Предприниматель | Информационно-аналитический журнал - Part 63

Sobchak: I take absolutely naked

Sobchak: I take absolutely naked

In an interview with Oleg Tinkoff and Oleg Anisimov Ksenia Sobchak share the financial side of their activities and how much it is worth all the brand name “Ksenia Sobchak”.

David Yakobashvili: “We have long pondered”

Recently, an international brand in the field of food company PepsiCo announced a 66% stake in purchasing one of the largest producers of dairy products and juices, “Wimm-Bill-Dann.” Stake of 66% was estimated at $ 3.8 billion, and total capitalization of IAP is estimated at $ 5.4 billion sale of the News “Wimm-Bill-Dann” rocked the stock market, resulting in the company’s shares soared by 40%. The transaction occurred literally and instantly became a surprise to the market for a long time claimed for the purchase of French giant Danone, but this year the French have chosen a different path, they have formed a joint venture with a major competitor, “Wimm-Bill-Dann” – by “Unimilk.”

Forbes spoke of the largest in the history of Russian consumer market transaction with a member of the board of directors and co-owner of “Wimm-Bill-Dann» David Yakobashvili .

– How long was preparing this deal?

– Very quickly, just two or three weeks. Pepsi had shown great interest.

– That is, they come at you with an offer to sell “Wimm-Bill-Dann»?

– Yes, and we briefly contemplated. This is an offer that was impossible to refuse! Estimate of $ 5.4 billion – a big premium to the market price of shares in ADR is roughly 35%, while for ordinary shares generally about 80%

– All private shareholders “Wimm-Bill-Dann” decided to sell their shares?

– Yes, we all sell out. Even a little sad, after all we created this company, it is for us as a grown child. On the other hand, the sale of shares of a leader can be considered successful completion of any business enterprise.

– How to spend the funds?

– Yes I have a lot of things, you know. That’s even a museum samoigrayuschego tools dostroyu finally, his collection will be replenished. Property at us, “Promuglesbyt” many things.

– Maybe some new venture will begin with the other shareholders “Wimm-Bill-Dann»?

– Yes, there are new ideas. Here are denser peat think to do, it’s the perfect clean fuel.

IAP Company was founded in 1992 and is now the largest Russian producer of dairy products and one of the largest producers of juice . In Russia and CIS countries, the company owns 38 companies, the state – 16 000. best known dairy brands, “Little House in the village,” “Miracle,” “Imunele”, “Happy Milkman”. best-known juice brands: «J7», «Favourite Garden”, “100% Gold». Revenues from June 2009 to June 2010 was $ 2.4 billion

The acquisition of IAP was the largest in the Russian consumer market. Interestingly, the previous largest deal also made PepsiCo, having bought in 2008 75% of the juice plant “Lebedyansky” for $ 1.4 billion PepsiCo bought everything not in free circulation shares of WBD. Their owners were the main founders Dmitry Dubinin, Sergei Plastinin, Yushvaev Gabriel and David Yakobashvili.

In 2010, some Ukrainian providers were on the verge of negative profitability

Almost a third of the adult population of Ukraine are now Internet users.

In 2010, according to providers, the price of Internet access noticeably subsided: in the III quarter prices of some companies dropped to a level of profitability. The editors asked the network provider, as prices change, “on line” in the new year.

Note: Data on the market

According to “iKS Consulting”, at the end of III quarter 2010, the total number of broadband subscribers (individual and corporate) in Ukraine was about 3.35 million, of which 2.87 million – home users.

The top ten providers of “fast” Internet in Ukraine include:

Company/Network The subscriber base, thousand
“Ukrtelekom” 1 048
“Volya” 420,5
“Kyivstar”, including URS, and “Golden Telecom” 226,2
“Vega” 122
“Triolan” 120
“Tenet” 63,2
“Freenet” 52,3
“Airbites” 51
“DataGroup” 43,8
“IPNet” 36,2
“Fregat” 35,1

According to “iKS Consulting”

2010 prices sagged

“Thanks,” including small local area networks and small service providers, in 2010, ARPU for the segment of high-speed Internet noticeably “dipped” (about 10% by some estimates). According to the president of “Freedom” by Sergey Boyko, in II quarter according to the “iKS Consulting” in the market average, the figure was around 60 USD. per month, and now it is 52-53 UAH. “Revenue per subscriber decreased by UAH 7. But it’s more than 10% fall in little more than a quarter,” – reported previously president of “Freedom.”

As explained by S. Boyko, on the one hand, Internet access – a growing market, with another – a highly competitive and this competition is often a manifestation of his dumping strategy. Their use of the company, which first entered the market domestic Internet, or vice versa – with him gone. “Dumping starts a chain reaction: the other competitors are looking at the most advantageous from the viewpoint of the customer at the price of the offer and try to do everything possible to find all the resources to meet him. And decreases the average level of market supply. In August and September we saw the most dangerous trend: in the III quarter of a quotation for the service, Internet access is already approaching a negative return, “- said the head of” Freedom. ”

2011: Next nowhere

The next year, according to some experts, the precipitous drop in prices will stop, because “there’s nowhere further.” “In 2011, prices for broadband Internet access for home users have to fall will not be for a maximum of 5-10%, because no economic sense in that no longer exists, and the financial strength of most of the ISP on this is not enough” – the director Business Development Telecom Group “Vega” Konstantin Kolesov.

According to him, in areas of high competition, more technically and financially prepared providers will try to give more services for the same money (higher speed, IPTV, other paid services), and at least prepared to lose share and will try to sell his business.
In addition, both predict providers, prices may even rise, as there is currently on the market is composed of broadband is not very favorable situation for growth: there is potential to further increase penetration, but no data is economically attractive for new investors to investprivlekatelnost, in particular, affects low ARPU.

The Russian Trust, such as Bruce Willis

“We needed a well-known person with a memorable appearance and a good sense of humor, which include Russian well,” – says the vice president for communications of the bank Dmitry Chukseev. Prior to this service “Trust” advertised Turchinsky Vladimir, who died suddenly of a heart attack in December last year. Advertising “Trust” – this is the first appearance of Bruce Willis in the Russian advertising market and the second – in Eastern Europe. Before that, he advertised Polish vodka.

New advertising face of the bank “Trust” looking not too long. According Chukseeva were formed two top-sheet – both Russian and foreign stars. In addition to Willis (Perception Index Russians he was the first place) in the top list of foreign stars included Brad Pitt. The Russian won the top list Urgant Ivan, but his perception index lagged behind the index Willis twice.

Agree with Bruce Willis was easy. Chukseev made a few calls. “In the end I went to Peter’s session, which the American agency CAA is responsible for contracts with Bruce,” – he said. On the session of the Russian bankers discussed the use of advertising media (outdoor and Internet advertising throughout the Russian Federation, in the first year of advertising on television will not), time and cost of the contract which were not disclosed.

Proved to be difficult and time consuming negotiations with the lawyers. For example, American lawyers are required to include in the contract the insurance claims of third parties against accidents. In the event that a billboard featuring the stars will fall and cause harm to humans or a machine made in America to sue not only for the installer or the company board, but the man depicted on the billboard. “We had to convince the lawyers that in our country, such claims are not accepted”, – says Chukseev. Contract align almost three weeks.

Chukseev said that the contract is designed for more than a year. Vadim Kormilitsyn, managing partner of the agency “Stars and brands”, evaluates the one-year contract with the star level of Willis in the $ 1.5-2 million if the contract is concluded, for example, for three years, it’s about $ 3-4 million

“A good fashion move. There will be a great response in the press, and in various publications, “- says Kormilitsyn. He is confident that the image of Willis will “Trust” is to draw attention to its products and ensure the growth of the bank on the retail market.

As of December is expected to meet the bank’s shareholders “Trust” with Willis. It will be held in Los Angeles, there will be a new shooting for a new advertising campaign. Online advertising ‘Trust’ is used by the bank redeemed picture. Moreover, complains Chukseev, the final cost of purchased photos from the original 70 times. The price was just raised, as in the photo bank figured out why we are buying photos. Sam Willis coordinated the design with his image and text, and agents of the actor, through diplomatic channels were interested in the activities of the bank “Trust”.

Author: Julia Chaikin

Personal loans

Venture capitalist Craig Jones is waiting for, finally, the IPO market will work and it will be able to cash out their illiquid assets. In the meantime, have to make a liquid. He gave $ 1.2 million, or 20% of its investment portfolio, the loans to his countrymen.

Someone starts a business, someone extends an existing one, someone is looking for a new home. But most Americans are simply mired in debt and looking for a way to repay the loan Visa and MasterCard. “Now hard to find a way to make money, not binding to trade on stock exchanges, had to approach this issue creatively,” – says Jones. He asked the company Lending Club.

Lending Club was founded by Renaud Laplanche, a Frenchman, who worked as a lawyer for the Securities in New York until he opened the firm MatchPoint (search database). Laplanche quickly exhausted the credit limit of your card (18%) to cover costs for the purchase of computers and furniture. When he told friends about it, some of them said that he would gladly lend him money not to such a harsh environment.

Laplanche sold his business and in 2007 opened the Lending Club. He began to offer their services in May 2007, becoming one of the first applications on Facebook. This fact made him an advertising and attracted young borrowers with short credit history. Laplanche then invested in it $ 12 million from business angels and Bank Silicon Valley. During the three years of Lending Club has allowed lenders to take 23 000 18 500 loans. Total loans were $ 179 million.

Currently, Lending Club is an equal handful of creditors, which fill the gap created by stingy banks. Prosper, another such firm that conducts auctions in which lenders compete for borrowers, offering the most favorable interest rates.

Lending Club borrowers breaks in 35 categories based on their credit histories and other data. To qualify, the borrower must be perfect: with an index of FICO (widely used in the U.S. system for assessing the borrower) at least 660 points (on a scale from 300 to 799 points). The debt to income ratio (excluding mortgage debt) must be at least 25%, the borrower should not be delays in payments, bankruptcies and seizures of property for nonpayment of taxes. Lending Club denies approximately 90% of potential borrowers.

Lenders can choose who to give money, and pay only $ 25 in loans, which total $ 1000-25 000. They can also become creditors of the debtors in the baskets of loans of different risk levels. Lending Club charges borrowers a fee, and assigns the difference between the percentage who are creditors, and the higher rate paid by borrowers. The following year, revenues have tripled compared with $ 7 million received in 2010 and, therefore, then there will be profit.

When Gina and Erica Echeke almost completely burned down the house, the insurance entirely left the mortgage lender. The Bank was slow in granting funds for repairs. Local bank offered loans at 13% per annum. Echeke appealed to Lending Club and received $ 10,500 under 8.94%.

As lenders earn on these transactions? It turns out quite well by the standards of the bond market. On the recently released corporate bonds of 5 years (Class B) pay about 7.5% per annum, at a frequency of 3.4% of defaults over the past 90 years. For comparison, the lenders can earn 14.5% per annum for five-year loans at Lending Club, at the level of no return 4.9% over the past three years. Subtract the non-payment and a share of the Lending Club, and the yield of 9.6% per annum before tax, says Laplanche.

Lender David Niekerk, vice president of Amazon.com, did not know how to use his money to borrowers, but participation in this project brings inner satisfaction: “We had to fill the void, because the banks were not going to pull us out of crisis.”

Article author: Victoria Barrett

Portrait of a businessman Graham eyes

Most investors, before writing a check, carefully examine the strengths and weaknesses of the business plans. The focus of the founder of Y Combinator, Paul Graham – the people who stand for ideas. Here are five qualities that he expects the business.


It turned out to be the most important thing for the founder of a startup. When we opened the Y Combinator, then thought that the most important would mind – there is such a myth in Silicon Valley. But when a person has overcome a certain threshold IQ, the most important is determination: there is a lot of obstacles.

A good example – Bill Clerico and Rich Aberman of WePay. They founded the financial start-up, they will have endless negotiations with the large bureaucratic companies, which seem to be trying to ignore you. But when you drawn to Bill Clerico, will have to do what he asks – it is clear that this guy is not going to retreat.


From the founder does not want that kind of determination, which is heated with the phrase “Believe in the dream.” The startup world is unpredictable, we must be able to change the dream to fly. For me, the best metaphor that describes a combination of determination with flexibility – it is a position player in college football, which is often necessary to change the direction of running, and then turn back to get away from rivals.

The current record belongs to the flexibility, perhaps, Daniel Gross of Greplin. He filed a request with a bad YC project in the field of electronic commerce. We said that we give funding if he will come up with something else. He agreed. Before you set up Greplin, Gross has come a couple of ideas that were rejected.


Not so important to be able to solve tasks, as to be able to give birth to great ideas. In the startup world, most good ideas at first seem to be bad – unless advantages are obvious, someone has embodied them. So need a mind that creates ideas with the necessary degrees of madness.

An example of such an idea – Airbnb. We financed, except insane stunt could not believe that there are many people willing to live with other people. We just liked the founders. Hearing that they earn by selling breakfast cereal with images of Obama and McCain on the box, we realized that our people are. It turned out that their idea was insane in the right.


Successful founders of startups – are good people, but with a gleam in the eyes of a pirate. They can not be called exemplary. With respect to ethics, they do everything right, but not to the standards of conduct. So I use the word “audacity” and not “evil.” They are a pleasure to break the rules, but not the ones that really matter.

Sam Altman from Loopt – one of the most successful business people supported us, so we asked him what the question is added to the request for funding for Y Combinator, to find more people like him. He advised to ask whether the applicant had to hack something in its favor – in the sense of beating the system and not get into other people’s computers. And this issue has now become one of the key when evaluating bids.


Hard to start a startup alone. Most successful companies – two or three of the founders. It is important that they are genuinely sympathetic to each other and they work well together. If the relationship is not as close and you can break them, then it will happen.

Emmett Shear, and Justin Kan of Justin.tv – an example of close friends, who together are capable of much. They are familiar with the second year and actually read each other’s thoughts. I am sure that they have to argue, as all the founders, but I do not feel any tension in their relationship.

Easy money — Killer Startups

Lesson 2. Easy money — killer startup

Most people feel a lack of money the main and almost the only obstacle to success. Is this true? I am sure it is not. Moreover, I believe that the initial investment is easily obtained (grants, subsidies, loans from close friends, etc.) might kill the business.

Understanding the nuances
Lack of funds forces necessary to gain invaluable experience. If you get enough money to pay for all necessary staff, it is unlikely you are going to do the “dirty” work. Well, well, you might say, more time can be spent on “highly skilled” labor in the creation of your dreams. Maybe, but you will feel more difficult to customer needs, the nuances of communication with suppliers, streamline processes, without losing valuable information. During the formation of business partner we drove ourselves to the customers for the goods to the bank, were the drivers and storekeepers and vendors involved in coloring (our business began with a selection of automotive paints), published “bills”, looking for suppliers and so n. Now, as the company’s turnover in the tens of millions of dollars on these issues, of course, handled by experts who are much better than I handle all these functions. But we have an understanding of how and what is happening in the company.

Almost any businessman if he did not because of luck to them in the form of, for example, rich dad or privatization of the assets held similar way. I’m sure my esteemed Arkady Novikov — the best in my opinion, a restaurateur, not only in Russia — would not such if it had not delved into all the nuances and has gone from chef to owner of a large network. I remember very well his first restaurant “Sirena”, in which Arcady has put a lot of energy. In 1993 he went there as an excursion to see the glass floor with fish swimming under it (by the way, he appeared not once, but already earned money). I still meet Arcadia in his restaurants — and now they have it, it seems, only in Moscow for more than two dozen — he tries to satisfy himself as cooked food and service and always asks objective criticism from his friends.

If the novice entrepreneur “hungry”, he will ‘bite’ in all the opportunities to work 24 hours a day and work miracles. If, again, you are provided with the first day of normal financing, salary, you’ll want to strain it too big? Most of us do not want to, so is the way this world.

In addition, the lack of money stimulates creativity. If you can not pay all that is needed, willy—nilly start to look for creative ways to solve the problem. But in the end, and the essence of this competitive business — do better at the same cost or with the same quality, but cheaper.

If you got the money (loans, investments), you’ll be more afraid and less risk. When there is nothing to lose, you can afford bold, reckless decisions that may make you a billionaire. And if not, then you will eventually lose nothing but gain additional experience.

One more thing. Lack of money will make before selling a product, because it will give much—needed cash flow. But very often the desire to bring the product to some “ideal” results in loss of benefits over time. In this respect I really like the approach of programmers. They initially aware that upon completion of work on any program it will be a lot of errors. But they do it, brings to market, and only then remove all the bugs. Absolutely ‘raw’ product to market, you probably should not, but wait for “perfection” is also often makes no sense.

Whose trick?
Recently, I often encounter a situation where all efforts are focused on startups seeking investment. This leads to the fact that product development does not have the time and effort. Moreover, these startups trying to “satisfy” the investor, not the client. What does it lead? In the best case — the loss of time, at worst — the focus.

So, in conclusion, there is a very good chance that any money you originally just one will not. Guy Kawasaki says that the chances of getting venture capital is much lower than the probability of being struck by lightning while standing at the bottom of the pool on a sunny day. And then, without receiving the expected investment, you do not start a business. Or maybe your business is not attractive to angels and venture capitalists, but that does not mean that you need to give it up. By the way, Apple, Microsoft, eBay and many others started with bootstrapping (development without external funding).

Advice to those who start completely from scratch
If I even managed to convince anyone that the money at an early stage may be evil, it is still the question remains: how could a company without them? I wrote that started his business with $ 100. Rental managed to negotiate a postponement, equipment and consumables as well. Of course, it was not a Class A office in central Moscow, a modest room in a dilapidated Research Institute on the outskirts, and the equipment was badly b / y. But the work can be. Salary just to pay the first there was nothing, and I had to do everything myself.

Many businesses started from scratch, their starting capital was less than your current salary. Check out Richard Branson, candid story of Oleg Tinkoff (“I like everything”) or a history of Chichvarkin. They were able to start from scratch and really began to superuspeshnymi (sorry, that Eugene is now such a situation, but I hope that his “finest hour” is yet to come).

I will try to formulate a few tips that may be, someone can help:

1. Do it yourself. Believe me, initially, it is possible. I often send business plans are people who have worked for several years in large companies and trying to copy a business model that met there. Often these plans I see something like: “the marketing department — 5 people, planning and finance department — 3 persons, the purchasing department — 2 persons,” etc. And despite the fact that it is a very small project. It does not happen. Rather, it happens in big companies that decide to open a new direction and allocate all necessary resources. But this is not business, that’s another story.

2. Of course, sometimes without specialized expertise is necessary. Find the young enthusiasts who do not have a name, but full of energy. Do you have a chance to convince them to take part in the project for future share. And if you can not inspire anyone your idea, if you can inspire her to your customers? How to find them? Walk for various startaperskie event. For example, Harvest — make it superaktivnye, positive and competent guys. I’ve seen already a lot of projects that came to Harvest with a “bare” idea, for two days they found experts convinced them in the bright prospects and are now successfully developing. By the way, and the first orders, and some money first found there.

3. Try to negotiate a postponement of payment with all of your suppliers. Believe me, it is possible. It is difficult, but possible.

4. Think about how to make money on the stage where your product is not yet ready, such as offer consulting, training, something else.

5. Do not rent office ahead of time — you can use the house, garage, cafe, business incubators.

6. Do not buy anything that can be rented. For the profit and loss account is likely to be worse, but the initial cash flow path is much more important profit.

7. Use any of the alternatives — a lot can change, to take, to share. I know a young team that is now doing an internet project for a relatively large company “for free” — in exchange for the ability to use office computers and Internet access to their own startup.

8. Break your plans for Napoleon’s conquest of the market in small steps, start small. The other day talked with Eugene Demin (toothpaste, “Splat”), so he told how, unable to get to the big chains, who personally went around a small pharmacy, and where able to agree, he got up from the shelves with their pastas and attract customers . After a while it became much easier to talk to the larger players.

9. Put intangible goals. It works. If you do everything in order to improve the lives of your customers, then money will appear. I can not prove it, but trust me — it works.

Lack of money — it’s an excuse. Just get busy! And believe in yourself!

Author — head of the “Business Incubator ANE” CEO “Automotive systems».

Yanukovych has changed the tax service

President Viktor Yanukovych dismissed from his post as head of the State Tax Papaika Alexander, instead of the post came Vitaliy Zakharchenko.

All the relevant decrees published on the official site of the head of state.

President Yanukovych also appointed first deputy chairman of the State Tax Administration, which was formerly Zakharchenko, head of the tax police Andrei Golovach.

MMK Ilyich falls out of the portfolio Akhmetov?

Property rights are the second largest steelworks in Mariupol Ukraine. Lenin, which is the holding company of Rinat Akhmetov “Metinvest” trying to challenge.

As it became known, the four physical persons with the court trying to challenge the registration of two plants of JSC “Ilyich-steel” and JSC “Ilyich Iron and Steel Works named. Ilyich. ”

Economic Court of Donetsk rejected the claim. However, the decision may be challenged by the economic court in Donetsk Appeals Commercial Court and the Supreme Economic Court.

If the plaintiffs (in some mysterious manner) is able to prove the illegality of the registration of OAO “MMK Ilyich” and “Ilyich-steel”, this will lead to the recognition of illegal conduct additional shares mill, after which the holding company was able to concentrate in a 75% stake.

Individuals who have applied to the economic court, insisting that the registration of the two plants was in violation of several laws, namely, that the company shares were reissued to lease plant boiler. Lenin, the founder, by the way, which was a labor collective, on the same AO. Also, in their opinion, was illegally established company manages assets “Ilyich-steel.”

Plant Guide does not comment on the situation with litigation. Vladimir Boyko, chairman of the boiler. Illich disown and said that he knew nothing about it is not known. Also, the head of Mariupol. Lenin did not know about a possible connection with plaintiffs’ raiders.

Cost of Ukrainian steel grew by 40%, domestic demand fell by 45%

In 2010, the cost of steel production in Ukraine has increased in comparison with 2009 by 40% or $ 137 / t. This is stated in the materials of the SE “Ukrpromvneshekspertiza.”

In particular, this year prices on the domestic market for iron ore was 96% for coking coal – by 77% for scrap – 55%.

In addition, the economic crisis in the domestic consumption of steel has fallen by almost Ukraine 45%, or 5 million tons to 6.2 million tons

At the same time significantly increased the share of imports of steel products to meet the domestic demand, which increased from 10% in 2004-05. up to 25% in 2010