New CEO Mark McLaughlin resisted board pressure for a quick IPO, arguing that going public is a starting line, not a finish line. He first focused on hiring key leaders and building scalable systems to ensure the company could operate successfully in the public markets, not just survive the IPO event.

One of the biggest threats to a company's focus is a bored founder. Convinced of their own intelligence, they chase new, shiny opportunities, which dilutes resources and distracts from the core mission that made them successful in the first place.

Despite its private equity owner's deep experience in the casino industry, Yahoo has consciously chosen not to become a gambling operator. Instead, it positions itself as a high-value distributor and top-of-funnel partner for betting companies, avoiding the 'bloodbath' of direct competition.

Don't chase every deal. Like a spearfisherman, anchor in a strategic area and wait patiently for the 'big fish'—a once-in-a-decade opportunity—then act decisively. This requires years of preparation and the discipline to let smaller opportunities pass by, focusing only on transformative deals.

It's tempting to add adjacent revenue streams like training or job boards. However, these often represent entirely new business models requiring different organizational commitments, potentially distracting you from perfecting your primary revenue engine.

LIV Golf’s CEO avoids direct domestic competition with the PGA Tour by focusing on the massive, untapped international market. He frames this not as a competition but as a completion of the global golf landscape, taking a bet on the 199 countries outside the U.S.

Unlike traditional sports leagues, LIV structures its top players as business partners with equity in their teams. This model shifts their focus from just prize money to long-term franchise value, aligning their incentives with the league's growth and creating a powerful partnership dynamic.

When establishing a new M&A function, the primary challenge is getting senior leaders to move beyond broad statements and make concrete strategic choices about which opportunities to actively ignore. This focus is crucial for effective execution and prevents wasted energy on opportunistic, unfocused deals.

The founders are extremely selective, rejecting most potential partnerships and opportunities. This discipline ensures every decision aligns with their long-term vision and values, preventing brand dilution and allowing them to grow in a way that feels organic and intentional.