Family-owned businesses

Kevin Hancock, chairman of Hancock Lumber, predicts another healthy year for the lumber, housing and construction sectors in Maine.

The Nov. 3 edition of Mainebiz combines the old school and the new. In addition to a section on how AI is used in Maine, we have a section that focuses on family-owned businesses. You couldn’t ask for a wider array of topics.

While some owners are adamant about keeping the business in the family while pursuing expansions and new business models, selling to an outside buyer is also an option in a highly fragmented industry.

The Institute for Family-Owned Business said it received more 505 nominations this year, which it whittled down to 44 semifinalists before picking 25 finalists.

In family businesses, where personal history and professional responsibility overlap, emotions can have a big impact — sometimes quietly, sometimes dramatically.

The longtime owners of Bangor Wine and Cheese Co. in downtown Bangor announced on Monday that the business is entering a new era with a new owner. 

Geiger, a Lewiston-based promotional products distributor, has promoted Chris McKee, Vicky Kinasz and Elizabeth Fagan.

On Jan. 1, David Geiger, 36, will become the company's sixth president and fifth from the family. Jo-an Lantz will stay on as CEO.

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.

The 'family-owned' story can be an important marketing tool. But not all such businesses understand its power.