The results of a survey of companies hoping to go public and different vital steps they overlooked.
A recent survey of 386 fast-growing companies found that although one in 5 hoped to go public within three to five years, many had not taken the vital steps that pave the way for a successful public offering.
Percentage of companies surveyed that had failed to -- document the fair value of recent stock options awarded to investors or employees 53%
establish a formal board of directors that meets regularly 31%
strengthen and broaden the management team 27%
put together a formal, written business plan 23%
create well-developed accounting systems and controls 20%
compile a history of audited financial statements 16%
produce timely quarterly financial statements 12%
Source: "Trendsetter Barometer," Coopers & Lybrand, New York City, May 1994.