Should I Take My Company Public?
100 Founder Questions Answered

Welcome to PublicFinancial.com’s Founder’s  IPO Knowledge Hub

Taking your company public is a career-defining decision. It promises access to capital, enhanced credibility, and liquidity — but it also brings complexity, scrutiny, and risk. Most founders don’t lack ambition. They lack clear, trustworthy answers to the questions that shape this decision.

That’s why we’ve created this comprehensive guide: 100 real-world questions founders ask when considering an IPO or direct listing.  We’ve grouped them by theme to help you navigate from curiosity to confident decision-making.


1️⃣ Strategic Decision & Timing Considerations

  • Is going public the right move for us at this stage?
  • Why are we considering an IPO or direct listing now?
  • Should we wait for better market conditions or go public now?
  • When is the “right time” for our company to IPO?
  • Will going public mean giving up control of the company?
  • What are the potential downsides or risks of an IPO we should consider?
  • Are there any alternatives we should consider besides a traditional IPO or direct listing?
  • If we start the IPO process and conditions change, can we postpone or withdraw?

2️⃣ IPO vs. Direct Listing – Choosing the Path

  • Which route is better for us: a traditional IPO or a direct listing?
  • What are the biggest differences between an IPO and a direct listing?
  • Why would a company choose a direct listing over an IPO?
  • Are we a good candidate for a direct listing?
  • Can we raise capital in a direct listing?
  • How would an IPO vs. a direct listing impact our existing shareholders?
  • Which method is likely to get us a better valuation?
  • Is a direct listing faster or simpler than an IPO?
  • Are there any risks unique to direct listings?
  • Can we switch between an IPO or direct listing late in the process?

3️⃣ Company Readiness & Preparation

  • How can we tell if our company is truly ready to go public?
  • Are our financial statements and reporting processes robust enough?
  • Do we have the necessary internal controls (SOX compliance)?
  • Is our accounting system scalable and public-company ready?
  • How much historical financial information do we need to provide?
  • Are there compliance or audit issues we need to resolve?
  • Have we addressed tax and legal structuring?
  • Is our corporate governance public-company ready?
  • Are we prepared for ongoing reporting obligations?
  • Have we conducted an IPO readiness assessment or dry run?

4️⃣ Team & Governance Considerations

  • Do we have the right leadership team for a public company?
  • Should we hire a CFO or other executives with IPO experience?
  • Is our finance and accounting team strong enough?
  • Do we need a dedicated investor relations officer?
  • What changes to our board of directors should we make?
  • How early should we start assembling a capable board?
  • Who are the key external advisors we need for an IPO?
  • How do we choose the right investment bankers?
  • What role will our current investors and board play?
  • Are our HR and compensation policies ready?

5️⃣ Regulatory & Filing Process

  • What are the key regulatory steps in going public?
  • What does preparing an S-1 involve?
  • How long does the SEC review usually take?
  • Can we file confidentially at first?
  • What are the biggest disclosure and compliance issues?
  • Are there different disclosures for direct listings vs IPOs?
  • What liabilities do we and our directors face?
  • Are there any special regulatory considerations for a direct listing?
  • What are the stock exchange listing requirements?
  • Will we need to comply with Sarbanes-Oxley Section 404 immediately?

6️⃣ Process & Timeline

  • How long does the IPO process take?
  • What are the major steps and milestones?
  • How does a direct listing process differ in timeline?
  • When should we start engaging advisors?
  • What can we be doing now to prepare?
  • Is there an ideal window or season for an IPO?
  • What is a “quiet period” and how will it affect us?
  • Will our management team need to go on a roadshow?
  • How do we coordinate the listing date with business performance?
  • What happens if market conditions deteriorate mid-process?

7️⃣ Valuation & Financial Outcomes

  • How will our IPO offer price be determined?
  • What kind of valuation can we expect from the public markets?
  • What happens if the IPO is underpriced?
  • What if the IPO is not well received?
  • How is the initial trading price determined in a direct listing?
  • Could a direct listing yield a different valuation?
  • How can we gauge investor demand ahead of time?
  • How much should we plan to raise in an IPO?
  • Will existing shareholders sell shares in the IPO?
  • What will our ownership structure look like after an IPO?

8️⃣ Underwriting & Investor Engagement

  • What will underwriters do for us in an IPO?
  • How much will underwriters charge?
  • What are we getting in return for those fees?
  • How do we pick which banks to be our underwriters?
  • What is the roadshow going to look like?
  • Can we test the waters with investors beforehand?
  • How will a direct listing affect investor marketing?
  • Who will support us during a direct listing?
  • Will direct listings attract analyst coverage?
  • What about lock-up agreements?

9️⃣ Cost & Expense Considerations

  • How much will it cost to go public overall?
  • How do the costs of a direct listing compare to an IPO?
  • What are the major one-time costs?
  • Will our ongoing costs increase after going public?
  • How much of management’s time will the process consume?
  • Are there unexpected costs we should anticipate?
  • Do we need a budget for investor relations and PR?
  • What cost-saving opportunities exist?
  • Where will we still incur significant expenses in a direct listing?
  • How do companies finance the upfront costs of going public?


🔟 IPO vs. Reverse Merger

  • What is a reverse merger?
  • How does a reverse merger compare to an IPO?
  • What are the pros of a reverse merger?
  • What are the downsides?
  • How do investors view reverse mergers?
  • Can we raise capital in a reverse merger?
  • Which route gives us a higher valuation?
  • When does a reverse merger make more sense?


Final Thought

Every founder asks some of these questions. The best founders ask all of them — and get the right answers before proceeding. At PublicFinancial.com, we help small and mid-size company leaders evaluate, prepare, and succeed when taking their business public.


Next Step: Want detailed answers?

Explore our Knowledge Hub or contact us to get personalized insights for your company.