Building Wealth Through Boring Businesses and Other Contrarian Ways To Live and Invest with Codie Sanchez
#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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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
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