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風(fēng)險(xiǎn)投資是合伙,不是買賣

風(fēng)險(xiǎn)投資是合伙,不是買賣

Ricky Pelletier 2012-11-30
初創(chuàng)公司需要轉(zhuǎn)變觀念,認(rèn)識到對于初創(chuàng)公司來說,投資人的意義遠(yuǎn)遠(yuǎn)超出金錢。一旦明確了你希望和誰一起工作,達(dá)成雙方都能接受的估值就要容易很多,因?yàn)殡p方在感情上都想促成這一點(diǎn)。

????接受一筆風(fēng)險(xiǎn)投資不應(yīng)被視為一樁買賣,它更像是合伙。

????買賣的本質(zhì)是一次性交易,合伙則需要持續(xù)的關(guān)注。實(shí)現(xiàn)這個(gè)觀念上的轉(zhuǎn)變,將會對你選擇哪種類型的合伙人以及如何選擇產(chǎn)生重大影響。

????如果交易被視為“買賣”,這時(shí)就只剩下一件要事,也就是追求價(jià)值最大化。下面這些情形都體現(xiàn)了這種思維:

????房地產(chǎn)買賣:你真地不關(guān)心誰買了你的房子,只想賣個(gè)最高價(jià)。

????其他有形資產(chǎn)買賣(汽車、藝術(shù)品等等):適用同樣的原則(雖然你可能會想為自己的寶貝改裝車找到個(gè)好人家?。?/p>

????公司收購:要看情況。有時(shí)候,“買家是誰”確實(shí)很重要,價(jià)值最大化可能不是唯一的動力,因?yàn)槿Q于收購交易,你可能 1)最終成為收購方的股東;2)最終成為收購方的員工;以及、或者3)你打造的公司及品牌已經(jīng)有了很大發(fā)展,希望它們能繼續(xù)發(fā)展。

????可以看到在上面這個(gè)列表中,(就決定因素而言),越往后的“買賣”越復(fù)雜。我想在這樣的列表中,與房地產(chǎn)買賣正好處于另一個(gè)極端的是風(fēng)險(xiǎn)投資。

????評估潛在合伙人時(shí),價(jià)值最大化絕對是做決定時(shí)需要考慮的因素,但不應(yīng)該是唯一的因素(或許,即便是在這份列表中排在最前面的“買賣”,也不應(yīng)將價(jià)值最大化考慮在內(nèi)。)你需要與團(tuán)隊(duì)中的其他成員坐下來,想清楚對于所有人而言什么是長期和短期內(nèi)最重要的事情,然后以此為標(biāo)準(zhǔn)選擇合伙人。

????人們很容易認(rèn)為選出價(jià)最高的團(tuán)體,就是選對了合伙人(需要明確的一點(diǎn)是,很多時(shí)候,出價(jià)最高的很可能的確也是最佳選擇),但你需要搞清楚,他們是不是你想長期合作的人。

????Taking a VC investment should not be viewed as a transaction – it should be approached as a partnership.

????After all, transactions are one-time in nature whereas partnerships are an ongoing concern. Changing one's thinking around this will not only shape the type of partner you select, and but also how you go about selecting them.

????When a deal is viewed as a "transaction," there is really only one key component – value maximization. This type of mentality should occur in situations like:

????Real estate sales: You don't really care who buys your home, you just want to see it go for the highest price.

????Other tangible asset sales (cars, art, etc.): The same rule of thumb applies here (though you may want to see that precious hot rod of yours go to a good home!).

????Company acquisitions:?This actually depends. Sometimes it really does matters who the buyer is, and value maximization may not be the sole motivator because — depending on the acquisition — you may 1) End up a shareholder in the acquirer; 2) End up an employee of the acquirer; and/or 3) You've built your business and its reputation to a certain point and you want to make sure it is maintained.

????As you can see, the above "transactions" get more complex (in terms of decision factors) as we move down the list. In my opinion, at the complete opposite end of the spectrum from the real estate transaction is a VC investment.

????Value maximization should absolutely be a part of your decision matrix when evaluating potential partners, but it should not be the sole factor (and perhaps it shouldn't even be included toward the top of the list). You need to sit down with the rest of your team and figure out what is important to you all in both the near- and long-term, and you need to use that as criteria for selecting a partner.

????It's easy to be tricked into thinking you are selecting the right partner by picking the group that offers you the highest valuation (and, just to be clear, on many occasions, the high bidder may very well be the best fit), but you need to be sure that they are a group you want to work with over the long haul.

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