Saratoga Business Journal

Adirondack Trust Co. Opens New Branch On Site Where Building Was Destroyed By Fire

February 6, 2019February 7, 2019

Officials cut the ribbon at the formal opening of the new Adirondack Trust Co. branch in Wilton. The branch at 650 Maple Ave., replaces one that was destroyed by fire in 2017.
That photo is Courtesy Adirondack Trust Co.

The Adirondack Trust Co. opened the newly rebuilt Wilton branch at 650 Maple Ave., Wilton in January.

The previous branch, at the intersection of Northern Pines Road, was destroyed by fire in 2017.

The new Wilton Branch interior was designed by Ed Rovetto of Rovetto Design and features a dynamic, curved teller station; high ceilings; exposed wood; and a full-wall rendering of the Adirondacks at sunset by photographer Jonathan Zaharek.

Michael Phinney of Phinney Design was the principal architect, and Munter Enterprises built the branch. It also includes new teller cash recyclers, which officials said will help employees process customer transactions faster.

County Prosperity Partnership Launches Mentoring Program For Emerging Businesses

February 6, 2019February 7, 2019

The Saratoga County Prosperity Partnership has launched a business mentorship program it says will connect owners of small- and medium-sized businesses with successful entrepreneurs to share their expertise and support the growth of emerging companies.

Protégés are being sought for the Circles of Seven (C7) mentorship experience, through which seven established business leaders will each meet monthly with six protégés over the next nine months.

Mentors will offer knowledge gained from their experiences in growing their own businesses, while protégés will have an outlet to discuss business challenges, both with mentors and business owners who may be facing similar obstacles, the economic development organization said.

Ribbon Cafe Wins People’s Choice Award At 21st Chowderfest Attended By 40,000 People

February 6, 2019February 7, 2019

Officials say some 40,000 people attended the annual Chowderfest in Saratoga Springs.

Ribbon Cafe in Ballston Spa was the big winner at the 21st annual Chowderfest held on Saturda in and around Saratoga Springs.

Event-goers sampled a variety of chowder from participating vendors for $1 and voted for their favorite. Winners were chosen in seven categories.

The winners are as follows:

‘Refine’ Fitness Center In Saratoga Springs Offers Private And Small Group Instruction

February 6, 2019February 7, 2019

By Jill Nagy

Lyndsay Patel and Paul Koval, center, owners of Refine fitness center on Henry Street in Saratoga Springs, pose with one of their trainers, Shane Stiel.

For people looking for a change from large-group fitness classes, a new Saratoga Springs facility offers private and small-group classes.

Refine, located at 35 Henry St., has a staff of four trainers providing classes to individuals and groups of up to six people.

Refine is owned and operated by Lyndsay Patel and Paul Koval, both experienced fitness trainers. Koval has been a trainer for more than 10 years. Patel, who had been teaching group classes, first went to a private trainer five years ago and aims to share that experience.

Adirondack Thunder Hockey Team Visits Senior Citizens At The Wesley Community

February 6, 2019February 7, 2019

Adirondack Thunder players, from left, Dylan Walchuk, Will Smith and Dillon Kelley, spent an afternoon in January engaging with seniors and staff at the The Wesley Health Care Center.
Courtesy Adirondack Thunder

The Wesley Community hosted players from the Adirondack Thunder, the ECHL affiliate of the New Jersey Devils, for a special visit with seniors residing at the Wesley Health Care Center in January.

The players spent the afternoon participating in various activities and handing out Thunder memorabilia and collectible items to residents at the long-term care center.

On the following day, the Adirondack Thunder in turn welcomed nearly 75 residents and staff from The Wesley Community to its home game against the Wheeling Nailers at Cool Insuring Arena.

Business Briefs – February 2019

February 6, 2019February 7, 2019

The Mechanicville District Public Library will host a free Social Security retirement information program at 6 p.m. Wednesday, Feb. 13 for pre-retirees wanting to make a more informed claiming decision.

Topics covered include: When should you collect benefits? Do you understand the new Social Security rules? Learn how to eliminate the guesswork, and how you can avoid critical filing mistakes.

The program is being offered as a public service by Retirement Solutions LLC. Seating is limited and advance registration is required. To RSVP, call the library at 518-664-4646.

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Northshire Bookstore is accepting submissions for the 2019 Open Mind scholarship.

In Technology Age, Face-To-Face Interaction Important, But Even That Can Be High-Tech

February 6, 2019February 7, 2019

Kristen D. Berdar, CPA, CMA, a partner at BST & Co. CPAs LLP.
Courtesy BST

By Jennifer Farnsworth

As technology continues to grow and expand across the business sector, accounting firms have worked hard to keep up.

Accounting advisory and consulting services have benefited from the way technology has allowed them to work with clients without meeting face-to-face. But these services still need to be personalized. Many local firms have found ways to balance technology with personalized service.

Kristen D. Berdar, CPA, CMA, a partner at BST & Co. CPAs LLP, runs the company’s Virtual Accounting Solutions Division. She said they offer outsourced CFO and accounting solutions for clients on a cloud-based platform, working entirely outside of the client’s office.

They work to create a personalized service that is based on each individual client’s needs and goals.

Business Report: Four Horsemen Of Uncertainty

February 6, 2019February 7, 2019

Kenneth J. Entenmann, chief investment officer at NBT Wealth Management.

By Kenneth J. Entenmann, CFA

What a difference three months make. At the end of the third quarter of 2018, every equity market index was posting significant positive returns, and the markets were focused on an overheating economy and the fear of rapidly rising interest rates.

Suddenly, market psychology turned sharply negative, and the new fear was an imminent global economic recession brought on by trade wars, overaggressive central bank policy and an earnings recession. By year’s end, volatility spiked to levels not seen since 2008, and all the major equity indices were decidedly negative. International markets suffered the most, with the developed markets (MSCI-EAFE Index) falling 13.32 percent and the emerging market (MSCI-EM Index) falling 14.49 percent.

The domestic equity markets fared better, but still posted negative returns for the year—Dow Jones Industrial Average fell 3.38 percent, S&P 500 fell 4.39 percent, Nasdaq composite fell 2.81 percent and Russell 2000 fell 11.03 percent—a very tumultuous end to 2018.

Business Report: The Power Of A Power Of Attorney

February 6, 2019February 7, 2019

Debra Verni, principal of the Herzog Law Firm in Saratoga Springs.

Debra A. Verni, Esq.

Recently, I received an email from one of my client’s daughters. It was mom’s 90th birthday and she took mom to a casino.

Mom won $1,300 on a slot machine. When the staff member came over to cash mom out and give mom her winnings, she asked for photo ID. Mom let her license expire years ago, as she was no longer driving so she did not have a photo ID.

The daughter asked the casino staff member if she could sign for mom as power of attorney because she had photo ID. They said no. Apparently, the rule is that the person who won the money (pushed the button on the slot machine) has to be the one to collect it, so she could not use the power of attorney to collect mom’s winnings.

Although the power of attorney is a very powerful document, it is not powerful enough to collect casino winnings. So why do you need a power of attorney?

Condominium Project On West Avenue In Saratoga Will Include First-Floor Retail Space

February 6, 2019February 7, 2019

This plot at 116 West Ave. in Saratoga Springs will beome West Condominiums. The four-story building will have 34 residences, 4,100 square feet of retail spaceand a rooftop swimming pool.
©2019 Saratoga Photographer.com

By Jill Nagy

The land is cleared and the footings and foundations are going in for a new luxury condominium development at 116 West Ave. about a mile west of downtown Saratoga Springs.

When completed, West Condominiums will include 34 two-bedroom residences, 4,100 square feet of retail space, and amenities including a rooftop swimming pool and underground parking.

The developers are waiting for final approval of their offering plan from the Office of the Attorney General, according to Scott Varley, a licensed real estate broker with the Scott Varley Team Keller Williams Capital District, who is marketing the project. If all goes well, a model unit will be available in about a year, he said.