LIMESTONE Strategic Partners
LIMESTONE Strategic Partners is an Indiana-rooted firm that provides quality of earnings (QoE) analysis and other due diligence for owner-led businesses, and says its focus is businesses with roughly $500,000 to $5 million of EBITDA. Its services include buy-side and sell-side quality of earnings, buy-side operational due diligence, exit readiness reviews, and packages that prepare a business for lender or investor review, along with embedded CFO and operating partner engagements. The firm was founded by Jared Luegers, CFA, and says it serves buyers and owners nationwide. For its diligence work, the firm states that it quotes a fixed fee, takes no success fee, and does not work both sides of a transaction.
Fractional CFO
A CFO seat, an operating partner seat, or both, working inside the business on a monthly engagement with a six-month minimum.
Operational DD
Buy-side operational due diligence led by an operator, covering the non-financial side of the business such as customer concentration and key roles.
QoE / Financial DD
Buy-side and sell-side quality of earnings analysis for owner-led businesses, including normalized EBITDA, proof of cash, add-backs, revenue quality and net working capital. The firm quotes a fixed fee after a scoping call.
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