Gillory & Associates

A Private Investment Bank

Small Title

We specialize in ownership transition, operator-led control strategies, and the formation of enduring enterprises across private markets.

Unlike conventional financial firms that treat businesses as bundles of cash flows to be optimized, we approach companies as economic systems—organized structures of people, incentives, capital, governance, and time. Our work begins not with leverage or exit multiples, but with the economic realities that determine whether a firm can endure, adapt, and compound value.

An Investment Bank Built on Economics, Not Financial Engineering

Gillory & Associates operates at the intersection of economic theory and real-world enterprise. Our investment philosophy is rooted in the study of how markets coordinate, how firms grow through time, and how ownership structures shape behavior and performance.

This economic focus informs every aspect of our work:

How control is acquired and exercised
How operators are selected, trained, and empowered
How capital is allocated across time rather than optimized for short-term return
How governance structures either preserve or destroy institutional integrity

We do not pursue transactions for their own sake. We pursue economic coherence—the alignment of ownership, leadership, incentives, and strategy in a way that allows a business to move from good to truly enduring.

Ownership Transition Without the Illusion of Liquidity

Gillory & Associates specializes in ownership replacement and transition strategies that do not rely on immediate liquidity at closing. Instead of extracting value upfront, we focus on building value over time, often leaving founders with a retained stake that is economically superior to owning 100% of a stagnant enterprise.

Our approach reflects a simple economic conviction: Value is created through disciplined leadership, institutional continuity, and time—not through transaction mechanics alone.

Our Blog

A Modern Investment Bank with Classical Roots

While we are structured as a modern private investment bank, our philosophy draws from classical merchant banking principles—adapted for today’s private markets. We think in decades, not quarters. We emphasize control with responsibility, capital with patience, and growth with institutional discipline.

Gillory & Associates does not manage outside capital. We do not sell financial products. We build and govern enterprises.

OUR VISION

Research Alignment

Grounded in Independent Economic Research

Gillory & Associates applies economic analysis that is grounded in independent, methodologically rigorous research conducted through affiliated academic and research institutions. This alignment ensures that all applied work reflects established economic reasoning rather than ad hoc judgment, market sentiment, or transactional incentives.

Our research alignment is intentional. We believe that applied economic judgment must be informed by disciplined inquiry, formal analysis, and continuous engagement with the broader economic literature.

Separation of Research and Application

Gillory & Associates does not conduct speculative research, experimental theory development, or academic instruction. All foundational research is undertaken independently through affiliated institutions, including Andrew Carnegie University and The Institute for Economic Research and Analysis.

This separation preserves:

Academic independence
Methodological integrity
Analytical credibility
Freedom from commercial influence

Applied conclusions at Gillory & Associates reflect economics that has already been subjected to internal scrutiny, peer engagement, and formal review.

Areas of Research Alignment

Our applied work draws upon research across core areas of economic inquiry, including:

Economic structure and coordination
Institutions, law, and incentive systems
Capital formation and time structure
Non-equilibrium market processes
Monetary and banking systems
Measurement, accounting, and economic representation
Risk, uncertainty, and irreversibility
Strategy and decision-making under constraint

These areas represent enduring questions in economics and form the analytical foundation for our applied services.

Engagement With the Economic Community

Gillory & Associates remains engaged with the broader economic community through ongoing review of academic literature, participation in research discussions, and collaboration with scholars across disciplines.

We believe that applied economics must remain in active dialogue with evolving research while remaining insulated from transient intellectual fashions.