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🔒‘Nurture relationships’ and other tips for family-owned businesses

Steven Tenney, Great Diamond Partners PHOTO / JIM NEUGER
By Renee Cordes

Two Maine experts share their tips for next-generation family-business leaders.

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IFOB’s ‘affinity groups’

Ten years ago, the Institute for Family-Owned Business created its first subgroup for next-generation leaders. Today, the Portland-based nonprofit has four so-called affinity groups, whose 38 members come together eight times a year in meetings led by business consultants.

“It’s hard to run a business in challenging times,” says Catherine Wygant Fossett, IFOB’s executive director. “If you add the family element, you have an extra set of dynamics that makes it more challenging and rewarding. I think today’s young leaders are resilient, compassionate and eager to take the reins. They are also more focused on strategic planning and seeing how they fit into the big picture.”

For more information, go to fambusiness.org

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CLMC LLCCatherine Wygant FossettColleen McCrackenGreat Diamond PartnersInstitute for Family-Owned Business (IFOB)Professional servicesSmall BusinessSteven TenneySubscriber Only
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