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BigDeal by Codie Sanchez

Why Playing Small Is Keeping You Broke

My new book, Own Or Be Owned, is all about building a business so good it doesn't need you. It's out September 18, grab your ticket to the launch event here: - cs

Codie Sanchezhost

Aug 18, 202522mWatch on YouTube

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CHAPTERS

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Chapter summaries

Turning Attention Into Cash: Event Preview
Codie Sanchez opens the episode with highlights from a talk she gave to 1,000 creators about making their first million. She frames deal-making as a language of finance that most people don't speak and says she is sharing it for free.
- •The talk was given to 1,000 creators on making their first million
- •Deal-making is described as a language of finance most people don't speak
- •The content is aimed at people who want to grow on social and do deals as solopreneurs or business owners
- •Her advice is to learn the language of business until it becomes fluency
Why Women Are Underrepresented in Business Buying
The host cites the statistic that women are 2% of acquisition buyers despite owning 40% of businesses. Codie says women often tell themselves negative stories, and that she struggles to find women building big enough businesses.
- •Women are 2% of acquisition buyers but 40% of business owners, per the host
- •Codie says women should avoid victim mode and negative self-stories
- •She sees 5,000-6,000 businesses a year and struggles to find women building big ones
- •Many women build safe lifestyle businesses, which can end up as a job
Thinking Bigger: Controlling Input and Ambition
Codie argues that history can't be changed, so women should focus on what they control: their thinking and how big a business they aim for. She recounts Amjad Masad of Replit challenging her to think beyond one million owners.
- •10X is often easier than 2X, according to Codie
- •The two controllable things are your inputs and the size of your business goal
- •Amjad Masad wants one billion coders and asked why she aims for only one million owners
- •She recommends a buddy who tells you you're playing too small
- •She says AI has completely changed her world
Due Diligence Framework: Are the Numbers Real?
Asked about her decision-making framework, Codie says due diligence comes down to two questions: whether the numbers are real and whether they will continue. She says she buys predictable cashflow, not hopes and dreams.
- •Check whether the numbers are real
- •Check whether those numbers will continue in the future
- •Buy predictable, enduring, profitable businesses
- •Laundromats don't care about online influence and pay cashflow anyway
Rules for a First Deal and Anti-Signals
Asked how she knows when to walk away, Codie warns against buying a beat-up business to fix up. She lists her first-deal rules and the anti-signals that make her say no.
- •Avoid renovations or turnarounds on a first deal
- •The business should be over five years old, profitable from day one, and use leverage like seller financing and bank loans
- •It should be simple enough to explain to grandma and something you're curious about
- •Anti-signals include no current profit, technology you can't understand, or a field you hate
Terms Control the Price
Codie describes the "fuck yes" deal and says every business owner would sell at the right price and terms. With an audience demonstration, she shows that a $100 million offer paid at $1 a day is a bad deal.
- •Most business owners would sell at the right price and terms
- •A $100 million offer paid at $1 a day shows why terms matter more than headline price
- •Pros obsess on terms, amateurs obsess on price
- •Controlling terms means controlling the deal, even with an untrusted counterparty
A Fraud Story: Losing and Learning on a Deal
Asked about a deal that went wrong, Codie describes a mentor's idea that the first million is for losing and learning. She tells of a $25 million cannabis investment that turned out to involve fraud.
- •Most people lose money on deals, so aim for non-bankruptable deals
- •Your first deal shouldn't be your worst, or it can scar you
- •The founder had cooked the books, with accountants, the banking partner and relatives involved
- •Some capital was pulled back and the business was turned around
- •The founder was sued but didn't go to jail
Three Safeguards and Not Falling in Love With a Deal
From the fraud, Codie draws three safeguards: no personal relationships among the cap table, bank and accountants; tranched milestone-based investing; and financial oversight. She also warns about charismatic founders.
- •No personal relationships between the founder and the cap table, bank or accounting firm
- •Only tranched, milestone-based investing
- •Financial oversight, including daily bank account access and approval of big purchases
- •Protect your ability to persevere: mosquito bites are fine, great white bites are not
- •Her dad says not to fall in love with something that can't love you back
Earn More Instead of Obsessing Over Saving
The host asks for practical next steps. Codie says you can only save your way to zero and that earning is easier than saving. She shares her background of not having money and her goal of freedom.
- •She dislikes the obsessive focus on savings culture
- •Getting better at deals and revenue reduces the need to focus on savings
- •Her youth of declined cards drove her goal of never worrying about prices
- •Her advice: have the coffee, buy the matcha
- •She says the success barrier is unwillingness to do what it takes
Thirty Days of Deal-Making Obsession
Codie urges learning the language of business so deeply it becomes fluency. She says this knowledge isn't hard, just untaught, and suggests 30 days of obsession to set up the next 30 years.
- •Learn deal-making so well you can teach financial metrics to others
- •The material isn't complicated, just not taught
- •Spend 30 days obsessed with deal-making and financial literacy
First Steps With $50K: Book, Course, Community
Asked what a woman with $50,000 should do to buy a small business, Codie says to start with the book, then a course, then a community. She stresses that buying a business carries risk and that your peer group matters.
- •Buying a business can lose money and isn't risk-free like posting a video
- •Get the book, then take the course, then join a community
- •Your peer group shapes outcomes, as in the CrossFit comparison
- •Almost everything is contagious, including negativity
- •Bring others along but have some wealthy friends
Closing Remarks and Subscribe Request
The host closes with the claim that women are the fastest growing cohort of millionaires and thanks Codie. Codie then asks listeners to subscribe and mentions her SMB Boardroom for business owners.
- •The host cites women as the fastest growing cohort of millionaires
- •Codie asks unsubscribed listeners to subscribe
- •SMB Boardroom is for owners heading toward at least seven figures a year

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