Codie Sanchez on Buying Boring Businesses and The Secret to Wealth

09/03/24 • 49 min

About the Episode
Can the path to financial freedom be paved with boring businesses?
In this episode, Andrew sits down with Codie Sanchez, a founder, entrepreneur, and investor who's redefining success in the business world.

Codie is the founder and CEO of Contrarian Thinking, a digital education company with over 7 million followers, and Main Street Hold Co, a small business holding company. She's also the driving force behind Contrarian Thinking Capital, a firm investing in companies that support small business growth.

In this conversation, Codie shares her journey from working in private equity to becoming a champion for Main Street entrepreneurship. She discusses the power of "boring" businesses, the importance of deal clarity, and why she believes ownership is under attack in the U.S. Codie also offers insights from her upcoming book, "Main Street Millionaire," which promises to be an MBA-level guide to mergers and acquisitions for everyday entrepreneurs.

Join us as we explore

Codie’s journey from working in Vanguard to owning multiple businesses of her own
The appeal of boring businesses
Strategies to help you know whether the businesses you want to buy or start are actually any good
AI and technology’s impact on businesses and the job market
Codie’s perspective on fame, navigating challenges, and her aspirations
People and products that she’s been loving lately

Maybe you’re itching to start your own venture. Or perhaps you’re an investor looking to expand your portfolio. Codie’s insights will surely steer you towards success. Tune in for a powerful conversation that unpacks the secrets of what it takes to win in business.

People Mentioned

Resources Mentioned

Chapters
00:00 - Intro
00:42 - Catching Up With Codie
5:01 - Codie’s Entrepreneurial Journey
8:51 - Why Boring Businesses Are Great
13:23 - What Businesses Do You Buy?
16:07 - How to Tell If Your Businesses Ideas Are Good
18:37 - Weird But Profitable Businesses
21:24 - Businesses AI Will Disrupt
23:33 - Integrating Tech In Businesses
25:15 - White Collar Workers Shifting to Blue Collar Jobs
30:57 - Fame’s Impact on Codie’s Life
36:00 - Codie’s Goals For the Future
37:51 - Dealing Tough Days
41:53 - Codie’s Book
43:48 - Codie’s Product Recommendations
47:38 - People Codie Finds Interesting
🔗 Find Codie on:

Twitter/X: @Codie_Sanchez
Instagram: @codiesanchez
Tiktok: @realcodiesanchez
Youtube: @CodieSanchezCT
Website: https://www.codiesanchez.com/
🔗 Find Andrew on:

Twitter/X: @awilkinson
LinkedIn: @awilkinson
Website: https://www.neverenough.com/
Sign up for Andrew's newsletter

Join us as we explore

Codie’s journey from working in Vanguard to owning multiple businesses of her own
The appeal of boring businesses
Strategies to help you know whether the businesses you want to buy or start are actually any good
AI and technology’s impact on businesses and the job market
Codie’s perspective on fame, navigating challenges, and her aspirations
People and products that she’s been loving lately

People Mentioned

Resources Mentioned

Previous Episode

How to Become a Friend Billionaire with Nick Gray

Museum Hack Founder and Author of The 2-Hour Cocktail Party, Nick Gray joins the podcast for an exciting conversation on the power of hosting and the ways in which it changed his life. From giving a tour to the Saudi Arabian royal family to hanging out with a billionaire in Asia, he openly delves into all his fascinating adventures while sharing practical tips on hosting and making friends.

Join us as we explore

Nick’s journey from trying to start a software company in India, moving to NYC and building Museum Hack, to where he is now
The art of active hosting and how to use it to meet interesting, new people
Dealing with rejected invitations and importance of providing value to the people you meet
His passion for adventure, along with tips for aspiring travelers
The little things that Nick splurges on and uses everyday

If you’re someone who’s interested in learning about the best way to host a party or simply love a good adventure, Nick’s stories are sure to give you all the fun and insight you need!

Resources Mentioned

Chapters
00:00 - Preview
00:50 - Mateina Yerba Mate
2:56 - How Andrew First Met Nick
5:08 - Nick’s Newsletter
6:01 - Starting a Software Company in India to Living in NYC
9:30 - Museum Hack
11:33 - Benefits of Having A Newsletter
14:25 - The 2-Hour Cocktail Party & Active Hosting
19:25 - The N.I.C.K. Method
23:03 - Prioritizing Adventure Over Money
24:34 - Growing Social Circles Through Hosting
28:33 - Nick’s Friendship Funnel
37:55 - Tips for Hosting
41:00 - Rejection With Invites
43:23 - Nick’s Favorite Hosts
44:28 - Adding Value to People You Meet
54:34 - Balancing Adventure With Routine
59:11 - Finding Interesting Experiences
1:03:01 - Nick’s Views on Travel
1:05:22 - Nick’s Blind Date in Tokyo
1:09:10 - Nick’s Investments
1:11:02 - How Nick Enjoys His Money
1:18:15 - Nick’s Daily Routine
1:22:43 - Nick’s Productivity System

🔗 Connect with Andrew:

Twitter/X: @awilkinson
LinkedIn: @awilkinson
Website: https://www.neverenough.com/
Sign up for Andrew's newsletter
🔗 Connect with Nick:
Twitter: @NickGrayNews
Instagram: @nickgraynews
LinkedIn: @nickgraynews
Youtube: @nickgray
Website: nickgray.net

Next Episode

Derek Sivers on Giving Away His $22 Million Dollar Fortune and Burning the Ships

About the episode

In this episode, Andrew sits down with Derek Sivers, a writer, programmer, and entrepreneur turned explorer, who challenges everything you thought you knew about success and fulfillment.
From giving away millions to embracing the unexpected, Derek's approach may be the antidote to our never-enough culture.
Join us as we explore:

Why he gave away his $22 million dollar fortune.
Why he's an explorer not a leader.
How he has "burned the ships" over and over again.
His annual ritual for reversing prejudices.

And so much more.
Chapters

00:00 - Intro
00:19 - Useful Not True
03:35 - How Derek Comes Up With Book Topics
07:35 - Spending the Past 15 Years Exploring
12:06 - Optimizing for Personal Growth
14:52 - Burning Ships
20:27 - Negative Impacts of Wealth
22:14 - The Burden of Philanthropy
26:17 - A Day in Derek’s Life
28:53 - Is Derek Introverted?
30:12 - Derek’s Hard No’s
35:35 - Derek’s Nomadic Blood
38:01 - Derek’s Fame
42:38 - Derek’s Thoughts on AI
57:12 - Overcoming Prejudices
59:25 - Doing What Scares You
1:01:54 - Learning to Appreciate China
1:06:48 - Closing
🔗 Find Derek on:

Website: https://sive.rs/
His Now Page: https://sive.rs/now
His Latest Book: https://sive.rs/u
🔗 Find Andrew on:

Twitter/X: @awilkinson
LinkedIn: @awilkinson
Website: https://www.neverenough.com/
Sign up for Andrew's newsletter