Hua Shengfan, the earliest follower of Yu Shan and Su Mei, started from ordinary HR and became the current COO and senior vice president step by step. Biquge.infoCoo is the director of operations, and it stands to reason that the COO only needs to be responsible to the CEO, and the interesting thing is that in this disputed struggle, Hua Shengfan actually stood on the side of President Yu Shan.

Yu Shan briefly typed a message, just one word: "Yes." ”

Hua Shengfan was in a hurry, and the new message was sent within a few seconds: "Mr. Yu, how can you give up your position at this time?" Before Yu Shan could reply, another message followed: "Is it convenient for you to speak now?" Did I call you? ”

Yu Shan was a little crying and laughing, Zhiyuan was founded by him and Su Mei, a typical mom-and-pop shop. Today's route battle looks more like a bickering between two people, but as a result, a group of outsiders jumped up and down in a hurry, and they almost joined the battle group. Where do you want to reason about this?

Huashengfan is an important management of Zhiyuan, and Yu Shan cannot ignore it. He turned his head to look at Chaochao, Su Mei was still standing at the window, holding his mobile phone in his left hand and his waist with his right hand. So he replied with a message: "It's okay, you can fight." ”

Within twenty seconds, the phone rang. As soon as he answered, Mandarin with Jiangsu and Zhejiang characteristics gushed out of the earpiece: "Mr. Yu, is this matter too hasty?" I have to tell you that it's not a quarrel or a struggle for power, but rather the survival of the company. Even if you don't care about so many jobs for the old people who follow you to start a business, don't you even care about the company you created? ”

"No, Lao Hua......"

"Listen to me. Everyone is married, so I understand very well, wife, there is always a little bit of a temperament. We men coax our wives, let it go. But the things in front of you are different from coaxing your wife. Mr. Yu, you can't let anything you say this time! ”

Operations Director Hua Shengfan was very excited, and Yu Shan suspected that if he stood in front of him, he would be able to spray his face with foaming stars. This phone call lasted for 20 minutes, and Hua Shengfan said a lot, knowing it with emotion, moving with reason, supplemented by a large number of examples. The development of the two competitors of Zhonggong and Huatu is a lesson from the past.

Although Zhonggong once wasted three months studying the listing plan in 08, he ultimately rejected this idea. To this day, Zhonggong is still the largest public service training institution in the country, with healthy assets and steady steps; In contrast, Huatu was listed on the New Third Board in late July 14, and announced the suspension and reorganization of trading soon after listing. It wasn't until a few days ago that Huatu was re-listed for trading. The price-earnings ratio is 56.4 times, an increase of 117.53%, and the increase and transaction price rank first in the new third edition.

Hua Shengfan believes that to measure the investment value of an enterprise, it should be combined with its industry, business model, future growth, profitability and profitability, team value, return on investment and other indicators. Considering that the education and training stocks in the early stage were frantically speculated by the market, there was a large capital bubble. Therefore, Hua Shengfan believes that the judgment of the future market value of Huatu Education needs to be more rational.

No matter how Huatu develops after the IPO, even if it is successful, it is not something that KLCII can replicate. First of all, last year, Huatu's profit was nearly 130 million, while Zhiyuan's was less than 50 million; Secondly, after the IPO, the chairman of Huatu still holds 42% of the shares, and with his followers, the chairman of Huatu can control more than 50% of the shares, which is enough to ensure his control over Huatu.

Under the partnership system, Yu Shan and Su Mei have only 58% of the shares in their hands, and the first introduction of venture capital, and then the issuance of additional shares for financing, the shares held by Yu Shan and Su Mei will be reduced to a dangerous critical point in two rounds. At that time, investors only need to win over some partners, and they can easily set aside Yu Shan and Su Mei. Where is this listing financing, it is purely to make wedding clothes for others.

During the call, Hua Shengfan kept talking, and Yu Shan kept listening. In the end, he couldn't just say that he was going to kick himself out, and only said at the end that he had to think about it carefully.

Hanging up the phone, Yu Shan pondered what to do. In a mess of minds, an idea popped into me: Maybe I should wear it again.

Wear it again, and the next time you come back, maybe the whole world will change again, so that there will be no immediate trouble.

As soon as this idea came out, Yu Shan himself was startled. It's not his character to shrink back in case of trouble, and retreat in the face of difficulties, a manly man, the sky falls and he carries it on his shoulders, and he can't bear it and start over, how can there be a reason to be cowardly before fighting? Yu Shan reflected for a moment, he felt that maybe some of the things that the freshman timeline had made him familiar with suddenly become unfamiliar, because of his sense of belonging to the original timeline, he was very alienated from the freshman timeline, and even subconsciously thought that the freshman timeline was illusory.

The sky above you is real, the soil under your feet is real, the air you breathe is real, the people around you are also real, and everything proves the reality of this world. The only difference is that different choices affect the trajectory of many people's fortunes.

Negate the authenticity of the new timeline simply because of a sense of alienation? The existence and rules of the Gate of Yesterday are still a mystery, so let's make a bad assumption, what if the gate disappears one day? What if Yu Shan never returns to the original timeline? He can't learn from an ostrich to stick his head in the sand, turn a deaf ear, turn a blind eye, and insist on the idea that the whole world is illusory, and live in a closed world that he is familiar with, right?

Yes, Yu Shan will continue to cross, because he can't tolerate the early death of his parents. But it's not about leaving now, it's about dealing with the mess in front of you, investigating a few things and then stepping through the door.

When he was pondering, Su Mei's voice came from the door: "Mr. Yu, don't you want to retire after answering the phone?" ”

Yu Shan turned his head to look over, and Su Mei was standing at the door, with his arms folded, looking at himself with a smile.

"No," Yu Shan said, "my decision was not made to coax you, but after careful consideration." Withdrawal is certain, but there are some things that need to be studied again. ”

"For example?" Su Mei asked.

"For example, the introduction of venture capital," Yu Shan said seriously: "What Lao Hua said makes sense, capital itself has wolf nature, and if you are a wolf, you have to eat meat, and you can't treat venture capital as charity." Now is not a good time to bring in venture capital, both in terms of earnings scale and equity holdings. ”

"Are you worried that I'll lose control of the company after VC funding?" Su Mei asked with a chuckle.

"That's right."

She quipped, "Mr. Yu, I need to remind you that the motive of venture capital is to give back. The vast majority of PEs and VCs will not and are not willing to become major shareholders in turn, because this will lead to the allocation of energy to manage the company, and they will usually only participate in the management, not become the managers themselves. Although there are counterexamples such as NVC lighting, they are only a minority after all. After a pause, she continued: "Share dilution is inevitable. Share dilution and venture financing mean that external funds are invested for the purpose of exiting profits. Since it is necessary to introduce war investment funds, it will inevitably lead to dilution, and in the case of domestic companies, 25% of the public shareholders will be added when the listing exits, which is very large, if you want to maintain 66% of the absolute right to speak after listing, it means that it accounts for 88% before listing. This is not good for the company or the majority shareholder, because the minority shareholders have no say in all the major decisions of the company, so in the end and probably no one dares to buy your shares! ”

"You also said the counter-examples of NVC lighting, and I also know two other counter-examples......"

Without waiting for Yu Shan to finish speaking, Su Mei interjected: "Edison and David Buick?" I'm here to give you these two examples. ”

Yu Shan was choked and blinked, and it took a long time before he said: "That's why Lao Hua and they have great concerns about introducing venture capital." The company is in a healthy state of development, is it really necessary to raise money? ”

Su Mei sighed, Zhengse said: "Our profit scale is declining, talent is draining, the whole market is so big, all competitors are seeking development, Zhiyuan has reached a bottleneck period, it is like sailing against the current, and we must introduce external funds to accelerate our own development." Without the stimulation of external funds, our market share will gradually be snatched away by competitors, and at that time the control is indeed in our hands, but what is the use of the company being finished? ”

Huh? How did Yu Shan feel that he was instantly convinced?

The new memories are buried in his mind, which leads to Yu Shan's understanding of Zhiyuan is plausible, and Yu Shan, who has jumped over, does not feel that Zhiyuan will be his life's work.

Seeing that Su Mei was a little anxious, Yu Shan hurriedly got up, jumped over, and grabbed Su Mei: "Hey? Talk well, aren't we discussing? You sit, you sit. ”

Pulled by Yu Shan, Su Mei sat on a chair. She let out a long sigh and said a little tiredly: "I want to introduce external funds for development, and I want to maintain absolute control, this is to want the horses to run and not let the horses graze, how can it be so cheap?" ”

Yu Shan struggled to search for the new memories in his mind, and thought for a long time before saying, "Isn't there a super stock model?" ”

"Decision-making unit?" Su Mei glanced at him: "Venture capital is not a fool, since the investment comes in, it must have a certain right to speak, and the means of operating capital are much more familiar than ours." Even if decision-making shares are issued, venture capital must also allocate a part of the decision-making shares. ”

After listening to Su Mei, Yu Shan was completely out of line. Is Hua Shengfan's concern justified? It's too much; Is Su Mei's judgment of the situation wrong? Sure, yes. This is going to be a personal life, everyone is right, no one is wrong, what should Yu Shan do?