Chapter 138 Love to Vote
"50 million valuation, I only diluted 15% of the shares."
When Li Mu said his conditions, his tone and expression were like an understatement, and Tan Yaocheng's face darkened when he heard it.
"A valuation of 50 million is impossible. Baidu only accepts a valuation of 30 million, and 15% of the shares are too small. Baidu needs at least 30%."
After concluding that Li Mu could not agree to sell in a package, Tan Yaocheng also gave up this idea and turned to fight with Li Mu on the issue of financing.
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 the other 5% will be followed by other individuals."
"10%?!" Tan Yaocheng almost wanted to stand up and turn his head away. He heard Li Mu say that it can only be diluted by 15%, and just finished saying that Baidu needs at least 30%. I didn't expect this kid to say that the 15% can only be given to him. Two-thirds, this is simply too disrespectful to myself.
"If it's just 10 percent, I don't think we need to continue talking."
Li Mu nodded: "There is no discussion on this issue. If President Tan doesn't accept it, there is really no need to continue the discussion. Why don't we just stop here today."
Li Mu stood up as he spoke, Tan Yaocheng almost vomited blood, he turned his head and left when he remembered it, but he knew in his heart that he couldn't act on his own, so he didn't even have the courage to stand up, but Li Mu was just here to play with himself, he didn't stand up. , He even got up without hesitation to leave, what is this for? Force yourself to keep him? Do you really think you will submit to this kind of hypocritical persecution?
Tan Yaocheng just wanted to take the opportunity to put Li Mu in a dilemma, but he didn't expect that Li Mu had already walked towards the door of the conference room. I haven't waited for him to respond. Li Mu had already pushed the door out.
Jack Zhou and others looked at Tan Yaocheng in astonishment. Tan Yaocheng also had a sour expression on his face and didn't say a word. Ten seconds later, Jack Zhou asked, "Mr. Tan, is that really the case?"
Tan Yaocheng immediately woke up from his anger and hurriedly said to him, "Go after him, what are you thinking!"
Jack Zhou complained in his heart, but did not dare to delay his actions. Getting up, stepping, and going out, several movements were done in one go, and finally saw Li Mu who was 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 Mr. Tan."
Li Mu asked back: "He said that 10% is not necessary to continue the discussion.
Isn't that just refusal? If I can't talk, I'll just shoot and break up. What am I misunderstanding? "
Jack wanted to save Tan Yaocheng's face since Monday, but now Li Mu didn't buy it at all and couldn't care about anything else, so he could only laugh and say, "Mr. Tan has too high expectations on this matter. There is a bit of personal emotion in it, He now realizes that he said the wrong thing. That's why I came over and chased you back."
Li Mu asked, "Why are you looking for me back?"
"Of course we continue to talk."
"Can he accept 10%? Keep talking if you can, stop talking if you can't."
"This... why don't we go back to the conference room?"
"Forget it, Mr. Zhou, if I can't reach a consensus on this issue, I'll go back and ask myself for fun. Well, 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 questions. If you can't accept it, 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, but the other party had no room for words, and he couldn't bargain, so he could only grit his teeth and say, "Okay, Mr. Li wait a moment, I'll ask ."
After finishing speaking, Jack Zhou hurried back to the conference room, and closed the door as soon as he entered the conference room. Tan Yao came back by himself when he was prejudiced, and his heart was stunned. He said that his heart was broken, so he wouldn't really offend this guy, would he? Although Baidu most hoped for a wholly-owned acquisition, if it really failed to achieve this goal, they also decided that they must take a share.
Right now, I have offended the start-up. If Baidu passes by this project because of this, then my guilt will be a big one. It’s okay to say inside the company. The key is that the investors will be very dissatisfied and take the initiative to propose a project. , I finally persuaded the investors. If I go back and tell the investors that this matter has not been negotiated, what will the investors think?
Right now, Li Mu can't make money. Although he wants to raise money, he has the attitude that he is the uncle. It really makes Tan Yaocheng feel helpless.
After hesitating for 30 seconds, Tan Yaocheng sighed and waved his hand: "10% of A round is 10%! Hurry up and call him back!"
When he returned 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 politeness to ease the atmosphere and directly stated his follow-up conditions.
First, the 50 million valuation has no room for negotiation. 5% of Song Liang’s personal investment and Baidu enjoy the same valuation treatment;
Second, Baidu must give YiTing.com and Tieba sufficient traffic promotion support. There are no specific numbers, 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, the amount of financing, Li Mu personally wants to cash out 20%, that is to say, for 50 million financing, Baidu invests 5 million to account for 10% of the shares. This 5 million is not all used as the company's operating capital, of which 4 million. In the company account, one million will go to Li Mu's personal account, and Song Liang's 5% will be the same. For 2.5 million miles, 2 million will go into the company's account, and 500,000 will go into the personal account.
Tan Yaocheng shivered with anger. Looking at the global Internet companies, there are very few start-ups who dare to think about cashing out in the first round of financing. Moreover, even if the start-ups have this request, the investors will definitely refuse without hesitation. This kind of feeling is like the investor is going to use the money to fund a student to go to college, but the student says for granted, I need to cash in 20% of your subsidized tuition into pocket money, which makes people feel angry and ridiculous.
Li Mu also knew that his request was a bit excessive, but he also had his own justifiable reason: I was short of money.
There is a total of 200,000 to 300,000 private house money, and I usually have to support the pile of sailors on Douban. I want to invest in other projects, but I'm stretched. 3321 has been developed almost. At that time, don’t you have to spend money on various landing promotion activities, and advertising light boxes at bus stops and subway stations near buildings, campuses, and communities?
Yanjing is so big, there are so many high schools, college campuses, and so many residential areas, so I really want to do it with a lot of fanfare, and my little money is enough to do it? Even if you save some money, play with word-of-mouth and vertical promotion to save costs, but you have to spend money, right?
Li Mu has no way to make quick money right now. If the Legendary Overlord wants to make money, at least he has to wait for the Legendary to start charging and become popular. There are still several months in between. During this time, the only chance for him to get money was the Series A financing of Yiting.com and Tieba.
Tan Yaocheng firmly refuted several harsh conditions put forward by Li Mu. For example, he said that 5% of the individuals who followed the vote could not give traffic support like Baidu, so if he wanted to follow the vote, he would have to use an estimate of 80 million yuan. Only money can.
Li Mu didn't care about him, he just said: "Anyway, he enjoys the same valuation as you. If you are willing to pay 80 million, I will let him pay for 80 million."
Tan Yaocheng felt chest tightness for a while.
Later, Tan Yaocheng said: "Baidu can not interfere with your operations. But Baidu needs him to provide the next quarter's plan and specific implementation plan before the start of each quarter. If Baidu has any objection, Baidu has the right to withdraw its shares and liquidate it. "
Li Mu categorically refused: "It's absolutely impossible, there is no plan and plan, and there is no right to withdraw shares and liquidate. My service purpose for this train is only one: no refunds."
If you agree to this condition, you will simply put a collar on yourself. After the money comes in, it will gradually be invested in the operation, and the more you spend, the less and less. If Baidu suddenly says that it has objections and asks for withdrawal and liquidation, wouldn’t it be possible for him to do it? die? Taking a ten thousand steps back, Li Mu will not give him any plans or plans even if he does not give him this right. They are all business secrets. You, a soy sauce party with 10% of the shares, really consider yourself a boss?
Tan Yaocheng felt that he needed to have a coronary angiography, and he was afraid that if he continued to talk with Li Mu, he might have a heart attack at any time.
The last rebuttal, Tan Yaocheng said: "It is impossible to cash out in the A round, and it is even more impossible for one set to be as high as 20%. The most important thing is that you don't take out 3% of the shares to cash out, but in the It is even more impossible to cash out 15% of the financing amount. If you really want to cash out, you can take out 13% of the shares to Baidu alone, and I will allow you to cash out 3% of it, so that you can get the tax The first 1.5 million in cash."
"No way." Li Mu waved his hand: "I agree to this condition, I will sign the contract immediately. If I don't agree, let's just get to know each other today. The business is not a deal."
Tan Yaocheng is going crazy, why are you always making conditions? As uncles who invest money, we haven't said any of our conditions!
However, Tan Yaocheng saw Li Mu's routine today. His routine is simple, direct and rude. To sum it up, he can sum it up in one sentence: no negotiation, no bargaining, love to vote, not to roll.
A business negotiation made Tan Yaocheng feel a never-before-seen insult. It was like trying to negotiate with others when buying vegetables. It was a big deal, but the other party didn't make any concessions.
Finally, I gritted my teeth and prepared to agree, but I didn't expect the other party to say: "You can buy it, but you can't pick and choose, whether you like it or not."
It took Tan Yaocheng a long time to calm down. Then he said to Li Mu, "Let me tell you about our conditions."
Li Mu nodded: "Please speak."
Tan Yaocheng said: "We need the right to invest in a B round alone or lead the investment."
According to the normal routine, Li Mu has raised several million in the A round this time, which can be used to expand the team, develop and promote the business. When the financing is almost exhausted, he has to carry out the B round of financing, and then he will have to take out part of it. Dilution of shares for capital, that is, Series B financing. What Baidu wants is nothing more than the opportunity of Series B. It is up to him to decide first. If he is very optimistic about this project, he can invest alone. In that case, no one else has a chance to invest.
Li Mu didn't want to give him a chance to vote alone, because then, if Song Liang still wanted to vote in the B round, or if he wanted other people to come in in the B round, he would have to see Baidu's face.
Therefore, Li Mu gave today's first concession: "It's okay to lead the investment, but not to invest alone. According to the proportion of Baidu in the A round, Baidu in the B round can also give priority to lead the investment of two-thirds of the overall transfer shares. "(To be continued.)
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