股权激励方案落地执行
十年股权整理解决方案落地实施

　　过去，创始人一人包打天下，100%控股公司是常态，不需要股权设计。现在，我们步入合伙创业时代，合伙创业成为创业企业的标配。

　　In the past, it was common for one founder to take control of the world, with 100% ownership of the company, without the need for equity design. Now, we have entered the era of partnership entrepreneurship, which has become a standard for entrepreneurial enterprises.

　　一、旧时代股权 or 新时代股权？

　　1、 Old era equity or new era equity?

　　在过去，股权分配的核心甚至唯一依据是，出多少钱。钱是最大变量。在现在，人是最大变量。只出钱不出力或少出力的投资人是否遵守 “投大钱，占小股”，已经成为判断其是否在专业投资人阵营的标准。

　　In the past, the core or even the only basis for equity distribution was how much money was given out. Money is the biggest variable. At present, people are the biggest variable. Whether investors who only contribute money without effort or contribute less effort adhere to the principle of "investing big money and owning small shares" has become a standard for judging whether they belong to the professional investor camp.

　　在过去，是创始人单干制；在现在，提倡合伙人兵团作战。在过去，利益是上下级分配制；在现在，提倡合伙人之间利益分享。在过去，职业经理人用脚投票；在现在，提倡合伙人之间背靠背共进退。

　　In the past, it was the founder's solo system; Nowadays, it is advocated to engage in combat with partner corps. In the past, benefits were distributed between superiors and subordinates; Nowadays, it is advocated to share benefits among partners. In the past, professional managers voted with their feet; Nowadays, it is advocated for partners to move back and forth together.

　　二、合伙利益 or 合伙精神？

　　2、 Partnership interests or partnership spirit?

　　之前有创始人说，我持有 90%股权，给整个团队预留 10%股权，分给我未来的 CTO, COO, CFO……公司股权少，不够分啊。这不是合伙创业，这是在给下人打赏。

　　Previously, a founder said that I hold 90% of the shares and reserve 10% of the shares for the entire team to be distributed to my future CTO, COO, CFO... The company's equity is too small to be distributed. This is not a partnership entrepreneurship, this is giving rewards to subordinates.

　　之前有创始人问，我的合伙人需要知道其他人的股权吗？我需要让合伙人知道公司的财务数据吗？这不是合伙创业，这是在唱独角戏。

　　Previously, a founder asked, does my partner need to know about other people's equity? Do I need to let my partners know the company's financial data? This is not a joint venture, this is a solo performance.

　　之前有创始人学着《中国合伙人》的口吻说，千万别和最好的朋友合伙开公司。在你从苦逼通往牛逼、但尚未牛逼、还可能永远没法牛逼的路上，除了你的老同学、老同事、老乡、老基友，甚至老婆、老妈……

　　Previously, a founder learned from the tone of "Chinese Partners" and said, "Never partner with your best friend to start a company. On your journey from hardship to cowardice, but not yet, and may never be, besides your old classmates, colleagues, fellow villagers, friends, and even your wife and mother

　　还有其他人愿意追随你私奔裸奔吗？好基友不能合伙创业，难道陌生人就能合伙创业？新东方三架马车、腾讯五虎、阿里十八罗汉……哪家不是好基友合伙创业？

　　Is there anyone else willing to follow you and elope naked? Good friends cannot start a business together, can strangers start a business together? New Oriental Troika, Tencent Five Tigers, Ali 18 Arhat... Which is not a partnership of Haojiyou?

　　有创业能力，有创业心态，经过磨合，可以作为合伙人。合伙创业，既是合伙一种长期利益，也是合伙一种 “共创、共担、共享”的合伙创业精神。

　　Having entrepreneurial ability and mindset, after adjustment, one can become a partner. Partnership entrepreneurship is not only a long-term benefit of partnership, but also a spirit of "co creation, shared responsibility, and sharing" in partnership entrepreneurship.

　　三、失控 or 控制？

　　3、 Out of control or out of control?

　　有本书叫《失控》，超人气社群罗辑思维宣扬试验失控，股权架构师们却像头不合时宜的怪物，张口闭口喜爱说 “控制”。有人说，小孩子才玩失控，大人们都在玩控制。百度、阿里巴巴、Google、 Facebook 算不算是互联网企业？这些企业的 AB 股计划、事业合伙人制，是为了控制，还是为了失控？

　　There is a book called 'Out of Control', and the super popular community Luo Ji's thinking promotes the idea of experiment losing control. However, equity architects are like untimely monsters, always talking about 'control'. Some people say that children lose control while adults play control. Are Baidu, Alibaba, Google and Facebook Internet enterprises? Are these companies' AB share plans and business partnership systems for control or for losing control?

　　在股东会与董事会的顶层决策需要控制，但需要发挥人的天性与创意的底层运营需要失控。一家公司，只有控制，公司才有主人，才有方向；只有失控，公司才能走出创始人的局限性和短板，具备爆发性裂变的基因和可能性。控制中有失控，失控中有控制。

　　The top-level decisions of the shareholders' meeting and the board of directors need to be controlled, but the underlying operations that require human nature and creativity need to be out of control. A company only has ownership and direction through control; Only when it gets out of control can the company overcome the limitations and shortcomings of its founder, and possess the genes and possibilities for explosive growth. There is control in control, and there is control in control.

　　创始人要控制公司，最简单、直接、有效的办法，是控股。公司的初始股权架构设计，首要解决的是创始人的持股权数量。根据创始人核心创业能力的集中程度与团队组成，创始人的持股有绝对控制型（2/3 以上）、相对控制型（50%以上）与不控制型（50%以下）。

　　The simplest, most direct, and effective way for a founder to control a company is through controlling stakes. The initial equity structure design of the company primarily addresses the number of shares held by the founders. According to the concentration of the founder's core entrepreneurial abilities and team composition, the founder's shareholding can be classified into absolute control type (more than 2/3), relative control type (more than 50%), and non control type (less than 50%).

　　不控股，是否也可以控制公司？投票权委托、一致行动人协议、有限合伙、AB 股计划等，都可以是备选方案。京东上市前用的是投票权委托，上市后用的是 AB 股计划，上市前后无缝对接。

　　Can I also control a company without controlling it? Voting rights delegation, concerted action agreements, limited partnerships, AB share plans, etc. can all be alternative options. Before going public, JD.com used voting rights delegation, and after going public, it used AB share plan, seamlessly connecting before and after going public.

　　公司的股权架构设计理论，不管说得多天花乱坠，都很难精确计算各方的具体持股数量。如果算小账，算八年十年，也没法精确计算。

　　The equity structure design theory of a company, no matter how exaggerated it is, is difficult to accurately calculate the specific number of shares held by each party. If we calculate small accounts, even if we calculate eight or ten years, we cannot accurately calculate.

　　股权架构设计，只能是算大帐，做模型，把团队分利益的标准统一，让团队感觉相对公平合理，股权不出现致命的结构性问题。

　　The design of equity structure can only be about calculating big accounts, creating models, unifying the standards for dividing team interests, making the team feel relatively fair and reasonable, and avoiding fatal structural problems with equity.

　　四、股权 or 限制性股权 or 期权？

　　4、 Equity or restricted equity or options?

　　股权是实对实。股东掏的是白花花的银两，公司给的是如假包换的股权，通常适用于投资人或合伙人拿的资金股。

　　Equity is real to real. Shareholders pay out a lot of silver, while the company offers guaranteed equity, which is usually applicable to investors or partners who receive capital shares.

　　限制性股权是实对空。公司给出的是股权，股东空头承诺的是未来的服务期限或业绩，通常适用于公司合伙人或少数重要的天使员工拿的人力股。

　　Restricted equity is real to short. The company provides equity, while shareholders make short promises of future service terms or performance, usually applicable to human resources stocks held by company partners or a few important angel employees.

　　期权是空对空。公司开出的是空头支票，员工空头承诺的是服务期限或业绩，通常适用于员工。

　　Options are short to short. The company issues a blank check, and employees make empty promises about service terms or performance, which is usually applicable to employees.

　　五、免费 or 收费？

　　5、 Free or paid?

　　公司发股权本身，不是目的，目的是通过股权发放筛选出一支既有创业能力又有创业心态的核心创业团队。

　　The issuance of equity by the company itself is not the purpose, but the purpose is to screen out a core entrepreneurial team with both entrepreneurial ability and entrepreneurial mentality through equity issuance.

　　股权发放，可以是个互相印证的过程。公司经过判断，可以给团队成员配备股权。团队成员是否愿意押点宝赌一把，基本可以判断他是否长期看好公司。团队成员自愿主动选择，掏过钱割过肉，他的参与感会比较高，也更会当个事来做。

　　Equity distribution can be a mutually verifiable process. After judgment, the company can provide equity to team members. Whether team members are willing to take a gamble can basically determine whether they have a long-term positive outlook on the company. Team members voluntarily choose and have spent money to cut meat, which will increase their sense of participation and make them more capable of taking matters into their own hands.

　　有的人一开始就是创业拍档，有的人需要影响成拍档。有的人看短线多些，有的人看长线多些，都是人性使然。可以根据团队成员的风险偏好匹配工资、奖金、业绩提成、期权、限制性股权或股权。

　　Some people start as entrepreneurial partners, while others need influence to become partners. Some people tend to focus more on short-term trends, while others tend to focus more on long-term trends, both of which are inherent in human nature. Salary, bonuses, performance commissions, options, restricted equity, or equity can be matched based on the risk preferences of team members.

　　六、投资=投人=投股权架构？

　　6、 Investment=Investor=Equity Structure?

　　之前有朋友创业，自己掏了 30 万，找身边朋友投了 70 万。他们简单、直接、高效地把股权分了——30%：70%。

　　Previously, a friend started a business and personally invested 300000 yuan, while a friend around me invested 700000 yuan. They simply, directly, and efficiently divided the equity -30%: 70%.

　　两年后，公司业务发展不错，创始人却发现不对劲：

　　Two years later, the company's business was developing well, but the founder realized something was wrong:

　　▲ （1）不公平，他吭哧吭哧干成了小股东；

　　▲ (1) Unfair, he worked tirelessly and became a minority shareholder;

　　▲ （2）没有预留足够股权利益空间，合伙人谈不进来；

　　▲ (2) There is not enough reserved space for equity benefits, and partners cannot negotiate;

　　▲ （3）连续有三家投资机构看好这项目，但看完公司股权结构后，没有一家敢进。

　　▲ (3) Three investment institutions have been optimistic about this project in a row, but after reviewing the company's equity structure, none dare to enter.

　　公司早期股权结构不合理，会影响到投资人的进入。有的创始人学习了一堆的新理念，新思维，说产品重要，技术重要，运营重要，需要找合伙人。但是，你一问他公司的股权架构，发现上边还是慈禧，下边还是义和团。

　　The early equity structure of the company is unreasonable, which will affect the entry of investors. Some founders have learned a bunch of new ideas and new thinking, saying that products are important, technology is important, and operations are important, and they need to find partners. However, when you asked about the equity structure of his company, you found that the top is still Empress Dowager Cixi and the bottom is still the Boxer Rebellion.

　　七、股权架构设计=筑巢引凤？

　　7、 Equity structure design=building nests to attract phoenixes?

　　对于经过磨合、有创业能力与创业心态的合伙人，谈利益，并不伤感情。不谈利益，才伤感情。

　　For partners who have gone through a period of adjustment, have entrepreneurial ability and mentality, discussing interests does not hurt emotions. Not discussing interests is the only way to hurt emotions.

　　问题是，碰到心仪的合伙人，该如何谈利益呢？

　　The question is, how to negotiate benefits when encountering a desired partner?

　　“找人这件事，考验创始人对创业方向的思考深度”。创始人首先考虑公司未来的商业模式与核心业务节点，然后考虑支撑商业模式的合伙人团队组成。

　　The matter of finding someone tests the founder's depth of thinking on the direction of entrepreneurship. The founder first considers the company's future business model and core business nodes, and then considers the composition of the partner team that supports the business model.

　　商业模式与合伙人团队组成想明白了，股权架构也就出来了。股权架构出来了，一个萝卜一个坑，创始人就知道该如何与合伙人谈进入机制与退出机制了。

　　After understanding the business model and the composition of the partner team, the equity structure was also developed. Once the equity structure is established, each carrot will create a pit, and the founder will know how to negotiate entry and exit mechanisms with partners.

　　有的公司平分股权，问题的症结不在于技术环节，而在于平分股权背后的团队组成。“创始人 + 创始人” 的团队组织架构，就好比 “曹操 + 刘备 + 孙权” 合伙创业，公司没有清晰明确的老大，股权是很难分的。

　　Some companies divide their equity equally, but the crux of the problem lies not in the technical aspect, but in the team composition behind the split of equity. The team organizational structure of 'founder+founder' is like a partnership of 'Cao Cao+Liu Bei+Sun Quan', where the company does not have a clear and distinct leader, making it difficult to separate equity.

　　但是，如果是 “创始人 + 合伙人” 的组织架构，就好比 “刘备 + 诸葛亮 + 关羽 + 张飞”，股权就很好分了。做好公司股权架构，创始人找合伙人、找投资人、找员工，再也不用纠结了。

　　However, if it is an organizational structure of "founder+partner", it is like "Liu Bei+Zhuge Liang+Guan Yu+Zhang Fei", and the equity is easily divided. Build a good equity structure for the company, so that the founder can find partners, investors, and employees without worrying anymore.

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