A large number of new community college presidents will be hired in the next 5 years due to vacancies. New leaders must be prepared to lead their institutions through the challenges facing community colleges. Forty-one community college presidents in North Carolina participated in our research (70.7% response rate). We found that community college presidents' perceptions of their management styles all fall within the "team management" orientation according to the Blake and Mouton Managerial Grid (Blake & Mouton, 1964). We then examined the financial management challenges faced by community college presidents and found empirical evidence regarding how community college presidents rank six of the most critical financial challenges identified in the literature. Presidents' rankings of the six most critical financial challenges showed that the three most pressing concerns are maintaining student access during times of increasing educational costs, managing enrollment during times of decreasing state funding, and lowering costs without damaging academic quality.