Facts have proved that family barbecue is indeed conducive to parent-child interaction. After some coordination on the stove, the father and son get along with each other much more naturally. The only drawback is that Ms. Ning is picky about the skewers that the father and son grill are not delicious.

Li Zhiyi had no choice but to pretend not to hear. Ms. Ning had always been pampered and he couldn't afford to offend her. Lao Li finally caught the opportunity to eat meat and ate it without replying.

Lao Li is now over 40 years old and is suffering from a mid-life crisis. He has become extremely fat. Ms. Ning usually doesn't give him meat, so he is very greedy.

After a rainy day, the whole yard exudes the smell of earth and vegetation, and the sunset comes on time every day.

The family of three was sitting leisurely by the oven. Ms. Ning was eating and complaining, and the two men smiled in understanding and picked up the beer and clinked their glasses.

The breeze blew slowly, the flames in the barbecue grill became more active, and the light smoke rose and dissipated between the sky and the earth. At this moment, Li Zhiyi felt that his life was complete.

Li Zhiyi had a good sleep that night. When he woke up the next day, it was already midnight. He first called Xu Jing to come home, then washed up and went downstairs.

At this time, Lao Li went to the company, and Ms. Ning also asked her best friend to show off the Elizabeth collection necklace she just got. Only Aunt Wang was cooking porridge at home.

"Aunt Wang, please give me an extra pair of chopsticks. I have a colleague coming." Li Zhiyi was thinking about what to say when he called Brian.

Aunt Wang said hello: "Someone came this morning and delivered a document bag, saying it was for you. I'll put it on the coffee table for you to take a look at."

"Okay, thank you Aunt Wang."

Li Zhiyi knew that it must be yesterday that Lao Li asked someone to help inquire about Airbnb, so he opened the document bag and looked at it. There were only a few thin pages inside, which generally talked about the development history of Airbnb.

Li Zhiyi flipped through it and was about to put it down, but the last page gave him a minor surprise.

Spam, Airbnb is now sending spam to people on a large scale!

Airbnb sends an email to couchsurfing users to tell the landlord that listing their house on Airbnb can increase their monthly income; the other end uses a female ID to tell the renter to come rent a house on Airbnb, I will be on Airbnb.

Renting a house is much better than couchsurfing.

Li Zhiyi knew about this matter, and it was also written in Airbnb's official biography, but he didn't take it seriously before.

Because he regards it as a normal business method, Xiao Ma has also done poaching and pretending to be a girl to chat with, and now it can be regarded as an interesting thing to start a business.

But now the definition of this behavior on the page in his hand is "spam", and spam is illegal!

This is not a gray area, it is a real violation of the law. The United States has a special "Anti-Spam Law".

Li Zhiyi put away the document bag and thought for a moment, then called Brian: "Hey, Brian, do you have time today? I want to talk to you about equity distribution."

"I'm glad to receive your call. I'll meet you at our company at two o'clock in the afternoon."

Brian on the other end of the phone breathed a sigh of relief. He suppressed his excitement and replied in a calm tone. He knew that the moment he received Li Zhiyi's call, the two sides entered the negotiation game stage and could not break through.

Li Zhiyi also knew it well and hung up the phone with a few polite words.

The accumulation of original capital must be bloody. Airbnb can take off quickly by sucking the blood of Sofa Guests. It is impossible for him to change his investment mind because of this thing, nor will he use it as a bargaining chip.

He is going to treat this thing as insurance. If you are good, I am good, everyone is good, this thing will be treated as if it has never appeared. If Lovely B&B does not want him to make money, then it will overturn the table and no one will play!

Until Airbnb grows, spam lawsuits will kill it.

More than half an hour later, Xu Jing came home in the dark. He took the financial information provided by Airbnb and studied the valuation for half the night.

Li Zhiyi, Zhou Papi, obviously had a plan in mind but he was happy to torment Xiao Xu. During the meal, he asked one question after another. Fortunately, Xu Jing had already eaten breakfast, otherwise he would have starved to death.

At two o'clock in the afternoon, Li Zhiyi and Xu Jing met the Airbnb entrepreneurial trio again.

Skipping the small talk, everyone took their seats and officially started the negotiation.

"After the resolution of the Meta Investment Committee, we have given Airbnb a post-investment valuation of US$1 million, and will make an angel round investment of US$200,000 for Airbnb... The equity needs to be 25%. Do you have any objections?" Li Zhiyi

He looked at the information in front of him and made an offer first.

"I don't know how meta calculates the valuation, but it's obviously low." Brian retorted.

Li Zhiyi didn't give him a chance to pull the strings, and nodded to indicate that the counteroffer would be useless.

"10%, 10% of $200,000, this is what we discussed in advance." Nathan, the programmer, was responsible for coordinating the conversation.

"This is impossible. I don't know how you calculated the valuation, but it is obviously too high! We come here with sincerity, and we ask you to be sincere as well." Xu Jing replied.

Li Zhiyi knew the potential of Airbnb, so he would be polite to the three brothers, but Xu Jing didn't know that. He only knew that he was the big daddy who got the money. The three brothers opposite him may be very good, but they don't have the capital to bargain like grandsons!

"Okay, let's agree on the premise first. Is the financing limit of 200,000 confirmed?"

Brian looked at Li Zhiyi: "Now that the financing amount is confirmed, there is no need to talk about the pre-money valuation. The post-money valuation is .15%, the highest price. We have three founders and we have to balance the equity structure. meta invests in Airbnb

It’s for profit, and you don’t want to suffer losses due to equity issues in the later stages of development, right?”

"17%." Li Zhiyi challenged the limit.

Generally, the proportion of angel rounds is about 20%. If it is too high, it will affect the ownership structure and the founding team, and if it is too low, there will be no profit.

In view of the difference between the pre-money valuation and the post-money valuation given by Brian yesterday, 15% is almost a reasonable price. Li Zhiyi would have simply agreed before getting the "spam" information, but now he wants to give it a try

Gebia's limit.

It's a pity that Gebia didn't jump up to give him a kick, but just stood in Zhang Sima's face without saying a word. The limit of his patience was not the equity distribution, but the voting rights.

Brian and Nathan looked at each other and finally chose to compromise.

It's easy to talk about the equity allocation and other issues. Those are not issues that Li Zhiyi cares about. Brian wants a preemptive repurchase right, and Li Zhiyi wants a preemptive subscription right.

Li Zhiyi asked for a protective clause and board of directors delegation rights. Brian backhandedly demanded that Meta only retain one board seat, and the veto power must be shared with the CEO. At the moment, Airbnb's CEO is Brian (the founder).

The so-called sharing means that the veto power can only be exercised with the consent of both parties. Li Zhiyi does not care about this, as long as he has the right to know and audit the accounts, the veto power is only to prevent unexpected needs.

And Gebia could only endure it. It was unrealistic not to give a board seat to the angel round investment. Entrusting Li Zhiyi's director rights to Nathan was already the best result.

Now that the two most critical points have been discussed, Li Zhiyi and Gebia did not have a head-on collision.

Then the two parties negotiated the co-sale rights, anti-dilution rights, and lead-sale rights one by one. It wasn’t until around 9 p.m. that they were finally settled and the investment letter of intent was signed.

Signing the investment letter of intent means that Li Zhiyi will send someone to conduct due diligence on Airbnb and then sign a formal investment agreement.

During this period, Airbnb is not allowed to hook up with other investors, but in order to prevent Li Zhiyi from turning against him in the end, this period is only valid for half a month.

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Chapter completed!