Steven Bartlett - Codie Sanchez

1) Codie Sanchez discusses her decision to leave her corporate job and start buying small businesses as a way to gradually step out of her job. She explains that while she was doing well and should have been happy, she felt trapped and the 60-hour work weeks were too much. However, as a self-described "scaredy cat", she needed a soft landing and opted to stair-step her way out of her corporate job by buying small businesses. She realized the potential for growth was much bigger than what she had initially anticipated. She also talks about how loved ones can hold you back by wanting what's safe and secure for you, but not necessarily what's best for your growth and development. She shares her experience of buying her first business while still in her job when she saw the writing on the wall and realized it wasn't her casino.

2) Codie speaks about how she transitioned from doing multimillion-dollar deals to buying small businesses. Influenced by her journalism background, Sanchez had the ability to ask the right questions, and in her recent discovery, she moved from buying multimillion-dollar businesses to smaller ones. She advises that there is no difference between a billion-dollar deal and a one-million-dollar deal. Sanchez discovered that businesses are like real estate and can be bought and sold after getting into the game. She encourages people to start with "gateway drug businesses" that may not necessarily be the best long-term businesses to own, thereby gaining sufficient experience.

3) Codie emphasizes that almost everywhere you go, there is someone who wants to sell their business, and if you can buy that business, put an operator in it to manage it, and repeat the process many times, it is the only difference between you and the likes of Warren Buffet or Blackstone. It is not necessary to have much competence in the industry you are planning to buy small businesses, what is essential is to understand how to read a balance sheet, profit & loss statements and how to go about the deal. Sanchez advice for those who cannot afford to buy a business is to pay attention to structuring the deal.

4) Codie rejects the idea of sales and argues that it is about finding people who are already predisposed to want what you're offering, instead of trying to convince someone to change their mind. She emphasizes the importance of being curious and keenly listening to what sellers are interested in and what they're looking for in the next phase of their life. Sanchez suggests that the key to getting into the business and becoming an entrepreneur is to use one's unique skills to identify and invest in assets that will generate returns, not liabilities. She advises people to use their unfair advantage to turn their expenses into assets, identifying things that make them money, not things that cost them money.

5) Codie recommends a pro way for young, hungry people to increase their revenue without using too much hard work. She suggests people to look for services they already pay for or use and then try to negotiate a percentage of the business, rather than just buying the whole thing. Sanchez also advises people to approach the studio space and figure out if they're material to their business. If they are, ask for a Sweat Equity or Revenue Equity deal. Sanchez thinks humans defer to paths they've seen before, and most people have a weird emotional attachment to money, which might prevent them from reaching financial freedom.

6) Codie discusses the complex reasons why most people fail to achieve financial freedom. She indicates that people often have negative emotional stories associated with money that create a psychological barrier to accumulating wealth. Furthermore, she highlights the ubiquitous societal belief that one can "get rich quick," which fuels short-term thinking, including impulse buys, and hinders long-term wealth creation. The allure of cryptocurrency and NFTs also capitalizes on the desire for quick wealth. Ultimately, the speaker asserts that building wealth is a slow, boring process that requires patience, discipline, and sound financial habits.

7) Codie talks about how surrounding oneself with successful people can change their perspective on money and material possessions. She emphasizes the importance of being exposed to individuals who have achieved financial success and how such exposure can change a person's desires and goals. Sanchez also cautions against the negative effects of social media and advertisements on people's desires and sense of satisfaction. Additionally, she discusses her ideas about making content about making money just as entertaining as those about spending it.

8) Codie advises her listeners to think outside the box in order to make life-changing leaps forward. This could involve coming up with ideas that would usually be avoided out of fear or developing a new way of thinking about a problem that opens up new opportunities. She encourages people to spend time deeply thinking about this idea and consider what they would do if they had the confidence to take risks and saw behind the curtain of opportunity. Sanchez suggests that people should look for “who” can help them achieve financial freedom or success instead of just “how.” She advises that successful people often have a secret wealth of information that they yield for financial gains.

9) Codie talks about her encounters with successful billionaires and the lessons she learned from them. She highlights the importance of time in achieving success, as emphasized by billionaire Jeffrey Kent, who said that the key ingredient to success is time. She also notes that millennials tend to focus more on comfort and convenience instead of taking risks and exploring new frontiers like the generations before them. Sanchez emphasizes that success is not just about having a strong mind or a strong bank account but also having a strong body and experiencing true difficulty.

10) Codie discusses the traits of successful billionaires and what sets them apart from others. She says that most of the billionaires she has met have a mission so big that it dwarfs the pain that comes with building wealth, and contrary to popular belief, they are willing to help others. They take a long-term view of their success, and they want to water the seeds that will help them achieve their goals. Sanchez also explains how one of the billionaires she knows is taking a bet on her because he sees the potential for growth in her social platform in the next few years. She also highlights the challenges of responding to a large volume of DMs from people asking for her help and how she has learned to handle these requests.

11) Codie talks about the benefits of creating content and why people who want to have an unfair advantage in the world should do it. She believes that creating content is a way to have access to people with more power in the world, and by getting them to watch your content, they will be more open to developing a relationship with you. Codie also mentions that content is networking and can save money compared to outbound sales teams and networking events. By creating content, people can become the magnet instead of a door-to-door salesperson and avoid the often thirsty and gross act of trying to finagle their way into events or build relationships.

12) Codie speaks about the power of content and how it can help you find the right people that share similar values and want to see you succeed. She also highlights how putting yourself out there as a thought leader can lead to shedding old identities and social circles, which can be a challenge for people who have established themselves in a certain way. However, Sanchez emphasizes that shedding this old identity and finding like-minded people who genuinely want to see you win is worth more than any monetary success.

13) Codie shares her experience of divorce and how she found the courage to leave a marriage that was hindering her ambitions of building a successful career. Codie emphasizes the importance of listening to the inner voice that tells us when we are unhappy. She recommends getting a place of your own which allows you to start anew after a shakeup like a divorce and calls it the power of place. Codie recommends setting goals, and she shares how she set a date on her calendar to commit to fixing her marriage, and when she realized that it was not what she wanted, she set a date for divorce.

14) Codie shares her approach to setting and achieving goals by using a calendar and working backwards. She suggests setting short-term goals and developing a strategy to achieve them daily, weekly, monthly, and annually. Sanchez also emphasizes the importance of differentiating equity and ownership in a business; she ensures that all team members have ownership in the company, even down to the administrative staff, and can get a percentage of the carry, which means equity in the underlying companies. Sanchez advocates for understanding the language of finance and normalizing deal-making, stating that it can lead to becoming an expert in a particular area, which can result in financial success.

15) Codie discusses the importance of having A-players in a company and how they affect team productivity. Studies show that sitting next to a high performer increases productivity by 15 percent, whereas sitting next to an underperformer can decrease it by 30 percent. Therefore, hiring A-players is crucial for a company's success, and keeping B and C players can be detrimental to the team's productivity and morale. Sanchez emphasizes that it's not about firing people but rather helping them find their A-player potential or the right fit for their skills. Additionally, Sanchez shares that successful people also have bad days or moments and that it's okay to not be perfect, encouraging listeners that they don't have to be exceptional to succeed.

16) Codie talks about the moment she was most afraid, which was during a hike up a technical mountain climb called Mount Baker. The hike consisted of three days on a glacial mountain, which involved carrying feces in a bag, sleeping on top of a glacier, and climbing a vertical ice wall before getting to the top. As she prepared to go up with six other women, Codie felt miserable and questioned why she agreed to the trip, realizing that pleasing others was not a true goal. In the end, she decided that it took more courage to not do the thing than to do it, recognizing the importance of choosing one's mountain wisely.