For private equity, independent sponsors & searchers

An operator for the deal, before close and after.

When returns now take double-digit EBITDA growth, a first-year dip is expensive. I help lower-middle-market buyers find the operational risk before close, then set the business up after close so it doesn’t lose ground while you learn it.

Brett Banchek
Brett BanchekFounder, Fenwick Partners
Most of the post-close dip doesn’t come from lost relationships. It comes from a new owner running a business they’re still learning. That’s the part I fix.
$500M to $1B
HelloFresh supply chain
$0 to $100M
Christie’s e-commerce
COO
Auction house, NY, London, Berlin
Built & sold
My own company

The J-curve is a choice, not a cost of doing deals.

Most buyers accept a dip in revenue and profit after close. The bigger cause is simple: the new owner spends the first six months learning how the business works, and nobody is protecting revenue or driving the plan.

  • Before closeFind what breaks in year one: owner dependence, key people, customer risk and where margin leaks. Price it in.
  • Day oneA value creation plan tied to your thesis, KPIs and targets for the first 100 days, and a weekly operating meeting.
  • First 100 daysAn operator on the ground while the deal team learns the business, so the plan moves from the spreadsheet to the floor.
The plan
5 years
Buy at $1.5M EBITDA, grow to $2.5M, sell
After a 12% revenue dip in year one
7 years
Two years just to dig back to where you started
Same exit, two years later
26% → 18%
Annual return on the same 3.2x outcome

Illustrative example, not a client result.

Three ways to work together

Start small and scoped. Most relationships begin with diligence, because it puts me inside the business you’re about to own.

Before close

Operational due diligence

An operator’s read on the target, alongside your QoE and legal work.

  • Management and key staff interviews
  • How the work actually gets done
  • P&L and cash flow, read like an operator
  • Risk profile and what it means for price and terms
  • Fixed scope and fee, two to four weeks
Day one to day 100

Value creation plan and the first 100 days

Turn the investment thesis into an operating plan the team can run.

  • Value creation plan tied to the thesis
  • KPIs, targets and a weekly operating cadence
  • Key-person and customer retention plan
  • Quick wins in margin, pricing and procurement
  • Founder transition support
When you need hands

Fractional or interim operator

A senior operator inside the portfolio company, for as long as you need one.

  • Fractional COO, two to three days a week
  • Interim leadership while you hire
  • Add-on integration
  • Supply chain, operations and systems
  • On site, anywhere

How I work with deal teams

Built to fit a deal timeline, not a consulting engagement.

Scoped up front

A fixed scope and fee for diligence and 100-day work. No open-ended retainers.

Written for the IC

Findings framed as risks, price and terms implications, and day-one priorities.

On site, anywhere

Based in Westchester, NY. I travel to the business, three to four days a week when needed.

Confidential from the first call

Everything about the target, the seller and your thesis stays with me.

A faster first read on the target’s books

For buyers screening several deals, I use a diagnostic that connects straight to a target’s QuickBooks and gives a rules-based read on earnings quality in days, before you spend on a full QoE.

  • Adjusted earnings and add-backs
  • Proof of cash
  • Revenue and customer concentration
  • What a lender will push on
Brett Banchek

25 years running operations

  • HelloFreshVP Supply Chain. Ran US supply chain as the company grew from $500M to $1B.
  • Christie’sVP Operations. Built e-commerce operations from zero to $100M in four years, then ran North American operations.
  • TarisioCOO of an auction house with offices in New York, London and Berlin. 20% annual profit growth.
  • Overnight FlowersCo-founder and CEO. Built and sold a direct-to-consumer business.
  • Booz & CompanySupply chain and operations consulting. Lean Six Sigma Black Belt.
  • Buy-side diligenceOperational due diligence for a buyer acquiring a manufacturer.
See my full background on LinkedIn

Have a deal in diligence or a company that needs an operator?

A 30-minute call. I’ll tell you honestly whether I can help.

Book a call