From laundromat to millions: Codie Sanchez on buying her first business — and the steps to acquire your own

Becoming an entrepreneur doesn't necessarily mean starting a new business from scratch. You can also acquire existing businesses, for which there is no shortage. According to a CNBC analysis of a 2023 report from the Exit Planning Institute, 58% of boomers who are business owners say they planned to sell their businesses within the next five years. In other words, there's a prime opportunity to own a small business that's already been up and running and earning cash. Acquiring a business may sound like something that's only meant for rich people and private equity funds, but you can get started even if you don't have much money to make the purchase. However, much like any major financial decision, it requires careful planning and understanding your risk appetite. That's why we spoke to Codie Sanchez , founder of Contrarian Thinking , where she teaches people how to acquire and manage businesses. Read on to hear her advice for how to financially think about acquiring a business. Find the right business checking account to help manage and grow your company Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability. …