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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 N OV E M B E R 4 , 2 0 2 4 From the Editor M aine's business community is dominated by small businesses, and family-owned businesses are a major portion of that. But within that definition there are many variations, from a major retailer like L.L.Bean to a mom-and-pop store like our cover subject, Elm City Photo. For our cover story, "Exit focus," Senior Writer Renee Cordes spent time with the owners of Elm City Photo, John and Celine Goodine. As the title of the story indicates, the Goodines are looking to retire and looking for a buyer. It's a story we seem to be hearing a lot recently: A successful niche busi- ness, run by passionate owner-operators, is looking for a buyer — ideally, someone who shares a passion for that particular endeavor. It's not always easy. At least in the case of the Goodines, they seem to have reasonable expectations and are giving it 18 months. Renee's story starts on Page 12. Elsewhere in the issue, the "family-owned" story can be an important marketing tool, says Catherine Wygant Fossett, executive director of the nonprofit Institute for Family-Owned Business, as Senior Writer Laurie Schreiber reports. "e ones that don't use it, I think they're missing the boat," Wygant Fossett says. "Like 'buy local,' where everyone wants to go to their local farmers, family businesses are local entities and they're the backbone of the economy." See Laurie's story, which starts on Page 16. Our Friday Food Insider columnist, Alexis Wells, delves into the family-owned topic by talking to three food producers: Raye's Mustard in Eastport, Gifford's Ice Cream in Skowhegan and Len Libby Candies in Scarborough. Each company has a long history, but the current generation of leaders faces the challenges of inflation, labor shortages and fickle consumer tastes. See Alexis's story on Page 22. And don't miss the list of Maine's largest family- owned businesses, on Page 30. Peter Van Allen pvanallen@mainebiz.biz 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 all of Maine's latest business news by subscribing to the Mainebiz Daily Report and Real Estate Insider newsletters. Here is the top online content from Oct. 8 to 29: 1. Lightning strikes again: MacKenzie Scott gifts $15M to Brunswick-based Coastal Enterprises 2. Downtown Damariscotta centerpiece sells to tenant for $1.45M 3. Luxury condo building planned for Portland's West End 4. Here are this year's 'best places to work in Maine' — by ranking 5. Meet the Mainebiz 40 Under 40 — rising stars who are changing the state 6. Jackson Lab awarded $1.6M grant for 'first of kind' tech to decode disease 7. Maine Realtor of the Year is longtime industry leader 8. Saco & Biddeford Savings names next chief operating officer 9. Maine billionaire makes list of 400 richest Americans 10. Bangor engineering firm expands its Portland footprint with move F I L E P H O T O 1 It's a story we seem to be hearing a lot recently: A successful niche business, run by passionate owner- operators, is looking for a buyer. Meet Steve. An ESOP pro, Steve is a tax attorney who specializes in family-owned and employee-owned companies — with expertise in employee benefits, executive compensation, and the Employee Retirement Income Security Act (ERISA). We're attorneys. But we're people first. Steven R. Gerlach, Attorney and Shareholder bernsteinshur.com 'Family owned' has a lot of dimensions when it comes to business

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