Changing the property should be sufficient.
Without seeing your code, it is difficult to be sure. It may just need the
NotifyParentProperty(true) attribute[
^] applying, or it could be more complex.
[Edit - after seeing the code]
As has been said you haven't painted the text. You need to add something like:
..................
..................
pe.Graphics.FillRectangle(b, ClientRectangle);
b.Dispose();
pe.Graphics.DrawString(this.Text, this.Font, new SolidBrush(this.ForeColor), Rectangle.Inflate(this.ClientRectangle, -1, -1));
I'll leave it as an exercise for you to arrange the text position.
[/Edit]