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May 13, 2019 Edition
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Focus on Wealth Management

Plan now or pay later: Succession plans are taking on a greater importance at businesses

Renee Cordes

As more baby boomers enter their golden years, a 2016 report by the Denver-based Business Enterprise Institute looked at the problems business owners face as they retire. It found that only 17% of owners have a written business-exit plan, even though most want to leave within the next decade and three out of four would do so today if their financial security were assured.

  • Navigate the retirement gender gap: Considerations for women

    Michelle R. Santiago and Molly C. Reinfried

    While retirement is a major life transition for anyone, women face some unique challenges, starting with the retirement gender gap, and continuing through aspects of the retirement planning process, from budgeting to investment strategy, health care and insurance needs. Given these differences, it is especially important for women to be informed and have a plan in place.

  • Building Business
    Building Business

    Millinocket Timber co. goes to great depths — literally

    Peter Van Allen

    Maine Heritage Timber has an interesting twist on the forest products industry. The Millinocket company recovers logs from area waterways — logs that were lost headed to mills.

  • Ask ACE
    Ask ACE

    Get over 'silo mentality' in your organization

    John Shorb, the Delphi Group Inc.

    Silo mentality continues to be one of the most frequent characteristics of many businesses and organizations. Here are some ways to overcome it.

  • Politics & Co.
    Politics & Co.

    CMP faces new hurdle on proposed $950M transmission line

    Mainebiz Staff

    The Environmental Protection Agency says Central Maine Power’s permit application now being reviewed by the U.S. Army Corps of Engineers for its controversial New England Clean Energy Connect transmission line project is incomplete and needs a “detailed analysis” of alternatives.

  • Retirement is creeping up. Are you ready?

    Peter Van Allen

    Baby boomer business owners are heading for the exit door, but not all of them are finding a willing successor to take over or buy their businesses.

  • Newsworthy people and performances for May 13

    New hires Northeast Bank in Lewiston hired Rachel Edwards as banking center manager in Poland. Edwards was previously client service supervisor at Androscoggin Bank in Lewiston.

Today's Poll

Has the growth of remote work in recent years hurt the ability of your business to innovate?
Poll Description

Since the start of the pandemic, employees have come to expect hybrid schedules that allow them to work remotely.

Many employers, however, have pushed for a return to traditional, pre-COVID offices and workspaces.

Tension about where workers do their work heated up on Friday when the CEO of Nike, John Donahoe, blamed remote work for the company's recent lack of product innovation.

"It’s really hard to do bold, disruptive innovation, to develop a boldly disruptive shoe, on Zoom,” he said in an interview with CNBC.

The sportswear and sneaker giant has come under fire in the past couple of years for falling behind on innovation and losing market share.

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