08/06/2021: Throwback Tuesday – Career Changers

This throwback looks at Career changers and the original article is from 2017.

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 rangePercentage
under 302.13%
30 – 4016.31%
40 – 5040.43%
50 – 6029.08%
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 LifePercentage
Married With Children42.55%

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.

Non-management Junior Grade2.13%
Vice President6.38%
Other senior grade18.44%

At manager level the desire to change career peaks.

Let us also look at their working locations.

Work LocationPercentage
Canary Wharf28.37%
London City35.46%
London Other9.93%
London West End14.18%

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 SalaryPercentage
< £50,0005.67%
£50,000 – £75,00029.08%
£75,000 – £100,00055.32%
£100,000 – £200,0005.67%
Over £200,0004.26%

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:

Professional Services35.46%

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.

Less than 50,0004.26%
£50,000 – £100,00021.28%
£100,000 – £250,00024.82%
£250,000 – £500,00039.01%
£500,000 – £1,000,0008.51%
Over £1,000,0002.13%

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 LocationsPercentage
Central England8.51%
International (Non Europe)3.55%
Ireland (Northern and Republic)5.67%
North East England7.09%
North West England6.38%
South East England14.18%
South West England24.82%

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.

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.