How to Buy a Boring Business: Part 1

12 Dec 2023 · 1 min

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In this opening segment of the "How to Buy a Boring Business" series, speaker A introduces entrepreneur Cody Sanchez, a former Goldman Sachs employee who now owns numerous laundromats. Speaker B asks for a step‑by‑step guide to acquiring a boring business. Speaker A outlines Step 1 – origination – which involves physically canvassing laundromats within a comfortable radius (about one mile), shaking hands with owners, and building rapport by acting like a regular customer. The goal is to identify the "perfect seller avatar" – typically owners aged 65+ who are ready to move on. Once such an owner is found, the buyer asks if they have ever considered selling, often receiving a positive response if the price and terms are right. The dialogue emphasizes hands‑on, relationship‑focused deal sourcing rather than digital or passive methods.

This is my friend Cody Sanchez.
Cody used to work at Goldman Sachs, and now she owns a shit ton of laundromats. Walk me through the step-by-step process for buying a boring business.
Step 1 is origination, or finding the deal. You go around to laundromats in a circumference that you feel comfortable with. I usually call it about a mile. You're gonna walk around and you're gonna do what people won't do these days and ages. You're going to reach out your hand and you're gonna shake hands with a bunch of owners. And your entire purpose is the next step, which is selling you. It's like, hey man, I love your laundromat. I come in here a lot. How long have you been doing it? At a certain point, if they hit your perfect seller avatar, which is they're ready to sell, they're ready to move on to the next thing, they're probably largely 65+, then you're going to ask them, have you ever thought about potentially selling your laundromat? Almost everybody's going to go, yeah, at the right price or the right terms, I would.
Part 2 of this video coming soon.