due to the high technical threshold, the products can't be developed for a long time. Singularity Brothers rely on some websites to outsource their operations and look for new directions. At the critical moment, Tianjin Li Dezhong invested 1, yuan in Singularity Brothers and acquired 6% equity.
2. Switch to Chinese hamburger
At the beginning of November 213, Song Xin went back to Xi 'an to study with a Chinese hamburger master. Due to the shortage of funds, Singularity Brothers launched the first crowdfunding, "using 4% of the dividends and equity of the first three stores to raise 5, start-up funds".
Half a month later, Song Xin Xuecheng returned to Beijing and rented the first shop of Master Xi, the small pavilion that opened in Wudaokou on April 8, 214.
3. The fire, at the same time, resulted in differences
After the article "Why should I quit my job to sell Chinese hamburger" became a fire, Master Xi's Chinese hamburger became an instant hit, and differences also arose at this time. Two or three days after the opening, Meng Bing first proposed to take back the crowdfunding shares at a premium of 1.2 times or 1.5 times. Considering the profit and valuation, Song Xin rejected this proposal. On the 12th, Meng Bing got back a contract to acquire 6% equity of Tianjin Li Dezhong for 12, yuan, and put it under his own name. At this time, the minimum valuation given to Master Xi by the investment institution was 2 million yuan.
The division of labor among them is: Luo Gaojing is in charge of the storefront, Song Xin is in charge of the kitchen supply chain, and Meng Bing goes to see the investors as the CEO of the team. After meeting the investors, Meng Bing made two suggestions to Song Xin and Luo Gaojing: First, he wanted three times the voting rights; The second is to form a VIE. It costs $5, to set up a VIE. Song Xin thinks it is a waste to do it early and still refuses. The two sides didn't negotiate, but there were three times of voting rights in the formal investment terms. Song Xin disagreed and had a big fight with Meng Bing.
The formal investment terms have been issued, but they have not been signed because of internal differences. Therefore, Meng Bing promoted Yuan Zelu, another Baidu colleague who worked part-time in Master Xi, to a partner, and proposed to acquire 28% equity of Song Xin for 27,, so that he could keep 2% equity. Song Xin didn't want to accept such terms, and proposed to sign an agreement with Meng Bing every year to transfer a certain equity at a discount to the valuation, but Meng Bing didn't agree. Because there has been no progress, Song Xin proposed to go back to Xi 'an to learn tofu pudding. The deadline given by Meng Bing was three days. Song Xin returned to Beijing a week later and was told by WeChat that he had been expelled from the company and wanted to return all the shares of the company. The asking price was 3, yuan. The two sides did not reach an agreement on compensation and share repurchase.
the differences in values and the long-standing disharmony between partners finally broke out on June 15th, 214. Song Xin was forced to leave the management of the company after voting by major shareholders. In June 213, due to equity disputes, Song Xin left the founding team of Xishaoye Chinese hamburger.
4. Song Xin established Xinxishao
On September 18th, 214, the Xinxishao catering brand he founded opened its first store in Beijing. In November of the same year, he received millions of angel investments from Hongtai Fund.
second, the inspiration from master Xi to entrepreneurs
1. It is very, very important to choose the right partner. If you choose the wrong person, you will be quarreling.
when choosing a partner, we must look at two points: first, the values are consistent and the career direction is recognized; The second is the complementarity of capabilities and resources. Most entrepreneurial teams break up and split up because the founders' values are inconsistent or disagree, or someone's ability or resources have not brought core value to the company's development and are forced to go out. The idea, personality and trust between shareholders determine the life and death of the company.
2. The design of equity structure is very important. Meng Bing, Song Xin and Luo Gaojing account for 4%, 3% and 3% of the shares respectively, which is a typical quarreling and deadlock shareholding structure. This average shareholding structure leaves hidden dangers for equity disputes.
3. The equity agreement is very important, and arrangements should be made for the equity structure, corporate structure, operation and decision-making mechanism, and stock equity. Moreover, it must be decided in advance; If something goes wrong, we can talk about it again. Generally, we can't talk about it, but we have to break up.
4. Trademark protection is very important, young master V is new and young.