A new trend is emerging where younger entrepreneurs are stepping out of traditional corporate roles to explore the world of small business. They are often referred to as “corporate refugees,” seeking not only profits but also a reprieve from the confines of the 9-to-5 work life.
Younger Executives Seek Freedom in Small Businesses
Younger Executives Seek Freedom in Small Businesses
Shifting away from corporate life, millennials are embracing small business ownership for autonomy and satisfaction.
Nicole Rizzo and her husband, David Rizzo, exemplify this movement, having purchased Die Cleaning Equipment, a niche aluminum cleaning machinery business based in Phoenix. The duo was drawn to the company because it was run by a married couple, allowing them to work alongside each other. Although David found the name perplexing, he later learned that the business employed welders and manufactured machines that are crucial for cleaning aluminum extruders, which are employed in a diverse range of products from auto parts to medical devices.
The previous owners, Steve and Kristin Smith, had built the business from scratch while grappling with early challenges—Kristin even held a job as a church secretary to support the family. Now edging towards retirement, the Smiths sought to sell their business to embark on new adventures, cementing their part in the wave of “silver tsunami” sellers looking to hand over flourishing enterprises.
Interestingly, Nicole and David, despite lacking prior knowledge in the aluminum sector—Nicole's background was in local government while David had corporate experience in farming—decided to delve into this lucrative niche. After a visit to the Smiths’ workshop, Nicole was captivated by the machinations of the business, declaring it an exciting endeavor.
In June 2021, they successfully acquired Die Cleaning Equipment for around $600,000, with Nicole stepping into the role of chief executive. Fast forward almost four years, and the couple has not only recouped their investment but has also established themselves firmly within the industry, exemplifying the shift in mindset among younger executives looking for new opportunities in small business ventures.
The previous owners, Steve and Kristin Smith, had built the business from scratch while grappling with early challenges—Kristin even held a job as a church secretary to support the family. Now edging towards retirement, the Smiths sought to sell their business to embark on new adventures, cementing their part in the wave of “silver tsunami” sellers looking to hand over flourishing enterprises.
Interestingly, Nicole and David, despite lacking prior knowledge in the aluminum sector—Nicole's background was in local government while David had corporate experience in farming—decided to delve into this lucrative niche. After a visit to the Smiths’ workshop, Nicole was captivated by the machinations of the business, declaring it an exciting endeavor.
In June 2021, they successfully acquired Die Cleaning Equipment for around $600,000, with Nicole stepping into the role of chief executive. Fast forward almost four years, and the couple has not only recouped their investment but has also established themselves firmly within the industry, exemplifying the shift in mindset among younger executives looking for new opportunities in small business ventures.
