合肥模式源于一次“豪赌”（三）

Core Insights - Entrepreneurs often make two extreme mistakes when negotiating with government funds or investment platforms: either being overly submissive or rigidly adhering to market VC negotiation tactics [2] Group 1: Negotiation Strategies - When discussing buyback terms, entrepreneurs should frame it as a way to enhance government fund liquidity and utilization rates rather than simply wanting to buy back shares cheaply [2] - In negotiations regarding interest rates, it is advisable to propose a tiered interest rate structure to alleviate initial cash flow pressures while acknowledging the government's right to returns [2] - The importance of language in negotiations is emphasized, as specific phrases can significantly impact the perception of the proposal [2] Group 2: Pitfalls in Contracts - The first major pitfall is the "joint liability" of the buyback subject, which should ideally be limited to the company alone to avoid personal financial ruin [3] - The second pitfall involves the difference between simple and compound interest, where compound interest can lead to significantly higher costs over time [3] - The third pitfall relates to triggering conditions for buyback, where contracts should include exemptions for circumstances beyond the company's control, such as policy changes affecting IPOs [4][5] Group 3: Leveraging Value - Government funds are viewed as supportive rather than predatory, and negotiations should reference prevailing bank loan rates or LPR [3] - Companies can negotiate better buyback conditions by demonstrating their contributions to local employment and tax revenues, effectively playing a "resource exchange" game with the government [6][7] - The success of negotiations often hinges on the ability to align the interests of the company with the economic goals of the local government [9]