Mai Tao

recently, WeChat micro-blog, are turning 4399 stake in the former Prime Minister Cao Cao and major shareholders of the matter of the dispute, saying that when Cai Wensheng got out of the original commitment of only one of the 66. This thing I do not know the inside story, can not determine who is right and who is wrong, but it got me thinking.

careful review, found in my understanding of entrepreneurial firms, from entrepreneurial start to venture capital operations, shareholders leave early is not uncommon, these people often leave, is a small shareholder, left, generally not get too much money.

and they often leave, is the subject of much dispute, we had a pride, common ideal, with the vision of the future, and once fought day and night, this is a dispute finally crushed, even strangers.

well as entrepreneurs, especially small shareholders, how to avoid the disputes on


venture capital, there is a very special phenomenon, which is related to venture investment contract and shareholder contract, there are entrepreneurs very detailed (shareholders) terms and investors in a variety of situations, but for entrepreneurial small shareholders, special terms, less and less, one of the reasons I am not very clear. In fact, many small shareholders by large shareholders on behalf of the holders, so there is no investment agreement law constraints, in this case, small shareholders and large shareholders have a good mode of communication is very important, I think we should pay attention to the following points:

first, the major shareholder of the character is very important, with the bad character of the big brother, then it will be very troublesome. There is his interest, he is willing to share with you. Judging character can only look at his past experience, look at the interests of view, to see how much he actually used to share out to the brothers, the rest are virtual. A game company in the venture, CEO individuals took out 20% of the shares to the early brothers and sisters, this is the most I’ve seen out of the case, the boss is worthy of respect and trust.

small shareholders to join the team, often listen to the boss came to call on a dry, with the trust, but it is not enough, after all, is a lasting entrepreneurial process.

first, small shareholders of the entrepreneurial process must have a profound understanding of, and the related financing norms, gift, purchase, and even diluted equity options related to tax and other basic concepts should be clear, corresponding to the rules of the game to know about, in fact most of the time, especially the small shareholders do not have this experience and knowledge, many of the major shareholders do not understand the origin of this and resentment. As mentioned in this article 4399, which said commitment has shrunk 66 times, the standard is according to the calculation of the 4399 highest valuation financing 40 billion in 2011 from the Cao zheng. People with a little bit of PE experience know that with such a high valuation investment, it must be accompanied by a strict bet on the agreement, if someone quit