1.盡量不要在公司遇到發展瓶頸時做股權融資

1. Try not to do equity financing when the company encounters development bottleneck

對于企業來說,好的股權融資時機就是公司處于上升期時,而絕非公司陷入困境或遇到發展瓶頸之時。如果企業處于發展瓶頸期,此時與投資人談融資,投資人會感到公司現在非常缺錢,在股權問題上容易獅子大開口。這就會使創業者在談判中處于不利地位,也會導致公司付出很高的代價來獲得融資。

For enterprises, a good time for equity financing is when the company is on the rise, not when the company is in trouble or meets the bottleneck of development. If the enterprise is in the bottleneck period of development and talks about financing with investors at this time, investors will feel that the company is very short of money now, and it is easy to make a big opening on the issue of equity. This will put the entrepreneur in a disadvantageous position in the negotiation, and also lead the company to pay a high price to obtain financing.

2.盡可能增加溢價倍數

2. Increase the premium multiple as much as possible

企業創始人為了不喪失控制權,可以要求溢價融資。一般公司發展處于上升階段的早期時,溢價可以達到2~3倍。例如,公司的股價為1元1股,為投資者增發的股價就可以為2元或3元1股,這樣,同樣是占10%的股份,投資者就需要出2~3倍的錢オ可以投資。在企業快速發展階段,可以以更高的溢價來進行股權融資,這樣可以盡可能地降低創始人的融資成本。

In order not to lose control, the founder can ask for premium financing. When the development of general companies is in the early stage of rising, the premium can reach 2 ~ 3 times. For example, if the company's share price is 1 yuan per share, the additional share price for investors can be 2 yuan or 3 yuan per share. In this way, if the shares also account for 10%, investors need to pay 2-3 times as much money to invest. In the stage of rapid development of enterprises, equity financing can be carried out at a higher premium, which can reduce the financing cost of founders as much as possible.

3.實行AB股機制

3. Implement AB share mechanism

創業團隊為了保證自己對企業的控制權,可以在進行股權融資時實行AB股機制。AB股機制就是將股份分為A、B兩類,給外部投資人的為A類股,這類股實施投票權時可以1股抵1票;而公司創始人手里的股為B類股,B類股實施投票權時可以1股抵10票,這就在一定程度上保證了創始人的控制權,創始人仍可繼續掌握公司的命運。當然,實行AB股制度的前提是要遵守法律法規,依據《公司法》的相關規定,有限責任公司可以同股不同權,而股份公司需要同股同權,因此在實行AB股機制時一定要注意公司的性質。

In order to ensure their control over the enterprise, entrepreneurial team can implement AB share mechanism in equity financing. The AB share mechanism is to divide the shares into a and B classes, and the class A shares are given to the external investors. When this class of shares implement the voting right, one share is worth one vote; The shares in the hands of the company's founders are class B shares. When class B shares are implemented with voting rights, one share is worth 10 votes, which ensures the control of the founders to a certain extent, and the founders can still continue to control the fate of the company. Of course, the premise of implementing the AB share system is to comply with laws and regulations. According to the relevant provisions of the company law, limited liability companies can have the same shares with different rights, while joint-stock companies need the same shares with the same rights. Therefore, we must pay attention to the nature of the company when implementing the AB share mechanism.

4.在創業初期不要讓投資人占大股

4. Don't let investors hold a large share in the initial stage of entrepreneurship

企業發展初期給天使投資人的股份不要過高,否則會使公司后續發展無力。如果投資人所占的股份過高,會在一定程度上稀釋公司創始人的股份。公司在以后的發展中不僅要設立股權池,還會有好幾輪融資,這樣,企業創始人的股權就會不斷被稀釋,控制權自然會被影響,創始人就會有失去控制權的風險。因此在給投資人股份時,一定要把股份控制在30%以內。

In the early stage of enterprise development, the shares given to angel investors should not be too high, otherwise it will make the follow-up development of the company powerless. If the investor's share is too high, it will dilute the founder's shares to a certain extent. In the future development, the company should not only set up equity pool, but also have several rounds of financing. In this way, the equity of the founder of the enterprise will be continuously diluted, the control right will be naturally affected, and the founder will have the risk of losing the control right. Therefore, when giving investors shares, we must control the shares within 30%.

一手打下的江山,只能拱手相讓,相信這樣的滋味并不好受。作為創業者,務必要明白在創業前期占股在67%以上,這樣才能更好地掌握控制權,避免江山易主的悲劇發生。

It's not easy to believe that this kind of taste is not good. As an entrepreneur, it is necessary to understand that in the early stage of entrepreneurship, the proportion of shares is more than 67%, so as to better control and avoid the tragedy of changing owners.