What I Wish I Knew Before Buying A Business | Don’t Make The Same Mistakes
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- čas přidán 15. 05. 2024
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00:00 - What I Wish I Knew
00:31 - Keep Your Day Job
01:02 - Partnerships
02:37 - Have an Exit Plan
03:07 - Don’t Buy A Job
04:02 - Buy in Public
04:20 - Deals Take Time
05:00 - Careful with Franchises
05:32 - Bring in the Experts
06:00 - Don’t buy Turnarounds
06:36 - Only Risk 20%
06:59 - SBA Loans
07:56 - Downside Planning
08:38 - Mitigate “Go to Zero” Risk
09:16 - Don’t Fall In Love
09:55 - Valuation of Assets
10:26 - Diversify Your Risk
10:54 - Seller Financing
11:36 - Revenue and Profit Sharing
11:56 - Financial Reporting
12:27 - It’s Not Easy
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Steal the deal calculator I use to determine if I should pass or pursue a deal in minutes: contrarianthinking.biz/dealca...
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75%: That's the percentage of all small businesses that fail. I want to help you avoid the pain of that failure. And when it comes to pain, I've had more than my fair share. I lost $50,000 in my first deal and lost $75,000 in another deal. I've gotten up-close and personal with failure, I know what it looks like and what it ate for breakfast. And now you can how to avoid it by learning from my mistakes.
So what changed? One thing: instead of starting businesses, I started buying them. And in this video I'll show you the pitfalls and pain-points to avoid. Should you have a partner? What does that agreement look like? And when do you EXIT??
What about buying franchises? You'll see what red flags to look for so you can avoid turning your new business into your next job. I go over the "who" not "how" when it comes to buying a business. Unless you're a pro, you need to find a "who" to help you, until you can figure out the "how." SBA loans? Might want to think twice, and I tell you why in this video.
Working a small business can be hard, but so is a day job. You get to choose your hard. Have you decided to take the leap? What pitfalls do you wish you knew about before you started? Comment below!
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The BE AN ADULT SECTION 🤗
All content on the Codie Sanchez CZcams channel reflects my own opinions and should NOT be taken as legal advice, financial advice, or investment advice. Please seek out the guidance of professionally trained and licensed individuals before making any decisions. Some links in the description may be affiliate links. - Zábava
Yes do a whole video on a revenue and profit share or sweat equity deal.
Yes, please and very much thank you! I want to learn about profit sharing, and sweat equity deals🎉🎉🎉
This would be a big help!!!
I like what u said at the end. "Underpaid, under challenge.." It's all true. And love how you said, "you choose your own hardship"... Keep your salary.. very true.
I love how raw and real you are with your info.... I appreciate it!
Sooo incredibly concise and informative, just a pleasure to watch, Codie! Thank you for sharing your experience ❤
Thankyou for all that you are sharing/doing and your mission to educate people about many things business and money. I am a 17 year old girl you have INSPIRED, YOU have no idea how much you are helping me through all that you are teaching.
OMG, every video Codie makes just keeps getting better. Thanks so much! Love everything you do!
Thanks for the spreadsheet and valuable information Codie!
I am extremely skeptical of anyone who is all over CZcams and social media but more more sense you are the real deal and really appreciate the information. Super inspirational, thank you!
Thanks Codie for making another great video! So much value.
Codie, you are the most eloquent and down-to-the-point business dev communicator I have ever come across. Champ!
She said it all..Agreed?
I have no words for this video. The value is crazy! I have a tiny golden book and every time I hear something really great about business, I write it down in the and read the whole thing at least once a week. I have a ton of your wisdom accumulated in that tiny golden book 📖
GOLD! Please do a video like this on sweat Equity deals and the different pathways of negotiation during those initial conversations with the owners.
Always short and to the point. Love Point loma area! Keep making great content.
This is so great 🥹 thank you ❤️
I LOVE this one!!! I couldn't agree more and I learned something new! Thank you Cody! I would love to hear more about "sweat equity" when it comes to business please. I understand it well as a RE investor. I got started with nothing about a decade ago with Dean Graziosi, which I knew when I got started with my whole life 15 years ago with Tony Robbins. I've been following you for a little over 6 months and knew it was a matter of time before I would see you up there with my life-changing mentors. Kudos woman! You are unstoppable! 😎🔥
Super helpful information. I'm getting quite a collection of your videos in my library. Thank you.
Jam packed with info, thank you! Would love to see one on profit sharing please. Thank you for all you share!
🎉🎉Got something new to learned today, thanks Cody!
Love all your content and great advice, thanks a bunch.
you cannot change the past but you can
change the future . it's NEVER a late start, it's
just a start and that could be today . it's only
yourself that's holding your back, believe in
yourself because the perfect time is now .
When you do what you enjoy! I like the energy you had in this video
I really like that last point. it's all difficult. choose for yourself. great video.
I just found you, and I'm learning so much from you. You are reading my mind with your contrarian approach. Please: "Show me equity deal" o your next video. Thank you for so much value!
Great info! Solid information Codie!
of course we want you to break it down. Even if I don't understand everything you say (and I don't), I start to learn what I don't know and need to learn, which is incredibly valuable. But when you take the time to explain it, that's even better, thanks!
hey Codie Sanchez great video you always keep it real in your videos
This video is absolute GOLD
awesome @codie ! I made so many notes ✍ . Thanks for breaking it down.
Wowwww Mrs. Sánchez thank you, what amazing info
Great advice Cody !
Another great video. Thank you. Love you Codie
Amazing video. Thank you so much, Codie. I would love to see a video about Revenue & Profit Share deals as well as Sweat Equity Deals.
Appreciate you Codie!!
I learned a lot from all my mistakes though. I have a storage unit full of belt bags that remind me of how much I learned from manufacturing my own products. There are some 🔑 lessons in the journey.
Great info here! Thanks Codie!🎉🎉🎉
Would love to see a video on rev sharing deals!!! Love the content
I have to say I haven't seen your channel in a little bit and your nose looks incredible. What I love is it didn't completely change your look. Subtle and still as beautiful as ever. Beautiful then beautiful now. Salute
You are the best ❤🎉
Great advice Codie!
Love all the content in helping beginners to understand the basics before leaping! Do you have some book recommendations to get a better grasp on the fundamentals. I get the basics of what you are saying but nowhere near enough yet! Thanks again
Great information.
This!!! Best Ever!
Please make a detailed video on revenue and profit sharing, would love to learn more. I'm so grateful that I came across you. I've switched my thinking from starting to buying a well established business. I just need to learn how to analyze and buy small businesses now. Appreciate you Codie!
Get in touch ❤️
Love to hear more about revenue and profit sharing deals as well as licensing and royalty rights.
Excellent Video and Brokendown into Simplified Content. Visual Graphics keep interesting also. 😎👍
Thank you for the truth..
Will watch more of your videos soon. Came here because of the podcast with Diary of a CEO. Great video with him.
This editing is on a whole new level, I laughed out loud at the cash face slaps 😂 amazing value!
Please break down the sweat-equity model in another video! ❤️
Wow! Tyhank you so much :)
Great pieces of advise here. At the same time, I don't seem to find any businesses that I can actually buy with these criteria in mind. They are either too expensive (and seller usually is not ok with financing more than 30% of the deal), or just not worth it (i.e. not meeting the criteria here). Maybe it's the relative isolation (on an island) and size of the city I'm in (though 300K people is not that small), but it is really tricky.
Top content as Always ❤🎉
Great advice! Can you please share your beautiful financial scorecard spreadsheet with us? 🙏🏻
Would love to hear more about profit sharing!
Codie, please can you explain the sweat equity side of business?
Thank you Codie! Aaand... can you please to that video on sweat equity deals?? Thanks!
So good!
Hi Codie,
Thanks for the super video!! I would love to hear and learn more about "sweat equity" when it comes to business please.
It would be absolutely great also to have two practical videos on how to use the "downside scenario calculator" & "Deal review calculator"
Have a great day!!
Best Regards
Nico from Italy 🙂
Wow, great video
Please do a full video on revenue and profit share along with a sweat equity deal as well.
Amazing content! Yes on sweat equity!🙏🏼☺️🤓
I can really understand what you're saying lol I've been learning so much from your videos AND newsletters. My husband and I are really considering buying or starting some type of business still trying to decide. He'll be more of the investor and I'll be the brains no offense to him but he likes the idea of making money and I like the process of it. Thank you for sharing so much goodness ❤
Get in touch ❤️
Easy to say with so much sass
Would you please do a video on revenue / profit sharing as well as how to use it to purchase a business
Thank you for sharing your experience codie,
source of motivation for me,
kindly make a detail video about laundry business as i wanted to start so i may know deeply before entering in pool,
Hi Codie, thank you for the videos. I am binge watching them at this stage. Your bird-eye description shows all the areas to pay attention to. I would be really interested in your "deep-dive" view on 3 matters (1) The risk diversification methods (seller financing, loans, etc.) but more from a contractual standpoint i.e. how do you usually structure a deal to mitigate the risk. What are the key points to focus on ? (2) Negotiation ... it is a whole art in itself. How do you approach it from a psychological and business point of view ? What are your objectives, how do you prepare ? (3) A Judo black belt veteran once told me: "Sometimes winning is about not losing". What are the main or "catastrophic mistakes" to avoid as a principle in a deal ? You mentionned the limit of 10-20% loss in case your acquisition goes sideways as an example. But over the +100 deals you have led, did you observe major recurring mistakes people made ? Thanks a lot again !
Love your content just wish you made more and more detailed/advanced videos :)
This is so inspiring! I have been running my small business for 10 years and just met a team and investors that will take it to the next level. I wish I would have know this along time ago.
Get in touch ❤️
Yes, please...content for sweat-equity & rev-share deals. Many thanks :))) Also am available for accounting-related opportunities.
I love you. Fun video!!
Thank you🤑💛💛💛
Please drop a video for both sweat equity and rev share deal please
Yes! Please break down a sweat equity deal!!
I did the same thing, I bought my parters and I saw the light 💡
Video on how to break down of the sweat equity, REV and profit share deal.
Thanks!
Show me sweat equity deal
Great valuable video. If you can break down the sweat equity (revenues share) deal in one of your next videos, that would be awesome.
Rev and profit share deal breakdown please!
Incredible video. Please drop a video on ‘show me sweat equity deal’
You're so gorgeous and so smart... 😍 ❤ thanks for being such a great teacher
you are incredibly intelligent! very very refreshing to see a woman hustle as bad as I do... --)
Hi Cody can you make a class or video on how to legally purchase an existing business and to have the owner finance a portion of it .
Thank you for all your great advice
Ernie C
I am late but I would love a full video on how to purchase from a sweat equity or revenue profit sharing deal ❤
Sweat equity video please💗
Hi Codie, love you content, just a question, how do you usually look for businesses to buy? Do you approach face to face or via email or do you go online and use business brokers? I’ve heard a few people say to stay away from brokers. Thanks
Feel like " Talking to the Moon!!! "
Saludos Raza!!!
I learned more on this video than my entire college career. THANK YOU CODIE!
what college and degree did you go to?
@@corgikun2579 PHD, Pile High in Debt..
I love you😚😍 You’re the best!!😝😘
Profit share video please. Great video
Cody, I’ve been following your channel for a year or so and appreciate your knowledge. I have question for you that I don’t think you have covered. Im not the typical investor, my full-time job is in healthcare and I’m rewarded very good pay for the work I do. Thus, Im able to make things happen very quick. For example, I had purchased a car wash with a partner and we weren’t on the same page. Like you said, I finally had to write him a fat check to move on. After purchasing his half and spending another $50k remodeling, it’s making very good money. Has me interested in other car washes or other businesses.
I know it’s hard to say I’m going to quit the job that pays me $600k a year, but I really do want to create my exit strategy from the healthcare field. Right now I pay for everything with cash but while I’m looking at other car washes to buy, when do you choose to start leveraging yourself? Also in the case of a car wash, how do you choose when is the right time to purchase a business that is located out of state or too far away for you to manage on a daily basis? I keep looking at car washes located in my general area and nothing is for sale or they are listed for premium prices.
Mhen I don’t know what to call you. Your experience is enough to call you a business adviser expert
All I just need is one thing. Go watch your entire video ❤
@@Live_Support9001 with you
I love this no bullshit approach. You tell it how it is, not try to dress it up in fancy clothes.
Show me sweat equity deal! 🤩
Codie is a 500K employee, probably CEO quality so good to learn from this beautiful lady
The question for me: When to start? I have debt given previous unemployment but I have crowdfunding to start. The problem is I can’t leave a Sales job to buy a company or purchase equipment to start the business.
Revenue and profit share deal info please!
Codie you are so right, I made the same mistakes too & I too wish I knew. You are so on point with your info, turning into a big fan of yours...
Your video force me to subscribe your channel❤❤
11:40 You get the chance on making the revenue and profit share video? Really interested!