Industry Competence is not that Important When Buying Small Businesses

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The key to buying small businesses is understanding the deal, reading financial statements like balance sheets and profit, and loss statements, and being able to connect with experts who can provide answers. While industry competence can be helpful, it is not a critical factor. Leveraging platforms like Reddit with industry professionals can provide valuable insights, and seeking advice from experts can help in overcoming the fear of the unknown and acquiring the needed knowledge and skills to run a business successfully.

In this new episode Steven sits down with founder, CEO and self-titled "Boring Biz" lady, Codie Sanchez

Codie starter her career as a JFK award winning journalist covering human trafficking. In a career change, Codie entered the world of finance, and is a former partner at private equity firm EEC, and built First Trust’s $1 billion+ AUM Latin America business. She is the Founder of ‘Contrarian Thinking’ and the Cofounder of ‘Unconventional Acquisitions’, which focuses on purchasing small or what Codie calls ‘boring’ businesses as a way to achieve financial freedom. Codie has appeared on CNBC, Fox, Forbes, Fast Company, Entrepreneur, People en Español, Business Wire.

In this conversation Codie and Steven discuss topics, such as: