Analysis Of The Game Between Most Controlling Partners And Franchisees (2)

For those who were bought before the listing, Franchised store In spite of being controlled, after the listing, the multiplier of its capital gains brings much more profit than the loss of holding. BELLE listed its earnings per share at HK $0.1475 per share, HK $6.20 per share IPO in 2006, and its listed price earnings ratio reached 42 times. "What's more, BELLE uses equity purchase, and uses the premium after the listing to get 51% of the franchisee's shares, thereby gaining a controlling position. It does not share dividends with the franchisee before listing. This ensures the interests of the franchisee, and at the same time, it merges the financial data of the 1500 franchisees to the BELLE account at a very low price, thus giving the capital market a beautiful result." The man familiar with capital operation showed the story.

In fact, BELLE After the listing, those franchisees also enjoyed huge profits from listing and created a large number of multimillionaire. BELLE's operation mode is no longer the secret of the industry. Many chain enterprises are planning to launch a "takeover" to franchisees in accordance with this mode.

Franchised stores to acquire quality resources

Lin Shengmei joined the aesthetic degree two years ago and opened an aesthetic beauty salon in Ji'nan, Shandong. The business has been relatively stable. Lin Shengmei, who was not familiar with the capital market, recently heard that headquarters had planned to buy a franchised store and had no idea at the moment. He was worried that he would lose control of the beauty salon after he bought the headquarters. Through communication with headquarters, we learned about the plan to prepare for listing in the next one or two years, and found friends who are familiar with the capital market. Lin's attitude has come to a 180 degree change. He has offered the headquarters financial data for the past two years and requested headquarters purchase.

As an authorized institution in Canada, the aesthetic degree has opened 1600 franchises in China. "In the 1600 existing franchisees, we have divided them into four levels of ABCD. The A level first considers acquisitions, B and C need to be reassessed after planting, and then consider repurchase." Dawn said.

Alliance leader Franchisee The takeover was not done overnight. With the metaphor of dawn, the apple tree was picked up, carefully watered and fertilized, and then bought for two yuan. In this process, although the aesthetic degree has not yet fully realized the holding of the franchise, but has begun to use direct management. "By redesigning the storefront, reconfiguring the instrument, establishing beauty training school, training beauty professionals, and gradually realizing the standardization and standardization of the whole service."

For the specific acquisition strategy, Chen Guang avoided talking about it. It was only a understatement that it could not be excluded from the way of stock purchase. Therefore, it is very likely that BELLE will adopt a takeover strategy.

In fact, venture capital investment is not only a huge channel network, but also more importantly, the aesthetic degree has relatively strong control ability to the terminal. Once franchisees join, they must buy products from headquarters, and there is no way to replace the product in the actual business process. This provides a stable product profit for the headquarters, and the franchisee is a service profit, and it does not conflict with each other. This is quite different from that of many chain brands, which only rely on the use of royalties or licensing fees. "Even chain stores like small fat sheep and Dong Lai Shun can not guarantee franchisees to purchase their raw materials, so it is hard for them to make money in this sector." Li Zhiqi said.

Therefore, it is not surprising that the chain brands like aesthetics are favored by capital. The enterprises without filing in May 1st under the regulations on chain operation management can not engage in franchise chain. Before the 5. 1 deadline this year, the first batch of aesthetic degrees was obtained from the Ministry of Commerce's chain store operation and obtained the nationwide qualification for developing chain operation. According to Chenguang introduction, after the news that the company plans to buy a batch of high-quality franchisees, most of the franchisees are more willing to accept the acquisition, and even have aroused the interest of new investors to join in, so that investment has also been heated up.