Maine: A Place of Business 2024

Celebrating Maine companies, their achievements over the years and the ways they give back to the communities that support them.

A Special Advertising Section of the Bangor Daily News

Friday, January 26, 2024

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MAINE A PLACE OF BUSINESS • Bangor Daily News Special Advertising Section • January 26, 2024

adventures and advice on starting your own business

Erin Riley and Michael Begley, co-owners of Peace Love Waffles, a restaurant in Dover-Foxcroft.

Starting a business can be a scary thought and daunting task for anyone, but sometimes you just have to go with your gut instinct and take the plunge. Just ask Ellen Finn, the owner/operator of Cadillac Mountain Summit Shuttle.

“By being a local gal, I realized the need for a shuttle up on Cadillac Mountain after a vehicle reservation system was implemented. I wasn’t happy about losing our access up the mountain, and I knew many folks would be shut out from being able to get up the mountain,” Finn said.

So the Otter Creek native followed her hunch. “I knew the need was great for a shuttle on Cadillac. Then the pandemic happened and when everything was shut down and I had all sorts of time on my hands, I decided to write this business plan.”

The entrepreneurial spirit can be found all over Maine. In 2019, educator Michael Begley decided to join his mother and stepfather in Dover-Foxcroft and establish a waffle eatery, literally out of love.

“We wanted to create a loving free spirit environment where people could see the creativity not only in our food, but in the ambiance as well.” Peace Love Waffles began in a storefront downtown. Today the ambiance is in a nearby barn.

“Not only did the pandemic give us time to turn an old barn into Peace Love Waffles, but it was a time where everyone was seeking safety and comfort. It truly feels like Peace Love Waffles was meant to be where it’s at right now,” Begley said.

BY ANNE GABBIANELLI

BDN File Photo | Linda Coan O’Kresik

Both of these young entrepreneurs found the hands-on support they needed to launch and boost their businesses. Finn said she began seeking guidance on the web regarding how to write a business plan.

“I went to several local banks and got some good feedback about the plan, but unfortunately no backings. This was probably one of the hardest parts of the journey,” Finn said. “It was very hard to keep going bank to bank, however they said what a good plan it was.”

While challenging, Finn persevered. “Finally a bank loan officer I talked to was really interested in my plan and realized the potential and sent me to a non-profit small business start-up company to work up a cash flow analysis.”

That resource was Ann McAlhany, a certified business advisor with Maine Small Business Development Centers (SBDC) which is hosted by Coastal Enterprises, Inc. The Piscataquis County Chamber of Commerce introduced Begley to the same resource where he was shepherded through the process of purchasing the property, getting a proper business plan written, and getting all his questions answered along the way.

McAlhany has been guiding new business proprietors for 20 years. “I enjoy helping others, educating existing or prospective business owners about business process and connecting them with resources; being a thoughtpartner in making strategic business decisions and helping give feedback on

MAINE A PLACE OF BUSINESS • Bangor Daily News Special Advertising Section • January 26, 2024

projects, be it developing business plans, discussing a business transition plan (buy or sell) and figuring out financials and cash flow projections,” she said.

Maine SBDC offers confidential and no-charge conversations with clients. “Often it is focused on a project such as: I want to purchase a business or I need a loan or I want to start a business but don’t know where to begin,” McAlhany said. “Or it can be: I need a safe non-judgmental place, not family, friends, or employees, to bounce ideas around and be a strategic thought-partner, because being a business owner can be a lonely space.”

Her advice to a business owner wanna-be? “Having enough resources — money — and having enough customers, understanding your cash burn and being clear there is a need for your product or service, being clear about who your customer is and how you will reach them is key.”

If anything makes McAlhany cringe, it’s hearing, “My market is vast; everyone is my potential customer.”

President and CEO of the Maine State Chamber of Commerce Patrick Woodcock said, “Overall, the Maine economy has been very strong over the past several years. Future business prospects will be heavily dependent on interest rates, labor participation levels, and specific sector growth and strong public policy to support business investment and labor hiring. We encourage any prospective business to reach out to the Maine State Chamber of Commerce, the Small Business Administration, and the Department of Economic and Community Development for support.”

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For Finn and Begley, their challenges lingered even after their businesses got off the ground. Finn’s first season was demanding beyond the rainy start to the summer tourist season.

“I also totally underestimated the cost and need of advertising,” Finn said. “I thought it would all catch on automatically. It was actually very difficult getting people to know about me, still is. It was a new concept that a lot of people found hard to accept.”

Begley will tell you visibility has been his challenge. “One of the hardest parts about opening a new business is getting people to know where you are, what you have to offer, and when you’re open. That can be particularly hard if you don’t have a marketing budget. Social media is a main marketing tool for us at Peace Love Waff les.” The restaurant’s instagram page can be found at @peace.love.waff les.

“We wouldn’t be where we are now if it weren’t for our customer base telling their friends and family about us,” Begley said. “Word of mouth has made the biggest difference, because getting people’s attention and gaining their trust are key to keeping your business alive.”

Finn shared her advice for others like herself. “Seek out a small business non-profit start-up to help them navigate the process. I would also tell them to work on their credit score, and if they truly believe in their idea, stick to it. Don’t allow yourself to get down or give up when you hit a down spot, because there are many. If you believe in your idea or dream, then keep working hard towards it.”

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MAINE A PLACE OF BUSINESS • Bangor Daily News Special Advertising Section • January 26, 2024

five reasons to shop local

BY CRYSTAL SANDS

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Last Thanksgiving, I forgot to order a turkey for our family’s dinner. As homesteaders, we grow much of our own, but we do not raise turkeys. I always make sure I order from a local Maine farm that raises turkeys humanely, but last year, I just forgot. In a panic the Monday before Thanksgiving, I started looking at all the local farms online, but every farm was sold out — except for one. I discovered Heartstone Farm in Charleston still had turkeys, but because I was so late, there was no way for the frozen turkey to arrive before Thanksgiving.

I decided to call the farm’s office and see if there was any way I could drive north and pick up the turkey myself, but when I called, the woman on the phone

remembered me as a return customer because we buy all our beef from them.

She put me on hold for a moment, and when she got back to the phone she said, “We are shipping this out to you express at no extra charge. It will be delivered to your home tomorrow, just in time for you to get it thawed out for Thanksgiving.”

I was so grateful and realized this amazing customer service was one of the many reasons I love shopping locally and one of the many reasons I think all of us should make efforts to spend our dollars as locally as we can. When we do, we make a big difference to the family who runs that business and our local economy. And, while there are many excellent reasons to shop locally, five reasons really stand out for me.

great customer service My Thanksgiving story is just one example of the excellent customer service I receive when I shop locally. Small business owners value their customers, and many times, when we purchase items from a local small business, we deal directly with the owner of the company, who appreciates our business. And, even when we work with an employee, chances are the employee is one of a handful who is closely connected to the owner.

In an age where good customer service is almost impossible to find anywhere else, it is alive and well amongst Maine’s small businesses.

stimulate the local economy One of the best things about shopping locally is that we stimulate our local economy with our purchases. Rather than having our money go to a big chain store where profits are for stockholders and employees are just a number, when we shop locally, we put our money right back into our local economy. It helps businesses thrive, which, in turn, translates to better local choices for us in the long run. Additionally, the tax revenues from local purchases stay at home and support local government initiatives and resources.

make a personal connection My favorite thing about shopping locally is the friends I have made. I see my local bookseller at The Briar Patch, Gibran Graham, every few months. When his store doesn’t have what I am looking for, he orders it for me. I love the way his shop supports local authors, but shopping there goes beyond this. Graham knows our family and has watched my children grow up. He knows what they like to read and what I like to read, and his shop is such an important part of our community.

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According to Graham, small stores like The Briar Patch are really hubs for the community where people come together for many reasons. “It’s really magical to see teen readers who were once toddlers at story time,” he said, “and to catch up with new adults who [we used to watch] spend afternoons after school looking for just the right book on our shelves.”

These connections are ones that can never be duplicated in big box stores, and more than we realize, these connections are important for our mental health.

reduce the carbon footprint A perk of shopping locally is that a lot of the items are sourced locally, which reduces the carbon footprint of our purchases. Transportation of goods is costly and adds to both pollution and traffic congestion. When we buy items from shops in Maine that are made in Maine, it’s a win for everyone, including the environment.

Tiller & Rye in Brewer, for example, has mastered the model of sourcing locally, and business is booming. At Tiller & Rye, foods and crafts are sourced from Maine farmers and makers, which not only reduces the carbon footprint of the food we buy but also helps keep costs down for consumers.

create good local jobs Good jobs are important for any local economy, and the more we buy from small businesses, the more likely we are to help grow good jobs.

According to the U.S. Small Business Administration, from 1995 to 2021, small businesses created 17.3 million net new jobs in the United States, which accounts for more than 62 percent of the total net jobs created during that time.

MAINE A PLACE OF BUSINESS • Bangor Daily News Special Advertising Section • January 26, 2024

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Six Maine Businesses Win Statewide Marketing Mini-Grant Competition COURTESY OF NEW VENTURES MAINE

New Ventures Maine (NVME) recently announced six winners from their Fall 2023 Marketing Mini-Grant Competition. Each business received a cash grant of $1,000 awarded through a competitive application process:

The Whole Almond (Southern Maine) produces plant-based dairy

products, nut butters, and baked goods using sustainable and zero-waste practices and using local ingredients as available. The $1,000 grant will be used to help fund a new website and newsletter.

Remo (Western Maine) is a web-based application that empowers

educators and students in grades 4-12 around reading. The $1,000 grant will be used to implement a sales and marketing plan in HubSpot with the assistance of a HubSpot consultant.

Tandem Glass (Midcoast Maine) is a glassblowing studio and gallery in Dresden featuring unique, contemporary hand-blown glassware and lighting. The $1,000 grant will be used to fund a brand refresh for their print and online presence and directional signage.

Martin Woods Farm (Central Maine) is a family-friendly farm

featuring horseback riding, farm-raised foods, agritourism, mobile vending, and musical events. The $1,000 grant will be used to join the local Chamber of Commerce, advertise online, and advertise through a local movie theater.

Axe Women Loggers of Maine (North Central/Downeast Maine) is a team of professional timber sports athletes that travels across North America competing, performing, and teaching logging sports. The $1,000 award will be used towards fees to attend industry trade shows and conventions and updating printed and digital marketing materials.

The Shamrock Café (Norhtern Maine) is a restaurant offering

breakfast and lunch, party platters, and take-and-bake meals. The $1,000 grant will help the restaurant to promote the reopening of dining in and new menu items to the community.

Mini-grants support new or expanded business marketing and promotion. Contest criteria for small business applicants included: 1) Five or fewer full-time equivalent employees; 2) sales in the current calendar year; and 3) gross annual sales of no more than $150,000 from the previous calendar year.

“Along with our sponsors — Katahdin Trust Company, Kennebec Savings Bank, and Norway Savings Bank — we are excited to provide this funding opportunity to the creative and hard-working entrepreneurs of Maine so they can reach more people in their communities,” said NVME Microenterprise Program Manager Elaine Thomas.

A statewide program of the University of Maine at Augusta, University of Maine System, NVME provides free classes and individual coaching in planning careers, starting businesses, and managing money. For current class schedules and more information visit newventuresmaine.org.

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MAINE A PLACE OF BUSINESS • Bangor Daily News Special Advertising Section • January 26, 2024

facts and figures about small businesses in the U.S. COURTESY OF METRO CREATIVE Though they might be characterized as “small,” businesses with fewer than 500 employees have a big impact on the economy. According to the World Bank, small and medium enterprises represent roughly 90 percent of businesses and more than 50 percent of employment worldwide. A weakened small business sector could put the local, national, and even global economy in jeopardy, which further underscores how vital small firms are to global economic stability.

Statistics don’t tell the whole story about small businesses, but they can offer valuable insight into just how vital firms with 500 employees or fewer are. The similarity of figures in the United States and Canada supports that notion, as data from both countries reveals how integral each nation’s small business sector is to its economic vitality.

Data from the Small Business Administration indicates there were 33.2 million small businesses in operation in the United States as of 2022. Numbers are equally high in Canada, where the Government of Canada reports that, among the 1.21 million employer firms, 1.19 million are small businesses.

The U.S. Bureau of Labor Statistics reports that small businesses created 12.9 million net new jobs between 1996 and 2021.

BLS data indicates that just under 35 percent of small businesses that opened in 2012 remained in operation upon their tenth anniversary in 2022. Despite their importance to local, national and global economies, a high percentage of small businesses close within their first year of opening. The BLS reports that around 20 percent of small businesses in the United States close within a year of opening.

Small businesses employed 61.7 million Americans, which equates to 46.4 percent of private sector employees.

Data supports the notion that small businesses are the lifeblood not only of local and national economies, but even the global economy. Such figures underscore the importance of shopping at small businesses and the significance of ensuring such firms thrive for years to come.

MAINE A PLACE OF BUSINESS • Bangor Daily News Special Advertising Section • January 26, 2024

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how to make your review as beneficial as possible for local businesses COURTESY OF METRO CREATIVE

Patronizing a business and thanking its staff on your way out can help business owners and their employees feel good about the work they’re doing. Though such gestures will never go out of style, customers can do even more to help the small businesses in their communities.

Since the internet became such a vital part of life, online reviews have become increasingly important for small businesses. According to BrightLocal’s Local Consumer Review Survey 2022, 78 percent of consumers use the internet more than once a week to learn about local businesses. What’s more, the survey found that a whopping 99 percent of consumers have used the internet to find information about a local business in the last year.

The BrightLocal survey also found that positive reviews can be especially beneficial to local businesses. Consumers indicated that written reviews describing a positive experience and reviews with a high star rating were the most significant review factors to make them feel positively about a local business.

The value of positive reviews for local businesses is undeniable. Consumers who want to help the small businesses in their communities can consider these tips to ensure their reviews prove as beneficial as possible for local businesses.

go to the right place A review is only helpful if it’s seen. The BrightLocal survey found that, in 2021, Google (81 percent), Yelp (53 percent) and Facebook (48 percent) were the three most utilized sites or apps to evaluate local businesses. The popularity of Google and Yelp in particular grew considerably between 2020 and 2021, suggesting that consumers can do the most good by leaving positive reviews on one or both of these sites.

recognize that recency matters BrightLocal notes that the number of consumers willing to trust reviews left as long as a year ago is on the rise.

However, consumers who have already reviewed a company in the distant past should know that only 7 percent of consumers feel that recency of review does not affect their decision. Consumers who really want to help a local business they’ve already reviewed can leave a new review if their previous one was posted more than a year ago.

leave a review even if the business already has plenty The value of recent reviews has already been noted, but it’s equally important to point out how valuable the volume of reviews can be. The BrightLocal survey found that 39 percent of consumers indicated a business having more reviews than another business they’re considering is one of a handful of deciding factors when they must choose which firm to patronize. So even if a business already has lots of positive reviews, one more positive review can still prove beneficial.

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MAINE A PLACE OF BUSINESS • Bangor Daily News Special Advertising Section • January 26, 2024

Bar Harbor Bank & Trust’s Approach to

Business Lending COURTESY OF BAR HARBOR BANK & TRUST At Bar Harbor Bank & Trust, we want every business owner and entrepreneur who comes to us for financing for their business to be our next best client. Small businesses are the lifeblood of every community, and your success helps our communities grow and prosper. Our investment in you and your business is an investment in our community. There are many reasons why Bar Harbor Bank & Trust is the partner you need, including:

Competitive rates Small business loans are underwritten on a case-by-case basis. Every loan application is unique and evaluated on its own merits. Rates vary depending on the loan product.

We can make it happen. Together.

Ready to get started?

Fast, Local Decision Making

We’re ready to help you meet all of your business goals. With more than 50 branches, including locations in Bangor, Brewer, Orono, Pittsfield, Ellsworth, and beyond, we are local and understand the local market.

Entrepreneurs do everything for their business and securing financing is just another task on a long to-do list. That’s why we have streamlined our approval process to help you get the financing you need fast. For many of our small business clients, the process to apply, get approved, and get a loan can happen in a day or two.

If you’re unsure about what financing you need, contact any of our Community Bankers. If you are not sure who to talk to, give us a call at 207-669-6811. Learn more at www.barharbor.bank.

All loans subject to application and credit approval. Member FDIC.

Relationship Approach We invest in and value long-term customer relationships. Our bankers take the time to truly understand your business and respective goals and challenges. Even after we approve your financing, we will be there to answer any questions you have or offer whatever assistance or guidance you might need.

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With the bank’s help, our growth has been a success.

’’

—Jason Richard, CFO, S.W. Cole Engineering

S.W. Cole Engineering wanted to add a new business line which was capital intensive.

CFO Jason Richard called Bar Harbor Bank & Trust to finance their new drilling business. With our understanding of the company, we helped them expand into Named one of the this new line, grow their geographic reach World’s Best Banks for 2023 by Forbes Magazine and streamline their cash management.

To see this and other success stories, go to www.barharbor.bank/success-stories.

Call 603-843-6811 today to connect with our Commercial Banking team.

Face-to-Face Interaction Unlike the experience of borrowing from larger financial institutions, you will really know your banker when you work with us. Our bankers are more than just a name in your email inbox or voicemail. We are trusted advisors that you can sit down with during the application process and any time after.

Looking to grow your business?

Steve Gurin SVP, Director of Community Banking Bar Harbor Bank & Trust

www.barharbor.bank • 888-853-7100 Over 50 locations across northern New England Member FDIC Equal Housing Lender Additional terms/fees may apply for some services. All applications subject to approval.