How Our Economy Is Leaving Us to Work Until We Die | Exclusive Interview with Codie Sanchez
Sep 22, 2023
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Codie Sanchez, a guest with economic insights and a personal mission in the business world, discusses the disappearance of retirement dreams, smart asset management, fear of starting a business, managing conflicts in relationships, emotional management, content strategy for growing brand and business, the problem with monopolies, building a newsletter without ads, pain tolerance in the business world, understanding financial terms, effective leadership amidst challenges, revitalizing Main Street, and the rise of creator-led agencies.
Retirement is no longer a viable dream due to changing job dynamics and absence of traditional benefits like pensions.
Having ownership and multiple income streams are crucial for financial freedom and entrepreneurship.
Owning assets and equity provide tax benefits and a path to generating wealth, contrasting with traditional jobs.
Fear and uncertainty can hinder progress, but perseverance and prioritizing what is important can overcome challenges.
Deep dives
The fading dream of retirement
The speaker discusses how retirement is no longer a viable dream due to changing job dynamics and the absence of traditional benefits like pensions. Social security and lack of equity ownership also contribute to the shift in retirement norms.
Creating small business owners and financially free humans
The speaker shares their personal mission to create 100,000 small business owners and one million financially free individuals. They emphasize the importance of having ownership and multiple income streams, highlighting the benefits of entrepreneurship and financial freedom.
Importance of owning assets and equity
The speaker discusses the advantages of owning assets and equity, highlighting how they provide tax benefits and a path to generating wealth. They contrast owning assets with traditional W2 jobs and emphasize the importance of building assets that can appreciate over time.
Overcoming fear and maintaining perseverance
The speaker reflects on their personal experience of being a 'scaredy cat' and how fear and uncertainty can hinder progress. They emphasize the importance of perseverance and understanding that most business challenges are survivable. They also share their unique skill stack and the importance of prioritizing what is important over what is urgent.
Cody Sanchez's Vision for Contrarian Thinking
Cody Sanchez envisions Contrarian Thinking as a multi-billion dollar company that serves as the infrastructure for small business acquisition and Main Street revitalization in the US. The goal is to enable an entire generation to easily access business ownership and shift the power from large corporations to small business owners. The vision is to create a space for communities to come together and rebuild the town square, fostering connections and economic growth.
Evaluating Businesses Through a Deal Box
Cody Sanchez explains the importance of having a deal box when evaluating businesses. The deal box includes criteria such as profit, revenue, profit margin, sector, and geography. Additionally, it considers financing methods and whether the business can serve as a platform for future acquisitions. Each criterion is customized to fit individual preferences, ensuring that businesses align with personal goals and skill sets.
Structuring Incentives for Operators
Cody Sanchez shares insights on structuring incentives for operators. Typically, equity is offered over a three to five-year vesting period, with potential milestone-based rewards. The equity percentage varies based on the company and the operator's role. Balancing equity with salary is crucial, considering the operator's financial stability and willingness to take on risk. Clear communication about the long-term vision is essential in establishing fair and motivating incentives.
The Rising Influence of Creators in Business
Cody Sanchez discusses the increasing influence of creators in the business world. While B2C creators have long held prominence, there is now a rise in B2B creators as well. However, Sanchez highlights the importance of understanding the power balance with operators. Both creators and operators play vital roles in the success of a business, with operators ensuring operational efficiency and sustainability alongside the creative vision provided by creators.
Codie Sanchez joins Eric Siu for an exclusive interview, during which she delves into her personal mission in the business world, shares her economic insights, details her step-by-step content creation process, discusses the book she's launching, and much more.
TIME-STAMPED SHOW NOTES:
[00:00] - Codie Sanchez thinks the dream of retirement for people is gone
[02:21] - Codie Sanchez’s personal mission and why
[06:20] - This is how smart and rich people manage assets and investments
[07:40] - Codie Sanchez’s unique skill and realizations as a founder
[11:34] - The mentality behind being scared to start a business
[14:00] - How you should manage conflicts in a relationship
[19:30] - How Codie Sanchez manages her emotions
[22:25] - How Codie Sanchez grew her audience, brand, and business through content strategy
[26:24] - The benefits of being “famous”
[28:12] - Codie Sanchez thinks monopolies are unhealthy for the economy
[28:40] - Codie Sanchez talks about Blackstone Inc.
[32:26] - How Codie Sanchez built her audience from 0 to 1 Million
[39:23] - Why Codie Sanchez’s favorite asset is her Newsletter
[42:09] - How Codie Sanchez is growing her newsletter subscribers
[47:11] - Codie Sanchez’s step-by-step content process strategy
[53:20] - The latest numbers of Codie Sanchez’s holding company
[01:01:25] - The book Codie Sanchez is planning to launch
[01:05:48] - Eric Siu and Codie Sanchez talk more about work operations.
[01:08:28] - The problem with buying businesses
[01:15:25] - Three types of operators for your company
[01:28:53] - Codie Sanchez’s learning stack right now
[01:33:55] - B2C Marketing is always ahead of B2B
[01:38:01] - Buy businesses with existing operations
[01:39:07] - How to find Codie Sanchez Online
What should I talk about next? Who should I interview? Please let me know onTwitteror in the comments below.
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