Fortune | FORTUNE 07月25日 23:45
YouTube’s founders split over $650 million when they sold to Google in 2006—had they held out, they could have taken a slice of $550 billion
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文章探讨了多位创业者在公司早期阶段出售公司后,因公司爆炸式增长而错失的巨额财富。以YouTube为例,其联合创始人在2006年以16.5亿美元出售公司,但如今YouTube的价值已达5500亿美元,若按当时股权比例计算,联合创始人本可获得远超实际的百亿身家。类似的故事还发生在苹果联合创始人罗纳德·韦恩以及Chef Boyardee创始人身上,他们早期出售公司股份或全部股权,虽然获得了眼前的收益,却错过了公司后期惊人的价值增长。文章指出,这种决策的艰难在于权衡早期出售以锁定收益,还是坚持持有以追求公司更大潜力,而大型企业并购有时也是公司实现爆炸式增长的关键。

📈 **YouTube的惊人增长与错失的财富**:文章以YouTube为例,指出其联合创始人在2006年以16.5亿美元出售公司,但公司如今估值已达5500亿美元。若按当时股权比例,联合创始人本可获得超过1000亿美元的财富,远超实际所得,揭示了早期出售与未来巨大增长之间的巨大差距。

🍏 **苹果联合创始人的案例**:苹果公司早期联合创始人罗纳德·韦恩在公司成立初期便出售了其10%的股份,仅获得了800美元加上1500美元的放弃权。而如今,凭借苹果高达3.2万亿美元的市场市值,他错失的财富估值区间高达750亿至3000亿美元,再次印证了早期退出决策的巨大潜在损失。

🍝 **Chef Boyardee的价值增长**:意大利面品牌Chef Boyardee的创始人于1946年以600万美元的价格出售了公司。在随后的几十年里,该品牌通过产品线扩展和运营增长,价值飙升,近期以6亿美元的价格再次出售,相比最初的出售价增值了10000%,表明非科技类企业也存在类似的价值增长潜力。

⚖️ **早期出售与长期持有的权衡**:文章强调,对于创业者而言,早期出售公司意味着锁定当下的收益,但可能错失未来指数级的增长;而坚持持有则可能面临公司未能达到预期潜力的风险。这种决策的艰难性在于对未来不确定性的判断和风险承受能力。

🤝 **大型企业支持的重要性**:文章也提及,像YouTube和Chef Boyardee的巨大成功,可能在一定程度上得益于被大型企业收购后获得的资源和支持,这使得创始人需要在早期变现与追求公司最大潜力之间做出艰难的抉择。

But when its founders sold the popular video platform to Google for $1.65 billion in fall 2006, not even they could have predicted just how massive it would become—or how much more they could have made.

At the time of sale, each cofounder—Chad Hurley, Steven Chen and Jawed Karim—received millions of dollars worth of stock: Hurley, YouTube’s CEO at the time, received shares worth some $345 million by the time the Securities and Exchange Commission documents were released a few months later, according to The New York Times. Chen its CTO received some $326 million worth and Jawed Karim, who left the venture early to go back to school, got $64 million worth.

“This is great,” Hurley said in a video posted when the sale was announced. “Two kings have gotten together. The king of search, the king of video have gotten together. We’re going to have it our way.”

YouTube’s sale price to Google is just a fraction of its estimated $550 billion value today, according to a MoffettNathanson research note reported by Variety. That’s a 333x increase (unadjusted for inflation) from nearly two decades prior. While it’s difficult to pinpoint exactly, had Hurley and Chen received the same percentage of the sale today as they did in 2006, each could have walked away with more than $100 billion each.

Hindsight is 20/20 when it comes to selling

Last year, YouTube brought in some $54.2 billion in revenue, and this year, it is expected to surpass Disney to become the largest media company by revenue in the world, Variety reported. YouTube’s record-setting successes highlight how Google was able to overcome issues that the video platform’s founders struggled with early on—including operating losses and copyright lawsuits—and its paid off dividends.

But YouTube’s masterminds are far from the only business leaders that have seen their company soar after exchanging ownership.

During the first two weeks of Apple’s existence, the company’s lesser-known third cofounder Ronald Wayne checked out and sold his 10% stake—netting him $800 at the time, plus $1,500 to forfeit any claim to the company for good. However, his 10% share could now be worth between $75 billion and $300 billion, thanks to the company’s now $3.2 trillion market cap.

These stories also exist outside of tech. For example, the founder of iconic pasta brand Chef Boyardee sold the company in 1946 for $6 million. Over the decades, the company exponentially grew its operations, expanding to multiple lines of canned and microwavable goods. And just this year, the brand, including its over 500-person strong factory, was sold to private equity for $600 million—a 10,000% increase in value.

And in the case of Chef Boyardee and YouTube, it’s unclear whether such massive growth would have been achieved without the backing of larger corporate owners. For the founders, it means weighing up selling early and leaving future billions on the table—or holding on and risking the company never reaching its full potential.

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