The thought of going public is exciting and terrifying to many businesses. On one hand, the ability to do so successfully could be a very good indicator that your business is doing well and will have a better chance of making it over the long term. When outside investors are given the ability to purchase shares in a company it could mean more money to spend on the business and expansion with the ability to purchase better equipment, improve marketing and expand the talent pool of your personnel. However, while those perks may make the decision sound like a no-brainer, the decision to go public is a give and take, not without real risks and should not be entered into lightly or without a full realization of what will be lost.
When your business goes public, keep in mind that often, in order to make any strategic decisions, you must first include, and then obtain, the new shareholders and board of directors' approval in the decision.
Because you have more people to answer to, you have more people to report to. This may mean a significant amount of upper management's time is no longer spent overseeing and guiding operations but is instead compiling reports and analyzing data to provide to shareholders and regulatory agencies. Your company will now face auditing on a routine basis.
If you are debating whether or not to go public with your business, you may want to enlist the advice of a Florida business law attorney. Together you can review the pros and cons of becoming a publicly traded business and determine if it is the best move for your company.