This pandemic has had us all reassessing our future plans; personally, professionally, and in some cases geographically! Tom Sturdevant and his family decided that relocating from New Jersey to Maine was the right next step for them. Having summered here over the years they were ready to make it home full time and were looking to open a dual restaurant and market. He explored several options before settling on a property in Fryeburg, and when he approached Franklin Savings Bank for financing he was referred to the Maine SBDC for help with his application. Read More
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TuneTown Music Gear – Wells
John and Pam Edwards have owned TuneTown Music Gear in Wells for 18 years. They brought decades of musical industry experience to a vision of providing positive and nurturing experiences within music instruction, service, and sales. Their business features nine large state of the art lesson studios, a recording studio and a live performance stage. In the showroom, they offer a selection of instruments, keyboards, amplification, PA and recording gear, print music and accessories at competitive prices. Audio visual installations have been designed and completed in schools, churches, restaurants and Pease AFB. TuneTown also provides repairs and maintenance on most instruments and some electronics. Read More
Boosting Small Business Sales During Slower Months
This is a challenging time of year for many companies. Sales are down as a result of the COVID pandemic in addition to normal decreases in spending during the winter and spring months in Maine. In this unprecedented time, there are a number of ways to boost sales when you really need it. Read More
Bad Little Brewing – Machias
Kathryn Toppan and husband Sean Lent, of Bad Little Brewing Company, are an excellent example of how important persistence is when it comes to starting a small business. They have been working with Maine SBDC advisors throughout our network to get their brewery and restaurant open since 2019! Moreover, throughout the process there has been an incredible amount of teamwork between our business advisors. As new roadblocks popped up, different business advisors stepped in to help navigate the next stage. Read More
Time To Do Your 2021 Taxes!
Tax season can be stressful, especially after another year dealing with Covid related funding from the PPP, EIDL, state and local grants, to unemployment income and other sources. While many people procrastinate when it comes to their taxes, the IRS has announced that it will begin to accept returns starting on January 23rd. For tips on getting your tax returned filed without delays, visit the IRS Website. The sooner you start, the easier (and less stressful) it will be. Read More
Something to Wag About – Ellsworth
Elissa Nally began working with Shannon Byers, Maine SBDC at CEI Center Director and Business Advisor, in 2019 as she started her dog grooming business. Byers was able to help her lay the groundwork for a solid business plan and financial projections, as well as offer a unique perspective as the previous owner of a similar dog grooming business! Byers advised Nally through the CEI Wicked Fast Microloan application process which led to the funding needed to open their doors! Read More
Frenchman Bay Oyster Company – Sullivan
Graham Platner was born and raised in Maine before he went on to serve 8 years in the military, with 4 infantry tours in Iraq and Afghanistan. Returning to Afghanistan to work for the Department of State, while on leave he was able to return to his roots and got a peek into the world of oyster farming, working beside Jock Crothers of Waukeag Neck Oyster farm in his hometown of Sullivan. Crothers was looking to the future and suggested Platner take on the farm to see where he could go in the world of aquaculture, but it took some time for Platner to take the idea seriously and make his way back to Maine. Read More
Part II – Real Estate Investment and Rental Property Income: is it right for you?
Most affordable properties need some help and Maine has the oldest housing inventory in the country. According to the Maine Association of Realtors, the average age of a home in Maine is 42 years. As much as 24% of the housing stock was built prior to 1939. And although the older homes and apartment buildings have charm, they are more likely to have outdated systems, termite damage, foundation issues, contain asbestosis, and mold.
Shows like Fixer Upper, Flip or Flop, This Old House, Property Brothers, and more have made DIY (Do It Yourself) projects seem romantic and attainable for the average person. In just one episode they can renovate the most dilapidated property and turn it into a desirable piece of real estate. The stars of these series have the skills, education, and financing to do the projects. Many of them are licensed experienced contractors, interior designers, or realtors. Likewise, renovating an older property and bringing it back to its former beauty while doing the required updates can be very gratifying. Read More
Lucinda’s Day Spa & Hair Studio – Cumberland
Marissa Elliott has worked at Lucinda’s Day Spa & Hair Studio for nine years, both in management and as an aesthetician, and recently had the unique opportunity to step into the owner’s shoes, as the owner looked to retire. However, the transition itself – putting together financial projections, negotiating the lease, purchase price, and gift card liability holdover, and obtaining the commercial loan – was complicated, with many factors to consider. She worked closely with Maine SBDC at CEI Business Advisor Raynor Large to carefully think through her options and make sure the business was able to both handle its seasonal fluctuations and service the debt. Read More
Part I – Real Estate Investment and Rental Property Income: is it right for you?
Real estate is HOT right now just about everywhere! There are many factors contributing including pent-up demand, low-interest rates, and the US savings rate hitting a record high at 33%, more than it has been since the previous high of 17.3% set in 1975, at the same time wages have been rising.
These factors have both experienced and novice investors purchasing single-family homes and multi-units to add to their portfolio and create passive income. But is it right for you? Read More