Codie Sanchez on Buying Boring Businesses and The Secret to Wealth

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Sep 3, 2024

Codie Sanchez, founder of Contrarian Thinking and a fervent advocate for Main Street entrepreneurship, dives into the world of 'boring' businesses like car washes and laundromats that often yield higher profits. She shares her transition from private equity to local ownership and the importance of embracing AI in traditional industries. Codie emphasizes the value of community-driven wealth-building and offers insights from her upcoming book, 'Main Street Millionaire,' making a compelling case for practical investment in overlooked sectors.

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ADVICE

Gradual Ownership

Gradually acquire partial ownership in companies to learn about business operations.
Avoid going all-in immediately when buying a business.

INSIGHT

Career Shifts

Two types of career-changing events exist: climate change (3-5% shifts) and weather patterns (20-50% shifts).
COVID-19 served as a weather pattern event, significantly altering career trajectories.

ANECDOTE

Car Wash Business

Codie Sanchez's first boring business was a laundromat, followed by car washes.
She prefers self-serve car washes, starting with simple, low-risk models.

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About the Episode

Can the path to financial freedom be paved with boring businesses?

In this episode, Andrew sits down with Codie Sanchez, a founder, entrepreneur, and investor who's redefining success in the business world.

Codie is the founder and CEO of Contrarian Thinking, a digital education company with over 7 million followers, and Main Street Hold Co, a small business holding company. She's also the driving force behind Contrarian Thinking Capital, a firm investing in companies that support small business growth.

In this conversation, Codie shares her journey from working in private equity to becoming a champion for Main Street entrepreneurship. She discusses the power of "boring" businesses, the importance of deal clarity, and why she believes ownership is under attack in the U.S. Codie also offers insights from her upcoming book, "Main Street Millionaire," which promises to be an MBA-level guide to mergers and acquisitions for everyday entrepreneurs.

Join us as we explore

Codie’s journey from working in Vanguard to owning multiple businesses of her own
The appeal of boring businesses
Strategies to help you know whether the businesses you want to buy or start are actually any good
AI and technology’s impact on businesses and the job market
Codie’s perspective on fame, navigating challenges, and her aspirations
People and products that she’s been loving lately

Maybe you’re itching to start your own venture. Or perhaps you’re an investor looking to expand your portfolio. Codie’s insights will surely steer you towards success. Tune in for a powerful conversation that unpacks the secrets of what it takes to win in business.

People Mentioned

Resources Mentioned

Chapters

00:00 - Intro
00:42 - Catching Up With Codie
5:01 - Codie’s Entrepreneurial Journey
8:51 - Why Boring Businesses Are Great
13:23 - What Businesses Do You Buy?
16:07 - How to Tell If Your Businesses Ideas Are Good
18:37 - Weird But Profitable Businesses
21:24 - Businesses AI Will Disrupt
23:33 - Integrating Tech In Businesses
25:15 - White Collar Workers Shifting to Blue Collar Jobs
30:57 - Fame’s Impact on Codie’s Life
36:00 - Codie’s Goals For the Future
37:51 - Dealing Tough Days
41:53 - Codie’s Book
43:48 - Codie’s Product Recommendations
47:38 - People Codie Finds Interesting

🔗 Find Codie on:

Twitter/X: @Codie_Sanchez
Instagram: @codiesanchez
Tiktok: @realcodiesanchez
Youtube: @CodieSanchezCT
Website: https://www.codiesanchez.com/

🔗 Find Andrew on:

Twitter/X: @awilkinson
LinkedIn: @awilkinson
Website: https://www.neverenough.com/
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