Throwback Thursday – Career Changers Who Buy Lifestyle Businesses Who Are They?

In my latest “Throwback Thursday” I Look at career changers who buy lifestyle businesses.

I talk a lot here about career changers who want to buy lifestyle businesses.

I openly advertise for people who want to sell their lifestyle business to contact me as I have buyers available. I receive enquiries on a weekly basis from potential buyers who want to leave their current careers behind to work on a lifestyle business for me to act for them in a confidential capacity.

Who wants to quit a good career for a lifestyle business?

WHO ARE THESE PEOPLE AND WHAT DO THEY LOOK LIKE?

I took my last 12 months data and extrapolated some figures from it combined with checking some facts with the individuals involved. This data is also compiled into a 27 page report which can be made available to qualified parties.

SO LET US TAKE A CLOSER LOOK AT THESE PEOPLE AND THEIR PROFILES.

First of all we can look at age groups:

Age range Percentage
under 30 2.13%
30 – 40 16.31%
40 – 50 40.43%
50 – 60 29.08%
60 + 12.06%

 

Here we can see that the desire for change peaks between the ages of 40 and 50. Much of this age range will have worked for over 20 years. This is one driver for change.

Nest we can take a small glimpse at life at home.

Home Life Percentage
Single 7.80%
Co-Habiting 28.37%
Married 21.28%
Married With Children 42.55%

 

The full report reveals that the stronger the home life in terms of family the desire for a quieter life away from London life strengthens.

Let us now take a look at the staff grade of these people.

Grade Percentage
Non-management Junior Grade 2.13%
Manager 51.77%
Director 21.28%
Vice President 6.38%
Other senior grade 18.44%

 

At manager level the desire to change career peaks.

Let us also look at their working locations.

Work Location Percentage
Canary Wharf 28.37%
Home 4.96%
London City 35.46%
London Other 9.93%
London West End 14.18%
Other 7.09%

 

When I started looking into this I did not expect Canary wharf to show such a high result.

As we carry on looking at the current make-up of the individual looking to change career in to a lifestyle business we can now take a look at annual salaries.

Annual Salary Percentage
< £50,000 5.67%
£50,000 – £75,000 29.08%
£75,000 – £100,000 55.32%
£100,000 – £200,000 5.67%
Over £200,000 4.26%

 

We can see from these figures that the desire for change is strongest in the £50,000 – £100,000 pay bracket.

Just before we move on from who wants to change career let us look at the sectors that they work in:

Sector Percentage
Banking 24.82%
Legal 10.64%
Accountancy 14.18%
Professional Services 35.46%
Other 14.89%

 

I was surprised by the figures here when I added everything up. Professional Services features more highly than banking. However I remember some of my earliest clients in the lifestyle business sector who are also career changers. Mostly 40-50 years of age. Manager Grade. Settled or married mostly with children and earning up to £100,000 a year!

Now that we have looked at who the career changer is. Let us look at where they wish to be in life.

First of all let us look how much they are looking to invest in a lifestyle business.

Budget Percentage
Less than 50,000 4.26%
£50,000 – £100,000 21.28%
£100,000 – £250,000 24.82%
£250,000 – £500,000 39.01%
£500,000 – £1,000,000 8.51%
Over £1,000,000 2.13%

 

A number of people we speak to take into account the difference in price between housing cost within reasonable commuting distance (<1 hour) of their primary working location and their desired location when changing career.

Lastly for this part of my report let us look at the locations where people are looking to relocate to and base their new lives.

Preferred Locations Percentage
Central England 8.51%
Europe 4.96%
International (Non Europe) 3.55%
Ireland (Northern and Republic) 5.67%
North East England 7.09%
North West England 6.38%
Scotland 14.18%
South East England 14.18%
South West England 24.82%
Wales 10.64%

 

It is worth noting the following. Those considering relocation outside of the mainland (England Scotland and Wales) generally have very strong family and social ties to their preferred location. Scotland also sees this trend with the South West being an idyllic and profitable choice, whereas South East England is seen as a “safe bet”.

This is all for this part of my report.

I have compiled a lot more data and will share this on this website in due course.

I have a full report available to qualified parties, please fill in the form below.

I will be giving a talk around this report in London in September, please use the form below if you would like a ticket to attend.

In my opinion it would also be worth a career changer’s while reading The Weekly Deals Free Sheet. Please click here for more information. 

If you are interested in working with the career changers I work with or would like to sell a lifestyle business to my client base then I would be delighted to hear from you. Again please use the form below to contact me.

Career Changers

There seems to be a massive shift in people looking to move from high pressure jobs in London and looking for a career change I have been inundated with enquiries from  delightful couples and families who would make a tremendous asset to a business and a fine addition to any community who are looking to purchase a business and relocate. So much so that I have taken on over 30 new clients looking to buy businesses. If you looking to sell, exit or take part in a managed exit or looking for a management buy in partner please do contact me in confidence for an initial discussion. Investment available from £30k to £750k plus. Some our clients do not require finance to purchase and are fully funded! Please be aware that we can coniser most types of deal.

Unusual Business Opportunities

I am delighted to announce the publication of The Unusual Business Opportunities Special Edition of The P2 List, featuring a number of unusual business opportunities that I have on my books. Please click on the link below to download the magazine. No sign up is required. Unusual Business Opportunities

TV Request

As part of the work I do with Lifestyle businesses I have been passed this media request.

Hello

I apologise for contacting you out of the blue but
I wonder if you can
help.

I am working on a series of 6 x 60 minute
documentaries for Channel 5,
called ‘Starting Up, Starting Over, following
six ambitious people
as they embark on a journey of a completely new
life. Ideally we hope
to catch people as they prepare for their big day,
from buying the
facilities and renovating it to rebranding the
existing business or
starting it completely from scratch. However, we
would like to also
hear from those who have just recently relocated
and are now building
up their new venture.

We are looking for families and couples who are
planning to leave the
comforts of a 9 – 5 and selling up in order to
pursue a career in
something they are passionate about.

My reason for getting in touch with you is to see
if you know anyone
about to relocate and start a new life. Perhaps
they are planning to
open a yoga retreat, a coffee shop or gastro pub,
gym or health spa.
It may be that a new health product is being
invented or made. These
are just a few examples of the different lifestyle
business
opportunities that are out there, and to highlight
what it takes to
make a new venture succeed.

We are keen to feature positive and aspirational
stories from people
who are embarking on their journey over the
summer. This is a
brilliant opportunity for “life changers” to
feature themselves
and their new venture on a prime time documentary,
and inspire other
people in the process.

I would really appreciate it if you could forward
this email onto
anyone that you think might be suitable or
interested.