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W W W. M A I N E B I Z . B I Z 25 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 risks losing established employers, institutional knowledge and local ownership." Walton envisions opportunities for the state, working with financial institutions, business organizations and educational institutions, to sup- port ownership transitions through technical assistance, succession planning education, management development and improved access to acquisition financing. "Preserving a successful existing business can be every bit as impor- tant to a community as attracting a new one," he notes. Navigating the regulatory landscape Maine's Department of Economic and Community Development pro- vides resources but Wygant Fossett feels more needs to be done to cut the "red tape." One initiative she suggests would be worth revisiting was former Gov. Paul LePage's account executives program, which operated through the Department of Economic and Community Development. "e program provided busi- nesses with a designated point of contact to help navigate state and local government, particularly when it came to permitting, licensing, regulatory challenges, financing resources and expansion opportuni- ties," Wygant Fossett says. "I'd love to see Maine revisit this model, regardless of which administra- tion is in office. It's a practical, nonpar- tisan way to support businesses that are already invested in our communities, employing Mainers and contributing to our economy." Walton notes that the Vision 2035 plan identifies simplifying and expediting permitting as a prior- ity. "And the state has a statutory Business Ombudsman Program intended to help businesses navi- gate regulatory requirements," he adds. "ese provide a foundation for further improvements." He urges a look into whether existing financing programs are suf- ficiently accessible to smaller busi- nesses that may lack the adminis- trative capacity to navigate complex application processes. "Ultimately, I believe the next administration has an opportunity to approach these issues as part of a coordinated economic development strategy rather than as separate policy challenges," he says. "e most important question," Walton stresses, "is whether Maine can create an environment in which existing businesses have the confi- dence to invest, the ability to attract and retain employees, and a realistic pathway to long-term sustainability. Wygant Fossett concurs. "We need to create an environ- ment where family businesses can not only survive today, but thrive for generations to come," she says. Tina Fischer, Mainebiz staff writer, can be reached at tfischer @ mainebiz.biz EXPECT to learn at your pace Financial aid available for qualified students. at the UNIVERSITY of MAINE at PRESQUE ISLE YO U R J O U R N E Y. YO U R PAC E . affordability EXCEPTIONAL UNPARALLELED BUILT-IN support personal academic success coach flexibility 100% online & fully asynchronous Flat tuition rate per 8 week session— $1,800 for bachelor's, $2,450 for master's umpi.edu/yourpace | umpi-yourpace@maine.edu Looking for a degree completion program that's both affordable and designed to meet the needs of working professionals? Apply by Dec. 14 New B.S. in Cybersecurity Spring I session starts Jan. 11 Mainebiz highlights the innovation happening all over Maine. I constantly find new companies to be inspired by, and I love seeing fellow Maine businesses growing and thriving. — Becky McKinnell Founder & CEO, iBec Creative and Wildwood Oyster Co. INFORM. ENGAGE. CONNECT. ENGAGED AUDIENCE FOR ADVER TI S I NG OPPOR TU NI TI ES, EM AI L ADVERTISING@MAINEBIZ.BIZ STATEWIDE, SUBSCRIPTION-BASED BUSINESS PUBLICATION IN MAINE. WE ARE THE ONLY AUDITED, 75% of Mainebiz readers spend 15 minutes or more reading each issue 81% of Mainebiz subscribers are the #1 decision-makers at their business. 88% of Mainebiz readers are college graduates Preserving a successful existing business can be every bit as important to a community as attracting a new one. — Brien Walton Husson University Brien Walton, a business professor at Husson University, says succession is a big issue for small businesses. F I L E P H O T O

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