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COOK THE CHICKEN: season both sides of the chicken breast with salt, pepper, and garlic powder. Heat the oil in a large skillet over medium-high heat and cook the chicken all the way through, roughly 6-12 minutes depending on the size. Make sure chicken reaches 165ºF on a thermometer; remove the chicken to a plate.
CARAMELIZE THE ONIONS: add the butter to the skillet along with the onions. Push the onions around the pan so they pick up all the flavor bits left behind by the chicken, lower the heat to medium-low and allow the onions to cook for 12-15 minutes, stirring them as needed to prevent from sticking. The onions are done when they soften completely and deepen in color. Add the thyme, red pepper flakes, sugar, and balsamic vinegar, let the vinegar cook out for a couple of minutes.
MAKE THE SAUCE: Grab a whisk for this next step. Slowly pour in the chicken broth in a steady stream while you whisk, this will help deglaze the pan. Kick the heat up to high and let the sauce reduce for 2-3 minutes or until it thickens a bit. Once the sauce reduces, lower the heat again, and add in the cream. You don't want the cream to start boiling immediately as it will cause the sauce to split. Let the sauce come to a gentle simmer, once it does, add in the chicken breasts and spoon the sauce on top. Serve immediately. The sauce will thicken as it sits so you may need additional broth to thin it out.