This study demonstrates that suitable professional expertise on corporate boards can have a significant impact on firm outcomes. The analysis examines diversity of expertise on boards, its link to shareholder value, and adds to the literature by introducing corporate life cycle and industry sectors to explore when specific types of expertise matter. Consistent with previous research, this article finds no cross-sectional association between overall board composition and firm value across ASX-listed companies in 2014. Examining dominant cash flow patterns, this study finds a strong link between firm value and financial, mining and engineering expertise on boards of early stage firms. It also shows a relationship between firm performance and financial, mining, and other unclassified board expertise for companies in the shake-out stage.