That's true @dstors there might also be a way to cement your current leadership in the company before going public - I read somewhere about Mark Zuckerberg and the Google founders wanting to do that by creating special shares that were worth 51% of the shareholder votes (I am pretty sure that Google accomplished this).
Some people might not like that idea but if a public company is ran by the day-to-day whim of the shareholders, the company will tend to focus on short-term gains like share buy-backs instead of healthy growth and investments.
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RE: 404