Trout Lily Capital
Operator-led acquisition search  ·  Minnesota & the Upper Midwest

Honoring your legacy. Creating ours.

I'm looking to buy one business and run it — a B2B manufacturer, distributor, or service company in Minnesota. Not to flip it. To build on what someone else started.

01 — The mandate

You're not selling because the business is failing.

You're selling because your net worth is tied up in an illiquid asset and you're ready for the next chapter. I want to help you get there.

My first year is dedicated to learning your business — the people, the customers, and the systems that make it work. There are core elements that make this business stable and attractive, and I'll work hard to protect those.

I won't promise that nothing ever changes. Any owner who tells you that is either lying or willing to run a business into the ground keeping their word. What I'll promise is this: I'm buying this to run it, not to strip it for parts and not to flip it. Changes get made carefully, and only when they make the business stronger. The business surviving and growing is what protects everything you built.

We're interested in entrepreneurship for the same reason: to leave a mark. Yours is already here. My job is to make sure it's still standing in twenty years.

02 — Acquisition criteria

Open on industry. Not on type.

Some businesses reward strategic thinking; others are an operational grind. I'm looking for the first kind — manufacturing, B2B distribution, B2B services. Not restaurants, not retail.

A small team is ideal, especially one that would benefit from an experienced manager. On revenue: I look for quality and stability, but I'll be honest that those are less about philosophy than about valuation, financing, and managing risk. Lenders care, and so do I.

What I'm really hoping to find is a business built by an entrepreneur with a good idea and real insight into their customers. That's the hard part, and it's already done. What I bring is the systems to scale it and the marketing to grow it.

Industries
Manufacturing · B2B distribution · B2B services Not restaurants, retail, or businesses that live or die on daily operational grind.
Team
A small team Ideally one that benefits from an experienced, well-trained manager.
Revenue
Quality and stability Less a philosophy than a financing reality — it's what makes valuation and lending work.
Geography
Minnesota & the Upper Midwest Twin Cities metro and the surrounding region.
03 — The operator

Who you'd be handing the keys to.

As a marketing director at a Fortune 500 company, I decided what we sold and who we sold it to — from the innovation behind the products, to the pricing strategy that got them into the market, to the positioning that made customers want them. Mostly, I did it through my team: helping them sharpen their ideas and get them into the marketplace.

What I'm good at is understanding a business, finding the real problem, and setting a strategy that wins. Plenty of people can do one of those. I can do all three, and then communicate it well enough that a team can execute it.

I spent the last decade building strategies that put money in the pockets of the people who owned the business. The risk and return of a corporate job is asymmetrical — the employee carries the risk when a strategy fails and gets none of the upside when it works. I want both sides of that.

I've always been deliberate. It means I take measured, purposeful risks and I'm confident they'll fall my way. That's why an owner should feel good about selling to me. I'm not here to flip a business. I'm here to honor the past and build the future.

04 — Two ways to start

Ready, or just thinking about it.

If you're ready to talk

Whether you own a business that fits or represent one, email is the best way to reach me. I'll respond within 24 hours, and anything you share stays confidential.

Start a confidential conversation →

If you're only thinking about it

Not ready, just curious? That's worth an email too. I've built dozens of valuation models over the years. Send me the basics and I'll give you an honest read on where you stand.

No obligation, and no pitch →