I mentioned the impact that Bob Potter, an 80+ year old former VP of sales for AT&T, was having on recruiting in new businesses to Coeur d’Alene, ID in BoomtownUSA. Potter continues his tireless efforts, concentrating mostly upon family run businesses.
In the past fifteen years, he has brought in 70 new businesses into the Inland Northwest area of WA and ID. Of those 66 were family run businesses that relocated for lower operating costs and a better quality of life.
He talked about this importance of quality of life for family businesses, “family members of succeeding generations have different lifestyle interests and seek a quality of life different than that of their parents and grandparents. They not only seek bottom line dividends through relocating their business, but lifestyle dividends as well.”
If you’ve got tremendous quality of life attributes like the Inland NW, you might want to think of targeting second and third generation family businesses.