兵法說(shuō)得好，不謀全局者不足謀一域。對(duì)于這種頂層設(shè)計(jì)的事兒，咱首先對(duì)于這個(gè)項(xiàng)目本身要有一個(gè)相對(duì)完整和前瞻的認(rèn)知，在架設(shè)股權(quán)架構(gòu)之前，需做好行業(yè)研究、目標(biāo)市場(chǎng)品類(lèi)競(jìng)爭(zhēng)分析、商業(yè)模式策劃、渠道政策設(shè)計(jì)、合作伙伴訴求分析。

The art of war is well said, but those who do not plan for the overall situation are not enough to plan for a specific area. For such top-level design matters, we first need to have a relatively complete and forward-looking understanding of the project itself. Before setting up the equity structure, we need to do industry research, target market category competition analysis, business model planning, channel policy design, and partner demand analysis.

以上這些基礎(chǔ)工作做完以后，就可以開(kāi)始股權(quán)架構(gòu)設(shè)計(jì)了。根據(jù)以往的實(shí)操經(jīng)驗(yàn)，資源整合類(lèi)項(xiàng)目的股權(quán)設(shè)計(jì)，需要格外重視三大核心事項(xiàng)：

After completing the above basic work, we can start designing the equity structure. Based on past practical experience, the equity design of resource integration projects requires special attention to three core issues:

一是成果思維的設(shè)計(jì)導(dǎo)向，這是旗幟問(wèn)題。根據(jù)各個(gè)股東能夠貢獻(xiàn)的價(jià)值，分別將其歸屬于不同的持股平臺(tái)，匹配股權(quán)比例，分享增量收益，防止部分股東躺平和搭便車(chē)的行為。

One is the design orientation of achievement thinking, which is the issue of flags. According to the value that each shareholder can contribute, they are assigned to different shareholding platforms, matched with equity ratios, and share incremental profits to prevent some shareholders from lying flat and hitchhiking.

二是用分類(lèi)分層思維劃分持股平臺(tái)，這是軌道問(wèn)題。針對(duì)不同對(duì)象設(shè)計(jì)有差別的進(jìn)入規(guī)則、股權(quán)價(jià)格、事權(quán)安排、表決規(guī)則、分紅規(guī)則、退出規(guī)則等機(jī)制安排，避免不同背景、資源、實(shí)力、身份、訴求的主體交織在一起，管理混亂，進(jìn)退失據(jù)。

The second is to use classification and hierarchical thinking to divide the shareholding platform, which is a track problem. Design different mechanisms and arrangements for different objects, including entry rules, equity prices, power arrangements, voting rules, dividend rules, and exit rules, to avoid the interweaving of subjects with different backgrounds, resources, strengths, identities, and demands, resulting in chaotic management and a lack of basis for entry and exit.

三是用長(zhǎng)短期平衡的思維區(qū)分資源配置和使用結(jié)構(gòu)，這是戰(zhàn)術(shù)問(wèn)題。就拿消費(fèi)類(lèi)項(xiàng)目舉例來(lái)說(shuō)，供應(yīng)鏈、品牌、知識(shí)產(chǎn)權(quán)各方，與代理商、經(jīng)銷(xiāo)商，以及包裝方、營(yíng)銷(xiāo)方、設(shè)計(jì)方、電商平臺(tái)等相互之間，有的未來(lái)盈利模式會(huì)多元，因此需要通過(guò)獨(dú)立子公司控股牢牢掌控，有的依托于地頭蛇伙伴，因此需要通過(guò)參股或交叉持股相互綁定又保持風(fēng)險(xiǎn)距離，有的外包更加具有性?xún)r(jià)比，因此可考慮主要在業(yè)務(wù)層面合作，做大了對(duì)外賦能服務(wù)的時(shí)候可相互股權(quán)綁定合作分紅，有的進(jìn)進(jìn)出出正常流動(dòng)，需要單獨(dú)搭建平臺(tái)整合管理?？傊?，你得學(xué)會(huì)利用股權(quán)架構(gòu)設(shè)計(jì)，界定不同股東之間的合作模式，塑造股東關(guān)系圈。

The third is to use a long-term and short-term balanced thinking to distinguish resource allocation and usage structure, which is a tactical issue. Taking consumer projects as an example, the supply chain, brand, intellectual property parties, as well as agents, distributors, packaging, marketing, design, e-commerce platforms, etc., may have diverse profit models in the future, so they need to be firmly controlled through independent subsidiaries. Some rely on local partners, so they need to be linked through equity participation or cross shareholding to maintain risk distance. Some outsourcing is more cost-effective, so it can be considered to mainly cooperate at the business level. When expanding external empowerment services, cooperation dividends can be tied to each other's equity, and some in and out of normal flow require a separate platform for integrated management. In short, you need to learn how to use equity structure design to define cooperation patterns between different shareholders and shape shareholder relationship circles.

如能把握住以上三個(gè)方面，你的股權(quán)設(shè)計(jì)就不會(huì)出現(xiàn)方向性偏差。接下來(lái)便是具體方案的落地，這個(gè)過(guò)程一般需要借助專(zhuān)業(yè)人士的輔助。那么，怎么判斷你聘請(qǐng)的專(zhuān)業(yè)人士是否靠譜呢？結(jié)合以往的項(xiàng)目經(jīng)驗(yàn)，個(gè)人認(rèn)為還是得看臨床手法，即看他在下列這些關(guān)鍵工作方面是否做得足夠扎實(shí)細(xì)致：

If you can grasp the above three aspects, your equity design will not have directional deviations. The next step is to implement the specific plan, which usually requires the assistance of professionals. So, how do you determine whether the professionals you hire are reliable? Based on past project experience, I personally believe that it still depends on clinical techniques, that is, whether he has done enough solid and meticulous work in the following key areas:

需求診斷。了解客戶(hù)是量身定制的前提，創(chuàng)始人面談、行業(yè)調(diào)研、競(jìng)品分析與探討是必不可少的內(nèi)容。

Requirement diagnosis. Understanding customers is a prerequisite for customization, and founder interviews, industry research, competitor analysis and discussion are essential contents.

運(yùn)營(yíng)方案。涉及目標(biāo)市場(chǎng)界定、渠道通路設(shè)計(jì)、獲客路徑、市場(chǎng)政策、考核管理等問(wèn)題。

Operation plan. Involving issues such as target market definition, channel design, customer acquisition paths, market policies, and assessment management.

定位定價(jià)。主要是確定目標(biāo)客群和價(jià)格政策。

Positioning pricing. Mainly to determine the target customer group and pricing policy.

組織支撐。再好的戰(zhàn)略和模式設(shè)計(jì)，都需要匹配的內(nèi)部組織來(lái)實(shí)現(xiàn)，因此股權(quán)設(shè)計(jì)也并非從純粹只停留在所謂“頂層”，而是帶著柱子架屋頂，組織機(jī)構(gòu)、角色排布、崗位設(shè)計(jì)、銷(xiāo)售提成、激勵(lì)政策，一樣都不能少。

Organizational support. No matter how good the strategy and model design is, it requires a matching internal organization to achieve it. Therefore, equity design is not simply staying at the so-called "top level", but with pillars and roofs, organizational structure, role layout, job design, sales commission, incentive policies, all of which cannot be omitted.

盈利測(cè)算。售價(jià)、收入、成本、毛利、變動(dòng)銷(xiāo)售成本（例如滿(mǎn)贈(zèng)、年終返利、活動(dòng)支持、商務(wù)費(fèi)用、提成、其他預(yù)估費(fèi)用等）諸多方面，都要有個(gè)科學(xué)的計(jì)算，這樣股權(quán)合伙最終才能落到實(shí)處，既能大家一起做蛋糕，還能公平分蛋糕。

Profit calculation. Selling price, income, cost, gross profit, and variable sales costs (such as full gifts, year-end rebates, event support, business expenses, commissions, other estimated expenses, etc.) all need to be scientifically calculated so that equity partnerships can ultimately be implemented, allowing everyone to make the cake together and share the cake equally.

退出機(jī)制。退出程序、退出價(jià)格、退出責(zé)任、資金補(bǔ)充等，都需要圍繞項(xiàng)目的持續(xù)運(yùn)行來(lái)安排基本規(guī)則，避免因其中個(gè)別股東掉鏈子導(dǎo)致整個(gè)項(xiàng)目癱瘓。

Exit mechanism. The basic rules for exiting the program, exiting the price, exiting the responsibility, and supplementing funds need to be arranged around the continuous operation of the project to avoid the paralysis of the entire project due to the disconnection of individual shareholders.

法律文件。所有的共識(shí)安排，最終都要落實(shí)到白紙黑字上，而且需要結(jié)合項(xiàng)目本身和全體股東的實(shí)際情況來(lái)定制，這也是考驗(yàn)專(zhuān)業(yè)人士是否用心交付的關(guān)鍵一環(huán)。

Legal documents. All consensus arrangements must ultimately be implemented in black and white, and need to be customized based on the actual situation of the project itself and all shareholders, which is also a key test of whether professionals deliver with care.