Justin Ishbia

The most important thing is negotiating, making sure we have catastrophic downside protection.

I need to make sure if Patrick was on the front page of the Wall Street Journal for doing something uncouth, I need a way to separate.

That's important to me because that has risk.

I think the most important thing, especially doing a roll-up, and I think most people get it is,

What we have to do is create an environment and a structure so that not you, but if someone else down the road will do something, we need a way to unwind that person.

If you wear your shareholder hat as opposed to your individual hat, I think most of our partners get it.

They go, okay, now if I were to do something wrong, that'd be bad, but you can try yourself.

The hardest negotiation is that unwind part.

I know we've never had to dissolve, never had anything worse than three times our money.

But I think the negotiation time ends up most often for us these days is sellers negotiating for a larger part of the upside.

That's where we end up negotiating.

Where it used to be we'd do an 80-20 deal, now it's being 60-40 or 55-45, and that's where a lot of the negotiation comes.

But at the end of the day, we prefer it in person.

We're not fans of Zoom negotiation.

I want to look someone in the eye and say, this is what we're going to do.

Yes, I can't write down on paper all the weird things that happen in this world.

But if you trust me, go talk to these 25 references.

I'd give you everyone we're a partner with.

Just trust.

And if you look at those documents, we failed you.