Star Asset Partners, a successful leap forward as an F&B specialized accelerator based on accumulated expertise

• Star Asset, a successful leap from consulting firm to F&B specialized accelerator

• The Secret of Surviving F&B… Focus on the Essence and Financial Profit Structure

• Leading globalization

Star Asset Partners (hereafter referred to as Star Asset) has a unique name. It contains the philosophy of making both customers and team members into ‘stars’ and standing them up as the main characters on a shining stage. Here, ‘star’ refers to customers, and ‘asset’ refers to their assets and potential. CEO Lee Hee-sung explained, “Our vision is to help customers shine as the main characters and stars on the business stage.”

Beyond simple management consulting, Star Asset is positioning itself as a key partner in the startup ecosystem and focusing on growing together with its clients. On the 24th of last month, we had a video interview with Star Asset Partners CEO Lee Hee-sung to hear about his vision and philosophy as an accelerator specializing in the F&B (Food & Beverage) sector.

Star Asset Partners CEO Lee Hee-seong explains Star Asset’s plans and programs.

Star Asset, a leap forward as a specialized F&B accelerator

Star Asset started as a consulting firm targeting small and medium-sized enterprises. Star Asset, which specialized in management consulting and financial consulting for small and medium-sized enterprises, became connected to F&B (Food & Beverage) when it met with Yellow Chicken while serving as a consultant for a meat processing company.

Star Asset resolved the internal issues of Norangtongdak through structural integration and system maintenance centered on the headquarters. It maximized brand value through standardization of logistics system and quality management and improvement of branch operation methods, and this successful experience became a decisive foundation for Star Asset to leap forward as an F&B specialized accelerator. In addition, Star Asset participated as the lead manager in the process of selling Norangtongdak worth approximately KRW 70 billion (M&A) and led a successful transaction. This is evaluated as a representative case that proved Star Asset’s expertise in improving corporate structure and maximizing value.

Based on this experience, Star Asset has fully transitioned into an F&B accelerator. “This is a field with great growth potential. It is possible to quickly increase scale through branding and expansion, but the capital and operational difficulties faced by early-stage entrepreneurs are significant. We have discovered the possibility of solving these problems and growing together with entrepreneurs,” said CEO Lee Hee-sung, explaining the reason for transitioning to an F&B accelerator.

Based on these successful experiences, Star Asset is currently building expertise in the F&B industry, encompassing everything from brand discovery to operational support and global expansion, and is positioning itself as a solid partner in the startup ecosystem, moving beyond being a simple consulting firm.

Back to the Basics, F&B Focus on the Essence and Revenue Structure

The Korean self-employed market is fiercely competitive. In particular, the F&B industry is fiercely competitive for survival, with numerous stores opening and closing every year. Lee Hee-sung, CEO of Star Asset, said, “Korea is a country where trends change very quickly,” and revealed that stores that survive in this environment have something in common.

CEO Lee Hee-sung emphasized that the key to success is staying true to the essence of taste and service. Recently, with the activation of viral marketing through SNS and Instagram, there has been an increase in stores that are attracting attention for their flashy interiors or visuals, but he points out that this is not a sustainable strategy. “Flashy interiors and decorations may attract attention at first, but they not only incur excessive costs, but if they are not supported by the essence of the taste of the food and service, consumers will eventually leave,” CEO Lee explained.

CEO Lee Hee-sung emphasized that stores that focus on the taste and service that customers truly want will survive in the long term. He explained that simple menus, comfortable spaces, and experiences that increase customer satisfaction are the key factors for success. “This is why local restaurants and small-scale stores are receiving attention again. This trend will be strengthened in the future,” he predicted.

In addition, the representative emphasized that efficient operation and establishment of a profit structure are other key factors for survival. Since labor and operating costs are a big burden for self-employed people, it is essential to operate efficiently on a small scale while maintaining food quality and customer experience. “Efficient operation on a small scale while maintaining food quality and customer experience will be the criteria for stores that will succeed in the F&B market in the future,” he added.

Explaining this direction, he said, “Ultimately, the key to success is ‘Back to the Basics,’” meaning that a strategy that is faithful to the basics rather than relying on flashiness can ensure sustainability.

These factors are also reflected in the criteria for Star Asset’s investment decisions. Brands that are true to the essence of food and are supported by a financial profit structure have high investment value. CEO Lee Hee-sung said, “A franchise and expansion are possible only when the owner can generate stable profits while operating a single store. Investment decisions are made through specific financial indicators including sales, profit margin, and customer revisit rate,” explaining the importance of profit structuring.

Ultimately, Star Asset believes that only stores with food that is true to its essence, efficient operations, and a stable profit structure can survive and successfully expand in the Korean F&B market.

Star Asset , Leading the Globalization of Domestic F&B

The Korean F&B industry is now dreaming of globalization beyond the domestic market. Star Asset provides systematic support for Korean restaurants to enter the global market, and through this, aims to lead the international expansion of K-food. CEO Lee Hee-sung says, “K-food is already receiving attention worldwide, but the reality is that there is a lack of a systematic globalization strategy.”

Beyond simply introducing successful brands in Korea to overseas markets, Star Asset is developing a globalization strategy that emphasizes localization and operational efficiency.

“Most F&B brands attempt to enter overseas markets through exhibition booths, but many fail because they simply try to export the ‘taste that was successful in Korea’ without a strategy tailored to the local culture and demand.”

To solve these problems, Star Asset is running a program that directly supports localization. The program supports all processes of restaurant operation, including local corporation establishment, logistics and permit management, and recruitment networking. Through this, Star Asset provides a foundation for brands to succeed in overseas markets based on their experience in Korea. In particular, instead of the existing approach where startups open numerous stores in Korea and then enter overseas markets, it supports a structure that allows them to immediately expand overseas stores based on small-scale success stories.

Currently, Star Asset is successfully operating a direct entry program in the Thai and Vietnamese markets, and plans to expand it to Europe and North America. “K-food has the potential to be more than just a trend and become competitive in the global market. Through systematic structuring and sustainable operation, Star Asset aims to lead the globalization of K-food.”

CEO Lee Hee-sung emphasized that the globalization of Korean F&B brands will not only lead to the success of a single restaurant, but will also serve as an opportunity to raise the international status of K-food. He said, “I hope that brands that challenge the global market with Star Asset will open a new era for K-food.”