Adam Torres and Peter Goldstein discuss The Entrepreneur’s IPO.
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Show Notes:
New book alert! In this episode, Adam Torres and Peter Goldstein, CEO at Exchange Listing LLC, explore Peter’s new book, The Entrepreneur’s IPO: The Insider’s Roadmap to Taking Your Company Public, with the foreword written by David Meltzer.
About Peter Goldstein
As a skilled capital market advisor, Peter partners with emerging growth companies to provide access to capital and facilitate completing an IPO on Nasdaq or NYSE stock exchanges or advancing as a public company.
In 35+ years as a C-suite executive for public and private companies, He established himself as a trusted resource in navigating the ever-changing climate of Wall Street. Peter has successfully launched several highly innovative companies through the complicated structuring and execution process to meet listing and funding objectives.
He specializes in securing growth capital to fund private and public business development, including listings on global senior stock exchanges. He also guides companies through the preparation, implementation, interpretation of actual listing analysis and metrics, and offers aftermarket support with authentic and unique value propositions.
About Exchange Listing LLC
Exchange Listing redefines the criteria, costs,timelines, and processes of listing on senior global stock exchanges and securing transformational capital. Exchange Listing accesses and secures growth capital to fund your development and advancement as a public company.
They enable emerging growth companies to list on a senior stock exchange, including NASDAQ, NYSE, NEO and other internationally recognized exchanges.
Full Unedited Transcript
Hey, I’d like to welcome you to another episode of Mission Matters. My name is Adam Torres, and if you’d like to apply to be a guest in the show, just head on over to mission matters.com and click on Be Our Guest to Apply. All right, today I have Peter Goldstein on the line and he’s CEO of Exchange Listing, and he’s also author of the recently released book, the Entrepreneur’s IPO, the Insider’s Roadmap to Taking Your Company Public.
Peter, welcome to the show. Adam, thanks so much. Great to be here and great to be connecting with your, your followers and your community. All right, Peter. So when I saw that David Meltzer , wrote the intro to this, I’m a big fan of David. I mean, he’s been on the show before I’ve seen him.
Speak many, many times. And a big fan of the community he has as well. So I I, I got excited. I’ll be upfront to the listeners and to yourself. I have not yet read the book yet, but I, I did read the intro and, the description and after the show, I have a feeling this is gonna be one that I dive into.
’cause I’ve been super curious about IPOs, the IPO world. Does it make sense? Does it not? And, and you’re the guy who wrote the book on it, so, so great to have you here. Thank you so much. Yes, we share a relationship and David and I go back a long ways with him. He’s been an important friend and mentor and really quite an inspirational, you know, person to have in my life.
So, just to get us kicked off here like, before writing the book, what attracted you to the world of IPOs and really exchange to launching exchange listing LLC? So, Adam, I’ve been a serial entrepreneur. I started my first company in my 20s. I’m now 60. So I was 24. I was going to say like 10 years ago or so.
No. Yeah. You know, maybe a little longer. Gotcha. and, you know, in entrepreneur years, that’s like a few hundred. But you know, in reality, I was 24, years ago. had my first exit at 30. Yeah. Yeah. And so for the past 30 some odd years, I’ve really been working in the capital markets I focus on working with emerging growth, really entrepreneurial companies based all over the world.
I’ve taken 2 of my own companies, public 1 to NASDAQ, and I had a, I started to build my own boutique investment bank where we specialize in working with, you know, what they would call micro or small cap companies, which I’m happy to find, but what inside of the, Have a market. Of course, exists the IPO, which is many entrepreneurs dream, including mine that I have now had the benefit of completing.
And so the book and the work that I do is organized around working with other entrepreneurs and their investors. And their stakeholders to advise them and guide them through the process of transforming from a privately held company into a publicly traded company. And I feel like this is a when we think about that concept of going into a publicly held company, I know there’s a lot of reasons to do it, but 1 of the big ones is, of course you know, access to capital, right?
Like that’s like different ways to fund and grow your business. Of course. I think that’s the primary, you know, secondary would be liquidity. and having stock as another currency. But of course, you know, and especially relevant in this current environment, you know, it’s critical to access capital to fund the growth of a company.
And what most entrepreneurs don’t understand, which is one of the reasons why I wrote this book, is that you can take a company public earlier in its life cycle. On both the NASDAQ and the New York Stock Exchange, of course, there were certain requirements and parameters, but it’s a bit of a myth around Wall Street that occurred back when the dot com era had come and caused, you know, a lot of those earlier companies to fail.
The myth became that you need to be a unicorn, quote unquote, to be able to do an IPO. And it’s just not true. We work with entrepreneurs with all sizes and stages of development of their companies and all different sectors. Yeah, I think that’s a big one, by the way, that myth. And I feel like many people, I don’t hear about it.
So my background I mean, for my longterm listeners, they know I was in finance almost 14 years. So that whole world was, I mean, media now full time eight years and the time is flying there, but I can’t even believe I’m saying eight now, but that being said like I don’t, you don’t hear about it as much but just past, which I believe you took part in the micro cap conference, right?
Like was represented there. You know, there’s a lot of other companies in that, in that space, micro cap or small cap that were represented. Right. And they don’t have to be that unicorn. Yeah. Absolutely. And I, and that’s part of what I want, you know, your listeners and for entrepreneurs to understand is that as an alternative to pursuing venture capital or an alternative to private equity, entering into the capital markets, provide access to capital as could be complimentary.
It could also be an alternative form of institutional funding. you went to the micro cap conference in my off. I think you did. Yeah, I did. I had a chance to, to be on an expert panel actually with one of your, co founder, one of your colleagues. Yeah, well, I, I I got sick and I was looking forward to that conference for a while and I got sick.
sick. And I, you know, the whole COVID thing and all the other thing. I don’t, I didn’t get that, but I’m just like, I don’t, I didn’t want to travel and get a plane full of people sick because I wanted to go to a conference. I’m like, nah, I’m not going to do it. But I wanted to be there. Continue. I just wanted to let you know why I wasn’t there.
Yeah. And I, you were missed, but it was, great. And you know, that’s the community that within which I’ve been a part of for 25 or 30 years. So for me, You know, big portion of what I do, and this also, you know, we can talk about it in the book is that I bring in expert opinions and expert really.
Execution of different aspects of taking a company public, which require as an example, tax expertise or legal expertise, you know, the exchange. So this really is. And when you look at each chapter of my book at the end of each chapter, I have industry tips. From very notable experts, including members of the New York Stock Exchange, members of the NASDAQ, members of the London Stock Exchange to give more knowledge and vantage points to entrepreneurs who are considering.
A pathway to an IPO. So the, the book is a very kind of hands on, I would say, unique perspective regarding the process. So that should somebody want to take on this kind of chaotic and and crazy adventure and dirty of wanting to be publicly listed. They would at least have a basis of practical knowledge to guide them through the process.
What attracts you to working in this space with, with CEOs of either small cap or micro cap companies and even companies that are looking to go public and haven’t quite taken the leap? Like, what attracts you to that space? You know, that, like that old adage, I don’t know, like, you know, when you’re looking for a gift, you know, you tend to gravitate to something you would like yourself, right?
I’m an entrepreneur at heart. Love working with visionary companies and with visionary CEOs to help bring their vision into a reality. And, and to me, there’s nothing more exciting than that day that you’ve been working towards where, you know, you build to that crescendo of, you know, ringing the bell on NASDAQ or the New York Stock Exchange.
So it’s a very dynamic process. It’s incredibly rewarding for me. And also working with small mid sized companies, you get to see the impact of your work. And that’s really important to me. I want to make an impact. I love working with socially responsible companies and companies that are doing good in the world, but also for me to know that not just the company, but it’s shareholders, right?
It’s stakeholders. And, and then. The ongoing growth and development and benefits that come from that company once they’ve launched onto the public market. I remember when I was an advisor and that was, that was my that was my niche. So I worked with with CEOs. I worked with with small business owners and, and that, that’s exactly where my heart was at.
I just love watching their vision. Come to light and to see that happen. And then just to see, cause these are like these companies and they, this is what, you know, creates jobs that move the economy at just like, I mean, there’s so many ripple effects in our society to supporting these people that take on a lot of pressure, stress, responsibility, like CEO, publicly traded company, like, like that’s, that’s, that’s not easy stuff.
Right. Agreed and especially if it’s your first time doing it. So, you know, that’s a big portion of this book is meant to prevent. I made so many mistakes when I took my company public. I didn’t have a trusted advisor and it’s very hard to find, you know, you can turn to a lawyer. The lawyers are going to typically give you.
Legal counsel, internal banker, and they’re gonna give you information around, you know, the investment banking and so on. So mine is really a both a hands on and a knowledge base that comes from having done this myself, but also being current in this environment because, you know, Adam, let’s face it. This is a very, you know, kind of volatile environment for which to take company public.
It’s 1 of the worst markets we’ve seen in a long time. We’re still getting it done. And and yet, you know, in to prevent making critical mistakes, you need to have a great team of people around you when you do this, you know, that’s been a theme that I’ve heard over and over again, specifically when when covering the micro cap conference.
And that that team is interesting to me. So can you can you maybe peel that 1 back a little bit, go a little bit further into what that team could consist of. Well, so, you know, if you look at at your typical, you’ve got your C suite, but then here, like the team from micro cap or small cap IPO, of course, would be, you know, an advisory team, of course, investment banking team, and then the selection of that banker becomes very critical.
You have your legal team, your security council. Right and then you need a board of directors. I often on that board, you needed dependent directors who have to have expertise in certain areas. And then we like to look even further, which is, you know, assuming that you are operating as a public company.
What would need to be organized in the gaps that exist in your current company that would fit inside of the company culture. So, it’s really, you know, it’s that human resource component that we’re talking about. That’s just so critical. Or, you know, being able to kind of navigate this process., and as we look at it, every 1 of those kind of vital positions critical to the success of the company.
We’re preparing for, we focus a lot on readiness, so preparing for the IPO, executing on the IPO and then more importantly. Is how those team members contribute to the company once it’s publicly listed. So the, book has a, a comprehensive roadmap into what it takes. Maybe don’t, obviously we’re not gonna, we’re not gonna go through the entire book, but maybe just give us a bird’s eye view.
Of, of what it looks like. I definitely want the listeners to go pick it up. And we’ll have this out, this, this interview out pretty soon. We’re recording today on February 6th. And I just picked up a copy, by the way, I see you have it on sale right now at 99 cents for the Kindle version.
So I’m in, I just bought a copy. I know what I’m reading this weekend. But give us the bird’s eye view of the book, if you will. there are 12 chapters. Each 1 is a is a critical step along that road map that you mentioned. And if you would imagine it that it takes you from, you know, the 1st step of determining that you why you would want to go public.
Right, you know, the options and the advantages. And then each 1 is a critical step all the way up until, you know, you’re ringing the bell. And then the last chapter, of course, is about, you know, what happens after you have become company and how to be sustainable as a public company. So there’s a very kind of educational approach and pragmatic approach to it from the point of consideration all the way through, you know, the bell ringing and then your ongoing journey.
in this, you mentioned that you don’t just maybe sugar coat, but you also talk about like, what not to do, right? Like, the pitfalls are the wrongs. Is that right? There’s some of that, of course, in there, you know, this book, it could, go on for days with the stories about what to do and what not to do, you know, and obviously, that’s a big portion of it’s constantly changing because the regulatory environment fluid.
Right. Right. So there really would not be enough room to talk about all the things that, you know, you have to, you know, be cautionary about, but that’s where, you know, I would say the, the advisory and the other aspect, but this is a very good primer for people to begin to get the education possible and just like any other, you know, very complex.
You know, undertaking, you know, once you have that basis of understanding, it will provide you with a background to be able to have discussions with, you know, the people that you would involve, including making the decision to want to go down. It’s not for everybody. You know, this is a very, as you said, it’s a very, you know, challenging role and undertaking extremely rewarding.
But it’s not for everybody. Peter, I mean, as a, as a traditionally successful CEO how do you define success? That’s a good one. actually recently wrote an article in entrepreneur. com that was about redefining success. You know, I’ve been, you know, an entrepreneur and CEO for 35 some odd years now.
And I think in the earlier parts of my, of my career you know, I looked at the traditional metrics, you know, you know, bro, you know, revenue probability, you know, the other KPIs and what’s happened as I’ve gotten a little bit older. Is that I’m focused now on you know, the journey beyond the balance sheet and the P and L and what does that really mean to me?
It’s about being more fulfilled. And the impact that I want to make, you know, with others as part of my entrepreneurial career. So I’m focused, you know, beyond those the traditional metrics. So I’m looking at things in decline, satisfaction, you know, team culture, you know, leadership, leadership growth, you know, those are all aspects that I’m looking at, which actually can be measured.
And so I evaluate, you know, success based upon more of sustained growth, you know, innovation, you know, kind of value based standards. and, of course, you know, my brand, my reputation, my integrity and how those all come into play. As a different form of success.
Yeah, I think every with every season at this point, so I’m, I’m in my forties now, right. And I look back at how we started this conversation about like, you know, how long you’ve been in business. And I think every decade I probably redefine what success looks like. Now it’s going to be interesting. I’m looking forward to my fifties and my sixties, God willing, right?
Hopefully, I’m blessed to be able to see those years and and to see how my my version of success evolved. And I encourage the audience, everybody listening to this, to maybe reflect on, on what you feel it is. Cause the cool part, in my opinion about success in this industry, thing of life is that we get to, there’s no one right way to do it.
Right. Like, especially entrepreneurship, like there’s a, you know, I’ll, I’ll interview one person, Peter, and they’ll say, yeah, you know, I jumped off the ledge and I, I started this crazy career entrepreneur, whatever, whatever, whatever. Then the next person I interviewed, they’ll say, yeah, no, I was actually testing the product and doing this, this and that for 15 years before I had it where I wanted it, and then I had a very strategic, so there’s a lot of different ways to do this thing we call entrepreneurship.
Yeah. no doubt. Well said. And I would echo your thoughts about, you know, some reflective evaluation. I think, you know, an entrepreneurial journey, you know, is 1 for me that I’m going, you kind of want to look at where are you would measure and then reassess. But I think it’s especially important. You know, for some thoughtful examination of those decision making and problem solving skills as an entrepreneur, as a founder focused on the effectiveness of your past, you know, the lessons that you learned and then from that, you know, differentiate some goals that are not just about those typical, you know, markers, right?
That we all look at and look at establishing some goals. That are really from those insights and that’s kind of a pivotal aspect of of what I look at. Is it like a self monitoring self mentoring blueprint? Yeah, so final question, Peter, if there was 1 takeaway, I know there’s many, but if there was 1 takeaway from this book that you’d hope that the readers that pick it up receive, what would that be?
Well, I’m going to frame it this way, Adam. I think number 1. Access to the entrepreneurial community by taking your public is available and misunderstood by many as a viable way to grow your business in the capital market. And then the other takeaway I would add is, if any of you are actively considering an IPO.
Do your homework and be 100 percent committed before embarking on the journey. It is 1 that while it is incredibly rewarding to be able to access that transformational capital and liquidity. It takes a very significant commitment for anywhere from 12, 18, 24 months, you know, of your time and of your life to be able to reach that goal.
So speaking of individuals that may be considering going IPO ing if somebody liked to learn more about exchange listing, how do they do that? And also, if somebody wants to pick up a copy of the Entrepreneur’s IPO, how do they do that? So 2 things that I’m 1 you know, I’m very active on LinkedIn.
I put out a lot of information about the IPO market and about leadership. And so you can connect with me you know, on LinkedIn. And for your listeners that are interested in a book, you can obviously you can buy it on Amazon. You can also connect and DM with me on LinkedIn and we can make arrangements and point you in the right direction.
Amazing. Thank you again, Peter, for coming on the show today and to the audience as always. Hey, if this is your first time tuning in and you haven’t hit that subscribe button yet, here is your invitation. Peter gave a ton of knowledge today. This is our aim at Mission Matters. We bring on amazing guests like Peter to share knowledge, to save us both time and money.
So hopefully we don’t make some of the mistakes that we don’t have to, if we can listen to a podcast episode and learn. And if you’re feeling really generous. And then leave me a review too. And we, we surely appreciate that here at mission matters. Peter, really appreciate your time. Thanks so much again.
And next year I’m not getting sick. I will be at the micro cab conference. Mark my words. So we’ll, we’ll meet in person then. Fair enough. Look forward to it.