IPOs give companies instant wealth but lots of headaches
With Groupon's high-flying IPO last week and Zynga poised to go public this month, Silicon Valley is once again atwitter (if you will) about its favorite obsession: the initial public stock offering.
But while a robust stock market debut is a badge of honor, the wealth it creates can lead to newfound distractions for employees, veterans of the process say. Obsessed workers watching the stock price minute by minute lose focus. Sudden multimillionaires splurge on new cars and houses, creating envy among those who have worked just as hard but joined the company at the wrong time. Employees who have cashed in start to check out, fueling resentment in co-workers who have to pick up the slack.
In short, it's a recipe for disaster for a company culture that's already under stress from the new attention going public attracts.
Those who have been through the process say it's crucial to have experienced hands at the helm. Phil Fernandez, for instance, has been a top executive at two valley tech companies that have gone public, and he's making plans to take his current startup, San Mateo enterprise software maker Marketo, public sometime next year.
He speaks soberly of the hazards awaiting Facebook CEO Mark Zuckerberg , Zynga chief Mark Pincus and others when he says: "It can be a tremendously distracting thing."
Fernandez is the former president and chief operating officer of Epiphany, a San Mateo software company that during the dot-com zenith of 1999 went public in spectacular fashion. "It was one of those ridiculous cases where the company ran to a $9 billion market cap and created tremendous paper wealth," he said. "A number of people walked out with $50 million or $100 million. And it created some big divisions between them and the ones who weren't able to cash out before the bubble crashed."
Fixation on share price
Much of the tumult an IPO creates has to do with the so-called "lockup period" that keeps company insiders from selling stock within the first six months after going public. Epiphany's shares, for instance, made their debut at $16 apiece in September 1999. By March 2000, they topped $211. But within weeks, as Wall Street began to question soaring dot-com valuations, Epiphany's stock plunged -- while many employees, other than the earliest hires, were still not vested in their shares.
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