PodcastsThe Diary Of A CEO with Steven BartlettMoment 137: Finance Isn’t Rocket Science! The 2 Simple Skills Billionaires Use Everyday: Codie Sanchez

Moment 137: Finance Isn’t Rocket Science! The 2 Simple Skills Billionaires Use Everyday: Codie Sanchez
The Diary Of A CEO with Steven BartlettThu Nov 23 2023
Finance and Deal-Making:
- Codie Sanchez highlights the simplicity of understanding finance and deals, emphasizing the importance of asking the right questions and connecting with knowledgeable individuals.
- She shares her realization that there's no significant difference between large-scale deals worth millions or billions and smaller ones, leading her to question why she couldn't replicate the same process on a smaller scale.
Entrepreneurship and Business Acquisition:
- Codie recounts her experience of buying a laundromat for $100K as her first deal, using her connections in the industry to facilitate the transaction.
- She explains motivations behind small business owners selling their businesses, often due to factors like retirement or wanting to move on from running the business.
- Codie encourages aspiring entrepreneurs to consider "gateway drug businesses" as a starting point for learning deal-making and gaining a new perspective on business ownership.
Deal Structuring and Entrepreneurial Mindset:
- Codie advises leveraging existing skills and resources when entering entrepreneurship, suggesting individuals use their expertise or connections within their industry to form advantageous business arrangements.
- She advocates for exploring revenue equity or sweat equity deals based on personal expenses or professional services utilized, emphasizing the potential for mutually beneficial partnerships.
- Codie stresses the significance of curiosity in understanding others' perspectives and identifying opportunities for collaboration or acquisition within one's field of work.
Salesmanship and Persuasion in Business Deals:
- Codie challenges traditional views of salesmanship by asserting that true sales involve aligning with individuals already predisposed towards a particular outcome rather than convincing them against their inclinations.
- She underscores the importance of being perceived as a reliable custodian when acquiring someone else's business, highlighting trust-building as an essential aspect of successful acquisitions.