Young and Profiting with Hala Taha (Entrepreneurship, Sales, Marketing)
Codie Sanchez, 7 Boring Businesses to Replace Your Income | Entrepreneurship | YAPClassic
06 Dec 2024
What inspired Codie Sanchez to leave journalism for finance?
And he's like, you know, I went to my boss essentially and I sat him down and I said, hey, I don't know if you were ever thinking about this, but if you ever were going to retire from the business or think about selling the business, I'd love to talk to you about it because I would love to buy this business from you.
And I'd have to figure out a creative way to get cash to do it because I don't have a lot. But if you're ever looking for somebody to take over your business, I'd love to have that conversation. And his boss basically was like, oh, this is great. I'm ready to retire. I just, none of my kids wanted this. I didn't really have any idea.
Would you want to start figuring out a plan inside the next 30 days? He's like, I only really, I want to work like two days a week, but I don't want to work five. You could just use the profits from the business to buy it from me. I can watch and make sure you're doing a good job. And if you hit all your metrics within 90 days, we start to transition over. He literally had the whole plan.
for his employee. And that doesn't happen every time, but you'd be so surprised, or actually you wouldn't probably, but people listening would be surprised how often running a business is so tiring after 10, 20, 30, 40 years. They're like, please, dear God, take the thing. But I don't want to just shut it because it's my baby too.
Yeah. Seller financing is something that we really don't think about often. So it's very interesting. And something else to your point right now is finding a highly motivated person who wants to sell their business. So talk to us about what we should look for and why it's so important to find somebody who's actually highly motivated to sell their business.
It's so true. I think you never sell anyone anything. You only find people who are already predisposed to want what you're selling. You find people who are ready to sell. You don't teach people that they need to sell. In that case, they kind of look like this. There's two archetypes, if you could think about it. there's you. You are a young entrepreneur.
You've only been doing it for five years or less. You're excited. Your business is growing. It's in a cool industry. Your brand's associated with it. There's all this optionality.
You might take some cash as investment if you wanted to accelerate your company, but you're probably not ready to sell your business because you're still excited and there's all this room for growth and you have a cool curve. The opposite, what we're looking for is somebody who's probably over 50. They've run the business for five years or more.
The business has very marginal growth, 3% to 5% growth a year. They've been running this business in an area that's pretty commoditized. Think roofing companies, landscaping, accounting, and they don't have a big growth plan for the business, they work a lot typically, or they're looking for change because of death, divorce, disease, unhappiness.
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