Most business owners talk about growing their companies. In fact, Bank of America’s 2024 Business Owner Report shows that 87% of medium-sized businesses expect to grow.
But here’s the catch: many business owners don’t truly want growth. What they actually want is a good income and a balanced lifestyle.
And guess what? There’s nothing wrong with that.
Your business should be a vehicle to your Ideal Life (as I detail in Buyable: Your Guide to a Self-Managing, Fast-Growing, and High-Profit Business).
If your Ideal Life means spending more time with family, traveling, or pursuing hobbies, then building a growth business might not align with your goals. It’s a long road, and it can delay the lifestyle you desire in the short term.
On the other hand, if your Ideal Life involves creating an impact far greater than what you could achieve on your own, you’ll need leverage—and that’s exactly what a growth business can offer. This starts with defining a clear vision of where you want to go. The Summit Vision™ tool helps business owners articulate that long-term goal, ensuring their growth is intentional and aligned with their personal and professional aspirations.
Lifestyle Business vs. Growth Business
As Michael Gerber famously pointed out: “It’s technicians, not entrepreneurs, who start most businesses.” Many business owners simply want to be better bosses to themselves than their old employers were—offering themselves autonomy and a good paycheck.
This is the essence of a lifestyle business. But here’s the challenge:
- Lifestyle businesses struggle to endure unless they occupy a unique niche and have highly skilled, loyal employees.
- A-players rarely stick around in lifestyle businesses—they thrive in growth environments where their ambitions can flourish.
- Lifestyle businesses are fragile because they rely on a handful of key employees, customers, or suppliers. Losing any one of them can send the entire operation into turmoil.
In contrast, growth businesses are more resilient. They can pivot, adapt, or downsize if needed, thanks to their momentum and strong teams. This isn’t about chasing scale for the sake of it—it’s about strategically building a business that can thrive long-term. A Vision & Strategy Map™ can help guide this process by aligning your company’s direction with actionable steps for sustainable expansion.
The Risk of Staying Small
Here’s the paradox: growth is often seen as risky, but low-growth businesses can be even riskier.
Why?
- Small companies lack diversification, making them vulnerable if they lose a critical client or employee.
- Lifestyle businesses are often just jobs in disguise. If you step away, they crumble—or transition to a successor without giving you a meaningful payday.
Many small professional service firms—like law, accounting, and medical practices—hold negligible equity value for their founders. By contrast, growth businesses are often valued based on their future cash flow or even their revenue if they’re scaling rapidly.
Why Build a Growth Business?
If you’re not already independently wealthy, a growth business could get you there. It takes 10–15 years to build a business of significant value, but here’s the thing: that time will pass anyway. Why not have something incredible to show for it?
A growth business offers:
- Legacy: Create an “impact machine” that supports employees and customers long after you’ve moved on.
- Equity value: Generate wealth that lasts, whether through a sale or continued operation.
Of course, challenges will arise. Markets are competitive. Products aren’t perfect. Employees will leave. You’ll face tough decisions and difficult moments. But that’s part of the journey.
Is a Growth Business Right for You?
Only you can decide.
If you’ve been in the trenches as a business owner, CEO, or executive, and you love helping others grow, consider joining the movement.
Mark your calendar for March 11–12, 2025, and learn more about the first Summit OS Seal Camp™. Sign up today to be part of this exciting opportunity.
P.S. Growth isn’t for everyone—but if it’s for you, don’t miss the chance to learn about Summit OS® and become part of something bigger.
