In today's BRW there is an interesting article titled "PIE ANXIETY"

The article is about a family business that listed on the ASX and the family still has 42% of the shareholding and family members are on the board.

It's a great lesson for any family/private  business that thinking about listing and the transition that the founding members have to come to terms with under the new public entity structure.

Not only  do the stakeholders need to adjust, its also the employees who have to accept that listing brings change. What you can do internally as a privately owned company does not apply anymore.

The challenge is the same for family business that experience the need to change as the business grows into a much larger organisation. How do you maintain the original internal values and culture and implement the disciplines that are necessary to properly manage a larger situation ?

I suggest you read the article in the BRW.