From 4 Billion Won Debt to 16 Billion Won CEO: Timber Magnate's Journey of Resilience

Kim Jin-won, the CEO of a timber company, has shared his remarkable journey from facing 4 billion won (approximately $3 million USD) in debt to leading a business that now generates up to 16 billion won (approximately $12 million USD) in annual revenue. His story, featured on the EBS program 'Millionaire Next Door,' highlights resilience and a strong work ethic forged from a challenging upbringing.

Born into a large family in Samcheok, Gangwon Province, Kim's childhood was marked by poverty. He began working with his father in the timber industry at just twelve years old to help support his family. His early survival tactics included catching and selling snakes, recalling that venomous snakes fetched 300 won, smaller ones 500 won, and larger ones 1,000 won, a dangerous endeavor that nearly cost him his life.

Dropping out of school at 16, Kim worked as a cargo truck assistant for seven years, saving money before purchasing his own 11-ton truck in his early twenties to start his business. He expanded from timber transport and distribution to supplying materials to construction sites. Instead of immediate payment, he often received apartment pre-sale rights, accumulating twelve units and purchasing luxury cars, becoming wealthy by his mid-twenties.

A major crisis struck at age 33 when a construction company he worked with went bankrupt, rendering his payment notes worthless and leaving him with 4 billion won in debt. He sold his twelve apartments and other assets to repay the loans, returning to driving a truck with nothing. After a period of severe hardship, he attempted to rebuild his life through the timber trade again. In 2008, he acquired a timber yard for 80 million won in outstanding payments, overcoming funding shortages by sourcing scrap wood and personally seeking out affordable materials.

His business grew significantly by supplying pine wood tables, particularly from New Zealand, to nationwide gamjatang restaurants. Unlike traditional methods requiring 8-9 years of drying, using faster-drying New Zealand pine proved successful. Kim's company now leads the market for these tables and holds approximately 10 billion won in timber inventory. Beyond business, Kim is also a decorated jet ski athlete, competing in the 2018 Jakarta-Palembang Asian Games. He uses profits from his timber business to support junior jet ski athletes and has donated furniture to flood and fire victims, provided scholarships, and supported charity bazaars, demonstrating a commitment to giving back.