NOVEMBER 1989

What's the most challenging aspect of an IPO?

Pre-Offering CEO CFOChallenges
Controlling IPO 90% 80%expenses

Market conditions 95 90

Registration-state- 95 89ment preparation

Post-Offering CEO CFOChallenges
Investor communi- 90% 73%cations

Proxy solicitation 70 61for annual meeting

Public disclosures 65 58

Source: "The Class of 1988," survey of 23 CEOs and 46 CFOs of newly public companies, Carter Valin Pollen, New York City, 1989.