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The second generation increased sales 10 times... 3rd generation "…

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댓글 0건 조회 255회 작성일 22-10-24 23:58

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On the 14th, Namseon Machinery's headquarters in Eupnae-dong, Daedeok-gu, Daejeon Metropolitan City. The memorial hall is named ‘Byokgokgwan (碧谷館)’. It was named after the late Chairman Son Jung-man, the founder of Namseon Machinery. Upon entering the main building, a bust of the founder greeted the visitor. Above the bust is an inscription that reads, “Even if individuals go, businesses must perpetuate.” “This is my father’s entrepreneurial spirit. It means that we have to build a company that will last 100 or 200 years without giving up even if it is difficult.” Son Jong-hyeon (63), who is in charge of the second generation of Namseon Qigong, said:




Is the founder's spirit reflected? Namseon Qigong is one of the oldest enterprises in Daejeon and has deep roots. This year is 61 years since the establishment. Last year, the eldest son of Chairman Son Yu-gu Son (32) joined the company and is preparing for a third-generation management succession.






Going beyond bankruptcy




Namseon Machinery is a machine tool manufacturer established in Daejeon in 1950 by Son Joong-man, the father of Chairman Son. It has the longest history among domestic machine tool manufacturers. Now, along with Hwacheon Machine Tools, it is known as a company that represents the domestic machine tool industry. Namseon Kigong took on its present form when the second generation Chairman Son took over the management. Chairman Son took office as CEO and president the following year after the founder passed away in 1986. He was 39 years old at the time. He joined his father's company right after graduating from college (Kyunghee University) in 1971, so it was like taking business lessons for 16 years.




“Everyone around me said that Namseon Qigong was going to go bankrupt soon. A second generation who was young and had no management experience took over, so it was reasonable to say something like that.”




Chairman Son started the work to lay the foundation for the company with the idea that “we have to take the company passed down by our father somehow.” In 1989, through a technical alliance with Shizuoka Iron Works, Japan, a long-standing cooperation partner, it created a “vertical machining center,” a type of machine tool. In 1991, Manjung Metal, a foundry manufacturer, was established in Okcheon, North Chungcheong Province, thinking that a stable supply of castings was necessary to make good machine tools.




Thanks to Chairman Son's efforts, the company grew rapidly. In 1997, it was also awarded the ‘1 Million Dollar Export Tower’. But a sudden crisis came. In 1998, due to the foreign exchange crisis, major customers went bankrupt, and Namseon Ki Gong also faced serious financial difficulties. Chairman Son explained, “The machine tool industry is very ups and downs depending on the economic trend. However, all debts were paid off in 2003, four years earlier than the 2007 settlement period set by the court.”






◆Three-generation management succession… Towards a 200-year company




Son, who had been struggling alone without any help from others, joined his son in October last year. After graduating from the University of Illinois in the United States, he worked at Mitsui Group in Japan for two years and was in charge of overseas sales. He was fluent in English and Japanese and had a good career in Mitsui, but he decided to return to Korea after receiving a phone call from his father, Chairman Son. For the first time, Managing Director Son expressed his desire to work a little more at Mitsui. It was supposed to be a family business someday, but for now, I was thinking of making my dream come true in a wider world. To such a son, Chairman Son encouraged him to join the company, saying, “Do you know how great an ‘advantage’ it is to inherit a foundation from someone?”




Sohn, who joined the company, is currently in charge of planning for Namseon Machinery. It is to take care of overseas exhibitions and to penetrate new customers. Is it because of the joining of Director Sohn? Namseon Kigong, whose sales fell to 9 billion won in 2009 due to the global economic downturn, was able to raise its sales to 50 billion won last year. In addition, it has strengthened technological competitiveness by developing a super-large machine tool (model name: NS-Ri7585) that can cut parts for nuclear power and wind power generation for the first time in Korea.




What is the father's evaluation of his son who has been taking business lessons for six months? Chairman Son said, “We have to wean the weaning as soon as possible and find baby food on our own.” It was a rather stingy evaluation. However, when Director Sohn was absent for a short time, he was delighted, saying, “It seems that he has virtue as an owner when he sees that he treats employees humbly even though he has not taught them.” Chairman Son expected, “I grew sales that were only billions of won in my father’s time, in units of 10 billion won, and now my son will create them in units of 100 billion won.”






The wealthy who joined forces for a permanent company




Chairman Son said that he intends to take over the family business as soon as his son, managing director, becomes accustomed to managing the company. He told his son, “The chimney industry is not just about having a good head, but it is something that requires entrepreneurial spirit that requires moving your arms and legs a lot. That way, it can become a company that goes beyond 3 generations to 5 and 6 generations for 100 or 200 years. There is,” he emphasized. Director Son also agreed with his father's thoughts. He said, “Unlike venture companies that stand up in an instant and go bankrupt in an instant, it seems important for our industry to go step by step.”




He also emphasized the need for change. Unlike the past, his idea is to create a company that is driven by the system. Director Sohn said, “As a minor example, until now, production line employees take a break at any time without a set time, so it is necessary to systematize it such as ‘rest after 1 to 2 hours of work’. We are going to fix the problem,” he said.

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