Indiana Supports Veterans in Small Business Succession
Indiana is backing veterans to help address a small-business succession problem as Indianapolis prepares for a Veterans Day bash highlighting veterans already building businesses.
Why it matters: Veterans' leadership experience could preserve local jobs, services, and economic activity when older business owners retire.
Driving the News
Gov. Mike Braun recently announced Pass the Guidon, a state-backed veterans cohort developed by VentureVets and powered by the Indiana Office of Entrepreneurship and Innovation. The program aims to prepare veterans and military-connected leaders to acquire, operate, and grow existing Indiana businesses.
How it Works
The first cohort begins in January 2027, offering a curriculum covering:
- Finding acquisition opportunities
- Evaluating financial records and contracts
- Navigating purchase agreements
- Exploring franchise ownership
Participants will meet every other week, receiving instruction from business brokers, bankers, attorneys, and other acquisition professionals.
The Big Picture
A March 2026 study commissioned by the Indiana Office of Entrepreneurship and Innovation estimates that 51.7% of Indiana business owners in analyzed industries, or approximately 43,880 owners, are at least 55 years old. These businesses generate an estimated $205.5 billion in annual private-sector revenue, according to Data Axle.
By the Numbers
Indiana had an estimated 29,838 veteran-owned businesses in 2022, including 5,338 with employees, according to the U.S. Small Business Administration's 2025 Indiana Small Business Profile. Veterans represented 5.8% of the state's business ownership.
What They're Saying
"Hoosier veterans are capable leaders with a proven commitment to serve that makes them perfect candidates to lead Indiana's small businesses," said Braun. "When a veteran steps in to buy a business that might otherwise close, the jobs stay here, the business stays here, and Indiana gets stronger."
Between the Lines
VentureVets co-founder and managing partner Courtney Zaugg sees a natural connection between military leadership and business ownership, especially in managing established operations.
"Veterans are very good at running from a playbook," Zaugg noted, citing their experience leading teams and planning for contingencies. She also emphasizes the role of business acquisition in protecting community institutions that might otherwise disappear upon retirement of owners without succession plans.
Yes, But
Preparation is key. Zaugg has heard from veterans who entered unfavorable franchise agreements without fully understanding their commitments. She emphasizes the importance of education and networking to help veterans make informed decisions.
The Event
The free Veterans Day event includes:
- A veteran-owned business showcase
- A veteran service organization resource village
- A panel featuring six veteran founders discussing how military service shaped their businesses
Zaugg noted that the celebration is an official VA Veterans Day Regional Site and is open to everyone in Indianapolis, regardless of military ties.
Andrew Lehman, director of entrepreneurship for 16 Tech Community Corporation, highlights the event's opportunity for local residents and aspiring entrepreneurs to learn from a perspective often overlooked.
"I don't think folks often get the opportunity to hear from veteran founders and get to hear them share their stories and their perspective on starting their business and growing their business," said Lehman.
He views the partnership as part of 16 Tech's broader mission to connect entrepreneurs with resources, mentors, workspace, and opportunities.
"I think generally we feel like talent is everywhere, and opportunity oftentimes isn't," he added.
The Bottom Line
Applications for Pass the Guidon's first cohort are open through November 30.