Module 1: Finding and Evaluating a Business & Structuring the LOI

In this first of three modules, participants are introduced to the process of buying a small business.

Module 1 introduces the acquisition process and focuses on evaluating a business opportunity and structuring a non-binding Letter of Intent (LOI). Learners are introduced to the case study and begin assessing whether the business is worth pursuing and under what preliminary terms.


What you'll gain from Module 1:

  • An understanding of the end-to-end small business acquisition process and where the LOI fits within it
  • How to evaluate a business opportunity beyond surface-level metrics and broker summaries
  • The purpose and structure of a non-binding Letter of Intent, including what it should and should not do
  • How valuation expectations are formed early and why they are rarely final
  • Common seller motivations for selling a business and how they influence deal dynamics
  • How to think about risk, leverage, and flexibility before committing significant time and capital
  • Why most acquisition mistakes begin before due diligence ever starts

Your Facilitators

VETtoCEO - John Panaccione
Founder
VETtoCEO
John is the co-founder and CEO of Folla Capital, an SEC-registered broker-dealer that helps entrepreneurs and small business owners earn capital from supporters and investors. He brings deep expertise in small business finance, capital formation, and M&A, shaped by his 17-year run as founder and CEO of LogicBay, a software company acquired in 2020. A U.S. Army veteran and former 82nd Airborne Division officer, John also co-founded VETtoCEO in 2013, a nonprofit supporting veterans transitioning into entrepreneurship.
VETtoCEO - Michael Horn
Co-Founder
VETtoCEO
Michael Horn (VETtoCEO Co-Founder) is President of Brothers Body and Equipment. The Company manufactures custom specialty vehicles and equipment for federal, state, and local government agencies as well as worldwide commercial firms. 
Prior to buying Brothers Body and Equipment, he worked in web development, logistics, and financial services companies after retirement from our Army. Michael served 21 years in uniform. In the U.S. Army, he was an Airborne-Ranger specializing in project management for the development of infantry missile, mortar, and flame weapon systems. 
Mike bought an existing manufacturing business in Galion, Ohio over 10 years ago. In 2021, he bought and opened a Sport Clips franchise in metro Atlanta.
Michael received his MS degree from Troy University. He completed the US Army Command and General Staff College. Michael received his BA at the Virginia Military Institute.
  • VETtoCEO - John Panaccione
    Founder
    VETtoCEO
    John is the co-founder and CEO of Folla Capital, an SEC-registered broker-dealer that helps entrepreneurs and small business owners earn capital from supporters and investors. He brings deep expertise in small business finance, capital formation, and M&A, shaped by his 17-year run as founder and CEO of LogicBay, a software company acquired in 2020. A U.S. Army veteran and former 82nd Airborne Division officer, John also co-founded VETtoCEO in 2013, a nonprofit supporting veterans transitioning into entrepreneurship.
  • VETtoCEO - Michael Horn
    Co-Founder
    VETtoCEO
    Michael Horn (VETtoCEO Co-Founder) is President of Brothers Body and Equipment. The Company manufactures custom specialty vehicles and equipment for federal, state, and local government agencies as well as worldwide commercial firms. 
    Prior to buying Brothers Body and Equipment, he worked in web development, logistics, and financial services companies after retirement from our Army. Michael served 21 years in uniform. In the U.S. Army, he was an Airborne-Ranger specializing in project management for the development of infantry missile, mortar, and flame weapon systems. 
    Mike bought an existing manufacturing business in Galion, Ohio over 10 years ago. In 2021, he bought and opened a Sport Clips franchise in metro Atlanta.
    Michael received his MS degree from Troy University. He completed the US Army Command and General Staff College. Michael received his BA at the Virginia Military Institute.
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