About
We buy and build great companies in home services.
We are operators, not spreadsheet buyers. We partner with owners who want to scale for value and exit — with the operator always in control, and their name still on the door.
From the founder
I have never not been an entrepreneur.
I left home at 16 and built from nothing — recycling on the side of the freeway, working every job I could get into college. I dropped out a semester short of my degree to go learn mortgage under my mom, a 20-year veteran in the business. Two years later we had one of the top-producing teams in the country, and we spun off our own brokerage that ranked nationally.
Since then I've built, bought, and sold multiple 7- and 8-figure businesses across different industries. Full cycle — build, acquire, scale, exit.
I started X Squared so owners don't have to figure all of that out alone. Your name stays on the door. The work stays in the field. And the transaction, when it's time, is done by people who have actually sat in your seat.
Cody Stevens — Managing Partner, CEO
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
Construction and development across private and public sectors — over $1 billion in combined project value, with disciplined financial oversight and field execution. Helped scale a startup from inception to about $50 million in revenue in roughly three years through growth strategy, operational structure, and execution systems.
Execution beats intention. What happens in the business every week is what matters.
By the numbers
7 & 8-figure
Businesses built, bought, and sold
$1B+
In construction and development delivered (Lucas)
$300M+
Aggregate revenue track across our portfolio and partnerships
Since 2009
Entrepreneur, operator, and owner
Team track record
Built in the field — not on slides. Milestones from both partners that show how we think, scale, and show up alongside owners.
Cody
Entrepreneur since 16
Left home at 16 in 2009 and started building from nothing — recycling on the side of the freeway while still in high school, working every job he could get into college. That scrappy, first-principles resourcefulness is still how we show up for partners.
Cody
One of the top mortgage brokerages in the nation
Learned mortgage under a 20-year veteran, grew to a top-producing team, then co-founded a brokerage that ranked nationally. Unit economics, marketing, and service discipline that held up under scale.
Cody
Built, bought, and sold multiple 7- and 8-figure businesses
Across different industries, the full cycle — build, acquire, scale, exit. We have sat in the owner’s seat for the transaction you are thinking about, not just advised on it.
Lucas
$1B+ in construction and development delivered
Analysis, planning, and delivery across private and public sectors. Financial oversight, coordination, and field execution at a scale most owners will never need to manage themselves.
Lucas
Startup from inception to about $50M in roughly three years
Contributed to growth strategy, operational structure, and the systems that supported rapid expansion. Build discipline under real pressure, not theory.
Team
X Squared Systems today
Founded to partner with owners on scale and exit, operator always in control. On track for $300M+ in aggregate revenue across the portfolio and partnerships we support.
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
If it doesn't move the company forward, we don't do it.
Relationships
Business is personal. We show up like we mean it.
Excellence
The work is in the details — in the field, not on paper.
Authenticity
Direct feedback over recycled corporate talk. Always.
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.