Key Takeaways from the HBS 11th EtA Conference – Fireside Chat with Justin Ishbia

This was the 2nd EtA Conference attended by the Busch ETA Club this year, following the previous ETA Conference at UVA's Darden Business School in September 2025.

The HBS 11th EtA Conference—hosted by the Harvard Entrepreneurship Through Acquisition (EtA) Club—kicked off with an engaging fireside chat between Justin Ishbia (Founder and Managing Partner of Shore Capital Partners) and Prof. Royce Yudkoff. Let's start with brief introductions to both.

Prof. Royce Yudkoff, who moderated the interview, is a Professor of Management Practice at Harvard Business School (HBS). He co-teaches Entrepreneurship Through Acquisition (EtA) and Financial Management of Small Firms alongside Prof. Richard Ruback. The two are globally recognized for their bestselling book, HBR Guide to Buying a Small Business (often referred to in the context of their work as inspiring the "Think Big, Buy Small" philosophy), and they co-host the popular HBS podcast of the same name: Think Big, Buy Small. (For more details, check the links in the resources section.)

Justin Ishbia is the Founder and Managing Partner of Shore Capital Partners, one of the leading lower middle-market private equity firms in the U.S. Founded in 2009, Shore has grown from 4 to 193 team members and now manages over $14 billion in regulatory assets under management across more than 82 platforms, representing over 1,300 acquired companies.

I had the honor of meeting Justin before the opening keynote, thanks to Nico Lulli—an exceptional searcher who acquired Polysistemas in Peru through a traditional search fund model. At the time of acquisition, Polysistemas had $6M in revenue and $1M in EBITDA; today, through organic and inorganic growth, it has reached $25M in revenue and $6M in EBITDA. Nico is currently closing a $15M recapitalization round—an impressive milestone that underscores the power of the model.

Through Shore Capital, Justin has helped lower middle-market companies scale faster, stronger, and bigger. His portfolio companies now operate across more than 1,800 locations and employ over 36,000 people. As of October 2025, Shore has been named one of Inc. Magazine’s Top Founder-Friendly PE Firms for each of the last six years, consistently ranking in the top 1% for returns among private equity firms.

On a personal note, Justin serves on the Vanderbilt University Board of Trust, the Board of Directors of Northwestern Memorial HealthCare, and is a member of YPO. He is also an alternate governor of the Phoenix Suns (NBA) and a minority owner of the Chicago White Sox.

In his keynote, Justin emphasized several key ideas, particularly the profile of successful searchers. Among the traits he highlighted was focus—he strongly advocated for the traditional search fund model and for searchers who adopt an industry-focused approach rather than an opportunistic or agnostic one. He also stressed the critical importance of recruiting and retaining top talent at the C-suite level, not shying away from difficult conversations. Similarly, when building a board of directors, he advised against simply selecting the investor who writes the largest check. Instead, prioritize "smart money"—board members chosen selectively based on clear criteria that add genuine strategic value.