Couple Buys Depe Dene Resort On Lake George, Their Fourth Facility, For $11.4M
Hirsch Sells 130-Year-Old Family Business ‘Binley Florist’ To His Long-Time Employee
BY SUSAN ELISE CAMPBELL
The Depe Dene Resort, sitting on 750 feet of prime Lake George waterfront, has been sold to husband and wife team Christopher Menter and Jessica Ferguson for $11.4 million.
The Depe Dene was part of the estate of Ken Ermiger, a local businessman who operated the resort for 45 years.
“We knew of a few potential buyers who were aggressively trying to put in a bid,” Menter said. “But we came up with the right number in the right time
frame.”
He said that the executor of the estate was hoping to finalize a sale before the year ended.
“We were able to secure financing and come up with a competitive offer,” he said. “All were lovely to work with on either side of the table. Like any acquisition, there is much to do behind the scenes, but we’re veterans.”
This is the fourth resort in Menter and Ferguson’s Lake George area portfolio. They invested in the
Arrow Financial Names Penko Ivanov As Chief Financial Officer Effective Feb. 22
Arrow Financial Corp. announced the appointment of Penko Ivanov, CPA, MBA, as chief financial officer, executive vice president, treasurer and chief accounting officer of Arrow and its two subsidiary banks, Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co., as well as its insurance subsidiary, Upstate Agency, LLC.
The appointment is effective Feb. 21.
As CFO, Ivanov will be responsible for planning and management of all finance, treasury and accounting functions for Arrow, which reported $3.97 billion in assets as of Dec. 31.
He will be based in the company’s Glens Falls headquarters and report to Arrow President and Chief Executive Officer Tom Murphy.
“We are pleased to welcome Penko to the Arrow family of companies,” said Murphy. “His 30 years of experience and expertise in financial planning and analysis, controllership, financial reporting, treasury and more will be invaluable as we build upon Arrow’s strong financial footing and continued growth.”
“I am excited to join Arrow and contribute to its track record of stellar financial performance and management. I look forward to assisting the company in its strategic and financial goals,” said Ivanov.
Ivanov most recently served as executive vice president and chief financial officer of Bankwell Financial Group, Inc. in New Canaan, Conn. Prior to that, he worked in various finance positions for Doral Bank, General Electric Co. and PepsiCo Inc. He began his career with Ernst & Young GmbH in Munich, Germany.
Ivanov holds his MBA, and bachelor degrees in both accounting and finance with a minor in economics from the University of South Florida in Tampa.
Arrow Financial Corp. is the parent of Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co. Other subsidiaries include North Country Investment Advisers, Inc., and Upstate Agency, LLC, specializing in property and casualty insurance and group health and employee benefits.
BY PAUL POST
Binley Florist has been there for its customers’ best and worst of times, welcoming new life to the world, weddings, milestone anniversaries, and painful loss when flowers voice expressions of sympathy.
But after decades on the job, owner Wally Hirsch has sold the iconic, 130-year-old business to long-time employee and general manager Tami Field and her husband, Dave.
“I’m 75,” Hirsch said. “I’ve probably been
doing this for 60 years. It’s time. Tami has really earned her place at the helm. She’s been a good, faithful employee. I’ve had a lot of good employees over the years. They’ve been loyal to us through recessions, through pandemics. This is an old business. We’ve seen it all.”
The $1.25 million sale had two parts. The Fields purchased the business, at the corner of Dix Avenue and Quaker Road, and will lease space from East Huron Street LLC, one of
Dr. John Rugge Is Recipient Of This Year’s Walter Juckett Community Service Award
The Adirondack Regional Chamber of Commerce announced that the 34th Annual J. Walter Juckett Community Service Award will be presented to Dr. John Rugge, retired physician, and the founder of Hudson Headwaters Health Network.
Rugge will be presented with the award at the ARCC annual dinner on March 10, at The Sagamore Resort in Bolton Landing.
The event begins at 5:30 p.m. with registration and a cocktail reception. At 7 p.m. will be dinner with live music. The Juckett Award ceremony is scheduled for 8 p.m.
“We are excited to celebrate Dr. John Rugge as the 34th Annual J. Walter Juckett award honoree,” said ARCC President & CEO Tricia Rogers. “Dr. Rugge is so deserving of this honor. As the founder of Hudson Headwaters Health Network, his passion and drive to further healthcare in our region is admirable. We are fortunate that Dr. Rugge chose to stay in our region and establish a healthcare system that helps so many of our community members.”
Rugge was a family physician who came to the Adirondacks to finish writing a canoe book in 1974. He then accepted a position with the Glens Falls Hospital to serve as supervising physician at a new health center in Chestertown, with the intention of practicing for six months before returning to Albany Medical Center.
As it turned out, all the surrounding communities were losing their GPs to retirement, and there was no one to take his place. Instead, he combined medical practice with community engagement (and grant writing) to establish the Hudson Headwaters Health Network which has grown to include 21 health centers between Saratoga County to the
Canadian border with some 200 medical providers and more than 150,000 patients.
Dr. Rugge said the way local need generated remarkable community support attracted the attention of health care policymakers in Albany and Washington, D.C., leading him in turn to serve on 40 government advisory panels, task forces, and councils—all of which has served to make Hudson Headwaters a model for others across the state and across the nation.
GBJ 9 Broad Street #7 Glens Falls, NY 12801 PRSRT STD U.S. POSTAGE PAID GLENS FALLS, NY 12801 PERMIT #600 VOL. 34 NO. 12 HH The Business Newspaper of Warren and Washington Counties HH FEBRUARY 2023 www.glensfallsbusinessjournal.com Continued On Page 8 Continued On Page 11 Continued On Page 14
Penko Ivanov was named as chief financial officer at Arrow Financial Corp. Courtesy Arrow Financial Corp.
Dr. John Rugge is the recipient of the Juckett Community Service Award for 2023. Courtesy ARCC
Binley Florist, a 130-year-old family owned business has been sold to Tami Field, a longtime employee and general manager of the business, and her husband Dave. Courtesy Binley Florist
The husband and wife team Christopher Menter and Jessica Ferguson bought Depe Dene Resort for $11.4 million. It was part of the estate of Ken Ermiger, who operated the resort for 45 years. Courtesy Depe Dene
Hyde Museum Board Of Trustees Names John Lefner As New Chief Executive Officer
The board of trustees of The Hyde Collection announced the election of John Lefner as the museum’s new chief executive officer (CEO).
Lefner will replace retiring CEO Norman E. Dascher Jr. on May 1.
“We are very thankful to Norm Dascher for his exceptional leadership during a difficult period for The Hyde Collection,” said Jason Ward, chair of the board of trustees. “His vision and business acumen financially stabilized our organization, reducing expenses by creating a five-year capital replacement plan and instituting smart financial decisions to minimize monthly expenses for the organization.
“He established a successful new development program, implemented a new position for the curator of modern and contemporary art, updated hardware, software, and the security system, led the organization through a successful American Alliance of Museums Museum Assessment Program (MAP) review, updated the strategic plan, and so much more. The Hyde is very wellpositioned for a leadership transition.”
Ward said Lefner’s “will mark a new era of growth and civic engagement for the museum. John is deeply committed to pursuing the vision to bring exceptional exhibitions and programming to The Hyde, like this summer’s premiere Songs of the Horizon: David Smith, Music, and Dance.
“He is poised to work alongside our three new, extremely talented curators to deliver outstanding art experiences for members and visitors alike. John is the leader we need at this transformational moment.”
An accomplished leader and community builder, Lefner currently serves as chief operations and development officer at The Hyde Collection, where he provides leadership to fundraising, relationship cultivation, marketing, and physical plant solutions for the organization.
In the past two years, Lefner and his team have exceeded fundraising targets, launched the campus Reimagine Project, executed two highly successful galas, and bolstered community confidence in the organization throughout the pandemic.
“I am honored to be leading The Hyde Collection, which I have long admired,” said Lefner. “With its internationally renowned collection, exceptional educational programming, and incredibly talented personnel, the museum is one of the world’s most important cultural institutions. I look forward to working collaboratively with the board, the internal teams, and our partners to enhance the museum’s relevance and build on its success locally, nationally, and globally.
“I am driven by Mrs. Hyde’s mission and
look forward to working strategically and collaboratively to propel the organization forward in a responsibly courageous manner.”
Dascher said Lefner’s appointment comes “at a moment of incredible transformation for The Hyde Collection, and his exceptional leadership experience will contribute greatly to further strengthening our mission and reach ... John has helped The Hyde through tremendous change, from helping navigate through the pandemic to raising funds for outstanding exhibitions and significant upgrades required to maintain a world-class museum.”
Lefner has a Bachelor of Arts from Champlain College and brings extensive experience in leadership and operations for mission-driven organizations, having previously served as district executive director at Capital District YMCA, director of operations at Saratoga Independent School, and assistant director of operations at Double H Ranch.
During his career, he facilitated associationwide strategic plan priority areas of mission awareness and advancement. He also served as an organizational values steward in identifying the values and competencies that represented the organization. Lefner has shaped several nonprofits’ strategic plans and policy initiatives throughout his career and reorganized the operations and fundraising infrastructures for successful outcomes.
Lefner has provided expertise to nonprofits as a consultant and volunteer, including the Spina Bifida Association of New York, The New York State YMCA Foundation, and Wellspring.
Personnel Briefs
Northern Insuring, Inc. announced the addition of Rhonda Rosick to the Personal Insurance Division in its Glens Falls office.
Rosick, of Hudson Falls, holds a New York State property and casualty insurance license.
She comes to the organization with nearly 20 years of experience.
As a senior account manager she will focus on servicing our existing personal insurance books along with writing new business.
* * *
Brown Brothers Automotive, an automotive sales and repair shop in Hudson Falls, announced that Dan Lanoir was hired as a sales associate.
Lanoir comes to Brown Brothers Automotive with 35 years of experience in the automotive industry.
Lanoir, of Queensbury, attended Ithaca College, where he starred as a linebacker on the football team. He has over 35 years of experience selling new and used vehicles in the local community. Dan and his
* * *
Associates of Glens Falls Insurance announced the hiring of Brooke Reynolds as a digital marketing specialist,. Reynolds holds a New York State Insurance Agents’ License in property and casualty insurance. She is a recent graduated of Siena College, where she earned a B.S. in marketing, specializing in digital marketing. Prior to joining Associates of Glens Falls Insurance, Reynolds was a communications specialist at Spa City Digital in Saratoga Springs.
Ms. Reynolds has been a lifelong resident of the Glens Falls area community.
* * *
The Adirondack North Country Association (ANCA) has announced the hiring of Tiffany Rea-Fisher as the new director of the Adirondack Diversity Initiative (ADI).
Rea-Fisher, who has extensive leadership
experience in the arts, activism and community organizing, will be the second director of ADI, an ANCA program that aims to make the Adirondack region a more welcoming and inclusive place for residents and visitors.
She served as director of the Lake Placid School of Dance and executive artistic director of EMERGE125, a professional dance company that offers performance and education programs in Harlem and Lake Placid.
Rea-Fisher begins her role on a part-time basis and transition to full-time on March 6.
* * *
Southern Adirondack Independent Living (SAIL) announced the appointment of Tyler Whitney as executive director.
Marti Burnley, current director, is retiring.
Whitney has been employed at SAIL for the past three years as deputy director and brings an abundance of well-rounded academic and nonprofit work experience to his new role.
SAIL provides an array of advocacy, health insurance, and nursing home transition services to individuals with disabilities and their families. They also loan out a vast amount of durable medical equipment at no cost.
SAIL has offices in Queensbury, the Wilton Mall, and Plattsburgh.
* * *
Equitas Realty has hired Lisa Zibella as the newest member of its team.
Zibella credits her many years in the Spa & Beauty industry, including as a cosmetologist, aesthetician, spa director, educator and business owner, with her understanding of the importance of listening, working with compassion, understanding your product and the market, being resourceful, and the necessity of positioning her clients with a compatible product or service.
Zibella grew up in Hudson, and has lived in San Diego, CA, Northern New Jersey, and Long Island. Having recently returned to the Capital Region, she currently resides in Washington County.
2 • GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023
• •
John Lefner, chief executive officer at The Hyde Museum.
Courtesy The Hyde
IGNITE Fitness Holdings Expands Into 16,000-Plus SF Space At Aviation Mall
Getting Permits For All-Day Use Of Islands On Lake George Is Automated BY DEC
IGNITE Fitness Holdings, one of the largest Planet Fitness franchisees, has announced the complete remodel and expansion of its club at the Aviation Mall in Queensbury.
IGNITE officials said the company invested approximately $1 million to add 2,000 square feet to the club, bringing its total size to approximately 16,523 square feet, giving members even more room to work out.
The club also features new, updated cardio equipment and a new HydroMassage bed, and is equipped with the PF 360, a functional training machine packed with kettlebells, resistance bands, and more.
“As the Queensbury community works toward their fitness resolutions or are looking to get moving, we’re happy to announce this expansion, providing even more space for our members to spread out and utilize our state-of-the-art equipment,” said John Hrinda, upstate New York vice president of operations for IGNITE Fitness Holdings.
“The Queensbury community continues to invest in us, which always brings a sense of pride. We’re thrilled to have made these investments to further help them meet their health and fitness
goals,” he said.
James Griffith, general manager of Aviation Mall said the mall “is excited to have Planet Fitness cement their presence and expand their offerings to meet the needs of our community. We appreciate their continued support and investment in the shopping center.”
Planet Fitness prides itself on providing a highquality experience at an exceptional value and being home of the “judgement-free zone where members experience a hassle-free, non-intimidating environment.
For more information or to join online, visit www.planetfitness.com/gyms/queensbury-ny.
Founded in 1992 in Dover, N.H., Planet Fitness is one of the largest franchisors and operators of fitness centers in the United States by number of members and locations. As of Dec. 31, Planet Fitness reported 17 million members and 2,410 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia.
Approximately 90 percent of Planet Fitness stores are owned and operated by independent business men and women.
Additional information regarding Aviation Mall can be found at www.ShopAviationMall.com.
The state Department of Environmental Conservation has automated its online sales for all day-use permits at the Lake George Islands.
“Automating the sales of day use permits for the Lake George Islands is easier and faster for visitors,” said DEC Commissioner Basil Seggos. “Instead of boating to an island headquarters to purchase a permit through a manual, labor intensive process, visitors can now quickly and easily book their day use permit online and spend more time enjoying the beauty of Lake George.”
Online day use sales are anticipated to begin May 12, seven days prior to the opening of the Lake George Islands campgrounds. Reservations can be booked as early as seven days prior to the day of arrival and as late as the same day.
Officials said visitors will be able to see realtime availability and even book a dock while on the water. The total fee for a day use permit is $12.
All patrons wishing to acquire a permit for Lake George Islands day use will need to do so either online through the ReserveAmerica website by downloading the ReserveAmerica app, or by calling the DEC call center at 1-800-456-CAMP (2267).
No in-person day use sales will be performed at the Lake George Islands campgrounds. Online booking of day use will only apply to the Lake George Islands facilities. This new process will in no way change the booking of campsites at Lake George Islands facilities, nor will it change day use sales at any other DEC campgrounds or day use areas, state officials said.
For more information on DEC-operated campgrounds, including a list of campgrounds and schedules, visit the Camping page under Recreation on DEC’s website, or call DEC’s Bureau of Recreation at 518-457-2500.
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IGNITE officials said the company invested approximately $1 million to add 2,000 square feet to the club, bringing its total size to approximately 16,523 square feet.
Courtesy Aviation Mall
Fork Island is one of the islands on Lake George where people can recreate. The state has automated the system for signing up get all-day use permits for the islands.
Courtesy NYS
Publication
SUNY Empire State Gets Grant To Ensure Inclusion Of Students In Science Programs
Howard Hughes Medical Institute (HHMI) recently announced that SUNY Empire State is one of a select group of colleges and universities receiving phase-two grants through its Inclusive Excellence 3 (IE3) initiative.
The grant will help SUNY Empire continue its critical work in ensuring inclusion of all students in science. The college is one of only two SUNY institutions chosen to participate in this prestigious national program funded by one of the largest research philanthropies in science.
SUNY Empire’s grant—totaling $531,600 over six years—along with prior funding for previous phases, is being used to design experiments aimed at improving the introductory undergraduate science experience for students from historically underrepresented backgrounds.
Along with 14 cohort institutions, including University of California Santa Cruz, Fordham University, and Middlebury College, SUNY Empire will be tasked with finding ways to make the content of the introductory science experience more inclusive through faculty development, student engagement, and curricular change.
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GLENS FALLS BUSINESS JOURNAL
SUNY Empire also was selected to participate in the first phase of the project, which began in April 2021 and ends in March. In this phase, SUNY Empire worked with its partner institutions to identify and better understand institutional and cultural barriers to inclusion at colleges and universities of all sizes and geographies.
SUNY Empire’s work specifically focused on systemic issues that affect the student learning experience in introductory natural science courses, such as biology, chemistry, physics, and environmental science.
As a recognized pioneer in distance and online learning, SUNY Empire is well-positioned to help create an inclusive excellence model for accessible, flexible learning experiences in the sciences. The college has been designing and teaching online science courses for more than 20 years, and distance-learning courses for more than half a century.
SUNY Empire’s program director for the IE3 initiative is Audeliz Matías, Ph.D., associate professor of natural sciences and interim chief diversity officer. The SUNY Empire team also includes Mary Mawn, Ph.D. dean, School of Science, Mathematics and Technology; Diana Siberio-Perez, Ph.D., associate professor of mathematics;
and Kevin Woo, Ph.D., department chair and associate professor in the Department of Natural Sciences.
Over the past six years, HHMI has awarded more than $60 million in funding to institutions committed to building more inclusive practices in their STEM programs.
In the HHMI announcement, Blanton Tolbert, HHMI’s vice president of science leadership and culture, said, “Sustaining advances in diversity and inclusion requires a scientific culture that is centered on equity. In science education, increasing the number of individuals from underrepresented backgrounds must go hand in hand with creating inclusive learning environments in which everyone can thrive.”
SUNY Empire State President Lisa Vollendorf, Ph.D. said the college “has been SUNY’s innovative, access-oriented institution. We are committed to increasing access through equitable and inclusive practices in admissions, pedagogy, and student support services and helping to build a strong, diverse, and well-educated workforce in New York state and beyond.”
Audeliz Matías, Ph.D., associate professor of natural sciences at SUNY Empire said the grant “is an incredible opportunity for SUNY Empire to thoughtfully promote inclusive excellence in STEM teaching and learning with the goal of improving selfefficacy and belonging in students. This project is particularly exciting because it focuses on how we teach by shifting the mindset from ‘fixing the student’ to examining current structures and curricular barriers that are getting in the way of student success, especially for historically underrepresented students in STEM.”
Kevin Woo, Ph.D., department chair and associate professor in the Department of Natural Sciences at SUNY Empire said, “Providing access to accessible, equitable, and inclusive STEM learning is an important goal for training the next wave of future scientists and researchers. This is a wonderful opportunity for SUNY Empire State to support our students by employing innovative pedagogical strategies that progressively challenge outdated approaches and that have historically been barriers for academic success. The knowledge gained from implementing this project can be applicable toward other institutional and professional organizations that may further promote STEM across the educational community.”
4 • GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023
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With Business Growing, Mr. Electric Establishes An Office In Queensbury
Business Briefs
The Adirondack Regional Chamber of Commerce will hold its Lunch with Legislators event on Thursday, Feb. 23, at the Queensbury Hotel, Adirondack Room, 88 Ridge St., Glens Falls.
Registration will start at 11:30 a.m. and the event will run until 1:15 p.m.
It will feature remarks from state and federal legislators that represent the area. The conversation will be moderated by ARCC President Tricia Rogers.
Featured will be state Sen. Dan Stec, District 45; state Sen. Jake Ashby, District 43; U.S. Rep. Elise Stefanik, District 21; state Assemblyman Matt Simpson, District 114; and state Assemblywoman Carrie Woerner, District 113.
Cost is $60 for ARCC members and $80 for non-members.
For more information, contact Carol Ann Conover, ARCC member services and events manager, at 518-798-1761 ext. 220 or by email at caconover@adirondackchamber.org.
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BY SUSAN ELISE CAMPBELL
After five years operating Mr. Electric out of their home, co-owners Sean and Jeanne Dion have relocated to a 1,500-square-foot office space at 94 Big Boom Road, Queensbury.
According to Jeanne Dion, the franchise covers all the electrical needs of clients located between the Twin Bridges and Ticonderoga.
“At our peak, we had up to five trucks on the road and three service technicians,” or licensed electricians, to diagnose, repair and install electrical systems primarily for local homes and businesses, Dion said.
The company is in the process of hiring two or three more technicians to service a growing area. Dion said there is plenty more potential in the communities they serve and the new office, along with new hires and 2,500 square feet of warehouse space, will help the company keep pace.
“We spent the last five years of going in and out of our basement and this was the time to move,” she said. “We needed an office, warehouse space, and a board room.”
Dion said she will “try and keep Sean in this office, but he always likes to get his hands on things. Being retired military, he has a soft spot for veterans. It’s important to take care of one another.”
The Dions were not business owners when the Mr. Electric franchise reached out to Sean late in 2017. He had been an electrician in the Air Force and a general mechanic for the Army a total of 27 years, so “he knew everything electrical, from low voltage to very high voltage and everything in between,” his wife said.
Decision made, Sean left his position in the semi-conductor industry.
Five years and a new location later, Dion said Mr. Electric of Queensbury has become known for the quality of their workmanship and their service.
“We are recognized for being timely and want to keep on top of communications with the customer,” she said.
She said clients get an email with a fourhour block of time on the service date. Then the technician contacts them by phone with a specific arrival time.
“But life happens and things come up,” said Dion. “We may have to reschedule, but we will only do that once. We do not want to be restrictive of our clients’ time, but would like them to know we respect them and appreciate their business.”
Respect is shown in the precautions technicians take in the customer’s home. Dion said they wear shoe covers, put down door mats and dress respectfully.
“Some customers ask for the same technician for repeat projects and some will wait until their technician is available, unless there is an emergency and he cannot do the call,” she said. “The customer will always be taken care of.”
The Dions’ franchise is one of the few electrical service companies in the area that not only installs home generators, but also services those generators while under warranty, she said.
They perform the full range of electrical services for the home, including landscape lighting, as well as smaller commercial projects, she said. They also do state projects geared to lower income residents and veterans in the counties they service.
“We are looking to partner more with the community of fellow disabled veteran-owned businesses in New York,” said Dion.
In another five years, Dion said she and her husband hope to be in a position to sponsor apprentice electricians training to enter the field. By then they may have achieved another goal of expanding their service area. Learn more at mrelectric.com/queensbury and on Facebook.
Hudson Mohawk Area Health Education Center (Hudson Mohawk AHEC) will be awarding 10 scholarships of $500 dollars each to individuals who will be entering an approved healthcare related certificate or degree program at a local community college, university or training entity within New York state.
Applicants must reside within the Hudson Mohawk AHEC 10-county service region, which includes: Albany, Essex, Fulton, Hamilton, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties.
Interested applicants can learn more about the scholarship opportunity by visiting the Hudson
Mohawk AHEC website www.hmahec.org or emailing admin@hmahec.org
Applications are due no later than Monday, March 17. Awards will be made in May.
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Adirondack Winery was recently awarded the Spirit of Strides Award for the Northeast Region.
Making Strides Against Breast Cancer organizations from 11 northeast states submitted nominations. The awards are intended to honor and recognize community partners that embody the organization’s spirit and commitment that has propelled the movement for more than two decades.
This past October, Adirondack Winery raised over $20,000 for Making Strides Against Breast Cancer of the Adirondacks, bringing its total fundraising efforts over the past 10 years to over $100,000.
Adirondack Winery beat over 20 other organizations that were nominated.
The company is now one of six Spirit of Strides award winners being considered for a national award.
From mid-September to the end of October, a portion of every purchase made at Adirondack Winery was donated to Making Strides. With the support of its customers, staff, friends, family, and other local businesses, the winery was able to raise over $5,000 more than the initial $15,000 goal set in September.
Over the past 10 years, Adirondack Winery has raised over $100,000 for Making Strides Against Breast Cancer of the Adirondacks during its Drink Pink fundraiser.
GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 • 5
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• •
Sean and Jeanne Dion, who own and operate Mr. Electric, have relocated their business to a 1,500-square-foot office space at 94 Big Boom Road, Queensbury.
"Locally Run Since 1981"
Construction Planning
Garvey Hyundai Dealership In Queensbury Gets Major Upgrade As Business Soars
Town Of Bolton Awarded Nearly $1.8M For Revitalization Of Lake Waterfront Areas
The town of Bolton was awarded nearly $1.8 million in two state grants for revitalization of its Lake George waterfront area.
Bolton will receive $1.725 million from the state’s Local Waterfront Revitalization Program (LWRP), and $50,000 from the state’s Smart Growth Planning and Zoning grant program.
Gov. Kathy Hochul on Dec. 29 announced over $22 million in grant funding was awarded to 76 communities across the state through Round XII of the Regional Economic Development Council Initiative to promote smart, sustainable and equitable community growth.
The funding will help communities revitalize their waterfronts, clean up and redevelop abandoned industrial sites and create neighborhoods that are environmentally sustainable through three state programs including the Local Waterfront Revitalization Program and the Smart Growth Planning and Zoning grant program.
The $1.725 million is for Veterans Memorial Park improvements. Bolton will advance its Local Waterfront Revitalization Program by designing and constructing the second phase of the Veterans Memorial Park Master Plan.
opportunities.
“We continue to invest in smart, sustainable, and equitable growth in communities across the state to give New Yorkers a cleaner, brighter future,” Hochul said. “This funding will help revitalize waterfronts, clean up and redevelop abandoned industrial sites, and create environmentally sustainable neighborhoods—all key aspects a thriving and vibrant community.”
“Our state’s economy is continuing to grow stronger than ever, and the Regional Economic Development Councils are at the ready to help however they can,” said Lt. Gov. Delgado. “These diverse grants have a broad, sustainable scope from boosting underused waterfronts to cleaning up and developing overlooked fields. These projects pay dividends to the communities they serve and to all those who visit them.”
The Local Waterfront Revitalization Program awards cover a variety of planning, design and construction projects that focus on economic, community, environmental and recreational improvements, reinforcing Hochul’s commitment to improving both local economies and the environment.
BY PAUL POST
This winter’s mild weather has been a hindrance for those who enjoy outdoor activities such as ice fishing, snowmobiling and cross-country skiing. But it’s been a big help to contractors such as Hilltop Construction, which is handling a $4 million expansion and makeover of Drive Garvey’s Hyundai dealership on Dix Avenue in Queensbury.
The business, which includes selling Hyundai’s high-end Genesis vehicles, is nearly doubling in size. Also, the current facilities— from service bays to bathroom tiles—are getting completely redone.
“We’re even replacing furniture, lighting fixtures and switches, and everything is going to be as environmentally kind as possible,” said Mark Garvey, who owns the business with his daughters, Shannon Bruhns and Kyle Garvey. “We really had no choice, but to do it. Hyundai has grown by leaps and bounds the past few years. Our sales are up about 18 percent from 2021. Our best sellers are SUVs.”
“We’re revamping 98 percent of the store inside and out,” he said. “Everything is going
to be brand new. We’re adding a second floor to the existing building that will have five huge offices for sales, management and our e-commerce business.”
The Parts Department is getting a second floor, too.
In December, industry sources reported that South Korea-based Hyundai surpassed General Motors as the world’s third-largest automaker by volume (3.3 million), surpassed only by Toyota (5.1 million) and Volkswagen (4 million).
Hyundai’s primary market demographic is 45-to-65-year-olds, Garvey said. “We’re doing it for our customers and employees, and each manufacturer has certain requirements they would like you to do. We need this because business has expanded dramatically.”
He and his daughters also own a Nissan dealership in Rutland, Vt.
Plans call for completing the Queensbury project by mid-summer. The dealership currently employs 65 people and about one-third are women, a reflection of the owners’ commitment to staffing diversity.
Continued On Page ??
Improvements include a new multi-use waterfront recreation building which will house visitor information services and accommodate special events throughout the year, pedestrian access connections into the park, and stormwater management improvements for continued water quality protection of Lake George.
The Smart Growth Comprehensive Plan funding will help Bolton update its 20-year-old Comprehensive Plan using a robust planning approach and public outreach initiative framed by Smart Growth Principles, officials said.
The plan will help Bolton develop objectives, goals and recommendations for future development activities and provide a solid framework for future land-use law to address increasing development and unprecedented residential growth resulting from the COVID pandemic, officials said.
The Local Waterfront Revitalization Program (LWRP) provides grants to communities to develop a community-driven plan with a vision for their waterfront, guided by several environmental policies to ensure projects work in harmony with waterfront natural resources and ecosystems.
The projects will help local communities expand public access and protect the environment, while also boosting tourism and economic development
The Smart Growth Planning and Zoning Grant Program provides grants to communities to develop municipal-wide comprehensive plans and zoning ordinances, as well as targeted area plans and zoning, such as downtowns, central business districts and transit-orient development districts. Communities must commit to incorporating the principles of Smart Growth into their planning and zoning, including walkable, bikeable, transit-friendly streetscapes; compact, mixed-use community design; vibrant downtowns and other municipal centers; a diversity of housing options for all incomes, ages and abilities; safe, accessible public spaces; ample parks and outdoor recreational opportunities; and green buildings and infrastructure.
All the awards are funded through the state’s Environmental Protection Fund, which Hochul increased from $300 million to $400 million in the Enacted Budget for Fiscal Year 2023. The Department of State, through the Environmental Protection Fund, provides matching grants on a competitive basis to eligible entities throughout New York state and its coasts or designated inland waterways for planning, design and construction projects to revitalize communities and waterfronts.
6 • GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023
Drive Garvey’s Hyundai dealership on Dix Avenue in Queensbury is undergoing a $4 million expansion being done by Hilltop Construction.
SPECIAL SECTION GLENS FALLS BUSINESS JOURNAL
Paul Post
‘Industrial And Performance Machining’ Is Name Of BOCES Program With A New Aim
Report: Construction Firms Added Workers
In December, Unemployment Rate Dropped
Construction fi rms added 28,000 employees in December and continued to raise wages for hourly workers more than other sectors as the industry’s unemployment rate fell to a record low for the month, according to an analysis by the Associated General Contractors of America of new government data.
Association officials said the data align with their newly released survey, which found the majority of contractors are optimistic about demand for most construction types, despite reporting difficulty fi lling positions.
“There are more people working in construction today than ever before, and those figures are likely to continue to increase,” said Ken Simonson, the association’s chief economist. “But as optimistic as contractors are about 2023, they remain worried about their ability to fi nd enough workers amid record-low unemployment.”
The WSWHE BOCES has changed the direction for its career and technical education machine tool technology program. Its new title is Industrial and Performance Machining.
The Washington-Saratoga-Warren-HamiltonEssex Board of Cooperative Educational Services (WSWHE BOCES) announced a new name and direction for its Career and Technical Education (CTE) machine tool technology program.
The new title—Industrial and Performance Machining—reflects the industry today and better positions the program to prospective students, officials said.
Officials said the program places a heavy emphasis on high-tech equipment and precision in the machining of component parts for automobiles, performance vehicles, industrial machines, and more. This consists of fabricating component parts to specification for these applications using milling, drilling, grinding, and boring machines.
While “Machine Tool Technology” is often used by technical colleges, WSWHE BOCES administration and educators said that students did not immediately identify the program in line with career goals.
In an effort to continuously offer programs and curricula that best support our students and the current job market, the transition from Machine Tool Technology to Industrial and Performance Machining reflects a growing need to reach high school students interested in machining careers.
“Our metal fabrication facility would be unable to operate without individuals trained to program and run the wide variety of machines we have on our shop floor. These students are essential to our current success and our future survival,” Aindrea E. Lundberg, of the Fort Miller Group Inc. in Greewich. In addition to strong ties with industry partners, the program directly addresses two common areas of machining: large-scale, industrial machine shops and smaller, more varied performance engines and vehicles.
It is the hope of WSWHE BOCES that the new name will help prospective students better understand the program and how machining impacts their daily lives.
The program “enables students to learn not only how to fabricate components but experience where
the components fit into the real-world environment,” said James Alheim, a representative of Stone Bridge Iron & Steel Inc. in Gansevoort.
CTE programs are geared toward students who benefit from “doing” while learning, allowing them to achieve their high school diploma while also acquiring the technical skills needed for certain career goals. With more than 20 programs, CTE prepares students for interesting, in-demand careers, whether they graduate into the workforce or continue their education, according to BOCES.
WSWHE BOCES serves 31 school districts in a five-county region, partnering with school districts to provide cost-effective shared educational programs and services for students of all age levels and abilities. CTE programs provide hands-on learners an opportunity to master academics and technical skills within a subject that interests them and leads to a rewarding career.
Construction employment totaled a record 7,777,000, seasonally adjusted, in December, an increase of 231,000 or 3.1 percent from a year earlier. Nonresidential fi rms—comprising nonresidential building and specialty trade contractors along with heavy and civil engineering construction fi rms—added 17,900 employees in December. Residential building and specialty trade contractors together added 9,500 employees.
Pay levels in the construction industry continued to increase in December at a faster pace than in the overall private sector. Average hourly earnings for production and nonsupervisory workers in construction— mostly hourly craft workers—climbed by 6.1 percent, from $31.25 in December 2021 to $33.15 last month. That increase exceeded the 5.0 percent rise in average pay for all private
sector production workers. Such workers in construction now earn an average of 18.1 percent more per hour than in the private sector as a whole.
The unemployment rate among jobseekers with construction experience declined from 5.0 percent in December 2021 to 4.4 percent last month, while the number of unemployed construction workers fell by 11 percent, from 497,000 in December 2021 to 443,000. Last month’s figures were the lowest ever for December.
Simonson noted that the association’s 2023 Construction Hiring & Business Outlook survey, conducted with Sage, found 69 percent of the more than 1,000 responding construction fi rms expect to increase their headcount in 2023, compared to 11 percent that expect a decrease. However, 80 percent of fi rms report having a hard time fi lling positions, compared to only 8 percent that report no difficulty.
Association officials urged Congress and the Biden administration to work on immigration reform measures that will allow more people with construction experience to legally enter the country and work in the sector.
They also urged officials to close a federal funding gap that currently invests $5 in students planning to attend college for every dollar it invests in preparing students for high paying careers in sectors like construction.
“Considering where federal officials put their money, it is no surprise that contractors are having a hard time fi nding workers to hire,” said Stephen E. Sandherr, the association’s chief executive officer. “As much as they talk about rebuilding our economy, federal officials still don’t seem ready to invest in the people needed to do all that building.”
GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 • 7
Binley Florist
Continued From Page 1
America’s largest Taco Bell franchise owners, which bought the 7.1-acre property.
Tami Field said she has no immediate plans to relocate.
But East Huron, which owns Taco Bell restaurants on Upper Glen Street and near Northway Exit 18, has plans to build another store adjacent to Binley’s about where its greenhouses are currently located. The company is expected to go before the Queensbury Town Planning Board on Feb. 21 seeking a two-lot subdivision.
A 1.35-acre parcel would be for the new Taco Bell store, while 5.83 acres would continue as Binley’s Florist & Garden Center, according to the plans.
Field said Binley’s will no longer grow its own plants, a costly and labor-intensive job, but will instead buy from wholesalers in Albany, Averill Park and Vermont. However, there won’t be any change to the front end of the business or the quality, service and care customers are used to, she said.
In fact, Field said she’s already considering new ways to “reinvent” the business by adding gifts, sold on consignment, made by talented local artisans and crafters. She also might do event planning for weddings and other special occasions.
“Binley Florist has been in business since 1893,” Field said. “That name needs to go on. It’s a feel-good business. Even if you’re having a bad day, if you get flowers it brightens up your day.”
Hirsch’s father, Alexander, began working for Binley’s in 1933, hired to be their grower, four years after immigrating from Hungary. After serving in France with the U.S. Army during World War II, he came home and bought the business, which transitioned to his son, Wally, in the early 1980s.
The florist shop was previously located at 31 Grant Ave. in Glens Falls. In 1978, the Hirsches bought property at the corner of Dix Avenue and Quaker Road in Queensbury, and opened a garden center called Quaker Farms.
In 2004, the florist shop moved there, too, so everything would be at one site, operating as Binley Florist & Garden Center ever since.
The property is at a major intersection with a great deal of traffic, making the location ideal for doing business. A Speedway gas station and convenience store, Stewart’s Shop, McDonald’s and Dunkin’ restaurants, and Livingston Fur-
Placentric Digital Marketing Offers Strategic Planning As Well As Website, Promotions
BY R.J. DELUKE
niture store are all nearby
Several years ago, owners of the Fastrac gas station and convenience store chain had an option to buy the Binley property from Hirsch.
“Th ey wanted to close in the middle of our greenhouse growing season,” he said. “I told them we had too much invested.”
In the meantime, Cumberland Farms acquired Fastrac. By the time that deal was finalized, Cumberland Farms didn’t want the Binley’s site because it already had several stores nearby.
Hirsch said he’s going to miss daily interaction with customers, which in some cases involves second- and third-generation family members.
“Congressman Jerry Solomon and his wife were customers,” Hirsch said. “He once told me, ‘Anybody who’s ever made something of themselves in Glens Falls worked at Binley’s, including me.’ That always made me feel good. People older and younger than me have said they worked for me or my dad. That’s a good feeling to know we contributed to the community.
“That’s one of the things I always believed in. We took out of the community so I always wanted to give back. It was an enjoyable stretch.”
The business has thrived despite increased competition not only from other garden centers, but big-box stores that sell plants and flowers.
“One thing we have that they don’t have is knowledge and customer service,” Hirsch said. “I always tell my people, ‘What does it take to make the customer happy? Let’s do that while keeping in mind we have to make a profit. Always give them an honest answer and treat them the way you’d like to be treated, the old Golden Rule.’”
The Fields took over on Feb. 7, right before Valentine’s Day, one of the floral shop’s busiest dates on the calendar along with Mother’s Day.
As general manager, Tami Field is familiar with all aspects of the business.
“You never know. You could see me from the end of a water hose to a delivery van,” she said. “I did it all.”
But Field is glad to know that Hirsch has no plans of moving away, now that he’s retired. “When I need help and some advice, he’s a phone call or text away,” she said.
Business Registrations
Lakeside Woodworks
Michael Wickham
120 Sagamore Drive Lake Luzerne 12846
Top Notch Painting
Dylan Olds 10 Eagle Way Queensbury 12804
Upstate Edge
Kevin Hicks
158 South St.
Glens Falls 12801
SE Lamby Enterprise LLC
Steven Lamby 3029 Lakeshore Drive
Lake George 12845
Hanchett Construction
Matthew Hanchett
12 Bluebird Terrace
Fort Edward 12828
Dee’s Cleaning Service
Nadeen Kearney
16 Ridley Drive
Queensbury 12804
First Response Solutions
Ashley Rivers 7D Finch Way
Queensbury 12804
Smith Brook Press
Edward Smith
222 Diamond Point Road
Diamond Point 12824
Glens Falls Liquor
Rachel Meacher & Paul Ortiz
14 Hudson Ave.
Glens Falls 12845
Massita’s What’s on the Menu
April Briggs
4B Baybrook Drive Queensbury 12804
Shop the Ladies Kirsten Ott
206 Glen St.
Glens Falls 12801
Rob Rainwater Consultant
Robert Rainwater 46 Sheraton Lane
Queensbury 12804
Wolf Den Enterprises
Wayne Coffi n
1 Sarella St.
Glens Falls 12801
Allen and Son Logging
Chris Allen
6 Faxton St.
Glens Falls 12801
All Star NY Talent
Magdalena Milner 125 High Rock Ave.
Saratoga Springs 12866
Authentic Gratitude Catherine Stock 9042 Graphic Mountain Road Hague 12836
A woman who’s career has taken her to London and Ireland is now entrenched in the North Country, operating Placentric Digital Marketing in Glens Falls.
Ann Donnelly has years of marketing experience dealing with a great many companies overseas and in the U.S. She’s concentrating on the Queensbury, Lake George, Glens Falls region, though she can take on clients from virtually anywhere.
Her office is on the third floor at 33 Park St., Glens Falls.
“It’s going well,” she said, noting she belongs to three different chambers of commerce “and they’ve been super supportive of me ... The chambers have been a great resource for me and getting to know the area, but also getting to meet the right people.”
Donnelly is from Fulton County in New York state, but circumstances found her moving to Ireland, where she began digital marketing. A job she held at the time was high pressure, allowing little free time. It was time to find something else.
“This was 1998-99. People were starting to use the internet for business and stuff. But I first started doing it just to keep in touch with my family.” With her husband at the time, thy started an accountancy firm. She made a website for the business, “then in a couple of months, we were starting to get inquiries from all over the world.”
There weren’t phrases like “search engine optimization” yet, but Donnelly found she had a knack for getting companies noticed online, thus growing business.
“So that’s how the firm started. And because we were new to the area. We were in a rural town. To compete with other accountancy firms was difficult because we’re not from there. So this allowed us to be an international accountancy firm in a little town of West Cork, Ireland.”
“I started seeing that other businesses could use this too. So where I lived it was a very touristy area. It’s right off the coast of West Cork. So there was a lot of opportunity then,” she said. “So a lot of my start in my digital marketing career was convincing people that they should have a website. And this is before social media. Email marketing was still very useful then. So that was kind of starting up at the time. So getting the knack of, you know, how to build a list and how to use it to generate business.”
Her business grew tremendously. But she returned to the area five years ago, taking some time to settle in to her surroundings. Now she’s growing her business. She offers services beyond websites and promotions.
“I can do the standard services you get with the digital marketing, which would be website development, social media management. What I love to do is go in and do the whole strategic plan. Look at a business.
“With my business backgrounds—I’ve got
20-plus years of digital marketing. But I’ve got 30-plus years of business management experience. That goes from big companies to our own accountancy firm. I like to talk to businesses about what are their goals and look at what they’re doing now to make sure that the digital marketing is in line with that. Because you need more than just a website and a few social media posts,” Donnelly said.
“It’s got to be a part of your overall business strategy to make sure that it’s gonna fit, that you’re spending your money wisely, that you understand it. So many people just don’t understand what their digital marketing people do or if they’ve done what they’ve paid them to do. Where I’m very straightforward. I like to partner with the people that I work with, so that it’s like a two-way conversation.
“Most people find that they’re getting a lot more than just digital marketing. The one thing that I love is when someone says, ‘I not only learned about digital marketing, but now I understand how to do my business better.’ I’m also looking to build partnerships with businesses that would be a good fit.”
She also believes in “collaboration versus competition. What really helped the regions that succeeded during COVID was collaboration versus competition ... I think it’s important for people to collaborate. There’s always going to be some sort of competition within an industry. Some industries more than others. But if people can really work together, especially when it’s something that’s so key to a region, collaboration can make the whole difference in getting more people into your area.”
Her business name reflects some of that.
“I was inspired by Lake George Chamber and the people they worked with during COVID. How they all work together. The big hotels helped the smaller businesses getting the PPE funding
Continued On Page 9
8 • GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023
• •
Ann Donnelly is the founder of Placentric Digital Marketing in Glens Falls.
Courtesy Placentric Digital Marketing
Lake George Regional Convention Bureau Launches A New, Group-Focused Website
Park Theater Foundation Unveils Educational Initiatives, Eyes Strong Attendance Th is Year
BY SUSAN ELISE CAMPBELL
The Park Theater Foundation has rolled out some educational initiatives and a free outdoor summer concert series.
According to Chris Ristau, executive director of the nonprofit group, “This is what we are all about, bringing quality entertainment to the community and education programs to our schools.”
Before COVID, performances were held only within the four walls of the historic theater. The first summer series concerts, in July of 2021, produced at the Crandall Park band shell was “for us like an introduction to the community as a nonprofit,” Ristau said.
The application as a 501(c)3 organization had been approved and the paperwork received in midFebruary of 2020, just weeks before the pandemic shuttered public venues like the Park Theater. When invitations to performances and educational programs were halted and the schools closed down, Ristau found new ways to collaborate. The outdoor concerts highlight regional music of the same genres that had been performed indoors at the theater.
One of the missions of the foundation is “providing opportunities for members of the community in the performing arts to grow and develop their skills and self-confidence,” he said.
are about,” he said. “This showcase gives the artist a platform to speak about their motives and the stories behind their work. As a fledgling organization, branching out and having the funding gives us courage to foray into unprecedented areas of performance and education.”
New educational initiatives are underway for the spring and Ristau extends appreciation to two specific grant funders. One is the Glens Falls Foundation, which is fully funding the Glens Falls school district program “from busses and food to performers and administrative time,” he said. The other is the Charles R. Wood Foundation for funding current initiatives with the Lake George schools. Ristau said that by getting to know administrators and educators in the Glens Falls, Queensbury and Lake George school systems, he can design programs that complement what the schools already have in music, science, history and technology. He previously worked at Glens Falls Music Academy in the recording studio and also gave private lessons, and these connections taught him the music education styles of the area’s public schools.
The Lake George Regional Convention & Visitors Bureau, an extension of Warren County Tourism, recently launched a refreshed, group-focused website that provides a regional/seasonal focus on meeting spaces and ballrooms, indoor and outdoor sports facilities, wedding venues and services.
The site—meetlakegeorge.com—has information on group-friendly lodging, activities and dining options, officials said. It features venues that can accommodate festivals, smaller reunions and retreats, and unique gatherings with guests who wish to meet and lodge separately.
“Meetlakegeorge.com was designed to be an extension of visitlakegeorge.com with content that would speak to meeting and event organizers that have group business with the potential to bring their business to all of Warren County,” said Lake George Regional Chamber of Commerce & CVB Executive Director Gina Mintzer.
“Th is refreshed website is a marketing tool that allows us to showcase the Lake George destination to those researching the area for
meeting and gathering venues and other amenities event planners look for when choosing a host destination for their events,” she said.
The website works in conjunction with and mirrors its counterpart, visitlakegeorge.com, serviced by Warren County Tourism, which offers a full array of leisure travel ideas.
The LGRCVB worked with Nolee-O Web Design to redesign the site and will continue with an aggressive marketing campaign on a regional and national scope to drive event organizers and attendees to the new site.
The project was funded by Warren County occupancy tax collections.
The LGRCVB is a division of the Lake George Regional Chamber of Commerce & CVB and works as an extension of the Warren County Tourism Department. While the Tourism Department markets the Lake George Area to the leisure consumer tourism market, the mission of the LGRCVB is to bring year-round, weather-proof group business to Warren County in the form of meetings, conventions, reunions, sports events, weddings, and more.
Placentric
Continued From Page 8
that they needed. They convinced the state to let the area open up a little bit sooner with outdoor dining, because they had to compete with North Country, which was allowed to open earlier. And they did a really good job of communicating with the state and advertising.
“They targeted New York City area and that kind of circumference of people that might drive
up there and really communicated about how safety precautions were being taken; what you could do in the area. Most of the businesses that were open had their best summer. So for me, thinking about the sense of place, that’s where I came up with Placentric.”
The company website is placentric.com and she can be reached at 518-223-9554.
The series thus enabled them to fulfill their mission “when the weather got he said, players could come to the band shell “who were too big or too loud to perform in our indoor venue.”
The first two years of their Summer Series Concerts, free to the public, were fully funded by state and local sources as well as individual and company donors. Meanwhile, Ristau is gearing up programming and soliciting sponsors for the remainder of the season, in addition to the upcoming summer concerts and 2023-2024 season, he said.
The foundation has also expanded their seasonal programming to further showcase local artists. They recently launched an extension of their Live & Local series with a songwriter’s showcase. This is an intimate artist-in-the-round evening Capital Region songwriters.
“It’s very important to get word out who these local artists are and to hear from them what they
As part of the education initiatives, the foundation has plans to bus students to the Park Theater during an afternoon to see a concert from start to finish. Over the following weeks, different aspects will be broken down and discussed at length as part of the curriculum, Ristau said.
“The musicians will talk about their instruments and what inspires them,” he said. “And sound and lighting managers will talk about how they manipulate sound and light, and show the effect on performances.”
Also new for the organization and its executive director is the Park Theater Foundation’s own podcast, “The Park Presents,” with Ristau as host. “We are providing yet another forum to talk about who these artists are,” one that can be listened to over and again on Anchor, Spotify and Apple Podcasts, he said.
Concerts will be held at Crandall Park every Friday from June 30 to July 28 at 7 p.m.
To make a donation and to learn more, visit parktheatergf.com or search on Facebook and Instagram.
GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 • 9
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The Lake George Regional Convention & Visitors Bureau website provides a focus on meeting spaces and ballrooms, indoor and outdoor sports facilities, wedding venues and services.
Courtesy Lake George Regional Convention & Visitors Bureau
Office / HR / Employment
AARP Survey Finds Seniors Are No Longer Settling For Jobs With Stressful Conditions
Many older workers are no longer settling for stressful working conditions or fully in-person jobs, finds a new AARP survey of adults age 40 and older.
The COVID-19 pandemic has caused a shift in attitudes about work, with more people prioritizing work-life balance and making workplace flexibility as a job prerequisite, the report said.
“Understanding a Changing Older Workforce: An Examination of Workers Ages 40-Plus” shows that flexible work hours are now a job requirement for 79 percent of older workers, while 66 percent say they would only accept a new job if they are able to work remotely at least some of the time. Most older workers (90 percent) also say they require a job that provides meaningful work.
“During the pandemic, many people took time to reexamine their personal goals and how their job fits into their life,” said Carly Roszkowski, vice president of financial resilience programming at AARP. “Given the high level of burnout that so many older workers experienced during the pandemic, especially those who are caregivers, it should come as no surprise that work-life balance has emerged as not just a priority but a requirement.”
Over half (53 percent) of those ages 40-49 and 36 percent of all workers age 40 and older are caregivers for an adult, typically a partner/ spouse or parent, and report having to work remotely, change work hours, reduce hours, use paid caregiving leave or quit their job altogether to provide care in the last five years, the report said.
Given the need for more flexibility among caregivers and the emphasis on it among older workers in general, gig and independent work has become increasingly common. More than a quarter (27 percent) of older workers are doing freelance or gig work and the number is higher (32 percent) for those ages 40-49. While 89 percent of gig workers say making extra money is their primary motivation, flexible work hours are a close second at 87 percent.
Additional findings from the Value of Experi-
WaldronWorks Opens New EOS Office At Union Square Broad St. Glens Falls
ence survey:
• Despite the greater emphasis on flexibility and work-life balance, older workers continue to prioritize job stability (88 percent) and competitive pay (87 percent) when accepting a job.
• Retirement savings, pension benefits, and being able to phase into retirement are also important considerations for accepting a job.
• Older workers are worried about job security. Nearly one-third (30 percent) think it is likely they will lose their job within a year, primarily because of a weak economy.
• Age discrimination (37 percent) is cited as the top reason for lack of confidence in being able to find another job within three months, if needed.
• Over three in five (64 percent) believe older workers face age discrimination in today’s workplace, and among them, 94 percent viewing it as commonplace.
• Two in five (41 percent) report experiencing some type of ageism at work in the past three years, but only 13 percent have made a formal complaint to a supervisor, HR representative, another organization or a government agency.
“The number of older workers is projected to grow significantly over the next decade, and understanding older workers’ needs and concerns benefits both workers and employers,” said Roszkowski. “For example, paid caregiving leave can help workers maintain productivity and help employers stay competitive in the marketplace.”
The Value of Experience survey is AARP’s multicultural work and jobs study. The sample was comprised of 2,000 respondents ages 40-plus in the labor force (i.e., those working full-time, part-time, and those who are not working but looking for work), including 1,079 Black workers, 1,103 Hispanic workers, 693 Asian American/Pacific Islander workers, and 644 LGBTQ workers ages 40-plus.
The data were weighted to be nationally representative. The survey was fielded online from Sept. 15 to Oct. 12 in all 50 states and the District of Columbia.
BY PAUL POST
Gerald Davis wants to open a second location for his successful heating and cooling business, and document its growth with a long-range goal of having employees partner up with him as franchise owners.
JoAnna Schwartz felt the need for more structure and better processes at Name Bubbles, an e-commerce company that makes personalized waterproof name labels and decals, to ensure the firm’s future prosperity.
These are just two of many area business leaders that have turned to Wendy Waldron to teach, facilitate, coach, lead and direct them through critical phases of their respective operations.
She owns Glens Falls-based WaldronWorks, and is a Professional EOS Implementer for the Entrepreneurial Operating System (EOS), whose principles have helped clients around the world overcome business problems as well as identify and take advantage of new opportunities.
“We need Wendy’s help coaching and teaching us to be a great company, not just a good company,” said Davis, owner of Cambridge-based Superior Co-Op HVAC. The firm specializes in heating and cooling systems, using Mitsubishi hyper heat pumps, which maintain a desired temperature without the use of fossil fuels
Davis began working with Waldron in January after discovering that other successful companies
use EOS, too.
Schwartz, Name Bubbles vice president, said the leadership team started the EOS process in spring 2021.
“Since working with Wendy, we have implemented structure and tools that help our leadership team identify, simplify and solve issues,” she said. “Wendy helps us reinforce the EOS format to keep our team streamlined and focused on achieving our company’s goals and future success.”
A Queensbury native and Colgate University alum, Waldron spent 20 years in the medical practice management field, often overseeing multimillion-dollar budgets. She returned home to lead Hudson Headwaters Ancillary Services.
For almost 10 years, she was administrative director of the Charles R. Wood Cancer Center at Glens Falls Hospital before striking out on her own. She trained to become an EOS Professionsal Implementer in 2019.
EOS is a “set of simple concepts and practice tools used by more than 170,000 companies around the world to clarify, simplify and achieve their vision,” says its website.
“I have taken all of the training available,” Waldron said. “But the truth is, I will be learning and studying how to be a better implementer forever. That’s one of our core values—grow or die—which means getting better all the time, being conscious
Continued On Page 11
10 • GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023
SPECIAL SECTION GLENS FALLS BUSINESS JOURNAL
Wendy Waldron owns WaldronWorks and is a Professional EOS Implementor. Seen here in her new 1,200-square-foot office and EOS Session Room in Union Square, 9-11 Broad Street, Glens Falls.
Business Report
Create Mindset Of Abundance Vs. Scarcity
BY ROSE MILLER
I went to the Multiple Sclerosis Society’s Together for a Cure fundraiser where the keynote speaker gave an eloquent speech about being a victor or victim.
Dealing with MS can be daunting on a continual basis. It can impact your ability to live your life fully. The keynote speaker wrapped up a victorious talk with, “Will life happen to you or for you? Do you see your life as a nightmare or a fairytale?” She told the crowd how MS will not defeat her.
I was reading Michael J. Fox’s new book where he writes about how he takes after his late mother, who had an impactful positive attitude. He said, “She never added up the losses. She’d always look at the gains.”
Boiled down, these two people exhibited a mindset of abundance versus a mindset of scarcity.
Stephen Covey initially coined these terms in his best-selling book, “The 7 Habits of Highly Effective People.” Scarcity mentality refers to people seeing life as a finite pie, so that if one person takes a big piece, that leaves less for everyone else.
Psychology studies have found that children who believe intelligence can be developed were better able to overcome academic challenges versus children who believe their intelligence is fixed in some way. A scarcity mindset can limit a child’s growth.
Studies completed by researchers on adults found that people who had more positive beliefs around aging lived 7.5 years longer than those with less positive self-perception of aging. Embrace those wrinkles because your mindset can prolong your life.
Our local business community should examine whether our actions/words reflect a scarcity or abundance mindset. People complain about how the region is siloed. Business and regional silos are indicators of a scarcity mindset. Silos support a belief we will lose something by sharing resources versus believing we are all stronger and richer together.
I worked with a multi-state business once where the people in the Boston office told me how upset they were that the semiconductor industry picked the Capital Region over them. They had so much more to offer the industry and its employees. Then when speaking to some local businesses, many would say, I can’t believe they picked our region versus Boston or Austin. We don’t have as much to offer as those regions. Good grief.
The former Mayor of Albany was famous for his abundance mindset. He campaigned for a new convention center for over a decade. People would laugh and say, “We can’t support a convention center.” But his persistence was complete when a new convention center was erected. It is bustling with activity and there are plans for expansion.
The new president of the local black chamber of commerce warned attendees about how she has encountered similar rhetoric. She is originally from the Capital Region. She was happy to return to where her family still lives. She believes the region has a lot to offer and she was excited about the opportunities here.
However, she is mystified by how many people have asked her why she would consider moving back here when she lived in another, more exciting city. She encouraged the crowd to reverse the scarcity mindset.
We may be conditioned to have a scarcity mentality. Are promotions and raises scarce, are resources limited, do managers hoard information, is micromanagement abound, and is short-term thinking the norm?
A scarcity mentality can be what keeps us from achieving our goals. It can keep students from staying or new hires from moving here. An abundance mindset communicates there is plenty here for everybody.
We can make the shift from a scarcity to abundance mindset by focusing on what we have, surrounding ourselves with positive messages, and creating winning situations whenever we can.
When faced with a career change or thinking about starting a business, instead of mentally listing all your limitations, instead focus on all your experience, contacts you’ve made, and all the ways you can bring value to the company or customer.
Find and start spending time with people who always see new opportunities. Positive attitudes rub off. As Tony Robbins has said, “The quality of a person’s life is most often a direct reflection of the expectations of their peer group.” Look at the people with whom you spend time. Search for people who inspire you.
A scarcity mindset believes that if one person wins, another loses. Look for ways for both parties to leave with a sense of accomplishment. Consider practicing this in both your personal and professional life.
We chose our local region many years ago because of its ideal proximity to three large cities, its many business opportunities, a good quality of life, and its excellent schools. We have an abundance of opportunities for personal, professional, and economic growth. We can all be victors.
In the year ahead, let’s stop adding up the losses and start speaking proudly of our gains.
WaldronWorks Continued From Page 1
of what we’re doing; adding as much value as possible to my clients’ businesses; giving them back control to what they’re doing.”’
As companies grow, owners and managers might feel they’re losing a grip on financial matters, time management and/or human resources.
“They used to know what was going on in their business,” Waldron said. “Now they’ve grown and need a new set of tools.”
During a 90-minute initial consultation, clients tell Waldron about their business and specific problems they’re experiencing. Then Waldron explains how she can help. Clients contract for services. Leaders attend regular eight-hour training sessions where they learn principles and practices to bring back to their business.
Each case is different, but it typically takes 18 to 24 months to implement the EOS system throughout a company.
“The foundation of EOS is that all of those things that seem like problems are symptoms of a weakness somewhere in the structure of your company; things you’ve been putting band-aids on for a long time,” she said.
Waldron recently moved into a new
Depe Dene
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Juliana Resort in Bolton in 2018, and co-own Scotty’s Lakeside Resort and the recently acquired Lakefront Terrace Resort with several other members of the Menter family.
The hospitality industry is their main endeavor and Ferguson said she and Menter have invested in Florida property, as well.
The Depe Dene at 3494 Lakeshore Drive sits on 11 acres and includes 84 rental units among the motel building and stand-alone cabins.
“People enjoy the cabins,” Ferguson said. “They have a private space to make a meal, sit out and visit. It’s definitely unique.”
Located three miles north of Lake George Village, Ferguson said the Depe Dene “is out of the major cities, in the woods, and people feel safe and comfortable there.”
Another unique feature is the property’s separate
1,200-square-foot EOS Session Room specifically designed for training small groups. Located at Union Square, 9-11 Broad St. in Glens Falls, it is now the only EOS Session Room between Plattsburgh and the NYC area.
Tom O’Neill and Union Square Properties managed the remodeling of the new space.
“I could work with clients remotely anywhere around the world. But most clients are within driving distance, from Albany to Plattsburgh,” she said.
Waldron said her “sweet spot” is working with small- to mid-size companies..
“Usually, they have some sort of change happening,” she said. “For example, the family business is transitioning from one generation to the next. Or in a transitioning economy, they might need restructuring. I’ll try to get them to focus on something new they hadn’t done before. A good company needs to have everyone all aligned, moving in the same direction, executing a plan and be accountable to each other. You need to have a healthy team. We help you get through all the stuff getting in your way.”
Her website is eosworldwide.com/wendywaldron. The telephone number is 518-288-6864.
mansion for larger groups renting for a weekend or extended stay. Menter said it has a current sleeping capacity of 24.
“We are working to finalize the layout of the mansion, and are undecided at this time how we will structure the units,” Ferguson said.
For the immediate future, the owners said they are operating the resort as it had been and making some needed small enhancements, such as paint, carpeting and new furniture.
“It needs extensive upgrades and some new features,” Menter said. “It is still too soon to make decisions on all the drafts we have of upgrades, but we are planning renovations and ordering materials.”
The owners did not mention which contractors they may hire for the upgrades, but said they will be from the area.
“We will be using local contractors, as we always do, once plans are finalized,” Menter said. “We have had lots of success using local.”
There is about 400 feet of beach, a heated pool and hot tub, plus volleyball, basketball and tennis courts.
GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 • 11 We Make IT Simple! MANAGED IT SERVICES (877) 331-5220 www.storedtech.com Tailored to your Business Needs No Contracts Secure your Environment & Meet Compliance Fast Resolutions 24/7/365 IT Support
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Rose Miller is the president of Suite Advice, LLC.
5 1 8 4 9 9 0 4 4 4 N o r t h e r n I n s u r i n g c o m 2 1 B a y S t r e e t , G l e n s F a l l s M e l i s s a D a v i d s o n Senior Sales Executive S a r a h G e n i e r Account Executive R h o n d a R o s i c k Senior Account Manager P a t r i c k K o w a l c z y k Sales Executive N o r t h e r n I n s u r i n g A g e n c y , I n c . M E E T O U R T E A M
Garvey Expansion
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Garvey said the expansion will create eight to 10 new jobs, most likely three to four for service and at least one each for office duties, sales, parts and auto detailing.
New features are highlighted by a drivethrough service facility.
“So when you pull up a door will automatically open and you can pull right into the service bay and be met by an advisor to take care of your service needs,” Garvey said. “When you pull in your alignment and tires will be checked and we’ll take complete photos of your car, every car that comes in.”
The dealership will also have two quick-lube oil change bays, six new bays for detailing new and used vehicles, and a large storage facility for vehicles.
In addition, the service shop will have bays dedicated specifically for electric and hybrid
vehicles. Garvey said sales of these cars has increased, but is still a small part (4 percent) of the dealership’s overall business.
“We expect it to grow,” he said. “We have eight Level 3 chargers and three Level 2 chargers at the store.”
Every vehicle, sold or serviced, that leaves the property will be sparkling clean because a fully automatic car wash will be located at the end of the drive-through, he said.
“Lastly, we are going to have a special, canopied delivery area for when it’s time to pick up your vehicle,” Garvey said.
He attributed recent increased sales to Hyundai’s reputation as a world-class vehicle, plus his own firm’s commitment to customer service.
“Also, during the pandemic when some dealers sold cars over sticker price, we never did,” Garvey said. “And increased pre-pandemic sales put is in a great position, to make sure we had enough product when everything was really tight. Most dealers pulled back during the pandemic. We didn’t. We tried to expand our business during that time and it was successful.”
REGIONAL STOCKWATCH
PROVIDED BY: ROBERT SCHERMERHORN, CFP
2023 Follows Difficult Year For Economy And Markets, But Adjustments Remain Possible
STEPHEN KYNE
The year 2022 was an incredibly difficult year for the economy and the markets. In fact, it was the worst year for U.S. stock markets since 2008. Rapidly rising interest rates meant that there were few places to hide as an investor, since even fixed income funds sank due to interest rate pressure.
The S&P 500, the most broadly used US index, ended the year down 20 percent, while the NASDAQ suffered a 33 percent loss, according to FactSet. You’ll be in good company if you open your December statement and find that your balance dropped in 2022.
Down years happen, and it’s something that every investor must accept. The question is: Where do we go from here?
We think that the economy and markets will be impacted by several factors. The first of which will be the continued raising of interest rates by the Fed.
Caught flat-footed in early 2022, the Fed began a rapid series of interest rate increases in a desperate attempt to rein in rampant inflation, which resulted from the wanton subsidies and stimulus of the government’s pandemic response. Since interest rates are essentially the price of money, raising them should slow down economic activity, although it can be a messy and very imprecise process.
The goal of the Fed is to reduce inflation, while maintaining employment, and keeping the economy from crashing into recession. This is the so-called “soft landing.”
We expect continued interest rates increases through the first quarter of the year, and hope that, by then, the Fed will take a breather. The risk, since the Fed relies on prior-period data, is that it won’t know if it’s gone too far, until after it’s gone too far.
Recent economic data shows inflation beginning to ease, while we still have full employment, and an economy that rebounded in the 3rd and 4th quarters of 2022. One wonders, then, whether Jerome Powell would recognize a soft landing if it fell on him.
Internationally, we would be remiss if we didn’t give proper attention to the geopolitical risks facing the economy. 2022 saw much of the world deal with food, energy, and physical insecurities, all of which weighed heavily on economic activity.
The war in Ukraine, which threatens to become a wider conflict, has weighed heavily on the region, and has likely pushed Europe into recession. Europe would deserve more credit for finding alternatives to Russian energy, if it hadn’t been so reliant on it in the first place. Its fate, and the fate of its markets in 2023, will likely be closely tied to events in Ukraine.
China’s somewhat manic departure from three years of zero-COVID has thrown the
region into unknown territory. While the Chinese government has not issued official figures, many outside estimates indicate that a million citizens may die in just the first four months of 2023. The question will be whether, once the initial waves have passed through the population, the country will finally be able to get back to work, and will global supply gains finally normalize.
The U.S. is, by far, the largest and most diverse economy in the world. It is two-years removed from the brunt of the pandemic. It stands the greatest likelihood of staying resilient in the face of economic pressures, compared to most of the rest of the world. That said, we do believe opportunities exist international, especially if the dollar continues to come down from its 2022 highs.
We believe that inflation in the U.S. has peaked and, barring being dragged into any major geopolitical issues, we believe the U.S. markets stand a good chance of working toward a rebound in 2023.
This not to say that we think the NASDAQ will see the 50 percent increase it would need in order to recoup its 2022 losses, but we think the U.S. economy continues to be resilient, and probably the best option for investors, relative to much of the rest of the world. We think that a U.S. recession is still likely at some point in the not-too-distant future, however the ingredients are there to help make it fairly minor.
Continue to work closely with your certified financial planner professional, as they help shepherd you through these uncertain times, and remember that markets ebb and flow and, while it’s impossible to say just when, we believe that the tide will come back in. After all, it always has.
12 • GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 Stock Name Closing Price Closing Price Closing Price Closing Price Closing Price 01/06/2023 01/13/2023 01/20/2023 01/27/2023 02/03/2023 Albany International Corp. 101.33 109.29 108.03 107.93 113.72 Arrow Financial Corporation 33.60 33.73 33.44 32.86 32.41 AT & T Inc. 19.25 19.55 19.23 19.95 19.83 Ball Corporation 54.26 57.12 58.23 57.63 58.97 Ballston Spa Bancorp, Inc 60.00 60.00 60.00 60.00 60.00 Bank of America Corporation 34.41 35.23 33.85 35.45 36.43 Best Buy Co., Inc 83.04 85.78 82.67 85.18 90.32 Citizens Financial Group, Inc. 41.64 41.72 41.26 42.87 44.44 Espey Manufacturing & Electronics Corp 15.54 15.29 15.32 15.61 16.18 General Electric Company 71.94 80.20 77.68 83.23 81.96 Hilton Worldwide Holdings Inc. 130.25 136.88 138.72 144.71 146.82 The Home Depot, Inc. 317.53 331.21 315.00 316.69 331.50 International Paper Company 36.64 38.25 37.53 38.11 41.36 KeyCorp 18.37 18.18 17.44 18.99 20.02 Lowe’s Companies, Inc. 200.97 212.16 204.53 202.49 215.97 Martin Marietta Materials, Inc. 351.17 355.37 347.69 347.82 360.63 M&T Bank Corporation 150.19 149.55 153.69 154.98 159.02 McDonald’s Corporation 269.47 268.89 268.58 272.46 264.23 National Grid Plc 63.76 63.15 64.38 63.64 62.34 NBT Bancorp Inc. 42.82 44.01 42.47 37.79 41.34 Plug Power Inc. 13.41 16.49 15.90 15.86 17.38 Quad/Graphics, Inc. 4.54 4.36 4.56 4.44 4.68 Starbucks Corporation 106.69 107.23 105.04 109.02 104.30 Sysco Corporation 78.71 80.33 77.83 77.89 76.72 Latham Group, Inc. 3.24 3.79 3.47 4.15 4.40 Target Corporation 160.15 164.60 162.21 168.51 176.76 The TorontoDominion Bank 64.24 66.35 66.65 68.67 68.95 Kaspien Holdings Inc. 0.60 0.67 0.83 0.88 0.83 Trustco Bank Corp NY 37.94 38.70 37.44 34.53 37.60 Verizon Communications Inc. 41.54 41.86 40.00 40.64 41.51 Walmart Inc. 146.78 145.29 140.54 143.30 141.71
SECURITIES OFFERED THROUGH: LPL FINANCIAL / MEMBER: FINRA AND SIPC *DatasourcedfromMorningstar **Stock investing includes risks, including fluctuating prices and loss of principal. This is for informational purposes only andnotintendedtoprovidespecificadviceorrecommendationforanyindividual.
18 DIVISION ST.-SUITE 305, SARATOGA SPRINGS, NY 12866 (518) 584-2555
Stephen Kyne, partner, Sterling Manor Financial LLC in Saratoga Springs.
Courtesy Sterling Manor Financial LLC
Legal / Accounting
Business Report
See ‘Big Picture’ For Your Business Exit
STEPHEN L. FERRARO CPA/ABV/CFF, CEBC, MAFF, CVA
The success of exiting a business depends greatly upon the mental perspective and preparation of an owner during the exit process. Business owners tend to fixate their thoughts only on running and growing their business.
However, there is a tremendous amount of value in seeing the “big picture” with your exit and thinking about the future and where you would like both the company, and yourself personally, to end up.
The owner who is able to see the larger picture and understands that stepping out of a business is an opportunity to move both themselves and their company toward a new stage of life, will be best prepared to execute a successful business transition.
The Transfer Timing Slots
One of the first big picture concepts that owners should grasp is the idea of timing slots. Much like a slot machine, you want to see if you can match up three critical areas—personal timing, company preparedness, and market timing. A solid ‘big picture’ of an exit considers all three.
Market Timing
Markets run in cycles and timing is important. If a business is performing well because there is a favorable economy, all things being equal, this can be an optimal time to consider an exit. Valuation is high, employees are engaged, and, often times, buyers/investors have a high degree of interest and activity.
The last three decades have followed a similar market cycle and this decade is following suit. Therefore, your “big picture” in terms of market timing indicates that the next few years are ideal in terms of market timing.
Company Preparedness
The second big picture concept for an exit is company preparedness. Your business needs to be, at least somewhat, transferrable to have a successful exit.
There are a large number of items that can lead to poor timing for an exit and lack of company preparedness. For example, you may have recently had a departure of a key manager, or you may have lost a key customer and need time to replace that revenue.
Alternatively, your CFO or controller may not have your finances in order, or you may have a lawsuit pending that should really be resolved before moving ahead with a transfer of the business.
While timing can rarely ever be perfect, it is important to think through the current and forecasted profitability and valuation to see that your company’s preparedness is optimal for a successful transaction that will result in a valuation and deal structure that works for you personally.
Personal Timing
The final big picture concept—and the third consideration in the timing slots of an exit—is personal readiness. It probably makes sense to begin the big picture thinking of an exit with personal planning. The reason is that this can be the most complex and take the most amount of time to navigate. Also, how an owner thinks about an exit is what is most likely to drive the exit process.
In other words, the market and company can be perfectly positioned for an exit, but if the owner does not want to leave, it is possible that an exit
Business Report
Life Estate Deeds In Estate Planning
BY JASON SNYDER, ESQ.
With a rise in the value of land over the past decade, one’s largest asset oftentimes ends up being their home. While a last will and testament usually cover the transfer of title of real estate upon death, life estate deeds also fulfill this purpose while also providing many more benefits that property owners might not be aware of.
What is a life estate deed?
Deeds effectively transfer real estate from one party to another. The parties to a life estate deed are referred to as the “life tenant” and the “remainderman.” The life tenant (the current owner) transfers the property to the remainderman (the beneficiary).
process will not begin.
Prior to considering any of the various options for exiting your business, you must be able to recognize two key elements within yourself: realization of where you are right now, and a clear vision of where you want to be after the exit.
As a successful business owner, you realize that you have created self-worth and profit for both the company and those around you, including your family members. In building a company, you have built a personal identity, perhaps the only one which is recognized by some family, friends, and business associates. Many owners, without properly considering their new, post-exit identities will be unable to successfully pursue a business exit because of their continued attachment to the business.
In order to ensure a smooth transition, you want to be able to articulate both where you are in your business today and the personal challenges associated with getting you to where you want to be.
The key to achieving the vision, or the big picture, for your exit is an understanding that the tools and skills which have enabled you to build your business will likely be of limited value in planning your exit from the business; you’ll need to learn new skills. If you are using the same tools, skills, and thoughts that you used to run and grow your business, it is very difficult to move on to the next phase.
The primary reason why this is true is that the development of business value is not entirely consistent with the development of fulfilling personal needs and values. A ‘big picture’ look at your situation will have you begin to ask questions about ‘why’ it is important to design an exit plan that meets the needs that you have defined.
Seeing the big picture in your exit involves taking the time to reflect on goals of the business, the timing of the market, but most importantly, your interests and objectives outside of the business.
Exploring your personal goals allows you to confidently move forward to the next phase of life, which may or may not include continued involvement with the company. As in so many aspects of one’s life, perspective is key to ultimate success. By viewing your exit as an opportunity to a begin a new lifestyle instead of as a loss of your business identity, you can begin developing a ‘big picture’ for your exit.
While the deed is signed and recorded now, the full transfer of title does not happen until the death of the life tenant. The life tenant can use the property during his or her natural life and has rights to any rents or profits arising from its use. Upon the death of the life tenant, the remainderman receives the full title and all the rights and benefits of owning the property.
Benefits of establishing a life estate deed.
Probate avoidance : One of the biggest reasons many clients choose life estate deeds is probate avoidance. Because the home transfers to the remainderman automatically upon the owner’s death, it does not go through probate. If the home is administered through the will, it can take several months or years before the beneficiaries can take possession. This could also save the estate thousands of dollars in probate fees.
Medicaid liens : Another reason many clients do life estate deeds is to avoid Medicaid liens on the home. If the owner goes into a nursing home and passes away, Medicaid typically will try to recoup the owner’s care costs by placing a lien on any real estate owned by the estate.
With a life estate deed, this is avoided because the home is owned by the remainderman. To avoid these liens, the life estate deed must be executed at least five years prior to the application for Medicaid.
Taxes: There are also some tax benefits. When the life tenant dies, the remainderman typically receives a step-up tax basis in the property. This means the remainderman takes ownership of the home at its fair market value at the time of the life tenant’s death. This can save the remainderman capital gains tax when the property is sold. It is also important to mention that the life tenant continues to receive many property tax exemptions they had prior to the deed
(STAR, senior citizens, veterans, etc.).
Lower cost compared to trusts : There are several types of trusts that also achieve many of the same benefits. While setting up a trust is generally advisable, the up-front cost of setting one up can be daunting. The life estate deed provides an inexpensive alternative to clients owning primarily one home.
What potential issues could arise from a life estate deed?
Selling the home : Life estate deeds can create some mechanical issues if the life tenant wants to sell the home. Purchase agreements and closing documents must be executed by all parties on the deed, including the remainderman. This can be problematic if the remainderman is unavailable or does not want the home sold.
Mortgages : If the owner has a mortgage on the home or wants to get one, banks and lenders may have an issue with a remainderman on the deed. It is highly recommended that the client gets written permission from the lender to consent to the deed prior to signing.
Title defects : Because the transfer is typically between family members, life estate deeds typically do not include a full examination of the home’s title. There may be defects in the title or judgments against the life tenant or the remainderman, which will affect everyone’s interest.
Life estate deeds have many benefits for clients whose primary asset is their home. They can be an effective, low-cost tool to avoid probate and Medicaid liens from affecting the home. If you would like to learn more about life estate deeds, please contact us for a consultation.
GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 • 13 SPECIAL SECTION GLENS FALLS BUSINESS JOURNAL
Stephen Ferraro is a partner with Ferraro, Amodio & Zarecki CPAs.
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Courtesy Ferraro, Amodia & Zarecki CPAs
“Start with Quality, Quality Hardware!” BURGOYNE QUALITY HARDWARE & LUMBER Premium Lumber and Unsurpassed Customer Service 3093 State Route 4, Hudson Falls, NY 518-747-6344
Tully Rinckey PLLC • •
Jason Snyder is a senior associate with Tully Rinckey PLLC. Courtesy
Juckett Award
Continued From Page 1
He has combined clinical practice and leadership of several related organizations that provide health care services across northeastern New York. Special emphasis is on caring for the underserved communities. His experience also includes service as senior policy advisor to government, development of managed care organizations, and organizer of innovative models of care for the Adirondack North Country Region.
The J. Walter Juckett Award, named in honor of the longtime chairman of the Sandy Hill Corp., was created 34 years ago to recognize and honor a deserving member of the community who has selflessly gone above and beyond by contributing time and energy to help others.
To see a list of past honorees, visit www. adirondackchamber.org/j.-walter-juckett-community-service-award.
Founded in 1914, the ARCC is a 100 percent membership funded organization representing businesses in Washington, Warren, Essex and Northern Saratoga counties.
Glens Falls Area Restaurants
Glens Falls and surrounding towns have a variety of casual dining opportunities for every taste, budget and occasion. Find a Glens Falls NY restaurant from the list below.
Park & Elm
Glens Falls, NY
Park & Elm is a multi-concept eatery with a gourmet market, delicatessen, and fi ne dining restaurant located in walkable downtown Glens Falls. Enjoy an elevated dining experience, grab a breakfast or lunch to go, or shop the market for local goods.
Park 26
Glens Falls, NY
Park 26 is an innovative restaurant that offers locally-inspired, modern American cuisine that’s perfect for a date night, business dinner or family celebration. Located inside The Queensbury Hotel in Glens Falls.
O’Toole’s Restaurant Pub
Queensbury, NY
Whether you’re looking for a relaxed meal or a night of fun and excitement, you’ll want to come to O’Toole’s. We’ve got the best food, drinks and entertainment in the area! Come on in and experience dining at it’s best. We look forward to seeing you.
Jack’s American Bistro
Queensbury, NY
Jack’s American Bistro was the culmination of a lifetime spent in the restaurant business. After several months of planning in June 2004 the doors were open to a new dining experience in the Glens Falls/Queensbury area.
The Docksider Restaurant
Lake George, NY
Open year round on Glen Lake in Queensbury, The Docksider Restaurant features lunch and dinner with a fireplace for winter and a great deck for outdoor dining overlooking the water.
Fenimore’s Pub
Glens Falls, NY
Fenimore’s Pub in the heart of downtown Glens Falls is open daily for lunch and dinner.
Laurella’s Restaurant Offers Diverse Menu Of Italian-American Dishes And More
Davidson Brothers Restaurant
Glens Falls, NY
Located in downtown Glens Falls, Davidson Brothers Restaurant & Brewery is a hotspot for craft beer and food in a laid-back atmosphere.
Morgan & Co. Restaurant
Glens Falls, NY
Experience fine American dining in downtown Glens Falls at Morgan & Co. Every dish offers a unique and innovative twist on original recipes. Morgan & Co. also caters events from weddings to reunions and more!
The Grateful Den
Glens Falls, NY
The Grateful Den offers a different take on traditional pub grub, as well as classic favorites like chicken wings, burgers, and salads. Their menu also includes specialty appetizers, sandwiches, and plenty of craft beer options on tap.
The Log Jam
Lake George, NY
An authentic log cabin serving lunch and dinner daily. Featuring signature sandwiches at lunch and succulent prime rib, juicy hand cut steaks, live lobsters, fresh seafood, chicken,and more at dinner. All entrees include our bountiful salad bar.
Mint
Glens Falls, NY
Enjoy seasonally fresh fare and exquisite cocktails in a relaxed atmosphere at Mint in Glens Falls. The upscale yet casual restaurant works with around 50 local farms and businesses to be able to use fresh, thoughtfully raised, in-season ingredients.
Courtesy of GlensFalls.com
BY JILL NAGY
Laurella’s Restaurant at 21 Bay St. is new to Glens Falls, but its owner, Jerry Porreca, has a 40-year pedigree in the business.
The new restaurant opened in late December. The ambience is Italian-American, as is most of the menu.
Although most of the entrees are Italian, Porreca said, Laurella’s also offers hamburgers, salads, chicken wings, flat bread pizza, sandwiches and a children’s menu. The restaurant opens at 3 p.m. and the kitchen is open until 9 p.m. seven days a week.
There is a full bar and “happy hour” is from 3 to 6 p.m. everyday.
Porreca owned Smokey Joe’s in Lake George for 15 years, then operated the Olde Trading Post in Queensbury. He started his career in Hudson.
The new restaurant is in rented space in a building owned by Peter Hoffman, known as the Rogers Building. The space was once home to the Seafood on the Bay restaurant.
He brought in a childhood friend, Albany contractor Sam Greco, to do the build-out for the restaurant, beginning by knocking out walls and creating the right space.
“The place is beautiful. He did a great job,” Porreca said.
Laurella’s can seat 26 and also offers take-out. He just joined Door Dash, the online business, to handle home deliveries.
The restaurant’s name, Laurella’s, is Porreca’s mother’s maiden name. Aside from the name, however, no other family members are involved in the enterprise.
His clientele skews toward older folks, Porreca said, but he sees a mixed crowd, including families, some of them attracted by the children’s menu. On some Friday and Saturday evenings, there is “laid back” entertainment, usually one or two musicians. The website for Laurella’s is www.laurellasrestaurant.com. The telephone number is 518-281-6369.
Wednesday thru
Kiss: French Drink: Russian Eat: American
14 • GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 w w w l o g j a m r e s t a u r a n t c o m • Lu nch and Di nne r Da ily •Maj or Cr ed it Ca rds •Pri me R ib •Fr esh Chic ken & P or k •Li ve Lobs te r •Char -broi le d S te aks & La mb •Fr esh Fis h •Sa lad B ar w it h a ll Lunc h a nd Dinne r Ent re e s Ro utes 9 & 149 I-87 Exit 20, Lake George, NY R e s e r v a t i o n s : (518) 7 9 8 - 1 1 5 5
Queensbury
730 Upper Glen Street
NY
Saturday 4:30 - 9pm Reservations recommended
Market&delicatessen:tuesday-saturday(7am-9pm) Park & Elm - Dining Room 19ParkStreet,GlensFalls,NY12801 parkandelm com | 518-480-3220
Laurella’s Restaurant was opened by Jerry Porreca at 21 Bay St. in Glens Falls in December. Porreca has been in the restaurant business for some 40 years.
Eden Whitaker Heads Slate Of Officers For The Southern Adirondack Realtors In 2023
Southern Adirondack Realtors installed a slate of new leaders at its holiday gala in December.
SAR officers include Eden Whitaker of DeMarsh Real Estate, president; Jessica Sherry of the Sherwood Group, president-elect; Lisa Ostrander of Howard Hanna Real Estate, secretary; and Saraha Millington of Gallo Realty ADK, treasurer-elect.
Whitaker, who also served in the same role in 2017, intends to lead the association and its members through the transition from a very active housing market to a changing industry in the legislative landscape, focusing on both the professional development of Realtors and their advocacy efforts.
“Realtors engagement in the legislative and political process protects the rights of property owners and ensures the availability and affordability of housing,” said Whitaker. “We are the ‘Voice for Real Estate’ in the region, and part of that charge is the responsibility of being advocates for our clients and customers.”
Whitaker also reaffi rmed the local trade association’s commitment to the community, adding that Realtors “are caring members and dedicated volunteers to their communities. We will always prioritize partnership and collaboration with any organization looking to improve our quality of place.”
Catherine McDonough of Hunt Real Estate
is past president.
Directors for 2023 are Lisa Grassi Bartlett of Exit Realty, Gloria Bolesh of Howard Hanna Real Estate, Scott Cross of Berkshire Hathaway Home Services, Howard Denison of DeMarsh Real Estate, Mark Ladu of Davies-Davies Real Estate, Brian Williams of Levack Real Estate and Dan Davies of Davies-Davies Real Estate.
Springs/Ballston Spa includes Parcel #190.
Large Road Frontage, high volume traffic with proximity to several businesses. Property is 1.80
Adirondack Trust Bank and kitty corner from Stewat’s convenient store located on intersection of Route 50 & Northline Rd, only 5 Min to I87, lots of traffic at this intersection Scotia, and Schenectady, etc. Make your DREAM BUSINESS! Amenities; Minutes to SPAC, State Park, Race Track, Casino, Broadway, and Restaurants.
Abeels Restaurant
Turn-Key Saratoga County Bar and Restaurant Business
910 Rock City Rd, Milton 699,900
Turn-Key Saratoga County Bar and Restaurant Business 910 Rock City Rd, Milton - $699,900
Located close to Saratoga County Airport, 5 miles to SPAC, 10 -15 minutes to downtown Saratoga and 40 minutes to Albany International. Property is 3.83 acres and is zoned R02 Rural zone. Rear yard has an irrigation system, pond, garden, and patio. Plenty of growth opportunity for the right vision!
Located close to Saratoga County Airport, 5 miles to SPAC, 10-15 minutes to downtown Saratoga and 40 minutes to Albany International. Property is 3.83 acres and is zoned R02 Rural zone. Rear yard has an irrigation system, pond, garden, and patio. Plenty of growth opportunity for the right vision!
Thomas R. Trevett Real 16 Greybirch Trail Ballston Spa, NY
Office: 518
trevettgroup@aol.com
2205 Doubleday Avenue Milton - $1,200,000
Located in City of Saratoga Springs/Ballston Spa includes Parcel #190.-2-262.2 Large Road Frontage, high volume traffic with proximity to several businesses. Property is 1.80 acres and has 2 cutoffs from Route 50. Right across from Hoffman Car Wash, and Adirondack Trust Bank and kitty corner from Stewat’s convenient store located on intersection of Route 50 & Northline Rd, only 5 Min to I87, lots of traffic at this intersection to Downtown Saratoga Springs, Ballston Spa, Burnt Hills, Ballston Lake, Scotia, and Schenectady, etc. Make your DREAM BUSINESS! Amenities; Minutes to SPAC, State Park, Race Track, Casino, Broadway, and Restaurants.
GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 • 15 • • Available Commercial & Residential Properties We’d like to promote your commercial or residential property. Call us, 581-0600. Move right into this beautiful 3 bedroom, 2.5 bath modern colonial on a 1.12 acre lot. Features include an open floor plan, first floor primary suite, crisp white kitchen with granite countertops, stainless steel appliances, espresso color hardwood floors, first floor laundry room, office, high ceilings and a TREX front porch. Two more bedrooms, loft area and full bathroom upstairs. Corner 1.12 acre level lot with fully fenced rear yard. Radon system in place. Two car garage presently has one bay built out as a high-end workshop. 40 Spotswood Drive, Corinth, NY 12822 $374,900 Valerie Thompson, Associate Real Estate Broker 518.421.7264 | vhtrealtor@roohanrealty.com REVETT GROUP Specializing in… Residential and Commercial Sales Set up as ¼ page use two photos use logo top of page contact info below tetx. Let me know when ready an I'll send proof to Tom and figure pricing Asset Management • Serving all of New York State 16 Greybirch Trail • Ballston Spa • NY 12020 • (518) 885-3941 • Fax: (518) 363-0233 Robinhood Motel 2205 Doubleday Avenue Milton 1,200,000 Located in City of Saratoga
ABEELS RESTAURANT
ROBINHOOD MOTEL
FOR SALE COMMERCIAL PROPERTIES
Thomas R. Trevett • Real Estate Broker/ Owner • 16 Greybirch Trail, Ballston Spa, NY Office: 518-885-3941 • trevettgroup@aol.com
Eden Whitaker of DeMarsh Real Estate, president, Southern Adirondack Realtors.
Expert electrical service. 518.389.7411 MrElectric.com/Queensbury Locally Owned and Operated Franchise
Courtesy Southern Adirondack Realtors
16 • GLENS FALLS BUSINESS JOURNAL • FEBRUARY 2023 Since 1945 Eastern Heating and Cooling, Inc. has been serving commercial and industrial customers through Upstate New York, Western Massachusetts and Southern Vermont with designs, installation and maintenance service. When faced with difficult complex problems, experience matters. Quality People. Buildin g Solutions Chuck
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Dave
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48
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