Entrepreneur's "homesickness": The company cannot bear to leave after sale

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It's a universal entrepreneurial homesickness to sell a company that you created, but not leave it.

Wen/Sinorama Journalist and Yang (published in the May 2012 issue of the "Entrepreneur" magazine)

Like all the people who are going through life, Lo Jiangchun made up his mind to keep silent about what was going on like an oyster.

"Do you still own a popular online stake?"

"Cash or not?"

"Is the investor giving you the pressure?"

Luo "haha" to laugh, silent a second, replied: "You think?"

Half a month ago, Lo Jiangchun and Donco jointly founded nearly 7 years of popular online was bought at a low price. In addition to emphasizing that this is strategic investment rather than acquisitions, Luo does not intend to evaluate the success or failure.

Popular is a peer-to-peer feature of the second-line video site. By the end of March 2012, "The creation of a global media empire," SMG's new media-listed company, 600637.SH, became its largest shareholder, although Blackstone's overall valuation of about $85 million trillion was only one of a few other investment offers.

Luo tries to keep a round face with a peaceful expression. He is still in the position of a popular CEO.

"What's the change in your job description?"

"Does it feel like a professional manager?"

Lo Jiangchun with "I know you in my words" smile should be said: "No ah, there is no change." "He mended a sentence," The curious thing, I do not say. ”

If you see this scene, Dai, Zhou Juan, Zhang Yongji These once set up their own company to sell and others, but do not give up leaving the entrepreneurs, most of them want to know a smile, "this time, can only say a few scenes words." However, Lo Jiangchun cannot say, they can now say.

"I was tragically hurt. "Dai said.

August 2010, Dai will start in 2001 to create sing to sell to Tencent. Get the money that moment, wear on paper writing mood: "I spent 10 years of time to plant a cherry tree, and finally results, knot an apple ... I plant is a cherry tree." ”

This entanglement is a universal entrepreneurial homesickness. Zhou Juan and Dai strangers, but more than a year later, she also experienced exactly the same "sell children sell girls" process. She went to see Chen: "Internet big guy is very casual, he wears slippers, T-shirt on the come." He is a down-to-earth company, the boss of attention to detail. "But Zhou is worried about whether Chen's commitment to the 56 net will be fulfilled," said the talk is one aspect ... no one can predict the next process ...

Next to the debut of the Global IELTS founder Zhang Yongji, he is a thoughtful look. After selling the company to Britain's Pearson, he said, "The staff is very happy, from the grassroots entrepreneurial staff into multinational employees," but he said, "If there is no new opportunity for the education industry, listed companies also have the risk of failure."

According to statistics, in 2011, the investment case of the withdrawal from the merger increased by 113.2% compared with 2010. Entrepreneurs are carrying a variety of moods to join the big companies, VC/PE-related enterprises began to seriously consider the channel of acquisition exit. This means that there will be more and more people selling the company.

Go again.

It can be seen that Dai is a young man born in 1981. His office in the upper ground is stacked with two or three piles of items, with Apple's products and leftover lunch boxes on the coffee table. He wears a T-shirt, jeans, running shoes, his legs up on the couch,

He felt a large fire machine and lit a cigarette. He thought, although the apple is good, but its own plant is a cherry tree. Don't blame him for not having a cherry.

2010, after Tencent acquired sing about six months ago, "I really do not believe that Ma and Li are the people who have the ability and the level when they start," Dai said in an interview with the entrepreneur. The path of personal ability growth is not much different. You will find that your growth is limited, your ability and experience are constrained. The Internet is the best time we missed, was whenever catch up. ”

A few months later, whenever Ma, who caught up with the big trend, bought Dai for about 43 million dollars. The unconvinced gradually subsided. Dai believes that Tencent's acquisition can be recorded as a success story in the entrepreneurial file, this is his previous era period. In the past, he was capital driven out of finance, 25, 6 years old when he saw a VC quickly change his business card. Now, after the completion of the acquisition, VC immediately call to inquire whether it has any plans to start a business, is a VC and Dai to change their business cards.

He got into Tencent. But he soon found that the "side corners" he had made in the past did not bring him much higher experience, ability, or vision. He stroked the social recognition of the promotion and success after the material return, feel that they are different, and then, began to "fear loss."

"No matter the company (Tencent) inside and outside, you said I want to do a business did not make, more face Ah, right?" After the acquisition of six months to a year, Dai to be unable to extricate themselves, the old worry about a leg fell.

This is obviously not a good condition for a person who still wants to plant a cherry tree and harvest cherries. "I found it very annoying. ”

Perhaps with no "device" of disgust and anxiety, Dai tried to make up for life regret: Since the first start-up company has not been "very" successful, then this time to play a big. He sees O2O as "a big opportunity in your life that is not available or missing, a big thing that will grow with the country's GDP and do well for years." ”

In the first half of 2011, Dai from sing more than 200 people's team to take half, and from Shanghai, Shenzhen faction Dozens of people, mobilize all the friends and resources, hit the O2O business. He sleeps at night, averaging only 3 or 4 hours a day. He felt that he had to find the right way from 0 to 1 for O2O. Dai's boss, Tencent senior executive vice President Wu Guangguang said: "You go another day to have a child." "This year over 30 people replied:" Do not put a big fireworks, do not have the mind to give birth to children. ”

Big fireworks are too hard to put. O2O is one of the most imaginative spaces for China Mobile Internet/Internet, and it is also an industry which has been born with a value of 1 billion US dollars (the public comment network) level company. However, the development of this line has just left early (thanks to group buying, lbs), is still a transitional period of chaos industry. According to the public comment network Zhang Understanding, O2O may contain the opportunity to change the pattern of China's Internet, but before this, must solve the talent bottleneck, controllable ecological chain, traditional industry-level management capacity-and the former two are the Chinese mainland enterprises in the overall plight.

It's harder to start a business. Dai, an industry recruit, has previously managed a team of just over 200 people. He wants to have no equity incentive plan Tencent to engage in entrepreneurship, but the objective situation is that the parent company's electricity quotient, group purchase and other departments of long-term dismal performance, Tencent's powerful resources and user advantages are not included in the O2O field of the killer list.

"I'm afraid it's not us that's the first one to be stable, and now it seems quite possible." I really don't have that confidence. Each place, the line below at least to reach the level of 60 points is our exerting force, we do things far from reach. We are probably at the bottom of the market, now quietly into the village to shoot the Don't ... can not find the north ... controllable play more easily into, the integration of resources is the flower, not brocade, but to experience a variety of confusion ... this is difficult, this difficult, the possibility is really very small, I know. The forte of the public comments, do not touch, at least not in the same way as it touch. ”

He refused to talk about specific products or business.

"Hard, too hard." Dai in the sofa chair. He has given up smoking, and now he packs a day.

After self-doubt, he began to cheer himself up: "I am a man who can withstand a long period of depression, and I have a habit of being very difficult to choose to give up." Because each time you want to give up the time you will choose to hold on for a while, and you get a certain degree of benefit from the long-term persistence, you will choose to hold on. I'm also very stressed now. I suppressed two years to suffocate, next year should be the small universe eruption, on the Jinggangshan. ”

"If that's not going to work, you'll come and report me failure, and I'll share the experience of failure." "he said.

Role return

And Dai can't find north different, small red coat, face and hairstyle complement each other Zhou Juan told "entrepreneur", she now than 56 nets just sold to Renren when busy, busy no time confused. "What I want is to get the resources ready and spur everyone to shorten the gap," he said. ”

Changed。

2008 is the watershed of the video industry. This year, the Chinese government became aware of the strong media attributes of Internet video and began to intervene in the industry by issuing licences. 56 net NetEase descent and Guangzhou headquarters on this appear slow. The company has experienced a one-month-long closure, which has lost 1/3 of its users. Since then, Youku first, potatoes second, 56 net decline. Since then, products and technology is no longer the threshold of the industry, financing capacity is directly at stake in life and death.

At this time, Zhou Juan's choice is a bit of a diametrically opposed. She left the arena of financing wars, stepped back behind the scenes, and was in charge of products and technology. Zhou graduated from China, the work experience is a programmer, senior product director. NetEase mailbox and other Tens products to her status, but also to her shackles. She is not good at capital operation.

Worse。 After 4 years, 56 network of funds are always scarce, so that 56 network focus on the product at the same time, had to reduce bandwidth, resulting in a satisfactory user experience. Hit the money of Youku, potatoes, long video and bandwidth more buy more, the user experience more perfect. To this day, there are still traces of this sequela. Renren 80 million U.S. dollars to acquire 56 net all equity six months later, Chen also from time to Zhou Juan sent a mail, said: "We look a little card somewhere." ”

Now, Zhou Juan no longer have to worry about financing. No matter Chen is a very unknown chief product manager, user experience officer, much like at any time @ subordinate or email pointed out that the product is not enough, he also maintained in the capital market dance Kungfu. Under the Chen, Zhou Juan good professional field can be.

"Now everyone online video, can be directly in the new look, do not jump to 56, this use is 56 background technology." This kind of integration involves a lot of subprojects, more than half a year, I often serve as a bridge for communication and coordination. "A lot of companies may think it's a good thing to arrange for someone down there, but I want to help you move forward as quickly and efficiently as possible," Zhou Juan said. Let everyone see the development of the company. ”

In the spring of 2012, after the combination of Youku and Tudou, the 56 network released from time to time "comprehensive category of video site is left to two of our" voice. Zhou Juan also with Chen a boat chat: "I think they (Youku, potatoes) two in one, for us, a competitor less than the overlap between the two more than 60%, after the merger will have the problem of loss." ”

The opportunity seems to be overdue. 56 web will be 2012 defined as the pursuit of a year, copyright is only a smokescreen, Zhou Juan real expectations of the UGC. Chen that UGC is a killer app for mobile social networks, and Zhou dreamed of UGC to help the 56 web in the mobile internet era as a good company.

"We've been doing this for years. "she said.

Study of historical figures

At the end of March 2012, Shire began his speech at the spring race of the Black Horse: "The opportunity that the mobile Internet brings is the chance of shuffling, the opportunity of the two or three-line city also has two or three-line cities."

The Zhang Yongji apparently did not notice the word "opportunity". He immersed in the Black Horse contest song "Insist" in the mood, so that first sent a micro-blog: "The Black Horse Contest" adhere to the theme song, especially good, I like (think) to sing it well. "More than 30 minutes later, he sent another:" I like the Dark Horse theme song "Insist", entrepreneurs should know how to sing, I want to learn a. ”

On the afternoon of March 30, 2012, the former global group's founder, now Global World Group president was "insisted" two words hit.

It was 4 months since Zhang Yongji sold the company. He may not be in pity or not.

Zhang Yongji was born in 1968. He sells the company, no more than the Zhou Juan and Dai after 75. He is a veteran of 12 years. First, he founded the global IELTS, always not like Mr Yu, to become China's education industry benchmark figures. This can be seen from his company's front porch with Mankengmangu medals, awards, and leadership photos.

2011, Global World on Nasdaq listing. A year later, coinciding with the hunt, the company's share price fell by more than 64%, almost on the verge of retreating. Zhang Yongji's hairline is receding, the body and mind are on the verge of collapse, starting to panic. At the end of the year, he sold the listed startups to the British Pearson Group at a premium of three times times the price.

At that time, Zhang Yongji once in the "entrepreneur" magazine in front of the debate: "You sit in the public company position, I reckon will soon collapse." Education industry If there is no new opportunity, listed companies also have the risk of failure ... so there is such a chance to further development, I think we can develop more decades of enterprise ... this enterprise will be 100% to become Pearson ...

Desperate to sell the company, take a good price ashore, after, Zhang Yongji to the self-awareness of the "ordinary, seek security" a file. Zhang refused to act as an investor, "I feel that it is very risky things, into a line between the first line, sometimes good not to talk about a half-day, or else cast into, or talk about the last half a minute." "The purpose of his disclosure is," If you're going to end up doing something, I don't think you can run. Chinese entrepreneurship is not to create wealth, or create their own, change their own. ”

A few days later, someone asked Zhang Yongji why the market had just been sold around the world after 1 years. Zhang, as always, in a suit, sitting in front of the camera lightly said his power can not be caught, "the industry competition is fierce, my education, age, personal ability can not support the world become a century brand." "He looked at the host seriously, good gestures," I am the history of this section. ”

The act of annotating this slogan is that Zhang Yongji became the president of Pearson's China district, a professional manager. "The next step is to learn in full." I used to think that I spent so much money on business school, and now I still pay attention to study. Pearson may have a lot of investment in China, can I not be a higher professional manager? Will he continue to invest through me to know more people? Would I be a boon to the next man? I think I can do that. ”

The exit mechanism has always been a common problem in China's education industry. To the domestic a-share listing, like the wait for Gordo, such as policy. To be listed overseas, we have to wait for the window to open, and then face the victory and distrust of American investors. Sell the company, which is the third road between the two roads. At this time, Zhang Yongji again sing "insist", then do not have flavor.

That night, the songwriter sent the song to Zhang Yongji by mail.