#119: Entrepreneur and investor, Codie Sanchez joins to discuss unconventional ways to create wealth through often-overlooked “boring” businesses like laundromats, car washes and vending machines. She also shares her expertise in the art of deal-making, financing options for buying a business, diversifying investments, and applying contrarian thought into our daily routines and relationships.
Codie Sanchez (@CodieSanchez) is the founder and CEO of Contrarian Thinking, a media company and newsletter dedicated to challenging traditional investing norms and empowering individuals to think differently about wealth creation. She is currently on a mission to create 100,000 business owners, and 1,000,000 financially free humans.
Link to Full Show Notes: https://allthehacks.com/boring-businesses-codie-sanchez
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Resources Mentioned
Codie Sanchez: Website | Newsletter | Twitter | Instagram | YouTube
ATH #91: Die With Zero: Net Fulfillment Over Net Worth
Why Japan is Giving Away Profitable Businesses for Free
Biz Scout
Outlive: The Science and Art of Longevity
Bill Perkins's Book: Die With Zero: Getting All You Can from Your Money and Your Life
Virtual Executive Assistants From Oceans XYZ
Full Show Notes
(02:31) Challenging the Status Quo with Contrarian Thinking
(05:50) Codie's Inception of Investing in "Boring" Businesses
(08:50) Is Buying Small Businesses for Everyone?
(10:59) Buying a Business as a Full-Time Gig vs. a Side Hustle
(14:46) The Reason Why Buying Boring Businesses Isn’t Popular
(16:52) Do You Need to Be an Expert to Buy a Business?
(17:41) The Importance of Deal Making
(21:48) Why Deals Go Wrong
(23:57) An Example of a Bad Deal
(26:08) The Success Rate of Buying Small Businesses
(31:50) Seller Financing
(32:47) Finding Small Business Opportunities
(35:33) Why Terms Are More Important Than Price
(36:22) Playing the Right Games
(43:37) Diversifying Investments
(44:29) Points & Miles: A Side Benefit to Owning Businesses
(50:08) Where & How to Invest Your Time
(55:13) Aiming for Bigger
(59:58) External Financing
(1:03:01) Outsourcing Virtual Assistants
(1:09:45) The TEAM Rule for Relationships
Connect with All the Hacks
All the Hacks: Newsletter | Website | Membership | Email
Chris Hutchins: Twitter | Instagram | Website | LinkedIn
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