Mainebiz

W W W. M A I N E B I Z . B I Z 17 O C T O B E R 3 0 , 2 0 2 3 F O C U S FA M I LY- O W N E D B U S I N E S S Upgrade to Energy Efficient Technology with Efficiency Maine Incentives Glenmoor by the Sea in Lincolnville worked with Efficiency Maine to install 40 heat pumps in their seaside inn. "Since the new heat pumps were installed, we have been able to open our property earlier in the season and stay open later into the fall," said innkeeper Renato Kriste. "Heat pumps are quiet, efficient, and simply look much nicer! For more information, visit efficiencymaine.com/at-work With the recent upgrades, Glenmoor by the Sea could potentially reduce their annual heating and cooling costs by approximately $30,000. "The incentives were just too good to pass up," said Kriste. When it comes to succession planning, only about 1 in 4 surveyed by the St. Louis-based First Bank Center for Family- Owned Businesses have a fully structured plan. 27% of businesses nationwide have a fully structured plan 28% said they do have a structured or organized success plan that's "a work in progress" 18% have it on their to-do list 26% said they don't need one The pandemic also played a role, prompting 37% of succession planning efforts to be slowed or paused, the report found. The results, released in March, were based on responses from 552 family business owners across first- to fifth-generation companies. "Family-owned businesses have the challenges of their industry, of course, but also the added complexities of succeeding their parents or grandparents and working side by side with their siblings," said Shelley Seifert, chairman and CEO of First Bank Center for Family-Owned Businesses. N O T E : Findings were based on responses from 552 family business owners/ members nationwide across first- to fifth-generation companies. S O U R C E : 2023 Family Business Survey by the First Bank Center for Family-Owned Businsses, in partnership with MacKenzie Corp. DOES YOUR FAMILY BUSINESS HAVE A STRUCTURED/ ORGANIZED SUCCESSION PLAN? DID YOU HAVE OR ARE YOU CONSIDERING OUTSIDE SUCCESSION PLANNING SUPPORT? 28% Yes, but it's a work in progress 27% Yes, and we're confident about it 26% No, we don't need one 18% No, but it''s on our to-do list 1% I'm not really involved in this area 50% No, handling things internally 24% Currently discussing options 13% Yes, working with consulting firms 12% Yes, other family businesses 2% Other (attorney, CPA, business coach, etc.)

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