Codie Sanchez: The Business Model Quietly Creating Millionaires | Entrepreneurship | YAPClassic
episode
Young and Profiting (YAP) with Hala Taha: Entrepreneurship and Self-Improvement Podcast
1h 14m
3 speakers
8 chapters
transcribed 3 months ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
If I go to college and I become a roofer, that's not very cool. But if I become a marketer or a graphic designer, that's cool.
Why do boring businesses create real wealth?
Here's the problem. Roofers make way more fucking money. Ownership actually is a synonym for freedom. So the more that you own things, the less other people can tell you what to do.
What does ownership mean for financial freedom?
How do you see mom and pop boring businesses really evolving in the next five, ten years because of AI?
The first jobs that AI took were artists, copywriters, because AI lives online. You know where AI is gonna take longer? Painting companies, roofing companies, plumbing companies. The best ways to make money are super simple. If you wanna make more money, you should look at, and you will have a hard time being poor.
What's up, Yap gang? While everybody is chasing the next big idea, some entrepreneurs are quietly building wealth with businesses that most people overlook. On our Monday episode this week, David Royce shared how he built and sold a $500 million pest control company.
What are Main Street businesses and why are they overlooked?
Not glamorous at all, but wildly profitable. And today's Yap Classic guest, Cody Sanchez, has built her whole investing strategy around what she calls boring businesses. Turns out that some of the richest people out there are making serious money from roofing, plumbing, laundromats, landscaping, like some of the most unsexy businesses you can think of. In this episode, Cody walks us through how everyday people can start acquiring these businesses and why they might be the ultimate path to making extraordinary wealth. After this episode, I bet you're going to start seeing opportunities in places that you least expected. Let's dive in. Welcome to the show, Cody Sanchez. I'm thrilled to be here. Me too.
So last time you came on the show, we talked about your background, we talked about your contrarian investment views, and we talked about buying boring businesses, which I absolutely love.
How can you prepare to buy a boring business?
And now you have a new book out. It's called Main Street Millionaire. So I can't wait to find out how we can all become Main Street Millionaires. So my first question to you is trying to really understand some misconceptions that we have about rich people. When I think about rich people, I think about billionaires like Elon Musk and Jeff Bezos and tech entrepreneurs or celebrities like Oprah and Kim Kardashian. But tell me why you are challenging this idea. What stats and facts do you have about rich people? Let's start with a fun one.
What are creative financing secrets for entrepreneurs?
Okay.
If you want to know who the richest woman in the world is, this is as of the end of last year when the Forbes report came out. If you thought maybe it's T-Swift, I know she had a big tour. Wrong. She's like 34th on the list. If you thought it was Kim K, you'd also be wrong. She was like 21st on the list. If you thought that it was somebody like Oprah, also wrong, she doesn't even crack the top 10.
What hidden business opportunities can you buy?
Who is it actually? It is a woman who grew a roofing company to more than $15 billion in net worth. And so my point here is I think one of the biggest misconceptions with the really, really rich is that they do things that are really, really sexy. In fact, most of the richest people on the Forbes 100 list If they didn't inherit it from a boring business, they started a boring business or they bought businesses, aka finance. So, I think there's a matrix kind of like this. So, you know, on the vertical side of the matrix, you basically have the sexiness of a business, you know, from artists to musicians to actors.
What key financials should you check before buying a business?
And on the right side, you have the income or how much money you can make. And what it turns out is if you correlate the two, the sexier the industry, the fewer the people make an obscene amount of money in it. The more boring the industry, the more people make consistent high dollars in it. And so there seems to be a correlation between boring traditional everyday businesses that we need nonstop and more of us making money, which I thought was interesting.
That's so interesting, and we're gonna find out later why these boring businesses are so overlooked. But before we do that, you open up your book basically saying that we are programmed to be poor.
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Chapters
8 chapters
1
What is the main topic discussed in this episode?
0:00–0:07
2
Why do boring businesses create real wealth?
0:07–0:17
3
What does ownership mean for financial freedom?
0:17–1:00
4
What are Main Street businesses and why are they overlooked?
1:00–1:52
5
How can you prepare to buy a boring business?
1:52–2:26
6
What are creative financing secrets for entrepreneurs?
2:26–2:47
7
What hidden business opportunities can you buy?
2:47–3:30
8
What key financials should you check before buying a business?
3:30–1:14:53
Speakers
3 identifiedMore from Young and Profiting (YAP) with Hala Taha: Entrepreneurship and Self-Improvement Podcast
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