Norway Savings Donates $5,000 to the Institute For Family-Owned Business

PORTLAND—For three decades, the Institute for Family-Owned Business (IFOB) 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.

“When you consider that 80% 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, a “How To’s for Family Biz” series, and the annual Maine Family Business Awards which is set for October 29 at Thompson’s Point.

“We’re so grateful for NSB’s contributions,” 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.