Meet The Woman Who Makes $50M With Boring Businesses with Codie Sanchez
Published on: December 9 2022 by MyWifeQuitHerJob Ecommerce Channel
Meet The Woman Who Makes $50M With Boring Businesses with Codie Sanchez
Table of Contents
Meet The Woman Who Makes $50M With Boring Businesses with Codie Sanchez
| startTime | durationTime | text |
| 00:00:00 | 00:00:03 | if I'm unsure on the business like I'm |
| 00:00:02 | 00:00:05 | buying another website business and |
| 00:00:03 | 00:00:07 | let's say I actually want the owner to |
| 00:00:05 | 00:00:10 | stay around I might say hey I'll give |
| 00:00:07 | 00:00:12 | you 25 000 for the business right now or |
| 00:00:10 | 00:00:13 | 75 000 if you stik around for three |
| 00:00:12 | 00:00:15 | years twenty five thousand dollars a |
| 00:00:13 | 00:00:17 | year |
| 00:00:15 | 00:00:19 | welcome to the my wife quitter job |
| 00:00:17 | 00:00:21 | podcast today I'm happy to have Cody |
| 00:00:19 | 00:00:23 | Sanchez on the show now and I didn't |
| 00:00:21 | 00:00:25 | really know who she was at the time but |
| 00:00:23 | 00:00:27 | this woman walks out in leather pants |
| 00:00:25 | 00:00:29 | confidence dried and the first thought |
| 00:00:27 | 00:00:31 | that goes through my head is that this |
| 00:00:29 | 00:00:33 | woman is a badass Cody is the founder of |
| 00:00:31 | 00:00:36 | contrarian thinking and a co-founder of |
| 00:00:33 | 00:00:38 | unconventional Acquisitions where she |
| 00:00:36 | 00:00:39 | helps people think outside the box when |
| 00:00:38 | 00:00:42 | it comes to businesses and she |
| 00:00:39 | 00:00:45 | specializes in boring businesses that |
| 00:00:42 | 00:00:46 | cash flow like crazy she is a reformed |
| 00:00:45 | 00:00:48 | journalist turned Institutional Investor |
| 00:00:46 | 00:00:50 | a board member at a variety of companies |
| 00:00:48 | 00:00:53 | an investor and she's gonna teach us |
| 00:00:50 | 00:00:55 | today how to think critikally and make |
| 00:00:53 | 00:00:57 | money unconventionally and with that |
| 00:00:55 | 00:00:59 | welcome to show Cody how you doing great |
| 00:00:57 | 00:01:01 | thanks I gotta record that |
| 00:00:59 | 00:01:03 | hey I was always curious what does it |
| 00:01:01 | 00:01:06 | mean to be a reformed journalist |
| 00:01:03 | 00:01:09 | but I used to be a journalist and then I |
| 00:01:06 | 00:01:12 | realized that I wanted to be part of the |
| 00:01:09 | 00:01:15 | activity not write about the activity |
| 00:01:12 | 00:01:18 | and so I consider myself a bit of a |
| 00:01:15 | 00:01:20 | reformed journalist in that sense and |
| 00:01:18 | 00:01:22 | what about boring businesses like how |
| 00:01:20 | 00:01:23 | did you get into that yeah well boring |
| 00:01:22 | 00:01:25 | businesses were interesting for me |
| 00:01:23 | 00:01:26 | because |
| 00:01:25 | 00:01:29 | um you know I've been in private equity |
| 00:01:26 | 00:01:31 | for a long time and private Equity is |
| 00:01:29 | 00:01:33 | essentially just investing in boring |
| 00:01:31 | 00:01:34 | businesses that's all it is and it's |
| 00:01:33 | 00:01:37 | done at scale and with other people's |
| 00:01:34 | 00:01:39 | money but when I started doing it myself |
| 00:01:37 | 00:01:41 | I just realized hey I'm doing all of |
| 00:01:39 | 00:01:44 | these really big lbos they're called |
| 00:01:41 | 00:01:46 | Leverage buyouts for third parties and |
| 00:01:44 | 00:01:47 | we're doing maybe Billion Dollar Deals |
| 00:01:46 | 00:01:49 | maybe deals that are hundreds of |
| 00:01:47 | 00:01:51 | millions of dollars why couldn't I do |
| 00:01:49 | 00:01:53 | the same thing but much smaller and |
| 00:01:51 | 00:01:54 | since they make all of the money when we |
| 00:01:53 | 00:01:56 | do the big deals if I do the small deals |
| 00:01:54 | 00:01:59 | then I can capture all of that return |
| 00:01:56 | 00:02:00 | and so I started looking at what are |
| 00:01:59 | 00:02:03 | businesses that most people don't think |
| 00:02:00 | 00:02:04 | are sexy but cash flow on day one of you |
| 00:02:03 | 00:02:06 | closing and acquisition and those are |
| 00:02:04 | 00:02:09 | the businesses I started looking at |
| 00:02:06 | 00:02:11 | buying okay you know what's funny uh |
| 00:02:09 | 00:02:13 | when I was growing up I had a lot of |
| 00:02:11 | 00:02:15 | Korean friends and whenever I went over |
| 00:02:13 | 00:02:17 | their houses they were really nice |
| 00:02:15 | 00:02:19 | houses and it seemed like they were |
| 00:02:17 | 00:02:22 | killing it and here's the thing they ran |
| 00:02:19 | 00:02:24 | boring businesses like laundromats dry |
| 00:02:22 | 00:02:26 | cleaners Custom Tailor businesses and |
| 00:02:24 | 00:02:28 | I'm guessing that they did pretty well |
| 00:02:26 | 00:02:31 | totally yeah I mean I think you know if |
| 00:02:28 | 00:02:32 | you actually look at communities and |
| 00:02:31 | 00:02:34 | where people spend most of their money |
| 00:02:32 | 00:02:38 | it's certainly you know they're how |
| 00:02:34 | 00:02:40 | their rent right their car food and then |
| 00:02:38 | 00:02:43 | it's local Services you know it's like |
| 00:02:40 | 00:02:44 | getting your your house plumbing fixed |
| 00:02:43 | 00:02:46 | because something goes wrong your air |
| 00:02:44 | 00:02:48 | conditioner doing the Landscaping in |
| 00:02:46 | 00:02:50 | front of your house um going out to |
| 00:02:48 | 00:02:52 | local restaurants or entertainment |
| 00:02:50 | 00:02:53 | venues |
| 00:02:52 | 00:02:55 | um you know having somebody wash your |
| 00:02:53 | 00:02:57 | car it's all of these little things we |
| 00:02:55 | 00:02:59 | think about every day not all of us are |
| 00:02:57 | 00:03:01 | using you know a tik stack of you know |
| 00:02:59 | 00:03:02 | all of these companies that we think |
| 00:03:01 | 00:03:04 | about from the Silicon Valley |
| 00:03:02 | 00:03:06 | perspective sure we use Uber but most |
| 00:03:04 | 00:03:08 | people actually probably don't use Uber |
| 00:03:06 | 00:03:11 | every single day or every single week |
| 00:03:08 | 00:03:12 | you know and in fact what you do use |
| 00:03:11 | 00:03:15 | every single day is like some of your |
| 00:03:12 | 00:03:18 | local companies and so I think we've |
| 00:03:15 | 00:03:19 | skewed ourselves to believe that most of |
| 00:03:18 | 00:03:21 | the riches are made from Silicon Valley |
| 00:03:19 | 00:03:23 | companies |
| 00:03:21 | 00:03:24 | um and that is true for a select few but |
| 00:03:23 | 00:03:27 | for everyday humans who don't have the |
| 00:03:24 | 00:03:28 | idea to become the next Elon Musk and |
| 00:03:27 | 00:03:30 | really just want to provide for their |
| 00:03:28 | 00:03:31 | families and provide better services for |
| 00:03:30 | 00:03:33 | the community around them I think it's |
| 00:03:31 | 00:03:35 | really important actually that we |
| 00:03:33 | 00:03:37 | remember that boring businesses you know |
| 00:03:35 | 00:03:39 | keep our everyday lives rolling and so |
| 00:03:37 | 00:03:41 | you get to profit off of that if you |
| 00:03:39 | 00:03:42 | invest in them but you also get to |
| 00:03:41 | 00:03:44 | benefit the community so it's an |
| 00:03:42 | 00:03:46 | interesting two-for-one |
| 00:03:44 | 00:03:48 | so a boring business by your definition |
| 00:03:46 | 00:03:50 | is something that doesn't necessarily |
| 00:03:48 | 00:03:54 | use tik or just an everyday service |
| 00:03:50 | 00:03:54 | yeah I think of foreign businesses |
| 00:03:55 | 00:04:00 | and you want to grow up and do so you |
| 00:03:58 | 00:04:02 | know you might say one day I want to be |
| 00:04:00 | 00:04:04 | an engineer or one day I want to be an |
| 00:04:02 | 00:04:06 | air air pilot but you're probably not |
| 00:04:04 | 00:04:08 | going to grow up and say I want to run a |
| 00:04:06 | 00:04:12 | sprinkler company or you know I want to |
| 00:04:08 | 00:04:14 | run a company that does lot Landscaping |
| 00:04:12 | 00:04:16 | across town and so it's a totally made |
| 00:04:14 | 00:04:19 | up definition that basically is just |
| 00:04:16 | 00:04:21 | saying anything that you wouldn't think |
| 00:04:19 | 00:04:22 | of as wanting to be a CEO you know maybe |
| 00:04:21 | 00:04:24 | there's a way to make money in that |
| 00:04:22 | 00:04:26 | space and sometimes businesses are tik |
| 00:04:24 | 00:04:27 | enabled to be fair |
| 00:04:26 | 00:04:29 | let me ask you this so I sell |
| 00:04:27 | 00:04:31 | handkerchiefs online is that considered |
| 00:04:29 | 00:04:33 | a boring business yeah what except I |
| 00:04:31 | 00:04:35 | think there's this e-commerce component |
| 00:04:33 | 00:04:37 | of it which makes it a little bit sexier |
| 00:04:35 | 00:04:39 | right so you know I don't know how you |
| 00:04:37 | 00:04:41 | can make hankies sexy but keep going I |
| 00:04:39 | 00:04:43 | think you can do it with um you know you |
| 00:04:41 | 00:04:46 | need to understand how to build websites |
| 00:04:43 | 00:04:48 | well and have traffic and do paid ads |
| 00:04:46 | 00:04:50 | Etc a lot of these businesses you know |
| 00:04:48 | 00:04:53 | are mom and pop businesses that have |
| 00:04:50 | 00:04:55 | been in existence for you know 10 20 |
| 00:04:53 | 00:04:57 | years at times so it's it's certainly a |
| 00:04:55 | 00:05:00 | boring business |
| 00:04:57 | 00:05:01 | um but even so I might think you know |
| 00:05:00 | 00:05:04 | the manufacturer of the handkerchiefs |
| 00:05:01 | 00:05:07 | locally or the trucking company that |
| 00:05:04 | 00:05:10 | that locally routes them to locations or |
| 00:05:07 | 00:05:13 | the pack and ship where you know your |
| 00:05:10 | 00:05:14 | employees go and you know send off your |
| 00:05:13 | 00:05:16 | first round of handker ships that are |
| 00:05:14 | 00:05:18 | located on the the corner so I need to |
| 00:05:16 | 00:05:19 | come up with a better way to explain |
| 00:05:18 | 00:05:21 | like what the real difference is between |
| 00:05:19 | 00:05:24 | the two |
| 00:05:21 | 00:05:27 | um but yes even you run a sexy business |
| 00:05:24 | 00:05:28 | Okay so uh how do you find these I know |
| 00:05:27 | 00:05:30 | you own a bunch of these let's let's |
| 00:05:28 | 00:05:32 | just use some examples of the ones that |
| 00:05:30 | 00:05:33 | you've personally owned or interacted |
| 00:05:32 | 00:05:36 | with |
| 00:05:33 | 00:05:38 | so the the way that most people go and |
| 00:05:36 | 00:05:39 | find them to start is just like you buy |
| 00:05:38 | 00:05:41 | a house so you go to like Zillow or |
| 00:05:39 | 00:05:42 | Redfin or whatever and you look for a |
| 00:05:41 | 00:05:44 | house and there are sites that you can |
| 00:05:42 | 00:05:47 | do that for buying boring businesses too |
| 00:05:44 | 00:05:50 | like e-commerce flipper you know flip uh |
| 00:05:47 | 00:05:52 | Biz by cell for sure that's like the |
| 00:05:50 | 00:05:55 | entry level way to do it you know the |
| 00:05:52 | 00:05:57 | way that I find deals now is is |
| 00:05:55 | 00:06:00 | typically a little bit more asymmetric |
| 00:05:57 | 00:06:03 | like it's not like okay step one you do |
| 00:06:00 | 00:06:04 | this step two you do this which is why I |
| 00:06:03 | 00:06:06 | think there'll always be opportunity in |
| 00:06:04 | 00:06:10 | it because there's about 472 ways to |
| 00:06:06 | 00:06:11 | find a business and our um group called |
| 00:06:10 | 00:06:13 | unconventional Acquisitions where we |
| 00:06:11 | 00:06:14 | have a course that toks about how to |
| 00:06:13 | 00:06:16 | buy boring businesses we tok about 13 |
| 00:06:14 | 00:06:18 | different ways |
| 00:06:16 | 00:06:19 | um but there's many more than that |
| 00:06:18 | 00:06:21 | that's just sort of to get the juices |
| 00:06:19 | 00:06:24 | flowing some of my favorite ways to find |
| 00:06:21 | 00:06:27 | businesses to buy is this so one I go |
| 00:06:24 | 00:06:28 | out publicly and I do it across all my |
| 00:06:27 | 00:06:30 | social media and I do it in every |
| 00:06:28 | 00:06:31 | interaction where I say I buy boring |
| 00:06:30 | 00:06:33 | businesses like you and I toked about |
| 00:06:31 | 00:06:35 | and so I say this is what I do you know |
| 00:06:33 | 00:06:37 | if people are looking to sell if there's |
| 00:06:35 | 00:06:40 | somebody you know who's retiring maybe |
| 00:06:37 | 00:06:41 | the you know Mom the patriarch of the |
| 00:06:40 | 00:06:42 | matriarch is ready to move on the kid |
| 00:06:41 | 00:06:44 | doesn't want to take over the company |
| 00:06:42 | 00:06:46 | those are the type of companies I like |
| 00:06:44 | 00:06:48 | to buy so I just word of mouth and then |
| 00:06:46 | 00:06:50 | the second way that I do it a lot is I |
| 00:06:48 | 00:06:52 | look through my personal p l like what |
| 00:06:50 | 00:06:54 | are all the companies that I interact |
| 00:06:52 | 00:06:55 | with every day and are any of them small |
| 00:06:54 | 00:06:58 | enough that I could actually go and |
| 00:06:55 | 00:06:59 | acquire one of those companies obviously |
| 00:06:58 | 00:07:02 | I can't do that with Google but maybe I |
| 00:06:59 | 00:07:04 | could do it with the local |
| 00:07:02 | 00:07:06 | you know a ship center down the street |
| 00:07:04 | 00:07:07 | from me that I go and ship out all the |
| 00:07:06 | 00:07:10 | time why don't I get to know the owner |
| 00:07:07 | 00:07:12 | what kills me is most people go well |
| 00:07:10 | 00:07:13 | what if you don't know any owners and I |
| 00:07:12 | 00:07:15 | can almost guarantee you that there is |
| 00:07:13 | 00:07:18 | no human in the United States who knows |
| 00:07:15 | 00:07:21 | zero business owners it's just like it's |
| 00:07:18 | 00:07:23 | not possible if you are interacting at |
| 00:07:21 | 00:07:24 | all outside of your house you may know |
| 00:07:23 | 00:07:25 | the owner of the gas station because |
| 00:07:24 | 00:07:28 | you're probably toking to him because |
| 00:07:25 | 00:07:30 | he's doing the checkout for you |
| 00:07:28 | 00:07:32 | um and so just start toking to as many |
| 00:07:30 | 00:07:33 | people that are owners as possible you |
| 00:07:32 | 00:07:35 | know I've actually gotten to this habit |
| 00:07:33 | 00:07:38 | of whenever I walk into a small business |
| 00:07:35 | 00:07:40 | I'll chat with the owner and I'll |
| 00:07:38 | 00:07:41 | sometimes just ask them for numbers and |
| 00:07:40 | 00:07:43 | a lot of times they're actually quite |
| 00:07:41 | 00:07:45 | forthcoming with their business and |
| 00:07:43 | 00:07:46 | stuff it's really interesting a great |
| 00:07:45 | 00:07:49 | great it's a good way to get comfortable |
| 00:07:46 | 00:07:50 | with it especially like I'd be curious |
| 00:07:49 | 00:07:52 | like how you do it but I basically just |
| 00:07:50 | 00:07:54 | say something like oh yeah you know I |
| 00:07:52 | 00:07:55 | run a couple small businesses too how |
| 00:07:54 | 00:07:57 | are you guys doing like here's a couple |
| 00:07:55 | 00:08:00 | pain points in my business right now you |
| 00:07:57 | 00:08:02 | know we do you know we do about 300 000 |
| 00:08:00 | 00:08:03 | in this one business but you know labor |
| 00:08:02 | 00:08:05 | is really tough how about you guys how |
| 00:08:03 | 00:08:07 | big is this business and then they'll |
| 00:08:05 | 00:08:09 | tell you right that's exactly how I do |
| 00:08:07 | 00:08:11 | it I always reveal a little tiny snippet |
| 00:08:09 | 00:08:13 | of something I always say that I run a |
| 00:08:11 | 00:08:15 | business too and you know I have these |
| 00:08:13 | 00:08:17 | problems too do you have it's exactly |
| 00:08:15 | 00:08:18 | the same tiknique yeah because it's |
| 00:08:17 | 00:08:21 | disarming right when you reveal |
| 00:08:18 | 00:08:24 | something about yourself first totally |
| 00:08:21 | 00:08:27 | and you know running businesses isn't |
| 00:08:24 | 00:08:28 | isn't easy and so I think all of us like |
| 00:08:27 | 00:08:30 | to hear from that's why we go to events |
| 00:08:28 | 00:08:31 | like the one where we met because we |
| 00:08:30 | 00:08:32 | want to hear from other business owners |
| 00:08:31 | 00:08:35 | what are they struggling with what's |
| 00:08:32 | 00:08:36 | working what's not and I mean I've sold |
| 00:08:35 | 00:08:38 | the businesses based on conversations |
| 00:08:36 | 00:08:39 | like that because some businesses I just |
| 00:08:38 | 00:08:41 | don't want to run anymore they're too |
| 00:08:39 | 00:08:44 | small or they're not working or whatever |
| 00:08:41 | 00:08:45 | and so um yeah I think it's like once |
| 00:08:44 | 00:08:47 | you get the business bug you want to |
| 00:08:45 | 00:08:49 | tok about it and so assume other owners |
| 00:08:47 | 00:08:50 | do too and even if you don't own a |
| 00:08:49 | 00:08:53 | business I think you could tok about it |
| 00:08:50 | 00:08:55 | like ah I'm obsessed with businesses you |
| 00:08:53 | 00:08:56 | know I don't own one right now but I've |
| 00:08:55 | 00:08:57 | actually been looking at a bunch and |
| 00:08:56 | 00:08:59 | your business model seems really |
| 00:08:57 | 00:09:01 | interesting like how does it work I |
| 00:08:59 | 00:09:03 | assume it would work like this so you |
| 00:09:01 | 00:09:06 | could do it without being an owner too |
| 00:09:03 | 00:09:08 | yeah absolutely so can you give me an |
| 00:09:06 | 00:09:10 | idea of like how much capital is |
| 00:09:08 | 00:09:12 | required and what it would cash flow |
| 00:09:10 | 00:09:13 | just one of your businesses just pick |
| 00:09:12 | 00:09:15 | any one of them I know you have like a |
| 00:09:13 | 00:09:18 | bunch yeah |
| 00:09:15 | 00:09:21 | this is like a not that helpful range |
| 00:09:18 | 00:09:22 | but the the answer is zero dollars to a |
| 00:09:21 | 00:09:24 | billion |
| 00:09:22 | 00:09:25 | um because you can do deals of any size |
| 00:09:24 | 00:09:27 | you know I was just toking to Drew |
| 00:09:25 | 00:09:29 | snake the other day a mutual friend of |
| 00:09:27 | 00:09:31 | ours and he's notorious for buying |
| 00:09:29 | 00:09:33 | businesses for zero dollars and he gives |
| 00:09:31 | 00:09:36 | them a REV share a percentage of his |
| 00:09:33 | 00:09:38 | future revenue or future profits that he |
| 00:09:36 | 00:09:39 | will take by taking their business and |
| 00:09:38 | 00:09:41 | growing them and the reason somebody |
| 00:09:39 | 00:09:43 | would do that obviously is because the |
| 00:09:41 | 00:09:45 | business is losing money let's say a or |
| 00:09:43 | 00:09:48 | they need his expertise |
| 00:09:45 | 00:09:50 | um you can also buy a business for zero |
| 00:09:48 | 00:09:51 | dollars if you do seller financing so if |
| 00:09:50 | 00:09:53 | the if the seller of the business is |
| 00:09:51 | 00:09:55 | like ah I don't want to run this anymore |
| 00:09:53 | 00:09:57 | nobody wants to buy it but would you run |
| 00:09:55 | 00:09:59 | the business and give me a percentage of |
| 00:09:57 | 00:10:00 | future profits or revenue and so you |
| 00:09:59 | 00:10:01 | know I think there's actually a lot of |
| 00:10:00 | 00:10:04 | businesses out there that you could buy |
| 00:10:01 | 00:10:07 | for basically nothing especially when |
| 00:10:04 | 00:10:09 | you realize that it costs money to shut |
| 00:10:07 | 00:10:10 | a business down I mean I don't know if |
| 00:10:09 | 00:10:12 | you've ever had to do it I've had to |
| 00:10:10 | 00:10:14 | shut down businesses and like it's a |
| 00:10:12 | 00:10:16 | couple Grand you know between like |
| 00:10:14 | 00:10:18 | getting rid of you know uh getting rid |
| 00:10:16 | 00:10:20 | of all of your licenses the you know |
| 00:10:18 | 00:10:21 | shutting down the llc's getting rid of |
| 00:10:20 | 00:10:23 | the bank account |
| 00:10:21 | 00:10:25 | um you know getting rid of your website |
| 00:10:23 | 00:10:28 | or any other outstanding services in |
| 00:10:25 | 00:10:30 | some states you can't even like fire all |
| 00:10:28 | 00:10:31 | of your employees right away you have to |
| 00:10:30 | 00:10:33 | do it on a graduated level like in |
| 00:10:31 | 00:10:35 | California for instance so there's a lot |
| 00:10:33 | 00:10:37 | of instances where business owners it |
| 00:10:35 | 00:10:39 | costs them more to shut down the |
| 00:10:37 | 00:10:41 | business than it would for somebody else |
| 00:10:39 | 00:10:42 | to take over it and just give them a |
| 00:10:41 | 00:10:45 | percentage of future profits |
| 00:10:42 | 00:10:47 | that is very interesting so when you've |
| 00:10:45 | 00:10:49 | done your Acquisitions do you try to put |
| 00:10:47 | 00:10:52 | down as little money as possible |
| 00:10:49 | 00:10:55 | what's your strategy yeah almost always |
| 00:10:52 | 00:10:58 | like for example it really depends you |
| 00:10:55 | 00:11:00 | know if I'm buying a business that's |
| 00:10:58 | 00:11:03 | small and I don't want the owner |
| 00:11:00 | 00:11:04 | involved anymore then I want to put down |
| 00:11:03 | 00:11:07 | all the cash and I want them out you |
| 00:11:04 | 00:11:08 | know if I'm buying a business where I |
| 00:11:07 | 00:11:10 | want the owner involved I actually want |
| 00:11:08 | 00:11:11 | to put down as little as cash as |
| 00:11:10 | 00:11:14 | possible because I want to incentivize |
| 00:11:11 | 00:11:15 | them to stay on with me so it depends on |
| 00:11:14 | 00:11:17 | the deal |
| 00:11:15 | 00:11:20 | um if I'm you know a young gun and I'm |
| 00:11:17 | 00:11:22 | taking over somebody's old website |
| 00:11:20 | 00:11:23 | that's really crappy and I don't need |
| 00:11:22 | 00:11:25 | anything for them and I know the whole |
| 00:11:23 | 00:11:30 | thing that I want to do going forward I |
| 00:11:25 | 00:11:33 | might say hey take 50k now or you know |
| 00:11:30 | 00:11:34 | whatever a larger amount over a period |
| 00:11:33 | 00:11:35 | but I'd like you to be gone because I |
| 00:11:34 | 00:11:37 | don't really need anything for you and |
| 00:11:35 | 00:11:39 | I'm just gonna run uh and I know that |
| 00:11:37 | 00:11:41 | I'd take the upfront hit because the |
| 00:11:39 | 00:11:42 | long term will be better if I'm unsure |
| 00:11:41 | 00:11:45 | on the business like I'm buying another |
| 00:11:42 | 00:11:47 | website business and let's say that the |
| 00:11:45 | 00:11:49 | business I actually want the owner to |
| 00:11:47 | 00:11:52 | stay around I might say hey I'll give |
| 00:11:49 | 00:11:54 | you 25 000 for the business right now or |
| 00:11:52 | 00:11:55 | 75 000 if you stik around for three |
| 00:11:54 | 00:11:56 | years twenty five thousand dollars a |
| 00:11:55 | 00:11:58 | year |
| 00:11:56 | 00:11:59 | um and so it really depends on what you |
| 00:11:58 | 00:12:01 | want out of the deal the most important |
| 00:11:59 | 00:12:04 | part about buying businesses is what do |
| 00:12:01 | 00:12:05 | you want figuring out deal Clarity I |
| 00:12:04 | 00:12:06 | think |
| 00:12:05 | 00:12:08 | so on tiktok I've seen a bunch of |
| 00:12:06 | 00:12:10 | yours your businesses like there was one |
| 00:12:08 | 00:12:13 | I think where you were the person was |
| 00:12:10 | 00:12:16 | selling ice right and that's like one |
| 00:12:13 | 00:12:18 | dude who just has to go around and |
| 00:12:16 | 00:12:20 | manage these machines I guess in that |
| 00:12:18 | 00:12:22 | case the guy isn't as important right |
| 00:12:20 | 00:12:24 | it's the machines and I notiked a trend |
| 00:12:22 | 00:12:26 | in the ones that you tok about it all |
| 00:12:24 | 00:12:28 | seems to be like machines doing most of |
| 00:12:26 | 00:12:30 | the work right so I think that people |
| 00:12:28 | 00:12:31 | get attracted most to the ones where |
| 00:12:30 | 00:12:33 | machines do the work so I think that's |
| 00:12:31 | 00:12:35 | the most viral because you know |
| 00:12:33 | 00:12:37 | everybody's like oh I can have a |
| 00:12:35 | 00:12:39 | laundromat and it makes fifteen thousand |
| 00:12:37 | 00:12:40 | dollars a month and I never have to be |
| 00:12:39 | 00:12:43 | there the truth is something in between |
| 00:12:40 | 00:12:46 | which is you know vending machines ice |
| 00:12:43 | 00:12:48 | machines laundromats trucking businesses |
| 00:12:46 | 00:12:49 | whatever the case may be there's some |
| 00:12:48 | 00:12:52 | component that either you or your |
| 00:12:49 | 00:12:53 | operator has to be involved I like |
| 00:12:52 | 00:12:55 | toking about those type of businesses |
| 00:12:53 | 00:12:57 | because I think they're the gateway drug |
| 00:12:55 | 00:13:00 | drug to ownership so when I tok about |
| 00:12:57 | 00:13:02 | you know an ice vending business you're |
| 00:13:00 | 00:13:05 | like that's so simple I understand it |
| 00:13:02 | 00:13:07 | and I as a normal human am not |
| 00:13:05 | 00:13:09 | intimidated by the idea of running that |
| 00:13:07 | 00:13:11 | business I could probably figure that |
| 00:13:09 | 00:13:14 | out and I actually think it's really |
| 00:13:11 | 00:13:17 | important that we democratize and make |
| 00:13:14 | 00:13:20 | accessible business not just starting |
| 00:13:17 | 00:13:21 | businesses but owning businesses because |
| 00:13:20 | 00:13:23 | I mean think about it so many of the |
| 00:13:21 | 00:13:24 | problems we have today are because so |
| 00:13:23 | 00:13:26 | many people believe things should be |
| 00:13:24 | 00:13:28 | given to them and don't believe they're |
| 00:13:26 | 00:13:31 | capable of going out and getting |
| 00:13:28 | 00:13:33 | something and so if they start realizing |
| 00:13:31 | 00:13:35 | that ownership is accessible and there's |
| 00:13:33 | 00:13:37 | lots of paths to it you don't have to |
| 00:13:35 | 00:13:40 | have millions of dollars then they start |
| 00:13:37 | 00:13:42 | believing more in themselves and less in |
| 00:13:40 | 00:13:43 | you know government or others and that's |
| 00:13:42 | 00:13:45 | actually the biggest part of my purpose |
| 00:13:43 | 00:13:48 | is I tok about sort of getting money |
| 00:13:45 | 00:13:50 | quick because it's a trojan horse into |
| 00:13:48 | 00:13:51 | getting yourself free and the more free |
| 00:13:50 | 00:13:53 | humans we have I think the better |
| 00:13:51 | 00:13:54 | Society we have |
| 00:13:53 | 00:13:56 | I mean I think we have similar |
| 00:13:54 | 00:13:58 | philosophies but what's funny about this |
| 00:13:56 | 00:14:00 | is that ice vending machine business |
| 00:13:58 | 00:14:02 | actually does not sound attractive to me |
| 00:14:00 | 00:14:04 | as an engineer because you got to go |
| 00:14:02 | 00:14:06 | around manage these machines that |
| 00:14:04 | 00:14:07 | probably break down and then you gotta |
| 00:14:06 | 00:14:08 | for some of the like the laundromat you |
| 00:14:07 | 00:14:10 | actually have to physically go and |
| 00:14:08 | 00:14:12 | collect the money in the quarters and |
| 00:14:10 | 00:14:14 | whatnot whereas e-commerce which is what |
| 00:14:12 | 00:14:16 | I do everything's in our machine like I |
| 00:14:14 | 00:14:18 | don't like humans I mean I don't like |
| 00:14:16 | 00:14:19 | interacting with humans right so the |
| 00:14:18 | 00:14:21 | less interaction I have the better I'm |
| 00:14:19 | 00:14:24 | just kind of curious why you chose that |
| 00:14:21 | 00:14:25 | as like a gateway drug I think that's |
| 00:14:24 | 00:14:27 | great that when you know your deal |
| 00:14:25 | 00:14:29 | Clarity right your deal Clarity is I |
| 00:14:27 | 00:14:31 | know how to operate on the internet like |
| 00:14:29 | 00:14:33 | I know how to make a business run |
| 00:14:31 | 00:14:35 | efficiently without me being involved at |
| 00:14:33 | 00:14:37 | all and I know how to leverage the |
| 00:14:35 | 00:14:40 | internet to make my business more |
| 00:14:37 | 00:14:41 | effective right but I think for a lot of |
| 00:14:40 | 00:14:42 | people |
| 00:14:41 | 00:14:44 | um |
| 00:14:42 | 00:14:46 | that's not a skill set that they have |
| 00:14:44 | 00:14:48 | right myself included I was in finance |
| 00:14:46 | 00:14:50 | for a long time and we couldn't Market |
| 00:14:48 | 00:14:51 | there's no marketing on the internet in |
| 00:14:50 | 00:14:52 | finance well at least you're not |
| 00:14:51 | 00:14:56 | supposed to these days people are crazy |
| 00:14:52 | 00:14:57 | but um so I was an internet person an |
| 00:14:56 | 00:14:59 | e-commerce business would have scared |
| 00:14:57 | 00:15:00 | the hell out of me but if you told me |
| 00:14:59 | 00:15:03 | that I could go engage in this local |
| 00:15:00 | 00:15:05 | business and I hire out somebody to run |
| 00:15:03 | 00:15:07 | around to the ice machines and check on |
| 00:15:05 | 00:15:08 | them and I give them a percentage of the |
| 00:15:07 | 00:15:10 | revenue of the business and all I have |
| 00:15:08 | 00:15:13 | to be responsible for is like signage |
| 00:15:10 | 00:15:15 | and some minimal marketing and picking |
| 00:15:13 | 00:15:17 | the right location and financing it that |
| 00:15:15 | 00:15:19 | actually didn't intimidate me as much |
| 00:15:17 | 00:15:21 | but if I have to go you know in |
| 00:15:19 | 00:15:23 | e-commerce I think |
| 00:15:21 | 00:15:25 | maybe today more than ever but not |
| 00:15:23 | 00:15:28 | always you are competing against some |
| 00:15:25 | 00:15:30 | really smart Minds out there because you |
| 00:15:28 | 00:15:31 | know you have to beat Amazon right you |
| 00:15:30 | 00:15:33 | have to beat the other drop shippers |
| 00:15:31 | 00:15:35 | elsewhere you have to be really good at |
| 00:15:33 | 00:15:37 | branding like you don't have to be that |
| 00:15:35 | 00:15:40 | great at branding to own a local |
| 00:15:37 | 00:15:42 | business properly placed I don't think |
| 00:15:40 | 00:15:44 | one's better than the other though I |
| 00:15:42 | 00:15:45 | think they're just different skill sets |
| 00:15:44 | 00:15:46 | and you have to find which one's best |
| 00:15:45 | 00:15:48 | for you |
| 00:15:46 | 00:15:50 | yeah that's true I I see the businesses |
| 00:15:48 | 00:15:52 | that you deal with as very steady |
| 00:15:50 | 00:15:54 | they're like rocks right like you get it |
| 00:15:52 | 00:15:56 | set up and they just probably cash flow |
| 00:15:54 | 00:15:58 | forever and there's not much competition |
| 00:15:56 | 00:16:00 | because it's local right right whereas |
| 00:15:58 | 00:16:01 | Ecom is uh you have the potential to |
| 00:16:00 | 00:16:02 | grow a lot bigger but at the same time |
| 00:16:01 | 00:16:05 | it can be a lot more painful as well |
| 00:16:02 | 00:16:07 | yeah with one little ad that I'd have |
| 00:16:05 | 00:16:10 | there's I think about them like bonds |
| 00:16:07 | 00:16:11 | for stoks so I have a lot of bonds in |
| 00:16:10 | 00:16:13 | my business buying portfolio which |
| 00:16:11 | 00:16:15 | basically means I clip a coupon or like |
| 00:16:13 | 00:16:18 | I give somebody a thousand dollars and I |
| 00:16:15 | 00:16:19 | spent ten dollars a month back right and |
| 00:16:18 | 00:16:21 | so that's how I think about a lot of |
| 00:16:19 | 00:16:22 | these businesses I'm not trying to make |
| 00:16:21 | 00:16:24 | a laundromat go from a hundred thousand |
| 00:16:22 | 00:16:26 | dollars a year in profit to three |
| 00:16:24 | 00:16:28 | million that'd be really hard |
| 00:16:26 | 00:16:30 | um I am trying to maybe own a few of |
| 00:16:28 | 00:16:32 | those so I just have that cash flow |
| 00:16:30 | 00:16:34 | coming in consistently and then for like |
| 00:16:32 | 00:16:36 | one or two businesses I make a big bet |
| 00:16:34 | 00:16:39 | like contrain thinking my media company |
| 00:16:36 | 00:16:41 | is a big bet that's an equity or stok |
| 00:16:39 | 00:16:43 | bet which is I put in this money today |
| 00:16:41 | 00:16:45 | and I even put in more money into it |
| 00:16:43 | 00:16:47 | with the hopes that it continues to cash |
| 00:16:45 | 00:16:49 | flow sort of ace symmetrically or like |
| 00:16:47 | 00:16:51 | my return really accelerates and I can |
| 00:16:49 | 00:16:52 | make a lot more money and so I think you |
| 00:16:51 | 00:16:54 | should have bonds and stoks in your |
| 00:16:52 | 00:16:57 | portfolio and and that's sort of how I |
| 00:16:54 | 00:16:58 | think of it nice I guess the bonds in my |
| 00:16:57 | 00:17:01 | portfolio is like real estate right do |
| 00:16:58 | 00:17:02 | you consider that like a bond okay I do |
| 00:17:01 | 00:17:05 | the only thing I don't like about real |
| 00:17:02 | 00:17:08 | estate is unless you're doing |
| 00:17:05 | 00:17:11 | you know pretty big multi-family sure |
| 00:17:08 | 00:17:13 | bought a long time ago or doing Aaron B |
| 00:17:11 | 00:17:16 | Airbnb or maybe industrial or commercial |
| 00:17:13 | 00:17:18 | it's hard to cash flow enough off of the |
| 00:17:16 | 00:17:21 | money you have to put down and |
| 00:17:18 | 00:17:23 | especially as rates rise so I optimize |
| 00:17:21 | 00:17:26 | for cash flow but I think real estate is |
| 00:17:23 | 00:17:28 | really good for depreciation taxes and |
| 00:17:26 | 00:17:31 | long-term appreciation that's less |
| 00:17:28 | 00:17:31 | speculative than buying a businesses for |
| 00:17:31 | 00:17:34 | sure |
| 00:17:31 | 00:17:35 | so a lot of the listeners in my podcast |
| 00:17:34 | 00:17:37 | some of them are on the sidelines |
| 00:17:35 | 00:17:39 | they're trying to decide what to do and |
| 00:17:37 | 00:17:41 | I know right now it's kind of a hard |
| 00:17:39 | 00:17:44 | environment there's inflation what are |
| 00:17:41 | 00:17:46 | some ways where people can |
| 00:17:44 | 00:17:48 | maybe not necessarily start a business |
| 00:17:46 | 00:17:49 | or maybe leverage what they have to make |
| 00:17:48 | 00:17:50 | some money |
| 00:17:49 | 00:17:52 | yeah |
| 00:17:50 | 00:17:54 | um well I always I always say buy |
| 00:17:52 | 00:17:56 | instead of start because especially in a |
| 00:17:54 | 00:17:58 | recessionary environment where you might |
| 00:17:56 | 00:18:00 | have not have a ton of capital why would |
| 00:17:58 | 00:18:02 | you spend a bunch of money with the |
| 00:18:00 | 00:18:06 | hopes to earn in the future unless you |
| 00:18:02 | 00:18:08 | have a cool idea I'd say like use |
| 00:18:06 | 00:18:11 | leverage right now which means get loans |
| 00:18:08 | 00:18:13 | uh in order to buy a business and the |
| 00:18:11 | 00:18:15 | reason I think that is because you know |
| 00:18:13 | 00:18:17 | interest rates I do believe will |
| 00:18:15 | 00:18:18 | continue to rise we'll see inflation |
| 00:18:17 | 00:18:22 | looks like it's going to continue to |
| 00:18:18 | 00:18:25 | rise so if you lock in smart well done |
| 00:18:22 | 00:18:28 | uh debt in order to finance a business |
| 00:18:25 | 00:18:30 | inflation sort of eats away at your debt |
| 00:18:28 | 00:18:32 | because your interest rate gets locked |
| 00:18:30 | 00:18:34 | in if you do the the structure correctly |
| 00:18:32 | 00:18:37 | and then on a go forward basis you can |
| 00:18:34 | 00:18:38 | also increase your prices in a way that |
| 00:18:37 | 00:18:40 | it's hard to increase your prices let's |
| 00:18:38 | 00:18:42 | say if you have renters because you only |
| 00:18:40 | 00:18:43 | probably get to do that once a year |
| 00:18:42 | 00:18:45 | right |
| 00:18:43 | 00:18:47 | um and so I like the idea of buying |
| 00:18:45 | 00:18:48 | businesses actually and I think a lot of |
| 00:18:47 | 00:18:50 | businesses go on sale during |
| 00:18:48 | 00:18:52 | recessionary periods and you don't have |
| 00:18:50 | 00:18:54 | to have a ton of your own money you can |
| 00:18:52 | 00:18:56 | use SBA Loans or seller financing to do |
| 00:18:54 | 00:18:58 | it so I really like that I do think side |
| 00:18:56 | 00:19:00 | hustles can be super interesting as well |
| 00:18:58 | 00:19:02 | all I would say is in this sort of |
| 00:19:00 | 00:19:04 | environment you want to do one that you |
| 00:19:02 | 00:19:05 | know we have a blog post I think it's |
| 00:19:04 | 00:19:07 | coming out next week or the week after |
| 00:19:05 | 00:19:08 | about how to do |
| 00:19:07 | 00:19:11 | um how to basically turn your |
| 00:19:08 | 00:19:13 | liabilities into assets from a car |
| 00:19:11 | 00:19:15 | standpoint so like how to do turo well |
| 00:19:13 | 00:19:18 | or how to do you know how to take your |
| 00:19:15 | 00:19:19 | Airbnb properties and add a car to them |
| 00:19:18 | 00:19:22 | or like what could you do with other |
| 00:19:19 | 00:19:23 | assets like your pool or your bikes or |
| 00:19:22 | 00:19:26 | your surfboards in order for those |
| 00:19:23 | 00:19:27 | assets to cash flow for you I think some |
| 00:19:26 | 00:19:29 | of that makes sense but that will only |
| 00:19:27 | 00:19:31 | really get you so far before you have to |
| 00:19:29 | 00:19:34 | take more risk I think what people don't |
| 00:19:31 | 00:19:36 | realize is they start a business or they |
| 00:19:34 | 00:19:38 | buy a business or they start a side |
| 00:19:36 | 00:19:39 | hustle because they don't want to take |
| 00:19:38 | 00:19:41 | much risk on it meaning they don't want |
| 00:19:39 | 00:19:44 | to put in their own capital or too much |
| 00:19:41 | 00:19:46 | time but your return is only going to be |
| 00:19:44 | 00:19:49 | I mean how much money can you make off |
| 00:19:46 | 00:19:51 | of one car in a year on turo like maybe |
| 00:19:49 | 00:19:53 | you could make twenty thousand dollars |
| 00:19:51 | 00:19:55 | in total maybe you can even make fifty |
| 00:19:53 | 00:19:56 | thousand dollars Revenue but your profit |
| 00:19:55 | 00:19:58 | margin is going to be pretty low so |
| 00:19:56 | 00:20:00 | you'd have to have a lot of them for it |
| 00:19:58 | 00:20:02 | to work and so you know I think that's |
| 00:20:00 | 00:20:04 | okay take a little swing to start take a |
| 00:20:02 | 00:20:07 | little bite and then sort of stair step |
| 00:20:04 | 00:20:09 | your way up from a risk standpoint |
| 00:20:07 | 00:20:11 | I mean I guess that would be the gateway |
| 00:20:09 | 00:20:12 | drug right you start out with just |
| 00:20:11 | 00:20:15 | renting out your own car in turo and |
| 00:20:12 | 00:20:16 | then maybe you buy like 10 guards or at |
| 00:20:15 | 00:20:19 | least 10 cars with that money and scale |
| 00:20:16 | 00:20:22 | it from there yeah exactly yeah or start |
| 00:20:19 | 00:20:24 | with your own car on turo then maybe you |
| 00:20:22 | 00:20:28 | ask a few neighbors if they want you to |
| 00:20:24 | 00:20:30 | put theirs uh on turo too then you go |
| 00:20:28 | 00:20:31 | buy your first car you know then you |
| 00:20:30 | 00:20:33 | leverage the proceeds to buy the second |
| 00:20:31 | 00:20:35 | third fourth fifth then we've gotten |
| 00:20:33 | 00:20:37 | enough scale you realize huh this model |
| 00:20:35 | 00:20:38 | isn't actually entirely scalable and I'm |
| 00:20:37 | 00:20:39 | running around dropping cars off |
| 00:20:38 | 00:20:43 | everywhere so I'm going to sell this |
| 00:20:39 | 00:20:44 | business to somebody else and then I'm |
| 00:20:43 | 00:20:47 | gonna go take that money and I might buy |
| 00:20:44 | 00:20:49 | a used car lot instead right or I might |
| 00:20:47 | 00:20:51 | buy any a web exchange that does |
| 00:20:49 | 00:20:53 | something with cars selling back and |
| 00:20:51 | 00:20:55 | forth because that actually has a better |
| 00:20:53 | 00:20:57 | return profile so I think the other |
| 00:20:55 | 00:20:59 | thing is people spend a ton of time |
| 00:20:57 | 00:21:01 | saying like which type of business oh no |
| 00:20:59 | 00:21:02 | I don't know where to start it's like I |
| 00:21:01 | 00:21:04 | mean I think spend some time thinking |
| 00:21:02 | 00:21:06 | about that but then start and if it |
| 00:21:04 | 00:21:09 | doesn't work for you then sell the |
| 00:21:06 | 00:21:11 | business assets are transferable and |
| 00:21:09 | 00:21:13 | move on to a new endeavor |
| 00:21:11 | 00:21:15 | actually I really like your approach and |
| 00:21:13 | 00:21:17 | I'm just thinking back to I was an |
| 00:21:15 | 00:21:20 | engineer for 17 years very risk-averse |
| 00:21:17 | 00:21:22 | and the way I started was I went on |
| 00:21:20 | 00:21:23 | Craigslist and everyone was selling |
| 00:21:22 | 00:21:25 | their |
| 00:21:23 | 00:21:27 | so I would buy them |
| 00:21:25 | 00:21:29 | trip out the parts and sell them for |
| 00:21:27 | 00:21:31 | profit and that actually got me thinking |
| 00:21:29 | 00:21:33 | hey I could probably do this it only |
| 00:21:31 | 00:21:34 | scaled to like 1500 a month but after |
| 00:21:33 | 00:21:36 | that I was like okay maybe I can do this |
| 00:21:34 | 00:21:39 | e-commerce thing |
| 00:21:36 | 00:21:40 | so I agree so you just need to find |
| 00:21:39 | 00:21:42 | something to start that might not be |
| 00:21:40 | 00:21:43 | scalable at all in fact it doesn't |
| 00:21:42 | 00:21:45 | matter if it's scalable in the beginning |
| 00:21:43 | 00:21:47 | right yeah I think you're exactly right |
| 00:21:45 | 00:21:50 | yeah I've been noodling around the right |
| 00:21:47 | 00:21:51 | way to explain this concept but |
| 00:21:50 | 00:21:54 | basically I think you nailed it it's |
| 00:21:51 | 00:21:56 | like do the unscalable things first and |
| 00:21:54 | 00:21:59 | then only then will you realize what is |
| 00:21:56 | 00:22:02 | scalable and you can sell the former to |
| 00:21:59 | 00:22:05 | buy the latter and I think if you can do |
| 00:22:02 | 00:22:06 | that again and again and again |
| 00:22:05 | 00:22:08 | um that's where you start to make you |
| 00:22:06 | 00:22:11 | know six seven eight nine figures |
| 00:22:08 | 00:22:13 | because you understand you know nothing |
| 00:22:11 | 00:22:15 | is good or bad except by comparison so |
| 00:22:13 | 00:22:16 | fifteen hundred dollars a month I bet a |
| 00:22:15 | 00:22:18 | lot of people listening are like that'd |
| 00:22:16 | 00:22:19 | be awesome and then once you start |
| 00:22:18 | 00:22:21 | making 1500 and you see how much work |
| 00:22:19 | 00:22:23 | you're going in for 1500 you're like ah |
| 00:22:21 | 00:22:24 | it actually needs to be fifteen thousand |
| 00:22:23 | 00:22:25 | and then you get there and it has to be |
| 00:22:24 | 00:22:28 | 150 and then you get there and it's got |
| 00:22:25 | 00:22:30 | to be 1.5 and so the cool part is is as |
| 00:22:28 | 00:22:33 | you grow |
| 00:22:30 | 00:22:35 | um it's all just a it's like a rhythm |
| 00:22:33 | 00:22:36 | that you get to understand |
| 00:22:35 | 00:22:37 | so what's funny about that Craigslist |
| 00:22:36 | 00:22:39 | story is I would be picking up |
| 00:22:37 | 00:22:41 | merchandise from these really sketchy |
| 00:22:39 | 00:22:42 | locations there was this one time I went |
| 00:22:41 | 00:22:44 | to this really bad neighborhood I was |
| 00:22:42 | 00:22:46 | like wearing my Stanford sweatshirt |
| 00:22:44 | 00:22:48 | glasses and whatnot and this guy out of |
| 00:22:46 | 00:22:50 | the back of a van no joke was selling |
| 00:22:48 | 00:22:52 | hard drives and like the wires were cut |
| 00:22:50 | 00:22:52 | off he didn't even bother disconnecting |
| 00:22:52 | 00:22:54 | him he was like hey you want to get |
| 00:22:52 | 00:22:56 | these hard drives or not I was so |
| 00:22:54 | 00:22:59 | terrified that I just bought them and I |
| 00:22:56 | 00:23:01 | left I didn't even test them anyway |
| 00:22:59 | 00:23:03 | but you know I think those stories are |
| 00:23:01 | 00:23:05 | important to share too because everybody |
| 00:23:03 | 00:23:06 | thinks that like we're some Geniuses |
| 00:23:05 | 00:23:09 | that have it all figured out it's like |
| 00:23:06 | 00:23:11 | no we just kept doing it and failed a |
| 00:23:09 | 00:23:13 | few times and kept going it you know on |
| 00:23:11 | 00:23:15 | it regardless and then eventually it's |
| 00:23:13 | 00:23:16 | kind of hard you know mathematikally |
| 00:23:15 | 00:23:18 | it's just like the law of averages if |
| 00:23:16 | 00:23:20 | you keep going you'll figure something |
| 00:23:18 | 00:23:22 | out eventually yeah totally I did want |
| 00:23:20 | 00:23:24 | to tok about one line that I think was |
| 00:23:22 | 00:23:26 | in your media kit that struck my eye it |
| 00:23:24 | 00:23:28 | was 20th century equals one income |
| 00:23:26 | 00:23:30 | stream 21st century seven to ten if you |
| 00:23:28 | 00:23:32 | as a human are not decentralized you're |
| 00:23:30 | 00:23:33 | effed I don't cuss in this podcast so I |
| 00:23:32 | 00:23:36 | said good for you |
| 00:23:33 | 00:23:37 | um so what can you kind of elaborate on |
| 00:23:36 | 00:23:39 | that statement |
| 00:23:37 | 00:23:42 | yeah so two things one I think you make |
| 00:23:39 | 00:23:44 | your money by earning it and then you |
| 00:23:42 | 00:23:46 | grow your money by investing it so I |
| 00:23:44 | 00:23:48 | think it's really important that people |
| 00:23:46 | 00:23:50 | don't try to do 47 things at once I |
| 00:23:48 | 00:23:52 | think it's really important that you |
| 00:23:50 | 00:23:53 | have focus in like one of those bets |
| 00:23:52 | 00:23:56 | that you think could be that asymmetric |
| 00:23:53 | 00:23:59 | return but where people go wrong I think |
| 00:23:56 | 00:24:01 | is they listen to those who have |
| 00:23:59 | 00:24:03 | accumulated a lot of wealth who have |
| 00:24:01 | 00:24:06 | survivorship bias so like I have a |
| 00:24:03 | 00:24:07 | friend Alex Alex hormozzi who's like you |
| 00:24:06 | 00:24:09 | should just do one thing every time you |
| 00:24:07 | 00:24:11 | start another business it's a horcrux |
| 00:24:09 | 00:24:12 | basically it like splits part of your |
| 00:24:11 | 00:24:15 | soul and part of me agrees with that but |
| 00:24:12 | 00:24:17 | part of me also thinks that he thinks |
| 00:24:15 | 00:24:18 | that way because he had really one main |
| 00:24:17 | 00:24:20 | business and he kept staying on it and |
| 00:24:18 | 00:24:23 | he won but what if that one business |
| 00:24:20 | 00:24:25 | that he kept staying on failed then what |
| 00:24:23 | 00:24:26 | did he have he had all of his eggs in |
| 00:24:25 | 00:24:28 | one basket and he probably would have |
| 00:24:26 | 00:24:29 | been sleeping on a floor and so it just |
| 00:24:28 | 00:24:32 | depends on how much risk you want to |
| 00:24:29 | 00:24:34 | take in my mind I want multiple |
| 00:24:32 | 00:24:36 | different Avenues because I just don't |
| 00:24:34 | 00:24:39 | want to be able to fail that hard which |
| 00:24:36 | 00:24:40 | may be means that I'm not like Alex who |
| 00:24:39 | 00:24:42 | sold his first business or who sold his |
| 00:24:40 | 00:24:45 | business for 40 or 50 million dollars or |
| 00:24:42 | 00:24:47 | something for part of it at like 30 or |
| 00:24:45 | 00:24:49 | 31. but maybe what it does mean is I'm |
| 00:24:47 | 00:24:51 | exactly where I am which is I have a lot |
| 00:24:49 | 00:24:53 | of income streams I've never had like a |
| 00:24:51 | 00:24:56 | big huge hey here's 50 million dollars |
| 00:24:53 | 00:24:58 | for one chunk but I've had a lot of six |
| 00:24:56 | 00:25:00 | and seven figure exits over the years |
| 00:24:58 | 00:25:02 | that mean that I've lived really |
| 00:25:00 | 00:25:04 | comfortably for a long time and I don't |
| 00:25:02 | 00:25:06 | lose that much sleep at night ever |
| 00:25:04 | 00:25:08 | because I have a lot of like lures out |
| 00:25:06 | 00:25:11 | in the lake you know so something's kind |
| 00:25:08 | 00:25:13 | of always biting and I I think there's a |
| 00:25:11 | 00:25:15 | right and wrong way to do it for sure |
| 00:25:13 | 00:25:18 | but for most people |
| 00:25:15 | 00:25:19 | I don't think they're obsessed with one |
| 00:25:18 | 00:25:22 | thing with work I don't think there are |
| 00:25:19 | 00:25:23 | that many people who are like Elon Musk |
| 00:25:22 | 00:25:26 | and are willing to put in the pain that |
| 00:25:23 | 00:25:28 | comes with obsessing about let's say |
| 00:25:26 | 00:25:29 | Tesla for as long as he did I think most |
| 00:25:28 | 00:25:31 | people just want to live a really nice |
| 00:25:29 | 00:25:34 | life and and that's okay and in order to |
| 00:25:31 | 00:25:36 | do that I think you need to diversify |
| 00:25:34 | 00:25:39 | I guess I have my own opinions on this I |
| 00:25:36 | 00:25:41 | think in Alex's case he was in control |
| 00:25:39 | 00:25:42 | of everything whereas some of these |
| 00:25:41 | 00:25:44 | businesses at e-commerce feel I don't |
| 00:25:42 | 00:25:45 | know if you got a chance to tok to some |
| 00:25:44 | 00:25:47 | people some people are like 100 Amazon |
| 00:25:45 | 00:25:49 | and that to me I wouldn't be able to |
| 00:25:47 | 00:25:51 | sleep at night because it's controlled |
| 00:25:49 | 00:25:53 | by someone else right |
| 00:25:51 | 00:25:55 | but I am just like you like I have |
| 00:25:53 | 00:25:57 | probably 10 or 11 income sources that |
| 00:25:55 | 00:25:58 | makes me feel more comfortable but I |
| 00:25:57 | 00:26:01 | remember in the beginning I only really |
| 00:25:58 | 00:26:03 | had time to focus on one maybe Max two |
| 00:26:01 | 00:26:05 | things so will you always like that |
| 00:26:03 | 00:26:07 | Diversified or did you ever focus on |
| 00:26:05 | 00:26:11 | just one thing |
| 00:26:07 | 00:26:11 | I always had one main thing |
| 00:26:11 | 00:26:15 | side piece |
| 00:26:13 | 00:26:18 | side piece yeah yeah how does we know |
| 00:26:15 | 00:26:18 | about this okay yeah he wouldn't like |
| 00:26:18 | 00:26:20 | that |
| 00:26:18 | 00:26:22 | um I always had you know one other thing |
| 00:26:20 | 00:26:24 | on the side that I was working on too |
| 00:26:22 | 00:26:26 | and maybe that's just because I love |
| 00:26:24 | 00:26:28 | working and I get pretty obsessive but |
| 00:26:26 | 00:26:32 | it's hard for me to work on one thing |
| 00:26:28 | 00:26:33 | forever exclusively and so I don't know |
| 00:26:32 | 00:26:35 | I do think it's a super power to be able |
| 00:26:33 | 00:26:37 | to be obsessively focused on one thing |
| 00:26:35 | 00:26:38 | all the time I just don't have that |
| 00:26:37 | 00:26:40 | superpower |
| 00:26:38 | 00:26:41 | um so I'd have a main thing and then I'd |
| 00:26:40 | 00:26:43 | have an extra thing now what I wouldn't |
| 00:26:41 | 00:26:45 | do is start three things at once you |
| 00:26:43 | 00:26:47 | know that's not a good way to go but I |
| 00:26:45 | 00:26:49 | like get to a point in one business |
| 00:26:47 | 00:26:51 | where I'd be obsessed on it for like a |
| 00:26:49 | 00:26:53 | year two years then the business would |
| 00:26:51 | 00:26:56 | start to like become in a Range where |
| 00:26:53 | 00:26:57 | you need to manage it as opposed to like |
| 00:26:56 | 00:27:00 | figure it out as soon as it hit |
| 00:26:57 | 00:27:01 | management level I hate that part and so |
| 00:27:00 | 00:27:03 | at that part I need to bring in an |
| 00:27:01 | 00:27:05 | operator to sort of run it because I |
| 00:27:03 | 00:27:06 | really like the growth stage of the |
| 00:27:05 | 00:27:08 | business right and so I figured that out |
| 00:27:06 | 00:27:11 | about myself now there are plenty of |
| 00:27:08 | 00:27:14 | people the the more lucrative part in my |
| 00:27:11 | 00:27:15 | opinion is the growth stage like you |
| 00:27:14 | 00:27:16 | know it's motoring you're going along |
| 00:27:15 | 00:27:18 | all you're doing is like tweaking the |
| 00:27:16 | 00:27:19 | wheels basically and watching it |
| 00:27:18 | 00:27:21 | continue to climb and so I think it's |
| 00:27:19 | 00:27:23 | important that you |
| 00:27:21 | 00:27:25 | keep some equity in it once you've |
| 00:27:23 | 00:27:27 | gotten it to let's say the first one |
| 00:27:25 | 00:27:29 | million five million 10 million dollars |
| 00:27:27 | 00:27:31 | whereas a lot of people you know if |
| 00:27:29 | 00:27:32 | you're like me and probably like you we |
| 00:27:31 | 00:27:33 | really like to start things and then |
| 00:27:32 | 00:27:35 | it's hard |
| 00:27:33 | 00:27:37 | I guess for me it's I like to start |
| 00:27:35 | 00:27:39 | things and then uh like my wife does the |
| 00:27:37 | 00:27:42 | operations which is perfect that's what |
| 00:27:39 | 00:27:43 | she likes I hate operations and uh for |
| 00:27:42 | 00:27:45 | my other stuff like I have a business |
| 00:27:43 | 00:27:48 | partner who who helps handle operations |
| 00:27:45 | 00:27:50 | so yeah it's really good offsetting I |
| 00:27:48 | 00:27:52 | mean that's the old I always think the |
| 00:27:50 | 00:27:55 | words are kind of gross but the the |
| 00:27:52 | 00:27:56 | Visionary and the integrator and um you |
| 00:27:55 | 00:27:57 | know I think when you said when I call |
| 00:27:56 | 00:28:00 | myself a Visionary I kind of want to |
| 00:27:57 | 00:28:02 | vomit but but there is this you know |
| 00:28:00 | 00:28:04 | thing about the person who sort of comes |
| 00:28:02 | 00:28:06 | up with the crazy ideas takes the risk |
| 00:28:04 | 00:28:08 | you know moves them forward and then you |
| 00:28:06 | 00:28:10 | need sort of the adults in the room it's |
| 00:28:08 | 00:28:12 | like okay here's how we now take action |
| 00:28:10 | 00:28:15 | on these consistently to move them |
| 00:28:12 | 00:28:16 | forward yeah I'm definitely not the |
| 00:28:15 | 00:28:18 | adult in the room well you know I want |
| 00:28:16 | 00:28:19 | to switch gears because I would say |
| 00:28:18 | 00:28:21 | maybe two years ago I didn't see much |
| 00:28:19 | 00:28:24 | online but now you're like in my tik |
| 00:28:21 | 00:28:26 | tok feed like all day not not that I |
| 00:28:24 | 00:28:27 | spend all well sometimes I spend a lot |
| 00:28:26 | 00:28:29 | of time on tiktok but you've grown |
| 00:28:27 | 00:28:30 | your account like crazy |
| 00:28:29 | 00:28:32 | and |
| 00:28:30 | 00:28:34 | if you were to create contrarian |
| 00:28:32 | 00:28:36 | thinking I'm just kind of curious what |
| 00:28:34 | 00:28:37 | launched that like which traffic Source |
| 00:28:36 | 00:28:40 | did you focus on I know tiktok's |
| 00:28:37 | 00:28:41 | definitely one of them yeah tiktok's |
| 00:28:40 | 00:28:43 | new so we've only been on tiktok for |
| 00:28:41 | 00:28:44 | like the last four months I'd say five |
| 00:28:43 | 00:28:47 | months something like that okay well |
| 00:28:44 | 00:28:49 | you're killing it oh thanks so but but |
| 00:28:47 | 00:28:51 | tiktok's been great yeah I love it as |
| 00:28:49 | 00:28:53 | a growth driver originally I was really |
| 00:28:51 | 00:28:55 | focused on stealing other people's |
| 00:28:53 | 00:28:57 | audiences for the newsletter so you know |
| 00:28:55 | 00:28:59 | our newsletter country and thinking dot |
| 00:28:57 | 00:29:00 | Co is a free newsletter each and every |
| 00:28:59 | 00:29:01 | week |
| 00:29:00 | 00:29:03 | um I'm pretty laser focused on growing |
| 00:29:01 | 00:29:05 | that email list you know we want to be |
| 00:29:03 | 00:29:07 | at 300 300 000 subscribers by the end of |
| 00:29:05 | 00:29:09 | the year we're at like 120 000 something |
| 00:29:07 | 00:29:11 | like that right now and so the reason I |
| 00:29:09 | 00:29:13 | was so labels are focused on that is |
| 00:29:11 | 00:29:14 | because it's your only owned audience |
| 00:29:13 | 00:29:16 | it's not rented like the other social |
| 00:29:14 | 00:29:17 | media platforms |
| 00:29:16 | 00:29:19 | um but when I was first starting out we |
| 00:29:17 | 00:29:21 | grew a lot of that through like Facebook |
| 00:29:19 | 00:29:23 | groups so going into Facebook groups and |
| 00:29:21 | 00:29:24 | sort of commenting and adding value and |
| 00:29:23 | 00:29:26 | then dropping a link you know to our |
| 00:29:24 | 00:29:28 | newsletter or to one of our blog posts |
| 00:29:26 | 00:29:30 | and seeing if people wanted to sign up |
| 00:29:28 | 00:29:32 | um we grew a lot of it through other |
| 00:29:30 | 00:29:34 | social platforms like Reddit in the |
| 00:29:32 | 00:29:35 | beginning was really helpful |
| 00:29:34 | 00:29:37 | um Twitter was really helpful to grow |
| 00:29:35 | 00:29:41 | audiences there |
| 00:29:37 | 00:29:44 | um I was never very good at SEO or going |
| 00:29:41 | 00:29:46 | viral online generally so I had to kind |
| 00:29:44 | 00:29:48 | of go to other areas where people were |
| 00:29:46 | 00:29:49 | like-minded drop our content in there |
| 00:29:48 | 00:29:52 | and hope that we were able to grasp |
| 00:29:49 | 00:29:54 | people how do you get away with dropping |
| 00:29:52 | 00:29:56 | links in groups like what's your method |
| 00:29:54 | 00:29:59 | because I would probably ban you I mean |
| 00:29:56 | 00:30:01 | maybe maybe not now but yeah so I think |
| 00:29:59 | 00:30:04 | you have to be incredibly value-added so |
| 00:30:01 | 00:30:06 | you know we I think so there's an |
| 00:30:04 | 00:30:08 | artikle on contrarianthinking.com if you |
| 00:30:06 | 00:30:09 | go in and you search how to get your |
| 00:30:08 | 00:30:12 | first 10 000 newsletter subscribers in |
| 00:30:09 | 00:30:14 | 30 days I basically said in 30 days I |
| 00:30:12 | 00:30:15 | want to grow to 10 000 people how can I |
| 00:30:14 | 00:30:17 | do it I'm going to document the process |
| 00:30:15 | 00:30:19 | and see if I could hit it and we ended |
| 00:30:17 | 00:30:21 | up hitting it and one of the reasons we |
| 00:30:19 | 00:30:23 | did is Facebook groups like Trends who's |
| 00:30:21 | 00:30:24 | like my friend Sam Paul's company you're |
| 00:30:23 | 00:30:27 | yours too |
| 00:30:24 | 00:30:29 | um so anyway so in their group uh I |
| 00:30:27 | 00:30:32 | would comment in there like hey |
| 00:30:29 | 00:30:34 | um you know I just uh toked to this |
| 00:30:32 | 00:30:36 | girl who grew her you know bought some |
| 00:30:34 | 00:30:39 | land and Joshua tree for ten thousand |
| 00:30:36 | 00:30:41 | dollars and then puts put it on hip camp |
| 00:30:39 | 00:30:43 | and rent it out for fifty dollars a |
| 00:30:41 | 00:30:45 | night for like 10 different spots on her |
| 00:30:43 | 00:30:47 | couple acres and now she's making like |
| 00:30:45 | 00:30:48 | you know thirteen thousand dollars a |
| 00:30:47 | 00:30:49 | month or something on it I thought the |
| 00:30:48 | 00:30:51 | story was really interested but I was |
| 00:30:49 | 00:30:52 | wondering like how I might do this and |
| 00:30:51 | 00:30:54 | this and this differently like what do |
| 00:30:52 | 00:30:55 | you guys think and then you know if this |
| 00:30:54 | 00:30:57 | is helpful for you I'm happy to drop |
| 00:30:55 | 00:30:59 | like the link to the blog post I did on |
| 00:30:57 | 00:31:01 | it and so it would be no blog post in it |
| 00:30:59 | 00:31:03 | super valuable a bunch of people would |
| 00:31:01 | 00:31:07 | be asking for it then I dropped the blog |
| 00:31:03 | 00:31:08 | post right and so okay you basically I |
| 00:31:07 | 00:31:09 | would have people and so then the |
| 00:31:08 | 00:31:11 | moderators what are the moderators gonna |
| 00:31:09 | 00:31:14 | do like no you guys can't have this |
| 00:31:11 | 00:31:15 | thing that you're asking for and so that |
| 00:31:14 | 00:31:17 | would be the way that I would that I |
| 00:31:15 | 00:31:20 | would do it and if nobody really bit on |
| 00:31:17 | 00:31:22 | the artikle and it wasn't or the segment |
| 00:31:20 | 00:31:23 | that I wrote then I wouldn't drop the |
| 00:31:22 | 00:31:24 | the blog post so that way you're only |
| 00:31:23 | 00:31:26 | giving people something that they |
| 00:31:24 | 00:31:28 | actually want |
| 00:31:26 | 00:31:28 | that's that's an interesting strategy |
| 00:31:28 | 00:31:31 | yeah |
| 00:31:28 | 00:31:33 | and then uh you're not linking to like |
| 00:31:31 | 00:31:34 | an email signup form really right it's |
| 00:31:33 | 00:31:36 | literally a blog post that probably has |
| 00:31:34 | 00:31:38 | an email Center form in there that's |
| 00:31:36 | 00:31:40 | right and I could do way better with |
| 00:31:38 | 00:31:41 | optimization of that like we should have |
| 00:31:40 | 00:31:43 | like the big thing that's like hey |
| 00:31:41 | 00:31:45 | there's the league magnet to how to do |
| 00:31:43 | 00:31:47 | exactly this we're trying to mess around |
| 00:31:45 | 00:31:48 | with stuff like that what I've always |
| 00:31:47 | 00:31:51 | been really good at I haven't always |
| 00:31:48 | 00:31:53 | been what I'm pretty good at is viral |
| 00:31:51 | 00:31:56 | content like I can come up with stuff |
| 00:31:53 | 00:31:57 | that I think is naturally interesting to |
| 00:31:56 | 00:31:59 | me and right in a way where I'm pretty |
| 00:31:57 | 00:32:01 | sure other people are going to be |
| 00:31:59 | 00:32:03 | interested but I've never been as good |
| 00:32:01 | 00:32:04 | at is oh how do we hook up the funnels |
| 00:32:03 | 00:32:06 | and how do we have the lead magnets and |
| 00:32:04 | 00:32:07 | then how do we flow it back through this |
| 00:32:06 | 00:32:10 | whole system and then how do we convert |
| 00:32:07 | 00:32:12 | them up to here in X and Y and Z that's |
| 00:32:10 | 00:32:15 | what I would do is I would focus more on |
| 00:32:12 | 00:32:16 | organic viral content if you can obsess |
| 00:32:15 | 00:32:18 | on that and then there's a lot of people |
| 00:32:16 | 00:32:19 | you can hire for the back end that can |
| 00:32:18 | 00:32:21 | help you with the optimization it's a |
| 00:32:19 | 00:32:22 | funny we have opposite strengths my |
| 00:32:21 | 00:32:24 | strength is like the tiknical back end |
| 00:32:22 | 00:32:25 | stuff interesting the viral content is a |
| 00:32:24 | 00:32:27 | little bit harder I've gotten I've like |
| 00:32:25 | 00:32:29 | forced myself to learn it over the years |
| 00:32:27 | 00:32:30 | but yeah unfortunately I'm not a |
| 00:32:29 | 00:32:32 | reformed journalist |
| 00:32:30 | 00:32:34 | I'm not sure I want to go into |
| 00:32:32 | 00:32:36 | journalism but uh I imagine those skills |
| 00:32:34 | 00:32:38 | really help you they did they did well |
| 00:32:36 | 00:32:40 | if you ever want to Riff on it I'm happy |
| 00:32:38 | 00:32:42 | to tok about it and you can help me |
| 00:32:40 | 00:32:44 | tok the conversion part all right well |
| 00:32:42 | 00:32:45 | so let's wrap up here so let's say |
| 00:32:44 | 00:32:47 | you're listening and you want to get |
| 00:32:45 | 00:32:49 | into business somehow like what what are |
| 00:32:47 | 00:32:51 | just like where's like one or two places |
| 00:32:49 | 00:32:53 | that you might look just to get started |
| 00:32:51 | 00:32:55 | yeah well one there's two things I'll |
| 00:32:53 | 00:32:56 | tok about my own sites because I think |
| 00:32:55 | 00:32:58 | those are the most valuable okay |
| 00:32:56 | 00:33:00 | slightly biased because I've created |
| 00:32:58 | 00:33:01 | them but uh unconventional |
| 00:33:00 | 00:33:03 | acquisitions.com that's where we tok |
| 00:33:01 | 00:33:05 | business buying in partikular there's a |
| 00:33:03 | 00:33:06 | free blog on there there's also paid |
| 00:33:05 | 00:33:08 | resources if you want to take a course |
| 00:33:06 | 00:33:10 | or join The Mastermind |
| 00:33:08 | 00:33:12 | contrarianthinking.com I think there's a |
| 00:33:10 | 00:33:13 | hundred and something artikles on there |
| 00:33:12 | 00:33:14 | one every week everything on there is |
| 00:33:13 | 00:33:16 | free |
| 00:33:14 | 00:33:19 | um you can check it out the other thing |
| 00:33:16 | 00:33:20 | that I might Ponder for people is just I |
| 00:33:19 | 00:33:21 | think there's something in |
| 00:33:20 | 00:33:24 | unconventional Acquisitions that's |
| 00:33:21 | 00:33:26 | called like our free you know nine day |
| 00:33:24 | 00:33:29 | challenge and it's basically nine days |
| 00:33:26 | 00:33:31 | of getting you to think about how it |
| 00:33:29 | 00:33:34 | would look if you were to buy a business |
| 00:33:31 | 00:33:36 | and so I sort of believe that um you |
| 00:33:34 | 00:33:38 | know most things are like a muscle you |
| 00:33:36 | 00:33:39 | just need to practike them until you get |
| 00:33:38 | 00:33:42 | to a point where you're like oh this |
| 00:33:39 | 00:33:44 | isn't as intimidating as I think it is |
| 00:33:42 | 00:33:45 | which is you know how I felt about |
| 00:33:44 | 00:33:46 | e-commerce so now I feel more |
| 00:33:45 | 00:33:49 | comfortable with it it's just because of |
| 00:33:46 | 00:33:50 | muscle memory and so um I think that |
| 00:33:49 | 00:33:52 | resource is really really helpful and |
| 00:33:50 | 00:33:54 | then everything we put out on social |
| 00:33:52 | 00:33:57 | hopefully most of the stuff on social I |
| 00:33:54 | 00:33:59 | would say is is to give you awareness of |
| 00:33:57 | 00:34:01 | what's happening and some quick tactiks |
| 00:33:59 | 00:34:04 | and tools but you really need to dive |
| 00:34:01 | 00:34:07 | into either like our YouTube or the |
| 00:34:04 | 00:34:08 | newsletters in order to go deeper |
| 00:34:07 | 00:34:10 | um maybe for somebody like you it'll |
| 00:34:08 | 00:34:11 | just trigger like oh yeah we should buy |
| 00:34:10 | 00:34:13 | this company and we should do this but |
| 00:34:11 | 00:34:16 | for most people they need like the next |
| 00:34:13 | 00:34:17 | step down from it right yeah and I would |
| 00:34:16 | 00:34:19 | say like you do a really good job on |
| 00:34:17 | 00:34:23 | your tiktok so getting people excited |
| 00:34:19 | 00:34:24 | about boring stuff good yeah yeah and |
| 00:34:23 | 00:34:26 | then I I guess from there at least the |
| 00:34:24 | 00:34:28 | pat let me tell you the path I took so I |
| 00:34:26 | 00:34:30 | saw these uh tiktok videos and then I |
| 00:34:28 | 00:34:31 | clicked on your bio and that led me to |
| 00:34:30 | 00:34:33 | contrary thinking and then I was like oh |
| 00:34:31 | 00:34:34 | okay wait she's going to be at |
| 00:34:33 | 00:34:36 | e-commerce fuel I need to tok to this |
| 00:34:34 | 00:34:38 | woman I love it that's well that and |
| 00:34:36 | 00:34:39 | that's perfect because then I mean |
| 00:34:38 | 00:34:42 | that's how I think other people get |
| 00:34:39 | 00:34:45 | owners in their wheelhouse too is you |
| 00:34:42 | 00:34:47 | know you go to these events and you |
| 00:34:45 | 00:34:49 | reach out to people proactively and then |
| 00:34:47 | 00:34:50 | in person you shoot your shot and it's |
| 00:34:49 | 00:34:52 | always so much easier to connect to |
| 00:34:50 | 00:34:54 | there uh and and especially when you're |
| 00:34:52 | 00:34:56 | somebody like you giving value also as |
| 00:34:54 | 00:34:57 | opposed to you know just asking somebody |
| 00:34:56 | 00:34:59 | to be your Mentor that's not very |
| 00:34:57 | 00:35:01 | interesting oh yeah that's the worst way |
| 00:34:59 | 00:35:02 | to do it I must say Cody I mean like |
| 00:35:01 | 00:35:03 | when I first saw you I was like maybe |
| 00:35:02 | 00:35:06 | this one's a little intimidating but |
| 00:35:03 | 00:35:08 | what the hell I'll go say hi ah if you |
| 00:35:06 | 00:35:10 | want to see more amazing interviews with |
| 00:35:08 | 00:35:12 | successful entrepreneurs then check out |
| 00:35:10 | 00:35:14 | this next interview right here I think |
| 00:35:12 | 00:35:17 | you'll enjoy it and you'll definitely be |
| 00:35:14 | 00:35:17 | inspired |
