Hello,

I would like to talk about payment terms while you're conducting any business in Korea. I've seen the post from someone who got pissed off by late payement and seek for an advice. It is reccomended to be pre-paid 100% or at least more than 70% as soon as you sign the contract. I still have a few korean customeres in general so I do not worry too much about them.There are couple of reasons koreans do not really pay on time.

Fisrtly, Small business structure has very weak fincial resources to keep up with any long term contracts.It requries to them for getting paid by their local wholesalers to complete the payment. It is probably the best way to have 100% pre-paid in advance to get away from any troubles. I've been there and done that.No longer conducting business without insurance policy to secure assets and resources.

Secondly, Failure to keep up with globalrization. There are couple of issue sregaridng appointment, contract and honesty in general. It is general tendency for many koreans do not show up on time. They never did. I have cusotmers mainly in US and AUS. so I was sort of make comparison and CSI on every customers back for background check. It's like I'm holding a mirror and grade customers back in high school. It works fine. In general Koreans failed to keep their promises and to be honest about business itself, I've never expect any koreans to pay on time. I do not bashing koreans nor crticize them. It is just the way it is. After, I've realized something couldn't be fixed. I just let them go and replacing them with another customer who could be loyal and trust worthy.

To make a conclusion, to avoid any unwanted troubles. I would like to sugeest to recive payment 100% in advance considering small business structures and several culture issues in Korea. If you make an appointment with any korean,make sure to show up at least 10 minutes later than you are expecting to be or ask your firends to be on time for an insurance policy.It's better safe than sorry.

__________________

Nice short essay! Looks like ones in my recent MBA class.

I just have one comment on your "globalization" comment. The countries I lived past couple years were the least corrupted countries in the world: The Netherlands, Denmark, and Belgium. Even companies from a coutry like U.S. send their executives in these European countries to learn "Business Ethics." As far as I know, Korea needs this type of training. Since "Enron" and "Worldcom" incidents, U.S. companies are more into business ethics because: 1) this is trend of world business these days, 2) there are many laws which caught those "unethical" business acts (i.e. Martha Stewart case).

I am not catching up with financial news for Korean companies. Nevertheless, I heard about "bribes and illegal contracting practices" the big Korean companies are involved recently; those issues were big in U.S. back in 80s. As some Korean companies are keeping up with many westerners in profit wide, can their "business ethic" level with ones in advanced countries?

"International corruption" is one rising issue in business world these days. Without cleaning up own mess, how can Korea get into those promising markets such as China (or India) and expect them to follow universal ethical stadards?

Just little thought.

Thanks for sharing your knowledge on this.

It was very good to read on your comment regarding business ethics.
I've met many gentlemens from AUS,US who were really honest about conducting their business . I have just met korean-american for a lunch, who are my regular customer in CALI. Some reason, I'm really sick and tired of unethical behaviour from him to survive in fierece competition in his county. I do not clearly understand why he is keep staying local in LA. He should have mixed with other races to pursue his own benefits for further business opprtunities. I was really disappointed about his localness.

I have many customers who is white, black, hispanic, purple, green, yellow which I do not really care too much for pursuing profits for the company at the same time securing wide variety of sales networks. I'm still learning about the business in general while meeting with diffrent people from all over the world. There were a few guys who got on my nerves which they had tried to steal my money from the middle dealing. It's been detected by local LOOK OUT guys (youngbuck inc, operation WATCH TOWER) who regulary report me about his outrageous movement. He was trying to steal a bit, I've found about it. It was all SET UP.

I've contacted my distributor to tell the truth what had happned to establish direct distributorship or agreement to sign the contract. I did CSI on him to BARRYBONDS on his

I was succesfully set up to kill that Punk middlemen who used to steal my money with unethical behaviour.I was trying to put my MAC down a bit, but later on, I got him off the dealership and got my money back with more higher profits through direct distributorship. Me and all youngbuck INC crew's jumping on the ground like hitting a jackpot in vegas.


Youngbuck

__________________