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Codie Sanchez on Buying Boring Businesses and The Secret to Wealth
Never Enough
Knowing which businesses to buy and having a criteria
To effectively identify suitable businesses for purchase, one must develop deal clarity, which focuses on three interrelated aspects: financial metrics, personal passions or obsessions, and areas of expertise where high probabilities of success exist. A viable business should generate sufficient profit, align with personal interests, and match individual strengths. Before making a purchase, an individual should assess their financial needs, interests, and skill sets, leading them to determine the type of business they should pursue. It is advised to start with simpler, more familiar industries, such as laundromats or car washes, progressing to more complex sectors as one's competencies grow. A key principle is to prioritize profitable, established businesses over turnarounds, ensuring the potential for clear communication about the business's operations and value. This approach fosters informed decision-making, ultimately enhancing the likelihood of success in entrepreneurship.
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