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????筆者最早認識里斯?拜爾是在第一輪互聯網泡沫時的90年代末，當時她是瑞士信貸（Credit Suisse）炙手可熱的科技分析師。自從2000年退出華爾街成為一名風險投資人后，拜爾淡出了公眾視線——但她一直活躍于初創企業圈內。如今她管理下的咨詢公司Class V Group專為擬上市公司提供咨詢輔導。筆者曾經問過拜爾是否愿意在Postcards上分享她的寶貴經驗。如今Groupon IPO上市在即，能夠邀請到作為Class V Group創始合伙人的拜爾談談IPO成功要訣也算是一件應景的事兒。

????我在金融界第一線工作了二十年之久——歷任華爾街分析師、機構投資者、上市公司董事以及谷歌（Google）上市時的高管——對IPO有深入了解：管理團隊常常會為一些小小的失誤付出高昂代價，并承受由此帶來的長期不利影響。市場的劇烈震蕩是不可控的，但是精明的團隊總是能夠精心謀劃，順利實現上市。我現在在Class V Group為擬上市公司提供咨詢服務。下面是成功實現IPO的要訣，它們適用于任何市場：

????1. 不要太早上市。如果下一個季度的業績并不明朗，說明你的公司還沒有做好準備。如果開窗的結果是直接從四樓掉了下去的話，“打開上市窗口”不一定是好事。這事問問芯片制造商Sequans Communications、3D電影技術公司RealD、光子集成電路制造商NeoPhotonics或地理定位服務供應商TeleNav的人就知道了。這些公司上市伊始業績便不如預期，股價慘淡。遭受損失的投資者發起怒來比地獄烈焰更可怕。

????2. 保證會計賬目處于最佳狀態。女子樂隊至上組合（The Supremes）曾經唱過一首歌，叫做愛不能操之過急（You can't hurry love）。愛情需要和風細雨，但審計必須快馬加鞭。想2012年上市嗎？外聘的會計師事務所現在就可以忙活起來了。審計未完成是導致IPO計劃延遲的頭號因素。

????3. 不要急于展示最好的一面。太多即將上市的公司都竭力想在報備文件中放入缺乏可持續性的高利潤率數據。投資者可不是傻瓜：他們買股票是看預期，而不是現在的業績。如果上市前的業績已經全力以赴，那么上市后公司的利潤率和股價只能有一個走勢。看看第1點。

????4. 聘請承銷商要看投行家本人，而不是金字招牌。假設你正在考慮從幾家口碑不錯的投行中做選擇，應該看重的是未來一起共事的銀行家本人，而不是宣傳資料里所說的該投行上年達成的熱門交易。我常常看到摩根士丹利（Morgan Stanley）和瑞士信貸的宣傳冊中濃墨重彩地宣傳谷歌IPO，但實際上，在高盛（Goldman Sachs）、花旗集團（Citigroup）、瑞銀（UBS）等工作的大多數投行家們不過是些在高爾夫球場上浪費光陰的家伙。

????5. 上路前先檢點一下自己的行為。投資者對于人的關注不亞于數字。而且，人們往往更熱衷于打聽前者。如果網上有一些關于你的八卦信息，他們會看到的。比如，目前在未平倉空倉額排行榜上位居前列的就有一家公司，其首席執行官喜歡將自己的打獵照片貼在網上。在這些照片中有一張他在一頭鹿旁邊開懷大笑的照片，后來被曝這個獵物是他非法侵入私人領地時射殺的。完了！如今背景調查只需輕輕一點鼠標即可。想上市？現在就要做好這方面的準備了。具體來說：

????? 更新個人網絡賬戶的狀態一欄時要謹慎。如果有一天你像谷歌的埃里克?施密特或星巴克（Starbucks）首席執行官霍華德?舒爾茨一樣已經功成名就，那你大可隨時利用名人效應宣揚你的政治主張。但在此之前，還是管住自己的嘴巴。為什么要趕走一半的潛在投資者呢？

????? 清理照片鏈接。不要勾選Facebook的照片加標簽選項。現在就行動。

????? 簡化公眾形象。你的年齡和薪水將會列入招股書，然而，還有一些信息，可能你并不想昭告天下，但卻能在網上能免費獲取。在外人知道你的凈資產值之前，登陸Reputation.com網站，掃描個人隱私。如果你不想人人都知道你的孩子在哪所小學上學——或者你在朋友圈里是賭馬高手——現在就聘請Reputation.com公司為你做好保密工作。

????如果要問我的最佳建議？不要分心于短期波動。應看重于長期，相信自己出色的判斷力。

????I knew Lise Buyer when she was a hotshot technology analyst at Credit Suisse (CS) in the late 1990s, during the first Internet bubble. Since quitting Wall Street in 2000 to become a venture capitalist, Buyer has been low-profile--but she's active in the world of startups. She now runs Class V Group, guiding IPO-bound companies. I asked Buyer if she'd share her advice on Postcards. Today, the eve of Groupon's IPO, seems an ideal time to pass on the wisdom of Buyer, Founding Principal of Class V Group, on doing a successful IPO:

????Twenty years on the front lines of the finance world--as a Wall Street analyst, an institutional investor, public company board member and Google (GOOG) executive when it went public--led me to understand this about initial public offerings: Management teams frequently make small mistakes that have large, expensive, long-term consequences. Wild swings in the market can't be controlled, but a savvy team can orchestrate a launch that should lead to smooth sailing. Today, at Class V Group, I advise companies that are IPO-bound. Some tips for a successful debut, in any market:

????1. Don't go too soon.If next quarter's results aren't reasonably predictable, your company isn't ready. An "open window" is not beneficial if you step through and free-fall four stories. Just ask the folks at Sequans Communications (SQNS), RealD (RLD), NeoPhotonics (NPTN) or TeleNav (TNAV). Those companies, all publicly traded, have missed earnings expectations right out of the gate, and the stocks got clobbered. Hell hath no fury like an investor burned.

????2. Get your accounting in top shape.The Supremes sang, "You can't hurry love." But love is a breeze compared to accelerating an audit. Want to be public in 2012? Get your outside accountants going NOW. More IPO plans are delayed by incomplete audits than by any other cause.

????3. Don't wear your Sunday best on Tuesday.Too many soon-to-be-public companies strain to publish unsustainably robust margins in their filings. The investors you want are not fools: They buy stocks because of expectations, not current results. If you're pulling out all the P&L stops for deal day, your margins and your stock price can only go one direction. See point 1.

????4. Hire bankers, not logos.Assuming you are choosing from a list of well-regarded firms, pick bankers based on the individuals you'll be working with. Ignore the propaganda showcasing a bank's hot deals from yesteryear. I regularly see pitch books from Morgan Stanley (MS) and Credit Suisse highlighting the Google IPO--but most of the actual bankers now work at Goldman Sachs (GS), Citigroup (C), UBS (UBS), and elsewhere—or toil on the golf course.

????5. Clean up your act before you take it on the road.Investors care about people as well as numbers. And it's more fun to research the former. If there is available off-topic information about you online, they'll find it. For example, high on a current short-interest list is a company with a CEO prone to posting photos of his hunting exploits. In one of these glamour shots, Big Cheese grins over a deer that, as it turns out, he shot while trespassing. Oops! These days, background checks take a click or two. Want to be public later? Deal with this now. Specifically:

????? Review your status updates. Once you are as accomplished as Google's Eric Schmidt or Starbucks (SBUX) CEO Howard Schultz, feel free to use your celebrity to broadcast your political views. Until then, control your prosthelytizing. Why alienate half of your potential investors?

????? Clean up your photo links. And uncheck the Facebook photo-tagging option. Now.

????? Flatten your public profile. Your age and salary will be in the prospectus, but there are likely troves of freely available information that you may not want to share. Before outsiders know your net worth, run the free privacy scan at Reputation.com. If you don't want everyone to know that your kids, Flopsy and Mopsy, attend Local Elementary--or that you were your fraternity's most successful bookie--hire that firm to keep your secrets secret.

????My best advice? Don't get distracted by near-term volatility. Keep the long-term top of mind. And bank on your own good judgment.