Share repurchase is actually a kind of "buyout". It is suggested that the founder of the company consider "one principle, one method". "One principle" is that they usually advise the founder of the company, on the one hand, they can take back all or part of the shares of the partners who have withdrawn; On the other hand, we must acknowledge the historical contribution of our partners and buy back the equity at a certain premium and/or discount. This basic principle is not only related to the withdrawal of partners, but also related to the major long-term cultural construction of enterprises, which is very important. "One method", that is, how to determine the specific exit price, suggests that the founder of the company consider two factors, one is the exit price base, and the other is the premium and/or discount multiple. For example, you can consider repurchasing at a certain premium of the purchase price of the equity purchased by the partners, or the retired partners can participate in a certain premium repurchase of the company's net assets or net profit distribution according to the shareholding ratio, or you can repurchase at a certain discount of the company's latest round of financing valuation. Companies with different business models will have differences in choosing which to withdraw from the price base. For example, although JD.COM was valued at about $30 billion when it went public, its balance sheet was not very good. Many Internet new economic enterprises have similar situations. Therefore, on the one hand, if you buy back at a certain premium that you can participate in the company's net profit distribution when the partner quits, the partner is likely to have worked for N years, but it will be clean after quitting; On the other hand, if it is repurchased at the price of the latest round of financing valuation, the company will face great cash flow pressure. Therefore, for the determination of the specific repurchase price, it is necessary to analyze the specific business model of the company, which not only allows the exiting partners to share the growth income of the company, but also allows the company to have excessive cash flow pressure, and also reserves certain adjustment space and flexibility.