Josh & Alicia had worked for the previous owner of Northern Lights Hearth & Sports for more than a decade before they were approached about the possibility of stepping into an ownership position. Josh & Alicia were familiar with the business and were strongly positioned to take over the responsibilities of ownership but had never thought about the logistics of an acquisition. To understand the different stages of the transfer and develop a reasonable debt structure for their “new” business, they turned to the Maine SBDC at Androscoggin Valley Council of Governments. Working alongside Business Advisor Raynor Large, they tweaked their business plan, developed a set of financial projections, understood and negotiated their purchase structure, and closed on the deal. Read More
Blog
Maine Fly Company – North Yarmouth
Jeff Davis had one goal in mind to celebrate his late father: to share his passion for Maine’s fly fishing culture. Jeff wanted to provide high-quality, affordable small batch rods that are carefully crafted to reflect the beauty of Maine’s waterways. Since opening in 2019, Jeff and his team have experienced promising growth and have plans to continue to expand the business. Jeff found the Maine Small Business Development Centers while seeking advice on the best approaches to expansion. Read More
Sarah Brandon Art – Steuben
Sarah Brandon moved to Maine over 30 years ago, inspired by Maine’s beauty and strong art community. She knew this was the perfect location to fulfill her artist aspirations. Sarah specializes in the traditional hand lettering for custom boats and small signs. She also creates watercolor paintings, unique durable floor cloths, cards, and many other art offerings all inspired by Maine’s nature. Read More
Tips to Navigating the Labor Shortage
Photo Credit: Hope Davison | MLive.com
You are not alone. The labor shortage has been crippling for small businesses across Maine. While the crisis is not new, the pandemic has amplified the problem. There is a variety of contributing factors to the labor situation including the availability of childcare, housing, and foreign workers. While nearly 7 out of 10 pandemic job losses have been recovered, there is still competition with enhanced unemployment benefits which are set to expire in September. Even once we’ve recovered from the pandemic, the Maine Department of Labor’s outlook of the labor market is troubling, expecting a loss of nearly 16,000 jobs between 2018 and 2028.
Here are some tips to navigating the situation for your small business:
Lessons Learned: Weathering the Financial Storm
The first in a series of blog posts of what the small business community learned from Covid 19
Economic downturns have been a regular but painful part of small business ownership. Yet unlike other recessions, Covid 19 hit Main Street businesses first and hit them hardest. When it comes to financing your business, this advice from lenders and advisors will make a big difference when times are tough.
Lessons Learned – A Series
Over the last 16 months, Maine small business owners were put to the test by a global pandemic. Over the next few months, the SBDC will offer a series of articles focused on the lessons learned from one of the most challenging years in our collective history. Look for posts on how to finance a new or expanding business in today’s market; what it means to pivot your business, things to consider when crafting a remote work policy, and more.
Part 1: Weathering the Financial Storm
Part 2: What Does it Mean to “Pivot”
Part 3: Designing the Workplace After The Pandemic
Part 4: Online Sales and Marketing
Part 5: Top 6 Trends Impacting Businesses
Part 6: Disaster & Crisis Planning
Live Life Family Practice – South Paris
After years of practicing in a large medical facility, Cortney struggled with the all-encompassing role the insurance industry played in providing care. To remove this from the equation and provide more direct care in addressing her patients’ needs, she launched her own private practice based on a Direct Primary Care Model, in which a subscription-based payment model provides all of the basic care needs for an individual or family.
Why Customer Service Matters This Summer
After a trying year, tourists and locals alike are looking forward to enjoying all that Maine has to offer. Thankfully, things are looking up this summer tourism season and Maine is expected to have a bustling summer. As we prepare, we have to keep in mind the individual struggles people have experienced over the past year. Here are some tips to make sure your customers have a positive and memorable experience that they are desperately seeking.
Maine SBDC Releases 2020 Results: Supporting more small businesses than ever before
The Maine Small Business Development Centers (Maine SBDC), a statewide program that helps entrepreneurs start and grow their businesses, announces the annual results for 2020.
In 2020, business advisors across Maine provided virtual, no-cost business advising to 2,956 entrepreneurs and small businesses, nearly double the number of businesses assisted in the previous year. This support helped them to:
- Access $38.3 million in capital to sustain, start or grow their businesses
- Start 93 new businesses
- Save and create 514 jobs
During an especially difficult year, Maine SBDC stepped up to support a record number of entrepreneurs and small business owners, including serving more women than ever before.
Maine SBDC business advisors helped 507 small businesses access a total of $17.9 million in pandemic relief loans and grants to help sustain their businesses. In addition to advising services, Maine SBDC hosted 63 webinars and events which reached over 2,200 attendees.
Access the 2020 Digital Annual Report:
www.mainesbdc.org/annual-report/2020/
“Our team is dedicated to supporting Maine’s courageous business owners as they continue to respond and recover from a very difficult year. We want entrepreneurs and business owners to know they are not alone. We are here and we can help them navigate the next steps for their businesses,” commented Maine SBDC State Director Mark Delisle.
Trailside Gardens – Abbot
Trailside Gardens evolved from a lifelong interest in the natural world surrounding us, particularly plants and landscape design. For eight years, Trailside Gardens in Abbot has offered an impressive selection of healthy plant material. As a small nursery selling plants, business owner Pauline Eldredge was facing supply issues and decided she was ready and needed to expand her business. She was ready to increase her inventory and to purchase her own greenhouse where she would grow her own products. She had the vision and the skills, she just needed funding to support this growth. Read More