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V I E W P O I N T S W W W. M A I N E B I Z . B I Z 3 M AY 1 3 , 2 0 1 9 Be smart. BE SHUR. bernsteinshur.com When you want a law firm t hat puts your interests before [h]ours. From the Editor B aby boomer business owners are heading for the exit door, but not all of them are finding a willing successor to take over or buy their businesses. For our Wealth Management and Retirement issue, Senior Writer Renee Cordes talked to business owners and senior managers about how they're handling succession. Only 17% of owners have a written business-exit plan, even though most want to leave within the next decade and three out of four would do so today if their financial security were assured, according to a report by Denver-based Business Enterprise Institute cited in Renee's story (starting on Page 18). In the case of one business owner she spoke with, a handshake agreement to sell the business fell through — and, with it, the "retirement plan" dissolved. "is is the second time I've been burnt and I should have known better," the owner told Renee. Even with the growing popularity of Employee Stock Ownership Plans, many owners of fam- ily businesses and privately held companies struggle with the succession issue. "Generally for small businesses, it's a challenge," says financial consultant 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." Elsewhere in the issue, Senior Writer Laurie Schreiber talks with employers about efforts to get employees into retirement plans. See Page 24. ere are investment-related How To columns by Brien Walton of Acadia Capital Management (Page 16), Sara Lewis at Spinnaker Trust (Page 23) and Michelle R. Santiago and Molly C. Reinfried of H.M. Payson (Page 28). In a Q&A, Tom Manning, CEO of F.L. Putnam, talks about why the firm needs a strong Portland pres- ence. See Page 29. R.M. Davis Inc. tops the list of "Largest investment advisors." See Page 34. Peter Van Allen pvanallen@mainebiz.biz A story in the April 29 issue of Mainebiz, "An industry with a family tree," mistakenly stated that Covetrus markets certain products that are actually the domain of a related company, Henry Schein Animal Health. The products do not represent the primary offerings of Covetrus, which are focused on technology, veterinary prod- ucts and services. Correction Featured @ Mainebiz.biz For a daily digest of Maine's top business news, sign up for the Mainebiz Daily Report at mainebiz.biz/enews Get Maine's business news daily at mainebiz.biz and on Twitter (@Mainebiz). Below is our top content from between April 22 and May 6. 1. Projects at either end of Augusta's downtown add to growing residential presence 2. Rock Row music venue will be ready for May 26 opening 3. Portland waterfront rezoning moves forward, Fisherman's Wharf project doesn't 4. Building healthy workplaces: Employee wellness a growing design priority for employers 5. Planet Fitness to fill vacant anchor space in Rockland Plaza 6. Maine bankers back federal marijuana banking bill 7. Four Portland-area Hannaford stores are latest remodels in $100 million program 8. Six developers to be recognized by MEREDA 9. As mouse production grows, Jackson Lab begins hiring surge 10. Plans unveiled for sports complex at Scarborough Downs redevelopment P H O T O / M A U R E E N M I L L I K E N 1 Retirement is creeping up. Are you ready? Generally for small businesses, it's a challenge. They'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. — Pete Ventre financial consultant

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