The IPO is weeks away and I had a panic attack on the train.

We’re in the final stages of listing on the stock exchange and last week, whilst on the train into town, my heart was racing and I had that fight-or-flight feeling when I realised the doors were closing. I’ve never had that before.

You ever had that?

JT, Amsterdam

Hi JT,

It sounds like a minor anxiety attack.

About ten years ago, I had a similar experience. Funnily enough, it was also during an exit process, whilst out walking the dog.

Exits can be stressful as there are a lot of timelines, rumours, cards close to chests, politics and opinions at play.

In my opinion, and experience, exits are the CFO show. It’s their time to shine. Even the CEO plays a supporting role, whilst all of us other folk try and help them do it. I took an interest in the book-building process, but I was really involved in the analyst presentations. And to be honest, I think we could have made everyone’s life easier.

I am not sure who did it, but the company brought in some expert IPO presentation coaches. A few times a week, all ExCo members involved would have 1:1 coaching to deliver speeches in a very uniform way. I wasn’t personally comfortable with this, as I prefer some personality and variety in my presentations but, hey, this is an IPO and these guys are the professionals. We had feedback. We were recorded. We had group rehearsals. It was all a bit too much, especially with all the requests for data and the media preparation on top of the day job as a global CMO.

When my episode happened, I described the physical feeling as getting your head stuck in railings and that momentary panic as you feel you may be trapped. Which was especially odd considering I have never actually been in such a predicament. I had never had it before and have never had it since. But yes, I’ve been there.

I mentioned the heavy process to the CEO (full disclosure, I did not mention the anxiety) and he said he, and others, had the same concerns.

Literally the week of the big analyst presentations, the CEO called it. He said no, this is unsettling the ExCo and he needed to relieve the pressure. He stopped the rehearsals, declared he trusted the ExCo and stood down the coach who had insisted on sitting in on the final analyst presentations.

Everyone nailed their roles. Especially the CFO, to be fair. Who, if anything, excelled in the limelight as if it was his Super Bowl.

We covered the book x3 and priced the shares. Then a call came late on a Saturday night saying a PE firm had made an offer to stop the process and take us over.

So, after all that, we never even got to ‘ring the bell’.

If you are involved in a listing, things are going well for you. But we must realise what life’s true challenges are.

Health. Relationships. Family.

Everything else is just a bump in the road. A learning experience. That just adds some stripes to your arm. The things that bothered you today will be badges of honour moving forwards.

Take a breather. Do enough preparation. Trust your direct reports and delegate to them. Book a holiday to look forward to. Remain grounded with your family. And try and enjoy the experience that you have earnt.

Nothing will be asked of you in this process that you do not know how to do.

Onwards!

Rich