I write about the world’s richest people and their businesses. I am a CPA and former Big Four financial statement auditor. I graduated from Miami University (OH) with a B.S. and M.S. in Accounting. I recently completed an M.S. in Journalism at Columbia University with an investigative journalism focus. I am a Chicago native living in New York City.
Justin Ishbia may not be as well known as his younger brother Mat. But with a $7 billion portfolio of veterinary clinics, autism treatment centers and bakeries, he’s made a fortune for himself and his investors.says Justin Ishbia with a smile during a recent tour of Shore Capital Partners, his Chicago-based private equity firm.
Even with all his success, Ishbia doesn’t get the same attention as Mat, his younger, richer brother, who is CEO of the nation’s largest home lender, United Wholesale Mortgage . But Shore’s portfolio companies employ five times as many people and have arguably had a similar impact on America’s economy, helping build up small businesses nationwide. While critics say private equity hurts consumers by reducing competition and quality and raising prices, Ishbia dismisses the idea.
The economy was in recession, and it might not have seemed the best time to start something new. But Ishbia trusted his friend’s father, who told him a difficult time to raise capital is a good time to invest. To build a track record, he raised $10 million for his first deal from his father, his brother, his friend’s dad and other individuals, mostly partners in private equity and law firms.
He first spoke with Ishbia and his team at 5 a.m. one Saturday while vacationing in Austin, Texas, and sold a majority stake to Shore the next year in a $20 million deal. To celebrate, Ishbia threw a deep-dish pizza party. “When Justin came out, eating a meat-only pizza and wearing a hoodie, it gave the team a sense of calm: The Shore folks “are normal people, and it’s going to be fine,” Smith recalls.
Justin Ishbia at age 4, with his younger brother, Mat, in their preschool class photo in Southfield, Michigan. “We’d pretend to be stars and pretend to be the guy taking the shot at the buzzer,” Justin says.The family was tight-knit, and the brothers were best friends but also highly competitive. When they weren’t playing one-on-one and pretending to be NBA legends Magic Johnson and Isiah Thomas , they were wrangling over the Sega Genesis.
Mat Ishbia Shore Capital Private Equity Small Business Rollups Chicago Investors Ishbia Family Forbes Billionaires Southern Vet
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