Mainebiz

W W W. M A I N E B I Z . B I Z 19 M AY 1 3 , 2 0 1 9 F O C U S W E A LT H M A N A G E M E N T / R E T I R E M E N T K evin French, 55, has no imme- diate plans to retire, not even a decade from now. "If I'm having as much fun in 10 years as I'm having now, I don't see myself retiring," says French, execu- tive vice president of Landry/French Construction in Scarborough. A few years ago, during his quar- terly strategy meeting with the firm's president, Denis Landry, the two broached the topic of succession plan- ning for the first time. "We really wanted to get ahead of the curve and think about it," French says. After studying various options, they decided to transfer ownership to employ- ees through a tax-friendly trust known as an Employee Stock Ownership Plan. "It's allowed us to grow our business, and not worry about how we're going to get out from underneath someday," French says. "It also helps us retain and attract new employees since everybody gets a piece of the pie." With a workforce of around 60, the firm had revenues of $68 million in 2018, up from $65 million in 2017. French says that while it's still too early to name a possible successor from current employ- ees, "we're providing the tools and see- ing how they grow." Unlike French and his partner, sur- prisingly few business owners plan for retirement — even in this state with its aging population and abundance of small businesses. at can be self-defeating for those counting on a retirement income from the eventual sale of their business. "Generally for small businesses, it's a challenge," says financial consul- tant Pete Ventre of Carrot Seed LLC in Portland. "ey're making a salary they're living off comfortably, and when they stop working, that salary stops. Even if they sell their business to someone else, the return they get will be far less than their salary." It's allowed us to grow our business, and not worry about how we're going to get out from underneath someday. It also helps us retain and attract new employees since everybody gets a piece of the pie. — Kevin French Landry/French Construction C O N T I N U E D O N F O L L OW I N G PA G E » As two busy professionals, travel is often on the agenda for the Ismails. They rely on Bangor International Airport for convenient schedules, ample on-airport parking and friendly people. Like them, you can make your travel a top-rated experience. Learn more at FlyBangor.com. Kirsten & Scott Ismail, Hampden "We rate Bangor International Airport a 5-star experience." ALLEGIANT • AMERICAN • DELTA • UNITED Non-stop flights to major hub cities with connections to the world. BGR_MEBiz_Ismail_May2019.indd 1 5/6/19 5:24 PM Protecting dreams. Building assets. TheFirst.com/WealthManagement Individual | Nonprofit | Municipal RESPONSIBILITY FIRST Securities and investment products are not bank deposits, are not insured by the FDIC or any other government agency, are not obligations of, nor guaranteed by, any bank or bank affiliate, and may involve investment risk, including the possible loss of value or principal amount invested.

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