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V O L . X X I I N O. X M AY 1 6 , 2 0 1 6 6 More cruise ship visits in '16 Visits from Maine's cruise ship season are forecast to rise by 6% this year, with 283,000 passengers expected. CruiseMaine says there will be at least 121 cruise ship visits from 30 differ- ent vessels planned at Maine's busiest cruise ship port, Bar Harbor. Portland, the state's second-busiest cruise ship port, is expected to get 77 cruise ship visits, bringing over 106,000 total pas- sengers to the city, according to the Bangor Daily News. Cruise ships con- tributed $47 million directly to Maine's economy in 2014, in addition to pro- viding 755 jobs to residents, accord- ing to a report by the Cruise Lines International Association included in the BDN story. MCED names interim executive director e Maine Center for Entrepreneurial Development said Lee Cheever, the nonprofit's operations manager, will serve as acting executive director, effective June 3. Cheever steps in two months after Don Gooding, MCED's director of five years, resigned. A nationwide search for Gooding's permanent replacement is underway. According to the job posting, "the next executive director will continue to refine the quality of MCED's current programs, elevate the prior- ity work in the creation of effective entrepreneurial programs for rural participants, and using the high cali- ber skills and connections of its staff and board members, develop effective strategies to build resources to help more mature businesses accelerate their growth." B U S I N E S S M A I N E Business news from around the state S T A T E W I D E Schedule your event today. Contact Kim Wilson-Raymond, Conference Services at 207.338.8034 umaine.edu/hutchinsoncenter The University of Maine is an equal opportunity/affirmative action institution The Hutchinson Center is an outreach center of the University of Maine. Located in the scenic coastal town of Belfast, the center serves as an educational and cultural hub for the mid-coast community and offers modern, flexible venue options for up to 300 people. Hutchinson Center Conferences • Departmental Retreats Professional Workshops • Stakeholder Meetings Fundraising Events • Lectures • Outreach Events Landry/French now among a growing number of Maine ESOP companies s c a r b o r o u g h – When Landry/French Construction Co. Vice President Kevin French started plotting out a succes- sion plan for the construction company with President Denis Landry a year-and-a-half ago, they narrowed the choices to three options: Sell to another company. Sell the company to an existing employee. Or, establish an employee stock ownership plan. They went with the third option. As of May 2, one of Mainebiz's 2015 Fastest Growing Companies is now employee-owned. In January, Kennebec Technologies owner Charles "Wick" Johnson sold his Augusta business to the 65 employees. Searsport-based GAC Chemical Corp. became employee- owned in July 2015 and the Stillwater-based heavy construc- tion firm Sargent Corp. joined the ranks in 2013. The VIA Agency of Portland outlined the details of its own employee ownership plan on May 2. According to Landry/French, research has shown that employee ownership tends to foster a culture where indi- viduals are more motivated and dedicated, which ultimately leads to increased productivity and profitability. The business said the ESOP will also provide a competi- tive advantage, enabling Landry/French to retain their top employees, as well as attract other high-performing employees. "We are stepping up to the plate to say we believe in what we have been talking about over the years," French told Mainebiz. "And we are going to prove that it's very important to us, and that they are an owner." Although French is quick to say that he doesn't plan to retire for another 13 to 15 years, the decision to put an ESOP in place was in part meant to solidify a philosophy that he and Landry have shared since the company was founded in 2010. "We have empowered people greatly and we want every- one to act like it's their own business when they work on projects," French said. "We ask them to run this like their business. We ask them to be very accountable for what they do — now we are rewarding them for being accountable." Selling the business could have been a challenge, accord- ing to French, unless the buyer wanted the company's port- folio and employees. And if an employee were to purchase the company, it was unlikely that they would have the cash to put down, which both he and Landry want to have when it was time to hang up their construction helmets. "It would be saddling someone with a lot of debt — which we thought, moving forward, 'Would they survive?'" French said. "We have 35 to 37 employees here that rely on us, and we want to make sure this company will survive for another 100 years." For French, establishing an ESOP will continue the com- pany's success streak. He believes that everything will be business as usual for its clients. "When we started this company, our main thought was to be a company that's different, not just the status quo in the marketplace," said French. "We wanted our clients to know that they were different. And right now, the momentum we have moving forward is just like a tidal wave. And we are executing our projects great. We have about a 100% repeat with clients. So if we do a project, we are going to come back and do another one for you." — K e v i n S t e e v e s P H O T O / T I M G R E E N WAY Denis Landry, left, and Kevin French, founders of Landry/French Construction Co. They established an ESOP ownership structure.

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