As we support leadership teams through their IPO journey, we’re seeing a clear pattern: the companies that succeed treat going public as an operational evolution, not just a financial milestone.
If you’re quietly exploring the possibility of an IPO—and yes, we know these conversations happen behind closed doors for good reason—you’re likely discovering that readiness goes far beyond hitting revenue targets. What we’re learning is that the companies that navigate this transition successfully have been building resilient systems and aligned leadership long before they file their S-1.
The Quiet Momentum of IPO Prep
Working with numerous leadership teams this year, we’re noticing an increase in IPO planning activity targeting 2026. The math is straightforward from prior CFOs: companies want four to six consecutive quarters of solid financial performance (on top of all the actual regulatory stuff – we defer to the experts on those details). The latest PwC data confirms what we’re seeing—tech IPOs rebounded 20% last year, signaling cautious but real optimism in the market.
Here’s what’s interesting: many teams are pacing for 2026 specifically to ensure they have that performance track record locked in. There’s also the political timing consideration—might the pre-midterm election year create more favorable business environments for public debut?
The discretion around these plans makes complete sense. Early-stage IPO preparation requires careful orchestration across multiple functions, and premature announcements can complicate everything from employee retention to competitive positioning.
Strong Systems: The Unsung Hero
Whether you’re planning to go public, exploring acquisition opportunities, or committed to remaining independent, there is no downside to having a strong operational infrastructure to support your strategic flexibility. Your financial reporting, talent systems, HR technology, and leadership workflows need to function as an integrated ecosystem.
Research consistently shows that operational readiness challenges are among the primary causes of IPO delays and failures. Companies that struggle often discover their systems can’t handle the increased scrutiny and reporting requirements that come with being public. According to PwC research, nearly 45% of firms face operational bottlenecks post-IPO due to inadequate scalability planning—underscoring why system readiness before going public is critical. . What we’re seeing with our clients confirms this—the difference between smooth IPO execution and delayed launches often comes down to whether systems can handle increased scrutiny, reporting requirements, and the newest investor expectations around AI strategy and data security—questions that didn’t exist in IPO processes even two years ago.
This is where the partnership between CFOs and Chief People Officers becomes critical. They’re no longer just functional leaders; they’re system architects building the infrastructure that supports sustainable growth, regulatory compliance, and employee experience under public company pressures.
Lessons from the Pros: Slack & Asana
We’ve had the opportunity to learn from the CFO & CPO leaders from Slack and Asana about their post-IPO experiences. What stands out is how much their pre-IPO system and investments, and leadership alignment paid dividends once they went public.
Both emphasized that transparent employee communication about upcoming changes, combined with scalable HR and financial systems, made their transitions significantly smoother. As one Chief People Officer shared, “We spent eighteen months preparing our people and processes for the marathon of being public, not just the sprint to IPO day.”
This pattern exists across our clients as well: companies that invest in operational readiness alongside financial performance create competitive advantages that extend well beyond their public debut.
Three Critical Areas for IPO Readiness
After working with multiple companies through this process, we’re seeing three areas that consistently determine readiness:
Financial Operations Infrastructure: Beyond hitting numbers and having reporting systems to handle public company requirements (the difficult basics), expectations for how well data connects across systems while leveraging AI are increasing.
People Systems and Leadership Alignment: Your talent acquisition, performance management, and leadership development processes need to scale with increased scrutiny and faster decision-making requirements.
Change Management Capability: Going public changes company culture. Leadership teams that can communicate transparently while maintaining focus on core business objectives navigate this transition most successfully.
Forshay’s Take: How We Quietly Enable IPO Success
For companies exploring IPO options, we provide episodic, confidential support designed to strengthen operational foundations with momentum. This might include interim financial advisory or expertise during transition periods, fractional leadership for scaling people systems, or focused project management given the intense workload across your high performers.
We understand the sensitivity around IPO planning and work with leadership teams that need to stay nimble while building toward readiness. Our approach focuses on strengthening the people and systems that serve you, regardless of your ultimate strategic direction.
What’s Next?
If your company is thinking about IPO but prefers to keep that drumbeat low, reach out. We get the sensitivity, the stakes, and the timing. The companies that execute successfully treat this as a systematic capability-building process, not just a financial milestone.
Have questions about what needs shoring up pre-IPO? Drop us a line. We’re always happy to share what we’re learning from other leadership teams who’ve walked this path—confidentially and with the nuance these decisions deserve.
Forshay is a trusted partner for companies navigating leadership transitions, IPO readiness, and talent strategy. We bring practical experience and thoughtful guidance to help companies build sustainable competitive advantages (and enjoy the ride!).
