People sometimes assume that the most important factor in selecting a financial printer is the estimate or offer in advance. This couldn’t be further from the truth, as the final invoice rarely looks like the initial estimate. The vagaries of the registration process with its many variables contribute to a highly unpredictable process.

In an effort to educate my clients, I have put together this bulleted checklist of factors that will contribute the most to a successful and efficient offering:

1. Typesetting capacity
One of your biggest cost factors will be the added cost of Settlement Team lead time. Fast and accurate response time is paramount for the settlement team to function as efficiently as possible. Find the total number of typographers in the printer system. This can range from as little as 10 to more than 1,000. More is better. With single-page addressability, theoretically a printer could send its 400-page document to 400 different printers simultaneously if needed, thus ensuring the fastest turnaround time. The proprietary software automatically recombines and repagines the document while maintaining version control. Additionally, a printer should have local printers in each office to handle small changes in real time. This makes a huge difference over the life of the project when the settlement team expects around $ 5,000 an hour or more!

2. Composition engine
Look for a true “single font” typesetting system. This system generates on demand in Word, Edgar I or II, Typeset, XBRL or PDF directly from the source document. This “single version of the truth” eliminates the risk that edits will not carry over between test rounds.

3. Financial strength
Being able to stand the test of time is key. You should know that the printer with your document in your system will be present throughout the process! Registrations can take a year or more depending on their reception with the SEC and the complexity of the deal, and losing a printer midway could be disastrous. Plus, a financially strong printer will continue to invest in technology, people, and processes.

4. Customer service team
A strong and experienced customer service team is perhaps the most important element of a great printer. You need people who have been there before and who can, in many ways, “check your work” as you go along. They can be useful as advice that your attorney might charge for, as form type recommendations for various situations. They can also give you perspective on how other companies have handled certain problems. This is a group that you will work with face to face throughout the deal, and if they are learning on the job, the tuition could be expensive.

5. Post Offer Toolkit
Once you are a public taxpayer, you will be subject to a new set of disclosure requirements. A robust set of self-service tools can help automate this process in a timely and cost-effective manner:
A Section 16 Filer – This SAAS product automates Section 16 submissions. Maintains Insiders data, automatically creates and validates each submission, streamlines the approval process, and runs the submission with just a few keystrokes.

8K Filers – An SAAS 8-K file is a secure web-based filing solution developed to allow you to create, manage, and self-file Form 8-K and amendments to the SEC.
Virtual Data Room – This next-generation online environment replaces the paper data room by allowing negotiators to quickly and securely bring parties together for due diligence.

6. Experience
There are small suppliers that claim to be able to successfully manage a traditional offering with a large work group. They claim to be able to do this at 30-50% of the cost of a traditional financial printer. My suggestion is to check the SEC database for REAL national S-1 registration statements for the provider in question. I’m not talking about micro-deals, reverse mergers, PIPES, or the sale of S-1 to shareholders. IF you find any, CALL the CFO of the company and ask about their experience and the final cost. I think this information will be very valuable to you. Do you want to trust your capital increase to an unknown amount? Trust me, there are a lot of things that can go wrong and jeopardize the deal. Stick with an established printer.

7. History of actual costs
If you really want to get an idea of ​​the final cost of your initial public offering, check the SEC’s database for so-called “Part II” numbers. This section lists certain costs attributable to the Offer, including investment banking fees, legal fees, and financial printing fees. Forget misleading offers or what an interested party might tell you, see for yourself! This is also a way to compare the average rates of each provider.

8. Conference facilities and services
Some printers are promoting the ability to execute the Offer “virtually”. In other words, they claim that by not having office space they save money and can pass the savings on to you. The Offer process is characterized by an electronic exchange of information until the final push. At that time, it is important that the task force meet in a neutral and distraction-free environment so that the Registration Statement passes the finish line. There are many final negotiations, group decisions, etc. that take place at hyper speed during this time. As a lawyer told me: “Do you really want your banker to be sitting in his own office at his computer, on two phone lines and with a blackberry while he is supposed to be on a conference call with the rest of the team?” And your lawyer? Gather the group. It is important that your group is in an environment that invites focus while surrounded by the resources they need to get the job done.

From a political perspective, try to get the insurers’ attorneys to spend a week at the firm’s law office. It’s not going to happen.

Find your Swiss, financial printer offices that are specifically designed for this type of transaction.

9. Your representative
Your representative is the one who will be eating, sleeping and breathing the deal. That person is the number one point of contact for any problems or questions. Pick one with the dedication, focus, and energy to keep things on track. A good printer with a weak rep could be just as unsightly as the other way around.