Mainebiz

W W W. M A I N E B I Z . B I Z 15 O C T O B E R 3 1 , 2 0 2 2 F O C U S FA M I LY O W N E D B U S I N E S S get to know the At Norway Savings, our Asset Management Group believes in Family Asset Management. Simply put, it means we do right by you and your loved ones. More than an advisor, as a fiduciary we will help you manage your wealth by putting your interests first. Every family has a story. Let us help you write your next chapter. FAM 207. 482.7920 | NorwaySavings.bank FAMILY ASSET MANAGEMENT I N V E S T M E N T M A N AG E M E N T • T R U S T S E RV I C E S • FI N A N C I A L A DV I C E • E S TAT E P L A N N I N G Not FDIC Insured • No Bank Guarantee • May Lose Value Tips for next-gen family-business leaders hat do next-generation family- business leaders need to know about running a business? Two experts shared their tips with Mainebiz. Steven Tenney Founding partner and CEO, Great Diamond Partners Develop strong, open and regular communication with the prior gen- eration so that expectations are clear. This helps to avoid misunderstand- ings that can lead to frustrations. Learn all you can from the prior gen- eration so you can carry on the legacy of the company — and develop your own unique abilities so you're com- fortable in your role and the company benefits from your fresh perspectives. Nurture relationships with experienced people who are not part of your family and with people in a similar position in different companies and industries. You'll find they face the same chal- lenges you do, and their solutions will benefit you and your company. Colleen McCracken Principal, CLMC LLC: Be your own kind of family business leader. Often, next generation lead- ers try to run the business as their parent(s) did. Authenticity as a leader is key to a leader's success. Don't take the top family business leadership role for the wrong reasons. Get outside support for a success- ful transition, A neutral party is key to the success of a family business transition. An outsider can provide structure to creating a succession plan and the discipline to hold every- one accountable to the plan that has been agreed to. Outside support can take the form of a trusted indepen- dent advisor and/or a trusted board of advisors specifically tasked with this responsibility. F O C U S S TA R T S O N F O L L OW I N G PA G E » W IFOB's 'affinity groups' T en 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 meet- ings 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 chal- lenging and rewarding. I think today's young leaders are resilient, compas- sionate and eager to take the reins. They are also more focused on stra- tegic planning and seeing how they fit into the big picture." For more information, go to fambusiness.org @ P H O T O / J I M N E U G E R P H O T O / C O U R T E S Y O F C L M C L L C Steven Tenney, Great Diamond Partners Colleen McCracken, CLMC LLC

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