Codie's Bookkeeping Loss
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Codie Sanchez shares a story about her worst business deal involving a bookkeeping company.
"The worst deal I did was when we invested in a business where we got lied to and stolen from. It was a small business that supported other small businesses from a tax and accounting perspective. They didn't do the taxes, but they did bookkeeping. It's kind of funny that they would be the ones to do the stealing.
That's the biggest issue in buying small businesses. I probably lost a couple hundred thousand on that deal. The main problem with buying small businesses is that you run out of cash because they either lied to you about the business that you bought and how much money it has in it, or they lied by omission. They didn't quite realize they needed to share certain information with you, or they didn't actually track their finances very well. So you ended up buying something you didn't want."
Codie Sanchez
Content creator helping others ride the silver tsunami
Codie's played in a lot of sandboxes as a building an investment firm in latin america, a venture fund focused on small business infrastructure, a media business and a small business holding company.
On her Contrarian Thinking: Contrarian Thinking’s mission is to bring more humans into financial freedom, making us fluent in the language of money. Civilize the mind. Make savage the body. Build the bank account.