Brett Sleyster: From Banker to Co-Owning a Treatment Center
A friend's broker referral, a 7-month diligence marathon, and a deal in an industry he never planned to enter – Brett shares how he and his partner acquired Windmill Wellness Ranch, a residential addiction treatment center in Texas. Traditional vs. self-funded search (his wife settled that debate), building lender relationships early, navigating out-of-network healthcare deals, and why your first months should be spent listening, not changing. Brett now also invests in searchers alongside his father.
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A friend’s broker referral, a 7-month diligence marathon, and a deal in an industry he never planned to enter – Brett shares how he and his partner acquired Windmill Wellness Ranch, a residential addiction treatment center in Texas. Traditional vs. self-funded search (his wife settled that debate), building lender relationships early, navigating out-of-network healthcare deals, and why your first months should be spent listening, not changing. Brett now also invests in searchers alongside his father.
Who This Is For
- Searchers deciding between traditional and self-funded models
- Anyone navigating healthcare or out-of-network deals
- First-time buyers looking to understand lender relationships
- Operators wanting to learn post-acquisition best practices
What You’ll Learn
- Brett’s path: Chemical engineering → banking → Prudential → Kellogg MBA → traditional search fund → Windmill Wellness Ranch
- Traditional vs. self-funded search: Why his wife settled that debate
- Building lender relationships early: Meet banks at conferences before you need money
- Navigating out-of-network healthcare deals: The challenges and how to find the right lender
- 7-month diligence marathon: What extended the timeline and what was preventable
- Day one advice: Spend your first months listening, not changing
- Understanding the customer journey: Sit with clinicians, do mock sessions, learn the intake process
- Investing in searchers: Brett and his father now back 5-8 searchers per year
Chapters
- (00:00) Intro
- (08:07) Navigating the Search Fund Landscape
- (16:23) Finding and Evaluating Deals
- (19:34) The Deal That Almost Wasn’t
- (25:06) Closing the Deal and Day One
- (33:15) Reflections and Investing in Searchers
Resources Mentioned
Tools & Platforms
- Grata — Deal sourcing software
- Udu — Deal sourcing platform
- SourceScrub — Deal sourcing platform
- Tegus — Expert call network
Lenders & Law Firms
- Avid Bank — Traditional search fund lender
- Bankbrav — Traditional search fund lender
- ROM — Search fund legal services
Other
- Searcher Insights — Brett’s resource site for searchers
- Track9 — Outcomes measurement for treatment centers
About the Guest
Brett Sleyster is the CFO and Co-Owner of Windmill Wellness Ranch, a residential addiction treatment center in Canyon Lake, Texas. He started his career in banking at Credit Agricole, then moved to Prudential Financial’s corporate venture arm before completing his MBA at Kellogg’s one-year program.
Brett raised a traditional search fund during business school, interning at People First Capital along the way. After a 7-month diligence process, he and his partner acquired Windmill Wellness Ranch—a deal that came through a friend’s broker referral in an industry Brett never planned to enter.
He now also invests in searchers alongside his father, backing 5-8 searchers per year and taking 5-10% of cap tables.
Connect
- Windmill Wellness Ranch: windmillwellnessranch.com
- Searcher Insights: searcherinsights.com
- Brett Sleyster on LinkedIn: linkedin.com/in/brettsleyster
- Host (Alex): Feedback & guest recommendations → Contact
Join the conversation
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