Courtesy / Institute for Family-Owned Businesses
Catherine Wygant Fossett, executive director of the Portland-based Institute for Family-Owned Business, addresses the 2019 Maine Family Business Awards ceremony last June.
Updated: April 28, 2020
Maine family biz nonprofit takes care of its own during crisis
Photo / Renee Cordes
Like many members of the Institute for Family-Owned Business, Renys has retail shops that are closed, but is offering online shopping and curbside pickup.
As policymakers in Augusta work out a plan to gradually reopen Maine's economy, the head of the Portland-based nonprofit dedicated to supporting family-owned businesses has a few recommendations.
"Opening responsibly with realistic expectations to balance public health versus saving the economy," suggests Catherine Wygant Fossett, executive director of the Institute for Family-Owned Business, which counts retailer Renys and Gifford's Famous Ice Cream among its 140 family business members.
It also has 50 associate partners, putting its total membership at 195.
Wygant Fossett said she would also like to see Gov. Janet Mills and the Department of Economic and Community Development, headed by Commissioner Heather Johnson, figure out how to revamp the economy with employees, and make them and the public at large feel secure.
Another message, as she relayed to Mainebiz: "Put the coronavirus in context with other illnesses and causes as well."
In case of a protracted economic downturn, she's concerned about the hit to a long list of sectors including restaurants, motor coaches, tourist attractions, summer camps, retailers, theaters, entertainment and sports venues and "anything that involves large gatherings of people."
She's also worried about all small businesses that don't have enough cash reserves.
For local family-owned businesses in need of support during the crisis, IFOB is waiving membership fees for the rest of the year and opening specialized discussion groups to them as well, the institute announced last week.
Known as Affinity Groups, they include the Women's Leadership Forum, NextGen for young business leaders, Leaders in Transition and CEO Central, open to businesses with more than $5 million.
Wygant Fossett said the initiative is already yielding results, attracting three new members, and that the group has also gotten some paid memberships as well.
Upcoming events
Like many organizations in Maine, IFOB's events have gone virtual.
Upcoming events include a remote roundtable on Leaders in Transition on May 4, and a webinar on May 6 featuring member Scott Riccio of Northeast Charter & Tour Co. Riccio will talk with other panelists about how businesses are managing during COVID-19 in terms of health, banking, legal issues and human resources.
Now in its 26th year, IFOB defines a family business as one in which one owner either shares ownership or works in the business with at least one other family member and has a commitment to continuation of the enterprise.
The institute notes that family-owned businesses make up 80% of Maine businesses and employ 62% of the U.S. workforce.
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