Our thoughts on a lifestyle business…

Our thoughts on a lifestyle business…

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?

For more articles like this, go to our Articles page and also consider signing up to our Newsletter!

For business queries or to contact us go here.


This entry was posted in Articles and tagged , . Bookmark the permalink.

Posted on by JS Reakes

Further Reading

28
May

Continuing Professional Development Training

This month we discuss Continuing Professional Development Training that we offer at JS Reakes. We offer customised and flexible Continuing Professional Development Training for solicitors and surveyors. Continuing professional development …

Read More
30
Apr

What is market value and market rent?

In this month’s article, we provide our professional opinion on “What is market value and market rent?”   We discuss factors affecting market rent and market value and provide our …

Read More

Sign up to our newsletter