By Susan Elise Campbell
TOGA HERITAGE, a gift and home goods store that celebrates the history and spirit of Saratoga Springs, has moved to the “dream location” of owner Deborah DePasquale at 322 Broadway next to Congress Park.
Dreaming about it had little to do with the success of the transition. Good business planning did. Not only did DePasquale stick to her timeline of moving into a larger location right after her third year in business, but she did it at the beginning of the coronavirus pandemic.
“We were ready to move a year ago, but it took that long to find the right spot,” she said. “The goal was to buy something unique and possibly historic, and this was one of our top three desired locations.”
The building goes back to 1884 and was once home to Congress Theatre. The space opened up when the previous retailer, Hatsational, left the space to consolidate with another of its downtown locations.
DePasquale said the previous owner renovated the entire building interior in 2016.
SUNY Empire State Offers Its First Doctoral Degree: Educational Leadership And Change
SUNY Empire State College has launched its first doctoral program in the college’s nearly 50-year existence.
The Ed.D. in educational leadership and change will prepare current educational leaders to advance their education and careers while learning how to lead positive change in colleges, universities and communities, officials said om Aug. 27.
As educational systems face mounting challenges from the COVID-19 pandemic and a rapidly changing workforce, the program will address both day-to-day and long-term issues confronting educators to prepare them for leadership positions in higher education institutions, college officials said.
Applied coursework will focus on educational trends, organizational issues, and policy, including rigorous training in research methodology enabling graduates to analyze challenges facing their institutions in a broader national and global context.
Momentive Performance Materials Invests $15M To Expand Work At Waterford Plant
By Christine Graf
Momentive Performance Materials in Waterford announced plans to invest $15 million in specialized electronics materials production at its Waterford plant.
The company is investing $40 million overall as part of its global transition from commodity basics chemicals to specialty silicones.
Momentive officials also said they are moving forward with recently announced plans to sell its consumer sealants business to Henkel, a chemical and consumer good company headquartered in Germany. Although the sale will include GE-branded consumer sealants, GE-branded construction sealants are excluded.
Financial terms of the sale were not disclosed, and Momentive will continue to manufacture consumer sealants in Waterford through 2021, the company said.
The company has been in business since 1947 and has 36 offices in 17 countries. Its products are used in many industries including healthcare, telecommunications, electronics, personal care, construction, transportation, agriculture, and energy.
“The $15 million investment we are making is really going to augment our capabilities and our capacities in one of our most exciting, fastest growing business—electronic materials,” said Sandip Tyagi, president and general manager of formulated specialties. “This is really in line with our overall strategy of continuing to transform our company into a more specialty chemical business.”
The specialty chemical business targets several end markets that Tyagi described as “extremely exciting and fast growing.” They include telecommunications infrastructure, and e-mobility. The e-mobility market encompasses fully electric, plug-in hybrid, and hydrogen fueled vehicles as well as other electric powered technologies.
‘NBT Guided Investor’ Launched As Digital Investment Tool In Partnership With Schwab
NBT Capital Management, a business unit of NBT Bancorp Inc., has launched NBT Guided Investor, a new digital investment solution in partnership with Schwab Performance Technologies.
Guided Investor is a digital solution that offers fully-online investment management capabilities. According to bank officials, accounts can be opened in as little as 10 minutes and are supported by a dedicated financial advisor.
Bowling Alleys Cleared To Open, Looking Forward To Leagues Starting Up This Fall
By Lisa Balschunat
Patience was the name of the game for bowling centers in New York state. Some 200 lanes statewide were given the green light from the governor’s office to reopen recently with strict COVID-19 requirements in place.
“We are very excited here at Saratoga Strike Zone to be open again,” said owner Rich Sheldon. “We’ve got 30 leagues starting up. We have all of the protocols in place: barriers between lanes, plexiglass at the desk, social distancing reminders, masks and staff temperature checks.”
He said the Saratoga Springs granted Strike Zone a variance to offer outdoor seating at its restaurant and the state’s Paycheck Protection Program (PPP) helped his establishment weather the coronavirus storm.
“Pre-COVID, I had 78 employees. During the shutdown I had to lay off everyone. Now all of my full-timers are back. I am extremely thankful for PPP … We still have a closed arcade and cannot host birthday parties, so we’re doing our best with what we have.”
Website Has Monitoring For Home Health Groups
Brian and Mark Johnson have officially launched StayHomeNY.com, a start-up business focused on providing remote monitoring technology to home care agencies, independent, assisted living and memory care facilities.
Using 4D thermal imaging technology, nurses, staff and family members can remotely monitor a senior living at home or in a residential care community 24 hours per day, according to the owners, who are brothers.
The senior is not required to wear a bracelet or lanyard there is no video monitoring, ensuring the senior’s privacy. The technology detects all types of falls (gradual, fast and concealed) and recognizes activity of daily living patterns, such bathroom use, in bed sleeping, or wandering in the middle of the night, they said.
NYRA Donates $20,000 To Area Nonprofits Earned From The Sale Of COVID-19 Masks
The New York Racing Association, Inc. (NYRA) presented a $20,000 donation to several nonprofit organizations as a result of a joint initiative with Saratoga Springs to raise funds for the community through the sale of limited-edition Saratoga Race Course face masks.
The campaign, which launched in mid-June and was immediately met with high demand from racing fans, raised a total of $20,000 which will be divided evenly between AIM Services Inc., Franklin Community Center, Shelters of Saratoga and the SNACpack Program (Saratoga Nutrition Assistance for Children).
NYRA worked with Mayor Meg Kelly to identify the program’s four beneficiaries, which provide food, shelter and other critical resources during a time of increased need resulting from the coronavirus global health pandemic. A portion of proceeds from all mask sales was donated to the nonprofits.
“It was great to see this level of support for a campaign that not only serves as a unique sign of the times, but benefits the collective health of the Saratoga community in so many ways,” said NYRA President and CEO Dave O’Rourke. “We thank our fans for their enthusiasm surrounding the face masks, as well as Mayor Kelly and the City of Saratoga Springs for their continued partnership and leadership.”
“We are all grateful to NYRA and the Saratoga mask initiative for helping us ‘Mask Up’ and raise funds for four of our local non-profits,” said Kelly. “NYRA has demonstrated once again their commitment to the safety and well-being of our entire community. When we get through this, we will be able to look back with pride on the many ways the community pulled together. NYRA’s example is just one of many that make Saratoga Springs such a special place to live, work and visit.”
Passion For Baking Results In A Booming Business For Woman On Route 50, Saratoga
By Jennifer Farnsworth
Opening a business during a pandemic could be risky business for most, but Kelly’s Kitchen owner Kelly Groff said not even a pandemic can stop a sweet tooth.
This bakery owner is not only selling her baked goods at a steady rate in her new Wilton location, she says she is selling out on a daily basis.
“I’ve only been open a few weeks now but continue to meet new customers every day. Word of mouth has been my absolute best advertisement so far,” said Groff.
Kelly’s Kitchen opened in August at its 4300 Route 50 location, and business is booming. She had been baking and selling treats from her home, growing her business at such a fast pace that she knew it was time to bring it to a new location. The bakery is stocked with cakes, cupcakes, cookies, pastries and all types of desserts.
Workers At Altek In Waterford Buy Company Via Employee Stock Ownership Plan
By Jill Nagy
Altek Energy Systems’ president is selling the company to the employees and it will not cost them a penny, he said.
Mike O’Connor, currently the owner and a co-founder of the company, created an employee stock ownership plan (ESOP) that will hold the company’s shares on behalf of the employees. As people retire or otherwise leave the company, they will receive the value of their shares.
Shares will be allocated among the employees based upon the amount of time they have been with the company and how much they earn. Their shares will vest over a five-year period.
O’Connor said the new corporation will be what is known as a Subchapter-S corporation. Subchapter-S corporations do not pay corporate income tax. Rather, their earnings are allocated to the shareholders and taxed as regular income.
As a conventional corporation, Altek pays $400,000-500,000 in taxes a year, O’Connor estimated.
After 40 years with Altek, O’Connor said he sees the transition as a graceful exit strategy. It will leave the company intact and allow him to remove cash from the company. He also foresees considerable tax savings.
Business Report: Is Title Insurance A Four-Letter Word?
By Dan Wade, Esq.
We’re all familiar with auto insurance, health insurance and homeowner’s insurance, but what do you know about title insurance? Do you know if you’re covered?
Owning a home is likely the biggest investment you’re ever going to make. And like most homeowners, the “American Dream” comes with a mortgage attached. It’s safe to bet that as the mountainous stacks of papers were being shuffled around during your real estate closing, you may not even remember that you purchased title insurance for the lender.
Lenders require this to protect their security. It’s important to note that the title insurance you purchased for the lender, sometimes called a loan policy or mortgage policy, only covers losses incurred by the lender. It does not cover you. At the closing table, you would also have been offered an owner’s title policy.