The Person Behind Stella and Main

I’ve Seen Acquisitions From Both Sides.
And I’ve Walked Away From One Myself.

I’ve spent decades working inside businesses, solving operational problems, and seeing what makes companies work. I’ve also experienced acquisitions from the buyer’s side, the seller’s side, and the operational side after closing. Those experiences shape the advice I give first-time buyers today.

Rachel Lugo, Founder of Stella and Main
At a Glance
  • 34 years as an operator inside founder-led businesses
  • Scaled a company from startup to ~$5M in annual revenue
  • Rebuilt a 50% churn rate to 15%, a process fix rather than a product fix
  • Walked away from an acquisition mid-due-diligence as the buyer
  • 10 years running accounting and finance, reads financials the way a buyer does
  • Led operations across customer service, HR, purchasing, finance, and marketing
  • Business coach
  • Work delivered remotely

I’m an Operator First.

I’ve spent roughly 34 years working across the parts of a business that have to function together: operations, finance, employees, customers, systems, purchasing, and marketing.

That experience taught me to look beyond financial statements.

A business can show a profit and still have serious problems. It can have great employees but systems that don’t work. It can look attractive on paper but require an owner with experience or resources the buyer doesn’t have.

I want to understand how the business actually runs.

And I want to understand whether the person buying it is prepared for what comes next.

Three Acquisitions. Three Different Seats.

Story one

Wildfire Pacific: what not to do after buying a business

Back in the 1990s, I worked at Wildfire Pacific when we acquired another fire equipment company.

We tried to change too much, too quickly. We pushed the acquired employees onto our computer and part-numbering systems without fully understanding how they worked.

The transition was a mess. We disrupted experienced employees and created operational problems that could have been avoided.

It taught me something I’ve never forgotten:

Just because you bought a business doesn’t mean you understand it better than the people who’ve been running it.

Story two

InvestorFuse: due diligence from the seller’s side

Years later, at InvestorFuse, I managed seller-side due diligence during an acquisition.

I organized documentation, coordinated requests from the buyer, answered questions, and helped navigate the due diligence process. I stayed with the business afterward and helped through the transition to new ownership.

That gave me firsthand experience with what buyers want to know, what sellers need to explain, and what happens when ownership changes.

Due diligence isn’t just about collecting documents. It’s about understanding the business behind them.

Story three

My own acquisition: knowing when to walk away

I’ve also been the potential buyer myself. I evaluated a $1.1 million home services business that I was seriously considering purchasing.

As I dug into the financials and operations, I found concerns that changed my view of the opportunity. Among them were a substantial marketing expense that wasn’t adequately supported and questions about how workers were classified.

The more I investigated, the less comfortable I became with the deal. So I walked away.

That wasn’t a failure. It was exactly what due diligence is supposed to help you do: make an informed decision before you commit.

Read the full breakdown of that deal →

“Rachel is the reason I was able to sell my business for $2 million.”

Dan Schwartz, Founder — InvestorFuse

A Good Business Isn’t Always the Right Business for You.

Most first-time buyers spend their energy asking whether a business is worth buying.

That’s important. But there’s another question that matters just as much: are you ready to own this particular business?

You might be looking at a profitable company with loyal customers and a strong reputation. But if it requires skills, capital, time, or operational experience you don’t have, it may still be the wrong acquisition.

That’s why I look at both sides of the decision.

The business itself. And the person who wants to buy it.

Sometimes I’ll tell you the business isn’t right. Sometimes I’ll tell you that you’re not ready for it. And sometimes I’ll tell you to keep going, but with your eyes open.

I’m Not Here to Sell You on a Deal.

I’m not a broker trying to get a transaction closed. I’m not here to tell you what you want to hear.

I’m here to help you understand what you’re getting into, ask better questions, and recognize problems before they become yours.

I won’t pretend I can uncover every risk or predict the future. But I’ll give you my perspective, explain my concerns, and tell you what I’d do next.

I’d rather have an uncomfortable conversation before you buy than watch you discover the problem afterward.

As Seen On

Published & Speaking.

IBA Business Sales Blog Selling Your Business Is Going to Be Harder Than You Think IBA Business Sales Blog Owner Dependency: One of the Most Common Deal Killers, and One of the Most Fixable Speaking · Ignite U Reputation Management: Why Your Reviews Are a Due Diligence Document

How We Can Work Together.

The Buyer’s Second Opinion

$750

An early look at a business you’re considering, including potential risks and whether it fits your readiness as a buyer.

Get a Second Opinion →

Full Due Diligence

$5,000

A deeper review of the business before committing to the purchase.

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The First 90 Days

Pricing discussed during consultation

Practical support during the transition into ownership.

Explore First 90 Days →

Considering Buying a Business? Let’s Talk.

Tell me what you’re looking at and what concerns you. I’ll help you figure out the next sensible step.

Tell Me About Your Deal → Explore the Buyer’s Second Opinion