Never Enough

Codie Sanchez on Buying Boring Businesses and The Secret to Wealth

145 snips
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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