When I walked out of Fudan, it was already evening.

Fang Nian drove to the Bund.

didn't let Wen Ye, who was already very busy, be the driver.

The main thing is that she is not needed.

When the light strip of high-rise buildings such as the Oriental Pearl was lit, the phaeton slowly stopped.

Soon, Fang Nian walked into a restaurant with a wooden plaque.

Under the guidance of the waiter, go straight to the window booth on the second floor.

Seeing Fang Nian, Guan Qiuhe quipped, "It's the first time I've seen you so active." ”

Hearing this, Fang Nian beeped two sentences in his heart: "If you know that tomorrow Lei Yin will register and establish Xiaomi in China, Wang Xing will launch Meituan the day after tomorrow;

In particular, Meituan, with a market capitalization of more than US$100 billion in Hong Kong in 2020, once reached a market value of one trillion Hong Kong dollars, so you can see why I am so active. ”

said indifferently: "Time waits for no one, in case you just don't catch up with the daylily that is not cold, wouldn't it be a pity." ”

Guan Qiuhe smiled: "Okay, okay." ”

"Let's eat first. Fang Nian said.

“......”

During the meal, a few casual words were chatted.

It is mainly Guan Qiuhe who cares about the situation of the Fudan Frontier Society.

Since being invited to become a part-time businessman of a cutting-edge company, Guan Qiuhe has been extra concerned about the development of the cutting-edge company.

Wen Ye naturally wouldn't hide it.

So Guan Qiuhe also knows what will happen in Fudan this afternoon.

Fang Nian only said: "Although it shows that the matter on the surface is handed over to Wen Mi, it is still a bit nerve-wracking, which is why I always want to be lazy." ”

“......”

When he was about to eat, Guan Qiuhe put down his chopsticks first, wiped his mouth, looked at Fang Nian, and asked quietly on his face.

"Do you have any advice for the legal counsel you said a few days ago?"

Fang Nian glanced at Guan Qiuhe, swallowed the food in his mouth, and said puzzledly: "Didn't you propose to set up a legal department at the company's enlargement meeting yesterday?"

"I'm wondering if you have any good suggestions. Guan Qiuhe repeated.

Fang Nian's brows moved slightly, and he reacted: "Are you afraid of being bitten by a snake again?"

Guan Qiuhe didn't say anything, such a major job encroachment in the 'greedy and fun' financial department naturally made her a little shadowy.

This time I met such a genius as Liu Xi, if not?

If the hands and feet were more hurried, Liu Xi didn't see it?

Seeing this, Fang Nian said calmly: "There is no doubt that it is necessary to establish a legal department with many preparations;

If you are afraid of problems, you can find a way to invite a respected doctor of law or professor to serve as the honorary legal counsel of the company;

On the other hand, if you have a relationship with a professional law firm, if that goes wrong, then ......"

Facing Guan Qiuhe's serious eyes waiting for the following, Fang Nian said indifferently: "You can go and study law." ”

Without waiting for Guan Qiuhe to speak, Fang Nian suddenly sighed and changed the topic.

"I've always liked to prepare with both hands, but I didn't expect that when it was my turn to do business, I wasn't ready, I wasn't ready. ”

Guan Qiuhe didn't bother with Fang Nian's further study of law, and said with a smile: "Doing business is originally to cross the river by feeling the stones, and you are all ready, not a career, but a thing." ”

If you have to keep talking, the frontier company can be called the product of the first year of the year.

But frontier companies are just empty shells, and there's nothing wrong with scaling the framework on top of that.

The problem lies in Fang Nian's sudden thought, intending to rely on cutting-edge project research to obtain a third retreat, and then came up with the idea of investing in the future, as well as action.

It's just that this is also strange to Fang Nian.

And there is not much preparation.

Especially the preparation of capital.

But then again, Fang Nian is now making multi-handed preparations.

Cutting-edge projects have been planned as output channels, and new cutting-edge angel investment has been added, which is quite a lot......

............

Guan Qiuhe took a sip of water and said calmly: "Regarding the few businesses you mentioned, I thought about it carefully yesterday;

It is easier to solve the matter of having Frontier Angel Invest take over those shares of the 'greedy and fun' investment. ”

"Just switch from left hand to right hand. ”

Fang Nian understood: "You mean to exchange my shares in 'greedy for fun', right?"

"As long as you and I agree to this operation, it is not a problem. Guan Qiuhe said as a matter of course.

Fang Nian thought for a moment and asked again, "Then how should you ensure your own benefits?"

"Simple, we trade according to the purchase price and the company's assets at that time, convert the value of the investment shares into the corresponding shares, and then convert them into the shares you need to sell according to our respective share ratios. ”

Guan Qiuhe said a long list of words that seemed to be tongue twisters.

Then the exact number was given: "I did it with the simplest algorithm."

The company's assets are valued at 400 million, and the three investment shares are valued at 70 million, which is equal to 17.5% of the assets. ”

Saying that, Guan Qiuhe looked at Fang Nian and said casually: "However, this method does not consider valuation and future value at all." ”

As a person with strong mathematical calculation ability, in the blink of an eye, Fang Nian understood it and said it.

Again, how do you make sure that your returns, based on current developments and analysis, the value of these investment shares will increase much more than the company's valuation. ”

According to what Fang Nian knows, two of the three investment shares that are currently counted as 70 million in value:

The value of Mojang and Riot's shares will increase from 60 million to more than 1.1 billion yuan in a few years.

The value is increased by 18 times.

In fact, the most surprising thing is the 21% stake of South Korea's Eyedentity.

It will be worth about 100 million 4 million yuan soon.

Because in the original history, Yuda acquired Eyedentity for $95 million in the second quarter of this year.

This is also something that Fang Nian remembered recently, when he stabbed the knife with his backhand last year, he didn't expect this kind of gain.

In just over half a year, the value has increased by 14 times, and the thief is excited.

Therefore, even if 'greedy fun' can quickly become a company worth tens of billions of yuan in a few years, 7% of the shares are only worth 700 million, a difference of nearly 600 million.

Fang Nian didn't open this sentence, and he sold Guan Qiuhe 600 million, and it was not valuation, it was real money.

That is to say, Guan Qiuheguan is always in-

Took the initiative to sell himself, and also helped the buyer count the money.

It's the initiative.

It's not that someone sold it and helped people count the money.

Seeing Fang Nian's serious look, Guan Qiuhe's face was confused: "It's not quite right." ”

"According to your plan for 'greedy fun', the medium and long-term value is 10 billion, and it has increased tenfold when you change hands, and you still think I have no income?"

Fang Nian didn't bother to dwell on this question, and said directly: "You personally invested 28 million to buy 40% of the future earnings of these three shares." ”

Guan Qiuhe's eyelids jumped: "Why do I think you're doing charity." ”

"You don't care about that. Fang Nian waved his hand, "I'm too lazy to pit you, and I hope you can give full play to your talent and help the frontier angels make money." ”

Although no matter how you calculate it, Fang Nian will lose some.

Because the direction was given by Fang Nian, but the negotiation was carried out by Guan Qiuhe, and each had its own pay.

Guan Qiuhe groaned slightly: "In that case, I will pay 28 million, and you will only transfer 4% of the shares to me." ”

By the way, a simple algorithm is used to introduce the Pre-A round of investment of cutting-edge angels:

After removing this part of the assets, the price of 'greedy fun' is 372 million, and the frontier invests 28 million, accounting for 7% of the shares, and our shares are diluted in equal proportions.

At the end of the investment, the two of us set aside 10% of the total share capital as an equity pool to attract Series A investment.

Friendly negotiation will be 'greedy fun' valuation of 550 million, you use 5.08% of the shares in exchange for 28 million financing, the shares into the equity pool, you and I take out a total of 4.92% of the shares into the equity pool. ”

While listening to Guan Qiuhe, Fang Nian calculated the shares after the whole process:

First of all, after Pre-A, Fang Nian still has 52.08% of the shares, and Guan Qiuhe's shares have become 40.92%.

And finally:

Fang Nian: 44%, Guan Qiuhe: 38.5%, Frontier Angel: 7%, Equity Pool: 10%;

Also, 0.5% of the ice frog's hand did not change in the process.

In this process, Guan Qiuhe lost 1% of his shares and paid 28 million in cash.

Fang Nian ostensibly lost 16% of his shares.

In fact, 9% of the shares of 'greedy fun' were used to cash out 28 million to inject into the frontier angels;

and taking 60% of the final proceeds of the investment shares worth 70 million.

The process of turning the left hand into the right hand actually pushed up the company's valuation.

With the rounding algorithm, everyone is not at a loss, and everyone is happy.

Fang Nian's eyes widened while calculating, and he called the expert in his heart.

"You're really born to eat business negotiations, and the whole deal has revitalized everything I'm going to do right now. ”

Hearing this, Guan Qiuhe said indifferently: "It's nothing more than a tourist who goes to the town to stay in a hotel for 100 yuan, and finally is not satisfied with the check-out. ”

"It's just that I changed the story and transferred the money to you, allowing you to temporarily solve the company's shortage of funds. ”

Fang Nian thought so, looked at Guan Qiuhe and said with a smile: "In this way, you have also done the 'greedy and fun' financing exit mechanism?"

Guan Qiuhe nodded: "The draft is done, you can take a look at it first, and then ask for legal support at the end." ”

As he spoke, he took out a few pieces of paper from his bag and handed them to Fang Nian.

Fang Nian glanced twice: "Yes." ”

In fact, the minimum period for financing withdrawal was agreed, and Guan Qiuhe set this period in the next two rounds after the current round of investment.

For example, Frontier Angel is Pre-A, which needs to go through the A round and can only be withdrawn after the B round of financing is successful.

In addition, of course, it also stipulates different situations of the exit mechanism, such as whether the company is short of money and so on.

In short, under the simple exchange between Guan Qiuhe and Fang Nian, many problems were solved and the interests of both parties were basically ensured.

This set of cyclic operations is very complicated to say, and the specific process will obviously be more complicated, but these are all issues that professionals should consider.

It can be regarded as a multilateral acquisition cooperation case.

Fang Nian handed the draft back to Guan Qiuhe, and the expression on his face suddenly became playful.

"Then the question is, where does your personal 28 million come from, Sister He?"

Then he added: "And time is tight, we must hurry up the valuation of 'greedy for fun';

Launch the game platform at the right time and introduce Series A financing, so as to vigorously develop the game platform and achieve a greater degree of win-win situation, so that the platform will not be targeted and die at the beginning of the launch. ”

After the words fell, Fang Nian found that Guan Qiuhe was looking at him with a smile.

Seeing this, Fang Nian spread his hands: "I don't have any money." ”

"If I, or the frontier company, had the money, we wouldn't have to play this left-handed trick of right-handedness, we just signed a sharing contract in private. ”

No matter how it is converted, 28 million must be there.

It's not 'greedy for fun'.

It's a lack of cutting-edge.

Anyway, in the final analysis, there are four words to observe: the distinction between public and private.

Guan Qiuhe's face was calm and said: "I don't have enough cash in my hand, and I can't take out a loan, but I can complete this transaction by borrowing and borrowing." ”

"Or there's another form. ”

Fang Nian waited for the following, tonight's Guan Qiuhe was very shrewd.

Sure enough, when it comes to their own talent points, they are directly judged as two people.

Because isn't this process just a business negotiation?

Isn't that the ability that Fang Nian is looking forward to the most?

Guan Qiuhe said unhurriedly: "It's very simple, 'greedy fun' guarantees the frontier company, borrows tens of millions from the bank, and the frontier company uses the money to invest in 'greedy fun'."

Personally, I made an IOU of 28 million to Frontier Angel Investment, and finally deducted the 28 million when the profit was settled. ”

Listening to it, Fang Nian inexplicably felt a little familiar.

In his memory, it seems that something similar happened.

It seems that when a large company packaged and sold assets, it helped the buyer borrow tens of billions of dollars from a designated bank to complete the transaction.

Thinking about it, Fang Nian smacked his lips: "Sister He, you are completely technical, you should be rewarded!"

This hand is left hand to right hand + guarantee loan + empty gloves white wolf, it is simply a classic operation.

The money is still in circulation, but no one has touched it, and the eldest brother doesn't talk about the second brother, it's all empty gloves.

Guan Qiuhe rolled his eyes, he didn't really want to deal with Fang Nian.

"In short, that's the way the process is, everything can be left to the professionals. ”

Fang Nian nodded without hesitation: "Indeed." ”

Guan Qiuhe looked at Fang Nian and asked, "Is there anything else?"

"Yes. Fang Nian said without hesitation, "Since these businesses between the frontier and 'greedy and fun' have been discussed, the shortage of frontier funds has also been solved."

I wondered, isn't Guan always in a hurry to get on the job part-time?"

Guan Qiuhe raised his eyebrows and looked at Fang Nian, and laughed: "You are inviting me to work part-time, this is treating me as a cow and a horse!"

Then he said, "I'm just helping you solve the problem of lack of funds!"

Thinking about it carefully, Fang Nian was also a little embarrassed, and finally blurted out with a smile: "Those who can work harder." ”

There is a bit of schadenfreude in the laughter.

Then Fang Nian looked at Guan Qiuhe and looked up and down: "In the past two days, you should pay more attention to the gossip, don't let the opportunity slip away." ”

"Like Lei Xian and Wang Xing, if they want to start a business, the capital they will enter during the seed round may not be too large, and the frontier should be able to bear it. ”

Hearing this, Guan Qiuhe nodded: "Don't worry, I will pay attention to the people you mentioned to me." ”

"You don't have to worry too much about these things. ”

Before parting, Guan Qiuhe gritted his teeth: "Mr. Fang, you must have been the big housekeeper of the big landlord's family in your last life, the kind that specializes in calling people!"

Fang Nian was amused: "I'm still a housekeeper, you directly treat yourself as a maid." ”

Guan Qiuhe: "!!"

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Break the bowl and ask for a subscription to a monthly pass.

PS: This set of financing and share swap operations does not involve complex operations, but I have seen a lot of cases.