I have been listening to Codie and finally decided to take action and found a business for 105K. I got the financials today and I’m learning/educating myself so I can make that business even better than what it is.
I am so sick of being broke and not liking what I do. Once you get a taste of freedom its really hard to go back to 9-5. Her info is so solid. Due to my age I need to do something major. Buying a business is an amazing idea. Baby boomers are retiring and there are tons of biz out there. I do wonder if its important that the biz is nearby when you are starting out. Also i have no clue how to run any biz. A friend of mine from high school has bought and sold businesses. Back in the day he would have been "voted the least to be successful". Somehow he got into this and doing very well. Has like 40 businesses. Has bought and sold restaurants. Mindblowing.
Love this Episode! Thank you !!! 1:06 - EBITDA - Earnings Before Interests Taxes Depreciation & Amoritization 28:58 Codie's 5 businesses she doesn't like to Invest In 1. Retail Stores, 2. Restaurants, 3. Hotels, 4. Amazon FBA 5. Consulting (key man risks)
One of the best ones by far guys! She was great and she knows her stuff. Really loved the no fluff just meat and bones of how it really works. You need to have her on again and have her focus on one or two businesses to dive deeper! Great work guys!
Very practical information from Codie. From a checklist of buying a business, to HR, to financial, and score-carding the business. An entire operating system for buying and running a ‘boring business’.
The amount of value packed in this barely 1hr podcast is AMAZING!!!! Shoutout to the interviewers for their amazing questions and the Host for having those pocket size answers that are clear consist direct straight to the point and makes it easy to understand. This is one of the BEST podcast i've heard this year.
I always get a lot of truth and good concepts from Codie's down-to-earth words of wisdom. She is truly inspired and a gift we are fortunate to receive.
Ya’ll should have David C Barnett on as well regarding this topic of buying businesses. He’s not as well known as Codie, but he’s MUCH more of an educator on the topic, whereas Codie is more of an influencer. David is like a Neil DeGrasse Tyson of this field.
On the subject of firing. It's important to me to be able to know what they excel at and offer a reference and a lead to a new position with a different company if I am letting someone go because the position just isn't a fit for them. I'll always strive for people first.
This episode is about buying a business. If you think about it, buying stocks is just buying a small part of a business, nothing really new here. It's all about how you analyze the business, which field you want to buy and what's a fair price.
From the standpoint of understanding and analyzing the financials to determine what you believe the business is worth and what you feel is a fair purchases price it is similar to analyzing a publicly traded strocks. But with a business purchase you need to factor in things like what will the time commitment required weekly/monthly/etc to run the business, will you have employees, what can you improve after the purchase (business structure and expense reduction, systems to generate efficiencies, etc.). In total there is a lot more to consider in my opinion.
Wait, so she made close to a million dollars a year working in her job before she started buying & selling small businesses? How much of her network is actually from the latter? I'd like to get on board with what Codie is saying but this detail is quite important.
Fantastic video Everybody wants to be financially independent and live a better life.With savvy investing, an inexpensive lifestyle, and diligent budgeting, this is not difficult to do. I'm glad I realized early on that achieving financial freedom requires hard work.
I don't have a 9-5, I have a "when ever I need to leave the house to get to the jobsite on time till I get home" job. Blue collar. Saving up my 401(k) to hopefully buy a business someday..... time will tell.
Love it ! Thanks for sharing all this insight. Hoping to own a few businesses with good returns in the future and have been following Cody for a while 🤩
L10 has been awesome for us. We started with culture and mission before we started EOS so it’s been good. It wasn’t planned that way. It just happened, hahaha. God worked it out that way. We have been so blessed with tools and people he has given us.
I'm actually in the process of this right now after helping a client with 2 acquisitions & I'm kicking myself in the butt that I didn't think of it before 😩 but so far so good
I settle on my purchase next week & Im a CPA. I first helped a client purchase 2 other businesses last year & early this year by going through the financials for them. Then I decided to buy out another CPA firm that is retiring
As a long-time advisor to distressed businesses, my rule is 33% will love the changes and excel, 33% will just keep going as is.. and 33% will depart - one way or the other. (it is usually 50/30/20 to be honest)
I loved this interview; Codie Sanchez is one of my heroes! Does anyone here-with actual experience-know what percentage of seller financing is “common”? (50% down; 50% financed or something different?) I know that there are outliers, but what’s the common range of seller financing?
You never hear it from anyone talking about entrepreneurialism, absolutely no one. Here it is. How do I set up my business so that it doesn't get out of hand, i.e. How do I get an accountant, lawyer, how do I set it up as an LLC, or S Corp, how do I license the business? What licenses do I need? What tax numbers do I need? How do I get business credit? What is the best way? How do I manage my books, where do I get a bookkeeper, a payroll service, how to I pay my quarterly taxes, daily, or annual taxes. etc.. All any guru wants to say is buy an exiting business, start doing what you are passionate about, The money will come. You will figure it out, ect.. I worked for a business incubator. The number one thing people wanted to know was, how to set everything up? #1. What is the best way? #2. And the expressed the dear of, I am afraid I am going to get audited, or closed down, etc. #3. What we found out was most people in business were either guided by someone who was already in business, who introduced them to their contacts, or the business was such a great idea that they were approached by others to either help with funding or to buy it from them, and they already had that knowledge. Telling someone to buy a bunch of boring businesses without explaining to them what all of that entails, and explains the hours which they will be working is a waste of their time. It sounds good, but it is nothing more content to drive a RU-vid channel, or in the public speaking arena, it was called siminar success, which means it is successful for the speaker, because they got paid by all the eyeballs who signed up for the course, but harder helpful for those who paid and left without further guidance. Basically, it is more of a hindrance to their success, than an aid.
Those things are important, but you can get so caught up in the busy work of setting up a business that you lose focus of why you're getting into the business in the first place...to make money. And it's more important to get your goods or services to paying customers/clients first. Then you can focus on setting up your LLC, get business credit, etc., as it comes up.
I think that's the essence of entrepreneurship though. Real ones have the ingenuity to figure all that out as they progress. Thats what entrepreneurship is all about. Its about taking risks and forging your own path - there is no written handbook for it. As far as all the admin stuff you've complained about, the answers to those questions are simply a Google search or better yet, ChatGPT query. Or a course on Udemy... Accounting? University/College. How to make an LLC? Easy, google it. Its super easy. How to file taxes? RU-vid it, or hire someone. Its a lot more straight forward than you think.
Everyone talks on becoming a millionaire and this and that, I don’t care about wealth. I want a business that makes me 4 grand a month. That’s all I need, then I just want to enjoy being alive, delegate tasks, and just drop off to work on my passion project business.
Already got my Honda. 👍🏼 Hondas are better. Japanese make better cars out of any country. Germany only comes second. Italian cars are just overpriced shit that breaks down. Fix It Again Tony. 🤣 Keep the lamb. I'll still have my Honda when I'm a billionaire.
It's balance. We need rest too. I will teach you more. We have to walk by faith not by sight. Most want to see facts and they are good but God wants to do miracles that we see that blows your mind. He has blown my mind. And He loves people and we can love one another!
Great content thanks a lot for sharing! I learned a lot. btw when you say EBITAaaaa it reminds me of Eric Cartman saying "respect my authoritaaaaa" you should totally make an Eric Cartman "Respect my EBITAaaaa" poster for your office. Been following Codie love her content :) thanks guys
I want to ask Codie this...what's her list of actions/inactions that she would fire someone for after 30-60-90 days? I am accountant who would love longevity with a company, but we get recycled a lot.
What I am seeing out here in the midwest is, if gross revenue/employee is not 250K and up, then dedicated finance & accounting arms are not affordable.
I like what this girl Cody says it takes a lot of nerve to go from Wall Street to main Street wearing an apron but in an all-cash business all that cash is yours don't underestimate what a pizza store owner is making every year don't underestimate what a plumber that works for himself is making every year what a my father's busiest stores was next to a college we did $10,000 a daywhat a my father's busiest stores was next to a college we did $10,000 a day in cash God bless those college kids all they want to do is smoke pot and eat pizza
Honestly, I would love to buy a business that could replace my 9 to 5. What I’d there isn’t a business for sale in my area? Would you look for online businesses? Where would you look?
No because then you will be tempted to do the minutiae yourself. Better get someone else that has done that and give give them a portion of the business
Hi! 22yr old here coming from a working class family. To get the financial background and education on how to make a business work, do I go to school? What do I major in? I really have no background from my family in this but I would love to own my own businesses.
Good news Hannah! You probably have enough education already. Especially if you passed your algebra classes. People skills is what you will need most of all. And then just do it!
I do not live in a big city and im not really close to a big city.. population is probably 350k-500k. Do you think it’s possible to find great opportunities to buy businesses??
My parents (also boomers) are in this exact scenario. They own a very profitable grocery store at an established (and growing) ski resort. They’ve been looking for buyers for nearly a decade now. Nada.
Like most everything you have to be careful who you hire. I worked at a pizza place that made the best pizza near Buffalo, NY. The owner stopped by like once a week and he handed over the keys to some shady guys to run the place. They pocketed half of the money. Eventually the place went out of business. Their pasta dishes were sub par. It was all about the pizza and did great during the 80s and 90s. It would still be around if they had better options and honest employees. Their competition down the street is still around and run by a happy family. This place was run by an Indian guy who was an absentee owner who probably had other biz.
They said this is only for a small percentage of people, just a few can actually do this, would that mean those who are already doing it?, ones with a lot of money to invest? Or just meaning those with the drive to do it?
Im a fan but this video is not good because it doesnt actually show "how to buy a buisness". The steps involved in detail. Structuring a deal, negotiation, the lawyer aspect in producing a contract, and then where to go after the buisness is purchased, all in all the steps involved to actually buy a buisness. Just talks about buying a buisness where they just shoot the shit together with no real outcome in learning how to buy a buisness.
This was great ..Codie starts out the usual route at Goldman Sacks 😂 let me guess sweeping and moping the floor’s after hours…it feels like she’s really talking beyond most people’s comprehension of what buying a business entails ..not everyone is made for this type of acquisition you need skills …the average maid, busboy, retail person, bus driver/Uber driver, warehousemen or ordinary working class person who’s trying to make ends meet lacks capital or wherewithal to make this work..it’s an interesting proposition to say the least and she’s very skilled at selling it but in all honesty not very practical -IMO!
A good deal box is putting a pizza store near college it worked every time for my dad it cost us $40,000 to put the store up that's the price of the equipment after five years that's all that pizza store for one-and-a-half million not bad for a man that didn't speak much English but he sent me. All private skulls education was important tell Dad even though he never got one he wanted his kids to have it
its funny that not alot of people know about buying existing businesses,there so focused on starting the own first business but 90% fail in the first year...i do think more and more people should be aware of buying an existing business that has been around for a long time, its all about the lindey effect, the longer its been in operation the higher chance it will still be around
There are fewer jobs because of self checkout. And I'm not trying to be employee of the month or held accountable for accidental theft because it didn't scan.
