Re-Thinking Wealth Building

Watch This: 50 Minutes if you want to be a millionare

Codie Sanchez has made me rethink my personal wealth-building strategy. Don’t get me wrong, having a few good passive income streams and a good secondary investment strategy is working pretty well. But up until recently, I had not considered adding small business acquisitions and holdings as part of my portfolio. My focus has always leaned toward building up my coaching, consulting, and e-commerce businesses.

I have become smitten with this new idea, and the more I think about it, the more appealing Codie’s concept is becoming. Especially since one of my bigger goals is to build real generational wealth for my kids as the middle class continues. to shrink.

Before discovering Codie Sanchez, my mental model for buying businesses was franchise-focused, or corporate investing. I truly had not considered that purchasing small, but profitable businesses was a viable path. That building a solid holding portfolio of micro-investments held such potential upside. But with the right deal structure combined with an attractive lower cost of entry, there is a real opportunity in these stable, established, necessary, and extremely non-sexy businesses. While there is always risk involved, when approached smartly there is less risk of any single deal leading to bankruptcy.

So right now I am in the early stages of researching options. I am very aware that I also need to beef up my understanding of the various deal structures that are commonly used. Regardless of the learning curve, I am pretty much committed to acquiring and closing my first business purchase before my next birthday. The three leading contenders are, in no specific order.

Coin Operated Laundymat
Pool Clearing Service Business
Vending Machine Route with existing locations

If you have experience with this model, I would love to make time to connect and hear your experiences. If you are curious about the process, I will most definitely post updates as things unfold. Until then keep the Hustle and Flow Going!