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global business
Aydon Korea
IRC Consulting, the Aydon Group's Partner in South Korea, is a buisness development consultancy supporting global organizations to identify and capitalize on opportunities in the Korean market.

Opportunity Identification

  • IRC seeks out current and emerging opportunities on behalf of our clients
  • Clients can obtain a practical assessment of these opportunities to understand their feasibility, attractiveness and probability for success
  • An analysis of the market landscape is provided (size, growth, developments, degree of concentration, major players, unmet needs)
  • Alternative strategies for capitalizing on the opportunities are developed

Strategy Development

  • Opportunities and companies are all unique. The market entry strategy in each situation must be customized for the specific circumstances based on the market needs and the client’s capabilities, financially, technically and often most critically, in terms of management resources.
  • Strategies are a trade-off between risk and return:
  Low investment, low risk, low return High investment, high risk, high return
Trading / Importing Arms-length trading through 3rd party importer / distributor Invested sales and distribution entity with local personnel & inventory
Production or Service Partnering – Licensing or Joint venture Independent – wholly owned, full-service operation – greenfield startup or acquisition

Partner Search

  • Potential partners are identified through a systematic search of companies that fit the target profile. The target profile is based on the client’s needs and objectives blended with IRC’s knowledge of local culture and expectations.
  • Partner companies are carefully assessed and prioritized initially through secondary sources but ultimately by direct interaction with target company executives. Company profiles are populated and refined continuously throughout the search process.
  • IRC collaborates with the client to establish and promote a relationship with the partner and develop an outcome that is beneficial to all parties.

Market Entry Implementation:

IRC supports its clients with the practicalities of becoming established in Korea.

  • Contracts: IRC works with designated attorneys to verify that contracts reflect the agreed terms of cooperation with local parties.
  • Incorporation & legal procedures: Ensuring that the proper legal registration has been duly completed and required reports submitted to the authorities.
  • Personnel: Search firms are engaged and potential personnel screened to ensure that the core team of managers is in place.
  • Facilities: IRC liaises with local vendors to secure required facilities

Representation Services

On a selective basis, IRC engages in long-term, part time representation of its client’s interests in Korea. IRC becomes an extension of the client’s organization seamlessly carrying out intelligence gathering, business promotion, sales support and representation services, such that customers feel that they are dealing directly with the client. This permanent, part time representation fills a niche where the client needs a knowledgeable, dedicated employee in Korea but the business case does not justify establishing a local entity or employing someone directly. This service provides:

  • Market intelligence
  • A contact point for customers real time and in the Korean language
  • Liaising with customers to fully understand their needs
  • Communicating client’s needs and objectives to customers in Korea
  • Promoting the client’s products and services in Korea

Conflict Resolution

Diverging objectives, misunderstandings and even deceit are inherent risks of business. When business partners are physically removed, come from different cultures with different backgrounds and experiences, the risks of developing conflicts increase.

When conflicts erupt, IRC discusses the situation with our client to fully understand the symptoms / results that are unsatisfactory. IRC then interacts with the Korean counterpart to fully understand the issues from his/her perspective. Often, the challenges are caused by miscommunication and are easily resolved. Other conflicts require more in-depth investigation and negotiations. Sometimes, the conflicts are so severe that the relationship is irrecoverably damaged. In these cases, IRC manages as harmonious a separation as possible minimizing acrimony.

  • Fully understanding the causes of the conflict by interacting with our client and the Korean counterpart
  • Providing an opportunity for all parties to communicate their concerns to their counterpart
  • Exploring objectives and priorities of the parties to find common ground
  • Developing and implementing organizational solutions
  • Providing an ongoing channel of communication
  • If required, developing sanctions for local employees
  • When the parties’ objectives are incompatible, negotiating an ‘exit’ or termination of the relationship

Selected References

• Client: European bakery company
• Project: Assessment of Korea as a production base, identification of acquisition targets
• Completion: March 2020

• Client: European Abrasives company
• Project: Market opportunities in Korea
• Completion: January 2020

• Client: European LPG distributor
• Project: New Market Entry Assessment
• Completion: December 2019

• Client: North American Plastics Company
• Project: Legislative Outlook for Single Use Plastics
• Completion: December 2019

• Client: Australia Pork Limited
• Project: Pork Market in Korea
• Completion: September 2019

• Client: European High Precision Tool Company
• Project: Assessment and negotiation with potential strategic partner / acquisition target
• Completion: December 2019

• Client: Australian Professional Swimwear company
• Project: Market analysis, review of distributor
• Completion: June 2019

• Client: Canadian Canola Council
• Project: Opportunities for Flax Seed in Korea
• Completion: May 2019

• Client: Consumer Electronics Company
• Project: Analysis of distribution practices
• Completion: April 2019

• Client: Waste Recycling company
• Project: Workshop for developing Business Plan for coming 3 years
• Completion: December 2018

• Client: US Cryptocurrency Rating Company
• Project: Negotiating local publishing license agreement
• Completion: December 2018

• Client: Global Blood Glucose Monitoring Equipment Supplier
• Project: Domestic competitor Analysis
• Completion: September 2018

• Client: Cosmetics Ingredients Manufacturer
• Project: Ongoing communication with Korean counterparts
• Completion: September 2018

• Client: Government of New Brunswick, Canada
• Project: Salmon and Crab & Lobster market and opportunities Webinars
• Completion: March 2018

• Client: American Medical Equipment Manufacturer
• Project: Resolving issue, Facilitating communication with Korean supplier
• Completion: February 2018

• Client: French industrial consumable manufacturer
• Project: Serving on the Board of Directors, Maintaining Smooth Relations with Joint Venture partner
• Completion: July 2014 to October 2017

• Client: French beverage manufacturer
• Project: Identification & negotiation manufacturing license of sports drink
• Completion: October 2016

• Client: US Consumer Credit Information company
• Project: Investigating credit information opportunities, negotiating equity participation in local player Relations with Joint Venture partner
• Completion: August 2016

• Client: Thai High-End Fashion Jewelry company
• Project: Resolution of conflict among local distributors
• Completion: July 2016

• Client: Cosmetics Ingredients Manufacturer
• Project: Due diligence of toll manufacturing partner
• Completion: October 2015

• Client: American Construction Material Manufacturer
• Project: Resolution of conflicts with distributor & renewal of contract
• Completion: March 2015

• Client: FDH: Fluor, Daewoo E&C, Hyundai Heavy Industries JV
• Project: Workshop to Improve Internal / Cross Company Communication
• Completion: January 2015

• Client: International Beverage Company
• Project: Cultural Considerations Applied to HR Structure
• Completion: August 2014

• Client: Wear protection coating company
• Project: Resolving management issues, hiring Representative Director
• Completion: July 2014

Languages spoken
English, Korean and an understanding of Japanese and Chinese.

Aydon Korea team

Peter Underwood - Director Aydon Korea
Project Leader and the first point of contact for all enquiries.
CV

Dong-young (Dave) Yoon - Senior Consultant
Primary consultant for implementing assignments and coordinating project activities.
CV

Ji-Yeon Kim - Senior Consultant
Supports clients as needed, notably through her network of contacts across industries.
CV

Seunghun (Jacob) Lee - Consultant
Secondary and primary research and supports clients on site visits. CV

Contact details:

Tel: (Int+822) 737 3222

E-mail: info@aydon-consultants.com

Address: Suite 1705, Officia Building, 92, Saemunan-ro, Jongno-gu, Seoul, Republic of Korea 03186

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