Operate to Own · Lower Middle Market

Putting ownership

in the hands
that earned it.

We buy great American businesses alongside proven operators — and give those operators a clear, earned path to majority ownership.

I'm an Operator → I Own a Business
Operate to Own Lower Middle Market $750K–$2M EBITDA 70% Operator Ownership Path Long-Hold. Always. Run It. Own It. Trades · Manufacturing · Distribution
Equity shouldn't be inherited. It should be earned. We build the structures that make that possible — for operators, for owners, and for the businesses that hold communities together.
Who we work with

Three kinds of people.
One mission.

Earned Equity was built for the operator who's been waiting for their shot, the owner who wants to pass the baton to the right person, and the investor who believes in cash flow over exit multiples.

01
Operators

You've been running it.
Now it's time to own it.

You know the work better than anyone. You've managed the crews, run the P&L, and built the relationships. Earned Equity gives you the capital structure and the clear path to majority ownership — not someday, but on real milestones.

See the path to ownership
02
Business Owners

You built it.
We'll carry it forward.

You didn't spend 30 years building this to hand it to a fund that flips in five. We find a proven operator who knows your industry and earns their way in — protecting your legacy, your team, and your customers.

Learn about our process
03
Investors

Consistent returns.
Every handoff.

Cash-flowing LMM businesses acquired at sound multiples, governed with institutional discipline, and held indefinitely. No exit pressure. Distributions built on real operational performance.

View the fund
How it works

Operate to Own.
Four steps.

A simple model with deliberate execution. We find the business, find the operator, and build the structure that turns great operators into majority owners over time.

Step 01

We find the business

Cash-flowing LMM businesses — trades, manufacturing, distribution — with $750K–$2M EBITDA and owners ready for the right transition.

Step 02

We find the operator

We match each business with a proven operator — 10+ years in the industry, ready to lead from day one. The operator is the asset.

Step 03

They run it

The operator takes the helm. Earned Equity provides capital, governance, and operating support. The business keeps running — better than before.

Step 04

They own it

Over 7–10 years the operator earns up to 70% majority ownership. Equity that was earned — not handed over, not inherited. Earned.

"I spent 12 years running that crew. Earned Equity gave me the structure to finally own what I built."

— Carlos M., Operator, HVAC Services · Texas

$10T
LMM succession opportunity
48%
Owners with no exit plan
Our thesis

We're not private equity.
We're Earned Equity.

Private equity buys businesses to sell them. We buy businesses to hold them — and to put the people who run them on a path to own them. The model is simple. The conviction behind it is permanent.

Learn about our approach →
Long-hold. Always.
We don't flip. We find great businesses and hold them indefinitely. Returns come from cash flow and compounding operations — not exit arbitrage.
Operators are the asset.
The best predictor of a business's performance is the quality of the person running it. We recruit operators the way PE firms recruit deals.
Ownership is earned, not given.
Operators earn their majority stake through performance over 7–10 years. Aligned incentives. No shortcuts. The equity means something because it cost something.
Institutional discipline.
Board governance, financial reporting, and operating cadences built into every portfolio company from day one — regardless of size.
$2M
Max EBITDA target
70%
Operator ownership path
7–10
Year ownership horizon
60M
Americans in LMM businesses
Ready to start

Run it.

Own it.

I'm an Operator → I Own a Business → I'm an Investor →