1. Capital-based shareholders
For example: venture capital, angel investment, equity investment.
Compared with the founder shareholders, who contribute both money and effort, capital shareholders only contribute money but do not contribute.
The most concerned about capital shareholders is not the equity ratio, but from the perspective of rational economic persons, they are most concerned about three issues: capital security, rate of return and return cycle.
Suppose there are 2 options in front of the capital shareholders:
Plan 1: You invest 1 million yuan in company A, and company A gives you 80% of the shares, but you can't get back your capital for ten years.
Plan 2: You invest 1 million in Company B, and Company B only gives you 5% of the shares, but you can return to your capital in two years, and the annual rate of return doubles, and you can also enjoy ten consecutive years of dividends.
Funded shareholders generally choose option 2, because no matter how much they hold shares, it is virtual, and it is real that they can share the money.
Investing in large amounts of money and accounting for small stocks has become the basic consensus of the investment community.
Case: Jack Ma only invested 500,000 yuan at the beginning of Alibaba;
But Mr. Son invested $20 million, a 20 percent stake.
Therefore, for capital shareholders, the distribution principle is to enter at a premium, and it can be agreed with the other party that when the return of the other party reaches a certain multiple of the investment amount in the future, the founder can repurchase a part of the equity at the original price.
Of course, for capital shareholders, in order to attract them to join, we can give priority to dividends.
2. Resource-based shareholders
For example: ** Chamber of Commerce, upstream and downstream industry chains, customers.
Resources are such things as invisible and intangible, and they may not last long.
Therefore, for capital shareholders, the distribution principle is quantitative entry.
We can first find a project to test the waters, and first verify whether the other party really has resources and whether the other party's resources are valuable to us. If the project is completed, give him a corresponding commission.
Agree on the equity conversion process, first give dry shares, for example: how many profits will be brought to the company, how much proportion of dividends will be given, and then through performance, participation, contribution and other indicators, and then give real shares. And because the uncertainty of resources is very large, it is best to sign a VAM agreement, after all, red mouth and white teeth are not as good as black and white, and the entry and exit of resource-based shareholders must be agreed in advance.
3. Managing shareholders.
For example: financial and taxation experts, legal experts, equity experts.
The distribution principle of capital shareholders is full-time entry.
If he has his own company, has his own project, or has a job somewhere else, then he must not be allowed to enter as a management shareholder.
His time and energy can't keep up;
He has other options and retreats, you're just a spare tire.
Even if you are a master of time management, if you step on two boats for a long time, you will inevitably overturn.
Moreover, the maturity period of equity can be agreed, and the common modes of maturity period are: working years model, performance target model, project progress model and financing progress model.
4. Employee-type shareholders
Ordinary employees are not suitable for equity incentives.
The incentive objects need to be screened and must be targeted, generally the company's executives and core technical talents, rather than ordinary employees.
Everyone has it, and it doesn't play a motivating role.
No one has me, and no one has me. Only by using the right people and sharing the right money can we do the right thing and play a role in motivating.
It is not suitable for equity incentives in the early stage of entrepreneurship.
First of all, in the early stage of entrepreneurship, the company is small in scale, the future is unknown, and employees cannot see the value of the company's equity and the space for future appreciation.
Secondly, in the early stage of entrepreneurship, employees are highly mobile, and salary can reflect immediate value, and employees pay much more attention to salary than equity.
Finally, if you don't take equity seriously in the early stage of entrepreneurship and divide it casually, you will find that the cost of equity incentives is too high when the company grows bigger.
Therefore, for equity incentives for employees, we can set up a limited partnership as an employee stock ownership platform, with the founder doing GP and employees doing LP, and sharing money without power.
5. Strategic investors
Unlike financial investors (capital shareholders), strategic investors are not primarily looking for short-term financial gains, but long-term strategic value.
For him, your company is part of his ecological layout, and he has a follow-up industry and even capital plan for you.
Strategic investors generally put forward requests such as increasing their seats on the board of directors and sending senior executives to serve in the invested companies, so as to control the board of directors and senior executives and have the right to speak in the company.
It is inevitable that he will interfere in the decision-making of your business, and it is even possible to eat you.
There are countless founders who have lost control of the company due to equity financing, been swept away, and even imprisoned. (For example, Wu Changjiang of NVC Lighting).
Therefore, we need to distinguish whether the other party is a capital shareholder who simply wants money or a strategic investor who is trying to make a big plan, and beware of external capital grabbing control.