In the design of equity structure, we need to pay attention to the following points to avoid falling into "Lei Chi". Next, Jinan Equity Structure Design Company will explain to you.
1.明確核心股東
1. Identify core shareholders
企業(yè)股權(quán)結(jié)構(gòu)設(shè)計(jì)，核心是大股東地位的明確，包括在股東會(huì)擁有的表決權(quán)和對(duì)公司的控制力。
The core of the design of corporate equity structure is the definition of the status of major shareholders, including the voting rights in the shareholders' meeting and the control power over the company.
大股東不清晰，企業(yè)股權(quán)分配就沒(méi)法繼續(xù)，即使繼續(xù)下去了，也容易為日后的股權(quán)糾紛埋下伏筆。很多股權(quán)糾紛，都源于大股東不清晰。
If the major shareholders are not clear, the enterprise's equity distribution cannot continue. Even if it continues, it is easy to pave the way for future equity disputes. Many equity disputes are due to the uncertainty of major shareholders.
創(chuàng)業(yè)企業(yè)從一開(kāi)始就要明確公司的核心股東及其擁有的核心控制權(quán)。這樣，即使大股東沒(méi)有絕對(duì)控股權(quán)，企業(yè)也可以通過(guò)AB股計(jì)劃、事業(yè)合伙人制等確保大股東對(duì)公司的控制力，不至于在股東會(huì)與董事會(huì)層面，因權(quán)力無(wú)法集中致使公司滄為賭徒手里不斷轉(zhuǎn)售的紙牌。
Starting enterprises should clarify the core shareholders of the company and their core control right from the beginning. In this way, even if the major shareholders have no absolute control right, the enterprise can ensure the controlling power of the major shareholders over the company through the AB share plan, business partnership system, etc., not at the level of the shareholders' meeting and the board of directors, because the power can not be centralized, the company has become a paper card that is constantly resold by gamblers.
2.保證合伙人股東地位
2. Guarantee partner's shareholder status
風(fēng)險(xiǎn)共擔(dān)、利益共享是合伙的特征。因此，我們?cè)谠O(shè)計(jì)股權(quán)結(jié)構(gòu)時(shí)，也要科學(xué)評(píng)估合伙人在企業(yè)中的作用，保證合伙人的股東地位和持股比例，為未來(lái)合伙人并肩作戰(zhàn)、共進(jìn)退打好基礎(chǔ)。
Risk sharing and benefit sharing are the characteristics of partnership. Therefore, when designing the equity structure, we should also scientifically evaluate the role of partners in the enterprise, ensure the shareholder status and shareholding ratio of partners, and lay a solid foundation for future partners to fight side by side, advance and retreat together.
3.跳出完全按照出資比例分配股權(quán)原則
3. Jump out of the principle of equity distribution in full proportion to capital contribution
現(xiàn)代企業(yè)出資中，除了資金還有勞務(wù)、專(zhuān)利、知識(shí)產(chǎn)權(quán)等，所以，完全按照出資多少分配股權(quán)是不合理的。因此建議企業(yè)科學(xué)評(píng)估各類(lèi)出資(資金、創(chuàng)意、技術(shù)、運(yùn)營(yíng)、個(gè)人)，跳出完全按照出資比例分配股權(quán)的原則，鼓勵(lì)有特殊價(jià)值的股東和員工，發(fā)揮人力資本的大優(yōu)勢(shì)，增強(qiáng)公司競(jìng)爭(zhēng)力，吸引投資者。
In addition to the capital contribution of modern enterprises, there are labor services, patents, intellectual property rights, etc., so it is unreasonable to completely distribute the equity according to the amount of capital contribution. Therefore, it is recommended that enterprises scientifically evaluate all kinds of contributions (capital, creativity, technology, operation, personal brand), jump out of the principle of fully allocating equity according to the proportion of contributions, encourage shareholders and employees with special value, give full play to the great advantages of human capital, enhance the competitiveness of the company, and attract investors.
4.股權(quán)結(jié)構(gòu)簡(jiǎn)單、明晰
4. Simple and clear equity structure
簡(jiǎn)單明晰指股東人數(shù)不是太多，股權(quán)構(gòu)成不過(guò)于復(fù)雜，不存在大量的代持人、期權(quán)池、交叉持股、雙股權(quán)、委托投票權(quán)等。初創(chuàng)企業(yè)科學(xué)的配置是3個(gè)人，這樣在溝通方面會(huì)有緩沖地帶，有助于維護(hù)公司和創(chuàng)業(yè)項(xiàng)目的穩(wěn)定。
Simple and clear means that the number of shareholders is not too large, the equity composition is not too complex, and there is no large number of proxy holders, option pools, cross-shareholdings, dual equity, and entrusted voting rights. The scientific allocation of three people for start-ups will provide a buffer zone in communication and help maintain the stability of the company and entrepreneurship projects.
5.股權(quán)兌現(xiàn)約定
5. Equity vesting agreement
除了股權(quán)分配約定，股權(quán)結(jié)構(gòu)設(shè)計(jì)還應(yīng)該有股權(quán)兌現(xiàn)約定，公平保護(hù)合伙人之間的付出，激發(fā)各合伙人盡心盡力為企業(yè)效力，保證團(tuán)隊(duì)穩(wěn)定，維持項(xiàng)目的長(zhǎng)期戰(zhàn)略。一般來(lái)說(shuō)，按照合伙人在公司工作的天數(shù)，股權(quán)分4~5年逐步兌現(xiàn)。
In addition to the equity distribution agreement, the equity structure design should also have the equity vesting agreement to fairly protect the payment between partners, stimulate all partners to work hard for the enterprise, ensure the stability of the team, and maintain the long-term strategy of the project. Generally speaking, according to the number of days that partners work in the company, the equity is gradually realized in 4-5 years.
6.股權(quán)退出機(jī)制約定
6. Equity withdrawal mechanism agreement
沒(méi)有退出機(jī)制，很容易導(dǎo)致合伙企業(yè)股權(quán)戰(zhàn)爭(zhēng)。例如，有的合伙人因健康、家庭變故或能力等原因無(wú)法勝任合伏企業(yè)工作，離職時(shí)不想退股，但其他合伙人不同意。由于事先沒(méi)有約定合伙人的退出機(jī)制，對(duì)合法回購(gòu)?fù)顺龊戏说墓蓹?quán)束手無(wú)策，這樣就很容易導(dǎo)致股權(quán)劍紛。
Without an exit mechanism, it is easy to lead to equity war in the partnership. For example, some partners are not competent for the work of Hefu Enterprise due to health, family changes or ability, and do not want to withdraw their shares when leaving, but other partners do not agree. Because there is no agreement on the withdrawal mechanism of the partners in advance, there is no way to legally repurchase and withdraw the shares of the partners, which can easily lead to equity disputes.
我們建議合伙企業(yè)在設(shè)計(jì)股權(quán)結(jié)構(gòu)時(shí)，應(yīng)該就退出機(jī)制的公平合理性進(jìn)行充分溝通，并簽署相關(guān)協(xié)議。
We suggest that when designing the equity structure, the partnership should fully communicate the fairness and rationality of the exit mechanism and sign relevant agreements.
7.謹(jǐn)防外部資本控股
7. Beware of external capital holdings
外部資本控股存在很多問(wèn)題，不利于公司的長(zhǎng)期發(fā)展。
There are many problems in external capital holding, which is not conducive to the long-term development of the company.
創(chuàng)始團(tuán)隊(duì)感覺(jué)是在為別人打工，沒(méi)有足夠的工作動(dòng)力;其次，沒(méi)有預(yù)留足夠股權(quán)利益空間吸引優(yōu)良的合伙人加入，影響公司長(zhǎng)遠(yuǎn)發(fā)展后，外部資本對(duì)公司的實(shí)際經(jīng)營(yíng)狀況了解有限，容易做出錯(cuò)誤決策。
The founding team felt that they were working for others and did not have enough motivation to work; Secondly, there is not enough equity interest space reserved to attract excellent partners to join the company. After affecting the long-term development of the company, external capital has limited knowledge of the company's actual operating conditions and is prone to make wrong decisions.
因此，企業(yè)在設(shè)計(jì)股權(quán)結(jié)構(gòu)時(shí)，應(yīng)考慮到未來(lái)融資對(duì)股權(quán)稀釋的問(wèn)題，謹(jǐn)防外部資本控制公司。一般來(lái)說(shuō)，一個(gè)公司從初創(chuàng)到上市，需要4~5輪融資，好是用小步快跑的方式，多融資幾輪沒(méi)關(guān)系，但每一輪都不要對(duì)股權(quán)稀釋太多，確保核心控股股東地位。
Therefore, when designing the equity structure, enterprises should take into account the dilution of equity by future financing and beware of external capital controlling companies. Generally speaking, a company needs four to five rounds of financing from its start-up to its listing. The good thing is to use a small step and run fast. It doesn't matter how many rounds of financing, but don't dilute too much equity in each round to ensure the status of core controlling shareholders.
8.股權(quán)結(jié)構(gòu)不要平均化
8. Don't average the equity structure
每個(gè)合伙人對(duì)公司的貢獻(xiàn)都不可能一一樣，如果平均分配股權(quán)，自然會(huì)讓付出多的合伙人不滿，容易引發(fā)糾紛，導(dǎo)致項(xiàng)目半途而廢。比較成功的模式是有一一個(gè)核心大股東做為決策中心，另外搭配幾個(gè)有話語(yǔ)權(quán)的小股東，保持不同意見(jiàn)的同時(shí)又能保證拍板決策的及時(shí)有效。
It is impossible for each partner to make the same contribution to the company. If the equity is distributed equally, it will naturally make the partners who pay more dissatisfied, which is easy to cause disputes and lead to the project being abandoned halfway. The more successful model is to have one core major shareholder as the decision-making center, and several minority shareholders with the right to speak, to maintain different opinions while ensuring the timely and effective decision-making.
股權(quán)結(jié)構(gòu)是一個(gè)彈性可塑的動(dòng)態(tài)交互模式，創(chuàng)業(yè)者應(yīng)充分考慮公司的發(fā)展方向、經(jīng)營(yíng)狀況和融資需求以及出資人價(jià)值、投資額、收益兌現(xiàn)等因素，在進(jìn)行深入分析后合理設(shè)計(jì)股權(quán)結(jié)構(gòu)，并根據(jù)公司的發(fā)展變化及合伙人變動(dòng)等實(shí)時(shí)調(diào)整股權(quán)結(jié)構(gòu)。更多相關(guān)內(nèi)容就來(lái)我們網(wǎng)站
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The equity structure is a flexible and dynamic interactive model. The entrepreneurs should fully consider the company's development direction, operating conditions and financing needs, as well as the investor's value, investment amount, income realization and other factors, reasonably design the equity structure after in-depth analysis, and adjust the equity structure in real time according to the company's development and changes and partner changes. Come to our website for more relevant content http://zhenzhush.com consulting service
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