The project is designed to address a gap in Maine’s small business ecosystem, according to Sarah Guerette, senior program director for business development services.
Brunswick-based Coastal Enterprises Inc. is creating an initiative to guide both sellers and potential buyers through the process of transitioning out of or acquiring a business.
The project is designed to address a gap in Maine’s small business ecosystem, according to Sarah Guerette, senior program director for business development services.
“While there are many resources for starting a business, there is not much focus on how to exit a business when the time comes,” she says. “The private sector provides resources for larger business transitions and acquisitions, but pays less attention to the very small local businesses market.”
Sarah Guerette — PHOTO / COURTESY CEI
Founded in 1977, CEI is a community development and financial services nonprofit, offering business advising and workshops and events for entrepreneurs across Maine.
The Business Legacy Lab will have a soft launch this spring, Guerette told Mainebiz. The first four to six months will focus on connecting with “as many potential buyers and sellers as possible.”
“In addition to CEI’s existing offerings and communication channels, we’ll be using surveys, educational networking events and focused collaborative outreach to learn from entrepreneurs and business owners across the state,” Guerette says.
The Business Legacy Lab will provide assistance with access to capital, as well as post-transition support to help buyers deepen the skills they need to be successful, and to provide sellers with post-close logistics.
“We anticipate closely partnering with other organizations in the ecosystem like the Institute for Family-Owned Business, and will continue to build a strong referral system for helping businesses find the right resources for their desired succession plan,” she says.
The initiative is a joint project with Martha Bentley, who built her firm, Gardiner-based Proprietor, on the model of helping small businesses transition ownership. Bentley has served as a small business ombudsman for the state, and did entrepreneurial support work at Maine Technology Institute.
Many of CEI’s offerings are provided at no cost. The intended audience is small business owners and entrepreneurs who traditionally face barriers to entrepreneurship.
“While we may charge for some offerings, there will be many ways to interact with the CEI Business Legacy Lab at no cost, and our intention is to keep resources affordable for all who want to participate,” Guerette says.
