Month: February 2023

Business Briefs: February 2023

February 13, 2023

The return of Hattie’s Mardi Gras in Saratoga Springs raised over $100,000 to combat food insecurity in the region.

After a four-year hiatus, the Jan. 28 fundraiser at the the Canfield Casino garnered funds that will be donated to the Regional Food Bank of Northeastern New York. Business for Good co-founders Ed and Lisa Mitzen served as hosts, alongside CNN anchor Alisyn Camerota as emcee.

Officlials said more than 300 attended. music was provided by Soul Session and Garland Nelson.

In 2021, Hattie’s joined the Business for Good family of companies. All profits of Hattie’s Restaurant are donated to local charities.

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Hudson Mohawk Area Health Education Center (Hudson Mohawk AHEC) will be awarding 10 scholarships of $500 dollars each to individuals who will be entering an approved healthcare related certificate or degree program at a local community college, university or training entity within New York state.

Applicants must reside within the Hudson Mohawk AHEC 10-county service region, which includes: Albany, Essex, Fulton, Hamilton, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties.

Interested applicants can learn more about the scholarship opportunity by visiting the Hudson Mohawk AHEC website www.hmahec.org or emailing admin@hmahec.org

Applications are due no later than Monday, March 17. Awards will be made in May.

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Business Report: Create Mindset Of Abundance Vs. Scarcity

February 13, 2023

Rose Miller, SPHR, area HR thought leader, speaker, writer.

By Rose Miller

I went to the Multiple Sclerosis Society’s Together for a Cure fundraiser where the keynote speaker gave an eloquent speech about being a victor or victim.

Dealing with MS can be daunting on a continual basis. It can impact your ability to live your life fully. The keynote speaker wrapped up a victorious talk with, “Will life happen to you or for you? Do you see your life as a nightmare or a fairy tale?” She told the crowd how MS will not defeat her.

I was reading Michael J. Fox’s new book where he writes about how he takes after his late mother, who had an impactful positive attitude. He said, “She never added up the losses. She’d always look at the gains.”

Boiled down, these two people exhibited a mindset of abundance versus a mindset of scarcity.

Stephen Covey initially coined these terms in his best-selling book, “The 7 Habits of Highly Effective People.” Scarcity mentality refers to people seeing life as a finite pie, so that if one person takes a big piece, that leaves less for everyone else.

Psychology studies have found that children who believe intelligence can be developed were better able to overcome academic challenges versus children who believe their intelligence is fixed in some way. A scarcity mindset can limit a child’s growth.

AARP Survey Finds Seniors No Are Longer Settling For Jobs With Stressful Conditions

February 13, 2023

Many older workers are no longer settling for stressful working conditions or fully in-person jobs, finds a new AARP survey of adults age 40 and older.

The COVID-19 pandemic has caused a shift in attitudes about work, with more people prioritizing work-life balance and making workplace flexibility as a job prerequisite, the report said.

“Understanding a Changing Older Workforce: An Examination of Workers Ages 40-Plus” shows that flexible work hours are now a job requirement for 79 percent of older workers, while 66 percent say they would only accept a new job if they are able to work remotely at least some of the time. Most older workers (90 percent) also say they require a job that provides meaningful work.

“During the pandemic, many people took time to reexamine their personal goals and how their job fits into their life,” said Carly Roszkowski, vice president of financial resilience programming at AARP. “Given the high level of burnout that so many older workers experienced during the pandemic, especially those who are caregivers, it should come as no surprise that work-life balance has emerged as not just a priority but a requirement.”

Over half (53 percent) of those ages 40-49 and 36 percent of all workers age 40 and older are caregivers for an adult, typically a partner/spouse or parent, and report having to work remotely, change work hours, reduce hours, use paid caregiving leave or quit their job altogether to provide care in the last five years, the report said.

Offices Are Laying Off Workers, But Owners Can Still Take Other Steps To Save Money

February 13, 2023

Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech).

by Mark Shaw

The economic outlook for 2023 is the dreaded R word—Recession.

It`s here. We know the media and our government are not exactly forthcoming saying it’s here, but if you are a consumer you see the change. Technology is often the canary in the coal mine. When tech companies start cutting jobs, that is when we see things starting.

Amazon, Facebook, Twitter, and just a few days ago Salesforce, recently cut their workforce. Additionally, the news was just released that the financial sector cuts are coming. These two major driving economic forces are the first to start the layoffs. Next up, all of us.

But as a small business owner there is some comfort in the fact that you can probably find some places to cut costs and save money. Ideally, you have probably been doing this all along as the inflation numbers have grown. When it comes to your technology, if you currently have an IT staff, even if it’s just one person, you can use some cost-effective, time-tested methods to meet your needs.

In today’s world you can outsource your information technology for often a fraction of the cost of retaining a fully loaded employee. Multiple studies shown that firms with 1-10 IT staff members have seen significant savings by outsourcing to an IT consulting firm. I have first-hand experience of the best ways this can and has been done.

SUNY Empire State Agrees To Provide College Credit To Some State DMV Employees

February 13, 2023

The state Department of Motor Vehicles (DMV) has a new partnership with SUNY Empire State to provide college credit to eligible employees. The credits can be used as general learning in any undergraduate program at the college.

To be eligible, a new or current employee must have completed all three components of DMV’s new employee training program (NETP)—License, Registration, and Enforcement—in addition to a customer service component. Current employees must have completed the training since 2013 to be eligible. Those who have done so can receive six college credits from SUNY Empire, which represents a savings of $2,015.20 in tuition fees.

The DMV Statewide Training team will provide proof of completion of the three NETP courses to SUNY Empire for interested employees. The department has assigned staff members to serve as advisors to answer questions and help employees explore this opportunity.

“We are always looking for new and innovative ways to help our employees gain new skills through training and to advance their careers, so we are very excited to roll out this new partnership with SUNY Empire,” said DMV Executive Deputy Commissioner Christian Jackstadt. “The flexibility that SUNY Empire provides will allow all our employees throughout the state to take advantage of this opportunity. This partnership is one of many initiatives we have introduced as part of a strategic effort to attract and retain top talent and make careers at the DMV even more rewarding.”

Uncommon Grounds Expands Again, Adds A New Store In Stuyvesant Plaza

February 13, 2023

Uncommon Grounds, which started on Broadway in Saratoga Springs, recently opened a new cafe in Stuyvesant Plaza in Albany County.

It is the company’s fourth community cafe.

Like the others, it is a purveyor of fresh-roasted specialty coffee.

The coffeehouse offers a menu of signature beverages, homemade bagels, soups, salads and desserts. Approximately 20 full- and part-time employees staff the shop.

“We’re very excited to unveil our newest location in Albany,” the company said. “Stuyvesant Plaza is a one-of-a-kind location and we can’t wait to welcome Plaza shoppers and tenants for a meal or a hot cup of coffee. We look forward to continuing to grow our business there.”

“Uncommon Grounds is a Capital Region favorite, and we’re happy to welcome them to Stuyvesant Plaza,” said Stuyvesant Plaza General Manager Rachel Ferluge.

Business Report: See ‘Big Picture’ For Your Business Exit

February 13, 2023

Stephen Ferraro is a partner with Ferraro, Amodio & Zarecki CPAs.

Stephen L. Ferraro
CPA/ABV/CFF, CEBC, MAFF, CVA

The success of exiting a business depends greatly upon the mental perspective and preparation of an owner during the exit process. Business owners tend to fixate their thoughts only on running and growing their business.

However, there is a tremendous amount of value in seeing the “big picture” with your exit and thinking about the future and where you would like both the company, and yourself personally, to end up.

The owner who is able to see the larger picture and understands that stepping out of a business is an opportunity to move both themselves and their company toward a new stage of life, will be best prepared to execute a successful business transition.

The Transfer Timing Slots

One of the first big picture concepts that owners should grasp is the idea of timing slots. Much like a slot machine, you want to see if you can match up three critical areas—personal timing, company preparedness, and market timing. A solid ‘big picture’ of an exit considers all three.

Business Report: Life Estate Deeds In Estate Planning

February 13, 2023February 13, 2023

Jason Snyder is a senior associate with Tully Rinckey PLLC.
Courtesy Tully Rinckey PLLC

By Jason Snyder, Esq.

With a rise in the value of land over the past decade, one’s largest asset oftentimes ends up being their home. While a last will and testament usually cover the transfer of title of real estate upon death, life estate deeds also fulfill this purpose while also providing many more benefits that property owners might not be aware of.

What is a life estate deed?

Deeds effectively transfer real estate from one party to another. The parties to a life estate deed are referred to as the “life tenant” and the “remainderman.” The life tenant (the current owner) transfers the property to the remainderman (the beneficiary).

While the deed is signed and recorded now, the full transfer of title does not happen until the death of the life tenant. The life tenant can use the property during his or her natural life and has rights to any rents or profits arising from its use. Upon the death of the life tenant, the remainderman receives the full title and all the rights and benefits of owning the property.

Benefits of establishing a life estate deed.

Probate avoidance: One of the biggest reasons many clients choose life estate deeds is probate avoidance. Because the home transfers to the remainderman automatically upon the owner’s death, it does not go through probate. If the home is administered through the will, it can take several months or years before the beneficiaries can take possession. This could also save the estate thousands of dollars in probate fees.

In Economic Uncertainty, Investors May Focus On Individual Quality Of Companies

February 13, 2023

Kevin M. Hedley is a partner with Hedley & Co. PLLC.
Courtesy Hedley & Co. PLLC

By Kevin M. Hedley

Looking back on 2022, for much of the year inflation was a major topic.

Inflation peaked at 9.1 percent in June of 2022 which was the highest rate since 1980. Inflation is measured by the Bureau of Labor and Statistics which calculates CPI inflation by taking an average weighted cost of a basket of goods and dividing it by the same basket of goods from the previous month.

So, a lot of the inflation numbers reported are based in comparison to the previous month and not since the beginning of the year. Some of the root causes of inflation included higher commodity prices due to supply issues which was exacerbated by the war in Ukraine, higher prices due to increased demand of consumers who spent less in the pandemic while saving more and supply struggling to keep up, and tight labor markets leading to increases in employee wages.

In order to combat inflation, the Fed has tightened its monetary policy by continuing to raise interest rates at it’s most aggressive pace since the 1970s. It appears the Fed has made combatting inflation a top priority, understanding the risk of being so aggressive may cool the economy to the point of triggering a recession.

Business Report: Am I Saving Enough For The Retirement I Want?

February 13, 2023February 13, 2023

Joseph Vidarte, CRPC, financial advisor, Merrill Lynch Wealth Management.
Courtesy Merrill Lynch Wealth Management

By Joseph Vedarte, CRPC

There’s no one-size-fits-all answer. These four steps can help you figure out the amount that’s right for you.

Ask three retirement experts how much you need to save for retirement, and you’ll likely get three different answers.

One might respond with a specific number, say $3 million; another might suggest you save enough to let you draw down 80 percent to 90 percent of your annual pre-retirement income every year; and a third may say you should strive for 12 times your pre-retirement salary. So what’s right for you? And how do you know if you’re on track?

As you seek answers to those questions, the following steps can help you identify a sustainable savings target, one designed to support your desired lifestyle over a retirement that could last 30 years or more. Knowing that can be useful in figuring out whether you need to adjust your current savings and investment plan.

Ask yourself: How long could my retirement last?

“There are multiple personal variables to weigh when starting to think about how much you’ll need to save for retirement,” says David H. Koh, managing director and senior investment strategist, chief investment office, Merrill and Bank of America Private Bank.