Building the Right IPO Team:
CFO, Board, and Advisors

PublicFinancial.com IPO Knowledge Hub Series


Going public requires more than financial readiness. It requires the right team — inside and out.


Many founders underestimate how critical the right leadership and advisors are to IPO success. Investors and regulators will evaluate not just your numbers, but the people behind them.


Key Founder Questions: IPO Team & Governance

1️⃣ Do we have the right leadership team?

Public investors expect:

  • Experienced CFO: Ideally someone who has taken a company public before and can handle public company financial reporting and investor relations.
  • Capable finance and compliance staff: Or access to outside expertise if internal teams lack experience.
  • Prepared CEO and executive team: Able to handle public scrutiny, quarterly earnings calls, and investor expectations.

2️⃣ Should we hire executives with IPO experience?

Yes — if possible.

  • An IPO-experienced CFO is often essential.
  • Some companies also hire a Chief Legal Officer or Chief Accounting Officer familiar with SEC compliance.

If you can’t hire full-time, consider contract fractional executives or advisors.

3️⃣ What changes to our board should we make?

  • Add independent directors (usually required for public listing).
  • Form an audit committee led by a financially literate independent director.
  • Establish compensation and governance/nominating committees.

4️⃣ How early should we start assembling a capable board?

  • 12 to 24 months before the IPO.
  • Board readiness is often a gating factor for listing approval.

5️⃣ Who are the key external advisors?

  • Investment bankers: Lead the IPO process, price the offering, and market shares to investors.
  • Legal counsel: Securities law experts to manage SEC filings and compliance.
  • Auditors: Public company audit readiness and financial statement preparation.
  • Investor relations advisors: Craft your public market messaging and manage communications.
  • Public relations firm (optional but recommended): Manage media and perception.

6️⃣ How do we choose the right underwriters (IPO only)?

Consider:

  • Track record: Success with companies like yours.
  • Distribution power: Access to quality institutional investors.
  • Reputation: Both with investors and in your industry.
  • Research support: Will their analysts cover your stock post-IPO?

7️⃣ What role will current investors and board members play?

  • Help shape IPO strategy.
  • Potentially sell some shares (if allowed).
  • Lend credibility and stability to the offering.

8️⃣ Are our HR and compensation policies IPO-ready?

  • Review stock option plans.
  • Align executive compensation with public company standards.
  • Prepare retention plans for key talent.

Final Thought

An IPO isn’t just a financial transaction — it’s a leadership transition.

You’ll move from private decision-making to public accountability. Building the right team and board early will not only improve your IPO prospects but also position your company for long-term success in the public markets.

Next Step: Evaluate Your Team & Governance Readiness

Use our IPO Readiness Self-Assessment or contact PublicFinancial.com to discuss whether your current team, board, and advisors are IPO-ready — and where you may need to strengthen your bench.