SMB Acquisition Model with Private Investors

My client and I want to partner up to acquire a competing business in his industry. In the past, he has successfully raised over $2 million from individual investors for a startup he ran.

I'm exploring how we could structure a deal to raise capital, whether through debt or equity from individual investors, to acquire a business valued at $1mm.

Currently, I'm considering the Stanford Search Fund Model as a possible framework, but I'm here to see if anyone has an existing model or structure for a small deal like this one that we could adopt before we start building from scratch.

I have already used an SBA 7A loan to acquire a business before and we will not pursue that path on this deal.