Rebirth

Within 5 minutes, perhaps it was thought of the reaction seen by the outsiders that an agreement had been reached, but the bosses inside were quiet at this time, and then they talked and laughed again. It is absolutely unexpected that a few minutes ago, a few people were still fighting. Red face.

After a while, Michael Moritz ran out of the conference room. Obviously, he can only do errands. Think about it. Several of them are the bosses of the company. Only he is the second-generation core and is still training, except for him. Who else.

"Well, you guys, a few of them have already negotiated, and the results have been obtained. This investment is the fastest investment plan I have ever seen. Yahoo is the first."

"Oh, that's the best. We all hope for a good result, don't we?" Yang Zhiyuan replied with a smile.

"Michael, why did you come out to do errands?" At this time, Li Feng was joking around.

"Haha..."

Sure enough, hearing Li Feng's jokes and watching Michael Moritz look helpless and speechless, the few people laughed, and then everyone entered the small conference room again.

......

"Welcome back, boys, you can be said to be lucky guys. We agree in principle to your financing plan."

Hearing the words of Intel President Andy Grove, Yang Zhiyuan and the others were excited.

"Well, lads, I haven't finished my words yet. In principle, we agree with your financing plan. However, we still have a bit of disagreement on the equity ratio and the current Yahoo valuation. Therefore, we still need to negotiate with you.

First of all, the first point is that the valuation of 500 million is really crazy. Our valuation is 350 million.

The second point is that 20% of the shares are too low, and we hope to have more shares, at least 30%.

Finally, if the financing is successful, we will do our best to help Yahoo rise up the Internet and make Yahoo an Internet upstart.

Okay, guys, you guys have a good discussion."After speaking, I took the lead and walked out of the meeting room.

Well, this time it was the turn of a group of big men to walk out of the meeting room, and Li Feng and others in the meeting room looked at each other.

......

"350 million is too low, and there should not be too many shares. If there are too many in the first round, who knows what will happen in the second round? Maybe after two rounds of financing, our company will not belong to us.

If there are too many shares to be distributed, then we have to stipulate that some shares have only dividend rights and no voting rights, and we must ensure our control of Yahoo.

We don't want to become "Apple Jobs No. 2" and be driven away.

Also, listen to their two points. In fact, they obviously need to talk about valuation. In fact, they value the shares more. I guess they hope that our shares can be divided more. This is their goal."

Li Feng first put forward his own ideas. After all, there are too many future generations, and many company founders are forced to leave the company.

......

As Li Feng's words fell, Yang Zhiyuan and others also agreed, feeling that what Li Feng said was reasonable. At this time, Yang Zhiyuan and others weren't the time when they became famous later, and immediately everyone began to set various conditions for such a plan.

In fact, as long as there is a general framework, the conditions are easy to set, and the most feared thing is that they did not think about it. Therefore, after several people quickly stated some requirements, they reached an agreement.

Later Yang Zhiyuan quickly withdrew from Yahoo's management after Yahoo went public. On the one hand, it is estimated that there must be conflicts within the board of directors and Yang Zhiyuan could not control power; on the other hand, it was also related to the corporate culture of Silicon Valley.

Many founders of companies have cashed out a large sum of money after the success of the company, and they have all transformed to become venture capitalists. As for the company, they are assigned to professional managers to manage.

The most famous ones include the founders of Netscape and Yahoo, who have established personal venture capital companies in Silicon Valley.

Of course, there are also people who are smarter and set various conditions in the financing process. The more typical ones are Google and FB.

The founders of the two companies set relatively smart conditions in the financing process, so that the two companies are firmly in control.Even if the founders have few shares.But the right to speak on the board of directors is the greatest.

And Li Feng's proposal is to emulate these two companies in later generations and let the company control in the hands of a few people.

......

Sure enough, Li Feng watched from the sidelines in the next words, mainly Yang Zhiyuan and Tim took the lead.

While wanting to lower the valuation and increase the shares, while wanting to keep the valuation as usual, the shares should be distributed as little as possible. Therefore, it is really lively.

In the end, first reached an agreement on the valuation, according to the 400 million valuation, and then the issue of shares.

Yang Zhiyuan and others felt that it was too much to sell at least 30% of the shares. They were only willing to give up 20% of the shares. In the end, Yang Zhiyuan raised the question of voting rights and options, and agreed that 20% belong to voting rights and 10% did not vote. Quancai reached an agreement to raise 100 million yuan.

For the extra shares, Yang Zhiyuan and David Filo each took out an additional 2.5% of the shares and cashed out 10 million each in preparation to improve their lives.

After all, the two were students before, and life is still very difficult.At the same time, it is confirmed that this share also has no voting rights.

For these 2.5 shares, they were eventually obtained by Silicon Valley venture capital Gemini KPCB and Sequoia Capital.

Of course, Li Feng, who is familiar with history, is unwilling to cash out, so he can find a bank loan.

......

In the end, the five investment companies each gave out 20 million, each with 5% shares, of which 4% are voting shares.And KPCB and Sequoia Capital got a 7.5% stake.An additional 10 million was paid to Yang Zhiyuan and David Filo.

Li Feng was diluted to 15%, Zach to 3.5%, Yang Zhiyuan 27.5%, and David still had 24% of the shares.

After it was finalized, Zach drafted the financing documents on behalf of Yahoo and the legal representatives of the venture capital. Yang Zhiyuan represented Yahoo, and several other bigwigs signed the venture capital, promising 100 million within three days. The US dollar will be credited.

At the same time, personnel will be sent to Yahoo's board of directors and promised to help Yahoo grow stronger.

For example, AOL promised to help Yahoo build a free personal mailbox, and the other companies will help Yahoo with human resources and technical talents. This is one of the reasons that Yahoo values ​​most.

Yahoo financing officially ended with the signing of the two parties, and everyone applauded.As the applause opened in the small conference room, everyone in the garage outside also cheered, especially the employees in Yahoo.

......

As everyone walked out of the meeting room, everyone in the garage stood up and looked at the group of people.Yang Zhiyuan came to the front at this time.

"Guys, now I announce that the company is valued at 400 million U.S. dollars and raised 120 million, of which the company’s development funds are 100 million and 20 million are cashed out. The agreement has been officially reached."

As Yang Zhiyuan's voice just fell, everyone cheered.

"At the same time, sitting next to each Yahoo employee, speaking of it, exactly 10 employees, after consultation with several founders, gave out 4%, and each of them got 0.4%. Although not much, I hope you can understand and be able to keep it up."

This is the result of the previous discussion. A total of 5 points were used. Tim got 1 point, and the remaining 4 points were divided equally.Originally wanted to wait until the next financing to be divided, but Li Feng thought that if the next time it is not financing directly, but listing financing, it is still necessary to allocate equity now.

Sure enough, with Yang Zhiyuan’s announcement, all the remaining 10 people on Yahoo cheered and screamed. There is no way. According to the current valuation, it is more than 1 million. I believe it will be more valuable in the future. Everyone is very sure.

Similarly, the small Luo Luo of those companies saw the Yahoo employees with envy.

......

For these 5 points of shares, Li Feng took out 1 point, and Yang Zhiyuan and David had 2 points each. This was proposed by Yang Zhiyuan.

Therefore, in the end, Li Feng still has 14%, Yang Zhiyuan 25.5%, David 22%, Zach remains the same at 3.5%, employee holdings 5%, and venture capital 30%.

Just after Yang Zhiyuan cheered, a big banner was posted on the Yahoo website, so that everyone on the Internet can see it.

"Congratulations to Yahoo for the successful completion of the first round of financing, with a valuation of 400 million US dollars and a financing of 120 million. Yahoo will get better and better!!!"

Similarly, as the banner was hung, Yahoo’s financing information spread out instantly, and Yahoo was well-known throughout the United States.