[Lacey]

For example, a local commercial pressure washing business or plumbing business where the founder/owner wants to cash out and retire, and the established managers and employees continue to run the business.

This is something I’ve been researching and considering as a way to maybe “dig with a shovel, not a spoon” toward FI. I also like the idea of expanding beyond W2 mindset/income.

But as we know from initiating a google/YouTube research expedition on literally any money-making strategy… there are so many gimmicky influencers who are just trying to sell you a coaching course. Now, I’m not opposed to spending money to learn things, but I’m skeptical about the phoniness of most of these.

I’d love to hear insights or some direction-pointing or warnings from someone who has actually done this, either successfully (or maybe not so successfully too!).

[Michael]

One issue of buying an owner/operator business is how to manage it. Are you buying a cash flowing business independent of you or are you buying a job?

I looked into buying a plumbing and heating business but realized that I’d simply be buying a job that paid less than the one I had.

A good friend bought a vending business and is still amazed at how much time it takes to run it- even with a manager.

Don’t miss: Any tips for starting a small business for the first time?

[Julie]

I would urge you to consider your time. The ideas you listed need a person to run them and therefore will either take your time, or require an employee.

Maybe think along the lines of a business that doesn’t need a full-time employee. Or something that is time intensive at the beginning, but will even out later.

[Jim]

One of my clients recently purchased a fully operational tree/plant nursery and is cash flow positive after his SBA loan 4-6 months in. It’s a hell of a risk, but meets the goals him and his wife have of being financially independent.

When we began researching business opportunities (bizbuysell. com was one place to look) there were several folks just looking to sell as a means for them to retire or they didn’t want to burden their kids with the family business down the road.

[Author]

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