Get Rich Buying Boring Businesses. What are they and is it true?

[@Alex-pw2vg]

Know exactly who you are talking about but don't want to give her any more attention. She just has really good marketing and overly optimism claims. One of the most important skills to have in 2023 and beyond is to filter out the BS online so you can get actual practical advice.

[@future1670]

Codie Sanchez?

[@zo1dberg]

​@@future1670Codie Sanchez is my favourite Dirty Sanchez.

[@Alex-pw2vg]

@@future1670 yes 👍

[@DavidCBarnett]

Agreed!

[@Tim_Krause]

Trying to grow ANY business is NEVER boring! 6 months ago I bought into a small accounting firm, could that get more boring? It has been a roller coaster of learning the business, training staff and working with clients! We also bought a new book of business 8 days ago. This is definetly not boring! Side note I used to work in the ambulance for 3 years, that overall got boring overtime. I think that was more because I was just an employee.

[@DavidCBarnett]

Thanks for this. Best of luck this tax season!

[@SandraSmith-iy6fs]

Did you go to school for accounting? Or did you buy the business without any degree relatable?

[@Tim_Krause]

@@SandraSmith-iy6fs Great question. I'm not an accountant, nor did I go to school for accounting. I do the operations.

[@arthistorystorytime]

No one is claiming running the business is boring. It’s about the service/product being common, typical, unsexy, not proprietary. Something long standing, commonly known, and useful.

[@DavidCBarnett]

Ok.

[@daa27376]

I agree with everything you have said. I also find it interesting that I found you because of Cody. You are definitely the real deal…and it would really help if people can find folks like you 1st because it would save us a lot of time.

[@DavidCBarnett]

Just keep hitting 'like' and share on other platforms. It lets the algo know the stuff is good and others can find it more easily.

[@zo1dberg]

I'm actually glad i found the certain someone you're referring to. I did get excited by the ideas she pushed, but of course, the cynic in me led to finding your channel. Still am interested in doing something other than working for a company for the rest of my life, however.

[@travislyon2060]

Same

[@v3gas102]

Do you want to buy a business?

[@zo1dberg]

@@v3gas102 Probably not

[@v3gas102]

@@zo1dberg understood there are marketers just selling the concept but the industry of buying and selling businesses has been around for centuries and with the right people you can retire from your job and work on an preexisting business.

[@d.white.creations]

Me too

[@markbrownswe]

That was a cool video, nice that you showed step by step working through the though process. For me personally, it was less deep. I think of boring like if you are talking to someone and they ask what kind of company you own and you say "a junk removal company" or "a uniform and scrubs supply company" they say "Oh cool" .... next conversation. If you were to say you had a Generative AI, personal robot, flying car company that would be "not boring" and the conversation would continue, but also not realistic and you may be a tech bra. Another thing I thought about was the multiples for valuation. Companies in the boring category probably are not valued at as many multiples as a sexy company. Thanks for the continued great content!

[@DavidCBarnett]

Thanks. The multiples comment is great because I think these 'boring' businesses really need to stand on their track record while the flying car companies can locate that 1/1000000 rich guy who will invest because of a vision and dream. To your point though, that's not really investment, it's speculation that may be tempered by someone's faith in their own leadership abilities. IE the flying car company could get a 20X multiple if Elon Musk wanted to buy it or something.

[@chickysandwich]

How recent was your last company purchase? I see on your LinkedIn in youve been mostly a podcast host for the last 15 years, do you actively participate in buying business in today's market? Lastly, how many small business owners have you met this year? Just want to gauge how active you are in a rapidly changing market.

[@DavidCBarnett]

Hi C. We work with 2-3 new buyers or sellers each week. Our main business, and the reason for this channel, is that we do consulting work for people who are doing deals. On top of that, I run a group coaching program whose members are looking at and analyzing deals continuously.

[@lukeschollmeyer8811]

You assessment of the use of "boring" is spot on. I found you due to your rebuttal video about another "boring business" guru (C.S.). She obviously has a lot of pull in this space and creates content like crazy. I do think "boring is the new black" in a sense...people who might be looking to own a business would want to feel like the business is easily understandable and reproduceable - i.e. "dummy proof".

[@AmyTee12]

Same - I found David’s channel in search of a more balanced presentation of buying a small business. This is a huge life choice with high stakes, and following a gimmick is unwise.

[@DavidCBarnett]

Thanks for the great comments!

[@laviolist]

She charged 10k to join her mastermind group

[@gurjitsurana2796]

I been following you for some years as well as other people who are scammers 😂 but thankfully you’re an honest person, is there any other youtube channels based on buying businesses & acquisitions you recommend currently along with your own? Thank you keep up the content

[@DavidCBarnett]

Thank you! Glad you like it.

[@MrMoneybootcamp]

100%. It's a marketing gimmick that will lead exactly the wrong people down an expensive road.

[@DavidCBarnett]

Yes. I've met some of them.

[@jray1461]

Trying to grow an audience and all of that is EXACTLY what they are doing. As long as they have an audience, no matter what business they buy or sell, they will have a market.

[@DavidCBarnett]

true

[@Joan-kh9qm]

Hi, thanks for making this, and allnofnyour other great content/info. I am an actual human and have been going down many of these rabbit holes, too. Excellent video. However, after 5 mins in I haven't heard a hook I was hoping for....a promise or commitment to answer the question in your title or thumbnail. 🤓😘

[@DavidCBarnett]

The video isn't selling you anything. It's meant to make you think.

[@Joan-kh9qm]

@DavidCBarnett it's a matter of valuing my time. I don't know how to explain better. I'm sorry my feedback wasn't more helpful.

[@d.white.creations]

I think she is going after folks who lost money on trying to make money online. Boring sounds safer and her reasoning for why now makes a lot of sense...i.e. Great sense of urgency.

[@DavidCBarnett]

Thoughtful insight.

[@StephenG1]

Oh wow Dave I couldn't recognise you at first, but the last time I met you, you wasn't so slim and with beard. You look great man. And still doing these videos, well done.

[@DavidCBarnett]

Thanks. Yes, I'm in much better shape and feel great. Thanks!

[@idealsiding]

The closest you can get to boring business is to buy 30-year US bonds with a 4.42% yield. But, unfortunately, there is no seller financing in it, and you can't buy any bonds with zero money down, and banks don't want to finance it for some reason. I watched the webinar of the person who talks about boring businesses and caught over 10 big misrepresentations/misleading statements that only an experienced business owner/investor can catch. It is sad. Unfortunately, every business is very risky, very hard to run, and very eventful on a daily basis. The good thing is if you take the risk, work hard and persuade through challenges, your ROI should be higher than the bonds I mentioned above.

[@DavidCBarnett]

Thank you. Fully agree.

[@bstancel12]

It is Codie Sanchez that keeps putting out videos about "boring businesses".

[@DavidCBarnett]

See the other comments. LOL

[@Hailey26864]

Because when they read “boring” they think “easy to run” and “untapped strategy/goldmine”

[@DavidCBarnett]

Yes

[@AymatAutoRecon]

Awesome explanation. Too many wannabe business youtubers without a clue what real life hones entrepreneurship is all about

[@DavidCBarnett]

Yes. Exactly.

[@globallinkLIVE]

Great video. Could you share what AI tool you use for KZbin ?

[@DavidCBarnett]

It's called VidIQ. It suggests keywords and other stuff.

[@onespeedlite]

A boring business also has the connotation that it doesn't necessarily require any technical skills or education to run. For example, I've seen video content creators/training course sellers promote businesses like mailbox rental, vending machine, laundromat, etc. The selling point is that you are certain to make money as long as you put in the hours... anyone can do it with little risks.

[@DavidCBarnett]

Good point.

[@JasonPuq]

Never heard of Codie Sanchez until reading comments below... I see "boring business" as trying to spin an old, existing term I originally saw in the book, "The Millionaire Next Door" from 1996 (and possibly was in circulation prior to that too), referring to "dull" or "normal" businesses, meaning businesses with steady earnings growth (as opposed to high growth like we see in tech news), don't attract a great deal of competition, demand for offerings aren't usually subject to rapid downturns/fluctuations (i.e. "enduringly profitable"), not trendy/flashy... e.g. pest control, owners of skilled trade businesses, etc. It's not a new concept, just getting new exposure due to the social media algorithms.

[@DavidCBarnett]

I love that book. You become a millionaire by NOT spending $1,000,000!!! Bitter pill for many.

[@BonBonShrimp]

Appreciate your honesty. "I think people are messing with your heads."-- LOL, so true.

[@DavidCBarnett]

Thanks

[@miguelnonose1480]

For me, Boring business is related with business that there is no competition and hight margins because no one wants to work in this sector, ex: cemeteries, selling things to old people, selling coffins, retirement houses for old sick people, selling plants, ice factory … this is the meaning of boring business at least for me 🤷🤷

[@DavidCBarnett]

Great comment. I like to think of these as 'hidden niches.' they're great.

[@dapartyat]

Hi David. Thanks for the video. I was wondering what your opinion is with current and future local businesses for sale? I am referring to whether or not there's a lot of sellers wanting to sell local businesses, and if there's a lot of hungry buyers? Thank you in advance for your efforts.

[@DavidCBarnett]

Buyers have always outnumbered sellers about 10 to 1 for Good and Profitable businesses. Sometimes, there is an issue of 'fit' between a given business and a buyer that can still take time for the correct parties to find each other.

[@rhuwyn]

I want to suggest coming at this from another angle then the one you did. Obviously, any sort of situation where your trying to generate youtube revenue your going to market your videos in a way to get attention. You've already established a lot of the ways that referring to something as a boring business can do that. But, it's not just the fact that it's a boring business. It's the fact that your buying a business that's established, and if you do your due diligence and find the right business it's far less risky then trying to build your own business from scratch in an already established industry or creating a startup trying to provide some new product or service that doesn't exist yet. The businesses being highlight are businesses that most of Gen Z isn't even considering because they are trying to get their TikTok brand deal, or their KZbin channel, or their Amazon store off the ground. It's those types of businesses that used to be front and center on the "here is how to get rich" channels. In reality it's really hard to make those successful at the levels you really want to to make a lasting career out of it. There is always risk in business like you said. But, if a business is well established, and you do your research on potential competition, risks to the industry, etc and as long as you don't make a bunch of bad decisions to run it into the ground you are pretty likely to be successful. Often the business comes with a well-established manager that runs the business for you and all you have to do is treat that person well to keep their loyalty. These business are like landremats, vending machine routes, HVAC companies, landscaping companies, auto repair shops, other blue-collar stuff. Things that you might consider boring and mundane because it's not the latest and greatest idea because it's been done before. But it doesn't matter that it's been done before, it's an established business that's been doing it. Most of this business owned by baby boomers that are ready to retire and the alternative is to close up shop? So why not let their legacy continue, put some money in the owner's pocket and cement your own future. Most of these "boring business" youtubers also have a video with what businesses NOT to buy. Spoiler alert, it's restaurants, which most folks probably already know. If you look at all the content in it's entirety and not base things off just one video or incomplete information it's a pretty compelling option. Although just like everything it's not for everyone.

[@DavidCBarnett]

I don't disagree with buying 'boring businesses' I recommend buying a business over doing a startup. The point of this video was to try and make people think about the word and how/why it was suddenly so popular.

[@autophile525i]

“Boring businesses” is a search term because of Codie Sanchez. She uses it as “low tech” or “not sexy”. “Boring” to most investors.

[@DavidCBarnett]

Yup

[@Flyingnobull]

Lol this is a wonderful video explaining the philosophy of buying a boring business

[@DavidCBarnett]

Thanks. glad you enjoyed it.

[@zackjensen4484]

David, your saying i cant get rich by buying 3 0 MONEY DOWN LAUNDRY MATTS IN 2023? Ridiculous!

[@azuz1698]

😂

[@DavidCBarnett]

Let me know when you do. I'll interview you about it. ;)

[@gregbell2117]

The interview about Monte that Mr Barnett mentioned: kzbin.info/www/bejne/l4G3q4KPf91kpbc

[@DavidCBarnett]

Acquiring Minds is a great show.

[@Antonsiu]

However the suggestion of AI worked. Lot of views and comments. Thank for suggestion on that website 👍🏻

[@DavidCBarnett]

Yes. My local microbrewery is also now serving a beer whose recipe and label were created by AI. It tastes pretty good. It's a useful tool.

[@d-s-ll2378]

Dude, ❤your talking😂

[@DavidCBarnett]

Yes. With my mouth.

[@prestonh3748]

I've watched a lot of these "boring business" videos recently... because they are good attention grabbers, haha. From what I've watched, If you cut out all the obvious brand/audience building garbage, I've taken the definition the speaker(s) tend to mean to be more of the standard, run-of-the-mill, local businesses. They do often smooth out the rough edges, "Buy a landscaping business! It's easy!" ... yeah, until you have crew not showing up, things breaking, etc. etc. Same for laundromats, vending machines, and all the other Boring Buzzwords. Most wanna-prenuers have these visions of huge tech companies, revolutionizing some industry or another, AI/BioTech/Other-Fancy-Stuff niche companies etc. etc. The videos aren't particularly valuable, but they DO kind of get your brain turning on the everyday business that you don't often think about. The real learning is still on you.

[@DavidCBarnett]

Great observations

[@lukegraven7839]

Yes stay away from sexy companies. If there are a lot of buzzwords and the seller discusses how AI/chat GPT is going to revolutionize the business- run the other way in my opinion.

[@DavidCBarnett]

AI inspired this video.... and I think it will be changing all businesses. Even if they just use Microsoft Word to write letters. That AI stuff is influencing everything.

[@Flandernify]

""you can damage proprieties in many ways, but spilling gas is a completely different ballgame" - ah, I love insurance business....

[@DavidCBarnett]

My stomach knotted up when that conversation began.

[@Flandernify]

@@DavidCBarnett maybe you will want to put together a video guiding people on covering their behinds when in business: insurance types to have, business structures, a holding company, etc.

[@roseangele5105]

I don’t really think that her intention is bad .. I think she’s trying to tell people of other way to try to better themselves which I think is not bad .. it gives people the chance to think about how to grow financially.. It’s okay to make people try harder.. just remember that it’s hope and everyone is trying to do better no need for animosity.

[@DavidCBarnett]

Thanks. The point I was trying to make is that our thoughts and feelings are shaped by words. I want people to think critically about the messages they expose themselves to.

[@tc1741]

Nah, she's a grifter.

[@SterlingSellsHomes]

Another interesting title would be “Get Rich or Try Buyin” haha

[@DavidCBarnett]

Yes, I played around with some of those old sayings.

[@Crazy_MO]

The latest way of saying get rich quick imo

[@DavidCBarnett]

Yes.

[@jameshack485]

I think people use "boring business" because they want to convey the business is easy to understand and operate. It's not rocket science. It's just a boring, hum-drum cash cow.

[@DavidCBarnett]

Agree.

[@bradyprice4001]

I’ve been loving your videos, but But honestly, I’m over six minutes in and not enjoying the semantic exploration. I want your experience in business, not language.

[@brandonvee8580]

You bore easy 😂

[@mr.turtle6110]

Im a skeptic and yes came from a codie video hahah

[@DavidCBarnett]

I'm a pragmatist. Great to meet you Turtle.