Most companies aren't ready for an IPO, despite many founders believing they are. In 2021, a lot of VC-backed founders claimed they were about two years away from going public, but only a few have actually managed to IPO since then. The reality is that many CEOs remain overly optimistic about their prospects. The article highlights two main factors that determine IPO readiness: financial and metric readiness, and IPO/public company readiness. The bulk of companies fail to meet the stringent requirements for public markets, with only 5% of unicorns exceeding $300 million in annual recurring revenue and maintaining a strong growth rate. For those that are serious about preparing for an IPO, the groundwork needs to start 18 to 24 months in advance. Building a capable IPO team is essential, beginning with the management structure and ensuring the Board of Directors meets SEC requirements. The CFO’s role is crucial; they need a team with experience in technical accounting, financial reporting, and tax implications. External experts such as underwriters and legal counsel are also necessary to navigate the complex process. The article emphasizes that the right preparation and mindset are critical, as the path to becoming a public company is fraught with challenges and requires meticulous planning.