I worked at a company like that in the late '90s. For years we were perennially "six months away" from IPO until the bubble burst. When people realized the IP

I worked at a company like that in the late '90s. For years we were perennially "six months away" from IPO until the bubble burst. When people realized the IPO was never actually going to happen there were some pretty large salary adjustments. Eventually (after I left) they were bought by a competitor.