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V O L . X X X I I N O. X X V N OV E M B E R 2 , 2 0 2 6 22 FA M I LY - OW N E D B U S I N E S S F O C U S F amily-owned businesses in Maine face the same challenges with which other entities wrestle: rising costs, labor shortages, governmental red tape and funding and managing growth. Additional hurdles are the recent rise in Maine's minimum wage, the state's new paid family and medical leave policy and the housing shortage, which makes attracting and keeping employees increasingly difficult. Family businesses, which make up 80% of all businesses in Maine, face more obstacles. ey have to balance a delicate interplay of personal dynamics. ey're often dealing with multiple owners — numbers that can multiply through incoming generations. Sorting out a suc- cession plan, or perhaps an exit strategy, which matches the vision of all of those owners, can be extremely difficult. e Institute for Family-Owned Business, which is based in Portland, offers a wealth of resources, including more than 45 educational programs — both in-person and online. It has net- working events, videos and podcasts, and confidential peer groups where owners share experiences and concerns. To assist with succession planning, the nonprofit connects businesses with For family-owned and closely held businesses, business decisions and personal goals often go hand in hand. ARB brings tax, accounting, and advisory expertise together to help you see the full financial picture, plan for what's next, and protect what you've built. Your Business Is Personal. So Is Our Advice. Certified Public Accountants | Business Advisors arbcpa.com/family-business 207.772.1981 Let's Talk scan me Unpredictable economy hinders business growth Volatility is especially hard on family-owned businesses B y T i n a F i s c h e r P H O T O / T I M G R E E N WAY Catherine Wygant Fossett, executive director of the Institute for Family-Owned Business, estimates that Maine has as many as 128,000 family-owned businesses — or four out of five small businesses. Businesses need stability and predictability, a stable business environment which supports growth. — Catherine Wygant Fossett Institute for Family-Owned Business