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W W W. M A I N E B I Z . B I Z 23 N OV E M B E R 2 , 2 0 2 6 F O C U S FA M I LY - OW N E D B U S I N E S S consultants who specialize in business transitions. Nearly a quarter of IFOB's 200 member businesses are profes- sional services firms, including law firms, accounting firms and consultants. Additionally, the institute is plan- ning to host a Succession Summit in May 2027. Economic uncertainties Probably the toughest challenge though, according to Catherine Wygant Fossett, executive director of IFOB, is the current unpredictable economic climate. "Businesses need stability and predictability, a stable business envi- ronment which supports growth," she tells Mainebiz. "Maine spends considerable effort attracting new businesses, but we need to be equally committed to helping the family-owned businesses already here succeed, grow and tran- sition to the next generation. "at requires a healthy, support- ive business climate, and right now, I'm concerned about the challenges our businesses are facing. If we don't address those challenges, we risk losing the family-owned businesses that have been the backbone of our communities for generations," she adds. Complex regulatory process e approvals process can be a major stumbling block. "Permitting is changing constantly, both at the local and state levels," Wygant Fossett says. David Madore, deputy commis- sioner with the Maine Department of Environmental Protection, says the office recognizes the impact that permit processing times can have and notes that in the past year, the DEP has implemented measures to stream- line the application review process. Madore says the department is hiring additional contractors to sup- port staffers focused on permit appli- cations and is establishing a customer service unit dedicated to addressing permitting inquiries. Issues are connected Patrick Woodcock, president and CEO of the Maine State Chamber of Commerce, concurs with Wygant Fossett. "Growing the workforce, reduc- ing regulatory barriers, and keeping a tax environment that is competi- tive is imperative for business suc- cess," he says. Building on your ideas Contact us 207-865-4412 doten@dotens.com www.dotens.com FIND US ON Quality. Safety. Craftsmanship. Rooted in Maine. Committed to Community. Rooted in Maine. Committed to Community. 2 Monument Square, Portland, ME | 207.773.7100 | dunhamgroup.com At The Dunham Group, relationships come first. We listen and take the time to understand your business—so we guide you with insight, not assumptions. We're proud to work with clients like the South Portland Food Cupboard, helping them find the right place to serve their community and make a lasting impact. let us help you find your place C O N T I N U E D O N F O L L OW I N G PA G E »