1. Company Size & Financial Metrics

☐ Revenue ≥ €10–100 million
☐ Sustainable growth rate ≥ 10% p.a.
☐ Positive EBITDA margin (at least 10%) or clear path toward it
☐ Stable, predictable cash flow
☐ At least 3 sets of annual financial statements

Assessment:

• 3–5× Yes → generally IPO-capable
• <3× Yes → currently likely not IPO-capable

2. Business Model & Equity Story

☐ Scalable, understandable business model
☐ Clear competitive advantages (technology, market position, IP, USP)
☐ International growth potential
☐ Clear and compelling Equity Story for investors
☐ Limited dependence on individual customers

Assessment:

• 4–5× Yes → capital market suitable
• ≤3× Yes → sharpen Equity Story

3. Management & Organization

☐ Strong management team
☐ Entrepreneur ready to share responsibility
☐ Second management tier in place
☐ Professional controlling & reporting
☐ Investor Relations function can be established

Assessment:

• 4–5× Yes → IPO-ready
• ≤3× Yes → organizational development required

4. Governance & Transparency

☐ Readiness for disclosure and reporting requirements
☐ Independent Advisory Board/Supervisory Board in place or planned
☐ Clear decision-making and control structures
☐ Compliance and risk management established
☐ Acceptance of external oversight

Assessment:

• 4–5× Yes → governance-capable
• ≤3× Yes → cultural hurdles

5. Entrepreneurial Objectives

☐ Growth prioritized over short-term profit maximization
☐ Partial exit or succession is a relevant topic
☐ Entrepreneur accepts valuation fluctuations
☐ Long-term horizon (≥ 5–7 years)
☐ Readiness for a “public entrepreneurial role”

Assessment:

• 4–5× Yes → IPO mentality present
• ≤3× Yes → evaluate alternatives

6. Market & Timing Factors

☐ Industry is attractive to capital markets
☐ Competitors are already listed
☐ Capital market environment generally receptive
☐ Clear growth story for the coming years
☐ IPO is not planned out of financial necessity

Assessment:

• 4–5× Yes → good timing
• ≤3× Yes → wait or prepare

Overall Verdict

Evaluation:

• ≥ 70% “Yes” → IPO is realistic & strategically sound
• 50–70% “Yes” → IPO possible in the medium term (preparation 12–36 months)
• < 50% “Yes” → IPO currently not recommended