Actually a lifestyle company is pretty much the term for any business that makes a great living for the owners and employees, but never results in significant profit for investors.

Investors won't touch a company with a 10 foot pole if they get a whiff of lifestyle corporation because they'll never get their investment back. But this doesn't make it a bad company, despite what you read around here on HN. In reality a lifestyle company can be just about the greatest, most satisfying and financially rewarding job that you can have. You just won't get any investor telling you that because there's nothing there for them.