24 Coupons At the end of life: entrepreneurs and investors from love to break

The tide faded, knowing who was not wearing the underwear.





once let entrepreneurs and investors have wireless fantasy group buying industry, after two years of crazy expansion, 2012 ushered in rapid contraction, insolvency, packaged for sale. Through the dialogue has fallen 24 coupons, NetEase technology hope to restore the company's start to bankruptcy summary, readers.





conflict: In order not to achieve the sale of





June 2012, Malaysian investors formally decided to give up 24 coupons.





September, the investor's representative flew from Malaysia to Beijing, while the investor, KK, was already managing the 24 voucher internal affairs. Six seats in the board of directors of the investment side accounted for four, COO Penre has left, the founding team remains Du Yinan one person.





"on board that night, just for a moment, they said to me, Aaron, you go out first." Du Yinan said this paragraph, sit. "I sit at the door and so on, after the board has been opened, they come out to say, Aaron, we think you can only take turnover rights and interests, a lot of can not, otherwise everything is free to talk about." ”





Du Yinan realized that he had been elevated by the board and was blindfolded.





Du Yinan counterattack. At the end of September, he sent an internal mail as CEO to remove KK Temporary COO duties, the investors, who are represented by the successful group, are interested in achieving "King" through the entry of strategic partner investors, and proposing that all vested interests should give priority to investors, and that compensation for the founders ' team and employees is unreasonable. Management on behalf of KK Response, said that Du-nan unilaterally lifted their own and related colleagues of the position and the company's account number of the remaining more than 2 million yuan. In the process of the two sides, 24 coupons collapsed.





to this move, Du Yinan afterwards another saying. He says the problem of bringing the company problem down to his and management's is to deflect contradictions. If the company immediately announced the operation of the problem rather than business, businessmen will directly conflict with employees, endanger personal safety.





After the contradiction was made public, the two sides still had a final round of negotiations. In a "CEO stripping agreement" provided by Du Yinan, the investor asked Du Yinan to resign from the 24-coupon CEO and all board positions in November. As a condition, Du Yinan needs to sell the company as best he can. If 24 coupons are sold to new highs, Du Yinan will get a smaller sum of 19% or 7 million dollars, and if sold to other companies, Du Yinan will get less than 10% or 4 million dollars in price.





the two sides then on the CEO stripping agreement in a number of details of the mail, Du Yinan on the change to the rights of the issue, expressed dissatisfaction, and said that investors can not limit his exposure to the media, but he can promise not to say the negative impact on the company's speech. Du Yinan finally did not sign the agreement. TransAsia's advice to him is that once an agreement is signed, you are no longer a 24-ticket board member, and the cash the employer promises to you will be a bad check.




The
agreement was not signed and the company was not sold. In order not to achieve the sale, Du Yinan and investors break. Earlier this month, Du Yinan to NetEase Technology formally confirmed the company bankruptcy matters.





24 coupons with the investment side of the sweet years





"has not seen the Big Boss, has used the mentality of worship to him to write an e-mail, he sometimes back sometimes not back." "Du Yinan's big Boss is the successful group president finite, 24-coupon Malaysian investor." The successful group operates 7-11, shopping malls, Kuala Lumpur successful group Times Square, insurance companies and other 150 companies, of which more than 10 subsidiaries are listed around the world. As president, finite personal assets are very strong.





"James Seng directly to my 24 coupons introduced to the Big boss, but I have little contact with him, once wrote to him, the kind of worship, he sometimes back sometimes." I've never seen him before. After the introduction of the middleman, successful group board member Kenneth Chang to 24 coupons to throw 6 million dollars. Kenneth Chang and James Seng both entered the 24-ticket board.





is a successful group or a finite individual? Both sides diverging. Du Yinan said, "signed by the Big Boss, you say is not a successful group?" "The successful group has issued a public statement saying that it has never injected 24 coupons and is not a member of the 24-coupon shareholders ' meeting." and Du Yinan provided the CEO stripping agreement shows that the investors are Malaysia MA Online (MOL) and Flextronics venture. Successful Group president finite is the main shareholder of Malaysia online, if not a successful group, it is through the Malaysia online to 24 coupons investment.




After the
money came in, one of the three seats on the 24-ticket board came from the investor, and the other two were Du Yinan and Penre. Since then, 24 coupons in Du Yinan led rapid expansion, half a year from Beijing headquarters to expand to 10 cities nationwide, 400 employees. There is only one purpose, "to get the second money as soon as possible." ”





July 2011, Du Yinan fulfilled his wish. Malaysian investors again, Ding Fai, Wei up with the vote of the second money to account, a total of 24 million U.S. dollars. Business stalls more and more, 24 coupons in a very short period of time to expand the business to 102 cities, staff once reached 4500 people. And Du Yinan also live in the investment side of Shanghai property, the relationship was very harmonious.





Du Yinan excited, but also feel great pressure.





at this time, domestic group buying website is hot. Handle Nets and litters regiment sales a little ahead, glutinous rice, the United States Regiment, 24 coupons, the public comments, etc. in sales. "The result of the negotiations with the investors is that we have to fight for the first." "Du Yinan said. The same year May and October, the litters group has launched a High-profile launch plan, handle network to the U.S. stock Exchange to submit a listing application. During this period, Du Yinan has contacted Deutsche Bank to discuss the listing of 24 coupons in the U.S.





deadly debt: the relationship between the two has gradually broken down





September 2011, after the crazy expansion, 24 coupons financial problems. 24 coupons with most group buying enterprises, respectively, on the line after the three time point for the payment, margin only 5%. "Debt (accounts payable to businesses) has exceeded 80 million trillion yuan and cannot be stopped and can only be filled with new income." "After the financial problems arose, Du Yinan hired five CFOs in 2011," he said. "Never found the most suitable person, to the late no one would like to enter the industry, I should not be too indecisive at the beginning." ”





In November 2011, 24 coupons on the book has no money, the company began to cut off the station, a short period of four months, the company's employees from 4500 people to 300 people. Stay in the company's employees are not paid in cash, to send 4000 yuan buy coupons to pay, today, there are a lot of former employees holding the hands of 24 buy coupons.





at the beginning of 2012, once in the first group purchase site 10 of the market, 58 of the city and other companies have given up the purchase business, handle and litters listing plan, no one group buying site to achieve profitability. Group buy industry overall situation is bad.





January 2012 and April, in order to clear accounts and stop losses, the successful group finite to 24 coupons for the C and D rounds, a total of 10 million U.S. dollars. "Why is the employer willing to invest?" Because I told them that I would try to sell the company. Du Yinan revealed that after a major downsizing of the structure and a big reduction in business, 24 coupons reduced the debt to 40 million and the monthly loss from 4 million to 300,000.





for the next six months, Du Yinan began negotiations with a number of websites including Groupon, LivingSocial and high friends to seek acquisitions. Now high Friend CEO F Group founder Rynning confirmed the negotiations and evaluation, but due to 24 bonds too much and the potential is not big, high friends finally give up the acquisition.





to the shareholders promised to sell the matter, the two sides of the conflict between the bottom of the outbreak, so the investors hope that through the agreement will Du Yinan wash out of the scene. "I cannot see the management now, and the last communication is with the staff to make amends." In the hands of the management, there are still more than 2 million, the result is a price of one person compensation 300 yuan. ”





"I am also a company employee, but I do not even have compensation for this 300 yuan." Du Yinan added.





"PostScript: 24 coupons dead who?" 】





Group buying industry has closed Kay not only 24 coupons, group treasure nets, fairs, 58 City have given up the purchase business, but Du Yinan's failure story is blamed the most. Why did 24 coupons die:





One, the problem of profit model: Du Yinan once said, group buy profit model like Ponzi scheme, too dependent on capital. After the emergence of Groupon in the United States, domestic group buying site a honeycomb appeared, resulting in too much competition, margin only led. Take 100 yuan of sales for example, group purchase site only 5 yuan profit, the remaining 95 yuan although in the book, but are to be settled in instalments to the merchant's account, the formation of debt.





second, the entrepreneur lacks the management experience: as the enterprise core and the soul, the Du Yinan performance lacks in the strategy and the management. In the process of corporate management and strategy development, 24 coupons of the entrepreneurial team has a lot of problems, the financial aspects of the most professional talent. In order to expand the size of sales on the books, 24 coupons do not hesitate to reduce the gross margin or even paste money, causing burning money too fast, insolvency. After the discovery of the company's operating problems, also did not lead the company restructuring business adjustment.





three, operating costs too much: more than 4,000 people's team, light labor costs more than 20 million yuan per month. In addition, 24 coupons in the market to promote the above regardless of investment, had spent in CCTV and other advertising, operating costs are very high.





Four, the team is not mature: group buying looks like something on the internet, the real fight is the offline sales team. 24 coupons In the early stages of development, blindly too fast expansion of the company, 4 months of time to recruit more than 4,000 people, it is hard to say whether the election of a good sales team.





Five, the investment side oversight: investment in essence is cast, investors to Du Yinan in the domestic without entrepreneurial experience, no interpersonal background, such as lack of understanding. After the first two rounds of 24 coupons, the investor did not realise the 24 voucher issue, but waited until 2012 to enter the company's business and make a mistake in strategic decision-making. And after two inputs, still add two rounds until the hold-up, to the end of the credulous can sell the company.