Owning a business can be both one of the most rewarding and one of the most challenging paths an individual can embark upon. If you add generations of family members into the mix, the ups and downs are compounded exponentially.
In 1994, Shep Lee was looking to transition leadership within his third-generation family business, Lee Auto Malls. Finding no resources within Maine, he reached out to the University of Southern Maine about creating an organization to support other family-owned businesses in the state. Since then, the Institute for Family-Owned Business (IFOB) has become a vital support center offering continuing education, networking, consulting, and a safe place for operators to understand and face the unique pivots of working with family. And this is an important offering for a state where 80% of the businesses are family-owned and operated.
“As the CEO of a family-owned business, it’s natural to think that your business is unique and faces its own distinct challenges,” says Lindsay Skilling, CEO of Gifford’s Ice Cream, winners of the Large Business of the Year award in 2008. “Connecting with the IFOB community assures you that there are other members who are encountering similar experiences or situations. It’s incredibly empowering to realize there are others who have successfully navigated through comparable situations and can provide guidance based on their own experiences.”
Beyond the practical, the IFOB showed up with emotional support after Gifford’s suffered a destructive fire at their Skowhegan plant in early 2023.
“Members of the IFOB community reached out with heartfelt messages of encouragement, empathy, and solidarity in the form of emails, phone calls, text messages. It was more than we could imagine; they demonstrated a genuine commitment to our well-being and recovery. Their strength and unity reminded us that we are not alone,” says Skilling.
If you are wondering whether joining the IFOB is beneficial for your business, new member Luke Holden, founder and CEO of Luke’s Lobster, says, “While we’re still new to the organization, just leaning on members of the IFOB for mentorship and community has been a great resource to members of our team—specifically looking at the women’s leadership group, who have provided guidance and insight to our women leaders.”
Luke’s Lobster won the Renys Large Business of the Year award in 2022. “It was amazing to be recognized by this great organization and special to accept the award with my father Jeff and my brothers Bryan and Mike there,” says Holden.
The IFOB holds an annual awards ceremony to celebrate the achievements of family businesses of all sizes. This year, the awards are on Wednesday, October 18, from 5:30 to 8:30 p.m. at the new corporate headquarters for L.L. Bean in Freeport. Guest speakers include the Maine Cabin Masters, and News Center Maine anchor Amanda Hill returns to host.
To join the IFOB or nominate a business for the 2024 awards, visit: fambusiness.org.
