How to Build Wealth Buying Boring Businesses | Codie Sanchez

The James Altucher Show

James Altucher

Education, Business

4.6 • 2.7K Ratings

🗓️ 21 November 2023

⏱️ 78 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Everybody wondering how to build wealth should listen to this episode with Codie Sanchez. Codie is a mastermind in turning 'boring' businesses into profitable ventures. She explains the allure of investing in everyday businesses like laundromats and car washes, showcasing how these often-overlooked opportunities can be lucrative. She also reveals her top strategy for increasing sales in small businesses, a hack that has proven pivotal in her success.We then shift to Codie's unique acquisition technique, a method influenced by Amazon's business strategies. She provides valuable insights into this approach, demonstrating how it can be applied to various business models for maximum effectiveness. Additionally, Codie shares her perspective on the burgeoning legal cannabis market, offering her thoughts on its current state and future potential.In the final segment of today's episode, Codie and James discuss her "Contrarian Thinking" course and newsletter, which embody the essence of challenging conventional wisdom and investing in unconventional ideas. Codie elaborates on the core principles of the course, emphasizing the importance of 'investing in yourself,' a philosophy that resonates deeply with the themes of James' book "Choose Yourself." This episode is not just about investments and strategies; it's about the mindset and resilience required to excel in the world of business.The FREE Contrarian Thinking Newsletter | Free your mind. Build your bank account.Contrarian Thinking CoursesCodie Sanchez's Website-----------What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!------------Visit Notepd.com to read our idea lists & sign up to create your own!My new book, Skip the Line, is out! Make sure you get a copy wherever books are sold!Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast.------------Thank you so much for listening! If you like this episode, please rate, review, and subscribe to "The James Altucher Show" wherever you get your podcasts: Apple PodcastsStitcheriHeart RadioSpotifyFollow me on Social Media:YouTubeTwitterFacebook ------------What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!------------Visit Notepd.com to read our idea lists & sign up to create your own!My new book, Skip the Line, is out! Make sure you get a copy wherever books are sold!Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltuchershow.com------------Thank you so much for listening! If you like this episode, please rate, review, and subscribe to "The James Altucher Show" wherever you get your podcasts: Apple PodcastsiHeart RadioSpotifyFollow me on social media:YouTubeTwitterFacebookLinkedIn See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

Click on a timestamp to play from that location

0:00.0	Everybody who is wondering how the heck do I make money how the heck do I build wealth should listen to this
0:16.2	episode with Cody Sanchez she talks about how buying small, boring businesses
0:24.4	is basically the key to wealth.
0:27.2	And I believe this.
0:28.0	I 150% believe this strategy,
0:31.8	and she's done it, she's shown other people how to do it if you go to
0:35.6	her site contrarian thinking.co you can learn a lot more she has her newsletter she has
0:41.1	courses but she's been in the trenches, she's done the work, she knows
0:45.1	how to do it, and has loads of great advice on everything from business to relationships.
0:53.6	We talk about all of it in this episode, such a fun episode.
0:57.0	Here it is.
0:58.0	This isn't your average business podcast and he's not your average host.
1:07.0	This is the James Altiger show. So Cody you've been a huge inspiration to me because I agree with everything you say about business and particularly the path if someone just simply wants to get wealthy
1:35.0	There's two words you have to know, buying a healthy business and buying a boring business,
1:38.8	so healthy and boring equals wealth.
1:41.8	Yep, I agree.
1:44.0	Tell me how, like, did you start out like buying like a laundromat or like what did, or a car wash or like I started looking
1:51.6	at some of the sites that you recommended in one of your newsletters and I'm going to get back to your origin in a second.
1:57.0	I just want to ask you, like I saw this one company right near where I live right now.
2:01.0	It's a solid dry clean operation in an affluent area.
2:06.8	Cash flow $126,000 asking price $249,000, so less than two times cash flow, and they've never done any advertising.
2:16.0	So that's just, you could do advertising they claim to boost revenues.
	...

Please login to see the full transcript.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from James Altucher, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of James Altucher and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.