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Business Report: Wealth Management From Ground Up

Posted onJune 9, 2017
Cumming, CFP, RICP, CRPS, is an executive financial services director with Morgan Stanley.
Courtesy Sterling Manor Financial

By David L. Cumming

During the day, the next generation of wealth is busy building startups or running projects for major corporations. If you are an individual coming into wealth for the first time from a low- to middle-income background, a unique set of challenges presents themselves as you attempt to both manage and enjoy your hard-earned wealth.

One of these challenges may be student loan debt. Besides navigating yourself out of debt, it can be tough to navigate relationship dynamics and commitments when you are new to wealth. You may feel an understandable pull to give back to your family and community, but have a hard time balancing these commitments with those of your own self-care and personal investment.

As your financial position improves, it is common to experience guilt and overwhelming feelings as you notice your improved position relative to your family and friends. These feelings can have an impact on how you relate to your family and community and how you understand your role and function in those relationships.

Couple these feelings with others’ new perception of you as a “wealthy” person, and it can be easy to fall prey to a perceived responsibility for others that exhausts your emotional and financial resources.

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Business Report: Financial Gifts, Tips, For New Graduates

Posted onJune 9, 2017

By Eric Snell

It’s graduation season again. If your child is graduating from high school or college, you have reason to celebrate. But what should you give to your newly minted diploma holder? You might want to consider offering a combination of financial gifts and tips, which, taken together, could set your graduate on a path toward a successful, independent life.

What sort of gifts and tips should you consider? Here are a few ideas:

• Give a few shares of stock.

Everyone should understand the financial markets and how they work. One great way to encourage this interest is to give your child a few shares of stock. Young people enjoy owning a piece of a company that makes the products and services they like – and the very act of ownership can inspire them to learn more about investing and to ask questions:

What causes the stock price to go up or down? How long should I hold this stock? Should I own several stocks like this one, or is it better to branch out to find new opportunities? Over time, in learning the answers to these and other questions, your child can become familiar with investing and how to make the best choices.

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Business Briefs: June 2017

Posted onJune 9, 2017

The Ballston Spa Business & Professional Association will host a networking mixer on Wednesday, June 14, from 5:30-7:30 p.m., at High Rock Distillery, 1321 Saratoga Road. 

Cost is $10 per person.  Pre-registration/pre-pay is suggested and can be done online at www.ballston.org. The event is open to the public. Information on membership will be available.

* * *

Saratoga National Bank and Trust Co. has announced plans for a 10th location.

The bank is leasing space at 251 State St., in Schenectady, formerly a First Niagara Bank branch and currently home to the NYBizLab business incubator. The office will feature a full range of financial services, as well as a drive-up ATM and teller. Pending all regulatory approvals, it is expected to open later this year and will result in three new positions, including a manager and two tellers.

The Schenectady office is Saratoga National Bank’s fourth new location in five years and its first in Schenectady County. This follows expansion to Rensselaer, Albany and Southern Saratoga Counties.

* * *

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Salvatore Dental Plans To Build New, Modern Office Building On Dunning Street In Malta

Posted onJune 9, 2017
Dr. Richard Salvatore and Dr. Vera Popova Salvatore display a rendering of what the new Salvatore Dental office will look like. It will be a 93,000-square-foot building on Dunning Street.

By Margaret MacDonald

Ground was broken in May for a new office for Salvatore Dental in Malta.

The business has been in Malta for 25 years. Six years ago, Richard Salvatore’s father sold it to Salvatore and his wife, Dr. Vera Popova Salvatore, who also works in the business.

Encompassing 93,000 square feet, the building is designed to be two stories with 11 treatment rooms and an all-glass waiting room. It will be located on Dunning Street.

“Everything is 3D, state-of-the-art technology, including a 3D milling machine, 3D printer and high-tech computer,” Salvatore said.

The existing building is part of a Methodist Church from the 1800s. Salvatore said he plans to preserve part of the foundation for history’s sake.

Salvatore is a third-generation dentist, coming from a long line that includes his father, grandfather, and an aunt and uncle. He and his wife, also a dentist, engage in continuing education related to their field—traveling often.

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Local Freelance Write Authors Book About Silver Spruce Bed And Breakfast, Schroon Lake

Posted onJune 9, 2017
Linda Durfee Sakmar and her son Connor, descendants of the Silver Spruce Inn Bed & Breakfast’s famous owner Sallie Miller Smith, pose with author, Maureen Werther, on right.

Local freelance writer Maureen Werther recently celebrated the launch of her new book, “Them That Has – the Story of a 1790’s Adirondack House and the People Who Made It Famous.”

Werther co-hosted an open house at the Silver Spruce Inn Bed & Breakfast, 2005 Route 9, Schroon Lake, with Phyllis Rogers, owner of the inn.

Rogers gave guided tours of the home she has turned into a successful Adirondack bed and breakfast.

“I took the expression, ‘I could write a book,’ quite literally when I learned about the house and its owners,” said Werther, adding that the Silver Spruce Inn has a fascinating and entertaining history. “It just had to be turned into a book.”

Silver Spruce Inn was originally built in the late 1700s and had a series of owners before a wealthy and eccentric heiress from Waterbury, Conn., named Sallie Miller Smith decided to buy it at the onset of Prohibition and turn it into the nearly 10,000-square-foot Adirondack retreat it is today.

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Ballston Spa Business & Professional Assn. Seeks Nominees For Beautification Awards

Posted onJune 9, 2017

The Ballston Spa Business & Professional Association is requesting nominations for its 2017 Property Beautification Awards in Ballston Spa. The awards are given in recognition of the restoration, renovation, new build, and beautification efforts by homeowners and businesses, which have enhanced the Ballston Spa area within the past two years.  This year’s awards will...

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Ollie’s Chill-N-Grill On Route 29 Provides Barbecue, Ice Cream In An Outdoor Setting

Posted onJune 9, 2017June 19, 2017
David Delozier, co-owner of Ollie’s Grill-n-Chill, stands outside his new business that specializes in barbecue and ice cream and has space for outdoor dining and events.
©2017 Saratoga Photographer.com

A former ice cream and barbecue business at 588 Lake Ave. (Route 29), Saratoga Springs, has opened for the 2017 summer season under new ownership.

Formally known as Mr. Ed’s, the countryside eatery is now called Ollie’s Grill-n-Chill.

New owners David and Brenda Delozier said they are excited to revitalize the legacy of Mr. Ed’s. They will be firing up a smoker to create authentic Memphis-style barbecue, along with the ice cream stand.

“Mr. Ed’s was a cherished summer destination for many Saratogians,” said David Delozier.  “The great barbecue, the outdoor dining, and the ice cream—it’s all here again for everyone to enjoy this summer.”

A red and white dining canopy will offer a place for customers to eat burgers or barbecue, he said.  The three-acre site has ample parking, and the large lawn can accommodate overflow.

He said Ollie’s has set aside Tuesday night for classic cars cruise-in events.

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Construction At Universal Preservation Hall Will Result In Year-Round Performance Venue

Posted onMay 5, 2017May 5, 2017
Teddy Foster, campaign manager at Universal Preservation Hall in Saratoga Springs, says they have reached 90 percent of the $5.5 million fundraising goal for refurbiushing the venue.
©2017 Saratoga Photographer.com

By Jennifer Farnsworth

As much as Saratoga is famous for its horse racing, it’s equally known for its appreciation of the arts.

The transformation underway at the Universal Preservation Hall is testament to that. According to Teddy Foster,  campaign manager for the renovation project, the entire Capital Region will be able to see, hear and feel that appreciation at what is promising to be a unique entertainment venue. It is expected to have a profound effect on downtown Saratoga.

“This hall, that already serves so many through so many events, will be turning into a spectacular theater that will seat 700,” said Foster.

The building will close in June and will most likely not reopen until the fall of 2018, she said, while construction continues

Foster said they have reached 90 percent of their  $5.5 million fundraising goal. Four years ago, Foster formed a partnership with Philip Morris, CEO of Proctors Theater in Schenectady to move the project forward.  Morris said as renovation happens, Foster will become the director at UPH, with programming, finance, marketing and other administration done by Proctors staff.

The construction project “will create a beautiful performance and community space,” said Morris.

Foster said the space will become a perfect spot for music events and cabaret-type shows. She said adding this element of entertainment to downtown will provide a piece that many are looking for.

“This allows a  chance for many to grab a drink or dinner and then be able to walk to a concert or show–all downtown,” said Foster.

Foster said they anticipate the hall to bring in over 65,000 visitors in the first year alone. She said people can expect the same high-quality entertainment they enjoy at Proctors.

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Historic Adelphi Hotel On Broadway In Saratoga Scheduled To Open Its Doors Again On July 1

Posted onMay 5, 2017May 5, 2017
With the first phase of renovations drawing to a close, owners of the historic Adelphi Hotel on Broadway in Saratoga Springs are expecting to re-open the hotel on Saturday, July 1.
©2017 Saratoga Photographer.com

By Susan E. Campbell

The iconic Adelphi Hotel, which has graced Broadway in Saratoga Springs since 1877, finally has its grand reopening in view after a three-year process of renovation, restoration and redevelopment.

According to Toby Milde, a partner with Adelphi Hospitality Group, when the consortium purchased the building four years ago it always intended to run the hotel as-is for one season. But then the group would begin rolling out plans to transform the Adelphi into a first-class hotel and destination for guests from around the world.

There were many snags to overcome along the way that delayed reopening for months.

“The project kept growing as we recognized that the structural integrity of the building had been compromised, due to age and to some alterations that had been done by prior owners without the benefit of an engineer,” said Milde.

“We did not want to put a band-aid on this project,” he said. “Rather, the Adelphi had to be surgically fixed and rebuilt.”

The long-range goal was to keep the historic structure operating as a hotel and to bring in “first-class food and beverages to enhance a visitor’s hotel experience,” said Milde. To that end Adelphi Hospitality Group, whose first project was the Salt and Char restaurant next door at 353 Broadway—and who also own a hotel outside Washington D.C.—brought in exceptional international talent to tackle unique challenges, he said.

Phase one of renovation was have the refurbished rooms available to guests, open the restaurants to the public and make available a banquet facility seating up to 190 people.

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Chamber Of Southern Saratoga County Marks 50 Years At Its Awards Celebration In Clifton Park

Posted onMay 5, 2017May 5, 2017
The Chamber of Southern Saratoga County awards celebration at the Hilton Garden Inn.
Courtesy Chamber of Southern Saratoga County

The Chamber of Southern Saratoga County held its 50th annual awards celebration on April 26 in front of a packed house at the Hilton Garden Inn in Clifton Park, the community where the organization got its start in 1967. 

For their signature event, the Chamber presented seven awards for excellence to its members, out of a record 30 nominees and 1,500 votes cast, said Pete Bardunias, Chamber president and CEO.

The Connors Agency of Mechanicville took the Endurance Award for longevity while CAP COM Federal Credit Union won the Inspiration Award. 

Field Goods of Hudson received the Innovation Award for region-wide impact, and CDPHP took the Strong Community Award. 

The 2016 Ambassador of the Year was Donna Connor of On The Go Concierge & Events, for her dedication as a volunteer of the organization.

Mike Russo of GlobalFoundries presented the Entrepreneurial Success Award to Louise McManus of Vischer Ferry General Store, the only business located in that hamlet, first erected in 1787. 

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