Chapter 29

Author: Trojanrw

Chapter 29

If you want to have a complete life, you must first have a complete stomach.

Han Yi was unable to refuse Zhao Yanzhen's gaze, and took her to eat another meal of Los Angeles food, just like driving a stray cat who hid under the rain on the eaves of rainy days, it would be full of guilty sense.

Falomuro Delvih received two people at 5:16, and marched towards Sartel in Hollywood in West Hollywood. There is another very vivid name in this block. The most famous restaurant here is the supply day.

Tsujita la, which is famous for dipping noodles.

Han Yi does not like the clear and subordinate relationships. As long as he can ensure professional literacy and work efficiency, he does not mind getting along with his employees as friends. Therefore, Fayamu resigned three again, but in the end

The ranks of dining.

With the painful experience of Spicy East Village and the old stove of Chongqing, Zhao Yan, who studied well, did not accept Han Yi's suggestion, and added a large spoon of spicy high vegetables to his noodle soup.

And Fayamu, obviously the boss's way.

"Albanian dishes are not very spicy. We only use some red pepper slices and black pepper to taste. But the boss, this does not mean that I can't eat spicy."

While stirring in Fayamu, he preached in English with his accent, "When eating red pepper, I have to go up with additional spicy sauce."

The pride of this Bargan tough guy was disappeared while the first soup was into the belly.

Until Han Yi sent Zhao Yanzhen back to the ATRIUM apartment on Gai Lei Avenue on the west side of the UCLA campus, Fayamu in front of the driver's seat did not slow down.

"Thank you, Han Yi ... the care of the past two days." Zhao Yan really looked at Han Yi and said softly in Chinese. Then, she patted Faya Mu's shoulder, "Take care of herself, okay, Fayamu."

"I want to eat, and I will always find me." Han Yi pointed to his mobile phone and replied in Chinese. The two had already exchanged contact information of social media in New York. "I can't, meals must be an expert.

"

"Thank you, Miss Zhao." Fayamu solved a bottle of Davani mineral water. He turned his head, and his red lips were barely moved up, revealing a friendly and painful smile, "We will meet again next time."

next time?

Zhao Yanzhen always believes that Fayamu is the driver of the airport pick -up and drop -off vehicle booked by Han Yi. Naturally, the girl will not ask, and Han Yi has not talked more. Hearing this strange farewell, she just tilted her head in doubt, then then

Then you throw this question mark that you don't need to put on your heart, turn around and get out of the car.

"Take care of yourself!"

"You are too!" Zhao Yan really waved his hand and watched Chevrolet from moving north.

Really up the mountain?

Do you do a full set?

Looking at the shadow that gradually narrowed into a red dot, Zhao Yan really bit his lower lip, and subconsciously dialed the hair behind his ears.

There seems to be a companion to travel, it seems pretty good.

Han Yi, who was Laurun, returned to No. 864, Strela, and was paralyzed directly on the bed. He fell asleep in the fragrance of sleep assistant in Johnna-Yang Sen.

Then, then

There are three hours of time difference between New York and Los Angeles. The runaway people like Han Yi and Zhao Yizhen every day in the big apple brush movement are normal.

Han Yi returned to Los Angeles on the last day of the spring vacation, and his close friend who should have returned to the United States on the same day, but told him on the green small bubble that he needed to come back two days later, and no matter how Han Yi persuaded him, he declined him.

The proposal to pick up the aircraft.

"It's really okay, I have a car ... rest assured, I will take care of myself."

After showing the state, Han Yi no longer insists. In his memory, Xu Yiru, who is independent, is the right version. Before the spring vacation, he recommended a romance novel on the highway.

Occasionally error products.

What's more, Han Yi himself also has a lot of problems that need to be solved.

Sitting in the private office on the left side of the villa entrance, closing the curtains, opening the iPad, Han Yi began to carefully sort out a series of work progress to follow up.

The first thing that was UTA ​​was the acquisition of UTA. On Tuesday, March 22, Baihui Capital's assessment and analysis team went to Manhattan's office and negotiating opponents at the office 399 of Meichi Investment Bank Park to conduct initial meetings. The situation was quite optimistic.

As mentioned earlier, each independent boutique investment bank has its own foundation. Michicon's most exaggerated long item is the reorganization of assets. Including the US $ 26 billion debt in 2009

More than 400 projects provide a reorganization solution with a total value of more than $ 1 trillion, ranking first in the global restructuring market.

The second strong point of Michigan is the merger and acquisition consulting service that UTA commissioned them.

It was sold to the Explore Bank of China. In 2008, the Budweiser's parent company Anhai Sius Bush and the Belgian Britain Group were worth $ 61.2 billion in mergers, and 2007 Blackstone Group's $ 26.5 billion in private Hilton Hotel Group. These are all in the history of the capital market.

The major cases of the number are the active figures of Meichi Investment Bank behind the scenes.

In fact, most of the net profit of nearly 500 million US dollars in FY2015 is the income obtained by consulting services.

The difficulty of mergers and acquisitions not only depends on the capital strength and cooperation intentions of the two opponents, but also closely related to the status of the consultant they hired. In 2015, the quarterly revenue of Michigan Investment Bank Q1 and Q2 fell seriously year -on -year. The 2015 Q1 Record

The net profit obtained is 99 million US dollars, only 86%in the same period in the same period in 2014, which has seriously affected the trend of Meichi in the secondary market.

After the announcement of the 2015 Q2's quarterly report, the stock price continued to fall, and last month even fell below the issue price. The best way to recover the revenue trend is of course as much as possible to quickly promote the M & A project that is being consulted.

Generally speaking, the financial situation is relatively healthy. Investment banks with no worries of the company's operations will be more inclined to pull the timeline of mergers and acquisitions longer. Because they will charge a "storage fee" monthly, some are more straightforward.

The investment bank directly refers to the monthly consultant fee. Usually, the consulting company providing mergers and acquisitions consulting services can get at least $ 50,000 to $ 250,000.

But this is not a place to provide real money. The core revenue point for consulting services is that the "success fee" after the business is reached. For financing projects less than $ 1 million, consultants generally charge 7-10%of financing

As a successful fee. When the amount reaches a range of 30 to 50 million US dollars, the commission point value will be reduced to 2-5%.

If it is a project of more than 50 million US dollars, it is difficult for the two parties to achieve a consolidated point value. At this time, the consultant agreement will stipulate a fixed amount of successful fees, usually between 2 million and US $ 3 million, to reach a heavenly volume transaction,

Of course, the rewards will be more.

The monthly consultant fee is calculated as a deferred income in the financial statements. Before the service is completed, it will be recorded as liabilities, and the success fee after the transaction is completed is the real operating income.

This is why Mikchi Investment Bank Baihui Capital still wants to achieve the real reason for this acquisition. The M & A and strategic consulting department of the New York Office have a lot of performance indicators.

For the acquisition of $ 1 billion in ICOPAL ICOPAL, India Financial Technology Co., Ltd. and FT Group invested 27.3%of the Dubai Gold Commodity Exchange's equity sales case to ensure that the guarantee limited company has more than 20 acquisitions of CIFG's $ 450 million.

An M & A consultation is carried out at the same time.

The UTA equity acquisition case initiated by Han Yi and Baihui Capital is just one of the small cases of this general case.

Lang has affection, and the matchmaker who talks about the media is also anxious. When the three parties participating in the acquisition case have reached the intention, the negotiations have missing those aspects of the virtuality and snakes.

In the intention of submitting the Michigan Investment Bank, UTA is willing to use 40%of the equity to exchange for $ 250 million in financing. If the total valuation of UTA will reach US $ 625 million according to the seller's proposal.

Is UTA ​​worth so much money?

The answer is obviously negative. It is very difficult to calculate the correct valuation of a company. According to the different financial statements, each party may calculate completely different numbers according to the position, willingness and experience.

Taking the record company as an example, its artist resources, the contractual situation of the main artists, the income of the mother with the product of the past ten years, the tax distribution of the past ten years, the ownership of the copyright library, the details of the outsiders, such as

Whether a head artist is exclusive in terms of business endorsement, it has a probability that it has a significant impact on the final valuation of the record company.

In contrast, the business structure of the performing arts brokerage company is relatively simple, and there is basically no physical assets. The income composition is relatively single. The channel links between upstream resources and downstream customers are relatively clear.

In fact, it is the contract situation between institutions and customers. The gross profit and net profit obtained through the brokerage business each year, as well as the growth of other non -main business such as planning services such as the whole case.

No matter how simple it is, it is: how much money can you make now, and whether you can keep this momentum to continue to make money in the future.

And such a future cannot be imagined without restrictions. In the final analysis, in the final analysis, in 1937, the California government promulgated Article 2855 of the Labor Law, stipulating that the execution period of personal service employment contract must not exceed seven years.

Practitioners are called "seven -year rules". This regulations play a decisive role in the limited valuation of the performing arts brokerage company in the future.

At present, the acting agency agreement signed between the performing arts brokerage company and the artist customer is between 1-5 years. If an artist is a member of the Actor's Rights Association or a member of the American Television and Radio Artists Federation, then the performing arts brokerage company and these

The first agreement signed by the artist cannot even exceed the period of one year.

Record companies and music distribution companies can cleverly avoid the seven-year rules by requesting the number of tracks. In fact, since Olivia Newton-John's famous record contract, the record company basically will not sign the artist's number of years

Instead, the number of albums that need to be delivered directly. But performing art brokerage companies that help customers contact various types of business resources, but there is no way to bypass this legal restriction.

It is extremely weak.

Even if the company has a group of artists who can earn hundreds of millions of dollars every year, but if every 1-5 years, they have to talk to them to re-talk about contracts, and every time they have to reserve their rights to transfer a part of the rights.

No matter how big the valuation agency, it will also doubt the sustainability of this income.

Just like UTA's CAA agent, CAA captured Johnny Depp, the facade of a performing arts brokerage company may instantly become a warrior for competitors.

What's more terrible is that the acting agent is not an industry that can improve a single transaction profit space. In this industry with extremely powerful industries, most guilds have banned agents from being drawn by more than 10%.

The "Crastarian Anti -Fraud Law" even forbids the agent from collecting prepaid from the customer, which is a completely cut off the idea of ​​increasing a single transaction of performing arts brokers.

No matter how much the contract is talking about the artist, no matter how much efforts they have paid for the acting broker, their commissions are fixed at 10%. This is why the acting agent is called Ten Percenters in the circle.

The possibility of a large number of changes to the customer list of its assets is weak. Unless the scale is expanded, the imagination space for income and profits is also very limited. These factors determine the strong demand for the expansion of the performance of the performing arts company.

Aquelius, which obtained high valuations.

UTA last year's 325 million US dollars gross profit, $ 50 million in net profit, and employees had more than 1,000 people, saying that a labor -intensive industry was not excessive.

The year's gross profit is more than $ 600 million, and the net profit can reach 256 million, let alone Sony/ATV's music copyright assets, which can create sustainable revenue for the company for at least 35 years.

In the eyes, the total valuation of an acting brokerage company like UTA cannot exceed 500 million US dollars.

As a result, a 43%equity and a letter of intention of $ 190 million were returned as a modification and returned to Michigan Investment Bank, which reduced the valuation of UTA to 441 million US dollars.

The entire valuation and negotiation process did not participate directly. But through Le Pen and two Chinese executive directors, his key details of the entire process, including the professional knowledge of the capital market, operation rules, and Baihui Capital
To be continued...