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There's not a whole lot of advantage for a company to be public.

It is much more convenient not to be a public company. As a private company you don't have to give information to the public. Secrecy is an important factor of success in the commodity business.

There are certainly valid reasons for taking a company private, and it's also possible that C.E.O.s perform better when monitored by a small number of owners in a private company rather than by the dispersed and often uninterested shareholders of a public corporation.

With a private company, you've got to get into who's investing and what's the balance sheet like. So going public is a positive thing from the perspective of the sales organization.

You go public because you want access to capital in the form of debt and equity.

I don't want to take a company public and not have it do extremely well and fail the public shareholder.

Going public for the sake of going public is not really an optimal thing. You're going public because as a company you believe it is the right thing to do and it will benefit the ability of the company to achieve its long-term objectives.

You have to have in mind what you want when you go public. It's not just an end in and of itself. Suddenly, you have investors to satisfy. Investors who want - who demand - a return.

If I ever took a business public, I wouldn't want to take the shares off the table. I don't want people thinking I'm doing it just to make money and then going to run for the hills. I think that's a very important distinction.