Article
Who do I need on my team to go public?
For a direct listing: a going-public adviser, a securities lawyer, a PCAOB-registered auditor, a transfer agent, a market maker, and a board with independent directors. An IPO adds an investment bank as underwriter. We bring and coordinate the team, matched to the company's industry, size and complexity, and often choose the auditor for the client.
Joel Arberman, Meraki Partners · Reviewed October 2026. Based on 17 companies taken public since 1999: 11 by direct listing, 4 by reverse merger and 2 by IPO.
What does each member of the team do?
| Role | What they do |
|---|---|
| Going-public adviser | Plans the path, prepares the raise and runs the process |
| Securities lawyer | Drafts the registration statement and handles SEC comments |
| PCAOB-registered auditor | Audits the financial statements |
| Accountant | Prepares the financial statements for audit |
| Transfer agent | Keeps the shareholder records and issues shares |
| Market maker | Files the Form 211 and quotes the stock |
| Board of directors | Oversees management; we recommend at least three independent directors |
| Underwriter (IPO only) | Sells shares to its investors for a fee |
When should we build the board?
The board search can start after you engage us. Aim to have three independent directors seated by the time you file the registration statement.
Do we need a public-company CFO?
Not necessarily at the start. Many small companies use an outside accounting firm and a part-time or fractional CFO, then hire as they grow.
How do we choose an auditor?
We usually narrow the choice to a few firms, or tell the client which one to use, based on experience with small SEC reporting companies, capacity and cost. See choosing a PCAOB auditor.
What does the team cost?
Third-party costs for a direct listing typically run $300,000 to $500,000, and they can be paid entirely from the pre-listing raise. See what it costs to go public.
Related questions
Want to talk it through?
Tell us where you are, and we’ll set up a first conversation about whether going public belongs in your plan and what it would take. If it isn’t right for you, we’ll say so.