iAsk x China Daily | You Sold Robust to Become an Investor?
本文章刊登在CHINA DAILY-艾問專欄
小舍小得，大舍大得，有舍有得，不捨不得。
Letting go of something, no matter big or small, will bring you equal rewards; no trade-off, no gains.
—— 何伯權
樂百氏，這個現在看來有些陌生的企業在20年前曾創造了商業奇蹟，但如日中天之際卻突然被達能收購，創始人何伯權選擇退出，一片譁然，他也一度被認為是資本陰謀下的出局者、外資擠壓民族品牌的犧牲者。
Robust, a company brand that seems remote nowadays, created a business miracle 20 years ago. Yet, it was acquired by Danone at its prime time. Boquan He, Founder of Robust, chose to opt out upon acquisition, which turned out shocking to the market. He was once considered a loser outcompeted by capital conspiracy and a victim of foreign investors suppressing national brands.
29歲創業，32歲成名，40歲“賣”了樂百氏，外界眼中，他像悲情英雄一樣，被資本傷害，帶著悔恨、氣憤、無奈黯然離場，在哈佛訪學一年後，何伯權低調回國，成立今日投資，那時還很少有人注意到他。但當他作為7天連鎖酒店投資人和創始人鄭南雁一起敲鐘上市時，人們知道，何伯權又回來了。
At the age of 29, he started his own business.At 40, he “sold” Robust. In the eyes of outsiders, he was struck by capitalism like a sorrowful hero, opting out with regret, anger, and helplessness. After studying at Harvard for a year as a visiting scholar, Boquan He went back to China secretly and founded Invest Today. At that time, few people noticed him. But when he and Nanyan Zheng, investor and Founder of 7 Days Inn respectively, rang the bell together at NYSE and made the company go public, people realized that Boquan He is back into business.
1999年，39歲的何伯權把樂百氏的年銷售額做到了20億；2011年，51歲的何伯權上榜“福布斯中國最佳創業投資人”；2018年，58歲的何伯權接受了艾問創始人艾誠的訪問。
In 1999, 39-year-old Boquan He achieved annual sales of RMB 2 billion at Robust; in 2011, 51-year-old Boquan He was crowned “Forbes China Best Venture Capitalist”; in 2018, 58-year-old Boquan He got interviewed by Gloria Ai, Founder of iAsk.
故事一：
Story No.1:
1992-2000年，是樂百氏和娃哈哈爭奪最激烈的八年。面對娃哈哈的崛起，樂百氏不再是乳酸飲料的絕對霸主，面對宗慶後的步步緊逼，何伯權開始尋找幫手。
The period between 1992 to 2000 was the most intense eight years of competition between Robust and Wahaha. In the face of the rise of Wahaha, Robust was no longer the absolute hegemon of lactic acid drinks. Distressed from Qinghou Zong’s aggressive moves, Boquan He began to look for help.
讓人不解的是，比娃哈哈晚4年引入外資的樂百氏，在2000年將92%的股份拱手讓給了法國達能，一同交出去的，還有何伯權手中的權力。
What was confusing was that, Robust, which introduced foreign capital four years later than Wahaha, handed over 92% of the shares to the French Danone in 2000, along with Boquan He’s power.
2001年11月30日，“樂百氏”召開特別會議，秦鵬代表達能總部宣佈接受何伯權等5位創業者集體辭職的決定後，會場頓時騷動起來，何伯權上臺儘量語氣平和地闡述辭職原因：“我們對樂百氏今後發展戰略的認識與控股方達能發生嚴重分歧…”話音未落，已有哽咽聲，“從第二天起，我就消失了，這樣離開是最好的。”
On November 30, 2001, “Robust” held aspecial meeting. On behalf of Danone’s headquarters, Peng Qin announced that Danone accepted the resignation decision of five founders of Robust including Boquan He. The audience suddenly fell into chaotic discussions. Boquan He stepped onto the stage, trying to explain the reasons for resignation in a calm manner: “There has been severe divergence between us and the controlling party Danone, regarding Robust’s future development.” He started whimpering even before finishing the sentence. “Starting from tomorrow, I will disappear. Leaving like this is for the best.”
在“賣掉”樂百氏前，何伯權做過一個叫“沉船”的心理遊戲。他在一個徹底黑暗的環境裡，躺在地上。老師說，何伯權，你已經死了，被放進棺材裡了。“轟”一聲，“棺材”蓋上了，他聽到土落下來的聲音， “創立樂百氏最初的三年，我什麼都沒有，沒有錢，沒有市場，但很有激情，任何困難都不是困難；三到五年之後，逐漸有點疲憊；七到十年，我就覺得怎麼會每天都是這樣？”
Before “selling” Robust, Boquan He had played a psychological game called “Sunken Ship”. He was lying on the ground in a completely dark environment. The mentor said: “Boquan He, imagine that you are dead and have been put in a coffin.” “Boom”, the “coffin” was closed; he heard the sound of dirt falling. “During the first three years of founding Robust, I had nothing – no money, no market, but I was very passionate, not intimidated by any difficulty. But after three to five years, I got a little tired; after seven to ten years, I asked myself why is it like this every day?”
艾問何伯權：賣掉心愛的企業有多難？
How hard is it to sell a beloved company?
何伯權：在樂百氏最初的時候，什麼都沒有，人才也沒有，錢也沒有，市場也沒有，品牌也沒有，但你乾得很開心，很有激情。但五年、七年之後，就覺得有點悶了， 七年、十年的話，那個時候就真的是基於一種責任，已經是沒有激情了。
Boquan He:At the beginning of the establishment of Robust, We had nothing – no talent, no money, no market, no branding. But we were very happy and passionate. However, after five or seven years, I felt a little bored. After seven or ten years, it was purely driven by a sense of responsibility, with no passion at all.
很多人都說(樂百氏)是你的兒子不能夠賣，那我說的話就公司真的是不能當做自己的兒子，太慘了。我覺得它是一個產品，等於是水一樣。我生產一瓶水出來，我也有感情，你說一毛錢賣不賣？我肯定不賣，對吧。一毛錢有沒有搞錯，一毛錢你就想拿我一瓶水。但是一塊錢呢？一塊五呢？我就賣了。
Many people say that Robust is your son, don’t sell it. In my opinion, the company can’t be your own son. It’s too miserable.I think of it as a product, just like water. If I produce a bottle of water and have feelings towards it, do you think I should sell it at 1 cent? I definitely won’t, right? Are you kidding me? You want to buy a bottle of water from me for a cent. But what about 1 yuan? 1.5 yuan? Then I would sell it.
但企業的話就有很多人說，我創的企業我不會賣的，因為它是我的兒子。對，兒子的話就出多少錢，你都不會賣。但它就假如是企業呢？ 一百萬不賣，一個億，十個億，一百個億，一千個億，總有一個價，你是願意賣的，可以賣的。 最起碼90%以上的人可能會賣，會到一定的價格，覺得公平，合理。
But many entrepreneurs refuse to sell their business because they think it’s their son. Right, people wouldn’t sell their real son at any price. But what if it’s a business? If you don’t want to sell it at 1 million yuan, what about 100 million, 1 billion, 10 billion, 100 billion? There will always be a price point where you’re willing to sell. At least 90% of entrepreneurs are willing to sell at a certain price that they think is fair and reasonable.
艾問何伯權：賣掉樂百氏，你失去了什麼？
what did you lose from selling Robust?
何伯權：從樂百氏的角度，那我覺得它最起碼現在看到的收穫還是好的。現在我回去的話，跟原來那些員工聊，我覺得整個檔次提升了好多。從過去鄉鎮企業的員工，變成世界五百強的員工，在裡面可以學到很多東西，系統性的也學到很多，他的身價也高了。
Boquan He:For Robust, at least it has harvested some gains. Nowadays, when I talk to the original Robust employees, I feel like they have leveled up a lot, transitioning from a township enterprise employee to a Fortune 500 employee. At Robust, they can learn a lot systematically, which increases their value as well.
與我個人而言，我更希望內心平靜、快樂，能夠更加自由地做自己想做的事情。而且做起來的話不是緊繃繃的，是能夠比較輕鬆，能夠應付的了。最後我覺得質量非常重要，也就是說你的生活質量也好，工作質量也好，必須要有餘地。
Personally, I prefer to have peace of mind, be happy, and free to do what I want to do. Even when I get down to business, I don’t feel stressed out anymore; I can stay relaxed and handle situations. Therefore, I think quality matters, meaning that both life and work quality need some space.
故事二：
Story No. 2:
將自己耕耘12年之久的樂百氏拱手相讓後，何伯權彷彿帶著“悲情英雄”的名號消失了。待他再次回到人們的視線之中，他已經憑藉投資人而非企業家的身份，站在了世界資本市場的中心——紐交所。
After handing over Robust which he had worked for 12 years, Boquan He seemed to disappear with the name of “Sorrowful Hero”. When he returned to public sights again, he became an investor rather than an entrepreneur under the spotlight of the global capital market – the New York Stock Exchange (NYSE).
2009年，7天連鎖酒店赴美上市，何伯權作為投資人和聯席董事長出席開盤敲鐘儀式，儀式上的何伯權按住開市按鈕整整15秒沒鬆手。
In 2009, the 7 Days Inn went public in the US. Boquan He attended the opening bell-ringing ceremony as an investor and Co-Chairman of the Board. He did not let go of the market-opening switch for 15 seconds after turning it on at the ceremony.
此時大家才知道，何伯權早在2003年就成立了今日投資有限公司，並投資了包括久久丫、喜茶、愛康國賓、諾亞財富在內等十餘家企業，投資回報率驚人。
At this point, people realized that Boquan He founded Invest Today as early as 2003, and invested in more than ten companies including Jiujiuya Duck Neck King, HEYTEA, iKang and Noah Fortune, with incredible investment returns.
他放下了樂百氏創始人的身份，也放下了成為中國首富的機會。在他按住的15秒裡，何伯權頭腦中浮現過什麼，我們不得而知，但再次迴歸的何伯權想做什麼，答案已經明晰。
He let go of the identity of Founder of Robust as well as the opportunity to become the richest man in China. We would never know what was in his mind during the 15 seconds of holding the switch. But looking back, what Boquan He aimed to do is crystal clear.
艾問何伯權：如何盡好本分做投資？
How to stay devoted toinvesting?
何伯權：第一，我都投很早期很早期。第二的話，就是投的很少。一般投早期的話，投都投很多，就廣撒網，我投是很少的。第三的話就是，我基本上不會去做盡調，我也沒有人去做盡調。大部分的話就都是這樣聊聊天。第四的話就是， 別人說你這樣的話，拍腦袋去做決策。我說我腦袋都不拍，我是拍大腿的。 談起來覺得這個過癮，這個好，那我就投。這些它就可能都跟常規的投資方式，都不一樣。但我自己堅信一點，就是我必須要做我自己比較熟悉的。
Boquan He:Firstly, I always invest at very early stages. Secondly, I don’t invest with a large amount. For early-stage investments, I invest in a vast quantity of projects with minimum amount. Thirdly, I never conduct due diligence. I didn’t have any due diligence team either. I usually just casually chat with them. Fourthly, despite that other people judge my “captain’s calls”, I would invest as long as I enjoy the conversation. It might be different from regular investment patterns, but I firmly stick to one principle that I need to stay within the sectors that I’m familiar with.
我覺得還是要守住自己。真的是，每一個人所知道的東西非常非常少。但對於這個世界來說，那麼少的東西，已經足夠大了。這個世界上，你佔有一點點，已經是足夠足夠的大了。那為什麼不去集中精力，就將這個井挖深一點，而不是擴大。因為再擴大的話，可能表面都沒有水，都是沙漠，那不如就挖深一點。
I think we still need to hold onto our strength.It’s indeed true that people have extremely limited knowledge, but it can be vast enough if you can occupy some area in this world. So why not focus on digging deeper instead of expanding wider? If you keep expanding, you might not even gather water on the surface but create a desert. You might as well dig the well deeper.
而且，你真的是要沉得住氣，不然的話你根本上沒機會賺錢了 ，為什麼是你賺了？大家都看到這個，都瞪著眼，兩眼發光去賺錢，為什麼是你呢？守住這個，賺錢的機會，還是非常非常多。
Moreover, you really need to be patient, or else there’s no chance for you to make a fortune. Everyone can see the market opportunity and stares closely at it, yearning to make money, but why can you succeed? If you stick to it, there’s still plenty of opportunities to make money.
到目前為止，我最驕傲的一個投資專案是諾亞財富，大概3000倍、4000倍的回報。
So far, one of my most proud investment projects is Noah Fortune, generating around 3,000-4,000 times of return.
故事三：
Story No. 3:
一年前，著名財經作家吳曉波定義了“企投家”，他說，在過去的二十年裡，企投家是全球商業界最大、也是最值得關注的新型成功者，馬雲、孫正義、柳傳志、埃隆·馬斯克……他們重新定義了企業家在這個時代的使命。
A year ago, famous financial writer Xiaobo Wu defined “entrepreneurial investors”. He said that in the past two decades, entrepreneurial investors achieved the most prominent and noteworthy new type of success in the global business community, including Jack Ma, Masayoshi Sun, Chuanzhi Liu, Elon Musk etc., who redefined the mission of entrepreneurs in this era.
中國的商業文明正從產業商業時代，向產融商業時代急速地迭代衍變，一個沒有資本意識和技能的企業家是不合格的，也根本無法適應新時代的生存競爭形勢。
China’s commercial civilization is rapidly evolving from the era of industrial commerce to industrial and financing commerce. An entrepreneur without capital awareness and skills is unqualified and cannot survive the competition of the new era.
我們看到一類叫做“企投家”的新物種出現了，他兼具企業家和投資家的融合性角色，具有鮮明的兩棲型特徵，一棲於鍾愛的實體產業，讓它迭代進步，永續發展，一棲於“非理性繁榮”的資本市場，讓自己的財富在運動中增值。
We have witnessed the appearance of a new type of business person, called “entrepreneurial investors”, with a distinctive amphibious features of entrepreneurs and investors. The entrepreneur character is fond of the real economy, which progresses and develops sustainably; the investor character is dedicated to the “irrational and prosperous” capital market to create more value to their wealth via investment activities.
他們的存在方式，代表著未來的風向標和新的商業之美。
Their way of being represents the trend of the future and the new charm in business.
艾問何伯權：企投兩段論的成功之道是什麼？
What is the key to successof the two-stage theory ?
何伯權：邊做企業，邊做投資，這個是不是最好的選擇，那我這個是打問號的。從我自己經歷來說，我希望他要有一個很好的界限去界定。企業就是企業，投資就是投資，只是你是一個連續的一個過程，是一個階段的過程，還是一個同時的過程？假如我繼續做樂百氏，我做了投資不會成功，因為樂百氏的話是我的全部，名譽、地位、金錢全部都來自樂百氏。所以我大部分的精力都會集中在樂百氏上面，對其他專案的話，就只是關注。
Boquan He:Is running a business while conducting investment the best option? I’m not sure about that. Based on my own experience, I hope that there should be a boundary to define them. Business is business; investment is investment. Yet, it can be a continuous process, aprocess of stages, or a simultaneous process. Take myself as an example. If Ihad continued running Robust, I wouldn’t have succeeded in investing, because Robust was all I had. In terms of reputation, social standing and wealth, Robust brought me all of those. So most of my energy would be dedicated toward Robust. As for other projects, I would just pay some attention.
我自己就是這樣，停了企業，然後我用在企業裡面積累的經驗、財富、人脈，再去學習投資，找到了我自己的投資風格。 三十到四十歲，我做樂百氏創業，四十歲到五十歲我做投資，五十歲之後的話，基本上是公益，或者是自己的生活、自己的愛好，就更多是在那裡。
For me, I stopped running the business.Then I took advantage of the experience I gained from the business, the wealth I accumulated from it and the network I established through it, and learned to invest. Afterwards, I found my own investment style. From thirty to forty, I founded Robust. From forty to fifty, I focused on investing. After fifty, I became more devoted to charity work, my life and my hobbies for the most part.
難得來到這個世界上幾十年，真的是讓自己經歷的更多會更好。那怎麼去經歷更多？ 人生的話就不會是一條，只是一條直線，連續的直線。它應該是以一個波浪式前進。 做任何事情的話，你不要想象自己會越做越好，然後永遠都會做好。但我覺得企投家這個概念，或者這樣一個定性是對的。
Lifetime of several decades is precious. It will benefit us more if we experience more. How do we gain more experience? Life is not a mere straight line or a continuous straight line. It should be a wave of progression. Any undertaking might not get better and better as you expect it to be or maintain optimal forever. But I think the concept or the positioning of entrepreneurial investors is correct.
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