In the case of Panera, there's not a lot to be done. The company is cash flow positive. You've been to positive. Don't worry about it. Just continue to grow, continue to innovate. An IPO should be a fundraising event or a liquidity event for existing shareholders but also as a means of rating and capital.
This week on Prof G Markets, Scott explains how Virgin Galactic’s unique supply and demand constraints make it a terrible business. He also breaks down why Amazon and Better.com are partnering to allow Amazon employees to pledge their stock as collateral for home loans — with a catch. Finally, Scott takes a look at the enduring grocery delivery market and shares his thoughts on why Instacart might hold the key to unlocking the IPO market.