Five Traits of Raleigh Business Owners
Very few people meet with the number of small, medium and large business owners as we do. On average we meet with 3-5 business owners in the Raleigh business market each day and over time you can imagine how this number adds up.
Raleigh business owners are a robust and venerable group. While each has their own unique story, the traits they share are rich and admirable. Here are just a few traits of Raleigh business owners that our team has observed and that we seek to emulate.
Five Traits Of Raleigh Business Owners
1. Dreamers – Raleigh business owners are true entrepreneurs. Many of the Raleigh business owners that we have met have moved from out of town because they like the Raleigh or Wake County area. As they prepared to move here, many had a different dream than punching the corporate clock or jumping into the corporate rat race.
The Raleigh business owners that we have met here had a dream of entrepreneurship and punching their own clock. Entrepreneurs are separate themselves when they attach action plans on their dreams.
There are aspects (hopefully) of everyone’s job that they absolutely love. For me, I love hearing the amazing stories that each and every Raleigh business owner shares with us. These stories are vibrant, passionate, tearful and each is triumphant in their own way.
2. Determined – The vast majority of Raleigh business owners that we meet with have amazing stories. As you know, every great story or movie includes struggle and overcoming as part of their plots. Business owners each own their own stories including the highs and lows, of failures, thievery, competition, loses, near foreclosing, employee strife and successes.
The economy, encroaching development, rezoning, inflation, new laws, and so many other things impact these hard working Raleigh business owners. Every day in business brings with it frustrations, self-doubts, anxieties, pain, stress, bewilderment, and challenges they were unexpected. 25% of business owners are believed to consider selling or exiting their business weekly. The highs and the lows will challenge even the most determined to ask the question, “Is it all worth it?”
3. Hard Working – Like my wife, I grew up in the home of a business owner. We have always known first hand how hard business owners work and we have always respected and admired the work they do.
As adults, Tina and I observe with different perspectives. The financial investments, time sacrificed, the long hours and the sweat equity that the Raleigh business owners make can’t be overstated. We get to know our clients very well and what we observe daily is simply astonishing. Up early, stay late, weekends, holidays, no sick days and the other sacrifices that Raleigh business owners make is extraordinary.
4. Honest – You have heard the saying, “The books don’t lie.” There is a reason that this saying has been around for centuries. We cannot sell a business without looking at the books and the books always tell the real story.
Yes, we have met shady business owners and it is unfortunate. Thankfully, a shady character typically reveals itself to employees and customers and these businesses do not stay open very long.
The overwhelmingly, vast majority of Raleigh business owners that we meet with are simply honest, hard-working men and women. We know this because we see their financials and the books don’t lie.
Raleigh business owners are an honest bunch and if you are looking for a business for sale in the Raleigh, NC market you can have great peace of mind.
5. Forward Thinking – Stephen Covey coined the phrase, to begin with, the end in mind. Every successful Raleigh business owner knows that one day they will exit their business. Simply put, death, illness, retirement, poor business or the sale of our business will require that someone else take over.
Over the next 10-15 years, approximately 15 trillion dollars in business assets will transfer away from baby boomer business owners.
Every day we meet with older Raleigh business owners that are planning their business exit strategy. Succession planning is what every great coach, pastor or business owner considers before it is too late.
Many older business owners have worked hard and now they want to play a bit while they have great health. Younger Raleigh business owners are considering exiting their businesses because they have a new mountain to climb.
If you are considering the sale of your business make sure you do it when the US economy is strong. Selling a business in a down market period will result in fewer profits as the industry multiples decline. During these markets, some business owners feel forced to sell because they do not know if they can wait 7-10 years for the economy to recover.
Raleigh business owners are a remarkable group. These outstanding men and women are the backbones to their communities and are to be admired and commended.