Saratoga Business Journal - November 2023

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SARATOGA BUSINESS JOURNAL

VOL. 28 NO. 09

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Saratoga YMCA Unveils $8.9M Expansion Ballston Spa Gears Up For Winter Magic: With Innovative Offerings For All Ages Annual Holiday Parade & Tree Lighting

The Saratoga Regional YMCA welcomed the community to a ribbon cutting ceremony to celebrate the grand opening of its newly expanded space on their West Avenue campus.

The Ballston Spa Holiday Parade and Tree Lighting event is set for December 1, 2023. The parade kicks off at 6:30 pm, starting from the intersection of South Street and Milton Ave.

Courtesy Saratoga TMCA

BY CHRISTINE GRAF The Saratoga Regional YMCA recently celebrated the grand opening of its newly-expanded West Avenue facility. The $8.9 million expansion project was funded in part by a $3 million gift from Stewart’s Shop and the Dake Family. The Robert and Lisa Moser Family Foundation Inc. contributed $1 million towards the project, and additional funds were provided by individual donors and community partners.

“We’re still raising needed funds to help offset the cost of the project,” said Saratoga Regional YMCA Executive Director Steve Butler.

The 23,000-square-foot expansion includes a new gymnasium, an indoor play center, a wellness center, and an intergenerational lobby that connects the YMCA to the brand-new Saratoga Senior Center.

The center relocated to the YMCA campus from its previous location on Williams Street and operates independently of the YMCA. “Members of the SRYMCA and members of the Saratoga Senior Center can now access both facilities seamlessly through our Robert and Lisa Moser Family Foundation Inc. Intergenerational Lobby,” said Butler. “The spacious lobby area has various

seating options for individuals and families to connect and engage with one another, enjoy a cup of coffee together, participate in a virtual meeting, or play a board game. It’s also a place where our Before & After School Program children can focus on their academics and finish up their homework during our care.”

The C.R. Wood Foundation basketball gym, located on the first floor of the new building, will be used for much more than basketball. Although not a full-sized gym, it does have two basketball hoops.

“We are currently running a lot of our smaller mini-active play groups in the new gymnasium. We will also be able to use this new space for our preschool program, youth sports programs such as our 3 vs 3 basketball leagues and Little Rookie classes, and also offer members open gym time,” said Butler.

“This space allows us to expand our program options and serve more children and families.”

The Mike and Linda Toohey Indoor Adventure Center, a multi-level play structure for children between the ages of 2 and 9, can also be found on the first floor of the new building. The adventure center will be utilized by the YMCA’s child care programs, Continued On Page 2

Courtesy Ballston Spa Business & Professional Associatiom

The Village of Ballston Spa will soon become a winter wonderland. The Ballston Spa Business & Professional Association has begun preparations for its annual Holiday Parade and Tree Lighting taking place on Friday, December 1st on Milton Avenue.

A hometown style tradition, this December favorite typically draws hundreds of spectators to Ballston Spa to watch the brightly decorated floats, fire trucks and community groups parading through the village. The parade steps-off at 6:30pm on the north side of Milton Avenue and proceeds to West High Street. Following the parade, Mr. and Mrs. Claus will arrive on the back of an Eagle-Matt Lee Fire Company truck to light the tree in Wiswall Park.

We are excited to announce the parade entries will be judged this year in the following categories: Best Emergency Vehicle Entry, Best Float Entry, Best Walking Entry, and the Brightest Light Award. The brighter and more festive the better.

The parade will once again spotlight the Toys for Tots campaign, in partnership with the Ballston Spa Community Emergency Corps, Saratoga County Sheriff Department and the U.S.

Marine Corps. Volunteers from these organizations will be on hand to collect donations of new, unwrapped toys from spectators along the parade route as well as at the tree lighting.

“We look forward to this event all year,” said Michelle Burlingame, Holiday Parade Committee Chairperson. “It’s always an exciting evening that brings festive holiday cheer to the entire village.”

The parade headlines a holiday themed “First Friday” in Ballston Spa. Home to unique shops, museums, and popular restaurants, Ballston Spa pulls out the stops for December’s First Friday by filling the village with a merry atmosphere.

Many businesses will be open with special holiday activities and specials, while Ballston Spa High School singers and musicians as well as Union Fire Company band members perform carols on the street corners.

Parade Registration is now open. Sponsorship opportunities are currently available for businesses and organizations who would like to help support the parade. The event is free to spectators. To learn more about the Ballston Spa Holiday Parade and Tree Lighting, visit www. ballson.org

Forensic Accounting FAZ CPAs Has New Saratoga County Chamber Of Commerce Office, Enhances Services In Saratoga Springs Launches Love Our Locals $20.23 Campaign FAZ Forensics, a leading Forensic Accounting firm specializing in forensic accounting, valuation, and litigation support, announces its relocation to a new and expanded office space in downtown Saratoga Springs, NY. The move comes as a result of the company's remarkable growth, having doubled its staff and revenue since its founding.

Seven years ago, Ferraro, Charles Amodio, and Paul Zarecki established their firm following the dissolution of the merger between Albany CPA firm BST and the New Jersey-based Sax. The new office, located in downtown Saratoga Springs, provides FAZ with a strategic and accessible location to better serve its clients and accommodate its growing team. The decision to move aligns with the firm's commitment to delivering top-notch forensic accounting services while fostering a collaborative and dynamic work environ-

ment.

FAZ has been at the forefront of the forensic accounting industry, offering expert services in financial investigations, valuation, and litigation support. With a proven track record of success and a dedicated team of professionals, the firm has experienced significant expansion, necessitating the move to a larger and more centralized office space.

The move to downtown Saratoga Springs marks the beginning of an exciting chapter in the growth and development of FAZ. The firm is dedicated to delivering high-quality solutions to its clients and contributing to the success of their clients.

The new address for FAZ is: 268 Broadway, Suite 203, Saratoga Springs, NY, 12866.

The company looks forward to continuing its success and contributing to the vibrant business community of Saratoga Springs.

The Saratoga County Chamber of Commerce 2023 edition of the Love Our Locals $20.23, is underway and will run through the remainder of the year. The campaign will highlight local businesses and non-profit organizations throughout Saratoga County.

Beginning in November, it continues through Sunday, Dec. 31. When residents and tourists support any business or non-profit in Saratoga County by spending or donating $20.23 or more, they will be eligible to enter a gift card giveaway.

Individuals are encouraged to submit their receipt of $20.23 or more online at www.saratoga.org/love-our-locals to enter. Each week, the Chamber will randomly select winners for $100 in gift cards to businesses across the county.

Love Our Locals $20.23 is generously sponsored

by MVP Health Care, Hoffman Car Wash and area businesses that donate gift cards. In addition to the chance to win gift cards, each person who submits a receipt will receive a voucher for Continued On Page 15

Todd Shimkus and volunteers kicked off the Love Our Locals $20.23 Campaign

2 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

Strategic Planning Simplified: 8 Key Questions To Steer Your Business Toward Success Budgets. Strategic Planning. Annual Planning. ‘Tis the season ... but who has time? For many business owners it can be hard to work ON your business, rather than feeling the pull to solve IN the business issues. In this article we’ll share a simplified approach to strategic planning.

Can you gather your leadership team and answer these 8 Questions?

1. What are your Core Values?

I don’t mean your aspirations or the words on a plaque. Rather, what are the behaviors that define your best team members? Who do you LOVE working with - including vendors and clients? What do they have in common? Your core values define the right people for your company.

They act as a magnet - both attracting and repelling!

2. What is your Core Focus?

This is your reason for being; it’s what you’re best at doing! Others call it a mission. It comes from your core and it should give you a filter to help you focus your energy. In Good to Great, Jim Collins says. “You are more likely to die of indigestion of too many opportunities than you are of starvation of not enough.”

3. What is your Core Target?

Pick a timeframe - 10 years? 15 years? Then identify what you REALLY want to accomplish.

Be brave. You are inviting people to be part of...... what?

4. What’s your Marketing Strategy?

Who is your ideal customer and what do they need to hear from you in order to part with their hard-earned money? You don’t need to become a household name. You do need to focus your Marketing and Sales efforts.

5. What is your 3 Year Picture?

A big goal is empowering. Daily details can drive you to frustration. Making sure that your team agrees on the general direction, a 3 Year Picture, can bridge the gap. Massive growth with multiple locations? Streamlined operations and cross-trained superstars? Where are you headed in the near term?

Wendy Waldron , the owner of WaldronWorks, is a Professional EOS Implementer®.

6. What are your 1 Year Goals?

Identify just 3 - 7 priorities for the year and rally your team to accomplish them! Of course, this also means you are deciding on things that you will not pursue - or be distracted by!

7. What are your ROCKS? Rocks are 90 Day goals. What needs to be true 90 days from now in order for you to accomplish the annual goals? What role can each person play in driving accountability and success?

8. What are your Issues?

What needs to be decided, addressed, or cleared out of the way? What threatens your success? Name them and solve the root cause for good! Make a list and clarify which items can be parked for 90 days and which ones need attention right away.

Now, having answered those 8 questions. Is it easier to set a budget? Is the path forward more clear? What will happen when your entire team is rowing in the same direction? . I hope you’ll have even more to be thankful for at this time next year

YMCA Expansion Continued From Page 1

open play times, toddler times and family times will be scheduled throughout the week. The Adventure Center can also be booked for birthday parties, which has been a hot commodity currently, with parties booked through January!

The Fort Miller Group Inc. Wellness Center, located on the second floor, is a 7,200- square-foot fitness center. It contains 3,000 feet of turf as well as a variety of functional fitness equipment.

“It has squat areas, functional areas, battle ropes, sleds for pushing, tires for flipping, and cardio equipment options as well,” said Butler. “A little something for everyone with a more modern fitness flare.”

In addition to the wellness center, the second floor features a 2,200-square-foot cycle studio that can accommodate more than 40 people. Down the hall from the cycle studio is the Dave and Stephanie Collins Multi-Purpose Studio 2. The multi-purpose studio contains 6 different half-racks and rigs that can be used for deadlifts, squats, and benching ad many other weight-based training opportunities.

The room is also being used for large group training classes including many of our Evidence Based programs like our Livestrong Program, a program for cancer survivorship, Enhanced Fitness, a community-based senior fitness and arthritis management program, Moving for Better Balance, a 12-week evidence-based, instructor-led group program designed to improve strength, balance, and flexibility through the slow and therapeutic movements of Tai Chi. The SRYMCA also offers a Blood Pressure SelfMonitoring program as well as Walk with Ease, a program for those dealing with mobility issues, and coming soon, a Bariatric Recovery Program.

“We will also be using our new space for our newly developed Elevate classes that will be launching in January 2024,” said Butler. “Elevate is a series of large group training classes offered six times a day at five days a week to really challenge yourself through circuit training. 50-minute classes where you will be pushed to your fullest potential from two certified personal trainers. Members will be able to sample our classes completely free for the month of December before fully launching in Janu-

ary.”

As for group exercise classes, they will be held in the building’s new 2,200-square-foot group exercise studio. Class offerings include Les Mills Body Pump, Silver Sneakers, Zumba, Power Moves, and Body Combat.

“It’s a large, beautiful room that gives people a more private area to take a class compared to some of our current spaces,” said Butler.

The Saratoga Regional YMCA also provides opportunities for members to participate in evidence-based health initiatives. Three of those initiatives-- Pedal for Parkinson’s, Power Moves, and Rock Steady Boxing—are designed for people with movement disorders.

In addition to offering a wide variety of evidencebased, fitness, aquatic, youth sport, and adult sports programs, the Saratoga Regional YMCA also offers HydroMassage. An affordable alternative to traditional massage, HydroMassage utilizes pressurized heated water. For $25 a month, members are entitled to receive a daily 10-minute massage.

For an additional monthly fee, members also have access to EGYM. By interfacing with a series of 9 different strength training machines, EGYM provides efficient and versatile workouts for all training objectives. Seats and weights are adjusted automatically, and users are guided through a fullbody workout that takes less than 20 minutes to complete. Through the EGYM app, users are able to track their progress and evaluate their fitness level.

“We are the only health center in a 100-to-200mile radius that has EGYM which is great for the individual new to strength training and not really sure where to begin,” said Butler.

According to Butler, membership costs have not increased as a result of the expansion. He also said financial assistance is available for those who can’t afford the cost of membership.

“The Y never turns anyone away for the inability to pay. Even if you don’t think you qualify, at least give us the opportunity to get you into a fitness at a cost that works for you. No other Health and Fitness Organization outside of YMCA can say they do that for people.”

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Personnel Briefs

Advance Auto, Sunmark Credit Union and Chase Bank Fill Wilton Perry Crossing •

Perry Crossing completes transformation: Advance Auto Parts, Sunmark Credit Union, and Chase Bank Anch or 5-acre retail hub

BY CHRISTINE GRAF Development of Perry Crossing, a 5-acre site located at3088 Route 50 in Wilton, is now complete. The property includes Advance Auto Parts, Sunmark Credit Union, and Chase Bank. Advance Auto Parts celebrated the grand opening of their 7,000-square-foot building in July. The 2,100-square-foot Sunmark Credit Union opened in September, and opening date for the 3,500-square-foot Chase Bank branch has yet to be announced by the company.

Perry Crossing was developed by Kenneth Brownell and Barry Feinman, principals at Vanguard-Fine LLC. of Guilderland.

A full-service real estate development company, Vanguard-Fine operates in Upstate New York, Vermont, Massachusetts, Connecticut, and Eastern Pennsylvania.

Established in 1994, the company owns or third-party leases more than 4 million square feet of retail, office, and industrial space.

“We bought the (Perry Crossing) property almost 7 years ago,” said Brownell.

“It’s a great piece of property, and there weren’t really any properties left on Route 50. So, we purchased it, speculated on it, and waited for the right moment to develop it.”

It wasn’t until after the pandemic that Advanced Auto Parts and Sunmark Credit Union expressed interested in the site.

“We also had another tenant that was interested. They ended up backing out, and Chase ended up being in the market

for a site. It worked out really well,” he said “They are creating a financial center and are looking to plug holes in the northeast.

Albany happened to be a wide-open market for them, and our brokerage company has actually brokered a number of Chase branches.”

Although Chase is expanding in the Capital Region, other banks are consolidating locations.

“They are cutting back on branches, and a lot of their real estate is coming back up,” said Brownell, noting that the commercial real estate market has slowed significantly.

“The market right now is slowing down because of interest rates. There was a lot of development that went on for a 5-year stretch, but with higher interest rates and higher construction costs, a lot of projects that used to work don’t work anymore.”

In addition to rising construction costs, the skilled labor shortage is also impacting development.

“We don’t have enough labor,” he said.

“They call it the graying tsunami—a lot of skilled tradesmen and construction workers are retiring, and there’s no younger folks coming into the construction trade.

It’s a real problem.”

Despite the slowdown in the market, Vanguard-Fine has several development projects in the works. They include the 54,000 square foot Lear Jet Park near Albany airport and a 62,000 square foot selfstorage facility in North Adams, Massachusetts.

Glens Falls National Bank and Trust Company is pleased to announce the appointment of Alex Rusate as Senior Vice President and Director of Internal Audit.

Mr. Rusate is responsible for managing the Internal Audit Department, which provides oversight over organizational risks and controls. He performs the same duties for Saratoga National Bank and Trust Company and Upstate Agency, which are part of the Arrow Family of Companies. Mr. Rusate reports independently to the Board Audit Committee on risk and audit issues and to the Chief Operating Officer on internal and administrative issues.

Mr. Rusate brings more than 10 years of experience to the role, most recently as Senior Internal Auditor for New York Independent System Operator, a non-profit organization that manages New York’s electric grid and competitive wholesale electric marketplace. He was previously a Senior Associate with KPMG. Mr. Rusate received a master’s degree in accountancy and a bachelor’s degree in accountancy and global perspectives from Bentley University in Waltham, Massachusetts. He is a Certified Public Accountant (CPA), Certified Internal Auditor (CIA) and Certified Information Systems Auditor (CISA). Mr. Rusate also attained his Certification in Risk Management Assurance (CRMA) and Certification in Control Self-Assessment (CCSA).

Mr. Rusate is a published author on numerous internal audit topics with Internal Auditors Magazine and is active in his community. He currently serves on the Town of Wilton, New York Ethics Advisory Board and on the Institute

•

of Internal Auditors Albany Chapter Board of Governors.

A native of Southbury, Connecticut, Mr. Rusate lives in Wilton, New York.

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4 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

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Gateway Landmark Transformed: Saratoga’s Lincoln Bathhouse Welcomes A Modern Facelift

Non-Profits Retirement Planning Holiday Gift Guide Publication Date: December 14, 2023

Health / Fitness Economic Trends Tax / Business Planning

The Parks, Recreation, and Historic Preservation Office announces the completion of a $472,038 facade restoration at the Lincoln Bathhouse in Saratoga Springs.

The Office of Parks, Recreation and Historic Preservation has announced the successful completion of a façade restoration project at the Lincoln Bathhouse on South Broadway in Saratoga Springs. The $472,038 restoration enhanced accessibility and preserved historical features.

“Saratoga Spa State Park’s Lincoln Bathhouse is a distinctive landmark at the gateway to the city of Saratoga Springs,” State Parks Commissioner Erik Kulleseid said. “We are proud of the work to make the building more accessible to all visitors while honoring the park’s historic and aesthetic legacy.”

Most notably for accessibility, the project replaced a non-functional accessibility ramp with a modern and comfortable one that fits the bathhouse’s design. The terra cotta state seal that graces the front of the entrance has been restored to its original condition. The backlit lettering directly below the seal which has not been working in decades was repaired and modernized. Additionally, the building’s stucco had been repaired and repainted: the door hardware was upgraded and repairs to decorative metal railings and stone made.

Originally constructed in 1930, the building was built in the Beaux Arts Neoclassical style. Currently the Lincoln Bathhouse hosts the Saratoga Children’s Museum, the State Park Police, and the New York State Court of Claims. It is also set to become the future main office of Saratoga Spa

State Park.

The project’s restoration design was by Daniel Neary, an architect with the Capital Division of the Office of Parks, Recreation, and Historic Preservation, while the contracting work was executed by A. J. Catalfamo Construction, Inc. based in Hudson Falls, New York.

Project Manager Neary expressed his excitement for the return of the original backlighting behind the lettering in the terra cotta entablature above the entrance portico. He shared, “By day these letters still appear as dark cutouts, but now, with a combination of the new LED backlights and exterior floodlights, when the sun goes down the building’s name shimmers golden below the New York State Seal.” The restored lighting can be seen from South Broadway nightly.

This restoration project is part of a statewide effort to revitalize and enhance the State Parks flagship sites during the centennial celebration of the founding of New York States Park System.

Saratoga Spa State Park is one of the State’s flagship parks with a yearly attendance of around 3.5 million visitors. The park offers a variety of recreational options including a golf course, extensive hiking/biking trails, an automobile museum, concerts and natural spring baths. Please visit: https:// parks.ny.gov/parks/saratogaspa for more information.

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SARATOGA BUSINESS JOURNAL • NOVEMBER 2023 • 5

Record-Breaking Pre-Lease Rate Over 80% Summit In Halfmoon Readies For November Move-Ins

The Summit at Halfmoon a 110 unit independent 55+ senior living apartment complex prepares to welcome new residents.

BY SUSAN ELISE CAMPBELL On Friday October 27th, The Summit celebrated the Grand Opening of its fifth and newest location offering independent living for seniors aged 55 or older. According to Jen Nelligan, director of community operations, BBL Construction broke ground just over a year ago, and while residents won’t begin to move in until the 20th of this month, occupancy is already at a pre-leasing commitment rate of 80 percent.

“We are moving in a record number of people in November,” said Nelligan.

None had yet stepped foot into the new facility upon signing on the dotted line, but any who visited one of the other four locations would have “seen the quality of The Summit. The other buildings are models” for Halfmoon or any other location the profitmaking company may construct in the future, she said. “Quality is part of our brand.”

Nelligan said the success of an independent living community is the location.

“Halfmoon is a huge and growing area with many conveniences and amenities on Route 9,” she said.

Seniors already living in the area can “maintain the familiar” and continue to go to their own bank, doctor and post office, which Nelligan said is very important to many.

“It’s very common to pull in residents from a close radius, and many are being drawn by family to return to the area,” she said.

Probably one-quarter of the residents are relocating from outside the Capital District, according to Nelligan.

The Summit is characterized as “a 55+ active adult community with stand-alone independent living” and no provisions for assisting living.

“Enhancing independence is our mission,” Nelligan said. “Our residents can come and go as they wish without worrying about lawn care or shoveling snow.”

“We look at trends across the country and there are many options in independent living,” said Nelligan. “These residences may be called many things, but The Summit is for active adults.”

“Active adults are a growing segment for

Courtesy The Summitt at Halfmoon

housing in the Capital District,” she said.

“The Summit provides safety and security, but also fun things,” she said. “There are endless possibilities for socialization, fitness, and learning.”

Each resident has a comfortable apartment with a full kitchen, washer and dryer, and a balcony or patio, according to Nelligan.

“But every inch of the facility is an extension of the resident’s home,” she said.

Everything is under one roof: the library, chapel, salon, movie theater, lounge, indoor pool, private dining room, and more, all included in the monthly rent along with daily continental breakfast, she said.

Through a comprehensive program called Connected Life, residents are able to choose activities according to their personal tastes and abilities.

Nelligan said every independent living facility offers some degree of programming, but that Connected Life “creates a sense of community that begins in the morning and can be tailored to each Summit location.”

For example, one location may have a lot of interest in knitting or crafting while another enjoys museums and the theater. There is no fee for fitness classes, happy hours, group discussions and other activities, but there would be an added cost for admissions or tickets, she said.

At times the different Summit facilities “join forces to fill a big charter bus” for such excursions as going to the Bronx Zoo or New York’s botanical gardens, as they have in the past.

There is a Summer Bocce Ball Tournament hosted at one of the locations and whoever wins that year is host to the games the following year.

“In 2024 we will now add a fifth team,” said Nelligan.

“A big piece of active senior living is wellness,” she said. “At all our locations we conduct 40 to 50 fitness classes per month, which are good for the body, mind and soul.”

Nelligan said that whenever someone joins a Summit community, “it is an honor to be chosen.”

“The family of communities works toContinued On Page 7

Love For Locals

Continued From Page 1 one free car wash at a participating Hoffman Car Wash location (limited to one per person).

This campaign originated during the pandemic as Save Our Locals $20.21, which resulted in more than 2,000 entries from locals whose purchases directly aided in the county’s economic rebound from COVID-19 restrictions.

In 2022, the Save Our Locals program was recognized with a New York State Tourism Excellence Award from the New York State Tourism Industry Association.

Last year, the campaign was renamed Love Our Locals $20.22, and it remained a popular and purposeful initiative.

“This campaign played a crucial role in helping to boost the county’s economic recovery during and after the pandemic, and this year we hope it will continue to invigorate the small business community and help encourage folks to shop and support local,” Saratoga County Chamber of Commerce president Todd Shimkus said.

“As 2023 comes to a close, we encourage area residents to keep showing love to our local businesses and non-profit organizations that make our region so special.”

While the campaign takes place during the holiday shopping season, it is designed to sup-

port a wide variety of businesses and organizations from the retail, dining, service, entertainment and non-profit sectors. Eligible purchases can include hair care, car repairs, home improvement projects, dry cleaning, hotel stays, dining at restaurants, concert tickets, snow removal, fitness club memberships, eyeglasses, flowers, toys and holiday decorations. Donations made to area charitable organizations are also eligible for entry.

“Thank you for thinking local,” Shimkus said. “Your support truly matters, and together we can make a difference in the sustainability and longevity of our local businesses and nonprofits.”

Gift card donors to date include Active Ingredient Brewing Company, Bellatas Medical Aesthetics, Coffee Planet, Common Roots Brewing Company, Curtis Lumber, Dancing Grain Farm Brewery, The Dark Horse Mercantile & Impressions of Saratoga, Eddie F’s New England Seafood Restaurant in Saratoga and Clifton Park, The Flats Restaurant & Tavern, Samantha Nass Floral Design, Silverado Saratoga, Susan Blackburn Photography, Taverna Novo, The Saratoga Day Spa and Unified Beerworks.

More information on Love Our Locals $20.23 is available at www.saratoga.org/love-our-locals.

Businesses that would like to donate gift cards and be featured in this campaign are invited to email loveourlocals@saratoga.org for more information.

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6 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

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Business For Good Bolsters Leadership Team With Hospitality And Non-Profit Experts Business for Good announces the hiring of Richard DeJesus, Chief Operating Officer of Hospitality, and Mare Pieper, Director of Giving & Grants.

Richard DeJesus will be responsible for steering business strategy, revenue generation and growth, and operational oversight across the portfolio of hospitality assets, including Hattie’s Restaurants in downtown Saratoga Springs,Wilton, and the soonto-launch Albany location; Bread Basket Bakery in downtown Saratoga Springs and Bread Basket Cake Shop in Wilton; and the soon-to-be-opened Blackbirds Tavern and Blackbirds Bike Cafe in Voorheesville. His team will play an important part in supporting Business for Good’s mission of making lasting change in local communities.

DeJesus is a seasoned finance executive with a proven record of leading companies to meet and exceed their revenue and profitability goals year-over-year. He brings more than 15 years of experience in various industries, including sports and entertainment, as well as three years in Big 4 accounting. DeJesus was the Vice President of Finance at Madison Square Garden Sports, where he achieved record revenues in 2022 and 2023. Prior, he was the Senior Director of Finance at Legends, where he facilitated investments and promoted future growth. He began his career as an Accountant at Centerplate (now Sodexo Live!), with oversight on financial details for that company’s exclusive food service agreement at Yankee Stadium.

Pieper brings more than 30 years of non-profit experience to the Business for Good team. With expertise in organizational development, strategic growth, relationship-based donor cultivation and community engagement, Pieper has a profound understanding of how to turn a hopeful, aspirational idea into a reality.

Prior to joining BFG, Pieper served as Executive Director of The Maternity & Early Childhood Foundation, which provides grants, training, and advocacy for community organizations in New York State. Pieper was part of the founding board of Pitney Meadows Community Farm in 2016, where she also served as Interim Executive Director from February through August 2023.

“Both Richard and Mare will bring a collaborative leadership style to our team, which will only help propel our projects and initiatives to an exciting new level,”said BFG co-Founder Ed Mitzen.

“We are excited to have them join us as we continue to grow and expand.”

“The success of our team hinges largely on the passion and talent of everyone in our organization,” added BFG co-Founder, Lisa Mitzen. “The additions of Richard and Mare will be essential to BFG’s continued growth and success.”

In its continued quest to have its business model become an example for cities across the country, Business for Good is proud to be a 2023 Award winner of Fast Company’s third annual Brands

Richard DeJesus, Chief Operating Officer of Hospitality for Business For Good. that Matter. The list recognizes brands and honors companies and nonprofits that have built cultural relevance and impact through compelling branding and efforts that naturally extend their presence in communities. Business for Good was distinguished as one of just four companies nationally in the “On the Rise” category, which honors businesses that have been in operation for less than four years.

Business for Good has also recently added team members to its finance, operations, and marketing departments, as the organization continues to extend its presence into communities across the region.

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SARATOGA BUSINESS JOURNAL • NOVEMBER 2023 • 7

Carruth Foundation Pledges $35,000 Match Capital Region’s GTM Payroll Services Enhances For Saratoga Springs Preservation Campaign Offerings With GTM Insurance Agency The Saratoga Springs Preservation Foundation announced that the Carruth Foundation has pledged $35,000 to match all gifts received to the Revive 65 campaign to underwrite the rehabilitation of 65 Phila Street. This comes after the Foundation recently announced the final stretch to raise the remaining $100,000 for its campaign.

“This is such an amazing gift! This pledge, combined with the recently received $30,000 grant from the Saratoga County Supervisors Matt Veitch and Tara Gaston, if matched, will meet our $100,000 goal in record time,” said Executive Director Samantha Bosshart, The long-neglected 1851 Alexander A. Patterson House located at 65 Phila Street - important for its associations with the early development of the city, the spring waters, and the Jewish community – had been on the Foundation’s endangered list for over 20 years and threatened by demolition in 2021. In 2021, the Foundation purchased it with the intent to stabilize the Italianate building, execute environmental abatement, and complete an exterior restoration.

“Brady and I feel very passionate about helping to maintain the history and integrity of this beautiful city. We are proud to do what we can, as well as encourage others to do so as well,” said Zane Carruth.

After the Foundation first announced its plans to rehabilitate 65 Phila Street, the Carruth Foundation was quick to show their support with a $50,000 donation to the project. Since then, the environmental abatement and interior demolition were completed. The porch framing and portions of the exterior siding were repaired.

The original porch railings and columns, as well as the historic window sashes, were carefully restored off-site. A new roof for the main structure has been installed. The structural stabilization and framing of the east extension was recently finished. The exterior painting in historically appropriate colors is nearly complete.

“The support of our community is why projects like this are possible. The Carruth Foundation has been very generous to the Revive 65 campaign and continues to amaze me with their dedication to preserving Saratoga Springs. I am certain others will be inspired to donate and receive a match for their contribution,” said Michele Funiciello, president of the board of directors.

Over the upcoming months, contractors and volunteers will finish the porch restoration; in-

Supervisor Matthew Veitch presents Samantha Bosshart a grant for $30,000. stall the roof for the east extension; restore the historic windows; complete siding repairs and painting; reinstall the historic front door; and develop a landscape plan. Once the Foundation completes the exterior restoration, it will sell the property to someone who will complete the interior rehabilitation and be a good steward for years to come. The net proceeds from the sale of 65 Phila Street will go towards future community preservation projects.

To complete the identified scope of work, the Foundation needs help to raise the remaining $100,000 by December 15 to underwrite the cost of the labor and materials. Every gift received from October 9, 2023, through December 15, 2023, will be matched dollar-for-dollar up to $35,000 thanks to the support of the Carruth Foundation.

“It is exciting that not only will contributions be matched dollar-for-dollar thanks to the generosity of the Carruth Foundation, but also these contributions will have an impact far beyond 65 Phila Street. I’m looking forward to the Foundation reinvesting in new opportunities to preserve Saratoga Springs,” said Bosshart.

To learn more about Revive 65 and other initiatives of the Saratoga Springs Preservation Foundation or to donate, please visit www.saratogapreservation.org.

GTM Payroll Services (GTM), a Capital Region leader in payroll and human resource solutions, announced a significant expansion of the insurance and employee benefit products and services it provides to businesses. Offered through a new affiliate, GTM Insurance Agency, GTM is further enhancing its ability to integrate essential business solutions that save companies time and money while delivering operational efficiencies.

Founded in 1991, GTM has offered workers’ compensation insurance with pay-as-you-go and robust payroll reporting options to businesses for more than two decades. The expansion of GTM Insurance Agency enables access to a wider variety of products and services utilizing local carriers, including MVP Healthcare, CDPHP, and Highmark, and national firms, such as The Hartford, Prudential, and Travelers Insurance, among others. Importantly, all of its sales, operations and support staff – including 4 new hires – are based in the Capital Region, at the same time several area insurance agencies have been acquired by larger firms from outside the region.

“We’re delighted to expand these critical business solutions, and to deliver them with the care, commitment and personalized service of a local firm with a 30-year history of excellence,” said GTM Payroll Services’ Founder and CEO Guy Maddalone. “By integrating payroll, HR, insurance, and employee benefits, combining our automated carrier connections and online open enrollment process to simplify business obligations, and supporting those products and services with

dedicated GTM professionals who are part of our community, we can help clients create efficiencies that build their bottom line.”

Working with an array of providers, GTM Insurance Agency is able to customize business solutions to meet the unique needs of each client. That includes insurance products, from general and commercial liability to cyber/data breach and employment practice liability, and employee benefits, including health, dental, vision and life insurance, as well as flexible spending accounts and transportation and commuter benefits.

Staffed by an experienced team of insurance professionals, the agency is headed by industry veteran Ed Catalano. With more than 20 years of extensive experience, his background includes running all aspects of an independent insurance agency as well as managing claims for several Fortune 500 insurance carriers, rotating throughout the claim center into different management roles.

“I’m thrilled to join GTM and have the opportunity to lead its new insurance affiliate,” said Catalano. “With access to multiple carriers and insurance and benefits solutions, the ability to deliver exceptional local support and service, and the foundation provided by a longtime and trusted Capital Region business, we are wellpositioned to meet the needs and budgets of current and future clients.” GTM Payroll services has main office is in Clifton Park with a second location in Glens Falls, NY. For more information on GTM Insurance Agency, visit www.gtminsuranceagency.com.

Summit In Halfmoon Continued From Page 5

gether to provide what the residents want, and they want to stay in their apartments at The Summit,” she said. “All locations operate full and there is only an occasional opening.”

The new Halfmoon location is “a gorgeous building in the heart of the town” that fi lls a gap between the facilities in Milton and Glenville, said Nelligan.

Rates at The Summit Halfmoon are at the higher end of the market, according to Nelligan, or between $2,385 and $3,715 per month.

There are 110 units with one or two bedrooms and rent includes all utilities, maintenance and storage. Garage space is extra.

The October 27th opening was at 10:30 a.m. and attended by partners at The Summit, representatives from the Capital Region Chamber of Commerce, BBL Construction and NBT Bank, local officials, and several residents.

Go to summitseniorlife.com for more information.

Sean Dion Co-Owner Mr. Electric of Queensbury Reads

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8 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

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SARATOGA BUSINESS JOURNAL • NOVEMBER 2023 • 9

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SPECIAL SECTION

Holidays

Saratoga And Glens Falls Gear Up For Holiday Toys For Toga Kicks Off 11th Annual Celebrations In November And December Holiday Toy Drive And Fundraiser

Holiday music and festivities will entertain from 6 to 9 p.m. November 30 as this years edition of the Victorian Street Walk kicks off the 37th year of this holiday tradition.

Toys for Toga holiday toy drive and fundraiser is back for its 11th consecutive year and organizers hope to raise more than 3,000 toys and raise $8,000 for Saratoga County kids.

BY JILL NAGY November and December will be a busy months for holiday celebrations in Saratoga and Glens Falls. In Saratoga Springs, the Victorian Street Walk will be back in its previous format from 6 to 9 p.m. November 30. Glens Falls has renamed its outdoor holiday market, scheduled for December 1-3, the Adirondack Holiday Festival. Glens Falls also plans a holiday decorating contest open to homeowners, apartment dwellers, and business owners. The Festival of Trees returns to the Saratoga City Center November 20 to December 4. And there are rumors of a holiday parade in South Glens Falls.

This is the 37th year for the Saratoga Springs Victorian Street Walk, an event that has evolved from a street festival largely sponsored by local business owners as “a great way for businesses to welcome people and thank them for their support,” according to Deann Devitt, board president of the Saratoga Springs Business Association, the main organization running the event. Over the years, it has grown to a night of entertainment in downtown businesses and on the streets. During the height of the Covid pandemic, the event was changed from a weekday evening to a full weekend, in order to minimize crowds. This year, it returns to its previous format. Before the pandemic, close to 10,000 people would crowd Broadway for the walk. In between, “It’s been a couple of weird years,” Devitt said. This year, with people still shy of crowds, she expects some 5,000 walkers.

The evening will begin with the lighting of a holiday tree. City employees from the Department of Public Works will bring the tree and set it up. Munter Enterprises, another of the tree sponsors, will lend a lift to get the tree onto its stand. Rena Fine Flowers, a Saratoga Springs florist, was hired to decorate the tree.

Once the tree is lit, “this kicks off the season for Santa.” Devitt reports. He will be in his Santa Cottage to welcome children with their

The Toys for Toga holiday toy drive and fundraiser is back for its 11th consecutive year, and with the help of the public and three new fundraising partners, organizers hope to collect more than 3,000 toys and raise $8,000 for Saratoga County kids in need this holiday season.

Through Dec. 10th, the public can donate new, unwrapped toys at any of the more than 80 participating Saratoga County businesses. Participating businesses include local restaurants, bars, retail stores, hotels, and more, with a Toys for Toga toy collection bin.

Toys for Toga has three new partners this year: packaging producer Ball Corporation, charitable organization Brewnited and Franklin Square Market.

“Toys for Toga has become a truly collaborative community program and with all of our new partners this year, we are going make the holidays extra special for even more kids this year,” said Carmine DeCrescente III, Vice Presi-

wish lists and letters. Weather permitting, Mrs. Santa will accompany him but, Devitt explained, Mrs. Santa is getting on in years (“aren’t we all?”) and cannot always sit in the cold for long periods of time. An elf or two will fill in, if necessary.

Broadway will be closed to traffic from Ellsworth Jones Plaza to the Washington Street intersection., and much of the entertainment will be at 25 sites out on that street and sidewalks. Many of the entertainers—school choruses, dance school troupes, local bands, the Racing City Chorus, and the like—are volunteers; a few performers are paid. Pamela McCall, an author and publisher, will help mark the 200th anniversary of “Twas the Night Before Christmas” by explaining the history of the poem and reading parts it during the evening. Many businesses will also have entertainers inside and several of them will offer light snacks: cocoa, cookies, doughnuts, candy, popcorn, pasta samples, etc. “We want people to use the restaurants to warm up and have a meal,” so Devitt hopes the freebies will be limited.

The Downtown Business Association, the City of Saratoga Springs, and individual businesses, notably Four Pillar Funding and Adirondack Trust Co. and a city Special Assessment District are sharing the cost of the party and “we still have sponsors coming in.”

No sooner does the Street Walk end, than it is time for the Glens Falls Downtown Collaborative to begin the Adirondack Holiday Festival, a three-day event December 1 -3. A Santa Parade on Friday marks the opening of the festival. Three large tents in the city park at the intersection of Maple, Bridge and Bay Streets will house vendors offering gift items, food and wine, clothing, and craft items. The vendors will be open for business from 3 to 8 p.m. on Friday, 10 to 6 on Saturday, and from 10 to 4 on Sunday. Circle B Ranch in Chestertown will offer horse and wagon rides.

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SARATOGA BUSINESS JOURNAL

dent of DeCrescente Distributing Company, a Toys for Toga partner since its inception. Darryl Leggieri, President of Discover Saratoga said, “DiscoverSaratoga takes great pride in being one of the founding members of Toys for Toga, and we look forward to participating in this wonderful cause each year. We’d like to thank all the local businesses for participating. Without your support this campaign wouldn’t be possible.”

100 percent of all toy and monetary donations will be split evenly between three beneficiary organizations. Those organizations are Franklin Community Center in Saratoga Springs, CAPTAIN Community Human Services in Clifton Park, and the Mechanicville Area Community Services Center.

In addition to dropping off a toy, there are additional ways ways to participate in Toys for Toga. For information contact Roberto Cruz at r.cruz@ddcbev.com or go to https://www.discoversaratoga.org/

10 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

•

Business Report NBT Analyst Highlights Economic Concerns

BY PAUL POST The U.S. should have no trouble weathering a mild recession if one occurs, but inflation, a national labor shortage, and skyrocketing debt coupled with high interest rates are major causes for concern.

That’s what a leading financial analyst told more than 200 people gathered for a recent Adirondack Regional Chamber of Commerce event at the Queensbury Hotel.

Ken Entenmann is senior vice president, chief investment officer and chief economist for Norwich, N.Y.-based NBT Wealth Management. He holds a bachelor’s degree in applied economics and business management from Cornell University, an M.B.A. from the University of Rochester’s William E. Simon Graduate School of Business Administration, and oversees more than $9 billion in assets under management and administration in trust, custody, retirement, institutional and individual accounts.

His presentation, supported by detailed graphics, was entitled, “Should I Stay or Should I Go?: Waiting for the Imminent Recession That Has Yet to Happen.”

“Whether we have a recession or not, I don’t think is the relevant question,” Entenmann said.

“Things are slowing, but because consumer and corporate balance sheets are relatively strong, I

•

Kenneth J. Entenmann, CFA, Chief Investment Officer and Chief Economist, NBT Bank. think we’ll weather a recession. I’m concerned because I think it’s fair to say Washington right now is dysfunctional, and the likelihood that they’re going to tackle some of the bigger problems like Medicaid and Social Security is small.

Therefore, I think those problems are going to linger.”

Since 2007, national debt has more than tri-

pled from $9 trillion to $33 trillion.

“Then the chickens came home to roost,” Entenman said.

While debt was growing exponentially interest rates remained low, but have since gone up 550 basis points, meaning this year’s interest payments on debt will total about $800 billion and likely reach nearly $1 trillion in the next few years, or 8 percent of the federal budget.

“Why is that important? Because it sucks the life out of an economy when all that money is going to pay off debt,” he said.

Social Security, Medicare and other mandatory programs comprise more than 60 percent of the federal budget, but neither Republicans nor Democrats want to cut such spending, leaving a small amount of non-defense discretionary spending subject to reductions. In short, revenue can’t keep up with spending, which has created a trillion-dollar budget deficit.

“I don’t have a great deal of confidence that they’re going to get together and fix this any time soon,” Entenmann said. “We have to get our arms around that, or it’s going to become a bigger and bigger problem.”

Entenmann was joined by John H. Watt, president, and chief executive officer of NBT Bancorp, which recently completed the $204 million purchase of Lakeville, Ct.-based Salisbury Bancorp, whose 13 branches are in the Hudson Valley, northwestern Connecticut, and southwestern Massachusetts.

The acquisition gives NBT more than $12 billion in assets and 153 banking offices in seven Northeast states, including one on Quaker Road in Queensbury. Ten years ago, NBT acquired Syracuse-based Alliance Bank.

“Our strategy is to grow continually,” Watt said. “We establish market share in core markets and move from there. Most of the time, NBT does that by planting a flag and driving organic growth. From time to time we meet a partner that is very similar to us culturally and has a very similar set of businesses that will contiguously advance our strategy, which in this case is down the Hudson Valley, while solidifying our brand in Connecticut.”

Expansion plans also include new branch offices in Burlington, Binghamton, and DeRuyter in rural Central New York. “We identify markets where there are opportunities; sometimes it’s where the big guys exit those markets, and we grow,” Watt said.

NBT has recorded 11 consecutive years of annual dividend increases.

Watt said the company’s growth and success is closely tied to upstate New York state’s semiconductor industry, from GlobalFoundries in Malta to Micron’s recently announced plans to invest $100 billion in new chip manufacturing facilities near Syracuse.

“Our footprint sits right on top of that corridor,” he said. “I have been driving up and down

the New York State Thruway for almost 40 years and I have not seen the potential for economic transformation that is possible, as a function of the connection of that corridor and the anchor of Micron in Central New York. That’s only good for all of our economies on the eastern side of the state, including right here.”

“There is a huge ecosystem that supports those large chip manufacturers,” Watt said. “It’s about housing, warehouses for first- and secondtier suppliers, it’s about logistics, it’s about every company that runs utility lines and does construction and on and on. We’re supporting all of those communities and all of that economic development.”

Many of the highly talented executives and skilled workers needed to staff huge semiconductor plants come from other countries.

“One of the things, in my opinion, over the long history of the United States that makes this country great is we have had open immigration,” Entenmann said. “Legal immigration is really important to the growth of our economy because across Western civilization, birth rates are plummeting.”

Entenmann said current low unemployment rates are somewhat misleading because many people retired during the COVID-19 pandemic and no longer count when calculating such figures.

More young people are reentering the workforce after living off government subsidies and savings during COVID, and inflation is slowing, but a dichotomy of signals makes forecasting an economic outlook quite difficult, he said.

Many economists base their analysis on political developments. But Entenmann said the outcome of next year’s presidential election probably won’t have a major impact no matter who wins.

“History tells us that we spend an enormous amount of money and energy on elections,” he said. “But unless you get real extreme policies, it’s hard to move that proverbial battleship, which the economy is. It’s just this big behemoth that runs its own course. Certainly on a regulatory standpoint things can change for better or worse, but on the margin elections don’t have a material impact.”

Entenmann’s business proficiency is a byproduct, in part, from his years playing for Cornell University’s championship lacrosse team, which reached the NCAA Final Four in 1982.

That experience taught him many valuable lessons.

“Collaboration is most important,” he said.

“If you’re the star scorer, you still need defense and a goalie. And you’re going to lose whether it’s in sports or business. I think there’s more value in learning from mistakes and losses than there is from winning. You’ve got to get up and dust yourself off. If you aren’t making mistakes in business, you probably aren’t pushing the envelope.”

SARATOGA BUSINESS JOURNAL • NOVEMBER 2023 • 11

SPECIAL SECTION

SARATOGA BUSINESS JOURNAL

Year End Tax & Financial Planning •

Business Report Smart Tax Moves: Year-End Harvesting

BY MATTHEW BURNELL “It’s that time of the year, and I don’t mean just the holiday season, even more exciting it’s time for year end financial and tax planning! The following are some topics that you may want to discuss with your tax accountant or financial advisor.

One year end strategy is “tax loss harvesting”. You or your financial professional may be selling equities in non-retirement accounts throughout the year. If selling at a price higher than the purchase price, you have a capital gain on the sale which is taxed according to your income bracket and the amount of time the security was held. With the goal of reducing tax on capital gains, you can look to offset some of the gains by selling other securities in your portfolio that have a loss.

Th is should be done strategically considering the investment philosophy of your portfolio. Note, repurchasing the same or substantially identical security that you sold for a loss within thirty days, or the loss may be considered a “wash sale” and disallowed.

Now may also be a time to review your withholding on your salary heading into the new year. If you keep owing a large tax bill in April and would prefer to pay this over the course of the year instead, and if applicable reduce interest and penalties your withholding percentage may not be aligned with your income tax rate. For example, if your effective Federal Tax Rate is 25% and the withholding on your paystub is 15%, there is a 10% gap here and you will likely owe taxes in April if you have not been making estimated payments. You can adjust your withholding on form W4 provided by your employer.

Maxing out your retirement contributions is a way to reduce taxable income as well as save for retirement. If you are using a pre-tax plan such as a 401K or 403(B). The maximum contributions for 2023 to a 401K is $22,500 plus an extra $7,500 if over the age of fift y.

For example, a client is over age 50 and earns $120,000. If they contribute $30,000 to a 401K that reduces taxable income (aside from FICA taxes) to $90,000 for the tax year. So, you have deferred taxes on this $30,000 as well as set aside money for retirement that can grow over time.

At a certain age, depending on date of birth an individual is required to start taking distributions called required minimum distributions (RMD’s) on their traditional re-

• •

Matthew Burnell, financial paraplanner, HK Wealth Management Group. tirement accounts. An RMD is calculated for each account by dividing the prior December 31 balance of that IRA or retirement plan account by a life expectancy factor that the IRS publishes. Th is is important because if the RMD is not taken, late or insufficient, then a 25% (or 10% if made up in two years) excise tax may be assessed on insufficient amount. If you do not need the money and do not want to pay tax on an RMD, there are options such as making a Qualified Charitable Distribution directly from your qualified account to a public charity not to exceed $100,000 in a year and removing this distribution from your taxable income.

Another strategy is to look at converting qualified assets such as a 401(K) or traditional IRA into a Roth IRA. Note, that this is a taxable event, so it is prudent to work with your tax advisor to determine the tax implications and devise a strategy for doing this strategically over time to consider the tax consequences. Roth IRA’s may be beneficial in the long haul in that unlike traditional IRA’s, Roth IRA’s are not subject to RMD’s and are not taxed at distribution if over age 59.5.

Implementation of the SECURE Act materially increased the standard deduction and limited certain itemized deductions such as state and local taxes. Taxpayers either take the standard deduction or itemize whichever is more beneficial from a tax standpoint.

With a bigger standard deduction to."

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Business Report Year-End Tax Strategies For Business Owners

BY MEGAN NELSON, CPA Business owners, whether a sole-proprietorship, partnership, S-Corporation or closely held C Corporation, should take the time before year end to assess their current financial situation. First and foremost, make sure the books and records are up to date, reconciled and properly categorized so you have an accurate view of your financial picture. No benefit is derived from tax planning based upon poor records. Next, take some time to reflect on the past year, anticipate the remainder of the year and project ahead to next year.

Most business owners are looking to minimize taxes, however avoiding taxes at all cost may not always result in keeping the most cash. For example, buying something before year end for the sake of getting a deduction does typically result in lower taxes, but it can also result in a negative impact on cash flows, meaning more dollars are spent than taxes saved and often doesn’t result in the best overall financial situation for the business. On the other hand, spending money on necessary expenses or equipment that will help the business grow and be more effective/efficient might justify that impact on cash flows. Or, if profits are up, it may make more sense to pay tax now and keep those after tax dollars to grow your business.

Keep in mind, tax planning shouldn’t be looked at based on a single year. Consider your tax situation this year, but how might it compare to next year and the year after?

The Tax Cuts and Jobs Act (TCJA) became law in 2017 and lowered income taxes for almost everyone. Personal income tax rates in effect today are scheduled to sunset at the end of 2025 and increase to what they were in 2017. Under current law, the beginning of 2026 could find many taxpayers paying 3% to as much as 9% more in federal tax compared to the same income this year. Maybe saving cash and postponing that equipment purchase is a better financial decision.

If after looking at your current year income with consideration for few years, you decide it is beneficial to reduce current year

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Megan Nelson, CPA at Whittemore, Downe & Ricciardelli, LLP.. income, here are some options to maximize deductions: Set up a retirement account for tax deferral. If you are a sole proprietorship with no employees, this could be advantageous in two ways: a tax deduction plus saving for your retirement. A popular option for selfemployed individuals with no employees is the Simplified Employee Pension (SEP) IRA that allows a contribution of just under 20% of net self-employment income (up to $66,000 for 2023). 401(k) plans or Savings Incentive Match Plan for Employees (SIMPLE) IRA are other popular options.

As mentioned above, buy that piece of equipment you have been wanting. If cash flow allows and the purchase makes sense, this may be a good time to buy equipment and write off a large portion this year. For 2023, the Section 179 deduction limit is $1,160,000 (reduced dollar for dollar when fixed asset purchases exceed $2,890,000).

Note certain limitations apply to vehicles.

Bonus depreciation is another accelerated asset write off method with an 80% deduction for 2023 on qualifying fixed asset purchases. Beware, not all states conform to Continued On Page 19

12 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

SARATOGA BUSINESS JOURNAL

SPECIAL SECTION

Health & Wellness

Nurse Practitioner Kristen Marquis Launches The Joint Chiropractic Marks 10 Years KM Psychiatry To Fill Mental Health Gaps Of Serving The Clifton Park Community

BY CHRISTINE GRAF Board Certified Psychiatric Mental Health Nurse Practitioner Kristen Marquis has opened her own practice, KM Psychiatry, at 4 Emma Lane in Clifton Park. She provides psychiatric care to adults, adolescents, and children ages 5 and up.

“I specialize in children and adolescents, but I see patients of all ages,” said Marquis. “I see a lot of kids with special needs and kids who are on the autism spectrum. I also see a lot of bipolar and ADHD. I also work with the transgender population.”

Marquis also sees same-day crisis patients from Albany Medical Center and spends one day a week working at Northern Rivers, a residential foster care program in Schenectady.

In her role as a psychiatric nurse practitioner, she does not provide therapy.

“When I see a patient and they are struggling, I do spend the time to listen to them and validate them. I also refer them out to therapists who we collaborate with,” she said.

Instead of providing therapy, Marquis conducts psychiatric evaluations, recommending medication when necessary. Those who are prescribed medication are monitored closely.

“Sometimes I won’t make a decision about medication after the first interview because I want to get to know them better. Especially with kids, you don’t want to jump to conclusions,” she said. “And, sometimes I don’t medicate them. There are a lot of kids who I think need therapy instead of medication.”

Marquis understands that some parents are reluctant to have their children take a medication that she recommends.

“For parents, their main concern is ‘How is this medication going to affect my child both short and long-term?’ I give them the facts and advise. I tell them, ‘I am not going to push any medication. This is totally your decision,’” she said.

“If I really feel like a child needs medication, I will say, ‘Think of it this way. If your kid had an infection and needed an antibiotic, would you give them an antibiotic?’ This is the same thing. It’s all neurobiological. The science is there. The facts are there, and I spend a lot of time educating them.”

According to Marquis, in some cases, denying a child psychiatric medication can exacerbate their mental health problems.

“For example, if I diagnose a child with bipolar disorder, I try to explain to the parent that the longer the mood goes unstable, the harder it is to stabilize it in the future. I also talk about the correlation be-

tween drug addiction and alcohol addiction with bipolar disorder especially. There’s also a lot of cocaine use with untreated ADHD.” Prior to becoming a nurse practitioner, Marquis spent 18 years working as a registered nurse at Saratoga Hospital. It was during this time that she said became aware of the need for psychiatric practitioners.

“I saw a lot of kids come in who were in crisis, and there was just no placement for them. There were no providers for them, so they would sit in the ER for days and sometimes for a week before they could find a hospital or outpatient provider. I felt like I needed to do something, and so that was my goal.”

Marquis made the decision to go back to school, enrolling at Sage College. She is now one of the few psychiatric nurse practitioners practicing in the local area.

When addressing the shortage of mental health practitioners, she said it is related to an increase in demand.

“At one time there were enough, but there has been an increase in the vulnerable population with the mental health crisis we are experiencing. Now that there is less stigma surrounding mental health issues, we also have more people reaching out for help.”

The COVID pandemic exacerbated the problem, but as the pandemic waned, the demand for services did not.

“In general, there are just so many things that are causing anxiety in our world. We have been getting a lot more referrals for geriatrics with anxiety and depression,” said Marquis. “Going back to school was a big issue for kids after they were home for so long during COVID--especially for kids with underlying anxiety and depression. We’re seeing a lot of social anxiety, school anxiety, and a lot of issues with bullying and social media bullying.”

For parents who are concerned about their child’s mental health but are reluctant to seek help, Marquis advises scheduling an evaluation.

“I always say that an evaluation doesn’t hurt anything. Getting an evaluation doesn’t mean that you have to put your child on medication. And, I would never prescribe something to a kid without me feeling that I would do the same thing for mine. It keeps me in check a little bit when I think about it that way.”

KM Psychiatry is open Monday through Thursday from 9am to 7pm. For more information, visit kmpsychiatryassociates.com.

BY SUSAN ELISE CAMPBELL The Joint Chiropractic celebrated 10 years in Clifton Park with a small ribbon-cutting ceremony Monday, October 30th, at its office on 5 Southside Drive.

The practice is part of a national franchise that operates in non-traditional ways. Its four chiropractors do not own the franchise. Marvin Thornton, the managing partner, and his partners do, along with 10 other franchises in four states.

According to Thornton, there are no appointments needed, only walk-ins are taken. By paying up front for a package of visits, patients can enjoy deep discounts. Most offices are open six, if not seven, days a week.

And once a member, travelers can visit any of the 900 The Joint offices around the world, their file can be pulled up online, and their pass will be honored regardless of the currency exchange.

Thornton said this operational arrangement provides benefits to patients and to him personally.

“I wake up every morning knowing we’re doing good for people,” said Thornton. “Every day, guaranteed, chiropractors help improve the quality of people’s lives.”

Thornton had no prior experience with or opinion about chiropractic care until a friend approached him with a business opportunity in 2011. At the time Thornton was in the military with seven years until retirement.

“He told me there was a great franchise opportunity and it was called The Joint,” he said. “I read the information and my friend had a lot of experience, so I knew I wanted to buy into a business.”

At the time the owners of a Clifton Park practice had let it be known they were looking to sell.

“But we said we would only do this if we have the right doctors,” said Thornton. “The doctors make the business.”

He said practitioners have to balance personality, patient service and attitude, which they found at the Clifton Park practice. Plus the new owners liked the location near the Northway.

Fast forward to 2018. After 20 years in the army and jumping out of airplanes as a paratrooper, Thornton was suffering pain in three locations in his body: hip, lower back and rotator cuff.

“I was receiving cortisone shots and was scheduled for shoulder surgery at Walter Reed Medical Center when some practitioners in the Virginia and Maryland area, where we had already invested in four franchises, told me, ‘give us three months and you’ll be pain free,’” he said.

Thornton was at his pre-op visit when the doctors examined him. Each time a new physician higher up the hierarchy walked into the exam room, Thornton told them he felt no pain.

Celebrating 10 years in Clifton Park with a ribbon cutting at 5 Southside Drive.

“That was my introduction to chiropractic care,” he said. “This profession is underrated.”

The Joint is wellness focused for the individual.

Because it is not a traditional medical practice, the business does not do x-rays or physical therapy. It does not deal with workers comp cases or lawsuits.

But if an individual has suffered from a fall, or slipped a disc, has a repetitive motion condition, or is otherwise in pain, he or she can walk in without an appointment or doctor’s prescription and get a traditional chiropractic adjustment at a reasonable cost.

“The staff will do an initial consultation and fill out some paperwork before the examination “as long as the individual is a candidate” and an adjustment is not contraindicated, said Thornton.

The Joint Chiropractic in Clifton Park has four practitioners who cover seven days a week between 10:00 a.m. and 7:00 p.m. (4:00 p.m. closing on Sundays).

Patients can request to see the same chiropractor over their visits. Schedules are posted online and on Facebook, which patients can use to reserve a space with the practitioner of their choice.

“People can get pain in their ordinary day-today lives just from sitting, coughing, recreation, employment, or other activities,” said Thornton.

“We offer the convenience of walking in and receiving care at an affordable price for anyone who is suffering.”

Patients will find the offices have been refreshed with new pant, furniture, floor covering, and décor. These updates are required by the franchise every ten years.

Visit www.thejoint.com for more information.

SARATOGA BUSINESS JOURNAL • NOVEMBER 2023 • 13

Adirondack Wilderness Medicine: Equipping Discover Radiant Skin At Clifton Park Laser Outdoor Enthusiasts With Life-Saving Skills & Wellness – Where Beauty Meets Science

AdkWildMed will prepare you to face dangerous challenges with confidence. Our courses are designed for all experience levels.

Clifton Park Laser And Wellness offers laser treatment services at their wellness center in at 963 Route 146 Suite 2 Clifton Park.

BY SUSAN ELISE CAMPBELL A person never knows when first aid training may be needed, but Clark Hayward, founder of Adirondack Wilderness Medicine, believes if they are an hour or more away from a hospital, his wilderness first aid course may not only come in handy, but save a life.

“It’s amazing that new students taking the course are surprised how much can go wrong out on a hike or ski trip,” said Hayward. “We are here locally to train anyone who does things outdoors, either sports or hunting or in their line of work.”

The basic two-day, 16-hour training encompasses everything a standard first-aid course includes along with the practical skills to prevent such conditions as hypothermia or heat stroke, he said.

“The difference between wilderness first aid and standard first aid is the latter assumes an ambulance will arrive in about 15 minutes,” said Hayward.

With wilderness first aid, that help “may not arrive for hours or even days,” during which time someone has to manage the situation medically as well as provide food and water, he said.

The course curriculum Hayward follows is designed by SOLO, the international leader in wilderness education founded in 1976 and the originator of wilderness medicine in the U.S. Hayward is a licensee of the SOLO program, he said.

While wilderness first aid may be the course choice of scout leaders, camp counsellors and avid sportspeople, Adk Wild Med offers higher level training and certification as well.

SOLO’s Wilderness First Responders course is the challenging and comprehensive training for those who work in the backcountry as trip leaders, mountain guides, river guides, and ski patrollers. This is a 72-hour course over 8 or 9 days.

Clifton Park Laser & Wellness owner John LaCombe, R.N., and business partner Erin Ozinsky, Licensed Esthetician recently opened their new medical spa company at 963 Route 146 Suite 2 Clifton Park across from the Shenendehowa Central School Campus entrance.

“We noticed a growing interest among our clients in achieving a higher level of skin care results, thus a heightened need to provide more advanced state-of-the-art skin care services. Most laser and light-based skin therapy procedures require no downtime, minimal pain and maximum results,” said LaCombe.

“Given our collective 20+ year backgrounds in the health and wellness field, Erin and I partnered to create a medical grade skincare company that would respond to the needs and desires of our clients and customers.” LaCombe added.“Notably, our treatments and services are healthy and safe for all skin types, not always the case with other technolo-

gies,” Ozinsky explained. “Our practitioners have been exclusively trained in XEO™* light and laser technologies: Laser genesis/hair removal for men and women; facial chemical peels; dermaplaning; microdermabrasion and eyelash extensions.”

LaCombe is a practicing R.N. in Rheumatology in Clifton Park, current member of the National Organization of Rheumatological Managers, and now a certified Laser Technician and Owner of Clifton Park Laser & Wellness. Ozinsky has been a Licensed Esthetician for over 12 years, best known as ‘The Lash Fairy’ while practicing in Saratoga Springs for the past 7 years. Early in her career she was an instructor at the Aesthetic Science Institute.

XEO™ is a product of Cutera, a pioneer in the energy-based skin technology space. Clifton Park Laser & Wellness is proud to offer technology that is made and manufactured in the USA. For additional information visit https//cliftonparklaserandwellness.com

logically intact,” said Hayward.

Hayward has himself been a paramedic for 30 years and was an EMT prior. He is a long-time white water rafter, an active ski patroller at Willard Mountain, and a Fellow of the Academy of Wilderness Medicine. He is also chief operating officer of E5 Support Services, an Emergency Medical Services employment agency with nearly 100 employees that staff ambulances services and fire departments throughout eastern New York.

Adirondack Wilderness Medicine was formed

by Hayward in 2004. He teaches out of the Ndakinna Education Center at 23 Middlegrove Road

in Greenfield Center and also travels internationally giving courses for various organizations in anything from first aid to cardiac and pediatric life support.

“The hardest challenge getting the business going was simply getting word out,” Hayward said.

“Wilderness first aid is not something you typically see or hear advertised.”

But his name is well recognized today, and people come from around the world to be trained or recertified right here in the Adirondacks.

Visit www.adkwildmed.com as well as Facebook for more information and course schedules.

First responders can be recertified after completing SOLO’s 2-day course that updates their practical skills. This course is the most popular for employment purposes, Hayward said.

Finally, Adk Wild Med offers SOLO’s WEMT Module, a 5-day program that upgrades street First Responders to the Wilderness First Responders level, and current emergency medical technicians and paramedics to the Wilderness EMT level.

Hayward’s clients can be weekend hikers and paddlers, mountain guides in the Himalayas, search and rescue teams, or any type of outdoorsman in between. He said clients are equally split between men and women and that sometimes couples take his courses.

All are thankful to have completed their training when they can apply it.

One client who returned this summer to refresh his wilderness first aid skills was traveling in South America when someone in their group passed out at lunch.

“My client recognized the person had gotten a piece of food stuck in his airway and dislodged it,” said Hayward. “He was pleased with himself because had he not taken the course, he probably would have been running around like the rest of the group not knowing what to do.”

In another part of the world, a client who is a rock and ice climber used Hayward’s training in Wilderness First Response to attend to a severely injured woman on a nearby rock face who had been hit in the head by a falling rock. “He could hear someone was in distress,” Hayward said. “It took about 12 hours by the time the woman was lowered down, someone found a cell signal and EMTs arrived.”

“The victim was unconscious throughout the entire incident but survived, and survived neuro-

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14 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

Business Briefs

Beyond The Classroom: Dr. Borgos-Hatin's Impact On Business And Education •

• Mayor Ron Kim and Commissioner of Finance Minita Sanghvi announced that the City of Saratoga Springs completed its purchase of cobra head street lights, which will convert the City’s street lights to LED, dark-sky compliant fixtures. The New York Power Authority (NYPA) will manage the upgrade of the street lights through a contract with the construction management firm Guth DeConzo, with the entire project slated for completion by June.

Mayor Kim states, “We are thrilled to have completed this sale as it allows us to replace our street lights with energy efficient LED technology, reduce street light energy use by as much as 65%, provide a safer and well-lit community, and reduce energy use.”

Commissioner Sanghvi adds, “We’re taking a major step toward reducing the city’s carbon footprint, and we’re also realizing financial benefits. In addition to using less energy, this project will generate an estimated total annual cost savings of $270,820.”

With these new street lights, the City can also decide to install “Smart City,” technology at any time. This technology will allow the City to enhance public safety with cameras, install traffic management devices to facilitate traffic f low, and use smart parking devices which can interface with smart phone apps allowing resident and visitor parking in downtown Saratoga Springs.

Kim and Sanghvi thank the following individuals for their dedication to this project. Previous Administrator of Parks, Open Space, and Historic Preservation, Tina Carton spearheaded the project which was completed by current Administrator of Parks, Open Space, and Historic Preservation, Jen Dunn, and Deputy Commissioner of Finance, Heather Crocker. City Attorneys Tony Izzo and Michael Phillips, City Electrician Dan Rancour, Business Manager Mike Veitch, Engineer Debbie LeBreche, and Commissioner Jason Golub also provided great help in getting this project over the finish line.

Washington County New Business Registrations OCTOBER Komarony Motorsports 682 County Route 74 Cambridge, NY 12816

Fibonacci Contracting 3420 Burgoyne Ave. Hudson Falls, NY 12839

Holley Hill Construction 3215 County Route 43 Fort Ann, NY 12827

Smoking Hot BBQ 13 County Route 12 North Granville, NY 12854

Cozy Christmas Corner 1240 State Route 29 Greenwich, NY 12834

Lil Fawns Childcare 101 S Williams St. Whitehall, NY 12832

The Countryside Grill 287-1 Main St. Hudson Falls, NY 12839

Knotts Service 59 Poultney St. Whitehall, NY 12887

Chuck Ciaccia 29 years

Jude Gosh 34 years

Dave Weiss 23 years

Spencer Agan 25 years

Dennis Choiniere 48 years

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BY ANN DONNELLY New York’s State University Board of Trustees has appointed Dr. Kelli BorgosHatin as SUNY Distinguished Professor. Dr. Borgos-Hatin has been a Business Professor at SUNY Adirondack for over 23 years, starting when the college was known as Adirondack Community College, and has taught and mentored hundreds of students during that time. While building the next generation of business leaders is a great passion, she is also a highly regarded entrepreneur. Throughout her career, BorgosHatin had also worked in event catering and saw frequent issues with staffing the bar, so in 2011, she founded Mixaritas, mobile bartending services, with Jenn Berry-Youngs, who had been a student in Borgos-Hatin’s Hospitality Management Classes. Since then, the business has seen great success, leading to another business opportunity for Borgos-Hatin. Many event guests asked to purchase the f lavored simple syrups she uses in her cocktails.

In 2019, Borgos-Hatin launched MixaFusion, making syrups with pure cane sugar and natural ingredients with no added preservatives, powders, or extracts. In addition to the syrups, Mixa-Fusion makes and sells hot cocoa bombs in various f lavors and scented hand sanitizer that they started producing when there was a significant demand early on during the pandemic.

Early in her career, Borgos-Hatin worked with two strong businesswomen from the region who she cites as role models: Maureen Monahan Chase of Monahan Chase Caterers and Catherine Fisher, who owned a Carvel Ice Cream franchise. Her parents were also significant inf luences: her mother, JoAnn Borgos, showed her how to manage a busy yet happy household successfully, and her father, Stephen Borgos, who was Professor of Business Emeritus at Adirondack Community College (SUNY Adirondack), working there from 1966-2001.

As a child, Borgos-Hatin would accompany her father to the school, sit in on classes, and help him in the office, so it was no surprise when she decided to attend and received her first degree there, an Associate of Science in Business, in 1992. She then went to Sienna College, earning a Bachelor of Science in Marketing and Management in 1994.

After Sienna, Borgos-Hatin started as a Manager Trainee at Stewart’s Shops. She also worked in product development and became a trainer, traveling all over the state, which sparked her passion for teaching. By this time, she had married and had two children, so she decided to take a position with less travel, Office Manager at the Lake George office of property devel-

Dr. Borgos-Hatin appointed SUNY Distinguished Professor after 23 years at ACC. opers, Michael’s Group, where she worked from 1997 to 2000. She had been interested in property at a young age, earning her real estate license at 18. Still, when the Travel & Tourism professor role opened at Adirondack Community College in 2000, it led her to where she is today.

At first, she started teaching travel agent skills, but as careers in travel and tourism changed, so did the program at the college.

The department moved to Hospitality & Tourism and then Hospitality Management.

While teaching at the college, Borgos-Hatin takes on hospitality and marketing consulting and advisory roles for several organizations and has built an extensive and robust network of connections that she uses to help her students. She brings people, key in the industry, to speak and share their expertise with the students. She also uses her connections to find internship and employment opportunities for students and graduates.

“It’s not just what you know; it is who you know, and I try to get a number of ‘whos’ in the classroom,” says Borgos-Hatin.

Her vast experience enables Borgos-Hatin to teach her students through real-life case studies. She also teaches and models her formula for success: hard work, service, hospitality/customer service, time management, and connections.

Borgos-Hatin had always been committed to her continuing education. In 2005, she received an MBA from Walden University; in 2016, she received a Doctor of Education from Capella University. She earned these degrees while teaching, running businesses, and managing a thriving family.

Borgos-Hatin advises women in business: “One, don’t be afraid of failure. Two, don’t back down.”

SARATOGA BUSINESS JOURNAL • NOVEMBER 2023 • 15

Building Dreams: Double H Ranch Breaks AllTown Fresh Market Grand Opening Ground On Circle H Lodge For Camp Staff Draws Crowds And Acclaim In Fort Edward

Double H Ranch launched a $5.5 million capital campaign project support four areas: the new Residential Lodge, Adaptive Playground, Outdoor Pavilion expansion, and Camp-A-Theater.

Alltown Fresh market located at 1401 Saratoga Road (Route 9) between South Glens Falls and Gansevoort has opened.

The Double H Ranch in Lake Luzerne, New York, broke ground on Circle H Lodge, a new residential lodge for camp staff and volunteers, in late September. Double H Ranch launched its public phase of a $5.5 million capital campaign project in March 2023 to support four areas of focus: the new Residential Lodge, Adaptive Playground, Outdoor Pavilion expansion, and Camp-A-Theater.

Backed unanimously by its Board of Directors, the Double H Ranch has secured $5.3 million of its goal.

Dave Michaels, Chair of the Facilities Committee, stated: “It is exciting to be here today breaking ground at the new Circle H Lodge.

Double H makes a profound difference in the lives of our campers year-round, and our staff team and volunteers work hard to make the program possible. Th is new lodge will provide our counselors and volunteers with a place to recharge and rest, helping them to be the best they can be for our campers.

Th is new cabin will offer year-round housing, build program capacity, and enhance energy efficiency, and will offer common rooms for meeting and gathering.”

Charlie Crew, Board Chair, stated: “Thank you to all our donors who have collectively contributed 5.3 million towards our campaign. Double H campers look forward all year to experiencing the life changing impact of camp, and they will benefit from these capital improvements for years to come.”

Th is is the Ranch’s second Capital Campaign endeavor led by Lisa and Robert Moser, who launched the campaign with a $1.5 million leadership gift . “Double H Ranch wouldn’t be possible without the support of our community. We are grateful for the individuals, foundations, businesses, and organizations that have provided generous funding in the initial stage of our campaign. We are inspired by the progress we have made and look forward to meeting our campaign goal in 2023 with the help from our community,” state the Moser’s.

Neil Golub, co-chair of the campaign, provided a $1 million challenge, matching gift s made by Board Members and early stakeholders. “For those of us who have had the privilege of leading the Double H groundbreaking for new facilities, it has always been a source of enormous pride,” says Mr. Golub.

“Every new facility ensures our longevity.

Knowing that our kids will be attending a special place for mind, soul, and body gives us a very warm feeling. I hope with all my

BY JILL NAGY There was such a large crowd at the October 27 opening of the AllTown Fresh market in Fort Edward,” that “it was very difficult to move,” exulted Holly Kitchen, manager of the new market. There was a state senator, two town supervisors, president of the Adirondack Chamber of Commerce, the local radio station, many company officers, several chefs, and, of course, the neighbors, “a fantastic turnout,” Kitchen said.

After the ribbon-cutting, party goers sampled the food, visited a coffee trailer, played games, and toured the new shop.

The store is located at 1401 Saratoga Road (Route 9) between South Glens Falls and Gansevoort.

AllTown features chef-run kitchens, preparing sandwiches, salads, and full meals, made with organic, locally sourced foods and ingredients. They offer vegan and gluten-free selections. The markets

are open around the clock, with the kitchen open from 6 a.m. to 6 p.m. Available beverages include beer as well as coffee and soft drinks. There is free wifi on the premises and outdoor patio seating. Another big draw, according to Kitchen, is “fantastic gas prices.” .

This is the third AllTown Fresh market in the area, the 16th overall for the parent company, Massachusetts-based Great Global Village. The first capital region outlet opened in Schenectady three years ago. The company’s first market opened in Plymouth MA five years ago.

The general contractor for this AllTown, and well as the other two local AllTown Fresh outlets, was Schaghticote-based F.H.Alexander Inc. Kitchen has been with the company for one and a half years. Before opening the Fort Edward market, she managed the Schenectady store. currently there are 25 employees at the new location.

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heart that our friends will join us in this very special journey.”

For over 30 years, the Double H Ranch has provided outdoor Adirondack adventures for children living with a serious illness. During that time, over 80,000 children have visited this safe place, where health challenges do not defi ne them. The Capital Campaign will secure funding to ensure a continued experience of excellence for children and their families who participate in the year-round programs offered at camp, provided at no charge.

The projects were identified in a Master Site Plan to address the critical need to replace or renovate existing structures that do not meet the needs of our programs. The new Circle H Residential Lodge will offer year-round housing and help build program capacity. The current outdoor pavilion has been doubled in size to accommodate outdoor cabin gatherings, meals, and activities.

New to the camp will be the Camp-A-Theater and Adaptive Playground. The Camp-ATheater will be located at the heart of camp and will provide a large, outdoor gathering space for campers and counselors to congregate for morning assembly and talent shows.

The “RayMax Camp-A-Theater” will be named in honor of Max Yurenda, founding CEO, and Dr. Ray Walsh, founding volunteer physician.

The Adaptive Playground will be customized to the needs of our campers from KOMPAN’s Playground Equipment Company. The playground has been generously supported through a gift from Business for Good and Lisa and Ed Mitzen. Elements will include graduated challenges keeping the play fun, adventurous, and exciting. The new playground will give campers a unique space to freely engage with peers, participate in meaningful play, and build confidence in their own skills.

Double H Ranch has a phased construction timeline, with the Outdoor Pavilion Expansion completed in Spring 2023, Circle H Residential Lodge and Adaptive Playground beginning in the Fall 2023, and Camp-A-Theater in Fall 2024.

At the Groundbreaking Ceremony Alison Wilcox, CEO, stated: “Thank you to everyone who has made this possible for the future of our Double H community. We are nearly at the finish line with $200 thousand left to fund these critical projects, and we invite new community members to join us to support the future of Double H campers.”

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16 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

REGIONAL STOCKWATCH

Adirondack Thunder Breaks Attendance Records, Boosting Local Businesses

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National Grid Plc

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58.90

59.88

62.12

60.98

NBT Bancorp Inc.

32.55

31.20

33.10

35.91

34.27

Plug Power Inc.

7.34

6.10

5.90

6.62

3.53

Quad/Graphics, Inc.

4.73

4.55

4.73

4.50

4.39

Starbucks Corporation

91.48

94.19

92.02

102.65

104.33

Sysco Corporation

63.26

65.43

64.49

67.02

67.34

Latham Group, Inc.

2.33

2.45

2.11

2.50

2.20

Target Corporation

111.98

108.83

107.23

112.85

108.33

The TorontoDominion Bank

58.82

57.40

54.90

59.23

59.40

Kaspien Holdings Inc.

0.19

0.20

0.14

0.14

0.14

Trustco Bank Corp NY

26.37

26.18

25.29

27.74

26.51

Verizon Communications Inc. 30.67

31.57

33.44

36.02

35.71

Walmart Inc.

158.76

161.17

164.66

166.19

159.83

*Data sourced from Morningstar **Stock investing includes risks, including fluctuating prices and loss of principal. This is for informational purposes only and not intended to provide specific advice or recommendation for any individual.

BY PAUL POST The Adirondack Thunder averaged a franchise record 3,657 fans per game last year, boosting business for several Saratoga County food and beverage firms The team drew nearly a dozen sell-out crowds during its late-season drive to the ECHL's Kelly Cup playoffs and based on early season-ticket sales, attendance is expected to reach another all-time high this year.

That's good news to firms such as beer distributor Saratoga Eagle, US Foods of Clifton Park and South Glens Falls-based Common Roots Brewing Company, in addition to advertisers such as Phinney Design Group of Saratoga Springs, which can reach more people as the team's fan base grows.

"Our main source of revenue for hockey is ticket sales," said Jeff Mead, Cool Insuring Arena manager and Thunder general manager.

"The more fans that come to the arena the more food, beverage and merchandise we sell and the more apt corporate partners are to support us. I'd love to see 3,800 average attendance this year. We've got a pretty good schedule with a lot of weekend home dates so I think that's attainable."

"We've got great support from our local Thunder fans, but certainly our goal is to expand our reach further south," he said. "A lot of our advertising is geared toward that area as well."

Other upcoming events include Military Appreciation (1,000 T-shirts to first 1,000 fans) on Saturday, Nov. 25, Miracle On Ice Night (Saturday, Dec. 7) when Adirondack pays tribute to the 1980 Olympic U.S. Men's Hockey Team and Firefighter Night (Saturday, Dec. 16) when Saratoga Springs and Worcester, Mass. firefighters will square off (1 p.m.) prior to that evening's contest between the Thunder and Worcester Railers.

Second-year Thunder head coach Pete MacArthur, of Clifton Park, is a prime example of the way pro hockey has contributed to the greater Capital Region economy since the Adirondack Red Wings first began play in 1979.

As a kid, his father and Shenendehowa High School coach, Bill MacArthur, took Pete to numerous Wings games, which inspired he and countless other youngsters to pursue high school, college and pro careers of their own. A former Thunder captain and ECHL All-Star, Pete MacArthur had a 15-year minor league career before taking over as head coach last year.

"At our level the players are more accessible than say at the NHL or even the AHL level," he said. "People can connect more frequently and get a better understanding of what these guys are all about. Usually, they're just like everyday humans, but they work in a public space. I think it's important for the next generation to realize you can achieve the dream of being a professional athlete. It takes discipline and lots of hard work, but it can be done."

He and Assistant Coach Mike Bergin, of Saratoga Springs, are among the roughly 30 players, coaches, equipment and training personnel that comprise Thunder hockey operations. The front office employs about 10 more

Adirondack Thunder, a roughly $3 million operation that benefits the surrounding area. people and on game nights the team provides part-time jobs to 15 off-ice officials plus arena security and concessions staff, all of which helps the local economy, too.

As more kids play and join youth leagues, the more local stores such as Pure Hockey in Clifton Park and Sports Zone of Queensbury benefit from equipment sales.

But some of the biggest beneficiaries from the Thunder's presence are Glens Falls taverns and restaurants, especially on weekend game nights.

"Coach Bergin and I quite often mention how nice it is to see so many people in and out of shops and restaurants downtown," MacArthur said.

"Places like the Bullpen, Fenimore's, Downtown Social and Downtown City Tavern, all the local restaurants are positively impacted for hockey games and events," Mead said. "An economic study in 2018 said our impact was $13 million per year. That's probably doubled since then, just based on the amount of events we have now and the people who come to them."

Also, a new junior hockey team for aspiring colege players, the Adirondack Junior Thunder, began play in Glens Falls last year, adding another 15 to 17 games to the list of arena events.

The team rents ice time from the arena, which provides added revenue.

Crowds are quite small compared to the pro Thunder franchise, but visiting teams stay overnight and both players and fans patronize local businesses, too.

The Thunder franchise is a roughly $3 million operation whose expenses have tripled since it joined the ECHL in 2015. But fueled by on-ice success and growing support from fans and corporate sponsors alike, the team netted a $100,000 profit last year.

"We have a lot more staff than we used to," Mead said. "Salaries, Workers' Compensation, hotels, flights, buses and player housing have all gone up. We're faced with the same increased expenses as everyone else in our community. Minor league sports is a very challenging business. The good thing is that our revenue has gone up significantly since we took over, too."

MEMBER OF THE SARATOGA CHAMBER OF COMMERCE Brookfield is proud to be an active community partner of the businesses that serve the Saratoga region.

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SARATOGA BUSINESS JOURNAL • NOVEMBER 2023 • 17

Crafting More Than Beer: Common Roots' Bierhall & Barrel House Adds Breakfast Fare

Common Roots Brewing Company brings breakfast to the new Bierhall and Warehouse building.

The $3.60M project on the south side of the Common Roots restaurant expands new opportunities.

BY PAUL POST Common Roots Brewing Company, bestknown for its popular craft beer and ale, now helps people start their day right by serving up fresh coffee, roasted on site, and a selection of tasty breakfast sandwiches.

The Café, open 7 a.m. to noon Monday to Friday, is located in the firm’s spacious new multi-purpose building, which Lieutenant Governor Antonio Delgado christened during recent ribbon cutting ceremonies.

“We started roasting our own coffee because it’s an important ingredient for some of our beers like our Coffee Cup stout,” said Bert Weber, who co-owns Common Roots with his son, Christian.

“It became kind of a progression after that. While we’re making coffee we thought it might be a nice way to introduce the public to this space. So we have a lot of people coming in now for coffee and

an egg sandwich or breakfast burrito. It’s exposing the space to people who might see it as a nice place to have a celebration or party.”

The new building, called Bierhall & Barrel House, is on the south side of Common Roots’ restaurant and brewery, at 58 Saratoga Avenue in South Glens Falls.

The $3.6 million structure, aided by $450,000 in state economic development funding, can accommodate up to 200 people and has already hosted a wedding and a travel program about a local adventurer’s trek to the Himalayas in Nepal.

“This gives us a lot of opportunities,” Weber said. “The acoustics are pretty good so we might use it as a live music venue at some point, too. It’s multi-functional. There’s a full kitchen so there’s a special menu for events like weddings, banquets and celebrations. When there’s no event going on, we can use it to handle overflow from

the restaurant and serve the same menu that’s over there.”

The building was originally planned to provide warehouse space for brewery cans and kegs, which come in by the tractor-trailer load.

“Then we thought, while we’re at it, if we’re going to build a warehouse maybe we can take care of our event needs, too,” Weber said.

A blaze in the large stone fireplace creates a warm, cozy atmosphere that’s especially welcome on cold North Country mornings. Handsome wall designs are patterned like mountain peaks, a reflection of Weber’s passion for hiking and outdoor recreation.

The Classic breakfast sandwich is comprised of a farm-fresh fried egg served with a choice of cheese (American, cheddar or gouda) on a brioche bun. The Breakfast Burrito is farm-fresh scrambled eggs and choice of cheese in a whole wheat tortilla.

Add-ons, for a nominal extra price, include but are not limited to chipotle or kimchi aioli, bacon, sausage or black bean patty and fried potatoes.

In addition to The Café and banquet hall, the new building also has a separate “wild brewery” area. At the main brewery, all ingredients that go into beer are tightly controlled.

“That’s our clean ale program,” Weber said.

At the “wild brewery,” young beer is brought over and fresh air flows in on nice cool spring and autumn evenings. “We allow nature to kind of infect and inoculate the beer with bacteria and yeast,” he said. “It’s very exciting because you’re never really sure what you’re going to get. It becomes a very interesting process for our brewers.

It’s a niche market for us. This new space allowed us to bring those beers back into our portfolio.”

Activity at the new Bierhall & Barrel House has created several new jobs and plans call adding more staff next year with the return of warm weather.

Common Roots will celebrate its 10th anniversary in 2024. The brewery was completely gutted by a devastating fire in March 2019, but the Webers bounced back quickly by making plans for a bigger, state-of-the-art facility with a restaurant, which the old building didn’t have.

There’s also a highly popular outdoor beer garden where guests congregate on summer nights.

The breakfast venue is one of several ambi-

tious new ventures the Webers are pursuing in their rapidly-growing business.

They also recently completed the $3 million purchase of Albany Pump Station from its parent company, C.H. Evans Brewing. The brewpub, which opened in the late 1990s, is housed in an historic brick building at Quackenbush Square in downtown Albany.

“We started negotiating last March,” Weber said. “They were looking to sell to a family-run business and our distributor recommended us to them. It really came out of the blue to us, but we love that building and that area. It’s really cool. As a company we were looking to get more involved in the Albany market, too. It’s a really good opportunity for us. Everything just came together.”

The site is currently closed for renovations.

Plans call for reopening about two months from now with a new name: Common Roots Brewing Company, Albany Outpost.

“We wanted to re-brand it,” Weber said. “All of our beer is still scheduled to be brewed up here. It’s much more efficient for us. The brew system down there will stay intact and we’ll use it for small batches. We’re also re-doing the kitchen and changing the menu a little bit to reflect what we do up here.”

“It just needs some updates because it’s an old building,” he said. “We’re happy and honored to take it over.”

On yet another front, Christian Weber and his wife, Melanie, recently purchased the oldest building in Glens Falls, a quaint brick structure at the foot of Glen Street hill on the south side of the Sawyer building, directly across from Cool Insuring Arena.

Dating back to about 1800, it once housed an early blacksmith shop.

Workers have already given the structure a new roof and refurbished the brick exterior.

Christian and Melanie simply admired the building and wanted to see it restored before suffering irreversible deterioration.

Plans call for shifting coffee roasting operations, under the direction of employee John Reed, from Common Roots’ brewery to the basement of the old Glens Falls building so that coffee aroma doesn’t impact beer and ale flavor.

There are no immediate plans for the Glens Falls building’s upstairs area.

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18 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

Spargel On Nine: A Culinary Journey From Bavaria To Queensbury’s Route 9

BY ANN DONNELLY Chef Christian Raeth, originally from Erlangen in the Bavarian region of Germany, is looking forward to the opening of his new restaurant, Spargel on Nine, later this month. As the name suggests, the restaurant is located at 925 Route 9 in Queensbury, in the former location of Outback Steakhouse and, more recently, 40 Oak. “While this is my first time owning a restaurant,” says Raeth, “The vision of what we are trying to accomplish has been clear to me for decades. It has always been my dream.

Raeth started his culinary training with an aprenticeship in his native Germany in 1984 and has worked in some of the top restaurants in Germany, Italy, France, and Switzerland. In 1991, Raeth came to the USA, where his sister had relocated, and found a position at the Albany Country Club, where he worked for four years until he returned to Germany.

After his father died in 2000, Raeth returned to New York State to stay. He worked in fine dining in country clubs and restaurants like Van Patten Golf Club in Clifton Park, Fort William Henry in Lake George, and Pumpernickle’s in Bolton Landing. For the last 13 years, Raeth spent most of his time out of the kitchen, working in sales for Sysco, the world’s largest wholesale food distributor.

Raeth aims to offer a more authentic German dining experience. “I want to give the customer the experience of walking into a restaurant in Germany, but not in a tourist area. There are no dirndls, no lederhosen. No ‘oompah’ music.

If it’s your birthday, nobody will do the chicken dance.”

Raeth plans to focus on vibrant, fresh dishes.

“There will hardly be anything in the freezer besides some french fries and ice cream.” The menu will be a healthy mixture of the classics, some comfort food, and some high-end, more elegant dishes. “We include sauerbraten, roast pork, roulade, goulash, and red cabbage made from scratch. But there is a whole different type of German cooking that nobody here really touches.

There is filet minion and strip steak, just done in

Chef Christian Raeth opens Spargel On Nine at 925 Route 9 in Queensbury. a little bit of a different way. We hired plenty of talent for the kitchen, and I’ve been around long enough, so there is nothing that we cannot execute and cook. It just has to fit and be wanted by the customer. I hope that the community will embrace it.”

There is one German dining tradition that Raeth hopes to incorporate a couple of months after they have developed a few regular customers. “Stammtisch is a community table for regulars. If you regularly come into the restaurant, you won’t need to yell across the bar to your friends. A table will be reserved as ‘Stammtisch’ for regulars to sit together. Some may just have a drink, while others may be eating.”

Of course, beer will be an essential part of the dining experience. “Breweries in Germany are very important in the food industry. They either own the restaurant or the building housing it, so the proprietor can only bring in beer from that brewery,” says Raeth. Spargel on Nine will serve seven varieties of beer from Weihenstephan, the Bavarian State Brewery, the oldest brewery in the

world, established in 1040.” Raeth worked with a representative from the brewery and the distributor to convince Weihenstephan to import four more flavors.

Spargel on Nine will open with 34 members of staff. “We’ve hired phenomenal people, especially the wait staff. I consider them to be my sales force. Every day at 3:30 pm, we will have a ‘family dinner’ with everyone from the owner to the bus boy and in between. This restaurant is my dream and a long time coming, but I cannot do it alone.

I need a big team. This is a rewarding business, but it must be in a healthy environment. That is up to me to create, and that’s what I’m after.”

Raeth describes an interview with one young woman for a position as a busser, “When she saw the plates were nicer than where she worked before, she said, ‘I’m afraid I will drop the plate,’ and I said, ‘Yes, you are going to drop plates. I’m going to overcook a steak. A waitress is going to forget to put in an order. We are human. We make mistakes.’ This is the environment that I am after.”

When asked about the name, Raeth says, “It was difficult to come up with a name that showed that it isn’t the well-known cliche of a German restaurant, i.e. Queensbury Brewhaus.”

Spargel means asparagus in German. Asparagus is a popular dish in Germany, mainly white asparagus, in the first three weeks of June when the fresh crop is available.

The restaurant has received a fresh coat of paint to cover the existing interior, reflecting Outback’s Aussie theme. “A neighbor came in and painted. Another did some handy work.

It’s phenomenal who came on board to make this happen.” When you walk in the front door, you see a map of Germany and the surrounding countries that have influenced its cuisine. There are also pictures throughout the restaurant with images of Erlangen, Raeth’s birthplace, and asparagus.

Raeth hopes people come from a bit further for a different experience. “The phone keeps ringing. People are coming in and asking, wanting to make reservations. The buzz around this concept is phenomenal. If half the people show up, we will be in trouble.”

To start, Spargel on Nine will be open Wednesday through Sunday for dinner only. “Once we can deliver dinner consistently on a high level, we will look to expand dinner to six days a week and then roll into lunch, and once we master that, we will look at offsite catering.”

Make Your Holiday Season Magical With These Annual Events in Saratoga

This holiday season, make sure you enjoy all of the festivities happening in the Saratoga area.

Get the details on some of the most popular annual holiday events below!

CANADIAN PACIFIC HOLIDAY TRAIN Saratoga Springs, NY on November 24, 2023

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SARATOGA FESTIVAL OF TREES Saratoga Springs, NY on Nov 30 to Dec 3, 2023

SALEM NY ANNUAL CHRISTMAS PARADE Salen, NY on November 25, 2023 VICTORIAN STREETWALK Saratoga Springs, NY on November 30, 2023

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SARATOGA BUSINESS JOURNAL • NOVEMBER 2023 • 19

Year-End Tax Strategies Continued From Page 11

bonus depreciation which can cause an addback to income on your state return. In order for any fixed asset purchase to be considered for depreciation, it must be placed in service (received and used) prior to yearend. Ordering a piece of equipment on December 31st and paying a down payment does not qualify.

Consider giving bonuses to employees.

Payroll and related payroll taxes are a deductible business expense. Depending on the type of entity, you may want to give yourself a year-end bonus although you have to look at the tax situation. For example, the corporate tax rate is 21% as a result of the Tax Cuts and Jobs Act, therefore, paying a bonus to a shareholder of a closely held C Corporation might not be an overall tax savings if the taxpayer is in a higher tax bracket.

Prepay expenses if you are a cash basis taxpayer. If your business has expenses that you would normally pay in January and Feb-

ruary, you may consider sending a check in December for these payments. If you deal with a vendor who is slow to invoice, consider giving them a call and asking them to send you that invoice sooner rather than later.

Lastly, see if you qualify for the qualified business income (QBI) deduction. In this case, having a higher profit results in a higher QBI deduction. The QBI deduction is up to 20% of qualified business income and is available to sole-proprietors, partners of a partnership and shareholders of an SCorporation.

Tax planning can help a business owner keep more of the profits that you are working so hard to get. Analyze your financial position and consider several factors when deciding on year end moves. One of the smartest year end moves can be consulting with your tax advisor about how to keep more of those after-tax dollars!

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20 • SARATOGA BUSINESS JOURNAL • NOVEMBER 2023

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