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March 21, 2025

The Search for Opportunity: Michael Aubrey’s Story of Entrepreneurship and Growth

In this episode, Michael Aubrey shares his unconventional path—from investment banking to his family’s parking business—before using a search fund to acquire StatLab Medical Products. He discusses the challenges of entrepreneurship, including nearly running out of capital, and lessons from scaling businesses. Mike also reflects on leading Mission Veterinary Partners (MVP), transforming it from a struggling operation into an industry leader with 330+ hospitals and 8,000 team members. He highlights the power of perseverance, culture, and leadership, while discussing the Shore ecosystem and his passion for mentoring searchers.

The Search for Opportunity: Michael Aubrey’s Story of Entrepreneurship and Growth

In this episode, Michael Aubrey shares his unconventional path—from investment banking to his family’s parking business—before using a search fund to acquire StatLab Medical Products. He discusses the challenges of entrepreneurship, including nearly running out of capital, and lessons from scaling businesses. Mike also reflects on leading Mission Veterinary Partners (MVP), transforming it from a struggling operation into an industry leader with 330+ hospitals and 8,000 team members. He highlights the power of perseverance, culture, and leadership, while discussing the Shore ecosystem and his passion for mentoring searchers.

Transcript

Introduction

Michael Burcham: Welcome to Microcap Moments, a podcast from Shore Capital Partners that highlights the stories of founders, investors, and leaders who have taken on the challenge of transforming ideas and small companies into high growth organizations. The journey of building and scaling a business. Takes one down many unexpected paths. It’s a journey where we learn from our mistakes fall down often, but have the entrepreneurial grit to pick ourselves up and persevere.

Within this series, we will share these stories of success and failure of the challenges and the rewards faced by those who dare to dream big. And through their lessons learned, we hope to inspire others. Who are on a similar journey of becoming, growing and leading.

Anderson Williams: In this episode, I talk with Mike Aubrey, the Partner with a Shore Capital Partners search fund, Shore Search. Mike’s career journey includes investment banking, working with his father managing parking lots in Detroit, being a successful searcher himself, and serving as the CEO of a Shore Capital portfolio company Mission Veterinary Partners.

Mike has found success in every phase of his career. And shares practical insight on what has worked and what hasn’t in both delivering an 11 times return as a searcher. And in interning a struggling vet business with 18 hospitals, no growth, 300 employees and high turnover into an industry leader with over 330 hospitals, more than $1.2B in revenue, 8,000 team members and the lowest turnover.

In the industry in partnering with Shore Capital to launch the search fund. Mike talks about the value of the Shore ecosystem and the opportunity to build the kind of investor he dreamed of having in his own search experience. Aside from holding depths of hard-earned wisdom, Mike is both a stellar communicator and a teacher, both of which have been critical to his journey and will certainly play an important role in the success of the searchers around him.

Welcome, Mike. Thanks for joining me today.

Michael Aubrey: Thrilled to be here. Anderson, good to see you.

Anderson Williams: Will you just introduce yourself and say what you do and where you do it?

Michael Aubrey: Sure. My name is Michael Aubrey. I’m the Partner here at Shore Search.

Anderson Williams: And give us some context to your backstory. What did you do before the search fund and how did you get connected with Shore?

Michael Aubrey: Well, I’m getting old, so I’ll try to make a long history brief. Started off doing investment banking. Then I worked for my father at his parking company for four years in Detroit, Michigan. And then I actually got a phone call from a guy named Dan Henn, who was graduating HBS in 2007, and we partnered up to form a search fund.

I’ll never forget the first time he called me to explain to me what a search fund was. I literally told him, I think you should ask Harvard for a refund because this is the dumbest idea I’ve literally ever heard as I was parking cars in Detroit, Michigan. And so ultimately he convinced me to fly out to Boston and took me to dinner. I’ll never forget we went to Illegal Seafood and he convinced me why search funds was such a neat opportunity for me at that point in my career.

So having never gone to business school myself, partnered up with Dan in ’07 and we searched for two years. We found a business, we bought it. After two years of searching, we were down to our last $17,000 of search capital. We thought we were gonna have to close shop.

We bought a business called StatLab Medical Products in Dallas, Texas. Ran that for nine years. We sold it. Our investors made 11 times their money. And along the way I met Justin Ishbia, the founder of Shore Capital, and learned about what he was doing here and frankly his interest in the veterinary space.

And so I got a phone call from my cousin who was like a pharmaceutical drug rep in the veterinary space. And he had met this veterinarian who wanted to sell and do a rollup. And I referred the veterinarian to Justin and Shore Capital and they did it. I didn’t know that they would do the deal, but that was the platform that ultimately became MVP.

Anderson Williams: No kidding.

Michael Aubrey: Yeah, and then I think as a thank you to me, they put me on the board. I obviously had no experience in veterinary medicine. I’m not sure where they put me on the board, but I guess because I referred the deal maybe. And so I was on the board for a year at MVP after I had sold StatLab and I was unemployed anyways. And they, at one point the board decided that we needed to bring in A CEO, and so they asked me to do it. And of course I initially declined ’cause I was like, no, this would be a big project.

Anderson Williams: Did they take you to Illegal Seafood and talk you into

Michael Aubrey: Exactly. And so I’ve been running MVP for the last six years. We just recapitalized the business in December. And so I’m kind of retired now, partially retired. And so Justin and I decided to do this about a year ago, and I’m thrilled to be here.

Anderson Williams: So since we’re talking about search today, I have to at least go back and ask what was the, this is the dumbest idea to Yeah. I’m in moment at Illegal Seafood way back then.

What changed your mind?

Michael Aubrey: Yeah. I think the dumbest idea part was I didn’t understand how we were going to buy a business that we knew nothing about and I wasn’t really interested in moving to a part of the country that I wasn’t from or had no ties to. And I mean, ultimately if you’re gonna do search successfully, those two things are sort of the ante that get in the poker game, if you will.

And when I met with Dan, he was really smart. He and he introduced me to some of the long time investors in search. And you know, these are folks that owned the Boston Celtics or the St. Louis Cardinals. I mean, and all of a sudden you’re 27 years old and you’re meeting some of these folks and they’re talking to you about the success that they’ve had investing in the space and the mentorship and the guidance that they’re gonna give you along the way.

And the fact that so many people had done it before and that you can learn a new business in a new industry. And it is possible. And I think they opened my eyes to the possibility where I think I had maybe a fixed mindset going into the dinner. I left 48 hours later feeling like this was going to be the coolest thing that I’ve ever did.

Creating MVP

Anderson Williams: And you kind of did it again with MVP going into an industry you didn’t know, give us a little bit of context about your time at MVP and where the company was as you transitioned from board to leading the company to, you just mentioned a recent recap. Give us a brief history there of what you were able to build and grow.

Michael Aubrey: Well, when MVP was founded, we had 18 hospitals and I think it was probably 25 or 30 million in revenue. About a year in the company was having real problems. Organic growth was negligible to trending negative. We were losing 25% of our doctors. We had staff shortages and I think the home office really just wasn’t functioning properly.

And I think ultimately the board thought, Hey, we’ve gotta turn this around quickly. So when I got here again, probably $30-35M in revenue ish. By then, maybe we had 22 practices. I don’t remember exactly, but directionally I think I’m correct. And today it’s been six years. Today we have over 330 hospitals and we’re doing over $1.2B in revenue, 8,000 team members, and the lowest veterinary turnover in the industry.

In other words, I think, you know, arguably the happiest employees are recruiting is off the charts and people wanna stay. And I’m really proud of more than anything what the team was able to do in terms of the culture that we built.

Anderson Williams: I know from hearing you talk about it, that that’s far from an accident. Will you talk a little bit about what you knew you wanted to change about what it meant to be in the veterinary business when you looked at that and said, this is how we turn this thing around?

Michael Aubrey: Sure. When I got here, it’s important to know that my paradigm of veterinary medicine was from the client perspective.

So I like to say like before 2018, I had never been behind the receptionist counter, so I was under the impression that. Veterinarians charged a lot of money for their services, that they made a lot of money, and that everybody that worked in a veterinary hospital was doing really well financially. And when I got to MVP, we had 300 employees at the time, and I actually met with every single one of ’em.

I drove to every single hospital we had. It was three states at the time. It was a lot of driving my first 90 days and I met every single team member and I heard their stories and I actually didn’t know this, but most people in the veterinary world live below the poverty line and veterinarians actually don’t charge a lot, especially in the general practice.

I think, you know, not to defend or get in a war ’cause I know this might be unpopular, but I think a lot of the big ticket prices that you hear about in veterinary medicine or that are in the press, those actually occur at specialty hospitals or ER hospitals. But most of the community is general practice, which is like kind of going to your primary care doctor.

And the folks that live there, truly, you know, when I met these folks, some of ’em making $12, $13, $14 an hour and I heard their stories and I heard how they had to live paycheck to paycheck, and honestly it broke my heart. And I very quickly, after about 90 days, I said, okay, we have to change this. We have to move the paraprofessional teams in our hospitals above the poverty line, we have to move them into the middle class so that this can be something that can actually be a career.

’cause what was happening in the profession was folks wanted to get in because they loved animals, and then they quickly left because they couldn’t afford to stay. And ultimately the ramification of that is that doctors were constantly working with brand new people and they were constantly turning their teams over.

And that is exhausting. And what happens in that environment is you really don’t have anyone you can trust or delegate to. And so doctors were doing everything in a hospital and literally burning themselves out. You may not know this, but veterinary medicine is actually one of the highest rates of suicide of any profession there is in any industry because of this burnout.

And so I became really passionate about trying to solve that problem. So when I went back to Shore and the board, I said, look, I’ll do this if you are supportive of the fact that we’re not gonna have any dividends come outta this company and that all the free cash flow is gonna go back into the ecosystem.

And we are consciously going to try to raise paraprofessional wages from where they’re at, $13, $14 an hour to hopefully over $30 an hour. And that comes at a really big cost. And the argument I made was that if we did that, we would have more sustainable teams and that doctors would thrive in that environment and ultimately healthy, thriving doctors would lead to healthy thriving practices and it would work.

And it did. And so we have been able to move literally thousands of people to make this a career for them. It’s something we’re really proud of. I know our doctors are, and it’s the place that people want to come and be a part of. And I think that’s something that’s really cool and was fortunate to be a part of something that’s special.

Anderson Williams: Yeah, it’s really incredible. I could talk for days more about that, but we’re here to talk about the search fund today.

Why Shore Capital

Anderson Williams: So why Shore? You talked about you and Justin having a conversation. Why does this make sense for Shore?

Michael Aubrey: So we left this part out of the intro, but part of the recapitalization of MVP, the veterinary rollup, was that we got to merge it with Southern Veterinary Partners, which is another veterinary rollup that Shore had an equity stake in, and it allowed me to leave the business on a day-to-day basis because the SVP CEO is gonna be the CEO of the combined company, and he’s great and wonderful, and it’s great and we’re friends and it’s great.

I was sitting with Justin at dinner one night and he asked me what I wanted to do next, what was I passionate about, and I told him that I wanted to invest in search funds and that I wanted to be back in that community more on a full-time basis, and that I wanted to be with searchers and in their life and in their cap table.

And he asked me about it and we had a long conversation. By the end of it, he said, how would you like to partner on it instead of you going alone and here’s what I have to offer and I can give you access to the Shore ecosystem. And I got really energized by that because I only have so much individual bandwidth.

And one of the challenges that I had as a searcher was that my investors only had so much individual bandwidth, and so I wasn’t able to really leverage a lot of that experience. And so I thought to myself, wow, sure has scalable infrastructure. This could be exciting. And ultimately we could build the kind of investor I always dreamed of having in my cap table.

So that’s what I got out of it, is something I’m proud of to bring the community. I think the way Justin and Shore look at it is this is an opportunity to get connected to some of the most talented MBA students in the world and have them become affiliated with Shore. Even if we have a small portion of someone’s cap table, even if we’re a small portion of their deal, we’re certainly not in control.

We don’t govern it. You know, we don’t control the board, but they get to know us and they see that, well, there’s so many outcomes that can happen with that searcher. Think about what happens in five to seven years after they sell their business. We might love them and they might love us. We might ask them to be on a board of one of our portfolio companies.

Or what if we love the business so much that we try to buy it from the rest of the cap table? Or what if the searcher is great and he’s like me or she’s like me and just a little less lucky. ’cause like I said, I came down to my last $17,000 when I searched, we almost hung our shingle. What if their search isn’t successful?

But they’re really talented. We have so much going on at Shore that we would love to have them as a CXO or one of our portfolio companies. Or maybe they come work at the fund. If you think about just. The relationships that we can build, the possibilities are endless over a 20, 25, 30 year horizon, which is sort of how Justin thinks of the world.

And so I think from his perspective, and Shore’s perspective, it’s a way to build relationships that create massive optionality on things that we can’t even predict yet, but I think could be really exciting for both the firm and for the searcher themselves.

Anderson Williams: I’m gonna go back to something you said about the Shore ecosystem because you’ve experienced that as a CEO in the Shore portfolio. Will you just describe, draw those two ideas together? What do you mean when you say the Shore ecosystem, and then what does that mean to you now as you think about the searchers?

Michael Aubrey: Well, for me, really Shore’s fascinating insofar as they invest in really small companies, right? They’re a micro cap fund. By definition, but they bring Fortune 500 resources to microcap companies. And so when I say the ecosystem, I’m talking about all of the resources that I know of, not the least of which, frankly, Anderson is you. Right? And Michael Bertman, what you guys do at the Leadership Academy.

So for those who don’t know, all I can tell you is my company Mission Veterinary Partners, we had countless people go through a program that Shore has called the Leadership Academy, and Anderson here is one of the leaders with his colleague Michael Burcham. And we were able to literally help people who had never learned those kinds of skills to do that. Now, what other private equity firm is able to offer their vice president, director level, managerial level, supervisor level folks, that kind of training. That’s just one example.

We have the Centers of Excellence here at Shore. This is where we take all of our marketing professionals or all of our CFOs or all of our heads of HR or all of our business intelligence folks, and we put them in cohorts with one another. And I think, you know, now we have like 45 or maybe 50 portfolio companies.

So when you think about being in a room full of marketing professionals, of folks that are starting out at maybe $3-4M of EBITDA to companies like mine that have $200M of EBITDA. Think about the knowledge that you’re gonna have in that room in terms of not only, Hey, how do I deal with the challenges of doing this at a $3M enterprise, but where do I want to go to make it a $10M, $20M, $30M, $40M?

Guess what? You’re gonna be in a room full of people that have been there, done that, and they can help you. And if that’s too much for you personally as the entrepreneur to do great, send your marketing person, send your HR person, whatever it is.

The other thing I’d say is we have something like 300 independent board members that are now connected to the Shore family, we likely have someone that is in an industry that you’re excited about. Could be a river guide, could help you navigate maybe which companies to buy or potentially introduce you to companies or just sit on your board or provide you just informal advice.

And so when I think about the ecosystem, honestly those are just three examples of things that we bring to bear. But as you know, there’s many more. And I think having worked in this in the Shore family for six years, it really is unlike anything I’ve ever been a part of and I’m proud to bring it to the search community.

Setting the Record Straight

Anderson Williams: And you know this clearer than I, and so you can help educate me in this question as well, but some might say there’s a perception of a conflict of interest between Shore searchers and the microcap funds and those kinds of things. We just talk about what that is and then how are you navigating that? How are you working through those perceived conflicts of interest?

Michael Aubrey: Well, I think perceived is a great way to put it because I do think that they are perceived and truly it ends there. ’cause I don’t actually think we have a conflict and, and here’s why. And I wanna help searchers win against private equity.

And I think they can and it ultimately comes down to this. Private equity, including Shore, requires the entrepreneur or founder to stay as the CEO and roll a bunch of equity. So where I’m going with this is it’s situational Anderson. We might actually both want the same company, or we may want something in the same industry.

First of all, the odds of that actually happening are really, really low. When you think about literally the hundreds of thousands of companies that could be for sale, the odds that Shore the fund and a Shore back search are literally fighting for the same company. Are really, really minuscule, but in the event that it actually happened, I would say, A, it was gonna happen anyways whether we were in your cap table or not, but B, I can help you win in that situation as a searcher because you can go up and say, Hey, founder, entrepreneur, do you really wanna sit here for the next 5, 7, 10 years and have to roll a bunch of equity and still be the person?

Or would you like to take a bunch of cash and go to The Bahamas? How does that sound? Because as a searcher, I can be the succession plan, I can be your long lost son or daughter and be your succession plan and you get to go retire. And that is a very compelling pitch that no private equity firm including Shore could make anyway.

So I think we delineate that in terms of the situation. And like I said, if we were gonna be looking at it anyways, we were gonna be looking anyway. ’cause here’s what I can tell you. I can promise you this and this you can take to the bank. We are not going to show our search or deal flow to the fund to create competitive tension.

There is going to be a wall there of extreme secrecy and no one is going to violate it. I can guarantee you that.

Anderson Williams: Well, and even your example is one that there are different premises upon which a founder seller might partner with a searcher. Then private equity, a hundred percent. What they’re looking for out of a partnership, one is a retirement plan and the other is a partnership and an ongoing active business relationship and do very different outcomes.

Michael Aubrey: They are, and I can tell you, having been a searcher and the entrepreneur that wants to continue to be the CEO. And have a partner never is gonna sell to you as a searcher anyway. There’s 0% chance. ’cause they don’t want you in their business or they don’t want you around and they certainly don’t wanna let anyone else be the CEO.

And so I think that’s a really astute observation and you’re spot on.

Anderson Williams: So give me a little bit of context about where Mike the search fund is today at Shore Capital. Just in terms of the state of the process.

Michael Aubrey: So we actually raised our first fund. It’s a $65 million fund we raised, and so we want that fund to be dedicated to 30 searchers.

Okay. ’cause we think that 30 searchers will need that much capital between their search and the deals they do. We have partnered with 12 amazing searchers and teams already, and so that effectively leaves about 18 spots that we’re trying to find the right partner. And as soon as we find and get our commitments in those cap tables, I think we’ll start to raise another fund.

And so that’s kinda where we’re at. We’re really thrilled about the 12 teams we have going today. And we’re really excited about the pipeline that we’ve built and the, some of the conversations we’ve had with some of the top MBA students across the country.

Anderson Williams: I’m curious, take me into one of those conversations, Mike.

You’re getting access to an interest from, you know, some of the, like you say, the top MBA grads who’s right for this kind of an opportunity, and who can you sit in front of and say, you’re brilliant, you’re talented, but. This is maybe not for you. If somebody’s listening to this and they’re thinking, well, this search thing may be interesting.

Just gimme a sense of like, when you’re looking at that, having an honest conversation, what’s an indicator that this is the right match, and what’s an indicator that you’re great, but this is not for you?

Michael Aubrey: I think sometimes when the job markets are not great, people decide to search because they figure, well, I really can’t get anything better than this.

And when job markets are really competitive and people are hiring and someone still chooses search despite having a huge opportunity cost that they’re walking away from, I get really excited about people that I know have a massive opportunity cost, but are doing this because they literally have to like, they’re the kind of people that say to themselves, when I’m 85 years old, if I don’t do this, I’m gonna regret this for the rest of my life.

Even though I have this amazing job at this amazing firm that would’ve otherwise paid me a lot of money. I’m gonna give all that up. Because this is like in my soul, entrepreneurship is who I am. I can’t get around it. As opposed to when someone’s like, well, this is the best option I have. I think that is probably the first thing that came to mind when you asked me that.

So I would say, you know, maybe one thing we could talk about is, is we talked a little bit about the perception of conflicts. What about the perception that like Shores this big, bad private equity firm, and if things don’t go well, you’re gonna get outed as CEO.

Anderson Williams: So say more about that, Mike. Yeah. Just in terms of that perception and how you see reality of this happening and working within the Shore ecosystem.

Michael Aubrey: I think I’d say a couple things. One is Shore started with really humble beginnings. I love when Justin tells the story of how he actually had to negotiate the price of the first conference room table that he ever bought in his first office because they couldn’t afford anything else.

And if anyone has been through ups and downs, and if anyone has invested in lower middle market firms and micro cap firms and understands that those firms actually have to go through J curves to go from good to great, it’s Shore Capital. And so I actually think the opposite, that we’re not in a rush to go fire a bunch of entrepreneurs, but rather be alongside them in their J curve.

Because I know I went through multiple J curves at StatLab and multiple J curves at MVP, and Shore, as a fund has gone through ’em and. All of Shore’s portfolio companies have gone through ’em. I, I know because I know a lot about the portfolio companies and the J curves that they all went through, and I think sometimes, you know, when you hear about all the successes, you don’t hear about the trials and tribulations that it took to get there.

And I can unequivocally tell you that the number one reason why Shore and we are doing it. Is to build relationships with some of the most talented people in the country and the opportunity to be alongside them in that journey and frankly, what I can tell you is that I think some of the best relationships and partnerships I’ve built have all had moments of adversity, and we’ve gone through those moments of adversity together and it actually creates a bond that’s actually stronger than when everything goes well.

And so I think, you know, that’s not to say that everything will be perfect all the time. And it’s not to say that maybe, you know, there might be this one anomaly of really bad actor and some unethical person, but outside of, I think true character deficiencies and flaws are the spirit of what we’re trying to do is the actual opposite of that, and rather build people up and have you say one day that sure was the partner that helped me grow the most or helped me deal with that situation the most. So that you do wanna stay in our ecosystem one way or another for a majority, or if not all of your career.

Anderson Williams: If you enjoyed this episode, check out our other Microcap Moments episodes at www.shorecp.university/podcasts or anywhere you get your podcasts. Here you will also find our Bigger. Stronger. Faster. and Everyday Heroes series, each highlighting the people and stories that make investing in the lower middle market unique.

This podcast was produced by Shore Capital Partners with Story and Narration by Anderson Williams, recording by Austin Johnson. Editing by Reel Audiobooks. Sound design, mixing, and mastering by Mark Galup of Reel Audiobooks.

Special thanks to Mike Aubrey.

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