This month we discuss our thoughts on the concept of ‘lifestyle business’ and what we believe defines it as well as the transition from one to a normal business.
“A lifestyle business is a business set up and run by its founders primarily with the aim of sustaining a particular level of income and no more: or to provide a foundation from which to enjoy a particular lifestyle…. These are firms that depend heavily on founder skills, personality, energy and contacts”.
At what point does a ‘lifestyle business’ become a business and a saleable asset? We believe the change necessary is significant but not difficult and normally involves the founders becoming much less involved. How long do you think it would take to process the necessary changes?
We think a better definition is:
“a legally structured business that you create and that solves a real need in a paying market. One that you are able to scale quickly with systems and a team and its primary purpose is to pay for your desired lifestyle”.
What are your thoughts?
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