EBS's Seo Jang-hoon's Millionaire Next Door: The 42-Year Journey of Jeon Yeong-cheol, the Fish Cake CEO with 19.1 Billion Won in Annual Sales

[EBS Seo Jang-hoon's Millionaire Next Door]

"It looks like the hands of someone who played basketball for a long time," Seo Jang-hoon held the hands covered in calluses from '42 years'... even offering blunt advice like "Build her a comfortable house"?

- 'CEO with 19.1 billion won annual sales' Jeon Yeong-cheol, living in a single room at the factory to support three younger siblings? "Provide them with a house and a business"—tears flow over the past years! - "Gave away all the money earned from fish cakes?!" Jeon Yeong-cheol, unlimited dinner party expenses -> 200 million won worth of fish cake discarded... Seo Jang-hoon says "Not compromising is the secret to success."

'Seo Jang-hoon's Millionaire Next Door' highlighted the success secret of Jeon Yeong-cheol, a 'fish cake tycoon' who started with nothing and achieved 19.1 billion won in annual sales. The success story, built on the conviction to keep promises to consumers until the end and uncompromising honesty, delivered a deep resonance.

In the EBS 'Seo Jang-hoon's Millionaire Next Door' broadcast on the 30th, the life story of Jeon Yeong-cheol, a 'big player in the fish cake industry' who recorded 19.1 billion won in annual sales and a cumulative production of over 300 million skewers of the national snack fish cake, was revealed. In this broadcast, the exciting process of the creation of Jeon Yeong-cheol's fish cakes, which even received a presidential medal, unfolded. The dough, made by mixing surimi and various ingredients at the optimal ratio and kneading it 100,800 times, was cited as the secret to its chewy texture and deep umami flavor. In particular, the attention was drawn by the appearance of Jeon Yeong-cheol's wife, a '42-year master of skewering,' who has been with the factory's history. Seeing the hands of Jeon Yeong-cheol's wife, which became covered in calluses from skewering, grilling, and repeating the process countless times, Seo Jang-hoon warmly held her hands, saying, "The hands of people who played basketball for a long time look like this. You are truly amazing." Following this, Seo Jang-hoon advised Jeon Yeong-cheol, "Your wife has worked so hard, so please buy her lots of delicious food. Why don't you build her a wider and more comfortable house?" Jeon Yeong-cheol expressed his affectionate feelings toward his wife, the 'number one contributor' who silently stayed by his side, saying, "My wife is like an idol to me."

To help his family's poor circumstances, Jeon Yeong-cheol went on squid fishing boats every weekend following his older brother since he was 17 years old. In 1984, he borrowed 27 million won from his brother-in-law and a friend to start a fish cake factory. After blood, sweat, and tears, the factory established itself within two years, and orders poured in from all over the country, including Gangwon Province, Jeju Island, and South Gyeongsang Province. The secret to Jeon Yeong-cheol's survival amidst fierce competition was his stubbornness regarding 'taste.' At that time, while competing companies were reducing costs by lowering fish content to 40–50%, Jeon Yeong-cheol adhered to a 70% fish content under the conviction that 'consumers are smart.' As a result, he achieved hundreds of millions of won in annual sales in the 1980s, ranking first in local sales and standing tall as a representative fish cake of Gangwon Province. The decision to keep promises to consumers did not stop there. Upon belatedly discovering a problem with the surimi ingredients brought in from Southeast Asia, Jeon Yeong-cheol discarded the entire stock of 3,000 boxes of fish cake, worth 200 million won. This thorough quality control led to his entry into Mari, a famous online market known for being picky, and it has received great responses since its entry, continuing to be loved by consumers to this day.

The story of how he could not escape living in a single room at the factory even during times when the business was flourishing added to the emotional impact. After his father passed away after a long illness, Jeon Yeong-cheol took in all three of his younger siblings who were living scattered, and he even provided them with businesses and houses so they could become economically independent. Only after marrying off his youngest sibling in 1990 could he lay down the weight of the head of the household he had carried for a long time. Recalling those times, Jeon Yeong-cheol shed hot tears, saying, "I climbed the mountain behind the house with a bottle of soju and cried out loud to feel relieved." Meanwhile, even after achieving success after passing through difficult times, Jeon Yeong-cheol's sharing continued. During the difficult period of COVID-19, he protected 90% of his employees' salaries and is boosting employee morale by providing unlimited dinner party expenses. He also continues to steadily share side dishes for the vulnerable. After hearing Jeon Yeong-cheol's story, Seo Jang-hoon deeply empathized with his management philosophy, saying, "If you had compromised quality on the price to earn a little more, today's success would not have been possible."

EBS 'Seo Jang-hoon's Millionaire Next Door' airs every Wednesday at 9:55 PM, and after the broadcast, it can also be watched on OTT platforms such as Netflix and Wavve.

End. (Photo provided = EBS 'Seo Jang-hoon's Millionaire Next Door')

◆ At a Glance

· Issuing Organization : EBS

· Category : Seo Jang-hoon's Millionaire Next Door

· Distribution : October 2

Source : EBS Press Release

Korea Social Welfare Journal is striving to deliver press releases and welfare information more easily and accurately with the help of AI technology.