@mgb101 You can put in place the right governance structures irrespective of whether you are publicly listed or not. Of course, the calibre and specific capabilities of the board members will determine whether or not they are worth their 'weight'. In addition to permanent board members, you can also consider specific advisers for specific topics. By this I don't mean consulting companies or individuals, but industry players (without a conflict of interest) that are willing to help on an adhoc but commercial basis. All possible without being listed, and it avoids small company board members who resemble professional 'trough drinkers' that seem to be more focused on racking up director appearance fees and resume embellishment opportunities, than to adding value (through inspiration and scrutiny) to the management planning and decision-making process.
Public listing brings a lot of baggage in terms of listing obligations and investor relations etc, but may also be a useful route to access funds for expansion now or later. Not to mention the 'exit options' or at the least 'monetisation options' that it provides for many business founders. And equity can often provide funds on a greater scale than prudence capped debt can/will. So there's that.
However, equity is usually more expensive than debt as the former involves dilution as well as typically requiring a greater rate of return due to the higher risk of equity compared to secured debt. Or even unsecured debt in many cases. However, given that equity can typically be secured on a greater scale than debt, the circumstances may warrant it. So, IMO, equity over debt only if the scale of investment being looked at is beyond a 'prudent' debt level (ie 'prudent' in terms of your business' micro factors as well as overall macro factors).
If considering the equity route, IMO, a successful IPO needs a compelling and believable (ie 'investable') narrative to go with some compelling fundamentals. On the subject of fundamentals, given your current size, it is likely that you will be subject to quarterly cash-flow reporting in addition to half-yearly P&L reporting and the regular 'judgment' that this applies to your business shareprice is an important consideration for someone who has previously operated in an environment where such artificial window-dressing has not existed. And where quarterly results don't paint an accurate picture of underlying trends.
The equity route could be quite compelling on so many fronts, but it is not all a bed of roses. However, as a means to an end, it's ultimate success will depend on the quality of execution. Execution of the IPO. Execution of new IR responsibilities. But most importantly, execution of plans for which the equity was sought.
