Here are my comments:
I have represented, as legal counsel, some small companies and 2 Fortune 500 (very successful) companies. I have also represented 3 Fortune 100 CEOs for their personal work.
This would be my advice to companies like we are discussing:
1.To the Chairman or President: You are not God. You don't have to try to act like God or pretend to be God. Your shareholders expect and want you to be mortal like them. Remember, a lot of your shareholders are a lot smarter than you will ever be.
2. Certainly, parts of your business plan may be a trade secret. Your shareholders do not expect you to discuss trade secrets. However, there is a lot you can discuss. You tell your shareholders you are going public. At least share the information you know you will have to make public to SEC.
3. Be perfectly honest and candid with everything you tell the public and your shareholders. Do not do anything that could be misinterpreted as unethical or dishonest, and this applies to PR.
4. Communicate with your shareholders. Your shareholders know there is risk. Give them the honest truth, both good and bad, regarding the status of the company.
5. Your shareholders know this is high risk. After all, it is penny stock. You don't want shareholders that buy at a penny and sell at 2 cents for a 100% profit. You want shareholders that buy at a penny and have faith it will go to $10. If they hold, it brings fresh money in and drives the price up.
6. Your shareholders do not expect an ROI of 1000% per week. They really will settle for less.
7. Your employees and shareholders are the only asset your company has.
In my representation of successful CEOs, one thing has come across very clear in spite of the press and general misconception. They, to a person, have very high moral and ethical standards. A CEO not only runs the business, he manages to instill in the public confidence in the company.
Nothing personal intended here toward anyone, but won't hurt to be passed around.
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