Month: November 2021

Business Briefs: November 2021

November 14, 2021

The Saratoga Farmers’ Market indoor winter season returned to the Wilton Mall on Nov. 6.

Alongside many returning vendors, the winter market also features some new vendors and products, such as alcohol-infused ice cream at Boozy Moo!, (house) plants at J. Adkins Cultivation, Scandinavian baked goods at parchment, and several fan favorites who were new vendors at the markets this summer.

This season, the market was also be able to bring back several of its seasonal events, such as holiday celebrations, Maple March and more.

Markets will run each Saturday from 9:30 am to 1:30 p.m. and will feature 50-plus vendors selling a full range of locally produced items including fresh farm items, ready-to-eat foods, artisanal products, and holiday gift items.

The market will be located in the mall’s food court, accessible from the TrustCo mall entrance or from the building’s interior.

Although face coverings are not required inside the Wilton Mall, the mall and the Saratoga Farmers’ Market both recommend customers wear a mask to help keep the indoor markets as safe as possible.

The market will continue to space vendors out where possible and provide extra hand washing and sanitizing opportunities. Management is evaluating returning its online ordering and curbside pickup program.

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The Ballston Spa Business & Professional Association (BSBPA) is encouraging all businesses in the village’s downtown area to decorate their storefronts for the shopping season.

For the past few years, the BSBPA has recognized businesses whose window decorations and displays have enhanced the Village of Ballston Spa during the holiday season. Businesses with decorated windows whose lights are on the evening of Nov. 30 will be judged and the winners will be announced in time for village festivities on Dec. 3, including the Holiday Parade, village Christmas tree lighting and First Friday.

Winners will be presented with specially designated “contest winner” signs to display in their businesses for the holiday season and photos of the windows will be featured on social media and on the BSBPA website, ballston.org.

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Small Businesses, Nonprofits Form Coalition To Stress Importance Of Horse Racing In NYS

November 14, 2021

A rider works out a horse on the Oklahoma Training Track recently.
Courtesy NYRA

A coalition comprised of small businesses, unions, nonprofits, and trade organizations have launched We Are NY Horse Racing, a coalition designed to educate New Yorkers regarding the importance of the sport of horse racing to the New York economy.

From downstate labor unions to upstate local restaurants and hotels, We Are NY Horse Racing has garnered statewide support.

The horse racing economy includes farmers, trainers, horse breeders, horse owners, racetrack employees, dozens of labor unions that support racing operations, backstretch workers, veterinarians, and racing officials as well as seasonal and part-time jobs directly tied to big events such as the Belmont Stakes or the annual summer meet at historic Saratoga Race Course.

Officials said that as a driver of tourism both downstate and throughout upstate New York, horse racing is a big business for the hospitality sector at a time when hotels, bars and restaurants continue to face uncertainty related to the COVID-19 pandemic.

The recently concluded 2021 summer meet in Saratoga saw an average daily attendance of more than 26,000.

According to a study published by the American Horse Council in 2018, horse racing in New York state is responsible for 19,000 jobs and more than $3 billion in annual economic impact. In addition, the broader equine industry is New York’s second-largest agribusiness, generating good-paying jobs in every county and corner of the State. The sport of horse racing drives an industry that sustains hundreds of small businesses on and around the 11 racetracks currently in operation in New York.

Saratoga Candy Co. Moves To New Space As Construction At Adelphi Hotel Draws Near

November 14, 2021November 30, 2021

Dawn Oesch has owned Saratoga Candy Co. on Washing Street for 24 years but is moving around the corner to 353 Broadway while work is done on the hotel to which her store is connected. ©2021 Saratoga Photographer.com

By Jill Nagy

Saratoga Candy Co. in Saratoga Springs, purveyor of peppermint pigs and hand-made chocolates and fudge, is moving this month—a temporary situation because work will start soon on the renovating the Adelphi Hotel on Broadway.

The candy store, around the corner on Washington Street, is attached to the Adelphi.

But the store isn’t moving far—only 32 steps around the corner to 353 Broadway, according to store owner Dawn Oesch.

The building now housing the store, part of the Adelphi Hotel, will be torn down and replaced by a new six-story mixed use building. The new building will include new space for Saratoga Candy Co. The store will have access both from the street and from the hotel.

The move comes at the busiest time of year for the business. In a typical year, Saratoga Candy does about one-third of the year’s business in November and early December, the owner said.

The store has already been filling holiday orders and Oesch would have been happy if the move took place after Christmas. But, she said, “I’m really grateful that they’re including us in their plans.”

The temporary home is a little smaller than the current shop. On the plus side, Oesch said, it will have giant windows at “perfect viewing height for children.”

Northwest Mutual’s Anderson Financial Group Opens An Office On Route 9

November 14, 2021

Members of the wealth management team at Northwestern Mutual’s Anderson Financial Group participate in a recent ribbon cutting at their new office.
Courtesy Northwest Mutual

Northwestern Mutual’s Anderson Financial Group, a leading financial security firm based in Saratoga Springs, opened a new office at 3257 Route 9.

The team, led by wealth management advisor Joseph M. Anderson, has continued to grow over the past few years. The office space is freshly renovated and includes a newly finished second floor, as well as a gym, well-equipped kitchen, and other amenities for the staff. Officials said clients will appreciate the modern, professional atmosphere, easily accessible parking, and spacious meeting rooms.

“We look forward to welcoming our clients to our new office and continuing to be part of the fabric of the Saratoga Springs community,” said Anderson. “Our firm has been helping secure the financial futures of families and businesses locally, and across the country, for more than 40 years. We now have an amazing space to allow for our continued growth and higher level of service for our current and future clients.”

Officials said the Anderson Financial Group “is committed to making a positive impact and improving the lives of others. Through a proactive approach and problem solving, they design creative solutions with “purpose and passion. Their 16-member team takes pride in helping people and businesses achieve confidence, clarity, security, and peace through financial planning.”

Business Report: Dow 36,000

November 14, 2021November 15, 2021

Kenneth J. Entenmann,chief investment officer & chief economist with NBT Bank.

11/15/2021 Update
November print edition headline Dow 3,600 corrected to Dow 36,000 in online and virtual editions.

by Kenneth J. Entenmann, CFA

Well, we finally made it. The long-ridiculed prediction by James Glassman and Kevin Hassert in their 1999 book titled “Dow 36,000: The New Strategy for Profiting from the Coming Rise in the Stock Market,” has arrived.

It took a lot longer to get here than predicted, but we made it. The market has a habit of humiliating the great prognosticators of the world. But the central premise of the book remains based in the simple math of compounding. According to Wharton Finance professor, Jeremy Siegel, since 1802, equities have produced annual average total returns (including price changes and dividends) of 6.5 percent to 7 percent after inflation. In a recent Wall Street Journal article today, Mr. Glassman does the math, and it suggests we will have a Dow 1,000,000—in 50 years.

Unfortunately for market forecasters, the market never moves in a linear fashion and major disruptions can knock the markets off track, often for prolonged periods. In defense of Glassman and Hassert, few investors predicted the dot.com bubble, the Financial Crisis of 2008 and COVID. Yet here we are—Dow 36,000. The record is clear, there are no 20-year periods where equities posted a negative total return. It is a testament to the power of long-term, discipline investing.

Today, the equity markets have risen to record levels once again. As discussed on my Market Insights blog, these record levels have been achieved by incredible earnings growth, very benign interest rates and massive liquidity. The market is here despite a host of worries; COVID, dysfunctional government and the looming threat of inflation.

The economy slowed in the third quarter, posting a disappointing 2 percent GDP. The market has concluded that this slowdown is indeed “transitory” and was due largely to the August-September Delta surge. Today, COVID cases, hospitalizations and deaths have once again plummeted, which is great news.

Business Report: Time To Update Your Estate Plan

November 14, 2021November 14, 2021

Jennifer Corcoran is a partner with Tully Rinckey PPLC.
Courtesy Tully Rinckey PPLC

By Jennifer Corcoran, Esq.

The coming of a new year often has us reflecting back on things we meant to do but did not get done or looking forward to things we wish to accomplish. It is the perfect time to put an estate plan in place or review your existing estate plan for any changes that may need to be made.

In addition, major life changes such as marriage, divorce, the birth of a child, a death in the family or even an increase or decrease in assets or income warrant updating your estate plan.

You may have had the foresight to create an estate plan to ensure that your assets are distributed the way you want them to be after you are gone. However, each new year brings updates to laws and potential life changes, all of which should be reflected in your estate plan.

What if you don’t have an estate plan? The new year is the perfect time to create one, no matter how many—or few—assets you may have. Among the many benefits, an estate plan can help to protect families with children and ensure that heirs are not overburdened with debts or taxes. A good estate plan, created with the help of a knowledgeable estate planning attorney, allows you to control the distribution of your assets according to your wishes.

It is important that your will is in place and up to date, because without a will, your assets could pass under the intestacy laws to persons you do not intend or wish to receive them. You cannot pass assets to nonfamily members, and your estate cannot make charitable contributions without a will.

Business Report: CARES Act Encourages Charity Donations

November 14, 2021November 14, 2021

Patrick J, Diggin, CPA, is a partner at UHY LLP.
Courtesy UHY LLP

By Patrick J. Diggin

During the COVID-19 pandemic the CARES Act provided for expanded deductibility of charitable contributions to encourage taxpayers to give to charities during 2020. In December 2020, the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR) was enacted which expanded and extended many of these provisions into 2021 to incentivize continued charitable giving through the end of the year.

The expanded benefits allow individuals who elect to take the standard deduction and ordinarily do not qualify for charitable contribution deductions, to deduct up to $300 ($600 for married taxpayers filing joint returns) for cash donations to qualified public charities.

For individual taxpayers that itemize their deductions, the expanded benefits increase the deduction limitation, ordinarily limited to up to 60 percent of the taxpayer’s adjusted gross income (AGI), up to 100 percent of AGI so long as the charitable contributions are made in cash to qualified public charities during 2021.

If excess contributions are made over the 100 percent limit, the donor may carry these excess deductions forward for up to five subsequent tax years, however the enhanced deductibility is set to expire after 2021.

Corporate taxpayers also saw an increase in deduction limits from the ordinary limitation of up to 10 percent of taxable income to 25 percent.

For Holiday Shoppers, Patronizing Stores In The Community Helps Boost Local Economy

November 14, 2021

The Saratoga Market Place in downtown Saratoga is a popular shopping spot.

By Jennifer Farnsworth

Despite supply chain issues and COVID concerns, small business owners are saying local holiday shopping has been strong.

Todd Shimkus, president of the Saratoga County Chamber of Commerce, said all businesses benefit when shoppers support local businesses and the local economy.

His organization is running a promotion wherin people who spend $20.21 or more at any local shop, restaurant, salon, florist, fitness studio, nonprofit organization or any other business in Saratoga County are entered into a drawing for the chance to win a $100 gift card. The campaign runs through Dec. 31.

“Shopping locally is important. Whether you are eating out, shopping for the holiday shopping season, hiring a local contractor, or signing up for a gym membership, we want our local residents and out-of-town visitors to support local businesses,” he said.

“We need to have their back and show our support as consumers. That’s why the Chamber created the Save Our Locals $20.21 campaign. We all benefit when we support our local businesses and the local economy.”

Times Square Clock Shop in Clifton Park is another place to find interesting gifts. Owner Peter Judd said they have a new line of clocks that he describes as one of their all-time best sellers.

Annual Ballston Spa Holiday Parade And Tree Lighting Scheduled In Village On December 3

November 14, 2021

Santa Claus greets revelers at the annual Holiday Parade and Tree Lighting last year in Ballston Spa. This year’s event is scheduled for Dec. 3 in the village.
Courtesy BSPBA

The Ballston Spa Business & Professional Association’s annual Ballston Spa Holiday Parade and Tree Lighting will take place Friday, Dec. 3.

The parade step-off time is 6:30 p.m., proceeding on Milton Avenue and ending in Wiswall Park on Front Street. It ill be followed by Santa lighting the village Christmas tree.

The parade is a hometown-style holiday tradition, with firetrucks, floats, animals, kids and Santa parading down the main street of the village.

Organizers said that again this year, the parade will spotlight the Toys for Tots campaign, in partnership with the Ballston Spa Community Emergency Corps, Saratoga County Sheriff Department and 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.

Officials said entries in the parade will be judged this year in the following categories: Best Emergency Vehicle Entry, Best Ballston Spa Community Members Entry, Best Walking Entry and the Brightest Light Award—the brighter and more festive, the better.

The parade is part of the holiday-themed First Friday, Ballston Spa’s signature monthly event, which celebrates its 17th year in 2021. Home to unique shops, museums, and a host of popular restaurants, Ballston Spa showcases that on its First Night events.

In the December version, many businesses will be open with special holiday activities and specials, while Ballston Spa High School singers and musicians and Union Fire Company band members will perform holiday music on the street corners.

Unbroken Athletics In Malta Offers CrossFit Classes To Accommodate All Fitness Levels

November 14, 2021

Brandi Tyler opened her own CrossFit gym, Unbroken Athletics, in September.
©2021 Saratoga Photographer.com

By Christine Graf

Malta resident Brandi Tyler has taken her love for CrossFit training and turned it into a career. The first-time business owner opened her own CrossFit gym, Unbroken Athletics, in September.

Located at 146 Raylinsky Road in Malta, the gym offers a range of classes to suit any fitness level. Tyler, a Level 2 CrossFit trainer, also offers individual coaching. Unbroken Athletics is one of more than 13,000 CrossFit-affiliated gyms throughout the world, she said.

A former personal trainer, Tyler was introduced to CrossFit about five years ago. It is a high-intensity form of functional training that combines strength and conditioning and utilizes movements that are performed in day-to-day life—things like squatting, running, jumping, throwing, and pulling.

The workouts are particularly effective because they combine elements of load, distance, and speed and can be modified for individual of all ages and experience levels.

“I once saw a 90-year-old woman deadlift her own weight,” said Tyler.

She began to consider opening her own gym at a time when fitness centers were shuttered due to the pandemic. During that shutdown, she coached several clients in her home’s garage. The response was so positive that she decided to move forward with establishing her own business despite having no prior business experience.