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V O L . X X X I N O. I X M AY 5 , 2 0 2 5 12 B U S I N E S S S U C C E S S I O N A N D T R A N S I T I O N F O C U S career as an entrepreneur. On a whim, she searched businesses for sale in Maine; Chilton Furniture met criteria that included a nationally recognized brand, quality products made in the U.S., excellent manage- ment, sales and warehouse staff, and fine quality wood craftsmanship with a Maine connection. At the time, Chilton had stores in Freeport and Scarborough and focused on cherry wood furniture inspired by the Shaker aesthetic of simple, clean lines. She saw an opportunity to invest in the develop- ment of a new product line. "It's a modern take on traditional New England furniture," through the filter of clean lines that cel- ebrate the beauty of the wood, with historical and regional design as inspirations, says Levin. Move to Portland ere was also an opportunity to build overall sales through moves such as enhancing online, catalog and regional advertising platforms; refreshing the Freeport showroom; revamping the website; and moving the Scarborough showroom to Portland in order to showcase new designs in front of a new and larger audience. "When we joined in 2014, we said we'd like to expand and offer a variety of wood species and have our own unique line, work with a creative team and develop our own style," says Levin. "It's been an evolution." In 2020, they found the right Portland location in the omas Block, dating back to 1860 at 100 Commercial St. e corner unit has large glass windows on two sides, making it easy for pedestrians to peer inside. Brick and off-white walls and a minimalist concrete floor offer a simple and attractive backdrop for the furniture. At the same time, it had modern features such as LED lighting, and historical features such as wood rafters and the brick walls — a clean palette and a perfect backdrop for the furniture, Levin says. e Portland location attracts a bigger and broader audience, particularly visitors from out-of-state. e new designs are made from U.S.-sourced hardwood in species that include maple, cherry, walnut and white oak. Most pieces are built when they're ordered. "We wanted to put our newest designs in front of a new audience, or just get on the radar and show people that we're here and we're doing different things," says Levin. e company maintains its Freeport location, which showcases the company's full collection while the focus in Portland is on Chilton's newest designs. All together, Chilton offers about 175 products and sells about 1,850 products per year across all channels, with many repeat customers. e Portland store sees average foot traffic of 220 per month, counted by group or family, swelling to about 380 per month in the summer. From store to brand Levin says the goal was to transition from a fur- niture store into a brand, aided by outside consul- tants for key roles such as furniture design, creative direction, information technology and photography, along with employees who had the interest to train for new or expanded roles such as project manage- ment and marketing. "We basically try to see who is interested in what and give them that role," says Levin. "It's been a great experience, just watching people who are passionate about this and, in some cases, developing a passion because we're bringing in some people right out of college." With 11 employees, Levin maintains an inclusive approach. "We let everyone have a say," she says. "I think everyone likes that we get buy-in. Every once in a while there are other perspectives that help me frame a strategy. I don't ever want to have a company where people don't feel they're being heard." L a u r i e S c h r e i b e r , M a i n e b i z s e n i o r w r i t e r , c a n b e r e a c h e d a t l s c h r e i b e r @ m a i n e b i z . b i z » C O N T I N U E D F RO M P R E V I O U S PA G E I find that most business owners think they have an idea of what their business is worth, but they don't. — Dennis Wheelock Magnusson Balfour Market value F or owners looking to sell their businesses, it's impor- tant to get a determination of its market value, says Dennis Wheelock, a partner and com- mercial and business broker with Magnusson Balfour. "I find that most business owners think they have an idea of what their business is worth, but they don't," Wheelock says. Salable businesses need enough cash flow to be able to service the loan most buyers need for the acquisition. And they need to generate a living wage for the buyer. Lacking those criteria, it becomes an asset sale of equipment, real estate and inventory. Or owners can take more time to increase their cash flow. Either way, it takes on average 18 months to sell a business. "The more organized a business owner is, the smoother things tend to go," Wheelock says. Wanting to retire is an obvious motivation for selling. Another reason? "A lot of motivation is the pain that's involved with owning the business," he says. "I believe this to be true in restaurants: Someone gets into it and is really excited in year one — they'll work 60, 70 hours a week. Year two, they're doing the same thing. Year three rolls around and they're saying, 'I left a 40-hour-a-week job and now I don't have a life.'" Labor shortages have exacerbated that pain. "A lot of owners have owned their business 15, 20, 30 years and they're working just as hard as they did when the got started," he says. Dennis Wheelock P H O T O / T I M G R E E N WAY Wood worker Chris Montgomery builds a Pasadena Arm Chair at the Thos. Moser facility in Auburn

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