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Deal Making & Negotiations Archives - The Art of Charm
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Advanced Social Skills Training for Top Performers
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Escape the 9 to 5 and Build An Owner’s Mindset | Codie Sanchez
Nov 25, 2024Tap to summarizeIn today’s episode, we explore the transformative power of entrepreneurship and the ownership mindset with Codie Sanchez, an innovative investor, entrepreneur, and author. Codie is the visionary behind Main Street Millionaire, a groundbreaking book that redefines wealth creation by focusing on acquiring small, profitable businesses instead of starting from scratch. With a background in finance and years of experience at powerhouse firms like Goldman Sachs and Vanguard, Codie has become a leading voice in the art of creative deal-making and sustainable business growth. She’s helped thousands transition from the 9-to-5 grind to financial freedom, leveraging strategies that prioritize cash flow, scalability, and lifestyle design. Join us for an eye-opening conversation with Codie Sanchez as she reveals the untapped potential of acquiring small, profitable businesses to build financial freedom and a life of purpose. What makes buying an existing business less risky—and often more lucrative—than starting one from scratch? How can shifting from an employee to an owner mindset transform your career and lifestyle? Codie dives into the strategies and mindset shifts needed to uncover undervalued opportunities, negotiate creative deals, and scale businesses to achieve cash flow and equity growth. Whether you’re an aspiring entrepreneur or a seasoned professional looking to make a leap, this episode is packed with actionable insights to help you think like an owner, build wealth, and take control of your future. What to Listen For Introduction – 00:00:00 What does Codie see as the deeper purpose behind entrepreneurship and financial independence? How can you shift from thinking like an employee to thinking like an owner? What limiting beliefs hold people back from pursuing entrepreneurship, and how can they overcome them? The Power of Small, Profitable Businesses – 00:10:44 How can you uncover undervalued businesses and transform them into lucrative opportunities? Why is it essential to learn from others’ experience, and how can “stealing” their 10,000 hours accelerate your journey? How can creative deal structures make owning a business more accessible than most people think? Building Wealth Through Acquisitions – 00:17:42 How can strategic acquisitions help you grow your income, expand your customer base, or attract top talent? Why does Codie believe buying multiple small businesses compounds both wealth and freedom? What steps can you take to apply the “rich” framework (Research, Invest, Command, Harness) in your journey to business ownership? Finding Your First Business to Buy – 00:30:17 What should you look for in your first acquisition to ensure it’s a wise investment? In what ways can leveraging your skills and network make the difference in finding the right business to buy? Why do “boring” businesses often lead to higher profits and lower competition? What should you look for in a potential business partner and mentor? Where should you look to get great deals on businesses for sale? Transitioning Ownership Smoothly – 00:45:56 What red flags should you look for when buying your first small business? What strategies can help you build trust with a team and preserve a company’s culture during a transition? Who are the “key people” in an organization, and why is earning their buy-in crucial to a successful acquisition? How do you negotiate down the cost of a business acquisition? How can you plan for inevitable challenges in your first year as a business owner? Mindset Shifts for Success – 00:54:57 Why does Codie emphasize the importance of speed and action in building entrepreneurial success? A Word From Our Sponsors Tired of awkward handshakes and collecting business cards without building real connections? Dive into our Free Social Capital Networking Masterclass. Learn practical strategies to make your interactions meaningful and boost your confidence in any social situation. Sign up for free at theartofcharm.com/sc and elevate your networking from awkward to awesome. Don’t miss out on a network of opportunities! $75 SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/CHARM. Offer good for a limited time. Ready to start your ecommerce business? Sign up for a one-dollar-per-month trial period at shopify.com/charm. Grow your business–no matter what stage you’re in. Curious about your influence level? Get your Influence Index Score today! Take this 60-second quiz to find out how your influence stacks up against top performers at theartofcharm.com/influence Running out of things to say in conversation… and still struggling to get people interested in you? That’s an uncomfortable position to be in. Don’t want to risk getting tongue-tied and screwing things up the next time you meet someone? Check out Conversation Magic now to make sure you don’t crash and burn. With our bulletproof formula, you’ll be flirting up a storm, sparking fun and engaging conversations, and making high-value friends anywhere! Resources from this Episode Codie Sanchez’s website Main Street Millionaire: How to Make Extraordinary Wealth Buying Ordinary Businesses Check in with AJ and Johnny! AJ on LinkedIn Johnny on LinkedIn AJ on Instagram Johnny on Instagram The Art of Charm on Instagram The Art of Charm on YouTube The Art of Charm on TikTok The post Escape the 9 to 5 and Build An Owner’s Mindset | Codie Sanchez appeared first on The Art of Charm.
Transcribe →Success Myths Debunked: A Deep Dive into the Psychology of Money | Morgan Housel
Dec 18, 2023Tap to summarizeRight now, we’d like to thank the sponsor of this episode: LifeMD. Looking to lose weight and improve your health? Embrace your journey towards a healthier and happier you, and achieve lasting sustainable weight loss with LifeMD by your side. Visit lifemd.com/CHARM to get started! In today’s episode, we tackle the price of greatness with Morgan Housel, the author of The Psychology of Money and Same as Ever: A Guide to What Never Changes which is already a NYT bestseller. Today we’re redefining success and happiness, starting with a myth-busting take on the 1950s’ nostalgia. Discover the unconventional yet effective strategy of finding happiness, gain unique insights into how embracing failure is a secret weapon used by top comedians to achieve greatness, including wisdom from the legendary Jerry Seinfeld on the art of timing and knowing when to walk away. What to Listen For Introduction – 0:00 Most people overlook this simple mindset shift to be happy Why do we feel so nostalgic about the 1950s and does that nostalgia have a basis in reality? The psychological trick to making effortless changes in behavior – 18:12 What is the simple strategy most people overlook to streamline your path to accomplishing your goals? If you want to be successful, when is the best time to walk away or move on from something you’re invested in? This is more important than competitive advantages in the long run – 26:50 What can we learn from why once-dominant businesses collapsed in order to stay competitive in a hyper competitive market? The secret to going viral on any platform – 37:55 What do you have to do to go viral that most people will never try? The unspoken painful price of greatness – 52:20 Why would most people give up on the pursuit of fame if they knew this price they would have to pay? A Word From Our Sponsors Planet Money is a different kind of world where the complex economy actually makes sense; where human stories supersede abstract theories. Listeners can learn, laugh, and be entertained. It’s economics, down to earth. Tune in to Planet Money every week for entertaining stories and insights about how money shapes our world. Stories that can’t be found anywhere else. Listen now to Planet Money from NPR — wherever you get your podcasts. $75 SPONSORED JOB CREDIT to upgrade your job post at Indeed.com/CHARM. Offer good for a limited time. Curious about your influence level? Get your Influence Index Score today! Take this 60-second quiz to find out how your influence stacks up against top performers at theartofcharm.com/influence Running out of things to say in conversation… and still struggling to get people interested in you? That’s an uncomfortable position to be in. Don’t want to risk getting tongue-tied and screwing things up the next time you meet someone? Check out Conversation Magic now to make sure you don’t crash and burn. With our bulletproof formula, you’ll be flirting up a storm, sparking fun and engaging conversations, and making high-value friends anywhere! Resources from this Episode Same as Ever: A Guide to What Never Changes by Morgan Housel The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness by Morgan Housel Morgan Housel’s website Morgan Housel on Twitter/X Check in with AJ and Johnny! AJ on LinkedIn Johnny on LinkedIn AJ on Instagram Johnny on Instagram The Art of Charm on Instagram The Art of Charm on YouTube The Art of Charm on TikTok The post Success Myths Debunked: A Deep Dive into the Psychology of Money | Morgan Housel appeared first on The Art of Charm.
Transcribe →Become a World-Class Negotiator by Focusing on 4 Key Ideas
Sep 13, 2021Tap to summarizeDo you negotiate? Many of us do without even thinking about it. If you have a social life, you negotiate with your friends about making plans—where you’re going, what everyone’s bringing, who’s driving, where you’re eating, etc. If you have a job, you might negotiate deadlines, how much work you take on, how much you get paid, how a project will be handled by different team members, etc. If you have a family, you negotiate with your spouse to handle household responsibilities and date night plans, you negotiate with your kids to brush their teeth and take out the trash, and you negotiate with everyone to decide where you’re going on vacation. Negotiating is a part of regular human existence, so if you want to create outcomes that benefit you and the other party, thus improving your personal life and professional life, then this blog post is for you. By the end of this article, you will know: Why storytelling is crucial to getting the outcome you wantHow to concede so the other party feels like they’re winningThe value of giving multiple offers to convey a feeling of controlHow to use the story you created to close the deal We have been telling stories about ourselves and the world around us since we could communicate Create a story that focuses on them If you live in the U.S., think about all the ads you see for pharmaceuticals. The visual component of the advertisement is almost always showing people smiling and laughing and enjoying life, because that is what the pharmaceutical company is selling: the way you will feel if you take their drug. If people made purchases and closed deals based on numbers and figures alone, then the $130 billion advertising industry is wasting a lot of time and money on: catchy tunesattractive modelscharismatic public figuresunforgettable slogans and visualsdecent writersfancy photographers We buy a product or service based on how we think it will make us feel and how it fits into the story of how we see ourselves. So, if you want to negotiate an outcome that benefits you and the other party, you’ve got to tell a compelling story that involves you and the other party. But I’m not talking about storytelling strictly in the sense of the other party’s financial benefit. This story is about how their decision to do business with you (or brush their teeth in the case of your kids) weaves into their own story of: what they dowhy they do ithow they do itand what they want their future to look like If I run a meal prep business and you run a grocery delivery business, that story can be about how you want to get more quality food to more people because my meal prep business only uses the freshest ingredients and prepares only high quality organic dishes. If your child resists brushing her teeth, that story can be about whether she wants to have teeth as an adult. “Psssst… as soon as mom leaves the bathroom, let’s just pretend we’re still brushing, ok?” Leave room to concede To be a successful negotiator, it’s critical we think of every negotiation as a cooperative effort. It’s easy to view a negotiation as a competition because both parties are trying to get the best deal for themselves. However, let’s say you enter into a negotiation with the desire to “beat” the other party into submission and get the absolute best deal for yourself. You might “win”, but do you think the other party will want to do business with you in the future if they know you’re only concerned with yourself? I know I wouldn’t. This is why you want to plan ahead and choose areas in the negotiation you’re willing to concede on. This way the other party can see you concede and feel like they’re gaining ground. Think about the last time you bought a new or used car from a dealership. The final price you pay for a car is typically a combination of the sticker price and a bunch of fees. But the sticker price on the car is not set in stone and some of the “fees” are nonsense. That padding exists to increase profits for the salesman and the dealership, which gives them room to concede when doing business with a customer who is willing to walk away from the deal. Your power in a negotiation comes from your ability to walk away from it Give them multiple offers People love feeling like they have choices because we love feeling like we have control over a situation and can determine the outcome. So, if you want to be a great negotiator, walk into every negotiation with multiple offers for the other party to select from. Trying to negotiate with your friends about where to get dinner? Throw out a few options and let them choose. Have a craving for something specific? Then be intentional about choosing the options so no matter what your friends pick, your craving will be satisfied. Trying to sell a house-cleaning service to a potential new customer? Have three levels of cleaning services available: one cheap, one middle of the road, and one premium. Some people may just want to test your service with the entry-level package before upgrading to the middle or premium service. Others may want the best bang for their buck because they’re budget-conscious, and others may go straight for the premium service because premium services fit into the narrative of how they see themselves. How about a helicopter-delivered cleaning service? Circle back to the story So, up to this point you have: woven an engaging story the other party feels they are a part ofmade concessions to make the other party feel like they’re coming out on topgiven them multiple offers to choose from, allowing them to feel in control of their fate In other words, you entered into the negotiation with a clear idea of what you want out of it and how it will benefit the other party while allowing the other party to feel they are in control. After making the concessions and putting several offers on the table, you can circle back to the story. Incorporate and emphasize the concessions you made and the offer they selected as the icing on the cake. Paint a picture of what the future will look like assuming they choose one of your offers. They might have entered the negotiation thinking they were going to have to fight for what they want. But from the beginning, you made the process a cooperative one and allowed them to get what they want in a way that also gave you what you wanted. Why would they want to do business with anyone else? The deal has been made! Now, to inspire my kids to brush their teeth… In a Nutshell Negotiating can feel overwhelming, but it doesn’t have to. There are a few key ideas you can focus on when preparing for a negotiation that will make the process easier and more successful for all parties involved. Follow them and you’ll feel empowered and confident in any negotiation. Remember, it’s not about being selfish or getting what you want at the expense of someone else. Negotiating should be viewed as a potential win-win for everyone. If you approach negotiations with that mindset, you will find people are more receptive to doing business with you because they know you’re not just in it for yourself. Start by creating a story around your negotiation instead of focusing on what you want from them or how they could concede to help you out. Next, leave room in the conversation so you can concede without the other party feeling like you’re giving up ground too easily. Then put multiple offers on...
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