Raising Capital for Smaller Acquisitions ($750K–$5M EBITDA) Using Operator-First Model

Hi all — I’m exploring a model that sits somewhere between a self-funded search and an independent sponsor approach. The idea is to acquire profitable service businesses (for example, healthcare clinics, specialty services, or other recurring-revenue companies) in the $750K–$5M EBITDA range. Instead of stepping in as CEO, I’d install a strong GM/operator from day one while focusing on deal sourcing, capital, and portfolio oversight. Essentially, a lighter-touch model designed to build multiple assets over time with great operators running each. I’m curious if anyone here has successfully raised investor capital for this structure — smaller, deal-by-deal acquisitions where the searcher isn’t the operator — and how you’ve handled equity splits, investor returns, or management incentives. Would love to connect with anyone who’s done something similar or interested in collaborating or investing in this model.