Ren Chunlei I come back there is not a business so quickly proved to be unfit for human operators. Buy entered China in 2010, with a year multiply rapidly, with less than a year to hasten death. Buy the highest number of sites from more than 6000 to the current less than 4000. The survivors of the rest will soon come to an end. Has the industry's 'senior' predicted 99.9% of the buy site will be laid to rest in this year. Hundreds of billions of dollars in financing to make this industry many entrants forget to do businesses need accounting costs. They became an intellectual game simplify manual labor, the entrepreneurial process from the extraordinary size of the financing, recruitment, advertising without a transition towards refinancing fails, layoffs, closed down.
Outstanding in gathering human intelligence on the Internet, they behave like a group of prehistoric hunters skins waist. Just experienced survived Groupon founder, CEO Ren Chunlei, the industry will not agree to this description of his (Fortunately, we have to discuss is another topic). So, we state the facts section. 2012 Spring Festival, Groupon went above the last link, the money has been spent, on the verge of collapse. Groupon's largest shareholder has decided to give up. Lively atmosphere and staff pay talks to create a debt businesses make Groupon headquarters after the Spring Festival holidays continue. Ren Chunlei 'I do not know trail', 'transfer of assets' in the rumors. In any tells, this time, he was hard to find willing to sacrifice their lives a tiger investors (for six months before the financing has been closed buy the industry, this is the general view). He talks about 'responsibility and ideals,' and every possible rescuer. For continued life, he every penny. He mortgaged property. A month later, the indomitable entrepreneur sitting in his office told us: find. The agreement was not yet signed, Groupon employees from its peak (almost yesterday) in 2300 reduced to less than 200 people, but at least the company in the last part of the front is temporarily stopped. So, this is primarily a story about the stick of an entrepreneur if you do not want to go bankrupt, which he has to overcome the difficulties? It might also about an entrepreneur on his 'insistence' judge did: how to ensure the 'responsibility and ideals' No pearl cast dark? Money February 23, 2012, from the outgoing '[quote1 quote =' @ group Po Ren Chunlei foot migrant workers (now the nickname has been changed to @ - orange dad -): ranked one of China's top ten foot buy site owner has occurred. - Groupon ceo Ren Chunlei. Multi-confirmed: the vast majority of the 30 sub-stations have all been abolished, more than 400 employees in the company's commitment to leave but has not yet been paid and compensation within the period (January 20); thousands of businesses in the final payment to be malicious default; 400 no longer one answered; Beijing headquarters is to sell exhausted, empty; Ren Chunlei and his wife He Xiaoling phone off, I do not know trail! Cover Story COVER STORY at 17:10 on January 24 from Sina microblogging '] Ren Chunlei foot [/ quote1]' message month, we went to Groupon headquarters in Beijing. Part of the work area because there is no lighting circuit failure, hanging on the wall, 'the leader of the pioneers' like the plaque seems silent.
A afar to account but not yet received a business apparently has no panic a month ago, is the group Po reception staff to express his confidence in the group Po. Reception who took cigarette: 'Last year we smashed so much, we can say ran and ran away?' A EMS courier came to the front desk to deliver a shipment from the court. A female employee repeatedly clamored Property electrician restore power as quickly as possible in the foreground, at the expense of (she might not know) the company's public relations director and reporter sitting next to. Ren Chunlei explain traffic jam caused him to be late for half an hour. 20 days ago, he was in this office and conference room, the nearly 200-payment of wages and severance compensation for those who request 'Give me a little time.' Second half of 2011, after the massive lay-handle, Gao Peng and other front-line buy site Groupon new round of financing once declared failed. Withdraw any station to join the ranks of layoffs, but his speed is not fast enough. January 20, 2012, Groupon payday, wage employees find numbers on the card has not changed. In this industry has become paranoia, this is a dangerous signal. Any bad luck. 2012 New Year's Eve 10 days earlier than last year, is January 22. Spring Festival, the Chinese people for the importance of increased wage arrears caused panic. January 24, Big Year, microblogging upload a '[quote1 quote =' @ group Po Ren Chunlei foot migrant workers (now the nickname has been changed to @ - orange dad -): China ranked first on foot top ten buy site owner has occurred. - Groupon ceo Ren Chunlei. Multi-confirmed: the vast majority of the 30 sub-stations have all been abolished, more than 400 employees in the company's commitment to leave but has not yet been paid and compensation within the period (January 20); thousands of businesses in the final payment to be malicious default; 400 no longer one answered; Beijing headquarters is to sell exhausted, empty; Ren Chunlei and his wife He Xiaoling phone off, I do not know trail! Cover Story COVER STORY at 17:10 on January 24 from Sina microblogging '] first foot of China's top ten buy site owner has emerged [/ quote1]'. Any of the coming January 20 has long been fear. His hope is to persuade Groupon's existing shareholders to continue to inject. 'Although the possibility of getting smaller and smaller,' Ren said, 'but I always still in the hope that the final moment they wake up. I do not want to give up, because there are our efforts, we have two years of life in it. Shareholding , it means that there are benefits to share with everyone, with everyone a hand distress. 'Shareholders are not convinced. [Quote1 quote = 'according to' Entrepreneur 'Now business information, Ren Chunlei said group voted mysterious treasure more than 100 million yuan Wang Jia Yu is the largest shareholder. According to public information, in 1993 Wang Jia Yu investment for almost two 00000 Yuan founded 'Tongli appliances', the main import color TV and air conditioning. 2000, Tongli home appliances sales of over 300 million yuan, in 2001 to 10 billion in 2005, Wang Jia Yu will Tongli Electric to sell to Paradise, 2006 to allocate funds also founded for three, four markets, 'Yu home appliance chain.' Wang Jia Yu worked in Central Europe business school, and Ren Chunlei Central Europe 2007 students. Wang Jia Yu and his sister Wang Weili like playing in the secondary market, 'short-term', in 2009 but had to participate in the private placement Wo Chinese medicine and more than one billion floating profit group Po another shareholder - Shenzhen Share Investment Partnership managing partner Bai Wentao, is the CEIBS Education Development Foundation, a founding member '] Groupon largest shareholder [/ quote1] (invested over 100 million yuan) of the representative (also brokered by the investment), he said he could not see 3 months after the death of the difference between now dead, dead now can save money. Until 22 May, he was still dreaming: 'Shareholders have called on the money and said, sorry, too late.' With the end of the Spring Festival, I was completely disappointed. 'People are disappointed that this matter will spread.' Spent the Spring Festival in Sanya any. It is an established program, the Spring Festival reunion with family and friends in Hainan. It appears that any people think was so scared. In fact, he was denied in the whole process has been panic, because 'does not help.' According to him, another important reason to Sanya is a potential investor there is any one classmate China Europe International Business School. Ren said, the students gave him 'confidence.' Students said that if any of all methods have been exhausted, he will help, but only to borrow money (it appears that the 'students' to buy the industry's attitude), not equity, not interest. Continue to look for any. January 26, Great Year, early in the morning, it was present in angel investors Xue Manzi's Beijing home. Soon, he had seen no investment intentions Xue. When he describes represent themselves at odds with the largest shareholder after the Xue Xue noted that any and largest shareholder made the same error, lack of direct communication. According to Xue's style, 'vote so much money, do not take a bath every week with entrepreneurs, pinching a foot every two weeks?' And by 'translating' (referring to the shareholder representatives) exchange, 'translation' of personal opinion will about investor judgments.
There are those who put forward here, why not choose to go to any home in Henan face reflected in its largest shareholder, Xue took the answer: impossible, losses to such an extent no longer trust him (any) of the. Before January 29 (seventh) Chinese New Year holidays are over, Ren Chunlei contact five or six investors, there are two possible acquisitions Groupon 'big company.' Any group of treasure net asset value no doubt: the first is the domain name registered by Groupon.cn Groupon because that Groupon into China only the name 'Gao Peng', as for this domain name valuation of $ 1.5 million. Secondly, the group Po of 'several million subscribers and tens of millions of registered users.' Finally, we have to buy experience, 'I and my team.' Although some well-known investors have different views (they said publicly that the group Po 'M \u0026 A is almost no' because the alternative easily), but this is the self-confidence of any, no doubt. Remember any of the notes written in the early 1990s when he was studying in Shenyang Institute of Aeronautical Engineering (now Shenyang University of Aeronautics and Astronautics): crisis is a turning point, handled properly it could become an opportunity. 'These words others have said, but I do not comprehend the same.' These now been abused inspirational motto for a beleaguered entrepreneurs can play a useful role exactly, is not known. The fact is, January 29 8:20 am, it was two hours earlier than usual to the office. He had 'emboldened' and part of the solution. He had even thought out their tragic image: he would be the next [quote1 quote = '@ Shi Yuzhu: failure is a lesson that must be on growth, there is no personal experience failure, difficult to correct their own momentum for the young capital , self-confidence is the wealth of young, young people are more worth the wait, and then fell somersault, momentum diminished, but a more balanced and comprehensive. '] Shi Yuzhu [/ quote1], after bankruptcy the second venture, to repay all debt. On the day before the micro-Bo, Ren Chunlei wrote: 'The crisis is a touchstone of humanity I will not run away it does not meet my character, I said in 1996 in his pioneering program in:! Do not surrender, no compromise when not despondent, did not fail, not framed. say I run away? world is great, where to go? businesses have earned had lost, lost and then make what needs to run? not yet reached the final nail, the people are willing to run, Ma said I am not willing to:! man's mind is not wronged stretch hate, do not give up 'any of the chaos he will have to face sufficient estimated.!. He previously reported to the police, please come to the local police to maintain order. More than 200 job and was cut (in the majority) employees came one after another, such as from about Ren Chunlei may appear contrary to their expectations, but the desire for wages and severance compensation so that they soon ignore the significance of this fact. Any and his men repeatedly preach to these employees: chief insist, give him a little time. If a non-forced today to solve all the problems, the force of his insistence to collapse, then the company can only [quote1 quote = '--1 to bankruptcy court for bankruptcy procedures; 2. Court listed creditor, debtor, mediation, fail, go bankrupt; 3. Court sent liquidation group, accounting for assets; 4. bankruptcy bankrupt property, first disbursement fee, the following order of priority; A wage and labor insurance expenses owed by the bankrupt enterprise employees; B taxes owed by the bankrupt enterprise; C bankruptcy claims - have surplus property, were the next order of liquidation; creditor, the estate of sufficient liquidity for each order, be fixed repayment; lack of liquidity in proportion liquidation '] bankruptcy [/ quote1].. At that time, you may be able to get the money, but perhaps after months or even longer. And now, he only half a month. Any assurances that 'no matter what happens, I have stood on this side of you, because I am just like you, but also salaried. The company not only wages owed to you, I have not made, and I must be the last one made.' 'You should support me, only I can protect your rights. Instead, you run only one who can protect your rights and interests, not rational.' Imagine the conversation so that the possibility of using the 'reason' down the excited crowd. Close to the morning, when you still can not get out to come up with any pre-prepared 300,000 yuan in cash, it is desirable so that 'life and death to get money today,' the employee leaves. 'I came to look for money,' Ren Chunlei to 'Entrepreneur' said, 'can not solve the problems here.' 300,000 yuan, according to Ren said that from his own savings, when the book on the company has no money. 20 million originally planned, due to the number of estimated error, and an additional 10 million temporary. '(Everyone) 500 (million) or, 1000 or, let everyone see my attitude.' This move can exchange any hope people understand: You have said so, then we also can wait a. 'I overestimated the ability of people understanding of the issues.' Some people left their money, who originally did not intend to 'break the death,' the staff are stimulated, it will become more resolute. 6:00 the next day, it was off the last handful of employees. There are two girls to get part of the original termination compensation for any call center, said:. 'Sorry chief, and today the two of us are shouting loudest' full political commissar of the police station followed expressed any appreciation: 'chief I think your lines. The method and steps you deal with the problem, the line. '' Today, so many people in trouble, 'Any answer to this' ideological work 'for the industry,' political commissar 'said,' We all thought it was great crisis. I do not see it as a bad thing, I exercise and when it is a chance to prove himself. This time I have not experienced in the past, it is exercise, but I proved myself in the face ., adhere to the 'two hours later, Ren Chunlei micro-Bo said:' Yesterday the day, facing employees; today Shenzhen, four to raise money; tomorrow the group Po, forced open the road, too tired, too hard, too hard? ! stick, no hate, do not give up! '' core problem is very simple, 'Ren Chunlei said,' Internet rumors or, condemning or whatever, can not do without a thing, money. The problem is resolved, everything solved [quote1 quote = '@ Groupon migrant workers: If you open the phone and in the pre-holiday frank with each branch manager, the company's temporary difficulties encountered and brothers speaking in the open, say something warm heart , motivational words, eager to return home to the body in the field to train staff report, the New Year to employees a message to congratulate the Chinese New Year. People can also stay with the company is the backbone in January, older employees, I believe most people are sensible. Groupon will not have to fall to the point where today? 'Some people say, no money, why not tell you to say? Naive. Money for a company, that is, when forage war. Who does not forage is to behead. I am the coach, to talk about this one? Three there is such a case: Xuyou with Cao Cao on food, Cao Cao did not say the truth, treacherous Cao Cao Xu You is not got up and left, but the fulfillment of duties, both internal and external can not say I ask you, I told the company several hundred. man, you can guarantee that no one said out? 'Ren Chunlei said. '] Reason does not work, some people will understand, but most people do not understand. [/ Quote1] people have no obligation to understand you.' 300,000 yuan can not solve the 'core issues', Groupon's 'holiday' have extended. Pay all arrears, which takes about 10 million yuan. Ren Chunlei recommendation to shareholders: We financed by the same proportion tide over the difficulties. Most people do not get any response. In early February, he was in his own house as collateral in Beijing to Sanya gave him 'lung' of the students who borrowed several million dollars. The majority of shareholders for any actions represent silence. To conceal any anger: 'You are rich, I was a pauper (who also once quipped me say that you are a pauper), the venture, in addition to salaried, nothing less, a pauper regarded arrived out of the house. you do not get it? you should take, not take, I despise you. 'Shareholders have lost confidence.
After the initial debt problem has been solved, Ren Chunlei still received a text message on behalf of the largest shareholders: is that you adhere to ah. 'What he meant was,' Ren said, 'We do not insist if you do not insist, not no such torment of it.?' Any return messages expressed their incomprehension: 'there is life there firewood. He certainly has the right not to continue to invest, because he believed the company had three months dead with dead now no difference. The question is, how he knew had three months to die? 'Ren Chunlei clearly not intentionally go against each other and themselves. He must also understand that the same problem the other party may also ask: how do you know over three months must die? Do not want money from February 7, Ren Chunlei a mortgage to get the money and some shareholders investment, according to wages and consumer refunds priority, leaving the principles of compensation and businesses later, we have to clear the debt. The number of employees has been less than 200 people (Ren Chunlei provisions temporarily not to accept the resignation) of Groupon return to work. Not any Mangfu, when he decided to mortgage, he has seen the re-financing have great hope. Before talking about the mysterious investors, more precisely at the beginning of this interview, he served despite our problems, we went talking about his disappointment. He was disappointed that we have written to shareholders. 'Other financing entrepreneurs when one investor might ask,' Any given us concluded, 'if one day appear Groupon this situation today, how would you do? If he is to say, you think of a way, you do not elected him worth mentioning. 'Let's not forget there are any employees betrayal. The first release, 'Ren Chunlei foot 'message who is Groupon employees. Another, 'I am more valued, who used to praise him on the conference, this time they come out against me, almost a pointed nose scold me, as if to call me, let me discredited for fun.' Any possible yet recognized that for a start-up companies, both investors and employees, initially bringing together for the benefit of all, 'the core issue is money.' Founder and ideal for recognition and loyalty, can not be in two years, regardless of the cost to spend against established. Through a friend, Ren Chunlei met potential investors Groupon person. [Quote1 quote = '@ Ren Chunlei microblogging made such a' start on the road, I have the addition of a mentor also has a great dream! . 'At 21:05 on February 12'] they eat at the nearby Beijing International Trade [/ quote1], during which, according to Ren Chunlei said this than he was two years younger (39 years in any year), in Shenzhen, Shanghai, Beijing do the traditional industry entrepreneurs Jie company asked how much money the group Po. He replied to any of the tens of millions. After that, who twice asked 'tens of millions' to account for the number of shares, as 'no answer', because he needs to consult with shareholders. The next day, Ren Chunlei phoned discuss the results of the entrepreneur, 'This time is certainly the most expensive.' The other party agrees, be made before the shares to existing shareholders with Groupon to see a face, 'if not with each other, no matter how much the shares will not vote.' Shareholders who are interested in the salvation does not seem too great. Ren Chunlei said that in terms of some of the agreements that they care about, so any difficult to understand: For a little interest, and would rather let nearly 200 million yuan has been put into the company into bankruptcy. Representative of the largest shareholder, who turned out often bluntly: bankruptcy bankruptcy. Although sometimes objectively look any investor behavior stops, but more often, he thought their practices 'in terms of the moral or from the opportunity to give up speaking not right.' Any for his 'insistence' and paid the price. Insomnia. High blood pressure. Recently in Shanghai, because high blood pressure, he fought a emergency phone. Any now very worried, because of his high blood pressure and 'burst blood vessels.' Investment agreements not yet signed. One problem is that even got the 'tens of millions' to buy the industry's money style, it can support a few months? Six months ago, Ren Chunlei told the media that he could tolerate monthly loss 'no more than 20 million yuan.' Any answer is reopened Groupon do not need so much money. January 29 morning, went to the headquarters of proof "final fantasy cosplay " Groupon did not collapse, Ren Chunlei has not disappeared a few hours before, he was suddenly 'figured out.' During the Spring Festival, Ren Chunlei a message to someone on the Internet: You look after the holiday there is no one to follow you again? Any reply, I never expect in this state anyone still with me, but if someone is willing, I will not refuse, even if you left me alone, I will carrying. That morning, I was beginning to seriously think this question: if today is really a man is not, how do I do? That means the project will be reduced to zero buy. So, how to attract businesses to participate in buy without sales situation? 'I was like, every business received only a dollar, but then I wanted a dollar threshold is, is an obstacle. I actually even received a dollar qualifications are gone.'
So, you do not need a sales and customer service , businesses will be the initiative to come; do not need a financial settlement, the highest Groupon such employees up to '200'; web editors and designers do not need to buy the item, and businesses can upload their own design, you can buy Groupon offers designers (they can receive basic pay) services, and designers income exceeds a certain limit, Groupon will be divided with him. Following this, the business service attitude is not good because of the pay and improve consumer site, consumers will no longer exist without prepayment refund problem, businesses no longer needs the site to recover the balance due, they bypass the interception of consumers buy the site of the 'hidden Rules 'will completely disappear. 'Openness and sharing is a fundamental value of the Internet,' Ren Chunlei said, 'Groupon will be the bridge through a free, how can businesses do not welcome that?' Because 'do not want money,' Groupon will be from the 'cost is too high, Maori are too low, 'the vicious competition, to become' the largest turnover buy site. 'Although Ren Chunlei buy the site believe the current business model,' in the short term can not see hope, 'but if someone accused of Groupon ever burn, [quote1 quote = 'It was noted that the group Po Ren Chunlei is CEO and his wife, He Xiaoling (in charge of the group Po financial) of the' mom and pop 'chaotic management, is based on' corner store 'approach to business groups such a treasure once reached cosplay costumes for sale 230 employees 0 people of the company, commented, Ren Chunlei strong opposition, 'said Mrs. lot together and I bear infamy, took the initiative to agree to mortgage the house. After the crisis lifted, (we) had a good discussion, she will kannazuki no miko cosplay leave the group Po. Because the 'mom and pop' social vision, a problem will say. Gao Peng are returnees, good? This is the reason? Her decision, I also support. ''] Mismanagement [/ quote1], he does not agree. 'I do not think that is confusing, but I think there are some problems. No one in the world top 500 enterprises, including management is not a problem. I do not think it is burning money, but money as an Internet company, we actually did not how much money to spend 20 to 30 million US dollar against an Internet business much? And compared to our peers, we made this scale before spent so little money. Internet is, you only spend it possible to continue financing . 'In any case, now, Groupon will be completely free. 'Small-scale buy site can not do that because it did not influence my big large scale are listed ran go, do not dare to do.' So, 'we buy the industry is expected to be made in the 'Taobao'. 'It looks beautiful. However, Groupon will become a public interest site? It rely on money? Ren Chunlei said that he already had specific steps, but now can not be disclosed. '[Quote1 quote =' @ Groupon CEO _ Ren Chunlei: Han Shan (the Incarnation) Q Picking (Samantabhadra incarnation): world slander me, bully me, insult me, laugh at me, light me, cheap me wrong me, lie to me, how Treatment of peace? Lost said: just tolerate him and let him by him, avoid him, his resistance, respect him, not to him, and then wait a few years you let me see him. Forwarding (26) | Comments at 12:22 on February 27 from Sina microblogging. '] If you have the opportunity to be able to then [/ quote1], not how clever I am, is forced to' Ren Chunlei can become, perhaps a few months later we You can see the answer.