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W W W. M A I N E B I Z . B I Z 7 F E B R UA R Y 2 4 , 2 0 2 0 Reusable Resources and the Maine Recovery Fund. Miller Law & Mediation opened a sec- ond office, at 96 Ocean St., in South Portland's Knightville neighborhood. Auburn will have a new apartment building by May A 53-unit apartment building, 48 Hampshire, is expected to start wel- coming tenants in downtown Auburn in early May, developer Szanton Co. said. e 56,000-square-foot, four-story structure will include 11 market-rate and 42 workforce apartments, includ- ing one-, two- and three-bedroom units. Auburn Housing Authority will begin offering leases in May. Workforce units at the building will be available for those who make 60% or less of the city's median income, with rents ranging from roughly $600 to $1,015. Market-rate rents are expected to range from $925 to $1350 a month. Heat and hot water, off-street parking, and wi-fi will be included in the rent. e size of the units ranges from 590 square feet to 970 square feet. Androscoggin Mill sold as part of larger deal Verso Corp. (NYSE: VRS) com- pleted the $400 million sale of its Androscoggin Mill in the Franklin County town of Jay, and another plant in Wisconsin, to Pixelle Specialty Solutions LLC, of Spring Grove, Pa. e closing comes nearly three months after Verso announced the deal. Mills signs affordable housing tax credit bill — How will developers respond? Tiny homes legislation may unblock development bottleneck — Could be a partial solution to the housing crunch WEX beats expectations on Q4 earnings, looks to grow market share — Continued growth for one of Maine's largest companies Construction underway of first two Innovation District buildings at The Downs — A development that fills the hole in the doughnut in Scarborough Wayfair lays off 550, including 56 workers in Brunswick, Bangor — Let's hope this is a blip and not a trend Proposed bill would provide $8.8M in overtime for salaried Mainers — Workers want it, but many businesses oppose Sears department store in Brunswick may close — Changing retail habits are leaving some stores out in the cold Bar Harbor: How many cruise ships are too many? — The age- old battle in resorts, economic development vs. congestion Maine's iconic area code may soon be tapped out — Say it ain't so C R E D I T S & D E B I T S R EGI ONAL S PONS OR S PR ES ENTI NG S PONS OR A P R I L 1 6 / 5 – 7 P M / P E P P E R E L L M I L L CA M P U S , B U I L D I N G 1 3 / OT R B I D D E FO R D S AC O 2 0 HORS D'OEUVRES / CASH BAR / NETWORKING WITH AREA BUSINESS EXECUTIVES AT TENDANCE IS AT TENDANCE IS FREE FREE BUT SPACE IS BUT SPACE IS LIMITED! LIMITED! Please be sure to register ahead at mainebiz.biz/OTRBiddefordSaco Q: What is the difference between a business model and a business plan? Do I need both? ACE Advises: A business plan is a document that details the organization's strategy and expected financial perfor- mance for years to come. It is typically required by lending institutions, banks and investors to prove a business has a plan for profitability. A well-developed business plan lays out a map for marketing, financial planning and operations. A business model describes how an organization creates, delivers and captures value in economic, social, cultural or other contexts. Business models help you develop strategies for customer acquisition, talent recruitment, key partnership alliances, and business development. The business model and the business plan are both key elements to an organization's development, growth and suc- cession planning and decision making. If the business plan is a road map that describes how much profit the business intends to make in a given period of time, the business model is the vehicle that gets you there. A model covers every- thing from ideal customers, customer relationships, value propositions, com- pany activities and assets, and key partners that help you gain, maintain and retain your customers, employees and core values. Developing strategic plans for your business is an invest- ment. It will take time, energy, research, and commitment on the part of the leaders of the organization. Once devel- oped, they should be referred to often, and updated as your business grows and adapts. When they are done well, your business will stay competitive, relevant, and profitable. A S K AC E A n s w e r e d B y P r i s c i l l a H a n s e n M a h o n e y O f B l a z i n g T r a i l s C o a c h i n g The Association for Consulting Expertise (ACE) is a non-profit association of independent consultants who value "Success through Collaboration." The public is welcome to attend its regular meetings to share best practices and engage with industry experts. For more information go to www.consultexpertise.com. Priscilla Hansen Mahoney can be contacted at www.blazingtrailscoaching.com A strategic plan for your business is an investment. Miamisburg, Ohio-based Verso previ- ously said it would return $225 million to $282 million in net cash proceeds from the sale to shareholders. Verso said it will use a portion of the proceeds to reduce its remaining unfunded pen- sion liability. e deal closes a chapter in an ongoing dispute with two rebel shareholders, private equity firms Atlas Holdings and Blue Wolf Capital Partners, who have made several unsuc- cessful attempts to acquire Verso since 2017. After a truce reached hours before the Jan. 31 annual meeting, shareholders gave a green light to the proposed sales. Verso is a leading North American pro- ducer of graphic and specialty papers, packaging and pulp. e company's Duluth, Escanaba, Quinnesec and Wisconsin Rapids mills have a com- bined annual production capacity of 2 million tons of paper. C E N T R A L & W E S T E R N

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