創(chuàng)業(yè)公司的發(fā)展過程中總是會(huì)遇到核心人員的波動(dòng)，特別是已經(jīng)持有公司股權(quán)的合伙人退出團(tuán)隊(duì)，如何處理合伙人手里的股份，才能免因合伙人股權(quán)問題影響公司正常經(jīng)營。下面濟(jì)南股權(quán)合伙公司從三個(gè)方面來講解起來：

In the development process of a start-up company, there will always be fluctuations in the core personnel, especially when the partners who have already held the company's equity withdraw from the team. How to deal with the shares held by the partners can prevent the normal operation of the company from being affected by the partner's equity problem. Jinan Equity Partnership will explain it from three aspects:

1.提前約定退出機(jī)制，管理好合伙人預(yù)期

1. Agree the exit mechanism in advance and manage the expectations of partners

提前設(shè)定好股權(quán)退出機(jī)制，約定好在什么階段合伙人退出公司后，要退回的股權(quán)和退回形式。創(chuàng)業(yè)公司的股權(quán)價(jià)值是所有合伙人持續(xù)長期的服務(wù)于公司賺取的，當(dāng)合伙人退出公司后，其所持的股權(quán)應(yīng)該按照一定的形式退出。一方面對于繼續(xù)在公司里做事的其他合伙人更公平，另一方面也便于公司的持續(xù)穩(wěn)定發(fā)展。

The equity withdrawal mechanism shall be set in advance, and the equity to be returned and the return form shall be agreed upon at what stage after the partners withdraw from the company. The equity value of a start-up company is earned by all partners' continuous and long-term service to the company. When a partner withdraws from the company, his equity should be withdrawn in a certain form. On the one hand, it is more fair for other partners who continue to work in the company, on the other hand, it is also conducive to the company's sustainable and stable development.

2.股東中途退出，股權(quán)溢價(jià)回購

2. Shareholders withdraw halfway and share premium repurchase

退出的合伙人的股權(quán)回購方式只能通過提前約定的退出，退出時(shí)公司可以按照當(dāng)時(shí)公司的估值對合伙人手里的股權(quán)進(jìn)行回購，回購的價(jià)格可以按照當(dāng)時(shí)公司估值的價(jià)格適當(dāng)溢價(jià)。

The equity buy-back method of the exiting partner can only be agreed in advance. At the time of withdrawal, the company can repurchase the equity held by the partner according to the valuation of the company at that time, and the price of the buy-back can be an appropriate premium according to the valuation of the company at that time.

3.設(shè)定高額違約金條款

3. Set high penalty clause

為了防止合伙人退出公司但卻不同意公司回購股權(quán)，可以在股東協(xié)議中設(shè)定高額的違約金條款。

In order to prevent partners from withdrawing from the company but not agreeing to the company's share repurchase, a high amount of liquidated damages can be set in the shareholders' agreement.

此外合伙人退出時(shí)，該如何確定退出價(jià)格呢？股權(quán)回購實(shí)際上就是“買斷”，建議公司創(chuàng)始人考慮“一個(gè)原則，一個(gè)方法”。

In addition, how to determine the exit price when the partner quits? Share repurchase is actually a "buyout". It is suggested that the founder of the company consider "one principle, one method".

“一個(gè)原則”，是他們通常建議公司創(chuàng)始人，對于退出的合伙人，一方面，可以全部或部分收回股權(quán)；另一方面，必須承認(rèn)合伙人的歷史貢獻(xiàn)，按照一定溢價(jià)/或折價(jià)回購股權(quán)。這個(gè)基本原則，不僅僅關(guān)系到合伙人的退出，更關(guān)系到企業(yè)重大長遠(yuǎn)的文化建設(shè)很重要。

"One principle" is that they usually recommend that the founder of the company, on the one hand, can withdraw all or part of the equity of the partners who withdraw; On the other hand, it is necessary to recognize the historical contribution of partners and repurchase equity at a certain premium/discount. This basic principle is not only related to the withdrawal of partners, but also to the significant long-term cultural construction of enterprises.

“一個(gè)方法”，即對于如何確定具體的退出價(jià)格，建議公司創(chuàng)始人考慮兩個(gè)因素，一個(gè)是退出價(jià)格基數(shù)，一個(gè)是溢價(jià)/或折價(jià)倍數(shù)。

"One method", that is, for how to determine the specific exit price, it is suggested that the founder of the company consider two factors, one is the exit price base, and the other is the premium/discount multiple.

比如，可以考慮按照合伙人掏錢買股權(quán)的購買價(jià)格的一定溢價(jià)回購、或退出合伙人按照其持股比例可參與分配公司凈資產(chǎn)或凈利潤的一定溢價(jià)，也可以按照公司近一輪融資估值的一定折扣價(jià)回購。至于選取哪個(gè)退出價(jià)格基數(shù)，不同商業(yè)模式的公司會(huì)存在差異。

For example, we can consider repurchasing at a certain premium of the purchase price of the equity purchased by the partners, or withdrawing from a certain premium that the partners can participate in the distribution of the company's net assets or net profits according to their shareholding ratio, or repurchasing at a certain discount of the company's recent round of financing valuation. As for which exit price base to choose, companies with different business models will have differences.

一方面，如果按照合伙人退出時(shí)可參與分配公司凈利潤的一定溢價(jià)回購，合伙人很可能吭哧吭哧干了N年，退出時(shí)卻會(huì)被凈身出戶；但另一方面，如果按照公司近一輪融資估值的價(jià)格回購，公司又會(huì)面臨很大的現(xiàn)金流壓力。

On the one hand, if the repurchase is based on a certain premium that the partners can participate in the distribution of the company's net profits when they exit, the partners are likely to work hard for N years, but will be cleaned out when they exit; On the other hand, if the company repurchases at the price of the latest round of financing valuation, the company will face great cash flow pressure.

因此，對于具體回購價(jià)格的確定，需要分析公司具體的商業(yè)模式，既讓退出合伙人可以分享企業(yè)成長收益，又不讓公司有過大現(xiàn)金流壓力，還預(yù)留一定調(diào)整空間和靈活性。更多相關(guān)股權(quán)合伙事項(xiàng)就來我們網(wǎng)站http://zhenzhush.com咨詢了解吧！

Therefore, for the determination of the specific repurchase price, it is necessary to analyze the company's specific business model, which not only allows the exiting partners to share the growth benefits of the company, but also allows the company not to have excessive cash flow pressure, and also reserves some adjustment space and flexibility. For more relevant equity partnership matters, please visit our website http://zhenzhush.com Ask about it!