Building Wealth Through Boring Businesses and Other Contrarian Ways To Live and Invest with Codie Sanchez

All the Hacks with Chris Hutchins

Chris Hutchins

Business, Education, Investing, Society & Culture, Places & Travel, Self-improvement

4.7 • 1.4K Ratings

🗓️ 7 June 2023

⏱️ 75 minutes

🔗️ Recording | iTunes | RSS

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Summary

#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 Partner Deals Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth Rocket Money: Easily cancel your unused subscriptions Inside Tracker: 20% off personalized wellness & nutrition plans backed by science AG1: Free 1 year supply of Vitamin D and 5 free travel packs MasterClass: Learn from the world's best with 15% off 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 All the Hacks: Newsletter | Website | Facebook | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Editor’s Note: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Transcript

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0:00.0	Hello, and welcome to another episode of All the Hacks, a show about upgrading your
0:05.7	life, money, and travel.
0:07.8	I'm Chris Hutchins, and I'm so excited you're here today.
0:10.4	Now, when I think of a small business like a laundromat, I don't usually think of it
0:14.4	as an investment opportunity, let alone a cash flow business that could make millions
0:18.4	of dollars.
0:19.6	But my guest today, Cody Sanchez, quit a lucrative career in finance to start investing in what
0:25.4	she calls boring businesses like laundromats, car washes, vending machines, and since then,
0:31.4	she's successfully built a $50 million portfolio out of it.
0:35.4	She is a true contrarian thinker who has an exceptional ability to see beyond the surface
0:40.6	and find hidden opportunities that others often overlook because they seem too boring or
0:45.1	unexciting.
0:46.4	Cody also runs contrarian thinking where she uses her own experience to teach people to
0:50.7	think critically and build cash flow unconventionally.
0:54.2	We're going to talk about how anyone can start investing in these small boring businesses,
0:58.5	why you might want to, what you might want to look out for, the do's and don'ts of deal-making,
1:03.8	different ways to incorporate contrarian thinking into our daily routine and our relationships,
1:08.2	and a lot more.
1:09.5	So let's jump in right after this.
1:13.3	When it comes to building wealth, taxes are such a big part of the strategy, and even
1:17.8	if you've already filed, being proactive about this year to lower your future liability
1:21.9	is so important.
	...

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