In September 2019, Zaoui & Co.'s close-knit team of professionals convened for their annual off-site. In its nine years of operation, the boutique investment bank founded by the brothers Michael (HBS '83) and Yoel Zaoui (Stanford GSB '88), had garnered a track record for advising on several significant transactions across Europe. At the retreat, the firm's leaders were debating whether to (a) continue as a small boutique focused on mergers and acquisitions (M&A) advisory services, (b) grow aggressively in M&A advisory, or (c) diversify into principal investing. Each alternative presented strategic and organizational challenges and opportunities. Whichever path they elected to pursue would significantly influence what kind of firm Zaoui & Co. would become.

In September 2019, founding partners Michael and Yoel Zaoui decided to add principal investing to Zaoui & Co.'s offerings. The case outlines how, over the next two years, Zaoui & Co. pursued the formation of a SPAC, Odyssey Acquisitions, followed by the identification of a target company, BenevolentAI, and the subsequent de-SPACing process that led to the execution of the transaction in April 2022. Although their initial foray into principal investing was a success, the process proved more arduous and time-consuming than anticipated, diverting considerable attention and resources from Zaoui & Co.'s core M&A advisory business. The brothers were wondering whether Zaoui & Co should (a) continue to aggressively seek principal investing opportunities, or (b) scale back its principal investing efforts, or (c) focus solely on M&A advisory. The choice would have important strategic and organizational implications for the firm. Although their initial foray into principal investment was a success, the process proved more arduous and time-consuming than anticipated, diverting considerable attention and resources from Zaoui & Co.'s core M&A advisory business. The brothers were wondering whether Zaoui & Co should (a) continue to aggressively seek principal investing opportunities, or (b) scale back its principal investing efforts, or (c) focus solely on M&A advisory. The choice would have important strategic and organizational implications for the firm.

In June 2019, Emeritus cofounders Ashwin Damera (HBS MBA 2005) and Chaitanya Kalipatnapu were thrilled with the rapid growth of Emeritus. Damera and Kalipatnapu believed that Emeritus, established in July 2015 to offer online executive education, was only in the early stage of an exciting journey. The opportunity for further growth and success was immense. Yet, the co-founders were conscious that "what got us here will not get us there." Among the strategic choices they faced was a decision on whether to grow its university-branded offerings aggressively or to promote the Emeritus brand more assiduously.

Moksha Data, a boutique consulting firm specializing in public sector work, started in January 2017 with a handshake between friends and a shared commitment to the principles of egalitarianism, ownership, and collaboration. The Houston-based firm had built momentum since its inception, despite the obstacles posed by the pandemic. By October 2021, it had become a go-to consulting firm for non-profits and local government agencies in and around Houston. Yet, Moksha managing partner Neeraj Tandon was acutely aware that the firm faced internal and external challenges. How it responded to those challenges would determine whether the firm would sustain its momentum and what kind of a firm it would grow into.