股权架构设计包含很多方面，包括合伙人股权设计、员工股权激励、公司的顶层设计等。

The design of equity structure includes many aspects, including partner equity design, employee equity incentives, and top-level design of the company.

不同的企业要根据自身的企业性质、运作模式、企业目标等制定不同的股权架构设计方案，以促进企业的长久发展。

Different enterprises need to develop different equity structure design plans based on their own corporate nature, operation mode, corporate goals, etc., in order to promote the long-term development of the enterprise.

01顶层架构要以人力价值投入为核心指标

01 The top-level architecture should focus on human resource value investment as the core indicator

对于一家想要做大的企业，优秀的团队一定是最核心的驱动力，也是构成整个商业帝国的坚实基础。

For a company that wants to grow, an excellent team is definitely the core driving force and a solid foundation for the entire business empire.

我们在分析一家集团公司的股权架构时，最上面的股东一定是公司最开始的合伙人团队。

When analyzing the equity structure of a group company, the top shareholder must be the initial partner team of the company.

虽为顶层控股公司，实则该企业更像参天大树之根本，各子公司，合作方，上下游，投资方，实际上可视为这顶层企业之枝叶。

Although it is a top-level holding company, in fact, the enterprise is more like the foundation of a towering tree. Its subsidiaries, partners, upstream and downstream, and investors can actually be seen as the branches and leaves of this top-level enterprise.

作为一家“连锁化”的公司，当你的线下门店多达上百家上千家时，那么你的公司最核心的价值一定不是资金量，而是管理制度、品牌数据、产品服务。

As a "chain" company, when you have hundreds or thousands of offline stores, the core value of your company is not the amount of funds, but management systems, brand data, and product services.

因为，连锁化的背后代表着“标准化”与“可复制性”。这也是资本市场对于一家成熟的线下连锁品牌的主要评价指标。

Because behind the chain, it represents "standardization" and "replicability". This is also the main evaluation indicator for a mature offline chain brand in the capital market.

一个店铺将来可能遍及全国的连锁品牌而言，钱很重要，但是肯定不是顶层股权设计中最值得关注的价值指标。

For a chain brand that may expand nationwide in the future, money is important, but it is definitely not the most noteworthy value indicator in the top-level equity design.

这是许多初创公司最常被误解的问题——过分放大资金价值权重而忽略了人力价值权重。

This is the most commonly misunderstood issue for many startups - overemphasizing the value of capital while neglecting the value of human resources.

02从连锁化模式来设计单店股权结构

02 Design the equity structure of individual stores from a chain based model

很多连锁品牌的套路都是先做一两家旗舰店，然后就开始大力推广自己的品牌加盟服务。

The routine of many chain brands is to first establish one or two flagship stores, and then vigorously promote their brand franchise services.

这类商业模式在餐饮行业最为常见，本质还是整个餐饮市场的容量足够大，受众广，而且可选择的细分品类也很多，对于小白创业者来说，算是门槛较低，容易入行的。

This type of business model is most common in the catering industry, and its essence is that the entire catering market has a large enough capacity, a wide audience, and many sub categories to choose from. For novice entrepreneurs, the threshold is relatively low and it is easy to enter the industry.

因此，对于一家餐饮企业，“加盟”可以说是最快扩张与实现盈利的连锁经营模式。

Therefore, for a catering enterprise, "franchising" can be said to be the fastest chain operation model to expand and achieve profitability.

由于这类加盟普遍是先收取一笔每年固定金额的品牌授权费，然后还有设备、原材料、技术指导等费用，因此，对于企业品牌方来说，这种加盟更像是提供一种服务，本质是交易的逻辑。

Due to the fact that this type of franchise generally starts with a fixed annual brand authorization fee, followed by equipment, raw materials, technical guidance, and other fees, for enterprise brand owners, this type of franchise is more like providing a service, which is essentially a transaction logic.

品牌方通常是不会再占加盟商的股权的，这类加盟模式在小吃、饮品的细分类目里较为常见。

Brand owners usually no longer hold equity in franchisees, and this type of franchise model is more common in the sub categories of snacks and drinks.

而许多品牌之所以会选择加盟这种合作模式，还得看企业自身产品的竞争力和差异化，在产品没有充分竞争壁垒的情况下，赚一波加盟商的钱也是明智的选择，但是通常这种品牌生命周期为2~3年不等，加盟商也基本是资金雄厚的小白创业者。

The reason why many brands choose to join this cooperation model also depends on the competitiveness and differentiation of their own products. In the absence of sufficient competitive barriers to products, earning money from franchisees is also a wise choice. However, the lifecycle of such brands usually ranges from 2 to 3 years, and franchisees are mostly financially strong novice entrepreneurs.

但在相对投入较大，且依赖服务与管理的快餐、火锅、烤肉、披萨等大店餐饮类目中，联营或托管的模式是更为普遍的。

However, in the catering categories of large restaurants such as fast food, hot pot, barbecue, and pizza that require relatively high investment and rely on service and management, the joint venture or hosting model is more common.

相当于加盟商承担资金投入，总部品牌方负责人员培训、经营管理，通常这种加盟模式更像是合伙或投资的关系，总部公司占这家店的一小部分股权，加盟商占多数股权。

Equivalent to franchisees assuming financial investment, the headquarters brand is responsible for personnel training and business management. Usually, this franchise model is more like a partnership or investment relationship, where the headquarters company holds a small portion of the equity in the store, while franchisees hold a majority of the equity.

这样双方的利益绑定就更加紧密，总部品牌方也能更好的把控产品与服务质量，保证品牌发展的可持续性。

In this way, the interests of both parties are more closely bound, and the headquarters brand can better control the quality of products and services, ensuring the sustainability of brand development.

由于餐饮行业毕竟还是依托于产品的，因此，稳定的原材料供应链与加工运输，就成了连锁餐饮品牌在复制扩张中最重要的竞争力。

Due to the fact that the catering industry still relies on products, a stable raw material supply chain and processing transportation have become the most important competitiveness of chain catering brands in replication and expansion.

这种联营与托管的经营模式，正越来越多被一些新兴品牌运用。这种经营模式更像是一种新型的融资手段，靠外部加盟商来承担新店的投入成本，不仅减轻了资金压力，也降低了投资风险。

This joint venture and custody business model is increasingly being used by some emerging brands. This business model is more like a new financing method, relying on external franchisees to bear the investment costs of new stores, not only reducing financial pressure, but also reducing investment risks.

一般在设计这种联营托管的股权架构时，对于总部来说，“控制权”是最核心的诉求，而对加盟商来说，“短期收益”则更加重要。其次还有关于财务的规划问题与退出违约的问题，也要考虑进去。

When designing such a joint custody equity structure, for the headquarters, "control" is the most core demand, while for franchisees, "short-term benefits" are more important. Secondly, financial planning issues and exit default issues should also be taken into consideration.

03最好的控制是扶持

03 The best control is support

不得不承认，如今线下生意的流量正变得越来越依赖于线上的导流，这就要求品牌方不仅需要把产品做的足够标准化，还得有一套可落地的营销推广策略。

It must be admitted that the traffic of offline business is becoming increasingly dependent on online traffic diversion, which requires brands not only to standardize their products sufficiently, but also to have a set of practical marketing and promotion strategies.

相信每个品牌的创始人都希望自己的店可以越开越多，产品能够传播的越来越远。

I believe that every founder of a brand hopes to have more and more stores and products that can spread further and further.

但“开放式”的加盟必然会存在管理难、经营难的问题，这也就必然会存在一定的死亡率，当死店数慢慢超过开店数的时候，也就是品牌破裂之日。

However, an "open" franchise will inevitably face difficulties in management and operation, which will inevitably lead to a certain mortality rate. When the number of dead stores gradually exceeds the number of opened stores, it is the day of brand rupture.

所以，如何最大化的实现对加盟商的控制呢？

So, how to maximize control over franchisees?

不是股权、投票权，也不是加盟费、保证金，而是扶持。

It's not equity, voting rights, franchise fees, or margin, but support.

虽然说起来“扶持”两个字显得有些空洞，但如果能够把这两个字贯彻到加盟服务的体系中，这会是最好的一种共赢方式。

Although the word "support" may seem hollow, if these two words can be integrated into the franchise service system, it would be the best win-win approach.

“放养式”的加盟更像是培训，培训不需要为结果负责，也不保证学员的水平，更不会帮助学员把知识落地。

The "free range" franchise is more like training, where training is not responsible for the results, does not guarantee the level of students, and does not help students apply their knowledge.

这种加盟虽然管理成本低，通过大肆营销确实可以快速收割一波小白，但这种模式在信息越来越透明的今天，终将被市场淘汰。

Although this type of franchise has low management costs and can quickly harvest a wave of novices through extensive marketing, this model will eventually be eliminated by the market in today's increasingly transparent information.

一个真正想和加盟商实现共赢的品牌创始人，对待加盟商的态度不应该像对待学员一样，而更应该像是对待自己的核心员工，这些员工不仅不要你的工资，还以加盟费的形式变相的购买了公司的分红权。

A brand founder who truly wants to achieve a win-win situation with franchisees should not treat franchisees like students, but rather like their core employees. These employees not only do not want your salary, but also indirectly purchase the company's dividend rights in the form of franchise fees.

这样的员工，你不仅要对他负责，更应该想办法提高他的能力与收入。这个道理和优秀的互联网公司管理模式是一样的。

You should not only be responsible to such employees, but also find ways to improve their abilities and income. This principle is the same as the management model of excellent Internet companies.

04估值型与现金流型的区别

The difference between valuation and cash flow models

虽然每年的新品牌层出不穷，但真正能够活下来且获得资本认可的企业，还是凤毛麟角。

Although new brands emerge year after year, there are still very few companies that can truly survive and gain capital recognition.

这背后也和创始人的价值观有着紧密的联系。

This is closely related to the founder's values behind it.

一个以产品与用户为核心的创始人，大概率是不会开放加盟的，会坚持自营。这样的企业往往更容易获得资本的青睐。

A founder who focuses on products and users is unlikely to open up franchises and will insist on self operation. Such enterprises are often more likely to gain the favor of capital.

本质还是作为一家能够实现百亿估值的企业，至少要经历5-10年的发展，而这背后的支撑一定是以产品至上，用户为上的经营理念。

Essentially, as a company that can achieve a valuation of billions, it needs to go through at least 5-10 years of development, and the support behind this must be the business philosophy of putting products first and users first.

靠加盟费快速收割的商业模式，老板能挣个大几百万就相当不错了。两者在价值观上的差别就已经决定着两个不同的企业类型。

The business model of quickly harvesting franchise fees, where the boss can earn several million, is quite impressive. The difference in values between the two already determines the two different types of enterprises.

自营就意味着需要持续的成本投入，这就必然会导致公司的利润降低，但换来的是统一的服务与品质。这类品牌则更需要资本的加持与助力，相对于利润，它在资本市场的估值则更为重要。

Self operation means continuous cost investment, which will inevitably lead to a decrease in the company's profits, but in exchange for unified service and quality. This type of brand requires more capital support and assistance, and its valuation in the capital market is more important than profit.

两者没有好与坏，对与错之别，更多是在经营理念与个人价值观上的不同。

There is no distinction between good and bad, right and wrong, but rather a difference in business philosophy and personal values.

对于“估值型”的连锁品牌，我们在设计股权架构时，更多关注的是控制权，还有业务拆分时的成本结构与财务模型。

For "valuation oriented" chain brands, when designing equity structures, we focus more on control rights, as well as the cost structure and financial model during business splitting.