We’ve all seen the smiling faces of company owners and executives as they ring the opening bell at the New York Stock Exchange to mark the start of public trading of their shares. Many outsiders assume that the ultimate goal of entrepreneurs is to ring that bell. After all, why wouldn’t it be? Facebook’s recent IPO, the sharp drop in its share price, and the delay of other IPOs in the pipeline have reignited questions about why more U.S. companies aren’t going public and what’s behind the 15-year decline in the number of publicly traded companies. This approach is backward, however....


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