We provide support for your Family-Owned Business
How we do it!
Institute for Family-Owned Business (IFOB) is a non-profit 501 (c) 3
organization committed to supporting, strengthening and empowering
family-owned businesses throughout the state of Maine. The IFOB serves
family business owners, executives and employees through a wide range of
continuing business education programs, networking opportunities and
consulting services. The Institute is a comprehensive resource for
Our definition of a family-owned business
A family business is a
business wherein one owner either shares ownership or works in the business
with at least one other family member (contemporaneously or overtime) and has a
commitment to the continuation of the enterprise.
Why the IFOB matters:
Family-owned businesses make up 80% of Maine businesses, and 80-90% throughout the U.S.
- Create 70-90% of GDP globally annually
- Employ 62% of U.S. workforce
Family-owned firms have a greater ROA (Return on Assets) than non-family firms by about 6.65%