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Catching in a Pitch Meeting: The Key to Listening
The tendency to start a business development meeting talking
about yourself and your firm is a natural one - but one that
should be done selectively, in very small amounts- after you
have taken the time to determine the needs of the client....
Creativity Management – Measurement, benchmarking and Improvement
Contrary to common perception, creativity can be made tangible, measurable and useable. In terms of measurement, benchmarking and improvement, the first step is to decide on definitions, the second is to decide on methods of measurement and finally,...
CREATURE COMFORTS IN THE WORKPLACE. How To Create An Office You Love
CREATURE COMFORTS IN THE WORKPLACE How To Create An Office You Love Comfort. Peace. Beauty. These are all positive words associated with quality of life, yet few people can say they experience these things in the workplace. You spend a large...
How to Use Graphs and Charts in Your Business Plan
I often hear the question, “how many graphs or charts should I have in my business plan?” As with most other business planning questions, the answer is “it depends.” This article discusses the key factors influencing the number of graphs and charts...
Practice On Purpose: Working ON Your Business
I've noticed that to the degree that I've taken my own coaching
in the area outlined below, the more my own business on purpose
has flourished.
So, here's my question to you:
Are you working ON your business or only IN it?
Do you...
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Going Public - Is it The Best Option For You?
Know what an IPO is? An initial public offering (IPO) is
basically a company's first sale of stock to the public, which
is why it's also called "going public." Usually - but not
always, an IPO involves the stock from a young and
not-too-well-known company. The most compelling reason to go
public is to raise cash for operating capital. But there are
strings attached...
After the demise of the dotcoms, the scandals of Enron,
WorldCom, Tyco, and Global Crossing, the landscape for IPOs has
changed. Taking a company public is no longer an automatic
decision - even for those companies who are good candidates. Oh,
there are lots of reasons to go public - access to capital,
increased liquidity, employee compensation, publicity, and
prestige. But before you jump on the "public" bandwagon, make
sure you've considered the following points.
Have a golden parachute handy? Anytime you take on a money
partner, you risk losing control of your company, and maybe even
the company. Jim Clark, before his huge success with Netscape,
was essentially forced out of his first venture, Silicon
Graphics, by the venture capitalists he initially partnered with
to get started.
Some entrepreneurs chafe at the constraints of being a public
company. Richard Branson of Virgin is a good example. After
taking his company public, Branson discovered he really did not
like sharing profits and working with outside directors of the
company. Branson and his management team eventually executed a
management buyout to take the company private again.
Research any anti-takeover measures available and build them
into your IPO, if possible. Remember, though, investors won't be
willing to pay top dollar for a company where the management
can't ever be replaced.
Sexy enough? Your company must have an "investor appeal." This
means that your industry, services, or products are extremely
popular with consumers, and therefore, very attractive to
investors. If your product or service isn't "sexy," going public
is not for you because brokerage firms probably won't even talk
to you and a privately sponsored IPO -which is an option - is
really not for the weak at heart.
Do you know your "why"? A business needs a reason to go public,
for investment in future growth. If it currently is cash rich
and has no intention of explosive growth that requires more
capital, there is very little benefit either for the owners, or
future shareholders. Also, unlike in the heady days of
dot-com-ville, you have to justify the infusion of cash; don't
expect anyone to look favorably on corporate fitness centers and
fancy desks!
Are you comfortable with "sharing" - profits and information?
In exchange for the infusion of cash which is generated from an
IPO, you agree to give up a portion of your profits which are
returned to the investors. Essentially, you're sharing the
rewards with your partners, as they come in and assume some of
the risks for you.
Some companies resist going public because of the loss of
confidentiality for company operations, policies, and
profitability. This is especially important for companies who
depend on proprietary technology to create its goods or
services.
Do you have a good business plan? Part of the IPO process is
completing the disclosure document, which is very important in
convincing investors of the viability of your IPO. Without a
well-defined business plan in place, you may find it difficult
to fully answer the disclosure document questions, and investors
may find your offering less attractive. The business plan you'll
need can run from 25 to hundreds of pages, and
can cost $5,000 -
$20,000 to produce.
How much more reporting are you willing to do? Public companies
are often put under a microscope by investors, customers,
competitors, regulators, etc. There's also a tremendous push
these days for greater transparency with financials. The public
market is demanding not just the numbers, but how those numbers
are derived. As the head of a public company, you will be
required to file reports with the SEC, any exchange you list on,
and comply with any applicable state securities law. All these
reports cost money to produce and also provide information to
your competitors.
Are you a lone wolf? If you are successful with your IPO
offering, someone else will own a share of your business - and
they may want a say in how things are run. You will be subject
to their ideas, opinions and demands on how you should run your
company. If you are not willing to share control with your new
partners, or if you don't trust their decisions, this loss of
control is the deal breaker for you. And if your business relies
heavily on the ability of one or more key personnel, realize
that going public can put huge restrictions on these people.
Got an extra million lying around? An IPO costs money! A
typical firm may easily spend $750k on direct expenses related
to an IPO. And that doesn't even consider the indirect costs of
management time being spent on IPO, disruption of business while
preparing the IPO, etc. You'll also need a good outside team -
IPO consultants, accountants, attorneys, underwriters and PR
specialists - none of whom work for free, of course!
What if you don't have free time to begin with? Most people are
surprised at the amount of time it takes - outside your normal
business operations - to prepare your offering. During this
time-intensive process, your role of actually managing the
company may suffer. You'll be meeting with, and giving
presentations to, potential investors. And the toll on your
personal life can be significant - preparing to go public will
eat into your time for family and friends. Yes, it's only
short-term, but it may be as long as one year, and you do need
to be prepared for long, sometimes grueling, 13 to 15-hour days.
Is your management style conducive to shepherding employees
through the changes? Many business owners report that the
process of going public changes the internal dynamics of a
company. It's important to maintain open lines of communications
among your staff during this time. Once you've gone public,
don't let the staff feel they need to worry about day-to-day
fluctuations in stock price, distracting them from their jobs.
And sometimes, employee benefits programs are modified after an
IPO, which can also make employees nervous.
If your current management style is very close-to-the-vest and
you usually only share information on a strict "need-to-know"
basis, the productivity of your employees post-IPO may suffer
severely. A more open management style is more conducive to
successful post-IPO operations.
[A special thanks to these experts who helped me compile this
list: Willie Crawford, Andy Beard, Dien Rice, Ankesh Kothari,
Richard Dennis, Stephan Iscoe, Jeff Burnham, Members of The
Seeds of Wisdom Business Forum, and The Willie Crawford Forum.
M.M.]
About the author:
©2005 Maria Marsala, former Wall Street Trader. We help women
CEOs and Presidents run more effective and efficient businesses
while positioning themselves to achieve financial/personal
success. Join "SIMPLE Solutions Ezine" to receive an audio and 2
reports. http://www.ElevatingYourBusiness.com
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