This session, led by Cody, covered in detail the process of acquiring small businesses as a proven path to building wealth, especially through acquisitions and seller financing, even with limited upfront capital.
Cody shared strategies for identifying acquisition targets, building a deal pipeline, and using tools like deal boxes and platforms such as Biscout for both on-market and off-market business sourcing.
Attendees received actionable frameworks, step-by-step processes, and real-world examples of successful deals, as well as mindset and accountability tactics necessary to sustain a consistent acquisition effort.
The discussion incorporated both broad industry data and practical exercises to help participants move from intention to business purchase, emphasizing the importance of criteria, outreach, tracking, and community support.
Action Items
No specific dated tasks or owners from this session, as this was an educational masterclass rather than a working meeting. However, implicit next steps for attendees include:
All Attendees: Define personal acquisition criteria ("deal box") for target businesses.
All Attendees: Set up notifications and begin searching using Biscout or similar platforms.
All Attendees: Identify an accountability partner or join a relevant community for support.
All Attendees: Begin outreach to potential sellers, brokers, or through off-market channels as described.
All Attendees: Track deals and progress using the outlined CRM or deal tracker methods.
Why Acquisitions Are a Proven Wealth Strategy
Acquisitions have powered the success of the world’s wealthiest individuals and leading companies; nearly all on the Forbes 100 have acquired businesses.
Statistical evidence shows business owners who buy businesses (especially with creative financing) have a higher success rate than traditional startups.
Seller financing is often underutilized but is viable for buyers with limited upfront capital and can provide tax and timing benefits for sellers.
Understanding Seller Motivation (the 7 Ds)
Most small business owners are older (average age: 67) and are frequently motivated to sell by one or more of the “7 Ds”: Departure (retirement), Divorce, Disease, Disagreement, Distress, Death, and Dullness (boredom/burnout).
Buyers should screen for sellers with these motivations, as they’re more likely to consider seller financing and pragmatic deal terms.
Ideal Acquisition Targets and Seller Avatars
Best candidates are established, low-competition, brick-and-mortar, sub-$10M revenue, with simple business models and owners lacking a succession plan.
The more criteria that match (using the provided checklist), the more likely a seller is to accept creative financing or flexible terms.
Buyers should avoid fast-growing, trendy, or highly competitive businesses unless they have significant acquisition experience.
Setting Up a Deal Box (Acquisition Criteria)
Buyers must define specific acquisition criteria, including cash flow needs, operator requirements, financing preferences, location and sector, must-haves, and can’t-haves.
A well-defined deal box enables focused search and effective screening, reducing distractions and wasted effort.
Sourcing Deals: On-Market vs. Off-Market
On-market deals: Listed publicly, often with brokers, typically more competition and higher prices but faster processes.
Off-market deals: Unlisted and require proactive outreach, usually slower with more negotiation opportunities, but less competition and potentially better pricing/terms.
Practical Deal Sourcing Tactics
Use deal platforms (Biscout, BizBuySell, Flippa, Loopnet) and set up targeted filters and notifications.
For off-market: Review personal/household spend (Venmo, PayPal, credit cards) for local service providers, and proactively reach out to those business owners.
Leverage workplace contacts (“9-to-5 strategy”), personal networks, accountants, attorneys, local chambers, social media, and industry groups.
Document intent to buy businesses in LinkedIn or social profiles, and consistently communicate acquisition interest for inbound referrals.
Effective Outreach and Process Management
Professional, concise outbound messaging increases broker and seller responsiveness.
Track deal pipeline metrics: number of listings reviewed, NDAs signed, LOIs submitted, due diligence completed, offers, closings.
Use a CRM or deal tracker to monitor progress and maintain a sufficient deal funnel.
Mindset, Accountability, and Consistency
Consistency in deal sourcing and outreach is crucial; set weekly activity goals and celebrate small wins.
Using an accountability partner/community dramatically improves follow-through and outcomes.
Long-term wealth through acquisitions accrues from persistent, iterative effort—not one-off actions.
Real-Life Examples and Case Studies
Multiple stories shared of individuals transitioning from zero business experience to multiple acquisitions by following the outlined frameworks.
Case studies include hands-on tactics such as structured outreach, deal tracking, using seller motivation, and negotiating creative financing.
Decisions
Strategic focus on acquisitions (not just startups), with an emphasis on targeting “seller financing avatars” and using structured outreach and tracking tools, is the recommended method for aspiring business buyers — due to statistical success rates and real-world case studies.
Open Questions / Follow-Ups
None specified by the host or attendees; individual action required is to put frameworks into practice and seek further support as needed (e.g., joining the Contrarian Community, consulting with M&A advisors).