From the Editor: ‘Family-owned’ has a lot of dimensions when it comes to business
Maine’s business community is dominated by small businesses, and family-owned businesses are a major portion of that.
But within that definition there are many variations, from a major retailer like L.L.Bean to a mom-and-pop store like our cover subject, Elm City Photo.
For our cover story, “Exit focus,” Senior Writer Renee Cordes spent time with the owners of Elm City Photo, John and Celine Goodine. As the title of the story indicates, the Goodines are looking to retire and looking for a buyer. It’s a story we seem to be hearing a lot recently: A successful niche business, run by passionate owner-operators, is looking for a buyer — ideally, someone who shares a passion for that particular endeavor.
It’s not always easy. At least in the case of the Goodines, they seem to have reasonable expectations and are giving it 18 months. Renee’s story starts on Page 12.
Elsewhere in the issue, the “family-owned” story can be an important marketing tool, says Catherine Wygant Fossett, executive director of the nonprofit Institute for Family-Owned Business, as Senior Writer Laurie Schreiber reports.
“The ones that don’t use it, I think they’re missing the boat,” Wygant Fossett says. “Like ‘buy local,’ where everyone wants to go to their local farmers, family businesses are local entities and they’re the backbone of the economy.” See Laurie’s story, which starts on Page 16.
Our Friday Food Insider columnist, Alexis Wells, delves into the family-owned topic by talking to three food producers: Raye’s Mustard in Eastport, Gifford’s Ice Cream in Skowhegan and Len Libby Candies in Scarborough. Each company has a long history, but the current generation of leaders faces the challenges of inflation, labor shortages and fickle consumer tastes. See Alexis’s story on Page 22.
And don’t miss the list of Maine’s largest family-owned businesses, on Page 30.
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