Codie Sanchez, 7 Boring Businesses to Replace Your Income | Entrepreneurship | YAPClassic

Young and Profiting with Hala Taha

YAP Media Network | Hala Taha

Business, Entrepreneurship, Marketing

4.8 • 1.5K Ratings

🗓️ 6 December 2024

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

After climbing the ranks of the high finance ladder, Codie Sanchez felt lost. She was no longer in charge of her day-to-day life, despite her years of schooling and hard work. She decided to use the insights she had gained to build her own portfolio of what she calls “boring businesses.” Now, she is out to help others do the same, quickly becoming one of the biggest female business influencers in the world. In this episode, Codie breaks down her step-by-step approach to identifying, buying, and scaling small businesses that most people ignore but yield big returns. In this episode, Hala and Codie will discuss: (00:00) Introduction (03:18) From Journalism to Finance (05:11) Breaking Corporate Chains (08:09) Battling Bias as a Woman in Finance (11:21) Unorthodox Wealth Creation Strategies (20:00) Should You Really Diversify Your Income Streams? (24:06) Wealth from Boring Businesses (27:09) Six Creative Strategies to Buy a Business (35:11) Spotting Motivated Sellers (37:05) Key Metrics for Evaluating Businesses (40:27) Finding Hidden Gem Businesses (53:53) Codie’s Secrets to Success Codie Sanchez is the founder of Contrarian Thinking and co-founder of Unconventional Acquisitions, focusing on small business acquisitions and roll-ups in the micro-PE space. She runs a holding company of service-based SMBs under $10M EBITDA, emphasizing "boring businesses." She previously led First Trust’s $1B Latin America business and held leadership roles at Goldman Sachs, State Street, and Vanguard. She started her career as an award-winning journalist and has since become a recognized investor and thought leader. She holds an MBA from Georgetown University and serves on boards like Permian Investment and Magma Partners. Resources Mentioned: Contrarian Thinking: https://contrarianthinking.co/ Unconventional Acquisitions: https://unconventionalacquisitions.com/ Sponsored By: Airbnb - Find yourself a co-host at airbnb.com/host. Mint Mobile - To get a new 3-month premium wireless plan for just 15 bucks a month, go to mintmobile.com/profiting Found - Try Found for FREE at https://found.com/profiting Working Genius - Get 20% off the $25 Working Genius assessment at www.workinggenius.com/ with code PROFITING at checkout Shopify - Sign up for a one-dollar-per-month trial period at youngandprofiting.co/shopify Indeed - Get a $75 job credit at indeed.com/profiting Active Deals - youngandprofiting.com/deals Key YAP Links Reviews - ratethispodcast.com/yap Youtube - youtube.com/c/YoungandProfiting LinkedIn - linkedin.com/in/htaha/ Instagram - instagram.com/yapwithhala/ Social + Podcast Services: yapmedia.com Transcripts - youngandprofiting.com/episodes-new All Show Keywords: Entrepreneurship, entrepreneurship podcast, Business, Business podcast, Self Improvement, Self-Improvement, Personal development, Starting a business, Strategy, Investing, Sales, Selling, Psychology, Productivity, Entrepreneurs, AI, Artificial Intelligence, Technology, Marketing, Negotiation, Money, Finance, Side hustle, Startup, mental health, Career, Leadership, Mindset, Health, Growth mindset. Career, Success, Entrepreneurship, Productivity, Careers, Startup, Entrepreneurs, Business Ideas, Growth Hacks, Career Development, Money Management, Opportunities, Professionals, Workplace, Career podcast, Entrepreneurship podcast Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	What's up, Yap, fam? Earlier this week, we aired my latest interview with the remarkable investor, entrepreneur, and influencer, Cody Sanchez. We talked about the gospel of ownership and her new book, Main Street Millionaire. It's all about how you can become extraordinarily wealthy from buying very ordinary businesses. If you haven't checked it out, then believe me, you'll want to do so. But why stop there? Last year in episode 231, I interviewed Cody for the first time as you're
0:39.4	about to hear in this Yap classic. We talked about her background as an award-winning journalist,
0:45.0	her jobs at places like Goldman Sachs and Vanguard, and how she gave it all up to become an entrepreneur
0:50.3	and investor with her own portfolio of what she calls boring businesses.
0:55.9	Cody shared some of her contrarian investment ideas about how to earn horizontal
1:00.1	income and create multiple revenue streams, as well as some tips for buying boring
1:04.3	businesses like laundromats, car washes, or vending machines. So young improfitors take some
1:09.4	time this week and listen to both of these
1:11.4	conversations with Cody Sanchez. They're packed full of insights about how you can transform
1:16.1	yourself into a fully fledged, financially independent business owner by learning how to spot
1:21.1	some awesome investment opportunities that are right under your nose. And here she is, Cody Sanchez.
1:30.3	Cody, thank you so much for being here today on Young and Profiting Podcasts. Welcome to the show.
1:35.4	Thanks. I'm excited to be here. Finally, actually, since we messed up earlier. But now we're going to crush it.
1:41.0	Yeah, we had some technical difficulties, but all that matters is that you're here now. So
1:45.6	Usala, let's just have a great interview. We're very, very pumped to have you on the show. I was
1:50.1	telling you off camera how excited I was to have you on the show because it's not so often I have
1:55.3	such a great female business leader on the podcast, really few and far between. So I appreciate you coming on the show.
2:02.9	So you have an unorthodox background for an entrepreneur and investor. You actually started as a
2:07.3	journalist. You started back home in your state of Arizona. And not just any old journalists.
2:12.6	You were an award-winning journalist that covered really important issues like human trafficking,
2:16.9	drug smuggling,
2:18.0	and Mexico border issues. So can you tell us what made you get into journalism and why you
	...

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