I was reborn and stayed in school to lie down. I really don’t want to roll anymore!
Chapter 873 Finalization and Suggestions
In the conference room, Jiang Hao and Mr. Zhang finished their greetings.
Zhan Liang continued to talk with Mr. Zhang about the C round of financing.
It was not like when Jiang Hao started his business, when there were many investors queuing up for Jiang Hao to choose in the company's C round of financing.
The milk tea chain brand "Bu Cha Bu Fan" will have one-on-one communication with Mr. Zhang for the time being.
As expected, there is only one investor, Hillhouse Capital.
Communication is relatively easy and does not require any complicated introductory meetings.
It means that the two teams directly evaluate each other face to face.
"Mr. Zhan, I personally and my team are very optimistic about 'Bu Cha Bu Fan' as a tea-based milk tea brand."
"But you guys are developing a little slowly, which has allowed many latecomers to grow big as well."
"As a result, the development of 'Bu Cha Bu Fan' has been greatly affected, and its valuation has to be discounted."
Gao Yan gave Zhan Liang some advice in a serious manner in front of everyone.
What he said was indeed very direct and to the point.
Don’t be fooled by the fact that “Bu Cha Bu Fan” appears to be developing very quickly. In just less than two years, it has opened branches all over the country.
But there are actually only about 800 stores, including franchisees.
The development speed of milk tea shops in the past two years has been more rapid than that of the coffee category.
At the same time, everyone regards "Jiang Yu" coffee as a role model, and each of them wants to accumulate users and stores before eventually going public.
This has also led to the rapid emergence of various milk tea brands in the past two years.
At least the "Bu Cha Bu Fan" brand is no longer as unique as it was when it was first established.
There are three well-established companies on the market that can all give it a try.
No wonder the C round of financing valuation of "not much to do with food and drink" mentioned by Zhan Liang was only RMB 30 billion, which seemed a bit insignificant.
"Manager Gao, no matter what, we are still the first milk tea brand to popularize cold brew tea."
“Even in terms of market share, our brand occupies the number one share.”
Zhan Liang responded equally forcefully. The two sides were now in the final stage of bargaining.
Concessions mean concessions on the company's valuation, and in the end there will be less money available for round C development.
The current attitude is still very tough, and its advantages are once again demonstrated.
"But it is also true that the market share of the 'Bu Cha Bu Fan' brand is declining."
"At the same time, the brand's influence is only stronger and more vibrant in a few nearby provinces such as Jiangnan Province."
"In other provinces, it's much weaker."
There are more than 2 stores nationwide, and 3/ of them are in provinces near Jiangnan Province.
The remaining 1/3 of the stores were opened by Zhan Liang specifically for the C round.
"Well, the valuation is still calculated at 30 billion RMB."
"But for the financing, I need you to use the number of stores as the standard before disbursing the financing funds."
“以3000家门店为目标,融资后先行给付30%,1500家门店后给付40%,3000家门店时给付最后的30%融资款。”
In the end, Gao Yan did not cut the financing valuation, but instead imposed restrictions on the financing amount.
This is the dilemma faced by small businesses or businesses with small potential and scale in financing.
The real power of speech lies with the investors, and the company founders are very weak in this regard.
“Yes, 3000 stores is no problem.”
If you want to go public eventually, you have to ensure this number of stores.
Stores that “don’t serve tea or food” actually have good profitability and their average customer spending is relatively high.
What is lacking at present is the number of stores, and the number of stores actually reflects the shortcomings of "Bu Cha Bu Fan" in terms of quality control, supply chain and so on.
Otherwise, as for the number of stores, as long as you have enough money, you can open as many as you want.
"Zhanliang, I think in terms of the supply of 'no tea and no food', especially tea, the company can consider acquiring a tea garden."
When they were talking about valuation just now, Jiang Hao did not intervene in the conversation between the two.
The reminder was only given now that both parties had settled the matter and were beginning to draft the lawyer's contract.
"Start a tea garden yourself?"
...
"Well, actually it means buying a large tea garden. This will not only reduce costs, but also ensure the quality of the tea."
“In terms of marketing and publicity, I think you can be bolder.”
Zhan Liang comes from an operations background, and he has actually done a good job in marketing.
But the scale is quite small, and most of the interesting activities were held in the surrounding areas of Jiangnan Province.
There is no unified advertising at the national level.
"Mr. Jiang, what do you mean?"
...
"As for advertising! National advertising is indispensable, and we still have to invest in it."
“Without name recognition, you have no market in other provinces.”
"Also, you can learn about 'Jiang Yu Coffee'."
Jiang Hao spoke frankly to Zhan Liang and some of his suggestions were also straightforward.
"Various joint activities with other brands, etc., people who drink milk tea are relatively young people, and they are very active in such activities."
"Sometimes these small activities, including giving out some co-branded cup sleeves, stickers, etc., can be a huge boost to the development of your business."
The development concept of Jiangyu Coffee today is very different from the past.
The primary focus is not on new coffee products, but on expanding the number of stores.
On the contrary, while ensuring the quality and taste of coffee, brand influence is the first priority.
There are endless activities such as joint ventures and endorsements.
User stickiness is very high, and the cheapest coffee product at 9.9 per cup is used to attract customers.
Almost every "Jiang Yu" coffee can achieve relatively good benefits.
This is also the reason why the share price of "Jiangyu" Coffee has more than doubled since its listing, and its total market value has more than doubled.
Zhan Liang nodded repeatedly when he heard this. In fact, he was not unaware of some of the content.
Just because of cost reasons, small businesses need to be careful with their budgets when developing and still have to start from the cost-effectiveness.
Now that even President Jiang has spoken, Zhan Liang is naturally willing to give it a try.
The contract was finally signed at around four o'clock in the afternoon.
Mr. Zhang and his team had another financing discussion the next day, so they didn’t even have time for dinner that night and were already preparing to leave for the airport.
"Xiao He, don't go."
"Stay in Songjiang to help Mr. Jiang. Just email a resignation letter when the time comes."
"I will ask the company's HR to complete the handover with you remotely."
Before Mr. Zhang left, he kept He Wenhao.
Sending Buddha to the west is like doing a favor to Jiang Hao.
Now the matter has been almost settled, and I have already communicated with Jiang Hao.
So he would not let He Wenhao run around with him anymore, and let him cooperate with Jiang Hao's work at Haijing Technology as soon as possible.
Of course, having said that, Jiang Hao still took Xiao He with him to the airport to see Mr. Zhang and his group off.
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