If you’ve spent some time, like I have, in the entrepeneur / influencer space, on X or Linkedin, or even Youtube, you probably know who Codie Sanchez is.
She’s built a large business and a sizeable following, and her approach is somewhat left-field compared to conventional business path.
Her new book, Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses, encompasses all her ideas and it made for a great read — many of her insights make perfect sense and, best of all, they’re backed by her real-life success in applying them.
So here’s my main thoughts on her strategies and advice, compiled from my notes on the book.
Ok, so here’s the idea — most people seem to think getting rich is all about creating something brand new and flashy, like a tech startup or some wild new invention.
But actually, there’s a much quieter, much steadier way to get there. It’s about buying businesses that are already running and doing, well, just fine.
Let’s talk about that for a second.
Why Small Businesses Matter More Than You Think
Back in the day, like around 1820, most folks were their own boss. Nearly 80% of people ran their own little gig or trade.
Fast-forward to now, and that number is closer to 6%. Yep, six.
That drop, honestly, is kind of wild, and yet it’s also where the opportunity lies. Businesses are sitting out there, ready to be picked up, especially as older owners step away from the hustle.
Now, these aren’t your flashy businesses. They’re laundromats, car washes, or even companies that clean floors.
Doesn’t sound thrilling, right? But it’s like this: boring often means reliable, and reliable pays the bills.
Businesses that have been around for years aren’t going anywhere. In fact, the longer they’ve survived, the more likely they are to keep going.
This little idea, often called the “Lindy Effect”, tells us it’s better to bet on a business with a track record than on the next big thing that could fizzle out tomorrow.
Owning vs. Earning
Let’s be real — relying on a paycheck isn’t how people build serious wealth. You might be making six figures, but taxes? They eat up a big chunk of that before you even see it.
Owning a business, though, changes the game. It’s not just about what you make; it’s about what you keep.
For example, if you sell a business, the money you earn is taxed way less than regular income.
And there’s this trick called “seller financing,” where you buy a business and agree to pay the seller over time.
This means you don’t need a huge pile of cash to get started. You’re basically letting the business pay for itself with its own profits. Not bad, right?
How to Snag a Great Business
Alright, so you’ve got three things you can bring to the table: cash, know-how, or time. If you’re short on one, you make up for it with another.
Maybe you’re busy but have some savings. Or you’re strapped for cash but can hustle to run the place yourself. It’s a mix-and-match deal.
Here’s the kicker: finding the right seller is key.
You’re looking for folks who are ready to step away, maybe because they’re retiring or just tired of the grind.
There’s even a list of reasons — call it the “7 Ds” — like divorce, death, or just being done with it.
These situations often lead to a better price or easier terms.
Making It Better Once You’ve Bought It
Now, here’s where it gets good. Once you’ve got the keys, it’s all about tweaking things to make the business a little more profitable.
Raise the prices just a bit, add some new services, or make the place look more inviting.
Small changes can lead to big payoffs.
Take a laundromat, for example. You could add vending machines or offer premium wash-and-fold services.
It’s not rocket science — it’s just about giving people what they already need, but making it a tad easier or nicer for them.
What Kinds of Businesses?
This part is kind of fun because, well, the options are endless.
Think window cleaning companies, small senior care homes, or even niche services like addiction recovery centers.
These businesses don’t have the glamour of, say, AI or crypto, but they’re steady.
People always need clean windows, safe places for their elderly relatives, or help overcoming challenges.
Or how about this: start small, with a garbage collection service for local neighborhoods.
Someone did just that by asking around on a Facebook group to see if people were unhappy with their trash pickup. Turns out, lots of folks were.
Boom, new business.
Finding the Deals
Here’s the trick: not every business for sale is on a website.
Sure, there are platforms where owners list their businesses, but some of the best deals happen off-market.
These are the businesses that aren’t officially for sale yet, but the owners might be open to a conversation.
Sometimes, all it takes is asking around or knowing the right people.
Wrapping It Up
Building wealth doesn’t have to be flashy, and honestly, it’s usually not.
Buying small businesses — those steady, behind-the-scenes workhorses — is a straightforward way to create something solid.
You don’t need to invent the next big thing. You just need to take something that works and make it a little better.
And who knows? A boring laundromat today might just pay for your dream vacation tomorrow.