WordPress Best Practice for Business Listing/Directory with Connected Accounts

I’m starting a project which is essentially a business directory in which I’d like the businesses to be able to “claim” their business listing/page, create an account, and edit said page.

I’d like to create a Custom Post Type for each business entity and connect them by account. Is this the correct approach? Or do I build off User accounts themselves?

Basically, the site URL would look like this:

domain.com/billys-rc-club-dallas

On this page I’d have a button that says [Is This You? Update Your Account].

I’d like for Billy’s RC Club to be able to create an account and send an email (which I’d use to validate the club ownership (they’re domain should match). At this point I’d like for them to login, and be able to update their page (which would be the Custom Post Type) I created for the page.

I’d just like to know if this is the best and correct approach.

If there are high quality plugins that handle such things, I’d love to hear about them so that I can research the way they handle it.

Thanks in advance for any help you can provide.