INDIANA BUSINESS VALUATION & GROWTH EXECUTIVE PARTNERS
Build an Indiana business that can run—and sell—without you.
Limestone embeds an experienced fractional CFO and an operational executive right into your business. We fix operational bottlenecks and clean up your financials so Indiana companies doing $3M–$30M can scale sustainably, secure capital, or exit on their own terms.
MID-MARKET M&A CREDENTIALS
100+
Reviewed 100+ business acquisitions from the buyer’s side
$3M–$30M
Strategic partner to Indiana businesses doing $3M–$30M
Hands-On
Hands-on corporate execution, zero academic consulting theories.
TARGET INDUSTRIES & BUSINESS STAGE
Tailored corporate advisory for Indiana business owners between $3M and $30M in revenue.
We specialize in driving enterprise value for owner-led middle-market businesses throughout Indiana. Our core execution model is built for companies experiencing one of three business lifecycle shifts:
drag
Business Succession & Exit Planning
You want to sell your business in the next 2 to 5 years and need to maximize your company's valuation multiple.
Scaling Operations
Your business has outgrown its current structure, and you need to transition from founder-led chaos to a scalable management framework.
Mergers & Acquisitions (M&A)
You are executing a corporate buy-side acquisition and require thorough operational and financial due diligence before closing the deal.
FOUNDER DEPENDENCY & SCALABILITY CEILINGS
When every business decision runs through your desk, your company's market value suffers.
You’ve built a profitable enterprise through sheer force of will. But if taking a two-week vacation stalls production, delays hiring, or freezes sales, you don’t own a self-sustaining business—you own a demanding job.
This deep founder dependency is the single biggest reason corporate buyers walk away during due diligence, and why commercial banks decline to finance the expansion capital you've earned.
BUSINESS MULTIPLE OPTIMIZATION
The "Owner's Penalty" can slash your business valuation in half.
Consider two identical companies in the same sector, both generating $1.2M in adjusted net profit (EBITDA).
The Limestone Operating System
One Operating System.
Your Whole Business.
Every partnership runs on the LIMESTONE Operating System. Priorities, cadence, metrics, execution: one unified rhythm. The playbook that translates owner-level outcomes into team-level work, and turns priorities into compounding outcomes.
Priorities
Quality of Earnings Engagements
Cadence
Weekly rhythm
Priorities
What we track
Execution
Who does what, by when
How We Engage
How It Works
01
Free · Under 10 minutes
Foundation Check
A scored assessment on our website yields your Bedrock Score across four dimensions: Financial, Operational, Strategic, and Diligence Readiness. We respond within 24 hours with the right next step.
02
Free · 30 to 60 minutes with both partners
Cornerstone Session
A conversation with both partners. We name the binding constraint in the business and recommend a path. If we’re not the right fit, we’ll tell you and point you to the firm that is.
03
Paid · Two to three weeks to delivery
Quarry-to-Capstone Diagnostic
Two days on-site, two to three weeks to delivery. You receive The Capstone Report: binding constraint, supporting findings, prioritized backlog, buyer’s-eye view. A document you keep whether you engage us or not.
04
Advisory or Embedded
LIMESTONE Engagement
Advisory if you want senior judgment on a monthly cadence. Embedded if you want both partners in the seat. Driven by your Value Creation Plan. 100-Day Plan as the first deliverable. Retainer for the work. Equity for the outcome.
Where We Work
Indiana First.
Then the Midwest.
Statewide coverage. The towns nobody is looking at.
We’ll come to you. Whether you’re running a manufacturing business in Jasper, a professional services firm in Carmel, or a growing business in Evansville, we embed where you are.
Our relationships span the entire state, from the northern border to the Ohio River. Indiana first. Selectively across the Midwest when the fit is right.
“Indiana businesses are worth investing in.
Its entrepreneurs are worth fighting for.”
testimonials
What Our Partners Say
They fully embedded themselves into our business, helping us navigate complex decisions and significantly accelerating our path to market readiness. LIMESTONE’s proactive, comprehensive support has been invaluable.
They’re not just financial advisors, they roll up their sleeves and get involved in every aspect of the business. What really sets LIMESTONE apart is that they operate like true partners, not outsiders.
It is with great honor to write this review for Jared and his firm Limestone strategic partners. Jared has shown consistent knowledge in the Finance and scaling of our company. We have three complex divisions and his ability to navigate and create factual strategies has been great help the knowledge or leadership team and the company to define and pivot in areas we needed.
The Team
The People Behind the Partnership.
When we say we embed, we mean real people inside your business. Not outsourced analysts. Not a dashboard login. Here’s who shows up.
Founder & Lead Operating Partner
Jared Luegers, CFA
Jasper, Indiana · IU Kelley School of Business
Builder by instinct, operator by track record, investor by training. Has run operations through a $200M strategic sale and separately helped acquire a small Indiana operating company. Director of Strategic Initiatives at a $9B Indiana RIA, leading M&A and Midwest expansion. Founder of OWN Indiana, The Indiana Owner-Operator Network.
Lead CFO Partner
Ryan Anoskey, CPA
Evansville, Indiana · IU Kelley School of Business
Finance-first operator. Builds the systems and runs them with you. 13+ years in transaction due diligence, valuation, audit, and corporate finance, including roles at Roche and Blue & Co. 100+ Quality of Earnings engagements and valuations delivered.
Insights
Insights for Operators
Financial Infrastructure
Why Your Financials Are Costing You Capital
Most lower-middle-market businesses don’t get turned down for capital because the business is bad. They get turned down because the package isn’t built the way investors and lenders actually read.
Operations
The Operating Rhythm That Changes Everything
The difference between a business that stalls and one that compounds usually comes down to the weekly leadership meeting and the operating cadence that holds the team accountable to quarterly priorities.
M&A
What 100+ Quality of Earnings Engagements Taught Us
After a hundred Quality of Earnings engagements, the patterns are clear. Here’s what buyers actually look for and what kills deals.
Limestone Equity
We Have Skin in the Game.
We don’t just send invoices. On Embedded engagements, our compensation is structured on the long arc: retainer for the work, equity for the outcome. No commissions. No success fees. No referral kickbacks. We win when the multiple compounds.
LIMESTONE Equity is the next chapter: a future investment arm taking operator-led positions in Indiana businesses. Control acquisitions and minority stakes, in current partner firms and others we haven’t yet worked with. Operator-first from Day 1. Today, our live buyer network connects operators to ETA, search funds, independent sponsors, family offices, and PE.
Empire State Building
The Pentagon
Lincoln Memorial
National Cathedral
Indiana limestone built the most enduring structures in America. We’re building Indiana’s most enduring businesses.
get started
Start with Your
Bedrock Score.
The Foundation Check takes under 10 minutes. You’ll get your Bedrock Score across four dimensions, plus a 24-hour reply with the right next step. If we’re not the right fit, we’ll tell you.