The Indiana Statehouse in Indianapolis at night.

Our Team

Work directly with the people responsible for the work.

LIMESTONE brings together Ryan’s background in financial statement audit, transaction advisory and corporate FP&A with Jared’s experience in investment research, acquisitions and operating-company execution.

Every Quality of Earnings includes Ryan’s financial analysis and Jared’s initial operating perspective and documented second review. Other engagements have a named responsible partner, with responsibilities established in the written scope.

Who does what

On a QoE, Ryan leads the financial analysis and Jared performs the documented second review.

Ryan Anoskey, CPA, carries the numbers from the first bank statement to the final report. Jared Luegers, CFA, writes the operator’s read from the records and management’s answers, and performs the documented second review. Management interviews are added where the written scope includes them. The scoping call and the readout are both partners together.

One Quality of Earnings · six stages

Leads the stage

Ryan Anoskey, CPA

The numbers

Jared Luegers, CFA

The operation and the second review

Both partners

With you

01

Scoping

Both partners

Scoping call. Scope, fixed fee and the request list are set.

02

Fieldwork

Ryan Anoskey, CPA

Proof of cash, and the walk from the tax return to adjusted EBITDA.

Jared Luegers, CFA

Management’s answers on the operation: the owner’s seat, key people, customers; an interview where the written scope includes one.

03

Add-back testing

Ryan Anoskey, CPA

Every add-back tested against documents. The declined items are shown.

04

Operational read

Jared Luegers, CFA

Jared identifies material operating risks apparent in the agreed information, including owner dependence and management or customer concentration. Questions requiring further investigation are documented.

05

Second review

Jared Luegers, CFA

Documented second review of the numbers and the report.

Ryan Anoskey, CPA

Resolves the review points and finalizes the report.

06

Readout

Both partners

A finding that moves price reaches you by phone before any draft. Readout with both partners. LIMESTONE issues the report.

Roles as published on the Quality of Earnings page. Day 1 of an engagement is the later of the last critical item on the request list and cleared payment.

The two disciplines

Ryan leads the financial work. Jared brings the operating perspective.

The full record for each partner, with education, experience and representative engagements, is on the profile pages, each with a PDF to download.

Jared Luegers, CFA, Founder and Managing Partner at LIMESTONE.

Jared Luegers, CFA

Founder and Managing Partner

Jared leads operating partner work and separately scoped operational diligence. His background includes equity research, acquisitions, ERP and fleet-dispatch implementation, refinery FP&A and executive strategy. He contributes the initial operating perspective and performs the documented second review on LIMESTONE’s QoE engagements.

Ryan Anoskey, CPA, Partner at LIMESTONE.

Ryan Anoskey, CPA

Partner

Ryan leads Quality of Earnings and financial due diligence. He has completed more than 100 buy-side and sell-side QoE reviews across his career, helped build Blue & Co.’s transaction advisory practice and worked in corporate FP&A at Roche Diagnostics. He also leads defined CFO responsibilities for selected ongoing clients.

Contact

Bring us the decision you’re facing.

A thirty-minute call with both partners, then one fixed fee in writing, usually within a business day. If we are not the right fit for the work, we will say so on that call.