From Jasper to Indianapolis

Operators who do finance.

The story of how Jared Luegers, operator by track record and investor by training, founded LIMESTONE in Indianapolis because the lower middle market deserved a different firm. Embedded inside the business, not advising from a deck. Operator-led, judgment-grade, equity-aligned.

Our Story

How LIMESTONE Started

Why the lower middle market needs its own firm

Jared grew up in Jasper, Indiana, listening to operators run their businesses around the neighborhood. His path through finance and operations was a single thread: five years in public-equity stock-picking, then the private side. Chief of Staff at an independent-sponsor PE firm where he co-founded the firm, acquired Gladieux Energy, operated it, and sold it to Sunoco at roughly $200M. Crossbridge Energy, helping acquire the largest refinery in Denmark from Shell. Director of Strategic Initiatives at a $9B Indiana RIA, leading M&A and Midwest expansion.

Through all of it, one pattern kept showing up: Indiana businesses doing $1M to $50M in revenue, owner-led, quietly excellent, don’t have the firm they deserve. Most fractional CFOs come from accounting backgrounds. They report what already happened. Corporate playbooks don’t run businesses this size. Capital providers can’t deliver tender, attentive operating help at lower-middle-market economics.

So Jared started LIMESTONE in Indianapolis to be that firm.

The firm Indiana didn’t have

Jared brought in Ryan Anoskey, CPA, his IU classmate, with 100+ Quality of Earnings engagements at Blue & Co and Crowe and corporate-finance work at Roche, to anchor the CFO Partner seat. He founded OWN Indiana (The Indiana Owner-Operator Network) to convene the state’s owners and operators in one room.

The model is simple. Three seats: Operating Partner drives the value creation plan and runs the cadence; CFO Partner is where operational and financial data converge; AI and data systems are delivered through trusted partner firms as the third pillar. Two paths: Advisory if you want senior judgment on a monthly cadence, Embedded if you want both partners in the seat.

Retainer for the work. Equity for the outcome. We win when the multiple compounds.

The brand is the commitment: Bedford-quarried limestone built the Pentagon and the Empire State Building. Load-bearing work, built to outlast the engagement. From Quarry to Capstone.

“We’re going to make our name as operators who get things done. On Main Street. In Indiana. For the long term.”
Seven Operating Principles

From Quarry to Capstone

These principles guide every engagement, every decision, every operating assumption we make.

1
Embedded, not external
We sit inside. We run the meetings. We own the outcomes alongside you. Advice from afar doesn't move needles.
2
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. Integrated, not OP-led.
3
Rhythm above all
Weekly cadence. Monthly reviews. Quarterly planning. The beat is what compounds. We install the operating tempo.
4
No black boxes
Real-time visibility. Automated insights. If you can't see it, you can't manage it. We build the financial infrastructure to see everything.
5
Skin in the game
We take equity. We don't collect fees and disappear. We stay aligned for the long haul. We win when you win.
6
Indiana first, then the Midwest
We’re operator-investors, not asset managers. Compensated on the long arc: retainer for the work, equity for the outcome. Indiana first, then the Midwest. Local roots. Long view.
7
Execution over promises
We don't talk about value creation. We drive it. Results are what matter. Everything else is noise.
“
Investor-grade clarity.
Operator-level execution.
The LIMESTONE Standard
How We Embed

Two arms. One mission.

O

LIMESTONE Strategic Partners

Operating Partner and CFO Partner embedded inside businesses building toward $1M to $50M in revenue. We drive the value creation plan, build the financial infrastructure, and coordinate AI and data systems through trusted partner firms. Advisory or Embedded.

For founders and growth-stage businesses about to scale, raise capital, or exit on a 2 to 7 year horizon.

$

LIMESTONE Equity

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.

For owners and acquirers across the lower-middle-market deal landscape.