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Institute for Family-Owned Business

2027 goals

Family-owned businesses are the backbone of Maine’s economy, and IFOB exists to help them thrive across generations. We grow through memberships, sponsorships, and volunteers, and our goal is to expand engagement statewide – not only with family business owners, but also with the family members and employees who help carry these businesses forward – while maintaining our 95% member retention rate.

Last year, we launched the Maine Futures Scholarship for graduating seniors pursuing post-secondary education at Maine institutions. This year, we received a record 60-plus applications and will once again award a renewable $2,500 scholarship. We hope to expand this opportunity in the years ahead.

Through educational programs, confidential peer groups, signature events, and trusted relationships, we help family businesses learn from one another, navigate change, and prepare for what’s next. We want more Maine families to discover a community where they feel understood, supported, and connected.

Fundraising events/opportunities

Throughout the year, IFOB brings family business leaders together to learn from one another, build trusted relationships, and strengthen Maine’s family business community. We do this through more than 45 educational programs, confidential peer groups, signature events, and statewide gatherings including our “How To” educational series, Midday Conversations, Maine Family Business Awards, National Family-Owned Business Day, New Year Party, and Golf Scramble.

Businesses and individuals support this work through memberships, sponsorships, donations, and event participation. Every dollar invested helps create opportunities for meaningful connection, practical learning, and peer support while ensuring Maine’s family-owned businesses – and the communities they serve – continue to thrive.

Giving opportunities

IFOB connects people who understand the unique realities of family-owned businesses. Through confidential peer groups, educational programs, and signature events, members build trusted relationships, share practical experience, and learn from one another.

We offer two membership types: Family Business Members, for two or more family members working in or leading the same business, and Associate Partners, who serve as trusted advisors to the family business community.

Businesses can support IFOB through sponsorships, memberships, scholarship contributions, estate gifts, in-kind donations, and event participation. Sponsors receive visibility through our Kindred Connector newsletter (bi-monthly e-newsletter with 3,500-plus readers), website, social media, Maine Family Business Awards, and other programs while helping strengthen a community that supports family businesses across Maine.

Volunteer opportunities

We welcome guest speakers who are willing to share practical experience with Maine’s family business community through educational programs and conversations. Volunteers also help greet guests and support signature events, including the Maine Family Business Awards, New Year Party, Golf Scramble, and Business After Hours. Others contribute by serving on our board or committees, helping strengthen an organization built on relationships, shared experience, and a commitment to Maine’s family-owned businesses.

At a glance

Established: 1994
Employees: 2
Annual revenue: $304,991

PO Box 3364, Portland, ME 04104
(207) 798.2667

www.fambusiness.org
Facebook: instituteforfamilyownedbusiness
Instagram: @ifobme
LinkedIn: ifob
YouTube: Institute for family-owned business Maine
Podcast: Chit Chat with Derek & Cat on Spotify, Apple Podcasts, Amazon Music

Awards/Accolades: Since 2000, IFOB has recognized 136 outstanding Maine family businesses for excellence in leadership, community service, customer service, innovation & technology, environmental leadership, and first-generation achievement. On November 19, 2026, we’ll honor seven more businesses at the Maine Family Business Awards. Executive Director Catherine Wygant Fossett received a 2024 Mainebiz Women to Watch award.

Mission Statement: We promote, support, and champion the success of family-owned businesses – the backbone of our economy – with education, networking, and other services.

Service locations: Statewide with in-person events in Cumberland County and Zoom meetings throughout the rest of Maine. We are affiliated with the Family Business Alliance and share resources with 50 centers throughout the U.S. and Canada.

Top funding sources

44% Sponsorship
31.5% Family Business Membership
15% Associate Partner Membership
9% Program revenue
0.5% Scholarship donations

Leadership

Deirdre Wadsworth, Board Chair — PHOTO / COURTESY OF IFOB
Catherine Wygant Fossett, Executive Director — PHOTO / COURTESY OF IFOB

Catherine Wygant Fossett, Executive Director

Board officers

Deirdre Wadsworth, Board Chair
Joe Capozza III, Past Board Chair
Mike Anderson, Board Vice Chair
Jacques Santucci, Board Treasurer
Jeffrey Messer, Board Secretary
David R. Ciullo, HR Liaison

Board members

Gary Bergeron
Nick DiMatteo
Joshua Ellis
Shae-Li Fendler
Jon Levesque
Lucie Narukundo
Neal Richard
Katie Rooks
Christopher R. Smith
Linda Varrell
Seth Webber
Charlie Zachau