PORTLAND — For three decades, the Institute for Family-Owned Business has provided information, resources, and guidance to enable Maine’s business-owning families to prosper and achieve their fullest potential.
Based in Portland, it’s an organization that helps family businesses better understand their unique challenges and how to appropriately address them.
“The Institute has a vision of a dynamic marketplace where buyers and sellers help each other in growing our local economy,” said Catherine Wygant Fossett, executive director of IFOB.
It’s a vision that has drawn longtime support from Norway Savings Bank, including a $5,000 contribution this month and nearly $40,000 in donations since 2014.
“When you consider that 80 percent of business in Maine are owned by families, the importance of IFOB and its work can’t be overstated,” said Dan Walsh, president and CEO of Norway Savings Bank. “They help businesses, large and small, with strategizing as well as cultivating business environments driven by shared passion and optimism. Through consulting, seminars, and other approaches, they’ve assisted hundreds of businesses in sustaining a successful family enterprise.”
Among the many educational programs and networking opportunities offered by IFOB are peer affinity groups, peer advisory groups, online and in-person events and seminars.
“We’re so grateful for NSB’s contributions and the support we receive from individuals and businesses across the state,” said Wygant Fossett. “We appreciate that the bank understands how crucial having a comprehensive resource like IFOB is in connecting businesses and helping them meet their needs.”
To learn more about IFOB, its programs and events, and the impact it makes in Maine, visit the organization’s website at www.fambusiness.org.
Founded in 1866, Norway Savings Bank is a leading mutual banking and financial services company headquartered in Norway, Maine. As of June 30, 2024, Norway Savings Bank had $1.912 billion in total assets; 24 branch locations; and divisions in trust and investment services, personal banking, and business banking. It has received an “Outstanding” rating for three consecutive Community Reinvestment Act Exams from the FDIC. Norway Savings has also received the Best Place for Working Parents designation in 2022, 2023, and 2024, and was recognized with the “Best Wellness Employer – Gold Certification” for the sixth year in a row by Wellness Workdays. BauerFinancial has designated the Bank the “Best of Bauer” for earning and maintaining its highest 5-star rating for 34 continuous years. For more information, visit www.norwaysavings.bank.
