đș Event Replay-Preparing for an IPO: In-House Best Practices
Preparing for an IPO can be intimidating and time-consuming for the in-house legal team!
Join our moderator Kiki Haar, who, along with David Lee, Einat Levy, and Evan Ferl discussed their experiences of going public, delving into how to prepare and lessons learned.
Key Takeaways:
The earlier you can start preparing for an IPO, the better
Public company readiness is vital
Project plan the entire legal-team structure pre and post IPO
Make sure work-streams are consistent to maintain day-to-day operations
Build + maintain strong trust with senior leadership
Continue to promote company culture through the transition
Meet the Presenters:
Host: Raad Ahmed: CEO & Founder at Lawtrades, marketplace for flexible legal talent.
Moderator: Kiki Haar, GC, Sumo Logic
Presenters:
How Far in Advance:
5:13-10:40
Einat: âThe earlier the betterâ
Ideal to start preparing a year before, as the last six months are hectic
Work with companies who are ready, for operations run smoother
Evan: âStart acting as a public companyâ
Beef up company preparedness, remember back & front end processes
A strong GC should be backed by an appropriate management team
Kiki: âReactive solutions donât scale, only proactive solutions doâ
Assess the building blocks as a GC, consider how the company will continue to expand
Managing the IPO Team:
10:40-15:11
David: âPublic company readiness is very importantâ
Make a milestone date when you should actually make the decision on going public
Have someone to build relationships that merge communication between cross-functional teams
Evan: âHave someone who can truly project manage on-boardâ
A powerful lead who can disconnect from work itself and focus on the end goal
Get on Top of Work Streams:
15:11-19:20
Einat: âUse outside counsel to your advantageâ
Avoid overwhelming work-flows by managing work streams and utilizing help early on
Prepare ahead by learning the little things (KPIs, BI, etc.)
Kiki: âChecklists are a really useful thingâ
Coordinate relationships between outside counsel and in-house team
Building Out the Team:
19:20-28:52
Evan: âDonât forget to hireâ
Think about what you need for IPO process as well as what you need to act as a public company
Have a close relationship with outside counsel you can really trust
Kiki: âBuild out your team to run the businessâ
Conversely, you can choose to rely on your team to run the business end and devote your time to the IPO
Use extra resources (company counsel, underwriters, etc.) often
David: âIPOs are tried and trueâ
Identify the heavy lifting, see where you can add the most value
Utilize soft skills to add value in learning the business to understand where the execs and players fit within it
Skills the GC can Bring:
28:52-31:29
David: âBuild trust as fast as possibleâ
Form close relationships with senior leadership
Rely on visibility and trust to be able to relay bad news
Managing the Cultural Shift:
31:29-36:30
Evan: âCarry both torchesâ
GC should separate standardizing processes & procedures and the actual culture of the company
Can still have an innovative culture while also being stewards of the public company
Kiki: âFundamental point is communicationâ
Not an overnight switch, it takes time to ingrain these new procedures
Long-Term Success:
36:30-41:50
David: âAn entire growth moment for the companyâ
There are good things, and there are different things with the transition
Have confidence in hiring and building out the team
Kiki: âLeverage the IPO to get what you wantâ
Have conversations with the management team to get what you need to minimize risk and be at the best point for success
Lessons Learned:
41:50-48:30
Evan: âGet people that can tell you those things mid-streamâ
Talk often, ask questions, and learn to be comfortable with how the business runs
Kiki: âPush yourself in to those conversationsâ
Ask to be included and push your way into management conversations
Donât forget to enjoy the energy & excitement of this unique process
David: âBuilding in checkpointsâ
Convey what an IPO is and what you need to command as a resource in the process
Be focused on company readiness and guide the transition openly
Einat: âThe equity in employeesâ
Predict the huge workflow & ask questions early on
Make sure to utilize outside help when necessary
Want to continue the conversation? Request access to join our exclusive community of GCs!
Also, check out our next event workshop, âManaging Hyper-Growth as a GCâ, with Milana McCullagh, DGC, Coinbase, on August 19th.