Saratoga Business Journal

‘Share A Step’ Virtual Fundraiser Brings In More than $100K For Wesley Community

June 17, 2021

The money raised through the Share A Step initiative supports second phase of renovations at the Springs Building of Wesley Health Care Center, shown behind these volunteers.
Courtesy The Wesley Foundation

The Wesley Foundation, the philanthropic arm of The Wesley Community, raised $104,300 to support local seniors during its “Share A Step” virtual fundraiser,

Officials said approximately 100 community members, double the number from last year, participated in the fundraiser which took place May 21-27 and invited community members to work toward a fitness-oriented goal while raising funds.

Participants this year logged more than 1,470 miles and helped bring the total amount raised for The Wesley Foundation via the annual fundraiser to more than $140,000 since it began in 2018, officials said.

“It has been tremendously rewarding to see how popular our ‘Share A Step’ fundraiser has become over the past several years,” said J. Brian Nealon, CEO of The Wesley Community. “The funds raised will go a long way in helping to support the many seniors on our campus. We are extremely grateful to all of the participants, sponsors and supporters of this event.”

Donations received via the virtual fundraiser will support the second phase of renovations at the Springs Building of Wesley Health Care Center.

The project will create a contemporary, efficient and home-like environment on the Springs Building’s second, third and fourth floors. Phase one of the project was completed in 2016.

The Wesley Community is a nonprofit senior living campus in Saratoga Springs with more than 700 residents.

Business Report: NYS Health And Essential Rights Act

June 17, 2021

Rose Miller is president of Pinnacle Human Resources LLC.

By Rose Miller

Gov. Andrew Cuomo signed the New York Health and Essential Rights Act (NY HERO Act) into law on May 5. This new act will impose substantial responsibilities on all private employers to provide and maintain safe workplaces for the ongoing COVID-19 pandemic, and for all airborne infectious disease outbreaks in the future.

Don’t shoot the messenger. Seems like New York has rolled out a new regulation to implement every month. A whole host of changes will need to be put in place by Sept. 2. As a small business owner, I feel your pain.

The first thing employers will need to do is to develop an industry specific prevention work plan. Work plans include how the employer handles workplace safety protocols such as health screenings, face coverings, personal protective equipment, hygiene stations, regular cleaning/disinfecting, social distancing, and other controls related to infectious disease safety concerns. There are some options for employers under a collective bargaining agreement.

Some employers have had some type of prevention work plan already in place. My firm was one of the only vendors, who included such a work plan as a supplement to the employee handbook. Existing plans will need to be updated to comply with the act and it must be included in all employee handbooks and posted at all work sites.

Many employers are waiting for the Department of Labor model which is expected around July 4. However, there is great deal of work to be done in mapping out the who, what, where and how the plan works specific to your organizations. A customized plan must meet or exceed the minimum standards in the act and plans must include participation of employees in its development.

Upstate Agency Insurance, Arrow Company Subsidiary, Marks 40 Years In Schroon Lake

June 17, 2021

A desk that was used at the Upstate Agency, a subsidiary of Arrow Companies, gets delivered to Schroon Lake Community Church where it serves as its altar.
Courtesy Upstate Agency

Upstate Agency, a subsidiary of Arrow Family of Companies, is celebrating 40 years of service to residents and businesses in Schroon Lake.

Upstate Agency specializes in personal, commercial and group health benefits insurance with offices in Saratoga, Warren, Washington, Clinton and Essex counties.

The Schroon Lake agency, established in 1981, originally in the Freidman Real Estate office, moved to its present location at 1072 Route 9 in 1983. Upstate staff recently celebrated with a Coffee Takeover at Stewart’s that included free coffee and giveaways. Another Coffee Takeover will be scheduled for the fall, compamy oficials said.

“Our commitment to Schroon Lake and the surrounding area is strong, and we look forward to many more years helping friends, neighbors and business owners with insurance products and services that help them protect what matters the most to them,” said Kevin O’Brien, senior vice president.

Adirondack Office Of The Atrium Financial Group Moves To Downtown Glens Falls

June 17, 2021

Sherry Finkel Murphy works in the new Atrium Financial Group offices.

by Andrea Harwood Palmer

Sherry Finkel Murphy, CFP, ChFC, RICP, private wealth advisor of The Atrium Financial Group, has relocated its downtown office to 11 South St. in Glens Falls.

“This endeavor has been several years in the making. It will be a huge benefit to clients and business owners,” said Finkel Murphy.

Finkel Murphy was looking for just the right space. Plans were delayed because of the COVID pandemic, but she found what she was looking for at the Empire Theatre Building. The space needed renovations for what Finkel Murphy had in mind.

“There is a dearth of office space in Glens Falls. I am very fond of the building. It is in the heart of Glens Falls, and in the heart of the new Glens Falls in the making,” said Finkel Murphy. “It’s a beautiful office space. Clients are stopping by frequently. It’s nice to give them a space locally so they don’t have to drive down to Albany,” she said.

“Establishing the Adirondack office of the Atrium Financial Group in downtown Glens Falls is a reflection on our commitment to the multiple generations of business in this community. And what an awesome community it is. It’s a great place to live, work and play simultaneously,” said Finkel Murphy.

She is the lead advisor for the company in the Adirondacks. She also leads the Women’s Practice of the Atrium Financial Group. Of the firm’s six CFP practitioners, three are women.

Business Report: Increase Value With Commercial Due Diligence

June 17, 2021

Patrick Farrelly is a managing director with UHY Advisors.
Courtesy UHY Advisors

By Patrick Farrelly

You are evaluating a target company that had higher than normal revenue growth in 2020. The target company presents you with a five-year forecast that maintains the above average growth experienced in 2020.

Is the target company’s spike in growth a one-time outlier event or is the growth sustainable? This is a common question many private equity firms currently face following a volatile 2020 business environment.

The answer to this question is critically important since it impacts the target company’s valuation and your firm’s return on investment.

The prior example highlights the importance of the buy-side due diligence process given the uncertainties in today’s market. In the past, your firm may have engaged a third party for only financial due diligence (or quality of earnings – Q of E). However, complementing your financial due diligence with commercial due diligence can help mitigate deal risk, increase return on investment, and improve deal structure and price.

What is commercial due diligence?

The goal of commercial due diligence is to assess the growth and profitability potential of your target company. Target companies’ future financial forecasts often project high growth and profitability over the buyer’s planned holding period. Commercial due diligence helps to validate the assumptions driving your target’s financial forecast.

Business Report: Overlooked Asset: Life Insurance

June 17, 2021

Brian Johnson, director, business development at Advisors Insurance Brokers.
Courtesy Advisors Insurance Brokers

By Brian M. Johnson

There are three primary uses of life insurance. The first is to provide a replacement source of income should a primary provider of income die.

The second is to provide liquidity for the payment of estate taxes or provide a legacy for heirs or a philanthropic cause.

Third is for the financing of long-term health care via a rider added to the policy. Less common uses of life insurance include such functions as funding buy/sell agreements, or other finite period requirements.

Income replacement

The key characteristic of the use of life insurance for the replacement of income is that it generally covers a finite period and does not require permanent insurance. During the primary earning years of a person, two things should be occurring.

One is that assets are being accumulated which could provide income in the future. The other is that the life expectancy of those who are dependent on that income is getting shorter and shorter.

In most cases, there is a cross-over point where enough assets have been accumulated to satisfy the income needs for the remaining years of those dependent on the income. At that point, the person or couple or family is self-insured and no longer has a need for income replacement life insurance.

Skilled Trade Labor Shortages Continue As Boomers Retire, Replacements Aren’t There

June 17, 2021

Union leaders in the building trades are looking for ways to attract new workers.

By Christine Graf

The nationwide skilled trade labor shortage has reached critical levels as baby boomers continue to retire. Baby boomers make up the majority of the skilled trade workforce, and there aren’t enough qualified younger workers to take their places, say people in the industry.

An estimated 31 million skilled trade workers retired in 2020, and many of those jobs remain unfilled. Sixty-two percent of companies report that they struggle to fill skilled trade labor positions.

“Ten thousand baby boomers are retiring every day. We have to bring in the next generation to fill those jobs,” said Dr. Jonathan Ashdown, dean of science, technology, engineering, and math at Hudson Valley Community College. “We’re doing everything we can at Hudson Valley to meet the demands for today in terms of helping to solve the skills gap issue.”

Local union representatives for International Brotherhood of Electrical Workers (IBEW) Local 236 in Albany and UA Plumbers and Steamfitters Local 773 in Glens Falls report that their apprentice programs are in high demand. Both unions have long waiting lists for their multiple-year programs.

According to Mike Martell, assistant business manager at IBEW Local 236, they typically have hundreds of applicants for the approximately 50 spots that are available in their apprenticeship program each year. Union apprenticeships are typically in high demand because union jobs offer above average pay and benefit packages. Local 236 apprentices earn a starting wage of more than $17 an hour and receive an excellent benefit package.

Development Company Plans To Construct Two Industrial/Warehouse Units In Halfmoon

June 17, 2021

This is a rendering of the larger of two warehouse buildings McRoberts Development LLC plans to build in Halfmoon. It will be 50,000 square feet.

By Christine Graf

McRoberts Development LLC President Mark McRoberts is moving forward with plans to construct two buildings on a 6.4-acre parcel of land located at 11 Liebich Lane in Halfmoon.

The estimated cost of the project is more than $5 million.

“It will be my first major development project,” said McRoberts who is also president of Gridworks by McRoberts.

Gridworks is an interior commercial contractor business that specializes in metal framing, drywall, taping, insulation, and acoustical ceilings.

McRoberts started the company in 1992 shortly after graduating from University of Arizona. He learned the trade by working alongside his father, a master carpenter who specialized in acoustical ceilings. His father, Richard, had a long career at Davis Acoustical in Troy.

Plans for a 50,000-square-foot industrial/warehouse facility and a 10,000-square-foot industrial/warehouse facility were submitted to the town engineer at the beginning of June.

“We’re waiting for comments and then it will go in front of the Planning Board for approval,” said McRoberts, noting that he hopes to break ground in mid-July.

Environmental Design Partnership LLP of Clifton Park is the consulting engineer for the project. McRoberts will assume general contractor responsibilities.

Electricians In Region Say Work Is Plentiful, But Finding People For Jobs Is A Problem

June 17, 2021

Electricians in the area have plenty of work, says, one in the industry.

By Jill Nagy

Area businesses are taking different approaches to deal with a shortage of skilled workers in the building trades.

Jim Curran Electric in Saratoga Springs is a situation where the owner was rescued by a son who, seeing his father “overwhelmed,” relocated from Virginia to join the company.

Mr. Electric of Queensbury runs ads year round on several online help wanted sites. Eastern Heating and Cooling has a well-established apprenticeship program in order to “grow our own.”

Electricians are busy. “There is an avalanche of work,” according to Fred Giardinelli of Eastern Heating and Cooling. “Nine out of ten companies will give you the same answer: it’s “almost impossible” to find qualified people.

Curran reported that he is “too busy to train somebody in the proper way.” Mr. Electric also is “extremely busy.”

Curran, for his part, has soured on the idea of trying to hire and train new people.

“I used to try to hire people,” he said, “but they were not skilled enough.”

People hired as apprentices often did not show up. At the other end of the spectrum, “if they get too trained, they go out on their own.”

Ashley Cirelli Thrives After Changing Her Career Path And Joining Plumbers Union

June 17, 2021

By Christine Graf

Queensbury native Ashley Cirelli was working in the restaurant industry before joining the apprentice program at UA Plumbers and Steamfitters Local 773 in 2015. She is one of more than 450 members of the Queensbury-based union.

“I was working in the restaurant business, but there was no stability. You can make great money, but there’s no retirement or health insurance unless you get it on your own,” said Cirelli whose family has owned several local restaurants including Cirelli’s Jam ‘n Eggs in South Glens Falls.

After learning about the excellent pay and benefit packages available to union apprentices, she decided to apply to the electrician apprentice program at UA Local 236 in Albany. Her plans changed after a chance meeting with Larry Bulman, director of legislative and political affairs for the United Association of Plumbers and Steamfitters, that took place at her parents’ restaurant.

After he told her about the career opportunities available to her as an apprentice at Local 773, she applied and was accepted into the program. In August 2015, she started working at GlobalFoundries as a union apprentice. For her, the job was a perfect fit.

“I’ve been very hands-on my entire life. I helped my dad fix cars when I was young, and I used to build computers” she said. “I always wanted to do something in the trades and almost got into the military. But in high school, I was always told you need to go to college no matter what.”

Cirelli did attend college for 18 months after graduating from high school in 2007. She took business management and marketing classes at SUNY Adirondack but never completed her degree.