Successful public companies invite investor confidence, have the right stuff and structure to provide for profitable growth, and maintain a solid core business to generate shareholder value over the longer term. When considering whether your company is ready to go public, consider the following questions: • Do you have a clear 1 of the formula that your company uses to make money? Can you communicate it? Can you provide investors 2 a proven track record? Do you have a strategic 3 and business plan for the future? Can you demonstrate the strength of your competitive positioning—now and in future? • Is your core business solid and capable 4 sustaining growth and shareholder value? Are your processes aligned with your direction? Do you have the 5 infrastructure to provide relevant, timely, and reliable information about your performance? • Is your management team strong, well-rounded, and experienced in applying and supporting your company’s goals and objectives? • Do you have an experienced board, including outside, independent directors? • Do your board and audit committee 6 the regulatory independence requirements? Are the board members well-informed and willing to assume the responsibilities and personal liabilities taken on by directors of a public company? • Are you and your management team ready to commit significant time—probably more than you 7 —to the process of going public and managing the aftermarket effects? • Have you considered the impact of going public on the company’s tax status, on your compensation, and on the compensation of your management team and employees? • Have you obtained an independent 8 of your company’s potential as a public company? You can perform your own assessment of readiness by starting to manage as a public company before you actually 9 the offering process—from putting appropriate management teams, reporting systems, and governance structure in place, to assessing 10 you can live under the constant pressure of meeting investor and regulator demands or not. This exercise will highlight areas that need attention. Preparing early, before you face undue time pressures from the offering process, will help you to be well-prepared, reduce your risks, and avoid significant surprises.