Codie Sanchez on How to Become a Main Street Millionaire: The Secrets to Profiting from 'Boring' Businesses

The James Altucher Show

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about a year ago 1:57:26

MP3•Laman utama episod

A Note from James:

If my kids asked me, "What is the one podcast we should listen to to create financial security, wealth, whatever?"—this is the one I’d recommend. Codie Sanchez is so smart, thoughtful about business, and open about her journey to success, including the failures she's overcome.

Her book, Main Street Millionaire, highlights how the most boring businesses—laundromats, car washes, and other everyday enterprises—are the true wealth creators. Codie shares her strategies for buying these businesses for little to no money down and scaling them for massive success. This episode is packed with actionable insights, so take notes, and if you have questions, hit me up on Twitter. Here’s Codie Sanchez.

Episode Description:

James sits down with Main Street Millionaire author Codie Sanchez to explore the art of building wealth through "boring" businesses. Codie explains why chasing trendy industries like AI and crypto might not be the best path to financial freedom, and instead focuses on buying, scaling, and profiting from existing small businesses. They discuss why these overlooked enterprises can be goldmines and how to find, evaluate, and acquire them—even with minimal upfront capital. This episode is a roadmap for anyone dreaming of stepping off the corporate treadmill and building sustainable wealth.

What You’ll Learn:

The Power of "Boring" Businesses: Why laundromats, car washes, and other Main Street enterprises consistently generate wealth.
How to Find the Right Business to Buy: Codie’s framework for identifying ideal opportunities, from seller motivations to business profitability.
Creative Financing Strategies: Learn how to buy a business with little to no money down using seller financing.
Scaling Simplified: Actionable tips to grow a small business by increasing visibility, average order value, and customer engagement.
Overcoming the Fear of Entrepreneurship: How to shift your mindset and take calculated risks, even if you're starting as an employee.

Timestamped Chapters:

[01:30] Introduction to Codie Sanchez and her wealth-building philosophy.
[02:29] Why "boring" businesses create lasting wealth.
[03:01] Interview begins: Codie and James discuss Belgian Malinois dogs.
[04:29] Following your own advice as an entrepreneur.
[06:46] The power of a good book title and its lasting impression.
[09:33] The evolution of business self-help books.
[11:31] The Lindy Effect: Predicting a business’s future longevity.
[13:49] The decline of small business ownership in America.
[14:59] Tax benefits of owning a business versus being an employee.
[16:18] Seller financing explained: Buying with minimal upfront capital.
[19:32] The Lindy Effect and why older businesses are safer investments.
[22:27] Scaling strategies: Raising prices and increasing average order value.
[29:45] Codie’s journey: From corporate employee to serial entrepreneur.
[36:23] First business acquisition: Lessons from Codie’s laundromat.
[38:55] Overcoming fear and ego risk in entrepreneurship.
[44:18] Structuring deals: The balance between upfront payment and seller financing.
[50:37] Real-life example: A flooring restoration business deal.
[56:14] How to connect with retiring entrepreneurs for off-market deals.

Additional Resources:

Codie Sanchez’s book: Main Street Millionaire
Follow Codie Sanchez on Twitter:

2621 episod

#Altucher #Entrepreneur #Business #Chess #Comedy #James #Jay The Engineer #Jay #PodcastOne #Jay Yow #James Altucher #Podcasting Education #Authors #Writers

Codie Sanchez on How to Become a Main Street Millionaire: The Secrets to Profiting from 'Boring' Businesses

The James Altucher Show

25,548 subscribers

published about a year ago

Kongsi

MP3•Laman utama episod

A Note from James:

Episode Description:

What You’ll Learn:

The Power of "Boring" Businesses: Why laundromats, car washes, and other Main Street enterprises consistently generate wealth.
How to Find the Right Business to Buy: Codie’s framework for identifying ideal opportunities, from seller motivations to business profitability.
Creative Financing Strategies: Learn how to buy a business with little to no money down using seller financing.
Scaling Simplified: Actionable tips to grow a small business by increasing visibility, average order value, and customer engagement.
Overcoming the Fear of Entrepreneurship: How to shift your mindset and take calculated risks, even if you're starting as an employee.

Timestamped Chapters:

[01:30] Introduction to Codie Sanchez and her wealth-building philosophy.
[02:29] Why "boring" businesses create lasting wealth.
[03:01] Interview begins: Codie and James discuss Belgian Malinois dogs.
[04:29] Following your own advice as an entrepreneur.
[06:46] The power of a good book title and its lasting impression.
[09:33] The evolution of business self-help books.
[11:31] The Lindy Effect: Predicting a business’s future longevity.
[13:49] The decline of small business ownership in America.
[14:59] Tax benefits of owning a business versus being an employee.
[16:18] Seller financing explained: Buying with minimal upfront capital.
[19:32] The Lindy Effect and why older businesses are safer investments.
[22:27] Scaling strategies: Raising prices and increasing average order value.
[29:45] Codie’s journey: From corporate employee to serial entrepreneur.
[36:23] First business acquisition: Lessons from Codie’s laundromat.
[38:55] Overcoming fear and ego risk in entrepreneurship.
[44:18] Structuring deals: The balance between upfront payment and seller financing.
[50:37] Real-life example: A flooring restoration business deal.
[56:14] How to connect with retiring entrepreneurs for off-market deals.

Additional Resources:

Codie Sanchez’s book: Main Street Millionaire
Follow Codie Sanchez on Twitter:

2621 episod

#Altucher #Entrepreneur #Business #Chess #Comedy #James #Jay The Engineer #Jay #PodcastOne #Jay Yow #James Altucher #Podcasting Education #Authors #Writers

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9 weeks ago1:36:51

1:36:51

A Note from James: So, I’m out rock climbing, but I really wanted to take a moment to introduce today’s guest: Roger Reaves. This guy is unbelievable. He’s arguably the biggest drug smuggler in history, having worked with Pablo Escobar and others through the '70s, '80s, and even into the '90s. Roger’s life is like something out of a movie—he spent 33 years in jail and has incredible stories about the drug trade, working with people like Barry Seal, and the U.S. government’s involvement in the smuggling business. Speaking of Barry Seal, if you’ve seen American Made with Tom Cruise, there’s a wild scene where Barry predicts the prosecutor’s next move after being arrested—and sure enough, it happens just as he said. Well, Barry Seal actually worked for Roger. That’s how legendary this guy is. Roger also wrote a book called Smuggler about his life. You’ll want to check that out after hearing these crazy stories. Here’s Roger Reaves. Episode Description: Roger Reaves shares his extraordinary journey from humble beginnings on a farm to becoming one of the most notorious drug smugglers in history. He discusses working with Pablo Escobar, surviving harrowing escapes from law enforcement, and the brutal reality of imprisonment and torture. Roger reflects on his decisions, the human connections that shaped his life, and the lessons learned from a high-stakes career. Whether you’re here for the stories or the insights into an underground world, this episode offers a rare glimpse into a life few could imagine. What You’ll Learn: How Roger Reaves became involved in drug smuggling and built connections with major players like Pablo Escobar and Barry Seal. The role of the U.S. government in the drug trade and its surprising intersections with Roger’s operations. Harrowing tales of near-death experiences, including shootouts, plane crashes, and daring escapes. The toll a life of crime takes on family, faith, and personal resilience. Lessons learned from decades of high-risk decisions and time behind bars. Timestamped Chapters: [00:01:30] Introduction to Roger Reaves [00:02:00] Connection to Barry Seal and American Made [00:02:41] Early Life and Struggles [00:09:16] Moonshine and Early Smuggling [00:12:06] Transition to Drug Smuggling [00:16:15] Close Calls and Escapes [00:26:46] Torture and Imprisonment in Mexico [00:32:02] First Cocaine Runs [00:44:06] Meeting Pablo Escobar [00:53:28] The Rise of Cocaine Smuggling [00:59:18] Arrest and Imprisonment [01:06:35] Barry Seal's Downfall [01:10:45] Life Lessons from the Drug Trade [01:15:22] Reflections on Faith and Family [01:20:10] Plans for the Future Additional Resources: Roger Reaves’ book: Smuggler Information about Barry Seal: Barry Seal Wikipedia The movie American Made : IMDb Link…

1
Trump's Greenland Ambitions: Strategic Necessity or Wild Idea 26:19

10 weeks ago26:19

26:19

A Note from James: "Couldn't believe it was possible. I thought the reality show of Election 2024 could not be beat, but it turns out that was just season one, and season two is incredible. Right now, I don't know whether this is insane or the smartest thing possible. So we're going to figure this out right now. Trump just announced that he wants to buy Greenland and so many things to unpack there. The deeper I go, the more of a rabbit hole it became, and the deeper I went." Episode Description: In this episode, James Altucher delves into former President Donald Trump's recent announcement to buy Greenland, exploring the strategic and economic reasons behind the move. The discussion revisits Trump's initial interest in purchasing Greenland in 2019 and examines the geopolitical significance of the island, including rare earth minerals, uranium, and oil reserves. The episode also considers China's control over rare earth minerals and the potential ramifications for U.S. national security. Despite Denmark's refusal to sell, the analysis suggests that acquiring Greenland could benefit both the island's residents and the strategic interests of the United States. What You'll Learn: The historical and strategic significance of Greenland for the U.S. Why President Trump announced plans to buy Greenland, citing strategic necessity. The importance of rare earth minerals and Greenland's substantial reserves. China's control over the global supply of rare earth minerals and its potential impact. The strategic military value of Greenland for the U.S., especially regarding rare earth minerals, oil, and gas. Specific mining rights in Greenland and their control by Chinese companies. The geopolitical implications of the U.S. owning Greenland and countering China's influence. The importance of public figures like Ken Howery and Elon Musk in these discussions. The rationale behind Trump’s repeated interest in purchasing Greenland. Timestamped Chapters: [00:00] Introduction: The Unbelievable Reality of Election 2024 [00:21] Trump's Greenland Ambition: A Recap [00:50] Crowdfunding Greenland: A Personal Journey [01:37] Strategic Importance of Greenland [06:25] The Rare Earth Minerals Dilemma [14:35] Historical Attempts to Buy Greenland [18:55] Modern Geopolitical Implications [21:02] Conclusion: The Future of Greenland Additional Resources: James Altcher: Greenland - Let's buy it! James Altucher's Blog…

1
How Fiverr Revolutionized the Gig Economy: Insights from CEO Micha Kaufman 52:57

11 weeks ago52:57

52:57

A Note from James: The world's completely changing. Young people, including my five kids, are no longer planning on that one-job, one-career trajectory where you start at General Motors or Procter & Gamble and retire 45 years later with a gold watch. Instead, they’re hustling. They're building side hustles, working from home, and finding ways to make money while traveling. And where do all these opportunities come from? Micha Kaufman, the founder and CEO of Fiverr, joins me today. Fiverr has created millions of jobs and revolutionized the gig economy. It's not just about freelancing—it’s about how you can leverage platforms like Fiverr alongside AI to create opportunities. This conversation could change your life. Let's get into it. Episode Description: In this episode, James Altucher chats with Micha Kaufman, the visionary founder and CEO of Fiverr. Micha shares how Fiverr reshaped the freelance marketplace by making talent accessible to anyone, anywhere. They discuss how the gig economy has evolved, the role of AI in freelancing, and why adaptability is the key to thriving in the modern workforce. Micha’s insights reveal the strategies that made Fiverr a global platform connecting millions while changing how businesses access talent. What You’ll Learn: How Fiverr revolutionized freelancing by creating a catalog-based marketplace and simplifying the hiring process. The impact of AI on freelancing —how it’s creating new opportunities and enhancing productivity for creatives and businesses alike. The future of the gig economy and why adaptability is crucial in a rapidly evolving job market. Fiverr’s viral growth strategy and what entrepreneurs can learn about building a two-sided marketplace. The role of human creativity in the age of AI , and how freelancers can maintain their edge. Timestamped Chapters: [01:30] Introduction and Overview of Fiverr [03:42] The Birth of Fiverr: Inspiration and Early Challenges [05:56] Fiverr’s Unique Approach to Freelancing [10:18] The Gig Economy and Fiverr’s Impact [13:36] Adapting to Market Needs and Growth [20:48] Fiverr’s Viral Growth Strategy [25:49] AI’s Impact on Jobs and Services [32:23] Freelancers and AI Tools [40:46] Fiverr’s Evolution with AI [46:16] Going Public: Fiverr’s Journey [49:53] Conclusion and Final Thoughts Additional Resources: Fiverr - Official Website The Gig Economy by Diane Mulcahy Micha Kaufman on LinkedIn James Altucher’s Blog…

1
Scribe Media's Resurrection: How Eric Jorgenson Revived a Publishing Giant 58:58

12 weeks ago58:58

58:58

Episode Description: Eric Jorgenson’s story with Scribe Media is one of the rare second chances in business. In this episode, James sits down with Eric to discuss how he saved Scribe from its dramatic downfall, brought it back to stability, and is leading it into a promising future. Eric shares the inner workings of the acquisition, the lessons learned from Scribe’s collapse, and how the company is redefining professional self-publishing. Together, they also explore why self-publishing is a vital option for authors, the evolving publishing landscape, and how to create meaningful books in today’s digital age. This episode is packed with actionable insights for authors, entrepreneurs, and anyone interested in the intersection of business and creativity. What You’ll Learn: The Fall and Rise of Scribe Media: What led to Scribe’s bankruptcy and how Eric Jorgenson turned it around. The Future of Publishing: Why self-publishing is more relevant than ever and how it’s empowering authors. Leadership Lessons: Key takeaways from managing a company through crisis and rebuilding trust. The Economics of Books: Why owning your royalties and creative control can make all the difference. Resilience in Business: How to find opportunity in the ashes of a failed venture. Timestamped Chapters: [01:30] Introduction: James reflects on Scribe Media’s story and his personal connection to the company. [03:20] Scribe’s Collapse: What went wrong under JT McCormick’s leadership. [09:26] Enter Eric Jorgenson: How Eric got involved with Scribe. [17:10] Lessons Learned: Red flags, leadership failures, and rebuilding a company. [24:11] Saving Scribe: Eric’s approach to reviving the company and reconnecting with authors. [32:14] The Future of Self-Publishing: Why the model works and its growing importance. [40:53] AI and Writing: How technology is shaping the future of book creation. [50:49] Final Thoughts: The road ahead for Scribe Media and Eric’s vision for the company. Additional Resources: Eric Jorgenson’s "The Almanack of Naval Ravikant" Scribe Media’s Website James Altucher’s "Choose Yourself" Tucker Max’s Blog on Scribe’s Collapse…

1
Jim Rickards: Will AI Destroy the World? 52:19

13 weeks ago52:19

52:19

A Note from James: Money GPT. I mean, we've all heard about the incredible potential of AI, and I’ve shared my optimism about its future in many episodes. But today, we have Jim Rickards back on the show, and he’s here to offer a more skeptical perspective. You might remember our earlier discussion where Jim laid out a masterclass on the economy, its history, and what might unfold over the next few years. Now, he’s back with insights from his new book, Money GPT , diving into what we should watch out for when it comes to AI and its impact on the economy. Let’s get into this compelling discussion with Jim Rickards. Episode Description: In this episode, James Altucher welcomes back bestselling author Jim Rickards to discuss his latest book, Money GPT . Jim delves into the transformative power of AI, highlighting both its immense benefits and the potential risks it poses, particularly to the global economy and financial markets. Drawing on his experience building AI models for the CIA, Jim explains how AI is reshaping industries and warns of its unintended consequences. The conversation spans the accelerating role of AI in finance, its vulnerabilities, and its parallels with nuclear decision-making processes. Whether you're optimistic or cautious about AI, this episode will challenge your perspective with fresh insights and historical context. What You’ll Learn: How AI is amplifying financial market volatility and increasing systemic risks. The concept of "cybernetics" as a solution to mitigate market crashes. The differences between AI's success in music and its limitations in writing. Why AI’s self-referential feedback loops could worsen over time. The parallels between AI in finance and its potential misuse in nuclear decision-making. Timestamped Chapters: [00:01:30] Introduction: Revisiting AI and its role in the economy. [00:03:24] The dual nature of AI: Power and risk. [00:06:50] GPT breakthroughs and the future of language models. [00:11:34] Why AI excels in music but struggles with writing. [00:19:46] The rise of passive investing and its dangers. [00:23:14] Cybernetics: A strategy to stabilize financial markets. [00:39:15] The risks of removing humans from critical decision-making chains. [00:47:53] Will AI replace jobs faster than it creates new ones? Additional Resources: Jim Rickards’ book, Money GPT . Related episode: The History and Future of the Economy with Jim Rickards .…

1
Codie Sanchez on How to Become a Main Street Millionaire: The Secrets to Profiting from 'Boring' Businesses 1:57:26

14 weeks ago1:57:26

1:57:26

A Note from James: If my kids asked me, "What is the one podcast we should listen to to create financial security, wealth, whatever?"—this is the one I’d recommend. Codie Sanchez is so smart, thoughtful about business, and open about her journey to success, including the failures she's overcome. Her book, Main Street Millionaire, highlights how the most boring businesses—laundromats, car washes, and other everyday enterprises—are the true wealth creators. Codie shares her strategies for buying these businesses for little to no money down and scaling them for massive success. This episode is packed with actionable insights, so take notes, and if you have questions, hit me up on Twitter. Here’s Codie Sanchez. Episode Description: James sits down with Main Street Millionaire author Codie Sanchez to explore the art of building wealth through "boring" businesses. Codie explains why chasing trendy industries like AI and crypto might not be the best path to financial freedom, and instead focuses on buying, scaling, and profiting from existing small businesses. They discuss why these overlooked enterprises can be goldmines and how to find, evaluate, and acquire them—even with minimal upfront capital. This episode is a roadmap for anyone dreaming of stepping off the corporate treadmill and building sustainable wealth. What You’ll Learn: The Power of "Boring" Businesses: Why laundromats, car washes, and other Main Street enterprises consistently generate wealth. How to Find the Right Business to Buy: Codie’s framework for identifying ideal opportunities, from seller motivations to business profitability. Creative Financing Strategies: Learn how to buy a business with little to no money down using seller financing. Scaling Simplified: Actionable tips to grow a small business by increasing visibility, average order value, and customer engagement. Overcoming the Fear of Entrepreneurship: How to shift your mindset and take calculated risks, even if you're starting as an employee. Timestamped Chapters: [01:30] Introduction to Codie Sanchez and her wealth-building philosophy. [02:29] Why "boring" businesses create lasting wealth. [03:01] Interview begins: Codie and James discuss Belgian Malinois dogs. [04:29] Following your own advice as an entrepreneur. [06:46] The power of a good book title and its lasting impression. [09:33] The evolution of business self-help books. [11:31] The Lindy Effect: Predicting a business’s future longevity. [13:49] The decline of small business ownership in America. [14:59] Tax benefits of owning a business versus being an employee. [16:18] Seller financing explained: Buying with minimal upfront capital. [19:32] The Lindy Effect and why older businesses are safer investments. [22:27] Scaling strategies: Raising prices and increasing average order value. [29:45] Codie’s journey: From corporate employee to serial entrepreneur. [36:23] First business acquisition: Lessons from Codie’s laundromat. [38:55] Overcoming fear and ego risk in entrepreneurship. [44:18] Structuring deals: The balance between upfront payment and seller financing. [50:37] Real-life example: A flooring restoration business deal. [56:14] How to connect with retiring entrepreneurs for off-market deals. Additional Resources: Codie Sanchez’s book: Main Street Millionaire Follow Codie Sanchez on Twitter:…

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Codie Sanchez on How to Become a Main Street Millionaire: The Secrets to Profiting from 'Boring' Businesses