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There might be some initial upside, but by going public the corp has thrown itself to the sharks. The private owner may have many motivations for running his company - pride in what they do, a real interest in the product produced, family pride (if it was a family-owned business), recognition of employee loyalty, etc. Stockholders don't give a rat's patoot about any of that, they just want return, and as fast as possible please. A well-run small to medium corporation is subject to attack by predatory hedge funds, greenmail, and corporate raiders. The company can be completely taken away from its previous owners and employees. Employees can be fired and the company moved to another part of the country or to another part of the world if the BOD decides it will benefit share holders.
Read "Glass Houses" and "Barbarians at the Gate" to get an idea of Milton Friedman's philosophy that the board of director's only responsibility is to its share holders and what it does to businesses.
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