Not necessarily. In my experience, getting the right person to prepare a company for an IPO or a sale is hard. Most buyers will do due diligence and besides 'slashing costs' and 'growing the company', there is a skill set for getting governance and compliance practices in place and as well as leading the roadshow for the sale which has some similarities to raising private capital. For instance, if you don't already have explicit policies for workplace safety and environmental practices (e.g. what do you recycle, water usage, etc), you will usually need to put these in place. (We invested in manufacturing and these were extremely important to us). If you are located in multiple jurisdictions, you need to be ready to demonstrate that you are in compliance with local regulations and pass the equivalent of "integration tests", prove you are in compliance across multiple jurisdictions where their rules may differ or seem to conflict. The CEO knows what needs to get done and has the rolodex to get the people to help the company get these things done for a sale because he has done this several times before and understands the things that can go wrong.