Originally posted by misfitofscience
I state once infamous as the worst thing any company can do is go public.
Years ago I used to work for a medium sized computer company. Solid company. Growing company. Years of solid business behind it.
In July one year they went public. Their previous years of good business meant that they were instantly flood with cash. And they spent it. A local magazine touted the owner of the company as "businessman of the year".
Seven months later, February, bankrupt, the recievers had moved in and I was watching the company car I used be towed away, reposessed. We all, every one of us, were let go as the company shut down forever.
We were just lucky they put enough money aside to pay us retrenchment payouts.
edit on 15-8-2012 by alfa1 because: (no reason given)