Leadership. Growth. Capital.
An entrepreneur-led partnership founded to acquire, operate, and build a great business with an enduring legacy.
Who We Are.
We’re passionate about the extraordinary potential that small and medium-sized businesses have to leave a lasting impact on their communities, clients, and employees.
By providing a unique combination of executive leadership, operating expertise, and capital, we help accomplished business owners design a succession plan on your terms and preserve your legacy.
We believe there’s a better option for business owners: one that combines the flexibility, transparency, and integrity of family succession planning with the resources and active support of seasoned executives, entrepreneurs, and investors.
Meet The Co-Founders.
Davis Bolster
Davis’s background includes diverse experience across investing, strategy, and operations. A former private equity investor at Berkshire Partners, he has led successful M&A transactions in consumer, services, and technology companies. Previously a Management Consultant with Boston Consulting Group and an Aerospace Engineer with The Boeing Company, Davis brings a keen eye for designing scalable systems and developing growth strategies. Davis received a B.S. in Mechanical Engineering from Duke University, where he played club baseball and spent time cheering on the Blue Devils. He received an MBA from the University of Chicago Booth School of Business, where he graduated with Honors. In his free time, Davis enjoys playing golf and cherishes quality time with his wife Lindsey, daughter Eleanor, and beagle Weller.
Josh Kite
Josh’s prior experience includes work in corporate finance, private equity, and investment banking. He spent the majority of his career investing in family and founder-owned manufacturing, business services, and distribution companies as a private equity professional with HCI Equity Partners. He also held roles as the Director of FP&A at Curtis Metal Finishing and as an investment banker at KippsDeSanto. Josh received a B.S. in Commerce from The University of Virginia, where he was a member of the rugby team and a Big Siblings Program Director. He earned an MBA from the University of Chicago Booth School of Business, where he concentrated on entrepreneurship and graduated as a Wallman Scholar. Outside of the office, Josh can be found hiking, snowboarding, camping, or trying out a new workout class.
Our Strategy.
Backed by a team of successful investors, entrepreneurs, and executives, Co-Founders Josh Kite and Davis Bolster will relocate to your community and take full-time executive roles in your company on day one. By committing 100% of our energy and focus to the long-term success of your business, DoubleJack offers a secure transition opportunity for owners, employees, and customers.
Active Operational Involvement.
Our approach includes on-the-ground leadership to ensure your company’s continued success while preserving its values, people, and relationships. We will actively build on the foundation you have established.
Committed and Experienced Partners.
DoubleJack brings a deep network of investors, operating partners, and executive resources to support the business. We have significant experience acquiring and growing founder- and family-owned businesses.
Entrepreneur Founded and Backed.
We are entrepreneurs and business operators focused on accelerating the growth of an established and successful business. Many of our partners have successfully founded, grown, and exited businesses themselves.
Flexible Terms.
We understand that your business and your situation are unique. We can offer terms that align with your preferences and motivations, including provisions that allow you to share in the company’s future success.
People-First Strategy.
We believe that great people and culture are vital to the success of any company. Through our investment and active operational involvement, we will allocate the time and resources to ensure that your employees thrive during the business’s next phase of growth.
Long-term View.
We do not have a mandated investment horizon, so we can invest like true owners. We are focused on creating long-term value, building on the foundation you’ve laid, and preserving your legacy far into the future.
The DoubleJack Difference.
We are committed to developing an ownership transition plan that emphasizes the long-term success of your business, employees, and customers.
Operational Approach
Succession Planning
Seller Payout
Seller Reinvest
Investment Process
Time Horizon
Source of Funds
Growth Strategy
DoubleJack
Takes over executive leadership and day-to-day operations
Flexible transition planning around your desired level of involvement
Terms tailored to your needs, with potential for full or partial cash exit
Planned around your desired level of participation in the next phase of growth
Transparent, honest, and efficient process that works with your timeline
Plan to operate the business over the long-term
Seasoned group of entrepreneurs, executives and investors with capital ready to deploy
Measured, sustainable, and long-term growth orientation
Private Equity
Monitors from a distance; substantial reporting requirements
Often requires founders to keep operating for years
Restrictive structures and often delayed payout
Often required to re-invest significant equity
Complex process with many stakeholders that can last months
Short-term outlook, 3-5 year “chapters”
Institutional investors with rigid investment criteria
Focus on short-term value creation initiatives (“flipping the business”)
Our Investment Process.
Informed by 10+ years of investing and transaction experience, we’ve designed our investment process to be efficient and transparent. Throughout every step of the process, you will work directly with us to design a win-win opportunity.
Click each item to learn more.
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We’ll spend time getting to know each other. We will confidentially discuss your company and your goals to understand if there’s a fit.
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We’ll sign a non-disclosure agreement (NDA) and request access to basic financial information on your company. We’ll schedule a follow-up call to answer any questions.
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We’ll put together an initial offer to facilitate a high-level discussion about the terms and structure of an acquisition.
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Should we agree to move forward, we’ll submit a letter of intent (“LOI”), which is a formal, non-binding offer to acquire your business. The LOI will include a purchase price (or a range) and outline the key terms of the acquisition at a high level. A signed LOI will extend DoubleJack an exclusivity period (typically 90-120 days) to conduct due diligence.
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Our diligence process will include a review of your company's operations, financial performance, and team. We plan to engage a competent team of professionals throughout the diligence process, including our investors as well as third-party legal, lending, accounting, and technical diligence partners.
Throughout due diligence, we will meet regularly to ask questions, discuss terms, and build a transition plan. We are committed to transparency, integrity, and efficiency as we work through this process to position the company for future success together. We will strive to provide clear timelines, action items, and documentation requestions to minimize the burden on you and your employees. Should you decide to remain involved in the business, this process will lay the groundwork for a long-term partnership.
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Once all parties are happy, we’ll sign the final purchase agreement, transfer funds, and celebrate an exciting future for your business.
Frequently Asked Questions.
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DoubleJack’s model provides and unique combination of growth capital and leadership. With the active support of active support of a group of seasoned executives, entrepreneurs, and investors, Co-founders Josh Kite and Davis Bolster will relocate to your community and take on full-time executive roles in your company on day one.
Depending on your goals, we can be very flexible in how we structure the transaction and your role in the company post-close. If desired, we’d welcome re-investment in the company so that you can participate in the future growth of the business.
Our co-founders and investors have substantial experience closing a variety of M&A transactions. We can run an efficient, transparent, and honest process and aim to close quickly.
Unlike traditional Private Equity, we plan to operate the business like long-term owners. We are focused on the sustainable growth and well-being of the business, its employees, its customers, and its partners.
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We are growth-oriented operators and investors, and our goal is to maintain and grow the existing team. We are flexible about your role and continued involvement in the business post-close, and we will discuss your interests early on in our conversations.
While not required, we’d encourage a short (4-6 month) transition period to transfer operating knowledge. Thereafter, you are welcome to stay closely involved in the business, move into a strategic or advisory role, or exit entirely.
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No. Although we are based in North Carolina, we are open to opportunities across the United States. Co-founders, Davis Bolster and Josh Kite will relocate to your community and take on executive roles in your company post-close.
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Our investors are entrepreneurs and former executives with decades of experience operating small and middle-market businesses. Several of these advisors now lead institutions or operate family offices that solely invest in small and middle-market businesses. Collectively, they have executed hundreds of successful small business transactions.
Each of these investors has made a commitment to DoubleJack based on a rigorous vetting process and a relationship developed with its co-founders over the past several years. This group will actively support Josh and Davis in acquiring, operating, and growing the acquired business through board involvement and their networks of advisory resources.
This unique structure combines the flexibility, transparency, and integrity of family succession planning with the resources and active support of seasoned executives, entrepreneurs, and investors.
For more information see the “Team” section of our website.
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The valuation will be based on a number of financial and non-financial factors. Several important factors include the following:
Size
Growth
Margins
Capital intensity: Do you have to heavily invest in new assets every year to keep the business running or growing? The more capital-intensive the business is, the less cash available to re-invest into growing the business.
Concentration (customer, partner, supplier, etc.): Does the business have few or many customers, suppliers, or key resources to provide services?
Cost of debt: How plentiful is the current environment for debt? How high are interest rates?
Many others …
Generally, the first step in valuing your business once we obtain your historical financial statements is to calculate EBITDA (earnings before interest, taxes, depreciation, and amortization). This number is a proxy for the business’s cash flow. You can get a rough estimate for this number by taking net income and adding back interest, tax, depreciation, and amortization.
Most buyers will speak about the valuation in terms of a multiple of EBITDA. For example, a company with $1 million in EBITDA valued at a 5x EBITDA multiple indicates a $5 million purchase price.
Comparable or precedent M&A transactions can provide guidance; however, each business is unique, and there are no standard EBITDA multiples given the range of factors outlined above.
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That’s ok. We will request specific information and will walk you through the process to make it as smooth and simple as possible. We can put together a financial analysis based on what you can share with us to get to an indicative valuation range.
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DoubleJack stems from the symbol of a “jack” in playing cards. A jack is a depiction of a young man—one who is less experienced but full of energy, spirit, and grit and who often possesses a variety of skills (as in “jack of all trades”).
The name DoubleJack, describing the principals as two jacks, invokes this industrious and entrepreneurial spirit in Davis and Josh’s partnership, also being a phonetic combination of their first and last initials (DB & JK).