Indiana’s embedded CFO and Operating Partner firm

We Don’t Advise.
We Embed.

Investor-grade clarity. Operator-level execution. For owners building toward $1M to $50M in revenue. We embed inside your business, drive the value creation plan, and build the leadership team that runs it. Advisory if you want senior judgment on a monthly cadence. Embedded if you want both partners in the work.

Two paths. One firm. Advisory for monthly judgment. Embedded for both partners inside the seat.
100+
Quality of Earnings Engagements
$1M–$50M
Revenue Businesses We Serve
Indiana-Rooted
Midwest Reach
Retainer + Equity
Aligned on the Outcome
The Problem

Sound familiar?

You’re great at your craft. But the business runs through you.

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Decisions wait on you. Hiring waits on you. Sales waits on you. Owner-dependency is the single biggest driver of valuation discount. We reduce it on purpose, quarter by quarter.

You’re 18 months from an exit and not ready.

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Most owners get deal advice once the LOI is on the table. By then, the value is set. Buyers price for one question: if you took a month off, would the business run?

You’re building enterprise value but can’t prove it.

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The value is there. The infrastructure isn’t. No clean close, no cash forecast, no investor-grade KPIs. The gap between reported EBITDA and what diligence finds stays open. We close it before they look.

You need capital but can’t get to “yes.”

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Twelve investor conversations. Twelve different objections. The problem is rarely the business. It’s the package. We build the forecast, data room, and operating story before the first call.

Your team is buried in manual work and flying blind.

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A senior person on your team loses 4 to 8 hours a week copying data between spreadsheets. We map the workflow that loses the most time, measure the hours saved, and run the build through trusted partner firms. Workflow first. Tool second.
“These are enterprise value problems, not spreadsheet problems. We embed as your CFO Partner and Operating Partner, drive the value creation plan, and build the leadership team that runs it.”
Who We Work With

We work with the operators and investors
building Indiana’s next great businesses.

Built to Exit. Built to Last.
Founders & Owner-Operators
You built it past $1M. Now you’re scaling, raising capital, or planning a deliberate exit in the next 2 to 7 years. We embed as your CFO Partner and Operating Partner, drive the value creation plan, and reduce owner-dependency quarter by quarter.
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Build It Right the First Time.
Growth-Stage &
Emerging Businesses
Past startup. Not yet scaled. Most founders hit a wall 18 to 36 months in. The operating system that got you here can’t carry the business further. We bring the CFO Partner and Operating Partner muscle so you stay in the seat that creates value.
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From Pre-LOI through Year Three.
ETA & Search
Fund Buyers
Fifty show up to ETA conferences. A handful build something that compounds. We walk with you from pre-LOI through year three: thesis sharpening, buyer-side Quality of Earnings on sub-$2M EBITDA targets, 100-Day Plan, then CFO Partner and Operating Partner alongside the new owner through the years that make or break the deal.
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Value Creation, Embedded.
Private Equity &
Family Offices
Embedded operator support inside your lower-middle-market portfolio. The operator-level work most investor groups don’t have the bench for at this size. Post-close stabilization, portfolio reporting, value creation plan execution, exit prep. CFO Partner and Operating Partner, equity-aligned by design.
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Why LIMESTONE

This Model Didn’t Exist
in Indiana. Until Now.

Plenty of firms offer fractional CFO services. A few offer operating advisory. Almost none embed. No one else in Indiana pairs a CFO Partner and an Operating Partner inside the seat, driving the value creation plan together, on retainer for the work and equity for the outcome.

Three pillars, one plan. Operational execution from the Operating Partner. Financial discipline from the CFO Partner, where operational and financial data converge. AI and data systems through trusted partner firms. The Value Creation Plan connects all three.

We run LIMESTONE on the same operating cadence we install for you. AI under the hood lets two partners deliver judgment-grade attention to multiple businesses at once. That’s how we know the workflow holds before we recommend it for yours.

If you’re a business owner planning to scale, raise capital, or exit on a 2 to 7 year horizon, this is the model we built for you. Indiana first, then the Midwest.

Investor-grade
clarity.
Operator-level
execution.
The LIMESTONE Standard
What We Do

Your Operating Partner and CFO Partner.
The team inside your business.

Three seats inside your business. The Operating Partner is the quarterback, driving the value creation plan and the operating cadence. The CFO Partner is the seat where operational and financial data converge. AI and data systems are the third pillar, delivered through trusted partner firms. Acquisition Partner is project-based for buy-side work.

THE QUARTERBACK OPERATING PARTNER FINANCIAL DISCIPLINE CFO PARTNER PARTNER-DELIVERED AI & DATA SYSTEMS ENTERPRISE VALUE
The Quarterback
Operating Partner
Operators who drive the value creation plan. We learn your business first, then build the plan with you and your team. Strategy, KPI dashboard, leadership team build, commercial and operational levers, outside accountability. Replaceable by design.
We drive the value creation plan that makes your business investable, scalable, and ready for what’s next.
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Financial Discipline
CFO Partner
Operators who do finance. Monthly close oversight, 13-week cash forecasting, KPI dashboards, lender and board reporting. Capital event prep, M&A diligence, exit readiness. Numbers ready for any audience. Ready for any stage.
This isn’t advisory from a distance. This is a real CFO seat, embedded in your team, with skin in the game.
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Partner-Delivered
AI & Data Systems
Pillar 3 of value creation. Practical AI for businesses doing $1M to $50M in revenue. We map the workflow that loses the most senior time, measure the hours before recommending the spend, and run implementation through trusted partner firms. Workflow first. Tool second.
We don’t sell software. We don’t take vendor commissions. We’re paid by you to find what actually works for your business.
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Acquisition Partner

From First Look
to Year 10.

Many of our partnerships start with an acquisition. The Acquisition Partner is project-based: deal sourcing, in-house Quality of Earnings on sub-$2M EBITDA targets, financial modeling, lender package, and the Day 0 through Day 100 operating plan. Post-close, CFO Partner and Operating Partner activate as the recurring monthly engagement. One team from pre-LOI through long-term ownership.

Ryan has 100+ Quality of Earnings engagements behind him. We know what kills deals before they close and what creates value after.

100+
Quality of Earnings
Day 1
Embedded from Close
Long-Term
Post-Close Partnership
Pre-Close Deal sourcing, in-house Quality of Earnings on sub-$2M EBITDA targets, financial modeling, lender package, deal structuring.
Day 1 CFO Partner and Operating Partner embedded from close. Reporting, operating rhythm, lender handoff, and the Day 0 through Day 100 plan built immediately.
Post-Close & Beyond Long-term embedded partnership. Strategy ownership, operating cadence, KPI dashboard, leadership team build. Compounding value creation over the long arc.
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PHASE 1 Deal Sourcing Target identification, thesis alignment, initial screening PHASE 2 QoE & Diligence Quality of Earnings, financial modeling, deal structuring 100+ QoE Done DAY 1 Close & Embed CFO + Operating Partner embedded from day one YEAR 10 Long-Term Value Cadence, systems, AI, and sustained value creation COMPOUNDING
QUARRY TO CAPSTONE
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
What matters most
Cadence
Weekly rhythm
Metrics
What we track
Execution
Who does what, by when
Explore the Full System →
How We Engage

How It Works

01
Foundation Check
Free · Under 10 minutes
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
Cornerstone Session
Free · 30 to 60 minutes with both partners
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
Quarry-to-Capstone Diagnostic
Paid · Two to three weeks to delivery
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
LIMESTONE Engagement
Advisory or Embedded
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.
Take the Foundation Check
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.”
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 a great help.
Thomas Lauth · Lauth Investigations · Google Review
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.
Joseph Altomonte · Northwestern Golf · Google Review
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.
Chris Frantz · NextBite Robotics · Google Review
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.

Jared Luegers, CFA
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.

Connect on LinkedIn →
Ryan Anoskey, CPA
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.

Connect on LinkedIn →
Meet the Full Team →
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.

Aligned Incentives We earn equity through the work we do. When you win, we win.
Co-Investment We put capital alongside our clients and acquisition partners.
Permanent Ownership We buy to hold and compound value over decades. No fund life. No forced exits.
Learn About LIMESTONE Equity
FOUNDATION CAPSTONE YR 1 YR 5 YR 10 PERMANENT OWNERSHIP
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.

Take the Foundation Check
Stay in the Loop
Insights, frameworks, and resources for Indiana operators.
No spam. Just the stuff that moves the needle.