"With a valuation of 50 million, I will only dilute 15% of my shares."
When Li Mu stated his conditions, his tone and expression seemed to be understatement, and Tan Yaocheng's face turned dark when he heard it.
"A valuation of 50 million is impossible. Baidu only accepts a valuation of 30 million, and 15% of the shares is too small. Baidu needs at least 30%."
After concluding that Li Mu could not agree to package and sell, Tan Yaocheng also gave up this idea and started fighting with Li Mu over the financing issue.
Li Mu waved his hand and said with a smile: "Mr. Tan, you misunderstood. I diluted 15% of the shares, Baidu can only get 10%, and other individuals will invest the other 5%."
"10%?!" Tan Yaocheng almost wanted to stand up and turn away. He heard Li Mu say that it could only be diluted by 15%. Just after he said that Baidu wanted at least 30%, he didn't expect that this guy turned around and said that the 15% could only be diluted to him. Two-thirds, this is simply too disrespectful to oneself.
"If it's only 10%, I think there's no need for us to continue talking."
Li Mu nodded: "There is no need to discuss this issue. If Mr. Tan does not accept it, there is really no need to continue the discussion. Otherwise, let's stop here today."
Li Mu stood up as he spoke. Tan Yaocheng almost vomited blood. He thought about it and turned around to leave. But he knew in his heart that he couldn't act out of emotion, so he didn't even have the courage to stand up. But Li Mu just came to play with himself today and he didn't stand up. , he actually got up to leave without hesitation, what was he doing? Do you force yourself to keep him? Do you really think you will submit to this hypocritical method of coercion
Tan Yaocheng just wanted to take the opportunity to put Li Mu in a dilemma. Unexpectedly, Li Mu had already walked towards the door of the conference room. Before he could react, Li Mu had already opened the door and walked out.
Jack Zhou and others looked at Tan Yaocheng in great surprise. Tan Yaocheng also had a look on his face and didn't say a word. Ten seconds later, Jack Zhou asked: "Mr. Tan, is this really the case?"
Tan Yaocheng immediately woke up from his anger and hurriedly said to him: "Go and chase, what are you thinking about!"
Jack Zhou was complaining in his heart, but he didn't dare to delay his actions. He stood up, took steps, and went out, all at once, and finally saw Li Mu waiting for the elevator at the elevator entrance.
"Mr. Li, Mr. Li!"
Jack Zhou ran to Li Mu and said out of breath, "I'm really sorry. You may have misunderstood what Mr. Tan meant."
Li Mu asked back: "He said that after 10%, there is no need to continue the negotiation. Isn't this rejection? If the negotiation can't continue, we will break up. What did I misunderstand?"
Jack wanted to save some face for Tan Yaocheng at first on Monday, but now it seems that Li Mu doesn't buy it at all and can't care about anything else. He can only laugh and say: "Mr. Tan has too high expectations in this matter, and there is a bit of personal emotion involved. He has now realized that he said the wrong thing, so he asked me to come over and chase you back."
Li Mu asked: "Why do you want me to go back?"
"Of course let's continue talking."
"Can he accept 10%? If so, continue talking. If not, stop talking."
"Well... how about we go back to the conference room to talk?"
"Forget it, Mr. Zhou, if we can't reach consensus on this issue, I'll be asking for trouble if I go back. So, I'll wait here. Please go back and ask. If 10% is acceptable to him, I'll go back and continue to talk about follow-up issues. If If you can't accept it, just tell me and I'll go downstairs and leave."
Although Jack Zhou saw that Li Mu was difficult to deal with, he didn't expect it to be so difficult. However, the other party had no room for words, and he had no way to bargain. He could only grit his teeth and say: "Okay, Mr. Li, wait a moment, I'll go ask." .”
After saying that, Jack Zhou hurried back to the conference room, and closed the door as soon as he entered the conference room. Tan Yaocheng saw that he would come back by himself, and his heart skipped a beat. He was thinking bad, wouldn't he really offend this guy? Although Baidu most hopes to acquire a full share of the company, if this goal is not achieved, they have decided to take a stake.
At present, I have offended the founder. If Baidu passes this project by chance, then I will be guilty of a big crime. It is okay within the company. The key is that the investors will be very dissatisfied and take the initiative to propose a project. , finally convinced the investors, if you go back and tell the investors that the matter has not been negotiated, what will the investors think
At present, Li Mu is having trouble making money. Although he wants to raise funds, his attitude is that he is the boss, which really makes Tan Yaocheng feel extremely helpless.
After hesitating for thirty seconds, Tan Yaocheng sighed and waved his hand: "10% of round A is 10%! Call him back quickly!"
Returning to the negotiating table, Tan Yaocheng lost his previous sense of superiority, and Li Mu's attitude became a little cold. After returning, he ignored Tan Yaocheng's polite words to ease the atmosphere and directly stated his follow-up conditions.
First, the valuation of 50 million is non-negotiable. 5% of Song Liang’s personal participation in the investment will enjoy the same valuation treatment as Baidu;
Second, Baidu must provide sufficient traffic promotion support for Yiting.com and Tieba. There are no specific figures, only operational requirements: search all keywords related to Tieba on Baidu, and the relevant Tieba must be ranked in the top three search results.
Third, Baidu must not interfere with its own operations;
Fourth, Li Mu personally needs to cash out 20% of the financing amount. In other words, for a 50 million financing, Baidu invests 5 million for 10% of the shares. Not all of the 5 million is used as the company's operating funds, of which 4 million If it goes into the company account, one million goes to Li Mu personally. The same goes for Song Liang's 5%. For two million and a half million, two million goes to the company account and half a million goes to his personal account.
Tan Yaocheng shivered with anger. Looking at Internet companies around the world, there are very few founders who dare to cash out in the first round of financing. Moreover, even if the founder makes this request, the investors will definitely reject it without hesitation. This feeling is as if an investor is going to use money to support a student to go to college, but the student says matter-of-factly, I need to use 20% of the tuition fee you subsidize as pocket money. It makes people feel angry and ridiculous.
Li Mu also knew that his request was a bit excessive, but he also had his own legitimate reason: I am short of money.
A total of 200,000 to 300,000 private funds, and I usually have to support a bunch of trolls on Douban. I want to invest in other projects, but I am short of money. 3321 has almost been developed. By then, various promotion activities will be carried out in buildings and campuses. , Doesn’t it cost money to put up light box advertisements at bus stations and subway stations near the community
Yanjing is as big as Yanjing, with so many high schools, university campuses, and residential complexes. If you really want to do it in a big way, will your little money be enough to do it? Even if you save some money, play with word-of-mouth and vertical promotion to save costs, you still have to spend money, right
Li Mu has no way to make quick money right now. If Legend Overlord wants to make money, he has to wait at least until Legend starts charging and becomes popular. There are still several months in between. During this period, his only chance to make money is Only Yiting.com and Tieba’s Series A financing are left.
Tan Yaocheng firmly refuted several of the harsh conditions proposed by Li Mu. For example, he said that 5% of individual investors would not be able to provide traffic support like Baidu, so if he wanted to follow the investment, he would have to invest at a valuation of 80 million. Only money will do.
Li Mu ignored him and just said: "Anyway, the valuation he enjoys is the same as you. If you are willing to pay the valuation of 80 million, I will let him pay according to the valuation of 80 million."
Tan Yaocheng felt chest tightness.
Later, Tan Yaocheng said: "Baidu can not interfere with your operations, but Baidu needs him to provide planning and specific implementation plans for the next quarter before the start of each quarter. If Baidu has objections, Baidu has the right to withdraw its shares and liquidate. "
Li Mu flatly refused: "It's absolutely impossible. There is no plan or plan, and there is no right to withdraw shares and liquidate. The service purpose of my train is only one: no refunds."
If you agree to this condition, you are simply putting a collar on yourself. After the money comes in, it will gradually be invested in operations, and the more you spend, the less it will be. If Baidu suddenly says that it has objections and requires withdrawal of shares and liquidation, wouldn't it mean that it will be done by him? die? To put it bluntly, even if he is not given this right, Li Mu will not give him any plans and plans. They are all business secrets. Do you, a soy sauce party who holds 10% of the shares, really think of yourself as your boss
Tan Yaocheng felt that he needed to have a coronary angiogram. He was afraid that he might have a heart attack at any time if he continued to talk to Li Mu.
In his last rebuttal, Tan Yaocheng said: "It is impossible to cash out just for the A-round, and it is even more impossible to cash out a set with a ratio as high as 20%. The most important thing is that you are not taking out 3% of the shares to cash out alone, but in It is even more impossible to cash out 15% of the financing amount. If you really want to cash out, you can give Baidu 13% of your shares separately. I allow you to cash out 3% of it, so that you can get the tax. First 1.5 million in cash.”
"No way." Li Mu waved his hand: "If you agree to this condition, we will sign the contract immediately. If you don't agree, we will treat it as if we all get to know each other today. There is no friendship between the two of us."
Tan Yaocheng is going crazy. Why are you always making conditions? As people who invest money, we haven’t mentioned any of our conditions yet!
However, Tan Yaocheng saw Li Mu's routine today. His routine was simple, direct and crude. It can be summed up in one sentence: no negotiation, no counteroffer, love to give in, never give in.
A business negotiation made Tan Yaocheng feel an insult he had never experienced before, just like when he was shopping for groceries, he struggled to bargain with others, but the other party refused to make any concessions and took whatever he said.
I finally gritted my teeth and was about to agree, but the other party said, "You can buy it, but you can't choose whether you want it or not."
It took Tan Yaocheng a long time to calm down, and then said to Li Mu: "Let me tell you our conditions."
Li Mu nodded: "Please tell me."
Tan Yaocheng said: "We need the right to be the sole investor or lead investor in Series B."
According to the normal routine, Li Mu’s A-round financing of several million can be used to expand his team, develop and promote his business. When the money from this financing is almost spent, he will have to carry out B-round financing, and at that time he will have to spend some of it. Shares are diluted in exchange for funds, which is Series B financing. What Baidu wants is nothing more than that he decides the opportunity for Series B first. If he is very optimistic about the project, he can invest alone. In that case, others will not have the chance to invest.
Li Mu didn't want to give him the chance to invest alone, because then it would be up to Baidu if Song Liang still wanted to invest in the B round, or if he wanted others to come in in the B round.
Therefore, Li Mu made his first concession of the day: "I can lead the investment, but I cannot invest alone. According to Baidu's proportion in this round A, Baidu can also give priority to lead two-thirds of the overall shares sold in round B. "
First update today, please vote for me! ! !
(End of chapter)