Justin Ishbia
๐ค SpeakerAppearances Over Time
Podcast Appearances
And naturally, of those seven, by the way, five becomes super value-add, one or two less so.
Just the reality of it, I'm very poor at predicting who is going to be value-add and who is not.
It's just DNA of the people.
And after with us one time, I can figure it out.
But you get these really talented people, these boards, and they help in a unique way.
Every single member helps in a unique, outsized way at one point during the life of the investment.
Opens the door to a customer.
Refers us to a former employee of theirs who was talented.
has a unique way of understanding a software system versus an add-on.
When we buy a business to an 18% of revenue and we want to grow it to 100% of revenue, you understand a new customer that could bring three million of revenue, you're talking about at first a 15%, 20% pickup in revenue.
You buy a business doing a billion of revenue, there's no ones that are bringing you a 50% pickup in customer.
It's just not going to occur.
But I think what we've learned over time is we've got to create a fun environment for these board members too.
They have choice going into the professional time and effort.
We put a lot of effort into creating an ecosystem where
where we have these operating partner summits where we invite individuals, all of our board members from all of our companies come here twice a year to cross-pollinate and share ideas and bring perspectives.
But it's creating a family and an ecosystem of really talented board members who want to provide advice and give back.
Part of it is altruistic, part of it's financial, part of it's fun.
All those things together create a really great board member
And I think it increased the odds of success.