About
We buy and build great companies in home services.
X Squared is an accelerator and operator for essential home services. We partner with owners to scale for value, protect their legacy, and execute a successful exit — with the operator always in control.
Leadership
Cody Stevens
Managing Partner, CEO
Leads acquisition strategy and partnerships. Deep expertise in cultural development and scaling high-performing teams — the foundation that creates real asset value in every business we touch.
Enterprise value is built in the field — with people and culture you can be proud of.
Lucas White
Managing Partner, COO
Drives execution and operational cadence across portfolio companies — turning strategy into repeatable results in the field.
Execution beats intention. What happens in the business every week is what matters.
The Opportunity
A massive wave of ownership transitions is coming in home services. Most owners have no clear succession plan.
Aging Ownership Wave
Thousands of strong home services businesses with owners approaching retirement and no clear succession plan.
Essential Recurring Demand
Need-based services homeowners cannot defer. Recession-resistant and built on repeat relationships.
Labor Moat
Licensed trades require skilled technicians on site. AI augments the back office but cannot replace hands-on work.
Fragmented Market
Most companies are owner-operated with $1M–$10M in revenue. Consolidation creates real scale and value.
Our approach in context
We are operators, not spreadsheet buyers. Strong culture and teams are how we build real asset value — whether you stay to scale or prepare for an exit.
Your brand
- Private equity
- Often rebranded or folded into a roll-up identity.
- Consultants
- Rarely involved in brand — advice-only.
- X Squared
- Kept intact. Local reputation matters.
Your team
- Private equity
- Cost-cutting pressure; team viewed as overhead.
- Consultants
- No accountability for execution in the field.
- X Squared
- Protected. People and culture are assets.
Timeline
- Private equity
- Typical hold of a few years before a flip.
- Consultants
- Hourly or project-based — no long-term stake.
- X Squared
- Built for long-term partnership; aligned with your exit goals.
Your role
- Private equity
- Pushed toward exit or reduced control as fund priorities shift.
- Consultants
- You implement — they advise.
- X Squared
- You choose: stay, step back, or transition out.
Culture
- Private equity
- Often reshaped to fit fund playbook.
- Consultants
- Theoretical; culture left to you.
- X Squared
- Developed as a real asset — strong culture drives enterprise value.
Skin in the game
- Private equity
- Financial engineering first.
- Consultants
- No operating risk beside deliverables.
- X Squared
- Operators who build alongside you.
How We Work — GREAT
These principles guide every acquisition, integration, and decision we make.
Growth
The reason we exist. Every decision is measured by whether it moves the company forward.
Relationships
We build trust with owners, teams, and partners. Business is personal.
Excellence
The work is in the details — execution in the field, not just on paper.
Authenticity
Direct feedback. No recycled corporate talk. You deserve honesty even when it’s uncomfortable.
Team
We win when you win. Credit belongs to the people doing the work.
What We Look For
We seek essential home services and construction businesses with strong local reputations, owner-operators who care about their teams, and clear opportunities to scale in business-friendly markets.
Next step
Ready to talk about your company’s future?
Whether you’re thinking about scaling, succession, or a potential exit — we’d like to hear your story. Straight talk guaranteed.