Want To Get Rich, Don't Start A Business (Do This Instead)
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- čas přidán 15. 05. 2024
- Want to learn how to buy a business? (Free Consult): contrarianthinking.typeform.c...
Download Hubspot's Free Financial Planning Templates Here 👉 clickhubspot.com/s3o
Get the guide that tells you this step-by-step for How to Buy a Biz for $0 here ➡️ contrarianthinking.biz/buyfor...
And if you're really interested in buying a business, we have a full course on it! contrarianthinking.biz/3MUTIQC
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WHAT BROUGHT ME TO CZcams: I worked at Goldman Sachs, in Private Equity, and built up a $100M holding company. But after being in Wall Street for so long, I got tired of managing hundreds of millions for the rich. Investing was for the few not the many. F that. You all are the reason I do this. We as a society need to get rich together. My mission is to create 100,000 business owners, I hope you’re one.
🚨FREE investing and money Newsletter to 750k+: contrarianthinking.biz/yt-lg
💸If you have a startup you want $ for: www.contrarianthinkingcapital.com
🤝If you want to sell us your small business: www.mainstreethold.co
📸 Instagram - / codiesanchez
🐦 Twitter/X - / codie_sanchez
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Check out my other favorite videos! 🔽
• Businesses that Always...
• The Richest People In ...
• 9 Things to Stop Doing...
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00:00 - How To Find A Business To Buy
03:53 - Are YOU Ready To Buy A Business?
6:35 - 10 Acquisition Entrepreneur Mindset Pillars
10:48 - The Venmo Challenge
15:00 - The Personal P&L Review
18:34 - Rolodex to ROI
26:08 - DON'T DO THIS
29:20 - 9-5er Strategy
34:54 - Social Media
40:24 - Databases
43:01 - Networking
46:06 - Expertise to Equity
48:24 - Creating Acquisition Habits
55:21 - How To Track Your Deals
58:00 - How Long Will It Take
1:00:06 - How To Buy A Business In Different Countries
1:08:05 - What If You Have A Lot of Cash?
1:09:07 - Know What You Want
1:13:55 - The 10 Steps To Buying A Business
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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
After watching Codie videos. I bought $1M business with 50k (5%). After 4 months of being business owner (today), I’m kinda addicted to search another business to buy. Thank you
What!! That’s amazing!! Email me the details I want to highlight you!
I wanna hear more about this!!
That's awesome! Where did you get the start-up money?
Interested to. Following……
Hey ! I'm also curious about how to buy business& everything how to check this business is legal or fake please tell me .
It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.
Effective personal finance management is more important than the amount of money saved, regardless of whether income is earned through a job or investment. Individuals can seek counsel from a certified financial advisor to optimize financial outcomes, who can provide specialized advice and methods to decrease expenses and maximize income.
@@maccidomuhammadbello4171 True. Having the right financial planner is invaluable. My portfolio is well-matched for every season of the market and recently hit a 90% rise from early last year. I and my CFP are working on a 7 figure ballpark goal, though this could take till Q3 2024.
@@GeorgeBrewer-fb5ld I appreciate the implementation of ideas and strategies that result in unmeasurable progress. Being heavily liquid, I'd rather not reinvent the wheel, thus the search for a reputable advisor, Do you mind sharing info about this person guiding you, please?
@@CathiLinton Finding financial advisors like Victoria Carmen Santaella who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
@@GeorgeBrewer-fb5ld I will give this a look, thanks a bunch for sharing.
Yes to the live video of you talking to owners, reaching out to owners about buying their businesses. And how to buy if you have NO money!
Codie your videos keep getting better. The quality of production and the content is insanely valuable. You're a gift to entrepreneurs.
Yay thank you!!! You are a gift as a builder!!!
Love your content! I thing I am goi g to pioneer and hope you could focus on is large amount of single moms and women that are now just 50 or 51 and are ready to try to become business owners , make a ton of money and give back! We have the experience the wisdom and are less fearful ...
How
@@CodieSanchezCT I was just thinking the same thing!
A real gift. 🙏🏽🙏🏽
I am grateful.
I’m on CZcams everyday consuming minimum 1-2 hours of content to learn different skills and I just have to say, your content value with actionable, strategic steps that the person listening can take is leaps and bounds above others I watch. Thank you for this!!
My three favorite channels: Codie Sanchez, Stock Brotha, & How Money Works. Make my week complete! 🔥 🔥 🔥
Gotta throw some Alex Hormozi in there as well. Especially his videos from a few years ago. There is a ton of value and useful info, especially in those earlier ones. And My First Million as well.
You left out Minority Mindset😂
Myron Golden is good too.
My first Million and Alex Harmozi are also good.
Hey Codie - amazing video. Would love to see a real-time buyer conversation video.
Keep up the great work.
Your advice is spot on and was thinking of doing the exact same thing with business owners in my local chamber of commerce and BNI. What business owner would not be open to growing their business without adding any additional costs; it’s a win-win for the potential consultant/equity investor and the business owner, the only caveat being a clear path to increased revenue and profits.
As a middle-class citizen who is trying to have stable finance, I’ve always been an advocate of investing in the stock market because it has paid off handsomely since I got into it.
You can’t overlook the fact that it’s paramount not to get greedy but remain invested by careful study, take chances and most importantly remain patient.
A friend of mine warned me of the dangers of investing in the market. How true is this Herbert?
My colleagues had a good laugh at me when I told them I started my journey with $5k capital in stocks and how I accumulated over 5 figures within a span of 7 months. They never believed me until I pulled out my P&L.
I know that learning the ins and outs of the market isn't for everyone, that's why personally, Jonas Herman oversees my investments.
@@Niveen175 While it may sound enticing, it is important to understand that stocks, like a fine wine or a Monet, has no standardized value. You look all good on the outside, while you wait till almost death to enjoy your wealth which presents an enormous economic(uncertainty) risk.
Having multiple streams of income is a game-changer for financial stability. Relying solely on a job may not provide enough financial security due to high rates of tax It is important to explore additional investment opportunities to surpass one's expectations. May you find success as you read
This is not the first time I am hearing of this woman and her exploits in the trading world but I have no idea how to reach her?
I'm a beginner. How can i reach out Katrina Jornales?
This video is fire!! 🔥
Yes to more detailed instructional how to videos, including how to speak to business owners and you actually speaking to them.
This video is just what I needed right now. I'm in the sourcing process for few months and started to lose hop to find businesses. Codie just gave me priceless pieces of advice I'm going to apply right now. Thanks a lot Codie, you are the best 🙂
I’m just starting to look into this but getting really inspired. How’s it going so far?
Thank you for your transparency. It is refreshing to see someone be real about their experiences. Speaking to how failures create wisdom is golden.
Very dynamic video Codie! Very value added! I hope everyone that has watched it really understands that level of the information that you shared! $$$
Codie, your content is exceptionally valuable even far across the continents! For people like me wo are sitting in India. Thank you for such valuable information. this is my probably 5th video from your channel. Keep it coming. Thank you!
Yes! a video of you buying a business live and thank you for the video ❤😇
Yes, please a video for what to say when reaching out to small businesses would be great!
Thank you so much Codie. Love all your content!
Yes, I would like a video of you negotiating with business owners. Thank you!
Taking actions from this video should result in better results than passively looking. Been doing that for the last year and not happy about it. Thanks Codie!
I'd love to hear put all that in action Cody! Thanks for all this great info.
I’m looking forward to meeting you one day,every time I watch one of your videos I feel more confident of what my destiny is thank you for all the information you share 👍
Great point on the potential of buying businesses as a pathway to wealth, especially with so many baby boomers retiring. The emphasis on mindset as a crucial factor in overcoming the initial hurdles is spot-on and encourages taking calculated risks with a solid strategy. 👍
Freedom, I yearn for the kind of freedom she demonstrates! So excited to learn more!
Thank you for making this!! ❤❤❤
Would love the video about actual convos with business owners you have. Thanks!
It would be amazing seeing from start to finish how u, unrehearsed, approach business owners. Even the choosing and initial call fascinates me. I could watch hours of that.
You're amazing! Thank you for the amazing content
I am new to this channel and the idea of buying existing businesses. I have been binge watching her videos ever since ❤ cannot WAIT to put these tools into action!
Thanks Codie, my husband and I closed on a business in November with $0 down of our own money. We had to use SBA for that deal, but we just found an off market deal and we are hopefully going to be able to use seller financing.
Codie you are awesome!! Would love to see video of you making sales calls
So, I like to check in and catch up on Codie's videos..I was in for a surprise today! Class is in session. Thank you !
Codie, amazing information. I had been looking for someone like you who could simple this game a bit.......will talk to you soon!!!
thank you!!!
A video on looking at financials and knowing if the business makes sense to buy and the live would be great! How the process to do the due diligence as well would be helpful
I saw a LinkedIn post of yours which motivated to find a business. I found an existing salon?
, bought it, and now doing 2.5x in sales (8 months later)
Codie with the gems of knowledge 💡
Just to prove CZcams works. I've watch you for years now... Finally Bought the course.
I expected you to say you bought a business after that long!
@@Iris-2022 I’m slow ;-)
Hey Codie. I'm a newbie to your channel, and I feel as though I discovered gold. I own no business. I would be really interested in seeing you do a video on a business deal. Yes, please. 😊
This is so helpful. We've wanted to break into small business for so long and had no idea where to start.
You are best most effective knowledge you share in from India
Yes please make a video on conversations with sellers/biz owners
Looking at financials would be great too.
Do you typically buy owner absentee businesses?
love👌👍👊 Codie....class girl!! Thank you, for everything!!
Codie you are a true go-giver! Thank you for giving so much value!
I have to save this and go home and take notes. I just discovered this 💎.
You are that light in dark days! God bless you, Codie.
If this was easy everyone would do it. I have a ton of ideas bubbling up in my head from the tips you gave. Thank you for this video...
Crazy good value Codie. Hope to be a part of the Contrarian community in the near future. Thanks team.
Loved the video, want to see a video, scouting new business and buying them
Thank you for all the knowledge in this video. You are someone that I look up to. ♥
The acquisition mindset pillars really set the stage for success in buying a business. One key tactic is leveraging 'earn-outs' in deals, which aligns seller payments with the business's performance post-acquisition, often making it easier to finance the purchase. Also, don't overlook due diligence on customer concentration - it's a hidden risk that can impact future revenue stability.
You’re the best thank you so much. This is exactly what I’ve been stuck on. Thanks for your help
Closed this with the most authentic reason to do this... FREEDOM. My close runner up that I think about often is that humans are CREATIVE beings and are happiest when they are creating. Tough to create working for someone else at a large corporation. Thanks for all of your great work.
"optimist get rich, pessimist sound smart" 😭
another quote i heard somewhere else...
"Impatience with actions, patience with results"
Codie you inspired me to seek out a second business after buying out my father for my first one. I started the process of negotiating in July and had to get creative to come up with financing and finally closed in February of this year. I was spoiled with a 1M dollar seller financed loan and that business did 2M in sales my first year. Now my second was 320K and is projected for 700k in sales this year. I have put 0 dollars out of my own pocket to start both of them. I am on the hook for paying the loans obviously. The confidence you have put in me to "just do it" is what sent me looking to expand. I am so happy I did it. Both businesses are the same which has allowed me to have buying power and make more profit % from the start. After this one is fully switched over to what I do, I will be looking for a third. Thank you for your confidence. I don't have FU money yet but someday :).
1m a year is more than 20x the average family income, that's fu money
@@jtowensbyiii6018 That is excellent!!! I am VERY interested in what business you are in.
Hell yes to the video of you talking to an owner avout buying!
10 Things:
Know what you want from this?
Courage - embrace some risk and know it might be hard
Creativity - see an obstacle an be excited to find a creative way to solve it.
Resilience - 80% Grit
Resourcefulness -
Optimism (optimists get rich, pessimists sound smart)
Continuous learning - “Anyone who stops learning i sold, whether at 20 or 80. Anyone who keeps
learning stays young.” - Henry Ford
Your Why - create a compelling vision that keeps you going when it gets hard
Dark why - what you dont want
Light why - dream and freedom
Pivot/Adaptability
Patience - it will take you longer than you think
Thank you, Cody! This is syllabus incredible thank you thank you thank you❤❤❤❤❤❤❤❤❤
I love your content and passion for sharing your knowledge. How do I find the Facebook group?
This is very helpful Codie. Thank You!!
We are trying to find businesses to buy in Thailand.
Same dynamics here... many older folks want to retire but their kids are not interested in the business.
Kids nowadays don't want to break their backs for a dream too high to reach ...and I wouldnt blame them. Back then a guy doing lawns could afford a house, now it takes 2 doctors to buy the same house.😂
Thank you so much for this informative video! Would love a follow up video on how you reach out to other business owners!
I have never thought about buying as my business.
However from now on I will think about it
Appreciate this entirely. I’m gonna execute this and let you know when I have gotten results 💪🔥🔥🔥
Thank you!❤
Codie, please send me the video of you talking to business owners. Love your content! 🔥🔥🔥
Watching you negotiate a biz live would be awesome.
I’d love a video of you live-pitching to buy someone’s business 👀 curious about handling objections and how you close the deal!
Thank you hubspot! I really appreciate this. SINCERELY!:) quick question though. How can I create a good pitch without any cash money or what's the best way to ask for someone's business?
Thanks for all the valuable info you share. God bless you Codie. Looking to take that leap;)
Thanks … yes templates please.
Some are good to buy, some are better to start.
:) cheers Codie
Great point. Before buying a business or franchise, you should always ask yourself... Can I simply copy this business and do it better?
Yes! A video of you live buying businesses!
I agree!!
i'd like to see your video talking directly to sellers, live, and closing deals.
Loved the video, thanks Codie! Used the Venmo Challenge and found a small business owner I feel I could reach out to. A video dedicated to helping a business owner grow their business/owning part of it, not necessarily taking it over would be amazing! Especially if you don't necessarily have the skillset yourself (e.g. adding a website, but don't have web design skillset)
Hey Codie 👋
Thank you for all of the great free content you put out! 🙏
I was wondering something. With this approach you say to tell the current owner that you will grow their business for them for a percent of the upside. So is this assuming we have the expertise of growing and running a business already?
How can one make an offer to grow someone else’s business when they’ve never grown a business and how does one learn to grow one if they don’t have one?
This paradox is confusing me about where the starting point is and making me feel like this strategy is for someone well along their way.
Any clarification would be much appreciated!
Thank you for sharing this Codie. My question is what do I do after buying the business? My focus should be on adding value into it and increasing the profitability. Could you advise on strategies to maximize profits, essential skills, and budget requirements? Also, can you share like 3 to 5 book recommendations for mastering business from basics to advanced?
I would Love to see the live video’s of you talking to owners, please and thank you.
Yes ! I would like to see the video 🎉
Wow you are golden!!!! Watching now and looking forward to beginning the entrepreneurship journey. Thank you 🙏🏽
Yes on the video talking to business owners!!!
@Codie Sanchez: Yes Yes. Please! We want to see you live buying businesses with owners. It will be a great show. Thank You :)
Agree!
@@Rouri8 Rana Al Malki: I have subscribed your channel. I am trying to find your LinkedIn Profile. What is your LinkedIn Profile so I can send you a connection request to you. It is very honour to know you.
This is great, would love to see a reality series where you go through the entire process from A-Z
Because of my looser/pesimistic/lazy attitude, I don't understand a single word this lady is saying. This is a good start for me, this realization.
love your sharing, thank you so much for sharing, would love to have template please ❤
Thanks for sharing all your knowledge!! it is gold!!! I am buying accounting firms in Spain but I always struggle to negotiate the paying terms. Whenever I ask to defer the payment in 3-4 years the owner always replies to me: of course not, you want to buy my business for free, being the cash flow of the business what pays for it, so instead of selling it I would keep it. --> I don't know how to reply to that honestly, I get stuck, and so far I've made 2 acquisitions paying 75% upfront and 25% after 1 year, but I don't have more cash to keep growing that way (the second acquisition was payed with bank financing).
the same thing happens to me…😢
phenomenal content
Thank you so much Codie 😊
Codie, all I know is hospitality after owning and running a franchise cafe for over 6 years, and it was a HARD 6 years. What are your thoughts around buying into cafes that are struggling that are or are not a franchise? There are so many out there but I can’t work IN a biz ever again. I just sold my cafe and am looking for my next business to buy, but I want yo work smarter not harder. thanks for this video which has sparked hope in me. ❤
Spot on Mdm Sanchez❤
Cody, this video is an MBA in private equity, with CFA, 2 internships and 5 years of experience.
You have NO idea what this content means to me, a person who’s 50 and now jumping onto the entrepreneurial wagon with loads of experience.
Great stuff! Would love to learn about ways to reach out to small business owners and how to have those difficult convos!
Codie,
Please!
I would LOVE to hear you do a live call with an owner to present your offer.
I think it would be RAD to see it all the way through too.
The consessions, the back and forth and the closing...
Just one! Don't give away all the secrets. 🤫😉
Wow Codie, thank you!
Thank you 🙏🏼
You touched on canadian buying, Im from here and would really like to see a video if you could with someone you know that has knowledge in using seller financing to purchase here in canada, I feel that its harder to find individuals such as yourself that do what you do here in canada and need knowledge to try and buy a business here myself, please.
Codie is amazing!
Please post a video of you talking to businesses! I would love how to close the deal!
0:01 I’ve been told a lotta tings so in the past 24 hours so yes I agree ❤️🔥💯💙
I am a student right now and seeing this kind of content really makes a difference in my life
Great ideas. ❤❤❤
Hi Codie love your videos …love to get your input of buying business