济南股权合伙避坑！单层架构做不大，这样设计（三层架构）融资控权两不误

　　Jinan Equity Partnership avoids pitfalls! A single-layer architecture is not suitable, so this design (three-layer architecture) ensures both financing and control

　　济南做企业的老板们，不管是刚起步的小公司，还是想做大做强、准备融资的企业，股权合伙和股权架构设计，绝对是你们绕不开的核心话题！很多济南老板合伙开公司，都习惯性这么搭股权：一个大股东配一两个小股东，比如甲公司，A占60%、B和C各占20%，看似合理，实则藏着大隐患——小打小闹每年赚个三两百万还行，但凡想做大、想融资、想传承，这套单层股权架构，根本撑不起来！今天就结合实操案例，给济南老板们唠唠股权合伙的干货，重点讲股权架构怎么设计、融资怎么避坑，纯实战分享，不管是合伙创业、股权分配，还是准备融资，看完都能少走冤枉路。

　　For business owners in Jinan, whether they are just starting small companies or those who want to grow and strengthen and prepare for financing, equity partnerships and equity structure design are definitely core topics that you cannot avoid! Many Jinan bosses who partner to start a company are accustomed to using this equity structure: one major shareholder is paired with one or two small shareholders, such as Company A, where A accounts for 60% and B and C each account for 20%. This seems reasonable, but in reality, there is a hidden danger - making three to two million yuan a year through small fights and conflicts is okay, but if you want to grow bigger, raise funds, or inherit, this single-layer equity structure simply cannot sustain it! Today, based on practical cases, I will talk to Jinan bosses about the practical knowledge of equity partnerships, focusing on how to design equity structures and avoid pitfalls in financing. Through pure practical sharing, whether it is partnership entrepreneurship, equity distribution, or preparing for financing, after reading it, you can avoid taking the wrong path.

　　先跟济南的老板们说句实在的，很多企业做不大、融资亏大钱、股东掐架散伙，根源都在股权架构没设计好。就说最常见的单层架构：A、B、C直接持有甲公司股权，A占60%相对控股，看着是大股东，可一旦遇到融资，立马就慌了。举个真实例子，假设甲公司估值1个亿，D要以增资扩股的方式进来，想占20%股份，很多济南老板第一反应都是“D要掏2000万”，要是这么想，你就亏大了！

　　To be honest with the bosses in Jinan, many companies that are not doing well, suffer huge financing losses, and have shareholders falling out due to poorly designed equity structures. Let's talk about the most common single-layer structure: A, B, and C directly hold the equity of Company A, with A holding 60% of the relative controlling stake. Although they appear to be the major shareholder, once they encounter financing, they immediately panic. For example, suppose Company A is valued at 100 million, and D wants to enter through capital increase and share expansion to acquire 20% of the shares. Many Jinan bosses' first reaction is "D wants to pay 20 million". If you think like this, you will lose a lot!

　　这里有个关键知识点，济南老板们一定要记死——融资分投前估值和投后估值，差别太大了！按大家的算法，2000万占20%，那是把投前估值当成了投后估值。其实投前估值1个亿，D投进来之后，公司总估值就变成了投前+投资款，要是想让D占20%，他实际要投2400万左右，而不是2000万！就这一个误区，很多济南企业融资时，不知不觉就亏了几百万，甚至上千万，连自己都不知道。

　　There is a key knowledge point here that Jinan bosses must remember - the difference between pre investment valuation and post investment valuation is too big! According to everyone's algorithm, 20 million accounts for 20%, which means treating pre investment valuation as post investment valuation. In fact, the pre investment valuation was 100 million yuan. After D invested, the total valuation of the company became pre investment+investment funds. If D wants to account for 20%, he actually needs to invest around 24 million yuan instead of 20 million yuan! Just this misconception, many Jinan enterprises unknowingly lose millions, even tens of millions, when financing, without even realizing it themselves.

　　更头疼的是，单层股权架构根本没有融资空间。还是刚才的例子，A占60%，要是释放20%给D，股权稀释后A就只剩48%，直接丧失了公司控制权，换成任何一个济南老板，都不敢轻易释放这么多股权。所以很多企业最多只敢释放17%，可这17%要分给投资人、核心员工、技术股东，根本不够分，融资之路直接被堵死。这就是为什么，很多济南老板想做大公司，却越做越吃力，根源就是股权架构这个“地基”没打牢。

　　What's even more headache inducing is that the single-layer equity structure has no financing space at all. As in the previous example, A holds 60% of the shares. If 20% is released to D, after diluting the equity, A will only be left with 48%, directly losing control of the company. Any Jinan boss would not dare to release so much equity easily. So many companies only dare to release up to 17%, but this 17% needs to be distributed to investors, core employees, and technology shareholders, which is simply not enough, and the financing path is directly blocked. That's why many Jinan bosses want to grow their companies, but they find it increasingly difficult to do so. The root cause is that the "foundation" of the equity structure has not been firmly established.

　　那济南企业股权合伙、架构设计，到底该怎么做？教大家一个最实用的方法，也是很多做大做强的济南企业在用的——搭建三层股权架构，既保控制权，又有融资空间，还能避免股东掐架。

　　What should be done for equity partnerships and structural design in Jinan enterprises? Teach everyone the most practical method, which is also used by many large and strong Jinan enterprises - to build a three-tier equity structure, which not only protects control rights, but also has financing space, and can avoid shareholder conflicts.

　　第一层，主体公司（就是咱们说的甲公司），这是用来做业务、融资、上市的核心，也是济南企业的“门面”。重点注意：所有创始人、股东，绝对不要直接持有主体公司股权！很多济南企业股东掐架、散伙，就是因为创始人直接持股，一旦闹矛盾，直接影响公司正常运营，甚至导致公司倒闭。

　　The first layer, the main company (also known as Company A), is the core used for business, financing, and listing, and is also the "facade" of Jinan enterprises. Important note: All founders and shareholders should never directly hold equity in the main company! Many shareholders of Jinan enterprises engage in conflicts and disband because the founders directly hold shares. Once conflicts arise, it directly affects the normal operation of the company and even leads to its bankruptcy.

　　第二层，平台公司（乙公司），放在主体公司上面，100%持有甲公司股权。A、B、C这三个创始人，不在甲公司持股，而是在乙公司持股，持股比例不变，A占60%、B和C各占20%。这样一来，创始人的利益没变化，但多了一个缓冲地带——就算三个股东在乙公司闹矛盾，也不会直接影响甲公司的业务，因为乙公司是“空壳公司”，不参与实际经营。

　　The second layer, platform company (Company B), is placed on top of the main company and holds 100% equity in Company A. A. The three founders, B and C, do not hold shares in Company A, but in Company B, with the same shareholding ratio. A holds 60%, while B and C each hold 20%. In this way, the interests of the founder have not changed, but there is an additional buffer zone - even if three shareholders have conflicts in Company B, it will not directly affect the business of Company A, because Company B is a "shell company" and does not participate in actual operations.

　　更关键的是，融资空间直接打开了！现在甲公司估值1个亿，D要进来，就算释放49%的股权，乙公司还持有51%，依然拥有控制权。这49%的股权，30%可以分给A轮、B轮投资人，19%可以分给核心团队、技术股东、资源股东，再也不用为股权不够分而发愁，企业才能顺利做大。

　　More importantly, the financing space has been directly opened up! Now Company A is valued at 100 million, and if Company D wants to come in, even if they release 49% of their equity, Company B still holds 51% and still has control. This 49% equity, 30% can be distributed to Series A and Series B investors, and 19% can be distributed to core teams, technology shareholders, and resource shareholders. You no longer have to worry about insufficient equity distribution, so that the enterprise can grow smoothly.

　　第三层，家族公司+项目公司，这是为了财富传承和业务拆分。A作为大股东，不要直接持有乙公司60%的股权，而是成立一家家族公司，由家族公司持有乙公司的股权。家族公司可以实现财富传承，毕竟个人生命有限，但公司的生命理论上是无限的，还能用来购置资产、做投资，守住企业赚来的钱。

　　The third layer consists of family companies and project companies, which are designed for wealth inheritance and business separation. As the major shareholder, A should not directly hold 60% of the equity of Company B, but establish a family company to hold the equity of Company B. Family owned companies can achieve wealth inheritance, after all, individual life is limited, but the life of the company is theoretically infinite, and it can also be used to purchase assets, make investments, and hold onto the money earned by the enterprise.

　　如果济南企业有生产、研发、销售等多个业务，不要都装在甲公司里，要拆分成多个项目公司，每个项目公司专注一个业务，母公司（甲公司）最少持有51%的股权，既能相对控股，又能合并财务报表。这样拆分后，研发公司更值钱，更容易吸引投资人；生产、销售公司的利润可以导入研发公司，让研发公司的财务报表更好看，估值更高，企业也能更值钱。

　　If a company in Jinan has multiple businesses such as production, research and development, and sales, it should not all be placed in Company A. Instead, it should be split into multiple project companies, each focusing on a specific business. The parent company (Company A) should hold at least 51% of the equity, which allows for relative control and consolidation of financial statements. After this split, the R&D company becomes more valuable and easier to attract investors; The profits of production and sales companies can be imported into research and development companies, making their financial statements look better, their valuations higher, and their enterprises more valuable.

　　另外，济南老板们还可以注册一个“钱袋子公司”，用来给自己发零花钱，通过合理的业务往来，把利润合规地转到钱袋子公司，既合法又省心。

　　In addition, Jinan bosses can also register a "money bag subsidiary" to send pocket money to themselves, and through reasonable business transactions, transfer profits to the money bag company in compliance, which is both legal and worry free.

　　总结一下，济南股权合伙，不是简单的“大股东+小股东”搭伙过日子，而是要做好股权架构设计。单层架构只适合小打小闹，想做大、想融资、想传承，一定要搭建“家族公司+平台公司+主体公司+项目公司”的三层架构，既保控制权，又有融资空间，还能避免股东掐架、融资亏大钱。

　　To sum up, Jinan Equity Partnership is not simply a combination of major shareholders and small shareholders, but requires a well-designed equity structure. A single-layer architecture is only suitable for small-scale disputes. If you want to expand, raise funds, and inherit, you must build a three-layer architecture of "family company+platform company+main company+project company", which not only ensures control, but also has financing space, and can avoid shareholder disputes and financing losses.

　　很多济南老板忽略股权设计，觉得“先把业务做好再说”，可等到想融资、想做大的时候，才发现股权架构有问题，再改就难了，甚至要付出巨大的代价。老板是企业的设计师，而股权，就是企业的“地基”，地基打牢了，企业才能盖起“高楼大厦”，才能在济南的市场上站稳脚跟、做大做强。

　　Many Jinan bosses ignore equity design, thinking that 'we should do our business well first', but only realize that there are problems with the equity structure when we want to raise funds and expand. It will be difficult to make changes, and even require a huge cost. The boss is the designer of the enterprise, and equity is the "foundation" of the enterprise. Once the foundation is firmly established, the enterprise can build "high-rise buildings" and establish a firm foothold and grow stronger in the market of Jinan.