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use strict;
use warnings;
...
  $text =~ /(ITEM [\dA-Z]+?[: -]+BUSINESS.+?)ITEM [\dA-Z]+?[: -]+/s;

print $businessItemText;

ITEM I: BUSINESS
----------------
...
in Austin, Texas.  Littlefield  Entertainment consists of sixteen (16)
+ full time
employees  and  nineteen  (19)  part  time  employees.  Littlefield  H
+ospitality
consists of thirty-two (32) full time employees and one part time empl
+oyee.