King of Capital

Chapter 80 Executive Director
August is a good season for eating mushrooms, and the table full of mushrooms will bring out the delicious taste.

Unfortunately, everyone present had their own thoughts, and the food tasted neither salty nor bland in their mouths. They were all waiting for Xie Jingxing to express his opinion.

After finishing a bowl of dried mushroom and chili fried rice with greasy chanterelles and ham, he unbuttoned his shirt cuffs and drank a sip of ice water to relieve the greasiness, then slowly took the tissue handed to him by Concubine Pei and wiped the corners of his mouth.

Finally, he said calmly: "Mr. Cui has finished talking about the conditions, so I will also talk about Taihe's conditions. First of all, Taihe must lead this round of investment, and secondly, Proust Capital cannot come in."

"Both conditions can be negotiated." Cui Aliu was well prepared for this.

Xie Jingxing shook his head and corrected: "Only when we reach an agreement on the two conditions can we continue the discussion."

"...Mr. Xie, I attach great importance to the development concept of 'Budu'. I think our cooperation should revolve around this point." Cui Aliu insisted with a stiff smile on his face.

"Mr. Cui, it is precisely because we value your entrepreneurial ideas that we can now sit at the same table and eat together."

Sun Tao stepped forward to smooth things over, paused and said, "Of course, Mr. Xie, Mr. Cui also recognizes you very much, so they hope that you can personally take charge of post-investment management."

"That's true. We have communicated with each other many times. I think Mr. Cui has confidence in Mr. Xie's strategic vision." Shen Xin tried to ease the atmosphere.

We are all veterans in the industry with many years of experience and have seen all kinds of weird projects. "Bu Du" is a typical example.

In the early stages of development, many startups will deliberately invite venture capital firms to conduct due diligence on the company. Through the due diligence process, they will understand the company's own shortcomings and improve the direction of business model development, and use venture capital firms as free third-party consulting companies.

Some time ago, when Xie Jingxing participated in the program, he came to "Bu Du" for due diligence, which was equivalent to doing this job, helping "Bu Du" to improve its business model.

But things developed differently afterwards. He chose to give up decisively because Cui Aliu concealed the fatal problem and did not even give her the chance to sit down and discuss a solution to the problem.

This led to the latter feeling a bit resentful that "you looked down on me at the beginning and now you can't afford me". But if you think rationally, Xie Jingxing, who can help Budu develop a complete set of effective business models, is the most suitable investor from any perspective.

So when Sun Tao came to her and offered an olive branch, she proposed that the core condition for accepting Juntai's investment was that Xie Jingxing must be responsible for post-investment management.

On the one hand, it is a rational consideration to handle official affairs impartially, but on the other hand, human nature and selfishness are at work.

Cui A Liu had been acting calm and reserved since they met today. She was actually waiting for Xie Jing Xing to take the initiative to talk to her about business planning in a friendly manner. As long as he agreed to be personally responsible for post-investment management, she had no reason to refuse to take Taihe's money.

"Well, let me make it clear that Juntai will not compete with Taihe for the lead investment right."

The two were in a stalemate, and Sun Tao stepped forward again to break the ice and draw a clear line between them.

If Xie Jingxing and Cui Aliu reach an agreement, Juntai will not be able to take the lead in investment; on the other hand, if the talks fail, it will not affect Juntai's continued participation in the investment.

"Budu" now occupies a brand new track, the milk tea industry chain supplier + finished tea sales channel, which is a plate with a market size of tens of billions and is in a period of rapid expansion.

Sun Tao is a fund manager after all. He has been running around all this time not for charity. He really doesn't want to let this project be delayed any further. The longer it is delayed, the more hungry wolves will smell the blood, and the competition will become more intense.

He was anxious and said directly, "Why bother to take a small misunderstanding caused by communication to heart? Tell me what you two think. Ladies first, Mr. Cui, you go first."

"..."

Cui A Liu was furious, and the ladies who saw the ghost were given priority.

Xie Jingxing smiled and said frankly: "I really don't like you calling Song Anli in the middle of the night and saying that we are trying to sow discord between your founding team. But since you have solved the problem, there is still room for discussion. I can personally join the board of directors of 'Budu' as an executive director."

"executive Director?"

Cui Aliu grasped the key point keenly, which meant that Xie Jingxing would be involved in the management of the company's specific affairs.

The so-called post-investment management is actually to act as a nanny and do everything possible to help the invested companies thrive.

For example, Zhang Fei currently manages Kuaishou’s financial affairs personally, and is also trying his best to introduce Su Hua to adjust Kuaishou’s development strategy. This situation is not uncommon in the venture capital industry.

Xie Jingxing stopped talking here and took the loving fried rice that Concubine Pei had mixed for him and put it in his mouth.

In addition to helping "Bu Du" develop as an executive director, he also has the idea of ​​supervising Cui A Liu. From the fact that he concealed the emotional conflicts of the investment team, it can be seen that this person is unstable.

"Budu", which has solved the problem, has the potential to become a combination of Heytea and Chabaidao. A market value of 50 to 60 billion yuan is expected.

Now that you have decided to invest in this project, you have to find a way to minimize uncontrollable factors.

"The valuation of 8000 million is a bit low."

Cui A Liu thought silently for a long time, and then found a way out for himself.

Anyway, the goal was finally achieved. Xie Jingxing's appointment as executive director would bring more benefits than disadvantages to the development of "Budu" in the short term, and he could digest his selfish resentment by himself.

Shen Xin and Sun Tao immediately breathed a sigh of relief and quickly said that the valuation could be negotiated!
The general direction was decided so happily: Taihe led the investment in this round of financing for the "Bu Du" milk tea brand, followed by Juntai. Xie Jingxing personally served as the executive director of "Bu Du" and was responsible for post-investment management.

"We will sign the investment intention agreement in the afternoon. Let's have a drink of tea instead of wine so as not to affect our work." Sun Tao smiled happily and struck while the iron was hot.

Xie Jingxing thought for a moment and said, "The valuation is 15 million RMB, and Taihe wants % of the shares."

"Thank you, Mr. President, for your generosity. On behalf of all the employees of Budu, I would like to offer you a glass of tea instead of wine." Cui Aliu adjusted his mood and smiled again.

Budu currently has nine direct-sale stores nationwide, half of which are concentrated in Yunnan. In addition, it has a tea mountain and supporting production equipment. According to the mainstream P/E valuation model and the auxiliary P/S valuation model, the valuation of 8 million is quite satisfactory, with a PE of about times.

Xie Jingxing's time spent on a meal doubled, which was indeed worthy of her smiling like a peach blossom and holding the cup of tea with both hands. After all, if she didn't even want money because of a personal grudge, that would be too shameless.

Sun Tao on the side grinned. It had been agreed before that Budu would give up 25% of the shares and Taihe would take 15%. In other words, Juntai had to spend an extra two million for nothing.

Obviously, he was the one who contributed the most to the matchmaking. The more I think about it, the more painful it becomes...

"After further research, Taihe can provide Budu with a loan of 20 million RMB."

Xie Jingxing looked at Sun Tao and said, "We will try to get the data up and running. The next round of financing will not have a PE valuation of 20 times."

"Please help Mr. Sun from the marketing team to connect with us."

Shen Xin perked up and said that this was her first project as an investor and she was under a lot of psychological pressure.

Sun Tao nodded in agreement without saying anything. The business model of "Bu Du" has been determined. After the financing is in place, a marketing team will be quickly established, and franchise rights will be opened to attract investment nationwide. At the same time, a long-term supply contract will be signed with the local tea producing area of ​​Wuliang Mountain.

In addition, long-term suppliers of other raw materials such as milk and fruit must be developed at their places of origin to initially build an upstream industrial chain supply for the entire milk tea industry. The long-term goal is to build our own fruit orchards and dairy farms.

Not to mention 20 or 30 million, even 200 or 300 million wouldn't make much of a splash.

It cannot just rely on financing. "Bu Du" must have the ability to generate its own revenue, that is, to attract investment and earn franchise fees and management fees, so as to feed back to the upstream industrial chain supply business.

From this perspective, the high valuation of this round of financing makes sense. From August to the end of the year, we expect to have at least 50 to 100 franchise stores. Without money, we cannot carry out marketing and promotion.

Sun Tao's mind raced, his eyes inexplicably glanced at the young celebrity who was sitting next to Xie Jingxing, adding rice, picking up dishes and pouring water, looking like a young wife, and smiled thoughtfully with a friendly face.

"Let's get down to business. Hello, Teacher Pei. Can you sign an autograph for me? My whole family is your fan!" He was extremely enthusiastic like a crazy fan.

"Ah? Okay, give me your address and I'll send you some posters later. Do you want me to record a video for you... Do you need to say anything in greeting..."

Concubine Pei, who had been treated as an unknown person throughout the whole process, finally found the value of her existence. She smiled and acted like a big star, and proudly blinked her shining eyes at Xie Jingxing.

It seems to be saying: Look, you have gained face by bringing me here...

…………

"Are you sure they're in the bakery across the street?"

"Yes, I saw it. It's the rich second generation who has been very popular on Weibo these days."

"Thank you. Go ahead and do your work."

Jin Xiu spent two hundred yuan to send the waiter away, closed the door of the private room, turned around and looked at Prince Wang with an unnatural expression, and a male VP from Today Capital sitting on the other side.

"Xie Jingxing came in person, what do you think?" She brought up the topic and asked bluntly.

The male VP from Capital Today was silent for a moment and then said, "Taihe does not do projects alone."

"If they sign the investment agreement now, are you willing to wait until the valuation is more than ten times the bottom line in the next round to enter the market?" Jin Xiu was very angry.

Xie Jingxing personally stepped in, causing Today Capital, with which she had just agreed to a win-win cooperation in the morning, to instantly turn against it. It actually wanted to draw a clear line with Pusi and run to Taihe to buy a ticket and get on board first, and then increase its investment in subsequent rounds of financing.

"Actually, everyone knows the level of Yunshan's logistics and warehousing system. Letting Mr. Xie lead the investment will definitely be better than you."

The male VP from Capital Today was honest. He patted his butt and stood up: "I'll help you this time. Let's do our best to be friends. We can work together on good projects next time."

After he finished speaking, he picked up the wine glass, filled it up, pushed open the door of the private room and walked towards the bakery opposite. Master Wang's face looked extremely ugly, and Jin Xiu used her eyes to stop him from swearing.

It's better to let this bastard from Today Capital mess up the bakery. At least it can delay the time for formally signing the investment intention agreement. As long as the contract is not signed, Pusi still has a chance to turn things around.

…………

"Mr. Cui, what a coincidence! My friends and I were having dinner next door, and when I heard you were there, I came over to say hello."

The male VP of Capital Today walked into the private room with a glass of wine in hand, laughing and talking nonsense. After he finished his opening remarks, he quickly walked straight to Xie Jingxing: "Oh, Mr. Xie, you are here too. I have heard a lot about you."

"Your friend is Jin Xiu from Pusi Capital, right? Come and have a drink to welcome him. No need to invest. I'll reserve a spot for you in the next round." Sun Tao quickly stepped forward to block the way.

There are only so many players in the venture capital circle, and everyone knows who is who.

"Who are you talking about?"

Xie Jingxing raised his eyebrows and asked.

Sun Tao glanced at him and said, "Jin Xiu, do you know him?"

"I think I know him." Xie Jingxing laughed.

(End of this chapter)