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Owners in the Honor logo

Honorary Owners Founder Patrick Flood and his son.

Jordan Cordova, a Navy veteran, and his family.

Owners in Honor helps veterans transition to civilian life by acquiring legacy businesses, creating career paths and preserving jobs in the community.

Owners in Honor gives veterans a new path to purpose, helping them acquire established businesses and create lasting legacies in their communities.” – Patrick Flood, Founder, Chief Executive OfficerHOUSTON, TX, UNITED STATES, Nov. 4, 2024 /EINPresswire / — Owners in Honor was created for veterans like Jordan Cordova. Jordan, a Navy veteran, retired from active duty four years ago and has since worked as an IT specialist for a defense contractor in San Diego. Despite holding a position similar to his role in the Navy, Jordan has felt increasingly unfulfilled over the past two years.

His desire to seek a more meaningful path grew, but his obligations to family, church, and community limited his flexibility to start a new venture. Jordan, a homeschooling father of three, considered pursuing a work program or getting involved in the community, but struggled to find the right opportunity without sacrificing time with his family.

Then Jordan met Joe Lerner, a neighbor who presented him with a new possibility: what if he could find a post-service opportunity that aligned with his values, presented an acceptable risk, and didn’t need the savings its to start? What if he could join a community like the one he had in the Navy and make a significant impact? Jordan was intrigued and eager to learn more, not only for himself, but as a way to help other veterans pursue such a path.

That conversation led him to Owners in Honor, a nonprofit founded by Patrick Flood and Joe Lerner that supports veterans in pursuing entrepreneurship by acquisition (ETA), a method of buying established businesses rather than starting from scratch. zero. This approach allows veterans to acquire legacy businesses where they can continue the work of the founder and keep jobs in the community.

Joe and Patrick connected through The Honor Foundation, where Joe served as a coach and Patrick, an Army Special Forces veteran, was a Fellow. The two bonded over their shared passion for helping veterans transition to civilian life, specifically through business ownership. Patrick, who felt disconnected from the veteran community in his post-military career, looked for a way to give back.

Together, they saw the potential for veterans to step into ownership roles in businesses that would otherwise close as older owners retire without a succession plan.

About 6 million small businesses are expected to be sold over the next decade, 70% of which do not have a formal exit plan. Many of these businesses are profitable and valuable, but half are expected to close if no buyer is found. Owners in Honor gives veterans like Jordan a chance to step in and keep these businesses going, providing a solution to both the veteran employment challenge and the small business closing crisis.

With the support of Owners in Honor, Jordan embarked on the journey of becoming a business owner. After applying to the program, he completed basic entrepreneurial education and a self-assessment to match him with a suitable business. Jordan then prepared the necessary paperwork, including proof of service and a loan application from the Small Business Administration, and interviewed a coach.

As a Fellow in the Owners in Honor program, Jordan met with a small business coach and advisor who will guide him through the stages of buying, running and ultimately selling his business over the next 10 years. The advisory support provided by Owners in Honor ensures that veterans like Jordan can navigate the complexities of buying a business and succeed as entrepreneurs.

Patrick and Joe, through Owners in Honor, are building a network of experts in private equity, M&A, tax, marketing and consulting to support veteran entrepreneurs. Jordan is now one of 17 veterans who have been invited to join the program as a Fellow, with nearly 100 other applicants and two veterans currently completing business acquisitions. This progress was achieved in just nine months, led by a passionate team of volunteers dedicated to helping veterans and small business owners.

Owners in Honor relies on community support and solicits contributions in three key areas: time, talent and treasure. They seek partnerships with organizations such as The Honor Foundation and The Rosie Network; allied service partners for the supporting ecosystem; corporate sponsors like Cold Bore Capital and Gatorz, who care about veterans and small businesses; and donations from the public to fund its educational and counseling services.

These services are provided as grants to veterans in the program. The program costs $10,000 a year, and 80 cents of every dollar goes to helping veterans transition to business ownership.

For Jordan, opportunity is about more than financial success; it’s about giving back to the veteran community and helping other service members transition to meaningful careers. He plans to actively participate in the Owners in Honor mentoring program, guiding fellow veterans through the entrepreneurial process. Jordan’s story is a powerful example of how veterans can not only succeed in civilian life, but also build lasting legacies through business ownership, creating value for their families and communities.

To learn more about Owners in Honor and how you can support their mission to help veterans become entrepreneurs and preserve legacy businesses, visit ownersinhonor.

Meredith V Krantz
Krantz Strategies
+1 630-947-2385
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