How I Built a Fortune Buying Businesses Nobody Wanted | Codie Sanchez

Are there too many baby boomer businesses up for grabs? Codie Sanchez thinks so.With 60% of U.S. small businesses owned by baby boomers, she believes the real risk is that no one steps up to buy them.For Codie, what began as a quiet side hustle at Goldman Sachs has grown into an extensive portfolio of small businesses—the kind private equity ignores but, as she insists, you should capitalize on.In this episode of Change Order with Jason Shuman, she explains why:• baby boomer businesses are ripe for acquisition,• you don’t need an MBA for M&A, and• it’s essential to “know yourself” and self-reflect.Codie also discusses her new book, "Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses," sharing insights from her time on Wall Street on strategic acquisitions and the importance of self-awareness in building long-term wealth.ABOUT US: Primary is the largest early-stage venture firm in the world, with over $1B in Assets Under Management, and notable investments under its belt include unicorns like Slice, Chief, Electric, and more. With a dedicated team of Partners, Associates, and Advisors, Primary operates with one clear modus operandi: to allocate unreasonable resources toward building unfair advantages. Follow us on LinkedIn: Codie SanchezJason ShumanPrimary Venture Partners(00:00) Trailer(01:07) Welcome to Change Order(02:31) The Decline of Business Ownership(04:08) The Silver Tsunami and Wealth Transfer(04:57) The Rise of Small Business Acquisitions(07:31) Challenges and Opportunities in Business Ownership(09:36) The Role of Private Equity and Finance(30:47) The Future of Business Education(42:41) Ownership Dynamics in Venture Capital(43:24) Commitment and Board Seats(44:07) Evaluating Founders and Operators(46:19) Interview Techniques and Job Fit(47:56) Work-Life Balance in Startups(49:37) Geographic Considerations in Business Deals(52:22) The Reality of Business Ownership(54:52) Finding and Acquiring Businesses(01:05:39) Time Management and Leadership(01:12:12) Risk and Self-Doubt in Entrepreneurship(01:17:12) Regulation and Common Sense Governance