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Apr 8, 2022 · 15m · founders-journal

Buying into the ASMR Slime Business with Codie Sanchez

Alex Lieberman · 8m spoken Codie Sanchez · 5m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

Alex Lieberman and investor Codie Sanchez analyze the viral ASMR slime phenomenon, breaking down the unit economics, manufacturing bottlenecks, valuation multiples, and untapped growth opportunities of creator-led physical product businesses like Peachy Babies.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Alex holds 61.6% of the talking time here. How this is scored →

Alex as informed peer 3.7 Guest teaching 2.3 Guest disagreement 0.7 Alex pushing back 1.0
05100:0010:003:41–8:43 · Alex as informed peer 5/10 Analyzing Peachy Babies and Untapped Potential in Slime Alex and Cody engage in a collaborative breakdown of the ASMR slime niche. Alex pulls up live product pricing and margin estimates while Cody explains the operational reality of handmade batches and monetization potential.8:45–14:12 · Alex as informed peer 6/10 Evaluating Acquisition Strategy, Multiples, and Creator Business Risks Alex and Cody debate valuation multiples and acquisition timing. Alex demonstrates strong media business fluency by identifying algorithmic distribution risk and untapped advertising sponsorship layers.14:15–15:28 · Alex as informed peer 0/10 Audience Call to Action and Production Team Credits Alex delivers a solo outro summarizing the episode, prompting listeners for weird business ideas, and reading production credits.3:41–8:43 · Guest teaching 4/10 Analyzing Peachy Babies and Untapped Potential in Slime Alex and Cody engage in a collaborative breakdown of the ASMR slime niche. Alex pulls up live product pricing and margin estimates while Cody explains the operational reality of handmade batches and monetization potential.8:45–14:12 · Guest teaching 3/10 Evaluating Acquisition Strategy, Multiples, and Creator Business Risks Alex and Cody debate valuation multiples and acquisition timing. Alex demonstrates strong media business fluency by identifying algorithmic distribution risk and untapped advertising sponsorship layers.14:15–15:28 · Guest teaching 0/10 Audience Call to Action and Production Team Credits Alex delivers a solo outro summarizing the episode, prompting listeners for weird business ideas, and reading production credits.3:41–8:43 · Guest disagreement 1/10 Analyzing Peachy Babies and Untapped Potential in Slime Alex and Cody engage in a collaborative breakdown of the ASMR slime niche. Alex pulls up live product pricing and margin estimates while Cody explains the operational reality of handmade batches and monetization potential.8:45–14:12 · Guest disagreement 1/10 Evaluating Acquisition Strategy, Multiples, and Creator Business Risks Alex and Cody debate valuation multiples and acquisition timing. Alex demonstrates strong media business fluency by identifying algorithmic distribution risk and untapped advertising sponsorship layers.14:15–15:28 · Guest disagreement 0/10 Audience Call to Action and Production Team Credits Alex delivers a solo outro summarizing the episode, prompting listeners for weird business ideas, and reading production credits.3:41–8:43 · Alex pushing back 1/10 Analyzing Peachy Babies and Untapped Potential in Slime Alex and Cody engage in a collaborative breakdown of the ASMR slime niche. Alex pulls up live product pricing and margin estimates while Cody explains the operational reality of handmade batches and monetization potential.8:45–14:12 · Alex pushing back 2/10 Evaluating Acquisition Strategy, Multiples, and Creator Business Risks Alex and Cody debate valuation multiples and acquisition timing. Alex demonstrates strong media business fluency by identifying algorithmic distribution risk and untapped advertising sponsorship layers.14:15–15:28 · Alex pushing back 0/10 Audience Call to Action and Production Team Credits Alex delivers a solo outro summarizing the episode, prompting listeners for weird business ideas, and reading production credits.

speaking balance: gold is Alex, purple is the guest (3 minute bins)

0:00 · Alex 100% · guest 0%0:00 · Alex 100% · guest 0%3:00 · Alex 46.2% · guest 53.8%3:00 · Alex 46.2% · guest 53.8%6:00 · Alex 33.4% · guest 66.6%6:00 · Alex 33.4% · guest 66.6%9:00 · Alex 35.9% · guest 64.1%9:00 · Alex 35.9% · guest 64.1%12:00 · Alex 85.9% · guest 14.1%12:00 · Alex 85.9% · guest 14.1%15:00 · Alex 100% · guest 0%15:00 · Alex 100% · guest 0%
Sharpest disagreement ▶ 6:06 Correcting the white-labeling assumption

Cody politely rejects Alex's assumption that creators merely slap logos on factory-made slime, emphasizing that they mix handmade batches in their kitchens.

 Hardest push from Alex ▶ 8:43 Challenging late-stage acquisition vs early-stage build

Alex questions Cody's acquisition target framing, proposing that buying into an earlier-stage creator without product infrastructure offers better leverage than buying an established player.

 Biggest teaching moment ▶ 6:06 Explaining the handmade bottleneck in slime businesses

Cody educates Alex on why slime creators consistently sell out, explaining the handmade production model and the operational hurdle of scaling to manufacturing plants.

 Alex holds their own ▶ 11:41 Alex diagnosing platform dependency risk

Alex displays his media expertise by contrasting traditional geographic business growth with creator businesses subject to algorithm shifts and fickle audience trends.
the scores for every segment, with the reasoning behind each
ChapterTopicAlex as informed peerGuest teachingGuest disagreementAlex pushing backWhy
Analyzing Peachy Babies and Untapped Potential in Slime 5411 Alex and Cody engage in a collaborative breakdown of the ASMR slime niche. Alex pulls up live product pricing and margin estimates while Cody explains the operational reality of handmade batches and monetization potential.
Evaluating Acquisition Strategy, Multiples, and Creator Business Risks 6312 Alex and Cody debate valuation multiples and acquisition timing. Alex demonstrates strong media business fluency by identifying algorithmic distribution risk and untapped advertising sponsorship layers.
Audience Call to Action and Production Team Credits 0000 Alex delivers a solo outro summarizing the episode, prompting listeners for weird business ideas, and reading production credits.

Statements from this episode (3)

Assertion Not checkable as stated
Sanchez estimates slime creator Peachy Babies generates $200K per week
“I did, like, some rough calculations and ascertained she probably makes about 200 K a week, and I was like, this is ridiculous.”
Codie Sanchez Apr 8, 2022 ▶ 4:38
Disclosure
Sanchez wants to invest in creator-led slime businesses to scale production
“And so I would like to invest in one of these people's businesses because like, how hard could this be to scale and make where you don't sell out of them every single week and you make millions a week instead of a couple hundred K?”
Codie Sanchez Apr 8, 2022 ▶ 5:21
Disclosure
Sanchez targets 2x to 3x cash flow multiples for small business acquisitions
“I mean, for these types of businesses, I'm cheap. I like to buy businesses at anywhere from two to six X. I really try for the two to three X, but I typically buy boring businesses that don't have a lot of profit.”
Codie Sanchez Apr 8, 2022 ▶ 10:44
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