Как подготовить стартап к инвестированию

Управляющий партнер юридической фирмы Synergy Partners Альжан Стамкулов, поделился опытом подготовки сделки Choco Family c бизнес-инкубатором MOST.

Юридическая Фирма Synergy Partners с 2012 по 2015 годы успешно завершила 14 M&A проектов: 4 горнорудных проекта, 4 нефтегазовых проекта, 2 фармацевтических проекта, 1 кейтеринг проект, 2 IT-проекта, 1 транспортный проект. Общая сумма всех сделок около 1 млрд. долларов США.

Опыта же со стартапами у нашей команды еще не было. Chocolife стал хорошим примером того, что небольшие компании могут стать прибыльными и успешными, и привлечь большие инвестиции. Стремительный рост компании на фоне падающего рынка привлек соответствующих инвесторов.

Капитализация Chocolife с момента входа первых инвесторов в 2011 году выросла в 93 раза и по итогам раунда превысила $10 млн. Оборот Chocofamily за 2015 год вырос на 82% с 3,4 млрд тенге до 6,2 млрд тенге. В 2018-2020 году холдинг Chocofamily собирается на IPO.

Мы сначала сделали полный юридический аудит группы компаний Choco, чтобы удостовериться в существовании бизнеса и операционной модели, в наличии персонала, активов, финансовых обязательств. Также были определены все собственники. Со всеми сторонами мы обсуждали структуру компаний так, чтобы превратить ее в холдинг.

На втором этапе с согласия инвестора мы действовали в интересах компаний Choco и создали им холдинг, которому принадлежали рабочие компании. На этом этапе мы предоставляли юридические консультации, решения и альтернативы акционерам Choco касательно корпоративного управления дочерними компаниями и самим холдингом.

Венчурные деньги

В Казахстане будущее будет за венчурными инвестициями. Фондовый рынок у нас абсолютно не развит. Если вы хотите выйти на фондовый рынок, то вам следует создать ТОО и выпустить облигации, либо вы создаете АО с первоначальным капиталом в $200 тысяч. Далеко не каждому это по карману. Причина того, что у нас не развит фондовый рынок – невозможность получения контрольного пакета, если выпускаются акции, потому что это делается в пределах 5% пакета; во вторых – большие затраты для выхода на фондовую биржу.

Есть вариант с займом в банке. Но банковское финансирование обременено процентными ставками. Это очень рискованно. Самое приемлемый вариант для молодого бизнеса это венчурные инвестиции, когда определенный капитал вкладывается в вашу компанию.

Работа по поиску инвестора является очень сложной. Как правило, инвесторы не афишируют себя. Мурат Абдрахманов, предприниматель, основатель телекоммуникационных компаний Astel, KazTransCom, сети клиник Dent-Lux, согласился на публичность сделки только при условии, что это пойдет на пользу в развитии бизнеса Chocolife. Сделка готовилась почти год. Подробно выстраивалась холдинговая структура, приводились в порядок документации, договаривались, как будет управляться компания.

До момента привлечения инвестора, вам нужно провести колоссальную работу по выстраиванию бизнес модели. Большой оборот у многих компаний это не показатель прибыльности. В перспективе бизнес нужно выстраивать таким образом, чтобы при проверке не оказалось существенных проблем. Все инвесторы в первую очередь обращают внимание на активы, юристы в свою очередь проверяют контракты, корпоративную структуру, на кого зарегистрирована компания, логотип, сайт и так далее.

У стартаперов же самый лучший актив это сильная команда, которая будет способствовать росту и эффективной работе компании. Инвестор должен быть уверен, что завтра никто из ключевых сотрудников не уйдет из бизнеса. К примеру, у Chocolife очень сильная и структурированная команда.

Основная проблема стартаперов заключается в неправильных решениях по маркетингу, трудовым ресурсам, многие стартапы абсолютно не умеют экономить деньги. Они должны научится принимать правильные решения. В Казахстане очень много случаев, когда в компаниях воруют инвестированные деньги или сами компании банкротятся, не выполняя своих обязательств.

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