Saratoga Business Journal

Business Report: Are You Working On Your Business?

February 10, 2020February 10, 2020

Stephen Ferraro is a partner with FAZ Forensics in Saratoga Springs.

by Stephen Ferraro,
CPA/ABV/CFF, MAFF, CVA, CEBC
Business owners need an ongoing planning process to grow, maximize business value and create the most successful business transfers. It’s just as important to work on your business as it is to work in your business.
The process should coordinate business valuation, growth planning and business transfer analysis with personal retirement planning. The ultimate goal…successfully operate, grow and transfer your business on your terms and time frame, while maximizing and protecting your personal wealth.
Maximize Business Value
To determine how fast you can get to where you want to go, you need to know where you are now. That’s why business valuation is so important.

Business Report: Attorneys Are Important In Real Estate Deals

February 10, 2020February 10, 2020

Daniel S. Glaser is a real estate attorney with Herzog Law Firm PC.

BY DANIEL S. GLASER, ESQ.
Local. Real Estate. Attorney.
When buying or selling real estate, it is imperative that you have the counsel, guidance, and skill of a local real estate attorney.
For example, next week you are going under the knife for a triple bypass surgery. You are given two options on how to proceed: use the services of a cardiothoracic surgeon; or save some money by trying to do it yourself.
Yes, you may have a steady hand but going with option one seems like the better way to go.
While the hypothetical may seem unrealistic, the message behind it is real. When you are dealing with something very important, for example making the largest purchase in your life, seek assistance from professionals that have a plethora of experience in their field.

Construction Starting On 24-Unit Luxury Condos On Henry Street In Saratoga Springs

February 10, 2020February 10, 2020

This rendering shows the five-story building with parking garage, floor-to-ceiling glass and a first floor art gallery being developed by Design Logic Architects PC.
Courtesy Design Logic Architects PC

By Jennifer Farnsworth
The condo market in Saratoga has been thriving over the past decade. Robert Bucher Jr.’s company, Design Logic Associates PC, is planning a condo development on a half-acre lot on Henry Street in Saratoga Springs that he says will be a type of condo that Saratoga has not seen before.
The project is at 128 Henry St.
“This project is different in terms of style. These condos will be very modern and unlike anything else in the city,” he said.

Saratoga Eagle’s Sales And Service Growth Leads To Plans To Expand Its Warehouse

February 10, 2020March 4, 2020

Jeff Vukelic, president and chief executive officer, Saratoga Eagle Sales and Service, says the company is expanding its local warehouse as business continues to grow for the company.
©2020 Saratoga Photographer.com

By Rachel Phillips
After years of growth, Saratoga Eagle Sales and Service is expanding its Saratoga warehouse.
Saratoga Eagle Sales and Service is a beverage distributor, which delivers products to restaurants, pubs, convenience stores, grocery stores, concert venues and other retailers all over the area.
Currently, they provide service in counties from Albany, Schoharie and Rensselaer all the way up to Franklin County.
Recently, the company acquired Plattsburgh Distributing in Clinton County, prompting the need for more storage space, officials said. The warehouse, located at 45 Duplainville Road in Saratoga Springs, will be expanded 30,000 square feet, and will then encompass a total of 165,000 square feet to help meet increased demand.

Housing Authority, Norstar Development To Partner On Affordable Housing Project

February 10, 2020March 4, 2020

This is a rendering of the a 63-unit affordable workforce housing project planned by the Saratoga Housing Authority and Norstar Development, designed by Balzer & Tuck Architecture.
Courtesy Balzer & Tuck Architecture

by Andrea Palmer
The Saratoga Housing Authority is partnering with Norstar Development on a 63-unit affordable workforce housing project in Saratoga Springs.
When Paul Feldman took over as authority executive director he was asked to serve on a task force to address the affordable housing needs in the city. As the task force started looking, there was not much available land on which to develop housing.
“I realized I had some land already owned by the Housing Authority, under a declaration of trust, that we could develop. We had three acres of land behind the Stonequist high-rise. It was basically going unused other than a picnic area out there for Stonequist residents, and some community gardens,” said Feldman.

Skidmore Is Planning A New Fitness Center

February 10, 2020February 10, 2020

Skidmore College is planning to build a two-story fitness and tennis center on its 315-acre Saratoga Springs campus.
The college is working with Consigli Construction of Albany, The LA Group landscape architecture firm of Saratoga Springs and Barton & Loguidice in Colonie to design the project.
Plans filed with the city Planning Board call for a 50,000-square-foot building with weight rooms, offices, locker rooms and four indoor tennis courts.
The college, located off North Broadway, also is in the midst of constructing a multiphase Center for Integrated Sciences. The 58,000-square-foot first phase, scheduled to be finished this year, will include 58 laboratories and classrooms.

SUNY Empire Study: Freelance Employees Would Create A Pool For State, Federal Jobs

February 10, 2020February 10, 2020

Seven in 10 freelancers would consider moving, thanks to job flexibility, creating a large pool of potential residents attractive to state and local governments, according to a policy brief developed by SUNY Empire State and Rockefeller Institute’s new Future of Labor Research Center.
The joint Future of Labor Research Center explores the growth of the mobile workforce and examines economic development initiatives aimed at attracting and maintaining these workers.
The research brief on the growth of the mobile workforce said as the mobile workforce expands, policy makers are looking to implement new strategies to attract them.
“The trend away from lifelong careers in factory or office jobs to a more flexible and more freelance workforce is already having profound effects throughout society, from education to health care to economic development,” said Jim Malatras, president of SUNY Empire State College and chair of the Rockefeller Institute board of advisors.

Express Employment Professionals Opens An Office In T.J. Maxx Plaza In Saratoga Springs

February 10, 2020March 10, 2020

Jordan Modiano opened an Express Employment franchise in Saratoga Springs. ©2020 Saratoga Photographer.com

By Christine Graf
Express Employment Professionals, a locally owned small business, opened its second Capital Region location in December.
It is located in the T.J. Maxx plaza on Route 50 in Saratoga Springs. Owner Jordan Modiano opened his first Express Employment franchise in Albany in September 2015.
“To put it simply, we help people find jobs, and we help companies find employees,” he said.
A Long Island native, Modiano moved to the area in 1999. He had a 20-year career in advertising and marketing before purchasing the franchise. Express Employment Professionals was founded in 1983 and has more than 780 franchise locations in the United States, Canada, and South Africa.
“I wanted to do something that made a difference in people’s lives and the community that I live in,” Modiano “That’s been something I’ve wanted to do for a long time.”

Providing Retirement Options For Employees Leaves Business Owners With Many Options

February 10, 2020February 10, 2020

Laurie A. Stillwell is a CPA with offices in Saratoga Springs.

By Susan E. Campbell
Small business owners have the flexibility to choose whichever type of retirement plan they desire to accumulate a future nest egg on a tax-deferred basis. But that doesn’t mean the decision is easy, or that the company may need to change to a different plan in years ahead.
“Each of the four basic types of defined contribution plans has advantages and drawbacks,” said Laurie A. Stillwell, CPA, in Saratoga Springs.
“My job is to talk through what the business owners’ goals are and direct them to the plan that checks those boxes,” she said.
“Companies are not stuck in a plan once they have it,” said Richard J. Fuller, CPA in Glens Falls. “But if there is to be a switch, it has to be done right.”

Business Report: Sharpen All Tools For 2020

February 10, 2020February 10, 2020

Rose Miller is president of Pinnacle Human Resources LLC.

By Rose Miller
Each year, my team and I have a planning meeting to discuss the New Year’s challenges and HR trends. The focus this year is new technology and tools. My dad, an old world Italian carpenter, always said a person is only as good as his tools.
More employers are seeing the value of having an HR strategic business partner in their toolbox. In 2020, HR trends include:
Learning and training as a top priority
Hiring managers know a key retention tool is a comprehensive training program. Well-designed programs reduce turnover. Employee training programs generally cost about $1,250 per employee per year. Although this cost adds up, it is minuscule in comparison to the costs of recruiting, hiring and training replacements.