Codie Sanchez: How to Make Extraordinary Wealth Buying Boring Businesses | Finance | E320

Young and Profiting with Hala Taha

YAP Media Network | Hala Taha

Business, Entrepreneurship, Marketing

4.8 • 1.5K Ratings

🗓️ 2 December 2024

⏱️ 78 minutes

🔗️ Recording | iTunes | RSS

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Summary

Codie Sanchez started out on the traditional corporate path, working long hours and steadily rising through the ranks. But she soon noticed a pattern: the wealthiest people weren't just starting flashy tech companies—they were buying "boring businesses." Codie decided to break away from the corporate world to invest in steady, everyday businesses that others ignored, like laundromats and vending machines, building her wealth that way. In today’s episode, Hala and Codie dive into how these unglamorous businesses can be your ticket to financial freedom and why sometimes the smartest move is going against the grain. In this episode, Hala and Codie will discuss: (00:00) Introduction (01:58) Wealth Myths Shattered (05:55) The Power of Ownership (10:59) True Entrepreneurship vs. Just Another Job (15:14) Main Street Businesses: The Hidden Wealth Builders (25:03) How to Prep to Buy a Business (32:49) Creative Financing Secrets (38:20) Where to Hunt for Business Deals (43:00) Go Strategic or Diversify? (47:42) Key Financials Before You Buy (49:56) Scaling Smarter, Not Harder (52:00) Plotting the Perfect Exit Strategy (59:43) AI & The Future of “Boring” Business 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: Codie’s Book, Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses: https://codiesanchez.com/book/ 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 Finance, Financial, Personal Finance, Wealth, Stock Market, Scalability, Investment, Financial Freedom, Risk Management, Financial Planning, Business Coaching, Finance podcast, Investing, Saving, Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	If I go to college and I become a roofer, that's not very cool.
0:05.0	But if I become a marketer or a graphic designer, that's cool.
0:08.0	Here's the problem.
0:09.0	Roofers make way more fucking money.
0:11.0	Ownership actually is a synonym for freedom.
0:13.0	So the more that you own things, the less other people can tell you what to do.
0:18.0	How do you see mom and pop boring businesses really evolving in the next five, ten years
0:23.5	because of AI?
0:24.7	The first jobs that AI took were artists, copywriters because AI lives online.
0:30.7	You know where AI is going to take longer?
0:33.2	Painting companies, roofing companies, plumbing companies.
0:37.0	The best ways to make money are super simple.
0:39.3	If you want to make more money, you should look at...
0:41.3	And you will have a hard time being poor.
0:43.3	You will have a hard time being poor. Young and Profiters as an entrepreneurship podcast, we're often talking about starting new sexy businesses.
1:09.1	I'm an inventor and so I always love to talk about inventing and innovating and
1:12.9	tech and AI and all these sexy things. But sometimes we overlook really great opportunities when it
1:20.1	comes to boring businesses. Buying existing businesses that are often overlooked. I'm talking about
1:26.2	laundromats, vending machines,
1:28.8	landscaping services. There's so many businesses out there that are ripe for the picking.
1:34.5	My guest today is an investment expert who has built up her own portfolio of what she calls
1:39.2	boring businesses. Cody Sanchez is the co-founder of Contrarian thinking newsletter and unconventional acquisitions,
	...

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