Thoughts on Korean Business by Don Southerton

As a trusted friend constantly reminds me, “ Don, no one does what you do. ” Share and inform … . aspects of Korea facing business. This noted … Contracts, legal agreements and negotiations go hand in hand with business. I was once told that in Korea the purpose of signing a contract or agreement was essentially to formalize the partnership. Over time terms would be subject to change and re-negotiation. My Korea facing experience has been that the contract fundamentally solidifies the working relationship.   However, to maintain the partnership contractual obligations the contract will require on-going changes to reflect business conditions. In contrast terms in legal agreement in the West are seen as immutable. Challenges Major differences in how Korean and Westerners perceive legal agreements can surface during the negotiation stage and even after the contract is in place. In particular, requests by Korean teams for change s to a Western company ’ s stan...

In a June Vodcast I shared a “short answer” describing my work consulting for CEO and C-level management as well as the teams. My short answer has been what client and long friend, a CMO for a major company best described my practice to others as Everything Korea… I also like having been introduced as “ a high power consultant” or Don is “the guru, the guy CEOs want to have their voice heard with… In particular, I provide counsel and solutions based on my years working with Korean business—a good part in the international expansion into new markets and the challenges that surface.   I also shared why I post weekly Vodcasts, frequent media commentaries, case studies as well as books on Korea facing topics.    They all serve as channels to educate and inform.    This said, in my consultancy each engagement needs to be approached on a case-by-case basis—no two situations identical. If you feel you might benefit from my Korean business insig...

It’s hard not to be a watchdog for Korean facing issues that grow in concern and could potential have a global impact on the organizations and clients I support. In an interview for an upcoming segment for the Korean media show “Koreascape” on globalization, I was also asked for my opinion on the recent drama within Lotte, Korea 5 th largest chaebol over control of the Group. The host Kurt Achin, a seasoned journalist, shared concern over the bold move by one of the Founder’s son to take control of the Group, which has drawn considerable media and popular notice to the ongoing issue of succession among the chaebol. This media attention has not only been limited to Korea, but showed up on Page 1 of the WSJ as well as AP and the other leading wire and new service. [BTW Lotte is Korea’s largest retail, distribution, tourism and construction Group with a growing international presence and annual sales estimated at more than $100 billion.   Also, Chaebol is a common South Korean...

Deconstructing key aspects of western workplace in contrast to norms in South Korea continues to draw my attention. This week I add U.K. workplace insights since it, too, has a strong entrepreneurial and creative class--taking risks and learning from mistakes as seen there as part of the process going hand and hand.   In some ways I am personally draw to the British and specifically a Wales’ spin on business. This was well captured in a David Hieatt, Co-founder of The Do Lectures & Hiut Denim, 2011 workshop titled “Love Luck and Ideas got a town making jeans again.”   So take some time listen, it’s well worth the time.   More so, for my Korean friends in Korea and those Koreans working in overseas operations the video shares values that are actually tied to business like Love, Luck and Sentiment.   http://www.thedolectures.com/david-hieatt-how-love-luck-and-ideas-got-a-town-making-jeans-again/#.VbfcY3hjdp_ BTW I love David’s quote that jeans are “...