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Management Bandwidth for the IPO
Are you thinking about taking your company public? If so, this is required reading for every member of your staff including board members! This white paper addresses what it takes from qualitatively management to prepare to take a company public. It’s an amazing overview of just what officers, directors and management need get their arms around prior to taking their company public. Topics tackled include how to create the “space” in their schedules and how much is really required, an appropriate training regime to prepare them for this incredibly significant one time job, and more! Also, what specific areas management could use a crash course in coaching for instance, the art of IR, PR, analyst coverage, Reg FD tutoring, SEC examination preparation, road-show school, preparing stock holders for what’s ahead (Rule 144, Rule 701, section 16, etc) and why it is important. This is a must for any company that is even considering raising money or taking a company public. The Qualifying Team Role of Individual Directors & Officers: The greatest feat in increasing aptitude for directors and officers will be to gain a growing knowledge of the tactical and fundamental aspects of becoming a public company. Some major areas that will be discussed in this article but could always endure a more exhaustive examination are:
The Role of The “Board”: As a matter of law a corporation must have a Board of Directors. The directors are elected by the stockholders and have the responsibility as the representatives of the stockholders to oversee corporate operations. In the United States a Director in his capacity as a director does not have the power to sign contracts or commit the corporation legally. The Board elects the officers, who are responsible for the day to day running of the corporation and who have the power to sign contracts under provisions of the bylaws, corporate law and specific Board authorization. There is no limit on the number of directors that a corporation can have. For instance, a Delaware corporation can have as few as one director. A Massachusetts corporation needs only one director if it has only one stockholder, two directors if only two stockholders and three directors if there are three or more stockholders. A company with a Board of Directors consisting of management and family or friends is not only a real “red flag” situation but also an obstacle in becoming a publicly traded company. Usually management has its nose so in the day-to-day short-term firefighting trenches that it can easily miss the big picture forces, which can make or break the venture. Having an impartial outside director, as opposed to the only “outsiders” being friends or family members, makes the situation better because it provides a third party review instead of a perspective that “everything is going well.” It also insures that director relationship won’t degenerate into interpersonal issues, which are unrelated to the business. Additional Considerations [continued...] Want to know more? Download the White Paper "Management Bandwidth for the IPO" for just $79.95. |
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