Thoughts on Korean Business by Don Southerton

By Don Southerton, BCW Editor Like most Asian countries, South Korea has two different New Year days—one that follows the solar calendar and one that uses the lunar calendar. Traditionally the lunar New Year's, called So-nal, has greater cultural and familial significance (In 2012 it will be celebrated on January 22 - 24).  As for the solar New Year’s celebration, in 1896, as part of reforms instituted to Westernize and modernize Korea, the Gregorian calendar was adopted, along with some of the West’s holidays such as the January 1st New Year’s celebration.  Today I find South Korea’s celebration of the Jan. 1 New Year similar to celebration in America. For example. Koreans make New Year’s resolutions where they promise to exercise regularly or eat fewer sweet things—such as chocolates and candy.  A popular resolution every year is to study harder to improve English language skills—a skill seen as crucial in the workplace.  It’s appropriate to wis...

Happy Holidays 20 11 As the holidays approach, you may wish to greet your Korean colleagues with: Sae hae bok man i ba deu say yo ! (Season's Greetings) (I will modify the Romanization for easier pronunciation). Hint: Break the greeting into:  sae hae bok—mah ne—bah deu say yo In South Korea, the government recognizes Christmas December 25 as a public holiday. This year it falls on a Sunday, so most are back to work on Monday. Christians, who make up about 30% of the population, celebrate the occasion as a religious holiday. Like in the West, both Christians and non-Christians may engage in some holiday customs such as gift-giving, sending Christmas cards, and setting up decorated trees in their homes. What may surprise some is that public and company Christmas trees and decoration stay up way past the holiday. In fact, many stay in place to the Lunar New Year in late January. Sae hae bok man i ba deu say yo ! works well and is a common seasonal greeting.  For those wa...

By Don Southerton, BCW Editor New Urbanism: Smart, Sustainable Growth -- Fantasy Vs. Reality Guest Post By Don Southerton As mentioned in a previous Forbes guest article, I live in Belmar, a new urbanism community in Colorado. With today’s global and often virtual workplace, about half my day centers on Korea. Between trips to Seoul and being highly involved in Korea-facing business I’ve long observed Korean trends toward quality of living, green and sustainability. For example, trendy Korean Starbucks asks patrons to separate their trash from hot liquids—not trashing unused coffee with the paper waste—soggy paper is hard to re-cycle. I also support Korean manufacturers like Hyundai and Kia Motors. I see them striving to produce the next generation of green and sustainable cars: Outside the hybrids, eCars, and Fuel Cell Electric Vehicles (FCEV), the materials now used in the assembly of the vehicles are increasingly eco-friendly along with a bold program for the recycli...

By Don Southerton, BCW Editor Lots of interest in my new book  The Hyundai Way .   Here is a FAQ that shares some common questions I'm often asked by friends and colleagues. Lots of interest in US, globally, and in Korea, too. Q-Where can I get a copy of the book?  A-Not yet, I’m still writing. To connect with readers, I’m been sharing the process over the past year through emails, blog posts and social media like Facebook, Twitter, and LinkedIn. I’m also circulating early drafts to get feedback and comments. Q-Then, when will the book be released?  A-Lots depends of funding. So far, I’ve covered research and writing costs. If funding can be obtained from the Hyundai Motor Group or similar interested party, I can dedicated more time and effort.  Q-Can we see an outline of the book?   A-Sure. Dedication Acknowledgements Foreword Chapter 1 Quest Chapter 2 Korea and its Culture Chapter 3 Hyundai Heritage Chapter 4 Defining  Th...

By Don Southerton, Editor With South Korea president Lee Myung-bak signing the KORUS FTA, we see the major trade agreement taking effect in January 2012. Long a topic of  BCW Blog, we were pleased to hear Sean King, Senior VP of Park Strategies, CNBC's comments on KORUS FTA. See  http://video.cnbc.com/gallery/?video=3000059540 Loved Sean's comments and observations on Korean cars.  GM Korea (formerly GM Daewoo) Chevy ribbon badging was a smart move....Old gray GM Daewoo showrooms are now Chevy Town.... colors bright.... etc. Might have something to do with 2 former heads of Hyundai Motor America marketing now running GM and Chevy marketing globally.

By Don Southerton, BCW Editor KEB Lone Star continue to draw media attention. In fact, it has long been a lightning rod for controversy. I'll soon post an audio of  my recent TBS eFM interview on issues surrounding Lone Star and KEB. That said, one dimension to the controversy is---Does Lone Star warrant the huge payoff ? Maybe... 1) they did turn KEB into a hugely success bank. 2) if there had never been issues that tied up  KEB Lone Star  in the courts, Lone Star would have preferred  to sell their holdings in 2006 and in subsequent aborted deals. Ironically being forced to hold on the FEB, Lone Star will reap even more gains. Comments and / or questions?  

My article in Forbes...    I've been a long time advisor on the  Korea-facing  project  providing high  level strategy and cross  cultural support. In a follow-up article,  I plan to look at expectations and reality, plus why Green cars have a role in new urbanism. http://www.forbes.com/sites/jaynejung/2011/11/15/new-urbanism-comparing-songdo-south-korea-to-belmar-usa/ New Urbanism: Comparing Songdo,  South Korea   to  Belmar ,  USA   Songdo,  South Korea  Master Plan Guest Post By Don Southerton I’m a baby boomer. I grew up in a small town of 6,000 in northeastern Pennsylvania—a county seat surrounded by dairy farms. We walked to the elementary school, the neighborhood store for a loaf of bread and maybe a soda, and weekly shopping trips downtown–3 blocks from home. Most backyards displayed gardens with long rows of vegetables, some yards cultivated grape vines, raspberry bushes, or an...

By Don Southerton, BCW Editor One of my new projects--tying an interest in Korea, Green, and sustainability with new urbanism--Incheon's Songdo IBD and Denver's Belmar communities.   See the FB Link Double Click to View

Green Hyundai-Kia Motors initiatives that I've been involved or following for years, and high profile Green projects like Songdo IBD, not to mention providing studies to clients on Korean solar and wind power... make sustainability important to me--BCW has offices in SoCal, Denver, and Seoul, but currently I live in Belmar, too.  The community is a model for new urbanism-- something that peaks my interest as a cultural historian and as a researcher-writer. Maybe topic for a new book . Sustainability Initiatives - Fact Sheet Belmar, developed by Continuum Partners, is a 22-block mixed use development on the site of the former Villa Italia Mall in Lakewood, Colorado.  They are dedicated to energy-use reduction and the responsible use of limited natural resources.              Solar Power 8,300 solar panels will be installed on the roof of three parking garages (installation schedu...

By Don Southerton, BCW Editor We're thrilled with the US Congressional approval of the KORUS FTA. Still some hurtles, but we assume the treaty will be enacted soon. Meanwhile many are looking to Korea for opportunity, as others in Korea will look to America to benefit from the agreement. We can help. In fact, with KORUS FTA ... learn how to best approach Korea-facing business. Unique case study "sneak peek" now available. Just ask us for the Private Link.   Dsoutherton@bridgingculture.com

By Don Southerton, BCW Editor One area we focus on is laws that impact franchise, licensing, joint ventures, and direct investments with South Korea. We are again pleased to share an update by Kent Wong on recent changes to South Korea's commercial code. Kent is a Senior Foreign Attorney (Partner) at  APEX LLC  and noted expert on international investment. The Korean Commercial Code (KCC) is the main body of laws in Korea relating to business and business enterprises in Korea. Recent amendments to the KCC include the addition of two new types of business entities: hapja johap(“partnership association”) and yuhan chaekim hoesa (“limited liability company”) to meet the increasing demands of investors and dynamics in Korea’s economy. The additional business entities were created to provide greater flexibility in the formation, operation and dissolution of a business enterprise to promote commerce while providing limited liability protection to investors. ...

FOR IMMEDIATE RELEASE The Greater New England Minority Supplier Development Council will host its annual Business Opportunity Expo October 3-5, 2011. Guest speakers include Korean global business expert Don Southerton. Denver, Sep 27, 2011 -- The Greater New England Minority Supplier Development Council, Inc. (GNEMSDC) will be hosting its annual Business Opportunity Expo at the MGM Grand at Foxwoods. This year along with a number of distinguished speakers Bridging Culture Worldwide CEO Don Southerton will share insights into Korean global business, and how GNEMSDC members can model recent successes by Korea Groups like Hyundai-Kia Motors and Samsung Electronics. Southerton notes, "Like a number of Korea-based companies, Minority-owned business (MBE) owners can look for new opportunities to grow their organizations even in rough economic times. This includes expanding their operations outside the U.S." Korean global consultant Southerton suggests taking a bold "lea...

22/09/2011 The FINANCIAL -- As a fast growing sport producing numerous world renowned star golfers, South Korea’s golfing industry is advancing rapidly as it continues to gain wide acceptance among local consumers. Even though it is often seen as a sport indulged only by the small elite population, GfK Korea’s retail audit of golf clubs recorded a massive USD 180 million worth of sales chalked up within the first six months of this year alone. According to the global leading market research company who launched its golf panel at the second half of last year, recent findings for the quarter of April to June revealed that golf club sales totaled over USD 104 million in the three months, registering a considerable 37 percent growth over quarter one’s USD75.3 million.  
 
"The number of golf enthusiasts in the country is on the rise and gauging by its good performance in the latest quarter, there’s no doubt that the industry is gaining grounds at a fast pac...

By Don Southerton, Editor I have been following the rise of screen golf in Korea. In fact, I have a long time connection to screen golf.  In the late 1980s, I felt it was time to take up golf-- encouraged by a mentor who strongly suggested it was more than recreation, but a needed professional skill. It was winter and by chance a screen golf shop had opened near one of my businesses in NY. The experience did help spur my interest in golf and by spring I had at least an acceptable swing. Jump forward 20+ years, and BCW has been working closely with Korea's top screen golf provider--Golfzon.  The technology have definitely improved--today the screen images of the golf courses are amazing and analysis from swings can help improve your game.  Interestingly, where karaoke ( noraebang ) once was the top after diner activity, today many Koreans find screen golf more rewarding... The Economist recently noted Sports Game theory Screen golf in Korea Swinging solo...