Text/ Golden Wrong Knife Channel Wu Ming
A person can start from scratch and make the company ten billion assets, that must be very cattle.
But what if you play all the tens of billions of assets? That must be a very good loser.
The person that Brother Dao said was the founder of Tan Yutou, Tan Chang'an.
20 years ago, you could not have known about Haidilao, but the name of Tanyutou was a household name.
In 2007, Tan Chang'an took the 10-year-old Tan Yutou to the Hurun Restaurant Rich List, ranking third with a net worth of 2 billion yuan, and the company's assets were nearly 10 billion.
At this time, TanYutou has basically completed the layout of the Chinese mainland, opened nearly 90 branches, and is ready to develop overseas. At that time, Haidilao had only opened 13 branches.
Feng Shui took turns, and now Haidilao has become a hot pot brother, but Tan Chang'an said: "When I was embarrassed, I didn't even have a dollar in my bag." ”
Image source: @Fa Ge Run Market
What is even more tragic is that Tan Yutou is insolvent and has fallen to the point of being auctioned off.
On May 1, 2021, the manager of TanYutou auctioned 49 trademark exclusive rights under the name of Chengdu Tanyutou Company, such as "Tanyutou", "Tan Zhuangyuan", "Bajiao Fishing House" and "Tanjiabazi", on the Alibaba Auction Qiangqing platform of Taobao.com, with a starting price of 1 million yuan.
Tan Chang'an, who once had tens of billions of assets, how did he get mixed up in this step?
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Starting from scratch is all about gambling, working to 10 billion in 10 years
Tan Chang'an has not been a person who has kept to himself since he was a child, and there is always a gambling energy flowing in his blood.
So in 1980, Tan Chang'an, who was less than 17 years old, was conscripted into the yunnan front and served in the army for 18 years, 8 of which were in the war.
In 1991, Tan Chang'an was transferred to the Tibet Military Region Office in Sichuan. This work experience indirectly cultivated Tan Chang'an's hotel management ability.
Image source: Cover News
In the year when Tan Chang'an was about to change careers, in order to solve the problem of his brother's livelihood after he retired from the army, he took out his savings to open a noodle restaurant for his brother.
The brother's noodle shop business is booming, Tan Changan looks in the eyes, hungry in the heart, a seed of opening a shop sprouts in the heart.
When he invited a friend to eat Chengdu fish hot pot at a banquet, he felt that he was not full, so he ate the fish head.
Tan Chang'an has a sudden aura, Chengdu can see fish hot pot everywhere, why have you never seen a fish head hot pot?
Tan Chang'an is an activist and does what he has. In 1997, Tan Chang'an used 5,000 yuan to transfer and 60,000 yuan to borrow money to open the first Tan fish head hot pot in an alley near Baihuatan in Chengdu.
Unfortunately, the newly opened Tan fish head is not outstanding compared with the fish hot pot that is everywhere in Chengdu.
And in 1994, the news broke the black curtain of the Internet red hot pot shop, and the "exclusive old oil" was actually gutter oil!
Diners are worried, looking at the hot pot shop on the detour, a large number of hot pot shops lose money, close the zhang, the hot pot market was once very depressed.
Tan Chang'an is not a character who sits still. The soup base is not clean, let's change it!
Therefore, in Chengdu, the city of hot pot, Tan Yutou has taken a different path, launched a disposable oil hot pot bottom, and transformed the kitchen into transparent glass, insisting on the on-spot slaughter of each fish head, and the single pot at the bottom of each pot is fried, completely dispelling the concerns of diners.
The chaos of the hero, Tan Yutou's explosion speed is faster than expected, and the first million earned is particularly easy.
Tan Chang'an realized that the Chengdu market was not big enough, and he decided to "gamble" again and go to Beijing!
It turned out that Tan Chang'an was right to gamble this time, and Tan Yutou even took root in Beijing, and the fastest expansion rate was to open a store in 8 days, and 11 stores were opened in Beijing alone.
After stabilizing Beijing, Tan Yutou branched out again, occupying the surrounding cities of Beijing, extending to the south, then to the northwest, and finally back to Chengdu.
In less than 3 years, Tan Yutou opened 89 chain stores in 58 large and medium-sized cities across the country, and Tan Chang'an also single-handedly created more than 60 millionaires.
In order to manage many chain stores, Tan Changan also created his own "four unifications" and "five-minute process". This means that each store requires unified dishes, unified service, unified delivery, unified time, and from ordering to serving, everything must be done within 5 minutes.
Image source: China Broadcasting Network
The two-way innovation of products and services has made Tanyutou earn a lot of money, and its status is no less than that of today's Haidilao.
To this end, IBM also conducted an exclusive interview with Tan Yutou and joined hands with Tan Yutou to create an information management system.
A restaurant can get cross-line certification, which is evident in the status of Tan Yu Head.
At the end of 2000, the annual turnover of Tanyutou exceeded 300 million.
Haidilao has just opened a second branch. And because of the performance loss, Daniel Zhang is often said to be too ambitious, not to listen to opinions, arbitrary, etc., and Tan Yutou is one heaven and one underground.
Chinese mainland the market is almost over, Tan Yutou does not want to brake, and then continues to expand outward.
Taiwan, Hong Kong, Singapore, Tan Yutou is going farther and farther, driving more and more. In short, where there are Chinese, Tan Chang'an will open the shop wherever it is. Tan Yutou became the first Chinese hot pot restaurant to go abroad.
In 2007, the annual output value of Tanyutou reached 800 million yuan, and the total assets were nearly 10 billion yuan.
At this time, Tan Chang'an was a bit floating, and the ten billion empire was about to collapse.
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Three times of high gambling, lost the tens of billions of empires
Tan Chang'an, who holds 10 billion yuan in his hands, is not satisfied - as long as Tan Yutou is not listed for one day, he will not be willing in his heart.
According to him, the purpose of going to Hong Kong to open a company and a branch is to go public.
Tan Changan's company in Hong Kong is done according to the rules of listing; the accounting firm is PwC. Any standard, Tan Yu Head is done in accordance with the listing specifications.
Everything is ready, only the east wind is owed. In 2009, Tan Chang'an waited for his first opportunity.
At that time, a company called Fu Kee Foods filed a winding-up application with the Hong Kong High Court. Buy it, Tan Yutou can be listed on the backdoor.
The idea is very good, but it is a pity that Tan Chang'an has a pig teammate, and when he has not won the bid, he has begun to talk about the media, attracting the attention of a number of mainland catering tycoons such as Zhen Kung Fu and Pretty Jiangnan.
In the end, Tan Yutou returned home and lost to Anhui Venture Capital, which bid for HK$658 million and had a state-owned background.
If you can't do it once, do it again.
In 2011, Tan Changan planned to pocket Vio Group for HK$200 million, but it was eventually snatched away by the China Uranium Development Corporation for more than HK$984 million.
Twice asked for it, but let Tan Changan's heart feel like being eaten by thousands of ants, where did he suffer defeat along the way? Let him give up the listing, impossible!
Tan Chang'an has a horizontal heart, can't buy a shell, and IPO himself!
From 2012 to 2013, Tan Changan and a Hong Kong venture capital did an IPO, the two sides signed a VAM agreement, the venture capital invested a one-time investment of 20 million US dollars, and Tan Yutou needed to reach the profit target within 3 years and list on the Hong Kong A card.
The risk of betting is extremely high, and if the target is not completed, Tan Yutou will face sky-high compensation.
But Tan Chang'an, whose head is hot to swell, where can he see the risk? Not even a back road was left for himself.
When the venture capital only invested 5 million US dollars, Tan Changan had already begun to prepare intensively, and there were four stores of more than 4,000 square meters alone, only one flagship store in Beijing Asian Games Village invested hundreds of millions of dollars, and the other three stores invested more than 50 million.
But Tan Chang'an, who was acute, did not eat good fruit.
The remaining 15 million US dollars of venture capital has not been paid for a long time, several large stores have problems in operation, and Tan Yutou has no money!
Tan Chang'an suddenly woke up, he was pit by capital!
The unlucky people drank cold water and stuffed their teeth, their own things had not been wiped clean, and the younger brother had made a moth again.
In 2013, a small loan company sued Tan Yutou Investment Company and Tan Chang'an in court, demanding repayment of 15 million yuan in principal and more than 2.2 million yuan in interest.
This money was borrowed by Tan Chang'an's younger brother, but Tan Chang'an made a guarantee, and the younger brother could not repay it, and the elder brother was directly chased for debts.
Credibility was damaged, and Tan Chang'an struggled with bank loans.
Tan Chang'an said that there is still a line of 50 million yuan in the Bank of Hangzhou that can be loaned. But counting the high interest on the loan, it will be difficult for him to reach the profit requirements in the VAM agreement, and he will also face high VAM losses.
At this time, Tan Chang'an's heart was dripping blood, and in just four years, Tan Yutou looked completely different, watching the company's funds have problems, but he was helpless.
Coupled with Haidilao's opportunity to spread through the network and the group effect at this time, the service advantages are infinitely magnified, and it explodes overnight in the hot pot industry, directly defeating the head of The Tan fish with only residual blood.
In 2015, the Chengdu Intermediate People's Court announced through a press conference that Tanyutou Food (Chengdu) Co., Ltd. and Chengdu Tanyutou Investment Co., Ltd. each owed more than 200 million yuan in debt.
In the end, you can only survive by selling assets.
In August 2020, Tan Yutou closed its last store in chengdu, its base camp, and returned to zero.
The three listing plans were in vain, but Tan Chang'an's family was defeated.
Tan Changan himself said: "Such a huge catering system, in just a few years, collapsed, shocked the catering industry, but also shocked myself." ”
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Tan Yutou's biggest failure: being gambled on is overwhelming
Tan Chang'an's gambling nature when starting a business is just a true portrayal of his daily life, and he is usually a good gambler.
Some people say that Tan Chang'an has been in Macau longer than he has been in the company.
This is not a vacuum. According to Southern Weekend' report, Tan Chang'an also appeared on the now-defunct Macau debt collection website "Better World" and was recovered 20 million yuan in gambling funds.
In the face of the topic of gambling, Tan Chang'an did not shy away from it, and even boasted of his battle achievements, "It is not like the legend, gambling is completely worthless, in fact, I won." ”
Tan Chang'an, who won, likes to throw money in the casino, you 100,000, he is 200,000, the shot is extremely generous, so as soon as everyone hears that he has won money, they all squeeze their heads around him.
And Tan Changan is more generous to his employees, they are brand-name from head to toe, and it costs millions to buy clothes a year.
Unfortunately, after the defeat of Tan Chang'an, these wine and meat friends treated him like a plague, and no one helped him.
Generous people set him up to be counter-generals: "You are such a big boss, can you still have no money?" ”
When gambling wins, desperate, gambling loses to see through people's hearts.
The moment Tan Chang'an brought his gambling addiction to the casino to the company, it was doomed to the future failure of Tan Yutou.
Betting can quickly raise funds, but risks and benefits coexist, if you do not have a clear understanding of your own strength, you will be eaten back at any time.
The bet between Big S mother-in-law Zhang Lan and CDH Investment forced Zhang Lan to be out of the game, and Pretty Jiangnan eventually collapsed across the board;
Prince Milk Li Tuchun's bet with Morgan Stanley, The Associated Press, and Goldman Sachs eventually "weaned";
Even Star Ye gambled, and he had to mortgage the mansion to pay off the debt.
Image source: Bagua Baby
When capital gives a little sweetness, Tan Changan is already studing in the gambling game, which is the most fatal.
Founders should have gambling, which is an important condition for success, but there also needs to be rationality in gambling, which is the key magic weapon for the long-term survival of enterprises.
When Tan Yutou was deteriorating, Haidilao, which was initially unable to reach Tan Yutou, successfully counterattacked and became a catering giant.
Haidilao can achieve great success late, and the founder's Daniel Zhang's lack of arrogance and impatience account for a large factor.
Image source: Baidu Encyclopedia
In 1994, the first store opened by Haidilao began with only 4 tables, helping customers carry bags, children, and shoe shine.
After 5 years of operation, Haidilao opened a second branch in Xi'an, and the third branch, Haidilao waited for another 3 years.
Isn't Haidilao in a hurry to make money? Definitely not.
However, Haidilao is to open a good one and then open the next, first seek stability and then seek speed, which also lays the foundation of each Haidilao store is stable.
Make the bottom thick, do not have to be radical, listing is a matter of course.
Haidilao, which was listed in 2018, can be regarded as an elderly company in the catering industry, but good food is not afraid of late, so Haidilao has never relied on "gambling" to leapfrog development.
A failed catering enterprise is mostly due to inadequate management, unqualified hygiene, etc.
Tan fish head is different, the hot pot taste is excellent, the employee welfare treatment is good, the food safety is no problem, it is reasonable to say that it does not have the three elements of bankruptcy, and even has higher achievements.
But the founder's gamble destroyed this huge empire, which made everyone very sorry.
In the face of gambling, there is no 100% winning rate, step by step, in order to ensure a 100% success rate.