Companies that grow via frequent acquisitions often exclude integration costs from adjusted metrics by labeling them "one-time" charges. This is misleading. For this business model, these are predictable, recurring operational expenses and should be treated as such by analysts calculating a company's true profitability.

Combining strategy, M&A, and integration under a single leader provides a full lifecycle, enterprise-wide view. This structure breaks down silos and creates a "closed-loop system" where post-deal integration performance and lessons learned directly feed back into future strategy and deal theses, refining success metrics beyond financials.

During the uncertain regulatory review of its Adobe acquisition, Figma's leadership kept its "foot on the gas." Because an acquirer cannot direct a company's activities pre-close, Figma continued executing its independent roadmap, ensuring it remained strong whether the deal succeeded or failed.

To manage investor expectations effectively, adopt a contrarian communication cadence. Only report good news (like a major deal) after it has officially closed, since many B2B deals fall through at the last minute. Conversely, report bad news as early as possible. This builds trust by preventing over-promising and demonstrating transparency when it matters most.

Palo Alto Networks' M&A playbook defies convention. Instead of integrating an acquisition under existing managers, they often replace their own internal team with the acquired leaders. The logic is that the acquired team won in the market with fewer resources, making them better equipped to lead that strategy forward.

To avoid emotional spending that kills runway, analyze every major decision through three financial scenarios. A 'bear' case (e.g., revenue drops 10%), 'base' case (plan holds), and 'bull' case (revenue grows 10%). This sobering framework forces you to quantify risk and compare alternatives objectively before committing capital.

Palo Alto Networks insisted on calling its product a "next-gen firewall" despite sales team fears. This forced conversations about replacing incumbents, preventing them from being relegated to a secondary "helper" category and ensuring long-term market leadership.

Georgia Pacific built trust for marketing investments by bringing analytics and market mix modeling (MMM) in-house. This allowed them to not only highlight wins but also to act with credibility by quickly identifying and stopping underperforming tactics, demonstrating fiscal responsibility to leadership.