Personal webmaster can learn anything from the past 17173

December 2003, Sohu acquisition of 17173.com. 17173--"Global network game first portal site". At that time the acquisition price was 20.5 million dollars, and is full cash payment. Many people in the industry shouted "not worth it." "The sum of accounts, at that time 17173 of the annual revenue does not exceed 800,000 U.S. dollars, profits up to 200,000 U.S. dollars." 20.5 million dollars sold, equivalent to 100 times times the P/E ratio. On Nasdaq, the average price-earnings ratio of listed companies is about 20 times times. According to professional opinion: Sohu buys too deficient, 17173 earns too big.

December 2003, Sohu acquisition of 17173.com. 17173--"Global network game first portal site".

At that time the acquisition price was 20.5 million dollars, and is full cash payment. Many people in the industry shouted "not worth it." "The sum of accounts, at that time 17173 of the annual revenue does not exceed 800,000 U.S. dollars, profits up to 200,000 U.S. dollars." 20.5 million dollars sold, equivalent to 100 times times the P/E ratio. On Nasdaq, the average price-earnings ratio of listed companies is about 20 times times. According to professional opinion: Sohu buys too deficient, 17173 earns too big.

It is said that the buyer's market for 17173 of the earliest quotation is 8 million U.S. dollars, and then rose to 14 million U.S. dollars, until 18 million dollars. Charles Zhang added 20.5 million dollars to the final win.

Charles Zhang Will, of course, be 100 times times earnings or not. The reason is very simple: do not give so much, the founder of the family why to sell you? The more money hand, the higher the status of the river, the more the cost of enjoying life, the greater the temptation. Psychologically crossed this threshold, will certainly sell, also will not control what ambition.

In fact, Charles Zhang made a big profit.

2008, it is said that 17173 income of 28 million U.S. dollars, profit of 20 million U.S. dollars. This year, the original purchase of the bid to earn back. This scale can be listed independently, at 20 times times P/E, and 17173 worth 400 million dollars. Such a ratio, the original 20.5 million-dollar purchase price, is too low.

So, the founder of 17173, Cai Zongji regrets.

July 2005, Cai Zongji and Sohu signed Non-compete agreement expired. After resting for two years Cai Zongji comeback, created a similar website with 17173 www.766.com, also do online game information. This thing, a look will know, Cai Zongji not reconciled, want to return.

However, veteran Cai Zongji has not been able to show his glory. The creation has been nearly four years of 766, so far in the global row of 10,000 or so, income is not scale. 17173 is high in the range of 600~700 name. Although old Cai to this industry, to 17173 are all over, but not broken 17173 of the first-hair advantage.

As the story goes, it's basically shaped. 17173 The founders gave up a bigger long-term benefit and a broader cause because of immediate interests. He might not have been unaware of this, but would not be able to resist the temptation of tens of millions of dollars. Student Zhang, the money to fix this thing.

The story is not finished yet.

Also in the Cai Zongji comeback to create 766 in 2005, another similar game information site to play more www.duowan.com also started. Founder Lee Colling, before is NetEase editor-in-chief, at this time quit business. But today, more than 17,173 games have been more than the largest Chinese game information website. 2008 revenue of tens of millions of yuan, than in 2007 doubled several times.

The problem: Even if the 17173 has a first-order advantage, why 766 super, but can more than play it?

In 2007 I had a conversation with the Zhang Yunfan co-founder, the founder of the game.

Q: Who is your biggest enemy?

A: 17173, but play more quickly than it.

Q: 17173 why not?

A: The founder has already been to enjoy life, now a bunch of professional managers do.

Q: Is this different?

A: Of course not. We are starting a business and we are as vicious as a wolf. Professional managers do not struggle to get paid.

Although do 766 Cai Zongji is also in the business, but with do 17173 already very different. First, he succeeded and knew what it tasted like. Not to be desperate. Second, he had the money and enjoyed it. Want to desperately also powerless. So, 766 fights but more play, like 2005 years after the Cai Zongji must not fight 2003 years ago Cai Zongji same.

Because of this, any industry will not have a never defeated the boss. There will be endless entrepreneurial. A Cai Zongji in seclusion, thousands of Lee Colling come out.

It's called metabolism. The evil inside breeds good.

Well, to sum up the most essential logic: no erosion of life (here refers to successful people to wind, the good days of the beautiful) corroded people, the most vicious. This is the first time people start a business. For example, the Cai Zongji before 2003, the present Lee Colling. Once eroded by erosion of life, it is basically no combat. For example, after 2003 17173, and the Cai Zongji of the new venture. Erosion of life is the dividing line, is to be acquired. And the most like the acquisition of the Big Boss, such as Charles Zhang, is in the psychological count. With a lot of money and erosion of life to lure entrepreneurs, the hard to hit the foundation and a brilliant future to sell him cheap.