Growth Operators Research
Company Overview
Growth Operators is a Minneapolis-based middle-market operational consulting and transaction advisory firm founded in 2010. Rather than functioning as a traditional M&A advisor representing clients on buy or sell-side transactions, Growth Operators operates as a specialized support partner that strengthens portfolio companies and advising firms through comprehensive finance, accounting, HR, and transaction execution services. The firm has emerged as a trusted operational partner to 111+ private equity sponsors, investment banks, and intermediaries seeking hands-on expertise to maximize deal value and portfolio company performance.
Advisory Approach & Philosophy
Growth Operators operates under the core philosophy: "We Buy Our Shirts With the Sleeves Already Rolled Up." Rather than providing theoretical advice, the firm deploys senior operating executives—former CFOs, Controllers, CHROs, and COOs—who embed directly into portfolio companies and advising engagements to drive measurable value creation. The firm's positioning emphasizes hands-on execution over consulting orthodoxy. As Rick Nordvold, co-founder and CEO, has stated, Growth Operators employs "experienced executives, not career consultants" who are prepared to take ownership from day one.
The firm's proprietary nextLEVEL® Value Creation framework underpins all engagements. This assessment tool provides a comprehensive diagnostic scorecard of target companies' finance, accounting, and HR capabilities measured against best practices, then generates a prioritized 100-day implementation plan to close identified gaps. This repeatable methodology has proven effective across 35+ industries and enables the firm to deliver consistent results whether optimizing pre-acquisition operations, executing post-close integrations, or preparing portfolio companies for exit.
Service Lines & Transaction Advisory
Growth Operators' service model reflects its evolution as a critical support layer in the middle market:
Transaction Advisory & Exit Planning: Provides comprehensive support across the entire transaction lifecycle. Services include sell-side readiness (financial statement preparation, process documentation, operational optimization), quality of earnings (QoE) analysis using proprietary bottom-up methodology, buy-side due diligence support, post-close integration planning and execution, and exit readiness optimization. The firm has developed deep expertise in preparing founder-owned companies for institutional buyer handoff—historically a pain point where poorly-prepared finance functions derail valuations or deal timing.
Finance & Accounting Advisory: Deploys fractional and interim CFOs, controllers, and accounting managers to stabilize and scale finance operations. This includes monthly GAAP reporting package development, cash flow forecasting, FP&A and budgeting optimization, revenue cycle management, cost optimization analysis, and financial close process acceleration.
Human Resources Advisory: Provides fractional CHRO services, organizational design, talent strategy, total rewards optimization, succession planning, and HR compliance support—critical capabilities PE sponsors historically lacked in bolt-on acquisitions.
PE Operating Partner Services: Functions as extended operating partner teams for PE sponsors, providing consistent value creation methodology across portfolio company interactions and serving as the "go-to" operational advisory resource throughout the hold period.
Industries & Vertical Expertise
Growth Operators serves clients across 35+ industries including:
- Manufacturing & Industrial: Discrete manufacturing, contract manufacturing, specialty chemicals, industrial services, building products
- Business & Professional Services: Staffing, consulting, facilities management, outsourced operations
- Healthcare & Life Sciences: Physician practice management, behavioral health platforms, medical devices, biotech services
- Technology: Software/SaaS, IT services, industrial IoT platforms, data analytics
- Financial Services: Wealth advisory, insurance, financial platforms
- Consumer & Retail: Food & beverage, retail brands, consumer products, restaurant operations
- Real Estate & Property Services: Commercial real estate, property management, real estate technology
- Transportation & Logistics: Distribution, fleet operations, supply chain services
The firm's deepest expertise concentrates in middle-market businesses valued $10M-$250M TEV, particularly founder-owned companies transitioning to institutional ownership or undergoing add-on acquisitions.
Client Base & Track Record
Growth Operators has built its reputation through deep relationships with established PE sponsors. Named clients and partners include:
PE Sponsors: Tēcum Capital, Genstar Capital (implied), and 111+ other PE firms across the U.S. Testimonial from Tyson Smith, Partner at Tēcum Capital: "Our talent and our trusted relationships are every bit as important as the capital we invest in our companies. Growth Operators has been a great partner to many of our businesses. They roll up their sleeves and earn the trust of our management teams because they're operators themselves."
Portfolio Companies & Intermediary Clients: Harbor Health (CEO Tony Miller), Regency Group (CFO Ryan McQueeney), Aztalan Bio (CEO Jeff Oestmann), Learn to Live (CEO Dale Cook), The Food Group (Executive Director Lori Thorp), and numerous others across healthcare, manufacturing, and business services.
Team & Leadership
The firm operates with a leadership team of co-founders and a deep bench of operating professionals:
Executive Leadership:
- Rick Nordvold (Co-Founder, CEO): Led the firm's founding in 2010 and continues to drive strategy and culture. 25+ years of C-suite and board experience. Represents the firm on leadership and growth initiatives.
- Molly Hiller (Co-Founder, President): Originally served as COO and CFO before promotion to President in February 2024, indicating her expanded operational authority. Drives day-to-day execution and operational excellence.
- Ron Hornbaker (Operating Partner): Senior operating advisor supporting portfolio company and client engagements
Finance & Accounting Practice Leadership (300+ FTE across practice):
- Bob Adams (Partner): Senior advisor to PE and portfolio company finance functions
- Natalie Christenson (Managing Director): Enterprise-level finance transformation
- Mike Kasner (Managing Director): Complex transaction and integration advisory
- Tiffany Hovland (Managing Director): Finance operations and process optimization
- Christian Paese (Managing Director): Transaction advisory and QoE expertise
- David Radloff (Partner): Senior finance strategy and PE operating partner work
- Jay Spencer (Managing Director): Finance advisory and portfolio company optimization
- Dan Surette (Managing Director): Transaction support and financial due diligence
- Chris Toren (Managing Director): Complex deal integration and portfolio company scaling
- Jess Hertwig (Vice President): Transaction advisory and post-close integration
- Monica Wong (Vice President): Financial operations and process improvement
Human Resources Practice Leadership (100+ FTE across practice):
- Kim Schablin (Partner): Senior CHRO advisor for PE-backed transformations
- Heidi DeSautel (Managing Partner-Delivery): Manages HR advisory delivery across portfolio
- Melissa Bryan (Managing Director): Enterprise HR transformation
- Carrie Cunnington (Managing Director): Talent strategy and organizational design
- Joanna Leach (Managing Director): HR operations and PE portfolio support
Total organizational capacity: 400+ employees across all service lines, with 700+ collective years of C-suite and operating experience deployed across 35+ industries.
Competitive Positioning
Growth Operators differentiates from other operational consulting firms through several core advantages:
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PE-Native Expertise: Founded with deep understanding of PE operating models and value creation frameworks. Team members have served as CFOs and CHROs within PE portfolios, creating authentic credibility with sponsors.
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Speed of Deployment: Unlike traditional big-4 consulting, Growth Operators maintains "on-the-shelf" senior executives available for immediate engagement. The firm can staff interim CFO/CHRO roles within days rather than weeks.
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Integrated Service Model: Finance, accounting, and HR capabilities work in concert across portfolio transformations, avoiding the siloed approach that creates coordination friction.
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nextLEVEL® Repeatable Framework: Proprietary assessment and implementation methodology applied consistently across 400+ companies. Enables rapid value identification and prioritization rather than custom consulting approaches.
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Full Lifecycle Support: Coverage from pre-acquisition due diligence through post-close 100-day plans through ongoing optimization through exit preparation—unlike advisors who drop off post-close.
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No Conflicts with PE Interests: As operational support (not deal advisors), Growth Operators aligns perfectly with PE sponsor value creation. No conflict between deal economics and client success.
Industries & Sector Depth
Across 35+ industries, Growth Operators has accumulated deep operational playbooks:
Manufacturing & Industrial Services: Precision machining, contract manufacturing, specialty chemicals, industrial coatings, building products, facilities management—sectors where operational complexity creates valuation opacity. Experienced in managing AS9100, ISO certifications, and complex supply chains.
Healthcare Services: Physician practice management groups, behavioral health platforms, dental practice consolidation, medical device distribution—sectors experiencing roll-up activity and requiring revenue cycle management expertise.
Business & Professional Services: Staffing, professional recruiting, management consulting, accounting services—labor-intensive businesses requiring HR and cost structure optimization.
Software/SaaS & Technology: Enterprise software, industrial IoT, data analytics, IT managed services—high-growth businesses requiring FP&A, cash management, and operational scaling.
Food & Beverage Processing: Specialty food, beverage manufacturing, food service—businesses with complex supply chains and often under-optimized finance functions pre-acquisition.
Geographic Reach & Delivery Model
Headquartered in Minneapolis, Minnesota, with national reach across nearly all 50 states. Operates through a combination of:
- Direct local engagement teams in major metropolitan markets
- Remote-capable consultants for geographic flexibility
- National delivery teams coordinated through Minneapolis headquarters
- Strong Midwest presence with expansion to Southeast, Texas, California, and other high-PE-activity regions
Recognition & Market Position
Growth Operators' growth trajectory and market recognition:
- Inc. 5000 Fastest-Growing Companies: 2021, 2022, 2023, 2024 recognition as one of America's fastest-growing private companies
- Star Tribune Top 200 Workplaces: 2024 recognition reflecting company culture and talent retention
- PE Sponsor Endorsement: Serving 111+ PE firms with repeat engagement patterns (firms consistently re-engaging across multiple portfolio companies signals high satisfaction)
Not a Traditional M&A Advisor
Growth Operators is NOT a sell-side or buy-side M&A advisory firm. The firm does not:
- Represent companies in negotiations with buyers
- Lead buyer marketing processes
- Manage sell-side processes or handle confidentiality
- Advise on transaction structure or deal terms
- Function as intermediary or investment banker
- Maintain FINRA registration (appropriately, as an operational consulting firm)
Instead, Growth Operators functions as a critical support layer that enhances the capabilities of PE sponsors, intermediaries, and the portfolio companies they own. The firm's value comes from operational execution, not deal advisory or negotiation leadership.