"Fifty million, and I will only dilute 15% of the shares."
When Li Mu stated his conditions, his tone and expression seemed to be understated, and Tan Yaocheng's face darkened.
"Fifty million is impossible. Baidu only accepts thirty million, and 15% of the shares is too little. Baidu wants at least 30%."
After concluding that Li Mu would not agree to the package sale, Tan Yaocheng also gave up this idea and turned to fight with Li Mu on the financing issue.
Li Mu waved his hand and said with a smile, "Mr. Tan, you misunderstood. I will dilute 15% of the shares, and Baidu can only get 10%. The other 5% will be invested by other individuals."
“10%？！” Tan Yaocheng almost wanted to stand up and turn around to leave. He heard Li Mu say that he could only dilute it by 15%, and he just said that Baidu wanted at least 30%. He did not expect this guy to say that he could only give him two-thirds of the 15%, which was too disrespectful to him.
"If it is only 10%, I don't think we need to continue the discussion."
Li Mu nodded and said, "This is not negotiable. If Mr. Tan does not accept it, there is really no need to continue the discussion. Let's call it a day."
Li Mu had already stood up as he spoke. Tan Yaocheng almost vomited blood. He wanted to turn around and leave, but he knew that he could not be swayed by his emotions, so he did not even have the courage to stand up. However, Li Mu simply came to play with him today. He did not stand up, but he did not hesitate to stand up and leave. What was he doing? Was he forcing him to stay? Did he really think that he would give in with this kind of hypocritical coercion?
Tan Yaocheng just wanted to take the opportunity to put Li Mu in a dilemma, but he did not expect that Li Mu had already walked to the door of the conference room. Before he could react, Li Mu had pushed the door and left.
Jack Zhou and others looked at Tan Yaocheng in astonishment. Tan Yaocheng's face was also red, and he did not say a word. Ten seconds later, Jack Zhou asked, "Mr. Tan, are you really going to let it go?"
Tan Yaocheng immediately woke up from his anger and hurriedly said to him, "Quickly go after them, what are you thinking about!"
Although Jack Zhou complained in his heart, he didn't dare to delay his actions. He got up, strode, and went out of the door smoothly. Finally, he saw Li Mu who was waiting for the elevator at the door of the elevator.
"Mr Lee, Mr Lee!"
Jack Zhou ran to Li Mu and said breathlessly, "I'm really sorry. You may have misunderstood what Mr. Tan meant."
Li Mu asked, "If he said 10%, then there's no need to continue the discussion. Isn't that a rejection? If we can't negotiate, we should break up. What did I misunderstand? "
In the beginning, Jack wanted to save some face for Tan Yaocheng. Now, seeing that Li Mu didn't buy it at all, he couldn't care about anything else and could only say with a smile, "Boss Tan has too high expectations on this matter, and there is a little personal emotion in it. Now he has realized that he said something wrong, so he asked me to come and chase you back."
Li Mu asked, "Why are you looking for me?"
"Of course, to continue the discussion."
"Can he accept 10%? If he can, then continue the discussion. If he can't, then stop the discussion. "
"Well … How about we go back to the conference room and talk about it?"
"Forget it, Mr. Zhou. If we can't reach a consensus on this issue, I will ask for a snub if I go back. How about this, I will wait here and please go back to ask him. If he can accept 10%, I will go back to continue the discussion. If he can't accept it, just tell me and I will go downstairs directly."
Although Jack Zhou knew that Li Mu was difficult to deal with, he didn't expect it to be so difficult. However, Li Mu didn't have any leeway in his words, so he couldn't bargain with him. He could only grit his teeth and said, "Okay, Mr. Lee, please wait a moment. I will go and ask him."
After that, Jack Zhou hurried back to the conference room and closed the door as soon as he entered the conference room. Seeing that he came back alone, Tan Yaocheng's heart skipped a beat. He thought, "Oh no, did I really offend this guy?" Although Baidu wanted to fully acquire it, they also decided to hold the shares if they couldn't achieve this goal.
Now he offended the founder. If Baidu missed this project because of this, then he would be guilty. It would be easy to deal with the company, but the key was that the investors would be very dissatisfied. He took the initiative to propose a project and finally convinced the investors. If he went back and told the investors that the project didn't go through, what would the investors think?
At present, Li Mu was stubborn. Although he wanted to finance, he had an attitude of being the boss, which really made Tan Yaocheng feel helpless.
After hesitating for 30 seconds, Tan Yaocheng sighed and waved his hand. "10% of Series A is fine! Call him back quickly! "
Back to the negotiation table, Tan Yaocheng didn't have the previous sense of superiority. Li Mu's attitude also became a little cold. After coming back, he ignored Tan Yaocheng's politeness to ease the atmosphere and directly stated his follow-up conditions.
First, there was no room for negotiation for the valuation of 50 million yuan. Song Liang's 5% followed the investment and enjoyed the same valuation treatment as Baidu.
Second, Baidu must give Easy Hearing and Tieba enough traffic promotion support. There was no specific figure, only operational requirements: For all the keywords related to Tieba, the relevant Tieba must be ranked in the top three of the search results.
Third, Baidu must not interfere with its own operation.
Fourth, the amount of financing. Li Mu personally wanted to cash out 20%. That was to say, for 50 million yuan of financing, Baidu invested 5 million yuan for 10% of the shares. This 5 million yuan would not all be used as the company's operating funds. Four million would be put into the company's account, and one million would belong to Li Mu personally. The same was true for Song Liang's 5%. Out of 2.5 million, 2 million would be put into the company's account, and 500,000 would be put into his personal account.
Tan Yaocheng trembled with anger. Looking at the world's Internet companies, there were very few start-ups who dared to cash out in the first round of financing. Moreover, even if the start-up had this request, the investors would definitely refuse without hesitation. This feeling was like an investor preparing to use money to sponsor a student to go to college, but the student took it for granted and said, "I need to cash out 20% of the tuition fee as pocket money." It was infuriating and ridiculous.
Li Mu also knew that his request was a bit excessive, but he also had his own justifiable reason: he was short of money.
He only had a total of 200,000 to 300,000 yuan, and he had to support a bunch of Internet Water Army on Douban. He wanted to invest in other projects, but he was strapped for cash. 3321 was almost developed. When the time came, wouldn't he have to spend money on various landing promotion activities, such as placing light box advertisements in buildings, campuses, bus stops, and subway stations near the residential area?
Beijing was so big, there were so many high schools, university campuses, and residential areas. If he really wanted to do it with great fanfare, what could he do with his little money? Even if he were to play around with word of mouth and vertical promotion to save costs, he still had to spend money, right?
There was no way for Li Mu to make quick money at the moment. If he wanted to make money, he had to at least wait until Legend of Mir started charging fees and becoming popular. There were still a few months in between. During this time, the only chance for him to make money was the Series A financing on Yiting and Tieba.
Tan Yaocheng firmly refuted a few of the harsh conditions that Li Mu put forward. For example, he said that 5% of individual investors could not provide traffic support like Baidu, so if he wanted to invest in Legend of Mir, he had to invest at an estimated value of 80 million yuan.
Li Mu ignored him and only said, "Anyway, he enjoys the same valuation as you guys. If you're willing to invest at an estimated value of 80 million yuan, I'll let him invest at an estimated value of 80 million yuan."
Tan Yaocheng felt a tightness in his chest.
Then, Tan Yaocheng said, "Baidu can not interfere with your operations, but Baidu needs him to provide a plan and specific implementation plan for the next quarter before the start of each quarter. If Baidu has any objections, Baidu has the right to withdraw its shares and liquidate."
Li Mu rejected flatly, "Absolutely not. There's no plan and no right to withdraw shares and liquidate. There's only one purpose for this trip: no refunds."
If he agreed to this condition, it would be like putting a noose around his neck. After the money came in, it would gradually be invested into the operations, and the more it was spent, the less it would be spent. If Baidu suddenly said that it had objections and wanted to withdraw shares and liquidate, wouldn't he be killed? Taking a step back, even if he didn't give this right, Li Mu would not give him any plans and plans. These were all trade secrets. Did he really think that he was the boss with only 10% of the shares?
Tan Yaocheng felt that he needed to do a coronary angiography. He was afraid that if he continued to talk with Li Mu, he might have a heart attack at any time.
For the last time, Tan Yaocheng retorted, "It's impossible to cash out of Series A, and it's even more impossible to cash out a set of 20%. The most important thing is that you're not just taking out 3% of the shares to cash out, but 15% of the financing. That's even more impossible. If you really want to cash out, you can take out 13% of the shares to Baidu, and I'll allow you to cash out 3% of it. That way, you can get 1.5 million in cash before taxes."
"No way." Li Mu waved his hand. "If you agree to this condition, sign the contract immediately. If you don't, just treat it as us getting to know each other. Even if we can't make a deal, we'll still be friends."
Tan Yaocheng was going crazy. Why are you always the one making the conditions? We're the ones who are investing, and we haven't even said a single condition!
However, Tan Yaocheng saw Li Mu's routine today. His routine was simple, direct, and crude. In summary, it could be summed up in one sentence: No negotiations, no bargaining. If you want to invest, invest. If you don't, scram.
A business negotiation made Tan Yaocheng feel humiliated like he had never felt before. It was as if he was trying his best to bargain with someone when he was buying groceries. No matter how hard he tried, the other party wouldn't budge at all and would just accept whatever he said.
Finally, he gritted his teeth and was ready to agree, but he didn't expect the other party to say, "You can buy, but you can't be picky. Take it or leave it."
Tan Yaocheng took a long time to calm himself down. Then, he said to Li Mu, "Let me tell you our conditions."
Li Mu nodded. "Go ahead."
Tan Yaocheng said, "We need the rights to be the sole investor or lead investor in Series B."
According to the usual routine, Li Mu's Series A financing of a few million could be used to expand the team, develop, and promote the business. When the money from this financing was almost used up, they would need to proceed with Series B financing. At that time, they would need to take out a portion of their shares to dilute in exchange for funds, which was Series B financing. What Baidu wanted was nothing more than to let him decide first on Series B financing. If he was optimistic about this project, he could invest in it alone. In that case, others wouldn't have the chance to invest even if they wanted to.
Li Mu didn't want to give him the chance to invest alone. Because that way, if Song Liang still wanted to follow in Series B, or if he still wanted to let others invest in Series B, it would be up to Baidu.
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