Yes, several people have contacted me about this problem, asking if I could fix or stop the indexing of their competitors on "their" search engine results page.
My first response was: These were NOT indexed results. These are paid advertisements called Pay-Per-Click. When a web visitor clicks on these ads, they are taken to the competitors site, and the competitors pays a fee, based on his bid for select keywords. And more than likely their competitors have included "your" company name as a keyword to target.
My response is: Open up a AdWords account and provide the same service to them.
When they stop targeting your business name, you stop targeting their business name.
Downside to the approach: Both companies end up spending money to counter the other.
Upside: You each end up getting more customers!
If you need help with the Pay Per Click advertising, just click on the heading of this post.