Home > Leadership > How Veterans Can Buy Businesses: Whitney Horton Interviews OwnersinHonor.org’s Patrick Flood

How Veterans Can Buy Businesses: Whitney Horton Interviews OwnersinHonor.org’s Patrick Flood

By: Lynda Bekore

 

U.S. Army Capt. Joseph Knight with 1st Squadron, 4th Cavalry Regiment, 4th Infantry Brigade Combat Team, 1st Infantry Division (U.S. Army photo by Spc. Raymond Schaeffer / Released)

Veterans returning home from service sometimes face great challenges in adjustment to civilian life. For veterans needing help with employment or starting their own business, there are a number of resources. But who helps the veteran who wants to be independent but doesn’t have the time or the resources to start from scratch? Enter OwnersinHonor.org, the non-profit organization that helps military veterans buy existing businesses, support their communities and families, and grow generational wealth.

Help for Veterans AND Retiring Business Owners

Watch and discover how CEO Patrick Flood, a decorated Green Beret, and his dedicated team of veterans and finance experts match motivated veterans with business owners who are interested in selling, but aren’t sure they’ll get the best return on the open market.  SmallBizClub Advisor Whitney Horton interviews  CEO Patrick Flood about how his team helps owners receive the greatest value while helping veterans build their families, communities, and legacies.

Key Takeaways:

  • OwnersinHonor.org is a nonprofit organization that helps veterans transition to business ownership. They provide training, mentorship, and access to financing.
  • Many veterans have great entrepreneurial skills and mindsets from their military experience, such as leadership, problem-solving, and discipline. But they may need guidance on the business side.
  • OwnersinHonor.org’s programs teach veterans buying business about topics like business planning, marketing, accounting, and accessing capital. They also connect veterans with experienced mentors.
  • Financing is a major challenge for veteran entrepreneurs. OwnersinHonor.org helps veterans navigate and qualify for SBA loans, VA loans, and other funding sources.
  • The organization also advocates for policies and legislation that support veteran entrepreneurship, such as government contracting set-asides and access to training/resources.
  • Becoming a business owner can be a fulfilling path for many veterans, allowing them to apply their unique skills and experiences. Programs like OwnersinHonor.org play a crucial role in empowering veteran entrepreneurship.

The key takeaway is that veteran entrepreneurs have great potential, but often need specialized guidance and support to successfully transition from military to business ownership. Organizations like OwnersinHonor.org aim to address this need.

OwnersinHonor.org’s mentorship program is an important component of their efforts to support veteran entrepreneurs. Here’s what makes it work so well:

Comprehensive Mentorship

  • The program provides veterans with access to experienced business mentors who can guide them through the process of starting and growing a business.
  • Mentors offer advice, coaching, and support on a wide range of business topics, including business planning, marketing, finance, operations, and more.
  • The goal is to help veteran entrepreneurs develop the necessary skills and knowledge to successfully operate and scale their businesses.

Personalized Matching

  • OwnersinHonor.org carefully matches veterans with mentors who have relevant industry experience and expertise.
  • This ensures the mentorship relationship is tailored to the veteran’s specific business needs and goals.
  • Mentors are vetted and selected based on their track record of supporting small businesses and their commitment to helping veteran entrepreneurs.

Long-Term Engagement

  • The mentorship program is designed to provide ongoing support throughout the veteran’s entrepreneurial journey.
  • Mentors and mentees typically work together for an extended period, such as 6 months to a year or more.
  • This allows for a deep, trusting relationship to develop and ensures the veteran receives sustained guidance as their business evolves.

Additional Resources

  • In addition to one-on-one mentorship, the program also connects veterans with other educational resources, networking opportunities, and access to financing.
  • This holistic approach aims to equip veterans with the complete set of tools and support they need to succeed as business owners.

Overall, the OwnersinHonor.org mentorship program is a crucial part of their mission to empower veteran entrepreneurship. By pairing veterans with experienced business mentors, the organization bridges the gap between military and civilian business skills.

There are a few key things that differentiate OwnersinHonor.org from other entrepreneur resources for veterans:

  1. Specialized Focus on Business Acquisition

    • OwnersinHonor.org’s primary mission is to help veterans acquire and successfully operate existing small businesses, rather than just starting new ventures from scratch.
    • They recognize that buying an established business can provide more stability and a proven model for veterans transitioning to entrepreneurship.
  2. Comprehensive Support Model

    • OwnersinHonor.org offers a multi-faceted approach, providing veterans with not just financing assistance, but also technical advising, mentorship, and post-exit planning.
    • This holistic support aims to guide veterans through the entire business ownership lifecycle, from acquisition to eventual succession.
  3. Veteran-Specific Expertise

    • The organization’s team and networks are deeply embedded in the veteran community, giving them a nuanced understanding of the unique challenges and needs of veteran entrepreneurs.
    • This allows them to tailor their programs and resources specifically to help veterans leverage their military skills and experiences for business success.
  4. Advocacy and Policy Work

    • In addition to direct program support, OwnersinHonor.org also advocates for policies and legislation that further empower veteran entrepreneurship.
    • This includes initiatives like government contracting set-asides and improved access to training, resources and financing for veteran-owned businesses.
  5. Veteran-Veteran Connections

    • A key aspect of OwnersinHonor.org’s model is connecting retiring/exiting small business owners with incoming veteran entrepreneurs.
    • This veteran-to-veteran transition pathway aims to preserve the legacies of small businesses while enabling wealth-building and purpose for the veteran community.

Conclusion

OwnersinHonor.org stands out by taking a holistic, veteran-centric approach focused specifically on facilitating veteran business acquisitions, rather than just general small business startups. Their unique expertise and advocacy work further differentiate them in the veteran entrepreneurship landscape.

Published: July 10, 2024
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Lynda Bekore

Lynda Bekore is Editor-in-Chief of SmallBizClub.com, a division of Tarkenton Companies. She is an experienced media and marketing professional, with previous positions at Simon & Schuster, Hearst, and SiriusXM. She's written for the NY Times, Huffington Post, and other major publications.

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