[Seoul=RNX News] Reporter Han Kyung-hee = The tumultuous life story and firm life’s philosophy of ‘Rice Millionaire’ Chairman Lee Neung-koo, who built a 97 billion won annual sales business through various patents starting with 8,000 won, resonated deeply.
On the 19th, EBS ‘Seo Jang-hoon’s Neighbor Millionaire’ (hereinafter ‘Neighbor Millionaire’) featured the dramatic life history of the oldest millionaire guest so far, ‘Rice Millionaire’ Chairman Lee Neung-koo.
Chairman Lee Neung-koo, born in the 1940s as the son of a poor farmer and now in his 80s, was recognized for his achievements with various awards and plaques of appreciation, as well as two presidential medals, for his 50-year dedication to the ‘rice product’ industry.
The person who reported Chairman Lee as a ‘millionaire’, his daughter who left her accounting job in the U.S. to securely guard the company by his side, expressed pride, saying, “My father loves developing products so much that when we wake up, a new product is released.”
In particular, Chairman Lee developed significant patents in succession, such as a handmade dough machine that enhanced texture, a steaming machine that boosted rice cake production from 60kg a day to 60kg in three minutes, and the ‘alcohol immersion method’ that dramatically extended the shelf life of rice cakes.
Moreover, what’s even more surprising is that he opened these patents that revolutionized the food processing industry to the market. Additionally, in 1986, when surplus rice was abundant, he responded to the government’s call and developed Korea’s first rice noodles using government rice.
Over 400 products touched by Chairman Lee are now responsible for numerous Korean dining tables.
However, Chairman Lee’s life was not smooth from the start. At 28, after losing his first child to meningitis and moving to Seoul with only 8,000 won, the price of a sack of rice at the time, he ended up penniless after using it as travel fare, leading him to start as a deliveryman before venturing into the rice cake business.
He recalled, “Even at -20°C, I was so nervous that sweat poured like rain, and my hands were chapped and bleeding,” as he desperately wandered the streets searching for sales routes. The turning point came when he pioneered the supermarkets of the ‘Gangnam rich village’ apartment complex, which was under development at the time.
Chairman Lee explained his management philosophy by saying, “Rice cakes were 400g for 400 won, and wheat cakes were 3kg for 400 won. If something is good and tasty, consumption is high, both then and now.” Yet, another crisis approached after his success.
At 57, while counting 800,000 won in medical bills for his wife, who was in a traffic accident, Chairman Lee was diagnosed with a stroke right at that moment. He recalled, “The doctor said I’d live at most three more years. I slurred when speaking and drooled…”
Chairman Lee, who also overcame this crisis, currently produces products for 400,000 people a day at his factories in Paju, Gyeonggi Province (6,600 square meters), and Cheongyang, South Chungcheong Province (99,000 square meters). Despite this, his residence was surprisingly humble except for its spacious size.
A milk bag hung at the door, a two-dollar frame symbolizing luck, and the walls filled with family photos vividly displayed his life philosophy.
Having devoted his whole life to factories and food, he emphasized, “Money should be used where it is needed, no matter how much you have. Arrogance because of what one possesses doesn’t suit our nature.”
Seo Jang-hoon posed an unpredictable question, “Haven’t there been acquisition offers from other companies by now?” Chairman Lee responded with unwavering belief and pride, “We don’t even have debt. Greed should have no place in food.”
Next week, the episode featuring ‘first-generation fashion designer’ Lee Kwang-hee, who dressed five First Ladies, will be broadcast. EBS ‘Seo Jang-hoon’s Neighbor Millionaire’ airs every Wednesday at 9:55 PM. (Photo provided = EBS ‘Seo Jang-hoon’s Neighbor Millionaire’)