Scott Upham, managing partner at
Cribstone Capital Management, says a lot of what he does is provide guidance and advice to people who may not even realize what their resources are. Beyond the bare-bones of financial advice, however, Upham also envisions Cribstone as a helping hand to nonprofits.
The 1988 Brunswick graduate said he always wanted to open shop on Park Row and help his community. Currently, Cribstone manages the financial affairs of about 450 families.
“A lot of what we do is help put purpose on people’s money,” Upham said.
What’s troubling, Upham said, is that in the current financial climate, many people aren’t aware of their own assets or what they’ll need to live how they want to.
Upham said the creative part of what he gets to do is to help people create a legacy.
For example, he said back in the early 1990s he helped establish a $1 million family foundation.
“The son lived in D.C. and he called my former partner and he said, ‘you give away one more dollar of my money’ — because it was his mom’s money — ‘if you give away another dollar of my money, we’re going to fire you,’” Upham said.
Apparently, the son made good on his threat and fired Upham’s partner.
Upham said the phone rang three years ago and man’s mother had died, leaving one of the largest estates in Maine history.
“And that foundation that we created that was $1 million way back when, got funded about $45 million,” Upham said.
The family members had no interest in running a $45-million family foundation, so Upham said they gave the money away.
Upham said that in a financially struggling state such as Maine, it’s great to have that kind of money flow.
Locally, Upham said Cribstone has been working with CEI, managing their retirements for about 10 years — a relationship they also share with the Natural Resources Council of Maine and with Maine Farmland Trust, as well as other nonprofits.
“These are people who generally don’t have a high living wage, so they try and maximize what it is they have through good planning,” Upham said.
Upham said Cribstone also helps organizations connect to other resources, citing a community theater in Gardiner with the ambitious plan of a $4 million remodel. Upham said it’s not infrequent for such groups to come to him for such advice.
Although Cribstone isn’t in the business of pointing out rich people in the community for groups to solicit funding, Upham said part of developing a strategy with the theater group was to help guide them where to look.
A family they managed in Augusta, however, had established the Elsie Viles Foundation — about a $10 foundation — and one that came to mind for the theater group to apply. Upham said the group and the foundation were a good fit.
Other groups Upham has worked with along the way are the Brunswick-Topsham Land Trust and Family Focus in applying for a Next Generation grant.
dmcintire@timesrecord.com
Brunswick office
• ADDRESS: 155 Park Row
Brunswick, ME 04011
• TELEPHONE: 207-844-2000
• CRIBSTONE CAPITAL Management also has offices in Augusta and Cumberland Foreside.
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