Justin Ishbia

So we lean really heavy in operations.

We have 150 full-time people approximately at Shore Capital, over which half of them are operations leaders.

When you're buying a relatively small business from an honest, good founder who has nothing but good intent to grow their business, they often leave a lot of these on the table.

The risk they want to take, there's four of EBITDA, to go buy a $4 million machine to automate something.

They don't want to do that sort of stuff.

And so at this part of the market, it's inefficient.

And there's an opportunity to, I think, dramatically improve these businesses in the first 18 months.

We believe also 80% of our CEOs are first-time CEOs.

We believe in this thing called early career energy.

We believe that it takes a really smart person about 18 months to learn 90% of the industry.

That last 10% takes five years, $10,000.

We bring board members to complement them.

I think the opportunities is finding individuals who want to play in a part of the market that doesn't seem as sexy at first.

But once you get in there, return on invested capital.

If I'm a founder, I'm a CEO, I understand what's going on.

Your profile here is much higher than investing in larger businesses.

That's just the reality of it is that I lay out the math all the time for

board members of ours who we recruit them to our boards.

And we usually have about seven independent board members in every company we buy.

And they don't get paid in a cash comp.