John Boyan News Today

The new concept will start with limited operating hours next week.

Introducing Michael Adams, Randy Albert, Michelle Anderson, Martin Beavers, John Boyan, Katie Brann, Marpheen Chann and Adam Desrosiers.

Sam's Italian Foods was founded in 1939 in Lewiston and now has 14 restaurants. The company sold last year to a New York firm that is helping it transition to employee ownership. A Q&A with the new owner explains the approach.

The Maine restaurant chain has been in business since 1939, President John Boyan says

All 13 shops in Maine have transitioned from private ownership.

All 13 shops in Maine have transitioned from private ownership.

Employees received initial share allocations that total 10% of the company's ownership. The eventual goal is 50% to 80% employee ownership.

While 96% of business owners agree it’s important to have an exit strategy, only 13% of those business owners actually have a written plan in place. For those developing one, there's a widening array of options from which to choose.

The 83-year-old business was acquired by a venture capital firm with the intention of becoming employee owned.

The 83-year-old business was acquired by a venture capital firm with the intention of becoming employee owned.