How Codie Sanchez Built a $50 Million Portfolio of Boring Businesses, and the #1 Skill to Learn in a Recession

Founder's Journal

Morning Brew

Entrepreneurship, Careers, Business

4.8 • 1.1K Ratings

🗓️ 22 November 2022

⏱️ 59 minutes

🔗️ Recording | iTunes | RSS

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Summary

Episode 8: Today, host Alex Lieberman (@businessbarista) is flying solo for a very special episode of The Crazy Ones featuring founder and private equity investor Codie Sanchez (@codie_sanchez). Codie has made millions from buying boring businesses (think laundromats, carwashes, and AirBnBs), and has also amassed an audience of over 3 million followers with her media company, Contrarian Thinking. Listen to hear Codie tell Alex about how to determine which boring businesses are actually worth investing in, how to hire good operators, and the art of deal structuring and negotiation. #TheCrazyOnes #Startups #Entrepreneur Listen to The Crazy Ones here: https://link.chtbl.com/OV4W93_W Subscribe to Morning Brew! Sign up for free today: https://bit.ly/morningbrewyt Follow The Brew! Instagram - https://www.instagram.com/morningbrew/ Twitter - https://twitter.com/MorningBrew Tik Tok - https://www.tiktok.com/@morningbrew Follow Our Hosts! Alex Lieberman (@businessbarista) Sophia Amoruso (@sophiaamoruso) Jesse Pujji (@jspujji) 00:44 - Intro 01:40 - The Rundown 03:13 - How Codie got to where she is today 06:08 - The first boring business Codie bought 10:30 - What lessons Codie has learned around deal-structuring and negotiation 18:09 - The best negotiations Codie has ever done 21:45 - What makes a great operator for your boring business 23:52 - How Codie scares away a bad hire 26:05 - What boring businesses are catching Codie’s eye right now 33:22 - Why Codie is fascinated with Reese Witherspoon’s business model 36:59 - Why Codie decided to dive deep into content creation 46:10 - How Codie’s boring businesses compare with her media business 48:15 - What Codie has learned about leadership 50:38 - Codie’s hot takes and spiky opinions Links: Contrarian Thinking Newsletter Codie Sanchez YouTube Channel Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	There's a difference in a feeling between when you go into a megastore and when you go into a normal store.
0:07.4	And I think in every aspect of our lives, when we were locked up for two years,
0:11.9	we basically realized, man, my community matters a lot, especially if I can't travel around.
0:17.0	Man, my job matters a lot if I'm spending all this time at it and I can't be distracted by the
0:21.6	foosballs tables at the office. And the things that I spend my life doing have a real impact.
0:28.0	And so I think boring businesses get people excited because like,
0:30.7	ah, I don't have to start the next Tesla in order to like make money and have an incredible life.
0:35.5	I could just take over a boring business. It seems reasonable and it seems like noble work
0:42.0	and it seems like something they can do.
0:44.6	What's up everyone? I'm Alex Lieberman.
0:46.8	And I'm Sophia Emery's though.
0:48.6	Yo, this is Jesse Pooji.
0:51.1	And this is the crazy ones.
0:53.4	All right, everyone. Welcome back to the crazy ones, a show by entrepreneurs,
1:00.4	four entrepreneurs. As you can tell, the setup is a little bit different today.
1:05.2	I am without my amazing co-host Sophia and Maruso, aka the Dean and Jesse Pooji, aka Baby Buffet.
1:12.4	Also, if you didn't listen to last episode, I've been given a nickname by our listeners
1:18.2	called the Mailman. Jesse wants me to be called, I think something, uh,
1:22.2	mate, baby Murdoch, Murdoch, something related to media, but I like the Mailman better.
1:27.4	We're going to try something different today though because Sophia is in Helsinki at a conference.
1:32.7	I don't know where Jesse is. I'm going to be having an amazing conversation with a friend,
1:39.3	uh, an amazing entrepreneur, an amazing investor, a great, uh, media,
	...

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