Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses
- Harshal
- Jun 4
- 4 min read
Updated: Jun 7
Book Review: 2/5 Impact On Me (Book By Codie Sanchez)
Read more about the book here

Instead of starting a business, the book suggests buying an existing one—preferably a small, local, cash-flowing business that doesn’t rely heavily on intellectual property. You can often finance it with a loan. This approach gives you steady income and is a strong path to wealth.
The author argues that your salary alone won’t set you free. Many people mistakenly quit their jobs to become freelancers, thinking it will make them rich. But freelancing still means trading time for money.
Warren Buffett famously said: "If you can't find a way to make money while you sleep, you will be poor."
The author introduces a framework for becoming RICH:
R: Right fit for you. Do your research.
I: Invest using a loan or other financing.
C: Don’t buy yourself a job.
H: Harness and scale through owning multiple businesses.
The author herself started by buying a laundromat while still working full-time.
A large number of Baby Boomer-owned Main Street businesses will shut down because their kids don’t want to run them. That creates opportunities.
She describes 3 levels of businesses:
Level 1: No processes. Can be solo. Examples: laundromats, self-service car washes, camping sites, vending machines.
Level 2: Contracting trades, cleaning services, education.
Level 3: Mid-market firms with structure and processes in place.
Most audiobook listeners will probably be suited to Level 1 or 2 businesses.
If you want to buy a digital business, don’t chase dreams. Buy real, profitable ones with a long track record (Lindy effect). Look on platforms like Flippa.
Avoid:
Retail boutiques
Restaurants
Hotels
Consulting firms (unless there are multiple consultants and productized services)
Fulfillment by Amazon
Dropshipping
Dry cleaners
These types of businesses often have key-person risk, low chances of success, high fixed costs, or regulatory/toxic concerns. Consulting also often requires doing unpaid work through RFPs (requests for proposals).
The author says the right business fit lies at the intersection of passion, network, and capabilities:
Passion: What can you enjoy doing for hours?
Network: Who do you know with experience or relevant skills?
I liked the 16 criteria the author outlined for spotting a local, owner-led, profitable business to acquire. She emphasizes the value of knocking on doors and speaking to owners directly.
A practical tip she shared:
Review your own expenses and see where you spend money outside of large corporations. That’s your starting point. For me, it would be cleaning services and childminding. Estimate their annual revenue. Then approach them to help grow their client base or hire more people. Offer to help in exchange for a portion of the gains.
I’ve tried this. I offered to help my electrician grow, but he said it’s hard to hire another certified electrician who works like he does, so he doesn't want to take on more clients.
There’s an irony here. The author criticizes consulting due to unpaid RFP work, but she herself encourages doing unpaid work when talking to owners and proposing help. Her approach is essentially value-based consulting: offer a skill (e.g., marketing) in exchange for a share of results. I’ve tried this too. It's hard to convince small service businesses. Many can’t handle more clients.
She highlights the value of creative financing. For example, if a bank offers a loan at a certain interest rate, you can use that to negotiate terms with the seller. You could offer to pay slightly more if the seller allows installment payments instead of full payment upfront.
She also warns against choosing business partners lightly. You need someone with more experience. Do smaller test projects before committing.
Some parts were confusing. She warns against e-commerce businesses, but then discusses acquiring intellectual property. On the "Invest" part of RICH, she says you either control price or terms. But terms often influence price—for example, agreeing to a higher price contingent on performance.
She stresses having a friendly relationship with the seller. Unlike home-buying, where you blindly sign legalese, here you must engage. Her example of flipping legal drafts was helpful: receive theirs, have your lawyer review, then send your own draft that better protects your interests.
A bad partner can ruin everything.
She insists on visiting the seller’s physical location, talking to them, and observing operations.
If the seller quotes a high price, use a "wince" technique to prompt justification. Then use Chris Voss’s "How am I supposed to do that?" tactic. Blame market factors or bank loan limitations to negotiate.
If hiring an operator, pay them well. Combine a cash salary with a bonus tied to revenue growth, margin protection, and retention of key staff.
Always assume the previous owner knows more. Enter with humility. Learn and ask questions.
She also covers how to expand once you've landed your first business, including finding adjacent niches. Eventually, you can exit to private equity or a strategic buyer after improving the business.
I rate the impact of this book on me 2 out of 5.
The book provided some practical frameworks and offered one perspective on building wealth. Given my entrepreneurial curiosity, the alternative paths beyond full-time jobs were appealing.
However, I found some advice to be contradictory or unrealistic based on my experience. Some suggestions seemed impractical. I disagreed with several points, particularly the critique of consulting, despite promoting a consulting-style engagement. Still, it gave me useful food for thought.