30. The oriole is behind
Vivian hurried out that day because she couldn't be late. The "Sanchuan" decision-making meeting was finally arranged.
The company's investment decision-making committee consists of six members, including Zhang Ruolin and Jia Lan, as well as four senior partners. Over the years, the company's investment decision-making system has been repeatedly revised, from unanimous approval to a majority vote, and then to a two-thirds majority. Zhang Ruolin always has a veto.
But the system was just a facade. Except in extreme circumstances, few people would have voted against the project. After all, every project had a partner's endorsement, and strong opposition seemed a bit disrespectful. The majority of the dissenting votes came from Zhang Ruolin, and only when he killed the project would everyone be convinced.
I may not be convinced in my heart, but at least I am convinced in words.
Zhang Ruolin is a man of broad mind. Although he has a veto system, he is determined not to give himself a single vote in favor. His theory is that missing out on a project is fine, but investing in the wrong one could drag a fund, or even an entire company, into a quagmire, from which there is no recovery.
That day, Zhang Ruolin and another partner were on a business trip and only participated in the meeting via videoconference. Jia Lan was present, his expression relaxed. He attended numerous decision-making meetings throughout the year and knew that many procedures were merely formalities, and many questions, seemingly tricky, were actually harmless. Most people followed the trend, dictating their stance based on Zhang Ruolin's tone. After all, Zhang Ruolin had veto power, and even if the project was terrible, it was his responsibility to ensure the company's final hurdle. He agreed with everything, doing a favor, and what better way to be happy than to do it.
Besides, Jia Lan is a favorite of the boss, so he doesn't feel any pressure today.
At the beginning of the meeting, Jia Lan, as the responsible director, took the lead in speaking. His overall evaluation of "Sanchuan" was that "it is a rare and good project in the market, its brand tone is comparable to Blue Bottle, its single-store model has been successfully implemented, its founder has an excellent background, and its valuation is reasonable."
He gave the specific content to Vivian to report, and had told her in advance that there was no need to go into too much detail about the financial details and growth model. He mainly emphasized that the model was simple and easy to replicate, the financial model was relatively good, and the cash flow was stable. In today's internet celebrity economy, it is possible to achieve unexpected development.
Vivian looked at his expression and explained the project overview, transaction structure, industry and company business conditions, team evaluation, financial forecast and project return analysis one by one.
Finally, Jia Lan concluded, "Of the two founders, Amy possesses a woman's keen intuition and a strong grasp of the brand's tone and development positioning. Dai Qi has consulting experience and a deep understanding of the operational details of chain operations. Their complementary approach ensures an optimal balance between marketing and store expansion, fostering both existing growth and incremental innovation."
The meeting was held in a harmonious atmosphere.
Throughout the meeting, Yang Ziqi didn't get a chance to speak. She wore a beautiful self-portrait lace dress and was only responsible for showing her smile. At the crucial decision-making moment, Jia Lan didn't even bother giving her a chance to speak, lest she read from the script and delay the work.
Just as the vote was about to begin, Zhang Ruolin, who had been silent, suddenly interrupted on the other end of the video call: "Vivian, return the document to the financial analysis page." Jia Lan looked a little nervous, and Vivian followed the instructions and presented the financial status and return analysis.
"You also claim to be professionals, but is this cost ratio reasonable?" Zhang Ruolin's tone suddenly became very stern.
Vivian said nothing.
She knew her boss's unexpected question wasn't directed at her, and even if it was, it wasn't the time for her to interrupt and argue.
Zhang Ruolin hates people talking back the most.
She glanced around, only to see everyone else looking serious. Jia Lan felt a sense of unease and embarrassment. Over the past two years, he'd risen through the ranks of the partners, from a relatively unremarkable newcomer to a prominent figure in front of Zhang Ruolin. Zhang Ruolin wasn't known for his temper, but lately, he'd consulted with him on everything and listened to his opinions. He'd never been embarrassed in public like this before.
Seeing that they were all silent, Zhang Ruolin asked:
"What's the reason for the premium paid for the team acquisition after the capital increase? Vivian, tell me."
"The premium is mainly to provide a certain incentive to the team. On the one hand, it prevents the team from inflating profits. On the other hand, it appropriately lowers profits and reduces acquisition costs."
“What is the basis for future expansion plans?”
"Current estimates of single-store profitability are conservative. The team anticipates that there will be room for approximately 100 stores in emerging consumer hotspots such as Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, and Changsha. Going forward, focusing on core consumer needs, we may continue to expand our product offerings, including coffee, alcoholic beverages, and cultural peripherals."
Zhang Ruolin remained unyielding. "I see many of these predictions are based on wild and unrealistic assumptions. I don't know if they're deduced plans, the founding team's vision, or just your own fantasies. Within a limited investment cycle, how likely are we to realize all of these ideas? And for such a small project, how likely are we to invest enough resources to help the company realize its goals?"
After a barrage of questions, his meaning couldn't be more obvious.
Zhang Ruolin was not satisfied with his own questions, so he asked other members to ask questions to the group. Seeing this, everyone started to speak:
"Can the founders and team handle the scale and remote management that will be faced with further expansion?"
"Dai Qi and Amy are in a relationship. Does this raise concerns about future corporate governance?"
"What does the team think about the downside scenario?"
…
Zhang Ruolin interrupted the questioning again, "How about this? Let's not get into all the details for now. Please have the team do their work thoroughly, especially the financial due diligence, and then we can make another decision at another time."
Jia Lan's face was as dark as the bottom of a pot. Vivian didn't dare to say anything more. She returned to her seat and sat silently in front of the computer, waiting for Jia Lan to improve his mood and give her the next instructions.
The next evening, after Vivian got home from get off work, she received a call from Zhang Ruolin's assistant, Zhong Huihui: "You didn't leave Beijing today, did you? Mr. Zhang is back in Beijing, and he wants you to come over."
As long as you haven't left Beijing, there is no reason not to go, and you must go out immediately.
This is the style that a boss should have.
Zhong Huihui invited her to the Ritz-Carlton in Financial Street. The hotel was a bit dated, but its location was great, making it convenient for meeting people and getting things done. If a brick fell in the hotel lobby, it would likely hit at least three or five people working in the financial industry.
On that day, a financial forum was being held nearby. When it was about to end, many people flocked here, making the lobby as crowded as a vegetable market.
Vivian saw Zhong Huihui waving at her from afar, so she squeezed through the crowd. Zhong Huihui said, "Mr. Zhang has an appointment after dinner. To save time, you can eat and talk at the same time."
Vivian followed her to the private room. Zhang Ruolin, still on a conference call, gestured for her to sit down. Zhong Huihui had already poured her tea.
Zhong Huihui was already accustomed to serving tea and water, and no matter who Zhang Ruolin met, she would treat everyone equally and serve them respectfully. However, Weiwei always felt a little uneasy about asking her to serve him, and whispered, "Thank you, I can do it myself."
Zhang Ruolin put down the phone and said in a very kind tone, "Xiao Fang, how are you doing lately?"
"Mr. Zhang, I... everything is fine." Vivian didn't know the purpose of this question and only answered vaguely.
"Come on, let's talk while eating. It's been a long time since I asked you to chat. After we got to Lao Jia's place, I also wanted him to take care of you more. Is everything going well?" Zhang Ruolin asked.
Vivian was personally interviewed by Zhang Ruolin to join the company. In Zhang Ruolin's eyes, she was considered his own disciple, and thus had a closer relationship with him than other employees.
Weiweian was always cautious and diligent in front of Zhang Ruolin. She was not afraid of appearing stupid.
Only when around a smart person like Zhang Ruolin can a stupid person feel at ease.
"Mr. Jia spent a lot of time guiding me and was very patient. He also gave us a lot of freedom on important projects and gave us a lot of space."
"I've told you so many times, just call them Mr. Jia and Mr. Li by their names. Why do such small companies have so many broken rules?" Zhang Ruolin was a little impatient.
Seeing Vivian's panic, he slowed down his tone and said, "Did you feel like I was trying to discourage you during the decision-making meeting yesterday?"
"No, no, Mr. Zhang, the team's last round of work was indeed not solid enough. It's my responsibility."
"Then do you think that Lao Jia has a clear preference for this project?" Zhang Ruolin put down his chopsticks and asked casually.
Vivian knew something was amiss and chose her words carefully, "The data the team saw does support a relatively optimistic hypothesis. Mr. Jia also thinks the team and concept are good and is generally inclined to invest."
Zhang Ruolin snorted softly.
Vivian was secretly puzzled. Jia Lan was a smooth-talking, smooth-talking man who always obeyed his boss's orders. She had never heard of him provoking the boss.
"Vivian, in businesses like this, there are so many things companies can hide. We investors, including so-called professional third parties, can't delve into the operational details. To put it bluntly, it's too easy for companies to defraud investors. Our only, or perhaps greatest, power is to not invest. Buffett said the first iron rule of investing is to preserve principal, and the same principle applies to our primary market operations."
Vivian said cautiously, "I understand. This time, we must be thorough and not overly optimistic. We will take all extreme scenarios into consideration."
"How about this? I'll introduce you to an industry expert who understands operations. Talking with him will be more efficient than just talking on paper."
She was a little surprised. Why would the boss bother to personally teach such a small project?
Zhang Ruolin casually said, "I think we don't need to involve Lao Jia in this matter for now. I still hope that he will not be influenced by me and make independent judgments. When you understand the situation, come to me as soon as possible." Turning to instruct Zhong Huihui, "When Vivian is ready, you should prioritize my time."
Seeing Weiwei's serious face, Zhang Ruolin seemed to comfort her: "Don't feel any psychological pressure, you and I are all here for work. Huihui, please see Xiaofang off."
Zhong Huihui walked her downstairs and asked leisurely, "Are you considering whether to report this to Lao Jia first?"
"You saw through me... I'm just a subordinate after all. Logically, I shouldn't report to someone above my level."
"Let me be honest about our relationship. You've been working with Jia Lan for so long, working tirelessly, and he's only given you a B in performance appraisals every year, sometimes even a B-. And every time, it's always Mr. Zhang who specifically raises your grade."
Such divisive remarks were rarely uttered by Zhong Huihui. She was very careful about her reputation, and as her boss's confidant, she never spread gossip.
Although the words were mean, they were very effective. Vivian immediately felt upset: every year during her year-end review, Jia Lan would repeatedly emphasize how he had argued with HR to obtain her bonus and salary increase that year.
The market was good in those years and the money she earned was not bad. She was truly grateful at that time.
In fact, even if Zhong Huihui hadn't said those words, Weiweian would have done as Zhang Ruolin ordered. A higher-ranking official could crush someone, so she had no choice.
So, what is the situation that warrants this kind of divisive approach?
Vivian was both nervous and curious.
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