May 5, 2025Edition

A roundup of new hires, promotions and achievements at businesses, nonprofits, health care institutions and professional services firms in Maine.

As executive director of the Maine Center for Entrepreneurs for close to a decade, Tom Rainey has a front-row seat to the state’s startup scene.

Exit planning is not the same as putting a business up for sale. It’s the process of laying the groundwork in advance to ensure a smooth transition when the time comes.

Each of the businesses Mainebiz talked with — S.W. Collins and McDougal Orchards — are over 100 years old and have successfully transitioned through multiple generations.

Whether you’re considering transferring ownership to a family member, working with a strategic buyer, selling to another company or converting to an ESOP, you’ll want to have some sense of who on your team would lead day-to-day operations after you leave.

Business transitions range from generational succession to local investors to buyers looking to change careers. A theme? How to maintain legacy brands while revamping with new ideas and growth potential.

The project will provide flexible new work stations, including collaboration areas, and is targeted for completion in early 2027.

Under Maine law, there’s no such thing as an S-Corp, per se. You form your entity under state law (in your case an LLC), and then you elect S-Corp status with the IRS.

Each of the hand-cut pieces are made of premium five-ply hardwood, providing a satisfying heft for the puzzler.

Any number of issues can come up and any number of noses can be put out of joint, particularly when family members are involved.