Road to the IPO

Startup LAWnchpad  is the podcast that educates entrepreneurs about forming, growing, and protecting a startup. Startup LAWnchpad is produced by the Entrepreneurial Law Clinic at Fordham University School of Law in New York City.

 

Episode Description: Joe Slochowsky (Fordham Law ‘19) and Philipp Kirschbaum (Fordham Law ‘19) interview James Shea (Fordham Law ‘09), formerly Special Counsel at Sullivan & Cromwell LLP and now Of Counsel at Paul Hastings LLP.  They discuss the five surprises that often come on the road to the IPO.

 

Episode Roadmap:

• [:30] Joe Slochowsky and Philipp Kirschbaum introduce themselves and define the IPO.
• [3:43] An overview of the IPO process.
• [9:27] James Shea discusses the five biggest surprises on the road to IPO, starting with systems and personnel.
• [11:08] Reasonable timelines for putting systems in place.
• [14:03] Contractual obligations that will come with the IPO.
• [16:10] Tag-along and drag-along rights and roadshow requirements for management.
• [19:05] Considerations for dual class voting.
• [23:53] Understanding the role and relationship of the underwriter.
• [28:24] Selecting an underwriter during a ‘bake-off’ and sizing a board of directors.

 

Tweetables:

• “IPOs are as big as they’ve ever been. 2019 is projected to raise record-breaking dollars.” — Philipp Kirschbaum

 

• “It’s really important that you have both the people and the systems in place.” — James Shea

 

• “An IPO is incredibly time consuming for a company, and it takes a lot of energy and attention by the management.” — James Shea

 

• “It’s in everyone’s best interest that there’s the right amount of cooperation and attention given to roadshow activities.” — James Shea

 

Mentioned in This Episode:

• James Shea

 

Additional Resources:

• Fordham’s Entrepreneurial Law Clinic
• Follow us on Twitter @FordhamELC

 

Sponsors:

• Nasdaq Educational Foundation
• Fordham’s Entrepreneurial Law Advisory Council

 

Disclaimer:

The information contained in the Startup LAWnchpad podcast and any materials associated therewith (the “Podcast”), is for educational, informational, and entertainment purposes only. It does not constitute legal advice or tax advice with respect to any particular circumstance. The Podcast is not a complete overview or analysis of the topics presented, and may contain information that varies in different jurisdictions and is subject to revision, interpretation, or nullification after the date of recording. The transmission of information to you does not create a lawyer-client relationship between you and any host, guest, or their respective employer, including but not limited to Fordham University School of Law and Lincoln Square Legal Services, Inc. None of these parties shall be liable for any loss that may arise from any reliance on the Podcast. You should not rely upon the Podcast or treat it as a substitute for legal advice. You should consult a lawyer familiar with your particular circumstances and licensed in your jurisdiction for legal advice.