Millionaire Moms’ Guide to Taking a Company Public
From Kitchen Table to Boardroom In Tough Economic Times

“The only thing we have to fear is fear itself.” - Franklin D. Roosevelt

March 1933 at his first Inauguration, during the most prolonged financial crisis in history
Before sharing my story on taking a company public and the steps I took to do so, I’d first like to address the question of why you would even bother to learn about taking a company public in the current economic climate. My advice is simple: Keep an open mind, because open minds are capable of spotting opportunities.

In business, as in life, timing is everything. And while today may not be the ideal time to launch an IPO, it’s a fantastic time to prepare for the future. It’s often easier during tight times to connect with the firms and people associated with the business of going public. Reduced market activity increases their availability and inclination to talk with a “newbie” in hopes of capturing new and future business.

Fortunately, clues about how to spot hidden business opportunities can be found in the past successes of others, which is why a magazine like Millionaire Blueprints is so valuable. The case histories they provide offer you an opportunity to use hindsight to connect the dots and discover ways to profit during times of economic uncertainty.

Take, for example, the actions of billionaire Sir John Templeton. In 1939, when World War II began, pessimism in the stock market was at an all-time high. That was the moment he chose to borrow money and invest in the most downtrodden stocks: 104 companies trading for less than $1.00 per share, 30 of which were already in bankruptcy. Can you imagine the ridicule and negative feedback he must have endured? After all, “The sky was falling!” Four years later he had quadrupled his money, and only four of the stocks ended up worthless.

"Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell."
- Sir John Templeton

Or look at the 2002 stock-market crisis when Apple’s stock was trading below the level of cash on its books. Talk about an opportunity!

“Don’t be trapped by dogma which is living with the results of other people’s thinking.”
-Steve Jobs, Apple

The current environment may be the greatest economic window of opportunity you ever have in your lifetime!  As an example of someone taking advantage of market opportunity, I recently received a solicitation in the mail from a man seeking investor dollars to buy real estate. Real estate can be bought at lower numbers than we’ve seen in a while. In return he was offering higher rates of return than can be found in today’s banking markets. You could do the same.
I challenge you to become a student of opportunity. It will be the entrepreneurs and small business owners who will ultimately drive the economy and get us back on track. Don’t listen to fear mongers who freeze you into inaction. If you remain calm, lucid and savvy at surveying the economic landscape you can be one of those who benefits—and profits.

Early Lessons
When I co-founded my company EarthCare, it was my intention from day one to take it public. On the surface, the idea seemed laughable. How could I, Joyce Bone, a stay-at-home mom with modest savings, be capable of taking a company public? I say laughable because I actually had a lawyer laugh in my face when I told him my plans. He laughed in my face. That made me mad! So mad I created a soundtrack of it in my mind and played it any time I needed a kick in the butt to keep going. Discouraged? Lawyer-laughing soundtrack. Tired? Lawyer-laughing soundtrack. Unsure? . . . You get the idea. It became the rocket fuel for my success. No one can steal your dreams unless you allow them to.

In reality, the facts were more in his favor than mine. But what he couldn’t see and didn’t know were my life experiences leading up to that moment.  He was not aware of the internal fortitude I possess. The odds may have been stacked against me, but the myriad lessons I had learned in childhood had made me unstoppable. To him I was a simply a stay-at-home mom. Lesson #1: Never underestimate the power of a Mom!

I was also naïve, which helped a great deal. I really did (and still do) believe that anything in life is possible! I have always worked hard. I have always had a knack for figuring things out. I came from a loving family that had no money and six kids. In our house, being lazy was not an option. You earned your way early on.

In high school, while my friends were away tanning themselves on spring break, I was waiting tables at the local grease pit. I’ve paid for every car I have ever owned—from the 1974 Buick LeSabre I bought for $300 in 10th grade to the new convertible I drive now. I rented a house on my own prior to getting married. I paid for my wedding. I have never had credit-card debt.
I put myself through college working a variety of part-time jobs, including one as a Girl Friday for a small, solid-waste-disposal company. In other words, I worked in the garbage business. Pretty sexy stuff for a college coed, huh? After graduation, I was ready for a higher-paying, full-time job. And rather than lose a loyal, hard-working employee, the owner (my boss and mentor, but more about that later) decided to set up a new roll-off division for me to run. It was my task to figure out how to sell those big metal dumpsters and industrial trash compactors to businesses with large volumes of debris.

I set my sights high and went after the one account I knew my boss really wanted: the Fulton County Stadium. When several days of phone calls didn’t work, I drove down and parked myself in the office of the guy who made the decisions about the stadium’s waste management. I was prepared to stay all day and keep coming back until he agreed to see me. Late that afternoon—my fourth day on the new job—I walked away with a signed contract that my company had been chasing unsuccessfully for two years. The cherry on top was the Braves went to the World Series that year which meant additional revenue in our company pockets!  
When I went back to the office with the news, I just knew everyone would be jumping up and down with excitement. Boy, was I wrong! When I got almost no reaction from the guys sitting around in the conference room, I just got back in my car and kept on cold-calling prospects. Later, one of the secretaries told me the guys had all whooped and hollered after I left, but that’s the only acknowledgement I ever got for my big sale. Lesson #2:  Be your own cheerleader instead of hoping for other people’s approval. You’ll make much better decisions.
People form judgments and place us in categories on the basis, primarily, of how we look. Knowing you are much more complicated and capable than others perceive you is not going to change their opinions; they can’t readily see your core character or internal desire to succeed, The world is not going to cut you a break because you think it should, so you must find a way to demonstrate your capabilities.

During my years in the solid-waste management business, I watched my mentor, Raymond M. Cash, methodically build up and sell three companies. Following that entrepreneurial model made him a wealthy man (and made me realize how powerful a model it was). It also enabled him to reward his long-term employees with big, fat bonuses in the form of shares in the purchasing company, which we could immediately cash in if we chose. This is a perk of controlling a publicly traded company, the ability to reward key employees with stock for excellent performance. I stayed with the new company for about a year before leaving to have my first baby.

The Single-income Family Stretch
Before ever having children my husband and I had agreed never to put them into day-care. It wasn’t until I became a full-time mom, though, that I realized just how big a difference a second paycheck—or more accurately, the absence of it—can make. Being at home all day with an infant gives you time to think about all the things you would love to have for your family, your home and yourself … if you just had more money. I was constantly looking for ways to stretch our budget.

One day when I was visiting the office where I used to work, I heard about a division head who was in danger of losing his job because of his group’s uncollected receivables. Remember when I mentioned finding ways to demonstrate your capabilities? Well, I’ve always had a knack—dogged persistence, really—for getting people to pay what they owe. So I contacted this manager and proposed a deal: for a fixed per-hour rate, plus 3% of all I collected and reimbursement for office expenses, I would solve his collection problem. He agreed to my terms. Within six months, I had made $25,000, working six hours a week using from home.
Now I was hooked on figuring out ways to generate additional income for my family, operating on my schedule and terms. Not long afterward, while jogging around a track pushing my 18-month-old in his stroller, I was listening to a tape of Anthony Robbins’ 30 Days to Personal Power. Robbins asked a question I took to heart, “What would my ideal life look like?” I had never thought about it before. I knew it would involve having a lot more money. And I wanted my husband to stop traveling so much so he could spend more time with us.

Getting Started
I spent the next 10 days listing every business idea I could imagine. Then at lunch with my friend and former boss, Raymond—the most brilliant entrepreneur and generous man I have ever met—the right idea suddenly emerged. Scribbling notes on the proverbial cocktail napkin, the two of us hatched the idea of copying the same business strategy he had taken advantage of in the solid-waste industry and applying it to another fragmented market: non-hazardous liquid waste management. But instead of selling, we’d be buying.

The process of growing a business through mergers and acquisitions is sometimes called a roll-up. It’s an approach often taken to consolidate a highly fragmented industry. The strategy is to purchase multiple smaller, local businesses to create a large, national company that, because of its size, has competitive advantages.

I spent the next six months researching our idea, talking to business owners in the liquid-waste industry and drafting a rough plan on how it would work. Raymond, his wife and I even went to the International Pumper & Cleaner Environmental Expo at the Opryland Hotel and walked the floor. It was then that we knew we were on to something. You could literally see the fragmented market. No national company was present, just small business owners and their employees walking around in packs wearing their matching jackets or logo shirts. Before we left that exhibit hall, Raymond agreed to invest a million dollars in the start-up of our business.

You might be thinking it was a stroke of luck that I found someone willing to put up a million dollars. Well, yeah. I’m lucky! But I make my luck—as we all do—by keeping my eyes open to opportunity, working hard and taking chances. I have committed to a journey and am taking consistent action with positive expectation. And not surprisingly, the universe embraces me.  The right people seem to show up at just the right time. Closed doors open. Is this because of something mystical? Could be. But more than likely, it’s because influencers within my network sit up and take notice of my passion, drive, and commitment to accomplishing my goals.

One of the reasons Raymond was prepared to invest was that he knew my work ethic and understood the deal. He believed in me because I had proven myself worthy when I worked for him. Furthermore, I had skin in the game, too. I put in $10,000—all the cash I had.  Yes, that’s a tiny amount compared to a million dollars. But the relative risk was greater because that was all the money I could scrape together. I was 100% committed.

In addition, I was putting my “sweat equity” into the partnership, and in typical fashion I set out to conquer the world. It wasn’t easy up front getting the owners of those small, liquid-waste businesses to take me seriously. But after they spent an hour with me, I had them convinced it was the best opportunity of their lives. And it was. The vast majority of those business owners made very nice livings but had no exit strategy. They were stuck with businesses that, if sold, were worth only a fraction of the lifestyle afforded them. Such sales would be based on hard assets only, rather than their businesses’ goodwill value: intangible assets such as a strong brand name, good customer relations, a solid employee culture, proprietary technology, or patents. Our ability to pay in cash, stock, or a combination of the two made our offer very attractive.

Growing the Business
Our first acquisition was a grease-trap business that we bought for $750,000 and named Bone Dry. We went to the bank with that asset on our books and leveraged it into a $13-million line of credit. Why $13 million? Because it’s my and Raymond’s favorite number. I tell you this to show you how intuitive at lot of business decisions can be. When you look at business people and think they are somehow smarter than you, remember they’re human, just like you, and might be taking a “WAG” (Wild Ass Guess) at what the correct answer is. The reason they stand out—and succeed—is because they take action anyway. They know that mistakes can usually be fixed.

We staffed up quickly to handle the growth and all the front-end work involved in finding and making acquisition deals. The moment we purchased a business, for example, we would have our accountants come in and audit the books to show what the true profits were. (Audited books are a requirement for going public and are a good idea even if you are just planning on selling your business.)

The business took off, and soon we needed more money to continue expanding. We raised approximately $12 million through a private-placement offering to some 50 wealthy individuals we knew from our industry. Suddenly, there I was, talking numbers and “winging” my way through a high-stakes pitch to a room full of savvy businessmen! I did well enough on sheer adrenaline for us to get the money, but after that I joined Toastmasters and completed their Competent Toastmaster (CTM) training.

Our next fund-raising move was to approach Bank of America, which agreed to give us a $40-million-dollar line of credit. I’ll never forget that day. The stay-at-home mom gets a major bank to lend her $40 million dollars! No more lawyer-laughing soundtrack for me. I was the one laughing now.

Going Public
It wasn’t long before we reached the $50-million mark in annual revenue and decided it was time to go public. That was in 1997, and IPO’s were all the rage. “Initial public offering” is the term used to describe the first time a company issues shares of stock to the public. There is also something called a reverse IPO, or reverse merger, which is the route we took. Later in this article I explain the differences between the two and why we chose the latter.

All told, it took me 18 months to go from being a novice with the seed of a business idea to a significant stakeholder in a publicly-traded company listed on NASDAQ. EarthCare had grown from one employee—me—to 350, and from zero to $50 million in annual revenues, which ultimately reached $125 million. I want to acknowledge here everyone who had a part in that success. This story may be what went on behind my eyeballs, but without the talent and efforts of our senior management team, the employees, and the owners who sold to us, it wouldn’t have happened. In particular, I extend my deepest thanks and love to my friend, cofounder/mentor, Raymond M. Cash, for the faith he placed in me over the years. He changed my life in more ways than I can count.

Not everything changed, though. I remember getting home from work the day we went public, walking out onto the back deck of my house, and thinking, “Holy cow, we did it. We really did it. I’ve achieved my goal!” Then instead of popping Champaign I went inside and feed my son dinner. The life of a mom!

General Points to Keep In Mind
If you don’t know where you’re going, then any road will lead you there. It is up to each of us to determine what we were born to do and then go after it. Start with the end in mind and identify your reasons for doing it. It’s those reasons that will keep you going when you encounter the inevitable roadblocks and obstacles.

I am convinced that winning at the game of business takes more than being the smartest or the best educated.  It’s an individual’s drive that counts. The person who takes action, stays focused on completing the (critical) task, and lives her life fully engaged—personally and professionally—is the true success story. The people I’m talking about constantly challenge themselves and go after what they want with zest.

To achieve your goals, what you have to do is be strategic, plot your course, and then take action in spite of not knowing all the answers. By committing 100% to your business, engaging in thoughtful, high-level activity every day, and infusing others with a sense of urgency, you will succeed.

If “Going Public” Is Your Goal

10 Best Reasons to Take a Company Public

• Creates a cash cushion for growth.
• Provides stock currency for acquisitions.
• Paves the way for a second offering with a broader base of investors when more cash is needed.
• Generates more publicity for the company.
• Establishes credibility for your business.
• Provides additional compensation mechanisms (stock, options) to help attract and retain top-quality management and employees.
• Offers existing stakeholders liquidity options (e.g., exit strategy or wealth-accumulation strategy) without having to sell the company.
• Creates better discipline and results-oriented focus throughout the organization because of outside scrutiny.
• Compels accountability for results.
• Places you in an ultra-elite club.

“Going public was one of the best things that ever happened to us. We’re smarter, tougher, more competitive, because we’re under the scrutiny of the public.”

• Leonard Lauder, 2nd generation Chairman of Estee Lauder Companies, Inc.

5 Best Reasons to Think Twice About Going Public

• Pressure is increased to please Wall Street by focusing on short-term results.
• Mandatory public disclosure makes it hard to hide unpleasant information.
• Compliance with Sarbanes-Oxley has improved business practices but is costly, time-consuming, and makes it increasingly difficult to find qualified directors willing to serve.
• Keeping up with filings, reporting and audits results in higher annual expenses.
• Public accountability increases vulnerability to lawsuits.

Weighing the Pro’s and Con’s
Corporate and individual circumstances determine whether or not going public is a smart move. Consider your company’s goals, the economics, and the purpose of the funds.  For us, it was a way to finance our acquisition strategy. Launching an IPO is expensive, so be sure you look at all available financing options and ask yourself if the cost involved is worth it. Because compliance is critical, going public also means mounds of paperwork! Sometimes it makes more sense to find private investors instead.

It’s important also to understand you will be adding a whole new dimension to running your business that is separate from growing it. Do you really want the added pressures of disclosure and public scrutiny? It is critical that you educate yourself in an attempt to minimize surprises.
There are obviously many factors involved in making a decision of this magnitude. I am not a lawyer, so any advice I provide is based strictly on my personal experience and that of others I know. What I can tell you is: do your homework, chart your course, and if you commit to this path, go for it 100% with absolute confidence and determination. You’ll figure it out as you go along, just like I did.

As mysterious as it may seem, the process of going public is quite well-defined. It’s not about knowing everything yourself, but about being able to tap into the appropriate resources: The right people who can make it happen.

Jim Farrell, former CFO of EarthCare, described the process as “little shovels to the mountain.” Had we stopped to look at the mountain in front of us when we started, it would have seemed so daunting and complex we would have doubted our ability to accomplish the task at hand. But an IPO, reverse merger or any sizable project can be broken down into little pieces. You simply need to grab your shovel and get busy!

In order to accomplish anything on a grand scale, enlist people into your cause. Your enthusiasm and energy have to be contagious. Your plan has to be solid. Luck and timing helps, too. As in any business, it needs to be the right idea at the right time with support from the right people.

The Differences Between a Reverse Merger and an IPO
In a reverse merger, a private company becomes public by acquiring a majority stake in a public company—referred to as a “shell company”—for which filings have been kept up-to-date but for all intents and purposes is not an operating business. Think of it as a brain-dead, comatose company that’s been kept on artificial life support. Because shells can be clean, dirty or messy, depending on the situation, find a reputable company to help you choose wisely.

The same scrutiny and expectations apply to a reverse merger as to any other publicly listed company. It is up to you, however, to create the buzz around your stock. So it’s a great idea for a company doing a reverse merger to hire a PR and investor relations firm to expose the benefits of their business to potential investors. A traditional IPO has greater cache—for which you pay handsomely—because promoters in big brokerage houses create a market and distribution for your shares. Think of it terms of publishing a book: There’s the traditional route of being picked up by a well-known and respected publishing house (IPO), or you can self-publish (reverse merger).

We used market makers to help us drum up interest. Armed with a sexy story in a non-sexy field, I met with scores of “green” mutual-fund managers who had an appetite for our type of stock. It was a story they could sell: We were the first out of the gate to consolidate a fragmented industry. We were executing our business plan . . . and it was working. And we had big-name players who had bought into our vision and agreed to be the next wave of officers and directors.  

Before putting your company on the market, step back and look at it objectively. Ask yourself, “Why would someone want to buy our stock? What makes us unique?” What’s the upside for the investor? Why is our stock going to be worth more in three years than it is today? What is our reputation in the marketplace? Any obvious flaws?  If so, it doesn’t hurt to “pretty up” the company a bit. Think of selling stock to analysts the way you would sell a house— create curb appeal!

Because reverse mergers are more versatile than conventional IPO’s, they provide options for smaller companies that are not able to go the traditional route. For EarthCare, the reverse merger was a great way to gain the liquidity to further our acquisition growth and also provide exit strategies for owners. Although they, too, can be affected by down markets, reverse mergers are not as market-sensitive as IPO’s. Underwriters for an IPO depend on its original investors and, in many cases, getting them in and out of their investments quickly. But financers of reverse mergers are not expecting immediate liquidity, which makes them less concerned about market fluctuation. Typically you have to hold these stocks a while. My shares were tied up in a Voters’ Trust fund for nine months, which reduced my tax exposure but gave me no access to the money. If the stock sank, there went my golden retirement!

Typically IPO’s generate more cash than a reverse merger, although the reverse-merger transaction can be structured in a way that allows the private company to go public and simultaneously raise capital through a private placement. Later, if more funds are needed, an additional public or private financing round can be conducted, often at a higher valuation. Market support in a reverse merger usually happens over months and sometimes years, after the company has publicly disclosed quarterly operating activity. Support is earned rather than inflated hype created by IPO underwriters designed to create a buzz around a company.

9 Advantages of a Reverse Merger Over an IPO

• Less expensive
• Faster
• Less time-consuming for the executive officers
• Not as dependent on the unpredictable IPO-market windows for success
• Not dependent on the underwriters to set initial market price on a particular day
• No risk of underwriter withdrawal
• In fact, no need for underwriters
• Less dilution to shareholders
• Public disclosure generally comes only after the deal closes

5 Disadvantages of a Reverse Merger Compared to an IPO

• Need to conduct due diligence on shell company
• Less funding
• No market syndicate like that established during IPO process
• Harder to get market support

In the past, reverse mergers suffered image problems in some circles, but increased regulatory requirements have given them greater credibility and made them valid vehicles for going public. Other successful companies who went this route include Berkshire Hathaway; Turner Broadcasting System; Texas Instruments; Tandy Corporation; Occidental Petroleum Corporation; Muriel Siebert & Company; Blockbuster Entertainment; Radio Shack Corporation; Allied Waste Industries, Inc.; Waste Management, Inc. and the New York Stock Exchange. If it’s good enough for Warren Buffett, it’s good enough for me!

What type of company is ideal for going public?
The company should have something unique to bring to the marketplace: its size, growth rate, opportunities on the horizon, a compelling brand. It should also have consistent performance in the form of a track record of growth and profit margins. A historical performance is good. It’s important that your company set realistic expectations “on the street” that you can beat. 
What’s attractive about your business? How do your profit margins compare to those of your peers? What’s your gross profit margin? This shows your pricing power in the marketplace. If you have low growth margins, you are not able to charge a customer much more for your product than it costs you to make it. If your business is special, then you can charge whatever you want for it. This is an advantage. Get your company in order. You will need internal controls, financial systems, including IT systems that are good, and your numbers will need to be audited by a reputable accounting firm. You will want to sit down with an authority to get your punch list ready.

How big do you need to be to go public?
The answer depends on industry, and an underwriter is the best person to consult for this answer. Critical mass is important because of the expense of going and staying public. For example, a technology company can have value that is created within the momentum of development rather than in sales. In other industries, strong earnings and traditional parameters(profitable growth, momentum, sales, etc.) are a must.

A good question to ask yourself is, “What impact will going public have on my business now and later?” Do you have the infrastructure in place (marketing, investor relations, etc.)? It can be a disadvantage to go public when you take into account the costs for compliance, shareholder meetings, public relations, audit fees, and legal fees, which can run more than a million dollars. Look at those costs deducted from your bottom line.

Are you big enough to gain the attention of the marketplace? There is a lot of competition for investors’ dollars, and you won’t do well if no one is following your stock. Generate interest to gain visibility, because the stock needs to be active for your business to receive the maximum benefits of being a public company. Institutional buyers are particularly important. If your company is too small for institutional investors, you will not get analyst coverage. And without the detailed analysis they provide, it’s hard to gain momentum. Analysts typically focus on large-cap companies, which puts pressure on a public company to grow quickly.

What does taking a company public require of the CEO?
Establishing a strong corporate culture prior to going public is the best move you can make as a leader. Corporate culture can make or break a company. I know this from experience. It is really important to get and keep everyone on board with the process. Employees should feel valued and an integral part of the business, one in which everyone is working as a cohesive team toward a common purpose. An open-door policy empowers people. As CEO, you must be approachable and comfortable with communicating.

The leader needs to have a clear vision of where the company is headed and be able to articulate and motivate others to buy into that vision. Be able to clearly convey the opportunity and growth plan of the company, including how the IPO fits into it. What people fear most is the unknown. Once while visiting a company we were purchasing, an employee ran up to me nearly in tears begging me not to fire her! It’s easy to lose employees’ trust with any major transition. In these times you must be overly diligent about sharing information. Don’t let the rumor mills run wild. Communicate often. Remember, an employee wants to know what’s in it for her or him? It’s human nature. There will be key people who are critical to get on board with the process in order to pull it off. You might even consider retention bonuses or putting severance packages in place as added reassurances.

An effective CEO needs to be seen as committed. Become known for being out in the trenches. (Employees love seeing the CEO works as hard as they do!) Great CEOs make it comfortable to have an open conversation by bringing others into the discussion and getting their ideas. They are the first to ask a question and the last to speak. They seem to have an innate ability to extract the best from each person.

Investors will want to see bench strength with predictable earnings and growth, so make sure you’ve assembled the right management team and have a succession plan in place. The process of going public is distracting enough, so it’s crucial to already have all the key players in position. A CFO with experience in the public arena is especially important.

Once the decision is made to go public, strategically place independent members on your board of directors. You will need to provide Directors insurance in order to attract top talent.
Before making any decisions make sure you understand all the financing options available to you and the impact of each. Talk with others who have taken this path before you. Ask other CEOs and consultants what is going to be different? Walk into this with your eyes wide open.

Who should I talk to if I am interested in learning more?
Security Attorneys with SEC experience, CPAs with public clients and Private Equity Groups are all sources for more information. Don’t be shy about asking for referrals for additional people to consult. The Internet can be an excellent resource, too, when cross-referenced for accuracy. In my opinion, you’re better off talking first with people who don’t have an economic interest in your decision. A CPA, for example, may be more objective than a Security Attorney who bills by the hour to take and/or keep companies public.

“What would you attempt to do if you knew you could not fail?”
Joyce Bone is the founder of www.millionairemoms.com, a website designed to help you find and reach your own vision of success. She shows you how to master the art of raising a business and a family at the same time! Joyce is an accomplished business woman who's recognized nationally as an expert in entrepreneurship. She's been featured in numerous magazines, books and TV. She is an author, speaker and regular contributor to several magazines. Joyce is a wife and the mother of three boys and serves on the advisory boards of two private companies. To receive her newsletter, which offers strategies for achieving greater success at home and at work, subscribe at www.millionairemoms.com. You can contact her directly at www.joycebone.com.

Resources
EDGAR www.sec.gov/edgar.shtml  The SEC’s Electronic Data Gathering, Analysis and Retrieval system for nearly all SEC filings.  Its primary purpose is to increase the efficiency and fairness of the securities market for the benefit of investors, corporations and the economy by accelerating the receipt and analysis of time-sensitive corporate information filed with the agency.
Hoover’s www.hoovers.com A Dunn & Bradstreet Company that offers company information with detailed business reports and industry profiles.
Investopedia www.investopedia.com Online stock and financial dictionary with investing links and tips.
Bulkley Capital
www.bulkleycapital.com

Oliver Stone, Vice President
5949 Sherry Lane, Suite 1370
Dallas, TX 75225-6532
Phone: (214) 692-5476

A financial advisory and investment banking firm serving private and closely held middle market companies throughout the U.S., Bulkley Capital helps business owners and management teams plan and execute strategies for accessing capital, growth through acquisition, and profitable divestiture.  The firm focuses on partnering with its clients to identify the right financial solution and playing an integral role in achieving ownership’s key goals and objectives.

Hunton & Williams LLP             
www.hunton.com

Mark D. Wigder, Esq.
1445 Ross Avenue, Suite 3700
Dallas, Texas  75202
214-468-3397

Hunton & Williams provides legal services to a broad array of entities including corporations, financial institutions, governments and individuals. Since its establishment more than a century ago, Hunton & Williams has grown to more than 1,000 lawyers serving clients in 100 countries from 19 offices around the world. While Hunton's practice has a strong industry focus on energy, financial services and life sciences, the depth and breadth of its experience extends to more than 100 separate practice areas, including environmental law, bankruptcy and creditors rights, commercial litigation, corporate transactions and securities law, intellectual property, international and government relations, products liability, and privacy and information management. For additional information visit Hunton's website at www.hunton.com.

Books on the Topic:
Mergers and Acquisitions: A Step-by-Step Legal and Practical Guide by Edwin L. Miller
The IPO Decision: Why and How Companies Go Public by Jason Draho.
The Ernst & Young Guide to the IPO Value Journey by Ernst & Young, Stephen C. Blowers, Peter H. Griffith and Thomas L. Milan.
Startup to IPO by Donald H. MacAdam