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 $500K–$2M Cash Flow 70% Operator Ownership Path Long-Hold. Always. Run It. Own It. Trades · Manufacturing · Distribution
Equity can 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

Two kinds of people.
One mission.

Earned Equity was built for the operator who's ready to run a business and earn their way to ownership, and the owner who wants to pass the baton to exactly the right person.

01
Operators

You know this industry.
Now it's time to own a piece of it.

You've managed crews, run P&Ls, and built the relationships. Whether you're already inside the business or bringing deep industry experience from outside, Earned Equity gives you the capital structure and a clear path to majority ownership — on real milestones, not someday.

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
For Brokers & Intermediaries

A buyer worth calling first.

We close what we say we'll close, we protect what sellers spent decades building, and we'll be back for the next one. If you represent lower middle market businesses in trades, manufacturing, or distribution, we want to be on your short list.

Certainty of close.
We don't retrade. We don't chase process. When we're in, we're in — our operator is identified, our thesis is set, and our capital is ready. No surprises at the finish line.
A story sellers can feel good about.
Our operator-first model means the business stays open, the team stays employed, and the customer relationships stay intact. Legacy protection isn't a talking point — it's the entire structure. That makes your conversations with sellers easier.
A long-term relationship, not a one-off.
We're actively building a portfolio. Brokers who bring us the right deal become partners we come back to. We're the call you make before you run a process.
What we're looking for

"If your seller wants a clean close and a buyer who won't gut the business, we should talk."

We target cash-flowing businesses in trades, manufacturing, and distribution with $500K–$2M in annual cash flow. Seller motivation matters more to us than a perfect process. We move quickly on fits and we tell you fast when something isn't right for us.

Introduce a Deal →
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 $500K–$2M Cash Flow and owners ready for the right transition.

Step 02

We find the operator

We source a proven operator — 10+ years in the industry, ready to lead from day one. They may come from inside the business or from anywhere in the industry. The right 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 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
Get in touch

Let's talk

about the deal.

Whether you're a broker with a listing, an owner thinking about transition, or an operator ready to step up — we respond fast and we're direct.