From Debt to Success: The Inspiring Journey of Stone Bed CEO Lee Dong-hak

Lee Dong-hak, the CEO of Korea's leading stone bed company, shares his dramatic story of overcoming a 3 billion won debt to transform his business into a company with an annual revenue of up to 50 billion won on 'Seo Jang-hoon's Neighboring Millionaire.'

Airing tonight at 9:55 PM on EBS, 'Seo Jang-hoon's Neighboring Millionaire' features the passionate entrepreneur Lee Dong-hak, who dreams of achieving 1 trillion won in annual sales with his stone bed factory. He describes himself as merely a 'newborn millionaire' and reveals the intense struggles and perseverance behind his current success.

Lee's company, which specializes in stone beds, also produces and sells various heated furniture like soil and jade beds. Over 25 years, they have sold over 1 million units, maintaining their position as the top company in Korea with annual sales reaching up to 50 billion won. In the episode, Seo Jang-hoon and Jang Ye-won visit Lee's headquarters, where he captivates them with his witty remark, "People say to treat gold like stones, but as a stone bed CEO, I treat stones like gold."

However, Lee's journey to becoming a millionaire wasn't straightforward. After several trials and errors in his early career and entrepreneurial ventures in his 20s, he finally launched his stone bed business in 2008. Initially, the business model involved selling externally manufactured products, which didn't yield significant profits. As fixed costs like advertising, salaries, and office rent accumulated, the company faced a growing deficit for 14 years. Lee recalls, "When I came to my senses, I was 3 billion won in debt. It was shocking," and admits his greatest fear was not being able to pay his employees.

The turning point came with an opportunity to acquire a stone bed factory. Despite the daunting 3 billion won debt, Lee took a bold step by writing a heartfelt letter to a bank president, a move that changed his life. After successfully acquiring the factory, his business experienced rapid growth, with annual sales reaching 10 billion won the following year and 24 billion won the year after, doubling each year. Eventually, the company achieved the milestone of selling 10,000 units per month. Lee reflects, "Even now, it feels like a story from a drama," with a bright smile.

The heartfelt letter that moved the bank president and the intense process of acquiring the stone bed factory will be revealed on 'Seo Jang-hoon's Neighboring Millionaire' tonight at 9:55 PM on EBS.

Kim Ji-won, TenAsia Reporter bella@tenasia.co.kr