The Lifestyle Buyer: Wants More Than Money

by Vanessa Lovie 10th of October, 2023

The Lifestyle Buyer: Wants More Than Money

The idea of buying a business to give you a better quality of life is a dream of many Aussies. In the wake of Covid-19 more and more Australians are putting health and lifestyle at the core of their priorities. Taking care of their mental health and ensuring they have a good work-life balance are at the forefront of most organisations. Owning a business is one of those paths that could give you that balance in life.

Who is a Lifestyle Buyer?

A lifestyle buyer is an individual driven by more than just financial gain; they want to buy a business that aligns with their personal interests, values, and lifestyle preferences. Their primary goal is to find a business that allows them to enjoy their work and achieve a harmonious balance between their professional and personal life.

What Motivates a Lifestyle Buyer When Looking at Business Opportunities?

1. Passion and Personal Interest

For lifestyle buyers, their chosen industry or type of business is often a reflection of their personal passions and interests. They aim to engage in work that they find inherently fulfilling and enjoyable.

The idea to 'love what you do' is at the core of their decision process. Businesses that can align with their passion will be the most appealing. If you think of a florist for sale this could be very appealing to someone who enjoys flowers, meeting people and being part of celebrations.

2. Work-Life Balance

Lifestyle buyers want that balance. They don't want to travel 3 hours a day to work, they don't want to sit in an office or be at the beck-and-call of their boss. They want to be the boss but they want the lifestyle to go with it. They want the flexibility to go watch their kids receive an award at school, they want to go to appointments in the middle of the day, and they want to have control over their hours.

Businesses that are currently for sale that are under management or have minimal working hours from the owner would appeal to this type of buyer. They want to invest in a business opportunity that allows them to have time.

3. Independence and Autonomy

Lifestyle buyers value the freedom to make decisions and shape the direction of their business. They prefer to have control over operations and enjoy the autonomy that comes with business ownership. They tend to be more interested in smaller businesses than corporations with multiple departments and teams. They want to make decisions quickly which is easier in small business.

The Lifestyle Buyer

Image: The Lifestyle buyer: Dad Working whilst kids colour in

How a Lifestyle Buyer Looks For Businesses

1. Target Niche Markets

Lifestyle buyers often focus on niche markets or specialized industries that align with their personal interests and expertise. This allows them to immerse themselves in a field they are genuinely passionate about.

2. Supportive Work Environments

Creating a positive and supportive work culture is a priority for lifestyle buyers. They aim to foster a work environment that promotes employee well-being and satisfaction, mirroring their own values. They will look for a business where they can improve the environment or feel an alignment to the current management style.

3. Community Engagement and Impact

Lifestyle buyers may look for businesses that have a strong community presence or align with their values. They often aspire to make a positive impact on the local community through their business endeavours.

How Can a Seller Approach Lifestyle Buyers?

For sellers engaging with lifestyle buyers, it's important to recognize the unique value proposition they offer:

Emphasis on Non-Financial Factors: Lifestyle buyers place significant importance on non-financial aspects, such as the work environment, personal satisfaction, and alignment with their interests.
Transitional Support: They may appreciate transitional support or training to ensure a smooth handover of the business.

Lifestyle Buyers Want More Than Just a Business.

For lifestyle buyers, acquiring a business is about more than just financial gain; it's about finding personal fulfilment in their work. By aligning their business pursuits with their passions, values, and desire for work-life balance, they embark on a journey of entrepreneurship that brings them a sense of purpose and contentment.

Through careful selection and thoughtful management, lifestyle buyers craft a business ownership experience that enriches both their personal and professional lives. So when you are looking to sell a business to this group of buyers think beyond the financial aspect.

Tags: buying a business buyer