and offer
it while cutting your bones."

The group is in jeopardy,

so we can't sit back and do nothing.

We should cut out what
is causing a problem.

Let's take a look...

and find out what's flesh
and where the bones lie.

Here are the financial
statements of Sanin's subsidiaries.

First, Construction.

The numbers kept growing consistently...

until the sales figures went up twofold.

That was right after...

I took over Yonga E and C.

So, Construction is doing so well.

Then why is the group struggling so much?

All right. Look at the other
subsidiaries' numbers.

As you can see, most
of them are in the black.

Our hotels, entertainment business,

travel agencies, food
business. They're all in the black.

Goodness. I sense a bloodbath coming.

Go back to the slide before this.

What's that? Yes, Wind. Bicycles.

That company couldn't
even go public. Darn it.

All right. So, what does this mean?

Construction has been
supporting everything else,

but it has hit its limit,

so it can't go on like this.

So what do you suggest we do?

This tells you...

where the flesh and the bones lie, right?

Then it's time to cut it out.

We'll calculate the sales
and the total business profits...

and start selling the worst performers.

- What?
- Goodness. That's...

Is this a joke?

Is this an audition to select
members for an idol group?

Why? Why can't we do this?

Even kids have to survive in
such a competitive environment.

We should work even harder!

Director Ha.

Then how many companies will we sell?

Until we reach 11 billion dollars.

What? Eleven billion?

Are you saying we'll sell
everything except for Construction?

But who are you to
decide something like this?

This is my job as the CFO of the company.

Don't you see this?

It doesn't matter how much
money Construction brings in.

The company has an 11 billion-dollar debt.

If we don't cut off Sanin's
arms and legs now,

Sanin will lose its head, thanks to you!

They aren't the only
ones who bring in money.

We're profitable too.

Right, Sanin Fashion.

All right, Sanin Fashion.

Total sales, 4.2 billion dollars.

Total profit, 29.8 million dollars. Right?

Why bother running this business?

Isn't it better to keep the money
in the bank and collect interest?

Last winter wasn't cold.
What were we supposed to do?

You see, fashion is
significantly affected by weather...

You should've known those
things and prepared for it.

Don't you watch the news?

Despite all the talks about global warming,

you made so many puffer jackets.

You couldn't sell them
even at 50 percent off.

Aren't they all marked
as unsold inventory now?

Ms. Min.

It requires a skill to
predict consumer needs.

All right, next.

Sanin Hotel. Goodness.

You said you'd hit the
jackpot after the pandemic.

You call this "jackpot?"

Well, honestly...

We need China's help.

What can I do? I can't control
the current political situation.

Right, exactly.

If you can't find a way
to control the situation,

you should just give up.

Well...

Mr. Yoon may have his
own opinion about this, so...

Mr. Yoon?

Do I have to wait for Mr. Yoon?

I apologize for keeping you all waiting.

Hello, I'm Yoon Joo No.

Thank you for coming.

Do you know about the situation?

I've checked all the reports you sent.

And?

What do you think?

I'll submit a report once I'm
done reviewing everything.

"Review?"

Oh, right.

I understand that the situation
may require a big sacrifice.

However...

What is this? Why does
everyone look so tense?

Hey, you're here.

Sit.

Are you confident?

Yes, sir.

All right. Then what can I do to help you?

I need to put together a team that I like.

All right. You can set up your own team.

Go for it.

Well, how about some of you here?

Any volunteers?

Goodness.

Why? You've all done some thinking,

and you don't think this team will do well?

- I'm off.
- Yes, sir.

Then please excuse me. I have
to go and set up my team now.

Oh, the one who had his hand up earlier.

Yes.

Come to the office by
5pm for your interview.

We'll talk then.

(Sanin Group)

Have you lost your mind?

You're doomed now.

Well, he seemed nicer than I thought.

- Everyone said he was competent.
- Why, you...

You don't even understand the
basics of working in a company.

Hey, for people like us,

it's always best not to be noticed.

If this goes well, I could
get a permanent position.

That's... Hey, why would you...

Hey, you shouldn't say that.

You don't understand
a thing about politics.

Hey, can a mere team
manager win against the CFO?

Yoon Joo No is bound to fail.

They're just dumping it on him. It's over.

You fool.

But what if Mr. Yoon solves this problem?

You said yourself that
he was a competent guy.

Competent? That's not important.

Hey, do you think 11
billion dollars is a joke?

You'll never touch that kind of money...

even after working 100,000 years
if you make 100,000 dollars a year.

Let's say there's a monkey that
saves 100,000 dollars every year.

Even if that monkey evolves into a human,

it wouldn't have 11 billion dollars.

- Hey.
- What?

You're so good at math.

You punk.

You could never read
the room back in school,

and you haven't changed at all.

And you were so good at pulling
sly petty tricks back in school.

- You haven't changed either.
- You little...

Hey, you...

You can smile now, but
you really are in trouble.

(Reserved)

(We welcome all visitors.)

This way, please.

Min Jeong, the uniform
looks so good on you.

Thank you.

Min Jeong.

Did you use to work at the head office too?

What do you mean?

I mean, were you always this cold
to everyone at the head office too?

Or do you look down on
us because you used to...

work at the head office?

Min Jeong.

Do you think you'll go
back to the head office?

You need my support here.

Only then can you have a
bright future ahead of you.

You know what I'm saying, right?

Min Jeong, they're here for a consultation.

Okay.

- Hello.
- Hello.

Is this one popular?

Well...

Honey. Of course, she'd
say they're all popular.

She works for this company.

If we tally up your points,
you have 42 points in total,

so you're right at the cut line.

As for the 84m² units,
there are 5 in total.

So far, 2,380 people have applied for it.

The competition ratio
is a little over 43 to 1.

I believe the number of
applicants is going to triple.

Let's say it quadruples.
Then it'll be 173 to 1.

See? She's just saying what she memorized.

Right?

Do the math, and you'll know I'm right.

One moment.

Forty-three. She said
if it were to quadruple...

Honey.

You get 172 when you multiply 43 by 4.

But she said 173.

I said it was a little over 43 to 1.

The exact number is 43.272727...

It's a non-terminating
decimal that goes on forever.

That multiplied by 4 equals 173.090909...

Again, a non-terminating decimal.

So, 173 is the correct answer.

Your brain works like a computer.

Not really.

Anyway, the math is correct.

If you're pregnant now...

How did you know? I am pregnant.

What? Honey, you're pregnant?

Mr. Yoon?

Mr. Yoon, how did you get here?

- I cabbed here.
- Pardon?

No, I mean...

Did you get demoted?

Not exactly, but something like that.

Can you work with me?

Your consultation.

- Yeon Su.
- Yes?

If you're pregnant, you
have more than one child,

so go for something else.

I wouldn't go for this unit if I were you.

When did you get transferred here?

A little after you left.

It was Director Ha's decision, right?

But I enjoyed the work there.

Why didn't you get another job?

You must've received many offers.

Offers? No, none.

I'm relieved to hear that.

Yes.

By the way, where in
Suwon are we headed now?

Haerang Law Office.

Attorney Oh Soon Young?

- Uncle.
- Yes?

Can't we order sweet and sour pork?

No, we cannot.

We had no work this month.

That's your fault, not mine.

You little...

Thank you.

Oh, here.

Listen, Mr. Attorney.

About the thing I mentioned last time...

But we didn't order this.

Just try it.

It's the best-selling dish here.

Thank you.

You know, I told you that the realtor...

had been badmouthing me.

I'm just wondering if I
can sue him for defamation.

That was the realtor?

What did he say about you?

That jerk said I used some weird meat here.

He kept lying to people about it.

Do you know how hard
it is to catch pigeons?

Well, the thing is...

There's defamation by
publicly alleging facts.

Then there's defamation by
publicly alleging false facts.

- Which one is it?
- What does that mean?

What kind of meat do you use?

Pigeon.

Just kidding.

I was joking!

We only use the top-grade pork.

Right.

Then it's true that he spread
false information about you.

You two should just reconcile.

The realtor told me...

that you made fun of him for being bald.

Well, he is bald. It's not like I lied.

I said he's bald because he is.

Even when he wears
his wig, it's so obvious.

How's that considered defamation?

Well, that is considered...

defamation by publicly alleging facts.

It can cause emotional distress,

so it tends to be punished
more harshly these days.

There used to be more
emphasis on physical harm,

but emotional well being is
equally important these days.

Whatever, I don't care.
I'm just going to sue him.

Just settle things between you two.

The realtor said his adopted
son was an attorney...

and threatened me.

Do people still adopt children these days?

In any case, I'm going to sue him.

We charge 50 dollars
for a written complaint.

Just make peace. You'll
regret it later if you don't.

No. I've made up my mind.

I'm going to the police station today.

I will sue him.

Listen.

Attornies are like hunting dogs. Okay?

That's why I'm telling you to
bite down on that real estate guy.

I'll give you the money, okay?

If I bite down on that real estate owner,

it won't end there.

He'll hire an attorney.

And what will happen
if we go into a lawsuit?

You will win for sure, won't you?

Have all of those scumbags come at me!

Of course, I will win.

But attornies don't fight each other.

His hunting dog will bite you down,

while I bite the real estate owner down.

It's the two of you who
will have the hardest time.

The attornies will simply
earn money behind their desk.

Gosh, so what?

Just make peace.

Good grief. Hence why...

you have no money for sweet and sour pork.

Really, what a huge
scaredy-cat for a guy...

as big as a thug.

It's not that I'm scared.

And what thug?

I'm the cute type, you know?

(Green Tree Real Estate)

Son!

Have a cup of coffee.

Stop calling me son.

We don't have that big of an age gap.

Must we be blood-related
for me to call you son?

I call you that because I adore you.

Others are scared by
your unfriendly impression,

but I find you absolutely cute.

Come in.

I'm going ahead.

The one talking behind your back...

is the Chinese restaurant owner, right?

Did that guy badmouth about me even to you?

No. An attorney just finds out everything.

What now? We'll sue him, yes?

Just make peace with each other.

Didn't you start rumors that he
used pigeon meat for the dumplings?

Me? No. I never did that.

But you said so to me.

Is that so?

So what?

That guy started it...

by insulting my looks first.

Here's the thing.

It's easy to prove that...

the Chinese restaurant sales
dropped due to that rumor.

All that is needed is the account book.

But...

your emotional damage...

is hard to prove.

It's not like we can see the
damage by opening your heart.

That's exactly what I mean.

Do you have any idea how hurt I was by it?

I know.

So just call your broken heart...

and the Chinese restaurant's
drop in sales even.

What nonsense are you spouting?

You can't possibly say that if
you realize how distressed I am.

Ever since...

that jerk said I was bald,

wearing this wig makes me embarrassed.

But not wearing it does the same.

I feel naked even when I'm wearing it.

And when I'm not, I feel like it's on me.

I'm more upset at you...

for not understanding how I feel.

Well, right...

Think about it...

and make peace.

You...

(Haerang Law Office)

You have a guest.

What? A guest?

Attorney Oh.

Let's work on a project together.

You see,

I had the most fun working with
you, Mr. Yoon, and Min Jeong.

Fighting isn't my forte.

M and A is perfect for me.

You look fit for the MMA.

But M and A must be your calling.

By the way,

haven't I become cute
since we last saw each other?

Many neighbors said I looked adorable.

At this rate, I can't work
with you on this team.

Does that mean it'll be
just the two of us, Mr. Yoon?

I guess.

Oh, there's one more person.

(M and A Team)

Are you okay with how it turned out?

Well, I'm just here for an interview.

It'll be fine. This is what
people usually want.

It's quite old-fashioned.

Are you waiting?

Why are you coming inside?

To get a cup of coffee.

You drink coffee like it's water.

Hey.

Coffee flows in a company
worker's blood vessel.

Haven't you heard that?

Good grief. The M and A Team?

I feel bad for you.

- Why?
- Jin Soo.

Come with me. I'll teach you.

What a hotshot team looks like.

Why that floor?

Right.

I'm indeed taking a mere intern...

to a sacred place.

Jin Soo. This is the highest floor.

There's another floor above us, no?

That's the chairman's office.

To the civilians, this
is the highest floor.

Here.

On the left is Senior Managing Director Ha.

On the right is Junior
Managing Director Lee.

Hey. Jin Soo.

Just look at this.

We have class, don't we?

Really, Jin Soo. You see...

Work with me,

and you get to drink high-end coffee.

But if you work in that hopeless team...

in that corner,

you'll always drink instant coffee. Got it?

What do you think?

Will you join me?

Are you recruiting me?

Depends on how you do.

But I heard Mr. Yoon was the heir.

Really?

I thought I was the heir.

No, listen.

The chairman refused
second-generation management, right?

I'm not sure if that's a good thing.

That only made office politics worse.

You see...

The chairman has a
daughter he's been hiding.

He's going to have her marry Mr. Yoon.

That's why he said no to
second-generation management.

Who told you that?

I just overheard it.

- Is that so?
- Yes.

Team Manager Yoon Joo No...

Is the chairman fine with him?

He's already married.

Sorry?

Mr. Yoon is taken, punk.

He's married.

By the way, did you come alone?

Yes.

You should've come together.

Are you returning to
Korea for good this time?

Who knows?

Is it up to this project?

Once this project is over,

I'll likely be fired.

Whether it succeeds...

or not.

Anyway, if Yoon Joo No...

fails this project, he'll go down with it.

If he succeeds,

he'll lose favor with
Number Two and go down.

- Do you mean Director Ha?
- Yes.

Rather than getting on the
bad side of the future CEO,

it's better to fail.

The company is politics
and playing favorites.

It's a historically unchanging truth.

Jin Soo.

Did Yi Sun Sin die because
he was bad at fighting?

No matter how talented you
are, if you can't do politics, you die.

The minute you work for him,

you'll end up like Yoon Joo No.

You...

better think about how
to fail that interview.

(M and A Team)

Come in.

Hi. I'm Intern Choi Jin Soo.

Is there a reason you
applied for the M and A Team?

Yes.

I believe it was my chance...

to learn from you, Mr. Yoon.

Right now, our team
must raise 11 billion dollars,

while maintaining the stock
price in the 100-dollar range.

You're aware of it, yes?

We were in the same meeting earlier.

Yes.

How was an intern in that meeting?

I was setting up the refreshments...

when the meeting suddenly
started. I missed my chance to leave.

How much is our company's
market capitalization?

It should be about 19 billion dollars.

And after we repay the 11
billion dollars we must secure?

- The market capitalization?
- Yes.

It's hard to tell.

How come?

Shouldn't it go up once
we repay that money?

That's already reflected
in the current stock price.

Does that mean it'll continue
to be 19 billion dollars?

No. There will be a change.

But that'll depend on Mr. Yoon.

You were even the president
of the stock investment club.

I'm Manager Yang Hyun A from the HR Team.

I'm texting you as you were offline...

in the internal messenger.

Provide your team member list,

and I'll process the position transfers.

Thank you.

Did you earn?

- No.
- Manager Kwak Min Jeong.

Did you lose?

- Attorney Oh Soon Young.
- No.

Why is it a no to both?

I don't know as I haven't
realized my return yet.

What's your price-earnings ratio?

It's 700 percent.

Goodness.

I was simply lucky.

Which team do you have in
mind if you don't pass ours?

Sorry?

Well...

Actually, someone asked
me to join their team.

Already? Who was it?

It may not be smart of me to say it,

but he was from the HR Team.

The HR Team is a top-rated department.

They must've liked you, Jin Soo.

No wonder.

They're the first to
recognize a person of talent.

No, but I still prefer the M and A Team.

Does the HR Team have a job opening?

Did you say the HR Team?

The department that made the offer.

Yes.

Our HR Team?

No, we don't.

Are the two mentioned above
the only M and A Team members?

Yes.

Last question. Will this project succeed?

No.

Then why did you apply to this team?

To be honest,

I heard rumors about you, Mr. Yoon.

In the process of this project failing,

I feel like you'll do everything you can.

There will be plenty to learn from it.

The project may succeed.

Yes, of course.

Let's see how it'll go.

Did I pass?

I'm Kwak Min Jeong, in charge of finance.

I see.

I'm Oh Soon Young,
specializing in corporate law.

I do this and that.

Including Intern Choi Jin Soo,

it's three members.

May I ask a question, Mr. Yoon?

Yes, go ahead.

Are you...

married?

I am.

I see.

Good grief.

Your physical stamina is shocking.

To accomplish big things, you must
have good physical strength. No?

I haven't been able to work out lately.

But I'm naturally strong, Chairman Song.

It doesn't seem like it.

No, Chairman Song.

I'll become fit in no time.

Good. That's to be expected
to achieve great things.

When it comes to work,

it's all about physical strength.

Would you like a cup of tea?

Sure.

Gosh.

Is that from our company?

Yes.

It's a tumbler from Bareun Life.

Being eco-friendly is the trend.

Many youngsters buy it.

Making that will destroy
the environment more,

but youngsters prefer that?

You're right about that.

It won't sell for long.

Make ones that are cheap and pretty.

Understood.

I have a long way to go to
catch up with your insights.

Thanks for the tea.

- Director Ha.
- Yes, Chairman Song?

If...

you plan to climb higher,

you must use your people well.

There's no need for you to do it all.

Order people around. All right?

Yes. I'll bear that in mind, Chairman Song.

Hey.

What about lunch, Chairman Song?

I already made a reservation.

Let's have it next time. I'm not hungry.

Understood.

Saving...

the company is the top priority.

Sorry?

Oh, yes. I'll be sure to remember it.

Where's your car?

I parked it over there.

Go home. I'm leaving first.

Let's go.

Goodness.

Turn the side mirror.
I want to see the rear.

All right. Keep going.

Shall I drive you home?

I'm going to the Folk Flea Market today.

Are you free?

No, let's go to Cheonggye River.

Why does he suddenly want to see us?

Is he trying to pull rank again?

Here he comes.

- Director Ha.
- Hi.

- Welcome.
- Did you go hiking?

Yes, with the chairman.

What? Just the two of you?

Yes, we often hike together.

You must've had a little chat.

He always repeats himself.

"Take care of the
company. You must do well."

But he was quite assertive today.

It made me think...

if I should come to terms with it.

Given the chairman's age,

I'm worried that it might
jeopardize the company.

Gosh, yes. You're right. By
the way, did the chairman say...

anything about Yoon Joo No?

That was probably implied
when he told me that.

That's all part of running the company.

Right.

Thank you.

Sir.

Please allow me to buy you a drink today.

Let me make a reservation right away.

This place serves excellent food.

No, let's take a rain check.

- I had some food with the chairman.
- I see.

I wonder what's going
to happen to Director Lee.

He'll have to leave soon, right?

- Probably.
- Yes.

That sounds about right. Let's go.

Sir, how much is this?

- Would you like to buy that?
- Yes.

You seem to know a thing or
two about nacre. It's 500 dollars.

That's expensive.

That's a reasonable price for nacre.

It does nothing for me as I
don't have that much money.

How much do you have?

Well, perhaps about 400 dollars.

- Fine.
- Thank you.

Hey, stop that.

Why do you want to waste
money on this useless thing?

He told me this was made of nacre.

Gosh, I don't care what it's made of.

Why would you want to buy
a used table from a stranger?

Let's go and have some noodles.

- But that's...
- Just go.

Come on.

Why do you want to buy that old thing?

But it was...

Darn it. That rotten jerk.

He bombed my sale.

- Here.
- Thanks.

Our childhood palate never seems to change.

Never.

That's why things like
this turn into memories.

You're right.

Why do you want to quit?

That again?

You and I have so many memories together.

You're hurting my feelings.

I just thought that it was
time to hang up my boots.

I seem to become more ambitious with time.

There's a saying that the older a bag gets,

the more things it can hold.

You have everything.
How could you want more?

Well, I just want my people. That's all.

Time takes them away from me one at a time.

There's nothing I can do
when death takes them away.

But having a living one
running away from me...

doesn't feel good. Okay?

You have so many followers.
Why would you say that?

That's their attempt...

at taking over the company
because I said I wouldn't let my son...

inherit the company.

Naturally, how could
I trust their intention?

That's why...

I rely on you a lot.

I'm sorry.

But you're not interested in
letting Director Ha take over?

Well,

I need more time to observe.

By the way,

about Yoon Joo No...

I agreed to bringing him back
as it was your last request.

But I don't trust him.

You can't leave me until he finishes...

his job.

I just want to take a break. That's all.

What if he messes up again?

If that happens,

you'll have to take responsibility.

Here's the thing.

I trust you, not him. Did you get that?

I got it.

But...

Yoon Joo No isn't what you think.

Whatever. I've heard enough about him.

My gosh, you poor thing.

You're still naive at your old age.

How will you survive without me?

You were about to buy the
old nacre table from a stranger.

Good grief. Unbelievable.

Let's just enjoy our noodles. Okay?

I have a question.

Yes, sir.

Do you have another reason
for coming back to Korea?

I know that you brought me back to Korea,

so I could rescue Sanin
Group from the crisis.

I simply asked if you had
another reason for coming back.

Yes.

If you are taking on this
project with that mindset,

then don't.

Joo No.

If you handle this
project with that mindset,

both the project and you will be ruined.

(The late Yoon Joo Seok)

I can't be...

any more ruined than I already am.

(Sanin)

- You're here.
- Everyone's here early.

You stayed up all night again, didn't you?

I didn't. I got some sleep.

Let's hear it.

(Sanin Group's Total Sales)

It's true that the
construction subsidiary...

is indeed supporting the
rest of the subsidiaries.

But the problem is
that even Construction...

is seeing declining profit margins
as the easing of regulations...

for redevelopment
projects is being delayed.

But if the laws change
regarding the construction sector,

there could be momentum,

so profit margins could go up again.

So if we sell all the subsidiaries...

excluding Construction,

the market value would be
around seven billion dollars.

If we can sell off the rest
and make seven billion dollars,

is there a chance for us to
raise that to 11 billion dollars?

It won't be easy,

but it's not impossible.

It's not impossible if we
get a good price on the sale?

Right.

But the problem is
that overall, their sales...

aren't so high.

Why is that?

They failed to establish a
presence in the online market.

That seems to be the main cause.

Sanin's leading companies...

make most of their profits from the stores.

But our competitors began switching over...

to the DTC model a decade ago.

As of now, the online market
share is much larger for them.

But in comparison, our presence...

in the online market is minimal.

Our fashion subsidiary is the only one.

Well, to be honest, it's a relief...

the company didn't go under
given the minimal online presence.

Everyone shops on their phones these days.

But...

why won't they do it?

We can now easily shop on our phones...

and receive our packages by next morning.

Honestly, I'm a bit shocked
that they still sell their products...

only at the offline stores.

And that Sanin still has no
presence in the online market.

You must have been quite shocked.

Sanin doesn't even do ads.

- No ads?
- That's right.

As for Sanin Group,

there's a series of subsidiaries
under the head office.

With this kind of structure,

the chairman's opinion
is extremely important.

Even so, shouldn't someone tell
him this isn't good for the company?

- Someone should.
- Who?

(Sanin Group)

Hello.

I'm Team Manager Yoon
Joo No of M and A Team.

I will begin by presenting
my analysis of the company.

Let me first tell you the name...

of the project that aims
to raise 11 billion dollars.

Let's come up with the name of the project.

Gosh, this is the most important one.

Naming is the hardest part.

Since we have to take
on an impossible mission...

This is a nice one.

Project Mission Impossible.

- Too long.
- Too long.

Any ideas, Min Jeong?

I believe this project will be
a huge momentum for Sanin.

Project Momentum.

Project Momentum.

That doesn't roll off the tongue nicely.

We're in the M and A Team.

Jin Soo has a way...

of presenting the obvious
as a new idea. Right?

M and A, Mission Impossible, and Momentum.

It all begins with an M.

The name of the project is...

Project M.

I was able to thoroughly review
the company report you submitted.

Thanks to your cooperation,

my team and I were able to
complete our due diligence.

Now, let us look at the presentation
we put together based on that.

As you can see, most
of the profit margins...

aren't satisfactory,

but since you also included
growth strategies for this year...

along with the report,

I have reviewed them together.

Construction made up...

for nearly half of last
quarter's revenues again.

Yes. That's right.

However, unfortunately,
the group is struggling overall,

so the sale of some businesses
has become inevitable.

Well, we're all aware of that.
Don't stall, and just announce it.

All right then.

I will now announce the
business we plan to sell off.

If we sell off all the subsidiaries
excluding Sanin Construction,

we might be able to come
up with 11 billion dollars?

Right. But it won't be easy.

Don't you think not
entering the online market...

could give us a new possibility?

There's an expression for that.

The unscratched lottery ticket.

Not entering the online
market could make it...

an unscratched lottery ticket.

We could get 30 percent
more with that new possibility.

No.

As it will be a latecomer,

marketing the company will cost a fortune.

That won't do.

So the construction
regulations can change, right?

The government policies are favorable...

to the construction sector.

- The reason being?
- As the election is coming up,

it's likely that they will try to
prevent an economic slowdown.

If that happens, it will be good news...

for companies like Sanin Construction...

that have secured
businesses in prime areas.

Sanin Construction is indeed
the core of the company.

Right.

Then it leaves me with no choice.

We've gone over all the
subsidiaries in the group...

and reached the following conclusion.

(Sanin Construction)

We will sell off...

Sanin Construction.

Have you gone mad?

- With this strategy...
- Hey.

Sanin Construction is
supporting the entire group.

If you sell that off,
we'll all go bankrupt.

You won't go bankrupt even
if we sell Sanin Construction.

(Sanin Construction)

It will come close,

but the group won't go bankrupt
even if we sell Sanin Construction.

Yoon Joo No.

Be quiet. You must have lost your mind.

Why don't we hear him out?

Hear him out? For what?
He's spewing nonsense.

You...

You're targeting me, aren't you?

You're not here to save the company.
You're trying to bring me down.

Am I right or not?

Everyone here knows that
Sanin Group can't survive...

without Sanin Construction.

As you said,

the whole market knows that
Sanin Construction is carrying...

Sanin Group.

That's why the moment we announce...

that we'll sell everything but
the core part of the company,

Sanin Group...

will go down.

What?

If we sell everything
but Sanin Construction,

everyone will think that
we're selling companies...

that aren't profitable and
keeping the ones that are.

In other words, we'll be
dumping them, not selling.

If that happens, we
can't get a fair price...

because no one pays a good
price for discarded products.

With that direction, we can't
even get seven billion dollars.

Then this project...

will fail.

There will be a huge backlash.

Right.

Director Ha won't let anything
happen to Sanin Construction.

That's true.

But what is the right
decision for Sanin Group?

Right.

I will follow your lead too.

Let's go with that then.

What about you, Jin Soo?

I do think you're right about this.

But will the stock price hold up?

Without Sanin Construction,
Sanin Group will be nothing.

But Sanin Group won't get delisted.

All right. We have to buy some time first.

Even so,

the value of Sanin Construction
is slightly over six billion dollars.

There's news of easing
regulations in the construction sector.

We should be able to get
up to seven billion dollars.

So listen. We need to come
up with 11 billion dollars.

What about the rest?

I don't have a solution that can
fix Sanin Group's problems at once.

Once we sell Sanin Construction
and secure seven billion dollars,

- we can look for...
- You.

Didn't you say you agreed with me?

How could you stab me in the back?

Yes.

I entirely agree with your opinion.

"Yukchamgoldan."

"Offer my flesh to secure my bones."

I also believe in that direction.

But...

the flesh offered by Sanin Group...

must be Sanin Construction.

Hey, you jerk!

My gosh, sir.

Sit down.

Sit.

So? How are things going?

Well,

we will sell Sanin Construction.

At how much?

At the current market price,

we could get up to seven billion dollars.

Nonsense. We should
at least get two digits.

Sorry?

Sanin Construction was my first project.

That being said,

it should get its worth.

Sir.

Receiving three billion dollars
more than its market price...

What's wrong?

Can't you do it?

Tell me.

(The Art of Negotiation)

I believe we must sell...

the best bit for Sanin Group to survive.

The moment he said he'd
sell Sanin Construction,

it was over for him.

We can't pay you ten
billion dollars. Never.

Then I'm not selling.

He has no idea he's digging his own grave.

He's working so hard at
preparing his own burial spot.

I thought you were the negotiation expert.

Show us what you can do.

That lunatic.

M and A is a fight of contracts.

We will lose the war if we
let our emotions run wild.

What's the CEO like?

What are you guys? Thugs?

He's worse.

I'd like to buy it at a cheap price.

We have to sell it at a high price.

(We will forever remember
our dazzling colleague, )

(the late Lee Yoon Hee.)