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I bet you haven’t thought about THIS to build wealth… What if the key to financial freedom ISN’T starting your own business, but buying an ordinary business that other people overlook?

I’m thrilled to have Codie Sanchez with us, a powerhouse in the world of small business and the founder and CEO of Contrarian Thinking. She’s here to share insights from her upcoming book, Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses. 

Codie believes that buying established, cash-flowing businesses is one of the most underrated paths to wealth, especially in today’s economy.

In our conversation, she shares why there’s a golden opportunity for the next generation to step up and take ownership when the previous generation retires. Codie is all about teaching no-nonsense strategies for finding and acquiring businesses that might seem unexciting but are incredibly profitable, and that’s why this discussion is fascinating! 

Whether you’re a seasoned entrepreneur or just starting out, Codie’s tips and wisdom will inspire you to think bigger and take action to build your own Main Street Millionaire journey!

The Game-Changing Secret

Codie Sanchez kicked off our conversation by sharing a game-changing secret every aspiring entrepreneur should know: the “three steps to rich.” This simple yet powerful framework offers a fresh perspective on creating wealth through small business ownership.

Step 1: The How Problem

When you’re just starting out, every challenge feels like a “how” problem. You ask yourself, “How do I solve this?” It’s a logical first step, but not always the most effective one.

Step 2: The Who Problem

As you gain experience, you realize that it’s not always about figuring out how—it’s about finding the who. Who has already mastered this? Who can guide me through this? Surrounding yourself with experts is a game-changer.

Step 3: The Buy Problem

The wealthiest people skip straight to buy. Instead of asking how or who, they think, “How can I buy my way into certainty?” This doesn’t always mean spending money—it’s often an exchange of value. For example, if you’re struggling to grow your email list, instead of pouring money into ads, you could acquire a relevant, existing email list from another business.

Codie explained that approaching problems this way is about efficiency. It’s not just about saving time; it’s about accelerating your path to results.

Learning the Art of Acquisition

I was fascinated by how Codie discovered the world of business acquisitions. Her journey started in corporate finance, where she spent over a decade navigating what felt like a never-ending cycle of job-hopping. 

But her curiosity—rooted in her background as a journalist—led Codie to start asking bigger questions.

She then shared how stepping into rooms filled with entrepreneurs and risk-takers sparked a shift in her mindset. Even though she felt like a fish out of water at first, she realized these were the spaces where inspiration and opportunity collided.

Taking the Leap

When Codie decided to take the leap into entrepreneurship, she immersed herself in learning from business owners. She documented their processes, wrote her own playbook, and started small, scaling as her confidence grew.

Her story resonates deeply with me—it’s a reminder that growth requires stepping out of your comfort zone. As Codie shared, sometimes you have to go where the game is played to level up.

Investing in Yourself

One of my favorite parts of our conversation was Codie’s take on investing in yourself, even when resources feel tight. She reminded us that books are one of the most accessible ways to gain knowledge and test the waters before making bigger commitments.

Codie’s book, Main Street Millionaire, is packed with insights for anyone curious about business acquisitions. It’s a must-read if you’re ready to take a deeper dive.

The Current Market Landscape

Contrary to what many believe, Codie sees today’s market as prime for building wealth. Baby boomers are retiring, leaving small businesses without successors. Meanwhile, younger generations are hesitant to take on these opportunities, creating a gap that’s ripe for entrepreneurs.

This supply-and-demand imbalance means there’s a golden opportunity to step in, acquire a business, and bring new value to the market.

Evaluating Business Opportunities

Codie broke down how she evaluates potential acquisitions with three real-world examples:

1. A Restaurant: While a restaurant generating $450,000 in revenue with $120,000 in profit may seem appealing, Codie pointed out the complexities and thin margins of the industry.

2. A Trash Compaction Business: This business stood out for its simplicity and profitability—$700,000 in revenue with $300,000 in profit. Codie noted that service-based businesses often have higher margins and lower operational complexity.

3. A Candle Manufacturing Business: Codie described how she could leverage her existing audience to grow an Etsy-based candle business. This example highlighted the importance of aligning acquisitions with your strengths and passions.

The Power of Value Creation

Codie shared a powerful reminder: understanding your value is key to unlocking new opportunities. Many of us undervalue our skills, which holds us back in negotiations or causes us to undercharge.

Think about how your expertise can cut costs, increase revenue, or boost efficiency for others. Knowing your unique value proposition is a game-changer.

Building Wealth Through Ownership

Codie’s vision for the future is bold: creating a multi-billion dollar empire that empowers people to buy, scale, and exit small businesses. She believes that ownership is the cornerstone of financial freedom.

One mantra she shared stuck with me: “You cannot spell rich without risk.” It’s a reminder that calculated risks are necessary to grow, succeed, and create the life you dream of.

Become a Main Street Millionare

I left this conversation feeling so inspired by Codie’s insights and practical advice. Didn’t you?!

If you’re ready to explore business ownership as a path to financial independence, I can’t recommend her book, Main Street Millionaire, enough. And be sure to follow Codie on Instagram for more business advice!

The journey to building wealth starts with understanding your value and taking steps—big or small—to invest in yourself. Let’s take those steps together and create the lives we’ve always dreamed of!

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