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What does a going-public consultant do, and how much do they charge?
A going-public consultant plans how a company becomes public, prepares it, and runs the team of auditors, lawyers and other specialists through to the first day of trading. As of October 2026, most charge a monthly retainer of $8,000 to $25,000 plus equity or options. A higher cash fee usually comes with less equity, and the reverse. Audit, legal, exchange and filing costs are paid separately, directly to those providers.
Joel Arberman, Meraki Partners · Reviewed October 2026. Based on 17 companies taken public since 1999: 11 by direct listing, 4 by reverse merger and 2 by IPO.
What does a going-public consultant actually do?
The consultant is the one person responsible for the whole path, from the first decision to life as a public company:
- Plans the route: direct listing, reverse merger or IPO, and which market.
- Prepares the company and its capital raise: structure, cap table, records, governance and investor materials.
- Assembles and coordinates the auditors, securities lawyers, transfer agent and market maker.
- Keeps the timeline moving and the work in the right order.
- Advises after listing on acquisitions, hiring with stock, partnerships and raising capital.
How do going-public consultants charge?
Most charge a monthly retainer of $8,000 to $25,000 plus equity or options. The two move in opposite directions: an adviser taking more cash usually takes less equity, and one taking less cash usually wants more. The retainer runs for as long as the process takes, typically under a year.
The adviser’s fee is only part of the cost. Auditors, securities counsel, the transfer agent, filing agents and exchange fees are paid directly to those providers. See how much it costs to take a company public for those figures.
What does Meraki Partners charge?
| Service | Fee | What it covers |
|---|---|---|
| The Four Levers Program | $10,000, fixed | About 30 days of one-to-one work and a written plan, including a straight answer on whether going public belongs in it |
| Raise preparation | $15,000–$25,000, fixed | $15,000 for a raise from people who know you, $20,000 for growth capital, $25,000 for Reg CF. Details at Prepared to Raise |
| Listing | $10,000–$15,000 a month, plus stock or options | Usually under 12 months, so total cash for the listing advisory is typically $100,000–$150,000. Equity is set case by case |
| Post-listing growth advisory | From $8,000 a month, plus options | Ongoing strategic advice once the company is public |
Each step is agreed in writing before it starts, and none requires the next.
Should a going-public consultant take equity?
It depends on what the consultant is doing. If the job is only getting the company listed, any equity should be nominal. If the consultant is also helping the company use its capital, talent, opportunities and acquisitions, acting as a resource to the CEO and the team on strategy as well as the listing, and staying involved after the company is public, then equity makes sense. That is where most of the value is created, and equity is what ties the adviser’s result to the company’s.
How do I check whether a consultant has really taken companies public?
Ask for the names of the companies and the route each took, then look them up. Every listing leaves a public record in SEC filings, so a claimed track record is easy to confirm or rule out. Very few advisers have actually completed direct listings onto the OTC market; many who say they take companies public work only on IPOs. Meraki Partners’ 17 transactions are listed by company and route.
What are the red flags when hiring a going-public consultant?
- A promise to bring investors or raise the money for you. That requires a broker-dealer license.
- A guarantee of a listing or a share price.
- An offer to promote the stock after it starts trading.
- A shell company they control, offered without independent diligence.
- No written scope of work or fee schedule.
Going-public consultant vs investment banker vs securities lawyer: what is the difference?
| Role | What they do | How they are paid |
|---|---|---|
| Investment banker | Sells the company’s shares to investors | A percentage of the money raised |
| Securities lawyer | Drafts and files the registration documents and gives legal advice | Hourly or fixed legal fees |
| Going-public consultant | Plans the whole path and runs the team; does not sell securities or give legal advice | Monthly retainer plus equity |
Most smaller companies going public through a direct listing or reverse merger need the lawyer and the consultant, and no banker.
What questions should I ask a going-public consultant?
- Which companies have you taken public, by which route, and where can I see the filings?
- Who will do the work day to day?
- What does your fee include, and what will I pay other providers?
- What happens if my raise falls short?
- What do you do after the company is public?
- When would you tell me not to go public?
Related questions
Want to talk it through?
Tell us where you are, and we’ll set up a first conversation about whether going public belongs in your plan and what it would take. If it isn’t right for you, we’ll say so.