That depends on the audience you want to involve. Many companies opt for two circles: an internal core (all staff) and an external ring (loyal clients, partners, suppliers, former staff). The most common size at 25-year company anniversaries is 100 to 400 people.
Smaller than 50 doesn't always deliver the desired party feeling. Larger than 500 calls for a different production approach. Make the guest list strategic: who contributed to the first 25 years and who belongs to the next phase? That criterion helps you make the right choices.
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