By: Kelly Bond, Davis Mergers & Acquisitions – Featuring: Mike Harrison, Native Smart Properties
Running a business is often a rewarding endeavor, but it also comes with its own set of challenges and stressors which often lead to sleepless nights. This can be especially true for the security business owners who either work or keep themselves available twenty-four hours a day, seven days a week. Business owners juggle multiple responsibilities: from managing finances to ensuring customer satisfaction, and everything in between. The weight of carrying these essential duties across all departments which make their business go can create significant anxiety. Over the next few months, I will highlight different alarm company owners who will share their unique perspectives on what is causing their restless nights, and how they effectively move forward with solutions.
This month I spoke with Mike Harrison, founder and President of Native Smart Properties, LLC. Based in the Dallas-Fort Worth Metroplex. Native Smart has and has been in business since Jun 2021
Mike, what challenges within your business is keeping you up at night?
Seeing the vision of my business and feeling anxious about how to move into it quickly and profitably. Like most startups, going against the grain has been a lesson in patience, perseverance, and fortitude. This vertical is new and differs significantly from the traditional security dealer space we all know.
Helping others understand the vision and opportunity has been challenging. Educating the real estate rental market on how they need the features we offer to remain competitive is essential. We focus on shifting their mindset from a “that’s cool” to a “must-have” expectation from their tenant prospects. We are consistently challenged with helping them understand the benefit of the upfront investment, especially in the retrofit market, where existing properties face expected revenue returns, limited improvement budgets, existing obstacles, and outdated infrastructures.
For traditional security dealers, it’s a whole different mindset—significantly tighter margins, longer closing times, and a B2B cash flow cycle. Initially, I had to grasp that this was very different from my over 20 years in the single-family security business, particularly regarding installation times, operating costs, and future ROI on lower recurring monthly revenues (RMRs). It’s a long-term volume play rather than a quick, high-multiple payout.
How have you worked to overcome it?
We’ve built a diverse team skilled in security and smart home technology while increasing our scalability and B2B sales network. This has allowed us to approach the market with product and service expertise while developing a long-term business plan essential for the B2B model. Our business partners and vendors support our growth in this expanding market. As we progress, we continue to tap into new and different resources in the rental space to help drive our vision as the industry matures.
What advice do you offer other business owners?
Always start with a strong belief and passion—develop your vision, build your team, and then create your plan. Involve your team early, allowing them to work together so you can strategically lead while they navigate the waters.
It’s crucial to have the team invested in the plan so they can execute it effectively. Don’t hesitate to engage others, especially your vendors as they will be key partners in your success. Most importantly, stay true to your vision, be respectful to everyone, and remain humble and appreciative throughout the journey.
Just like Mike, small business owners face a myriad of challenges that can keep them up at night, from financial worries and competition to customer satisfaction and employee management. Recognizing these stressors is the first step toward finding solutions. By seeking support, whether through mentorship, networking, or professional advice, owners can alleviate some of these burdens and create a healthier balance in their lives. Ultimately, addressing these concerns head-on can lead to a more sustainable and successful business journey.
Stay tuned for next month’s article.
ABOUT THE AUTHOR:
Kelly Bond brings over twenty-five years of industry experience to her clients. Newly inducted into the Security Sales and Integration Hall of Fame in 2024 at ISC West, she currently serves as Partner with Davis Mergers and Acquisitions Group, representing buyers and sellers of Alarm and Integration companies.
About Native Smart Properties:
Native Smart works with builders, developers, and property management companies. They partner with Point Central as their software provider to deliver smart home solutions for the multi-family and build-to-rent sectors. With shifts in the home purchasing market and evolving rental demand, Mike identified a gap in security and smart features in this area. He began developing B2B solutions while also focusing on the needs and desires of end users for the latest home technology. Native provides comprehensive solutions—from “curb to couch”—for new construction as well as retrofits for existing rental properties.