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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Resources Mentioned

Codie Sanchez: Website | Newsletter | Twitter | Instagram | YouTube

10 Step Deal Journey

Marriage Check-in: T.E.A.M.

Life Hacks: 1 in 60 Rule | Doing Less | 12 Simple Habits

ATH #91: Die With Zero: Net Fulfillment Over Net Worth

Why Japan is Giving Away Profitable Businesses for Free

Biz Scout

Outlive: The Science and Art of Longevity

Bill Perkins's Book: Die With Zero: Getting All You Can from Your Money and Your Life

Virtual Executive Assistants From Oceans XYZ

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

Connect with All the Hacks

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