The BetterLife Podcast: Wealth | Real Estate Investing | Life
#11: Codie Sanchez
Episode guests
Podcast summary created with Snipd AI
Quick takeaways
- Building an audience and leveraging social media can have a mind-blowing power.
- Negotiation skills and consistently adding value can pave the way for higher salaries and better opportunities.
- Utilize downtime to learn new skills and explore additional income streams for financial growth.
- Develop a mindset of recognizing opportunities and thinking like a deal maker for financial success.
- Establishing a relationship with the owner is crucial when looking to acquire a business.
Deep dives
Importance of Becoming Obsessed with the Game of Business
In order to achieve success in business, it is crucial to become obsessed with the game itself. This means learning to love the process and not just the desired outcome. By immersing oneself in the game, everything becomes easier and success becomes more attainable.
The Power of Negotiation and Increasing Earning Potential
In order to achieve financial freedom, it is important to increase one's earning potential. This can be done through effective negotiation and constantly striving to provide more value to the company. By mastering negotiation skills and consistently adding value, individuals can pave the way for higher salaries and better opportunities.
Taking Advantage of Down Time to Learn and Grow
For individuals in professions with limited negotiation abilities, such as teachers or firefighters, it is crucial to utilize downtime to learn new skills and explore additional income streams. By acquiring new skills and knowledge, individuals can position themselves for higher-paying opportunities and potentially start their own side businesses.
Unlocking the Matrix and Recognizing Opportunities
Developing a mindset of recognizing opportunities and thinking like a deal maker is essential for achieving financial success. By understanding how businesses operate and constantly seeking out new possibilities, individuals can open themselves up to a world of opportunities and potential income streams.
Building Relationships and Trust
When looking to acquire a business, it's important to establish a relationship with the owner. Take the time to get to know them and show genuine interest in their business. This will help build trust and make them more open to selling to you.
Overcoming Fear and Doubt
Sometimes the fear of buying a larger business can hold you back. It's important to recognize and address these fears by seeking support and advice from other experienced business buyers. Surrounding yourself with a community of like-minded individuals can help normalize the process and alleviate doubts.
Taking a Step-by-Step Approach
When pursuing a business acquisition, it's best to take a step-by-step approach. Start by establishing a relationship with the owner, demonstrating your interest in their business. As trust is built, move towards discussing financials and exploring the potential acquisition. By following this methodical process, you can address concerns, gather the necessary information, and make informed decisions.
Opportunity in Self-Storage
Self-storage is an industry with significant growth potential, offering opportunities for investors. Despite the cyclic nature of the economy, self-storage remains resilient, driven by the continuous consumer demand for storage space. With commercial real estate, especially office spaces, facing potential challenges, self-storage can provide a viable alternative. The transition of office spaces into self-storage facilities presents an opportunity for investors to capitalize on the rising need for storage units, fueled by Americans' continued consumption habits.
The Advantages of Buying Boring Businesses
Rather than focusing solely on high-growth tech startups, there are benefits to buying so-called 'boring businesses.' Unlike startups, boring businesses offer stability, profitability, and the potential to achieve a better quality of life. Investing in business ownership provides the opportunity to build wealth while pursuing personal goals and enjoying a work-life balance. The inflation-resistant nature of businesses allows for increased profits and revenue over time. By focusing on businesses that align with their expertise and values, individuals can experience greater purpose, financial freedom, and community engagement.
Codie Sanchez owns a portfolio of dozens of "boring businesses" that bring in more than $50 million in annual revenue. She also founded Contrarian Thinking, a financial media company with 100 million views per month.
Codie's journey began as a journalist covering stories along the US-Mexico border, before she transitioned to a career in finance and private equity investing.
Today Codie covers:
- The mind-blowing power of building an audience and leveraging social media
- Her top 3 tips for young people pursuing financial freedom
- Secrets to negotiating a pay raise
- Surrounding oneself with high-performing individuals for personal growth and success
- Upcoming opportunities in real estate
- The rationale behind her focus on "boring businesses" and why they hold tremendous potential for long-term success
- Her comprehensive 10-step process for acquiring businesses
Codie’s charitable cause: SEAL Future Foundation, an organization dedicated to helping SEALs transition and fulfill their full potential in civilian life
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