Justin Ishbia

These are risks we take.

They almost never have audits on QuickBooks.

These are all parts of, I would say, size above the country club round, but below where institutional investors want to invest.

Constellation Software, Mark Leonard is a friend and a mentor.

I'm not smart enough to copy and copy.

They did all the software.

We've done it in operating businesses, but it's a main street little businesses where you can aggregate 5, 10, 15, 25 of them or more and get to a spot where there truly is synergies where your cost of goods sold can go down because of scale.

You can have data points on pricing to be able to have better intuition and knowledge on pricing dynamics.

You're able also to shift labor around to have better legalization.

In a route-based business, for example, you have more density than a certain geography creates value.

I want to have multiple ways to win.

I think the last thing I'd say is,

Unlike larger organizations that buy bigger businesses and competitive auction processes, we're buying on these relatively smaller businesses.

If we get the first deal wrong in a thesis, it isn't a death blow.

Most times in private equities, broadly speaking, someone commits $100 to a thesis, they're investing between $60 and $80 of that investment for the platform and reserving $20 to $40 for add-ons.

We're almost the exact inverse.

I'm committing $100 to a thesis, I'll deploy $5 to $10.

25 for the platform.

And what that does is it creates an opportunity to under lever, make sure the management team right.

And if the first one isn't what you thought it was going to be, your second or third investment in that sector still can be good and become the headquarters and the platform later.