Justin Ishbia

I generally believe that roll-ups end up in a better quality of the business.

Usually, at least for us, we create usually a technical advisory board.

So it can be a bunch of artisan bakers.

It can be a bunch of veterinarians.

We want to have a technical advisory board.

We have to bring together and create a dynamic of what is the best in class delivery of the services.

And so we spent a lot of time on that.

And so I recognize that more arrows are shot at bigger companies.

No one talks smack about the AAA team that talks smack about the New York Yankees.

You know why?

Because they're the New York Yankees.

So I think it's easier to point fingers at and do bad things happen, sure.

By normal scale, if you have four locations, more likely one doesn't go as well as if you have four.

But I think in totality, those businesses are able to pay their employees better, create a better margin profile, and therefore deliver a better quality of service to the customer and the day.

Why do they exist?

Because customers keep choosing them.

over and over again.

People ignore that part of it.

It's like, oh, levered business that is a part of a levered roll-up.

I'm like, yeah, but the customers keep picking on them.