We build differently
How we operate
We are not theorists or financiers from afar. We are operators first, proven in the field, not just on paper. We’ve been in the trenches, sleeves rolled, heart pounding, payroll due.
We’ve learned what conviction really costs, what care actually looks like, and what it means to build something that lasts.
We’ve been there. And we still are. Because the real work doesn’t happen in theory. It happens in motion. In the doing. In the determination.
Dmitri Ivanov
Managing Partner, TBD
I want to be the person you call on the hard days, because I've had them, and I know what it actually takes.
Andrew Provost
CEO, Metro Vein Centers
I wouldn't be the CEO I am without Dmitri. If you're serious about building something real, talk to him.
Anatomy of a Search Success
Our Metro Vein journey
When we acquired Metro Vein Centers, we didn't just run the playbook. We actively rewrote it. Nine years later, we’re proud to say our outcome thus far is among the most successful in search fund history—and still growing!
Supporting Your Search
It starts with a conversation
Anyone selling a perfectly repeatable playbook is either oversimplifying or still has a lot to learn. We bring a framework, not a script. The process stays personal because you are a person. Before spreadsheets, before targets, before momentum-for-momentum’s-sake, we talk.
Raising Your Fund
The right investors will be there when things get complicated. We help you think through not just who to approach, but what you’re actually looking for: what to ask, what to listen for, and how to build a cap table that supports you through the full arc of search and operation.
Search Setup
Before you send a single outreach email, we help you lay the infrastructure underneath the search. Industry thesis, target criteria, sourcing channels, outreach systems—we’ve built these before, and we’ll help you build yours. With our support, you’ll develop the judgement to know a good target when you see one.
Search Process
Search is lonely in a way that’s hard to explain until you’re in it. Nobody tells you when you’ve had a good day. Deals fall through. Sellers go cold. Weeks pass without a response. We stay close during this phase, not to micromanage, but because we know what it feels like when you need someone to pick up the phone and say: keep going.
Closing + Operation
When a deal gets real, everything accelerates and the noise gets louder. Legal, compliance, seller psychology, deal structure, what to negotiate, and what to let go. We’ve been in these rooms. We know which battles matter. We’ll help you stay clear-headed, move decisively, and close the right deal the right way.
Operating + Growing
The close is only the beginning. The first 100 days involve everything from shaping your culture to developing trust on your team. We bring the operational experience of having scaled from few locations to many, from zero infrastructure to systems that hold. We’re not done when the deal is signed. We’re just getting started.
Meet Our OperatorsWe invest in people
We back searchers and operators with conviction and integrity. Explore their stories below.
Search with us
We are
Operators First
Proven in the field, not just on paper
Operators First
Proven in the field, not just on paper
True Partners
Investing our own money, time, scars, network, and passion
Radically Fair + Decisive
Offering clarity without ego and conviction with care
No-Bullshit Guides
Honest counsel, straight talk, real help
Searching + Growing Together
Learning, adapting, and scaling alongside you
CEO-in-Residence
For a select few, we go all in together
The CEO-in-Residence path is for those who want one partner fully committed to them, from searching to scaling, with real governance authority and permanent capital behind them. We work this way with one or two people a year, because this level of commitment only works when it's given completely.
Chris Callander (center) is a CEO-in-Residence with TBD.
What we bring to the table
Multi-Location ScalingDe Novo ExpansionProprietary SourcingM+A EngineSeller TrustDeal ExecutionFirst 100 DaysPost-Acquisition TransitionExecutive RecruitingOrg DesignCustomer AcquisitionSales & MarketingCX StrategyOperating PlaybooksFinancial InfrastructureBoard PartnershipLeadership NetworkReal Skin in the Game