Saratoga Business Journal

Ongoing Advances In Efficiency Of Windows Provide More Comfort And Energy Savings

September 17, 2024

By Susan Elise Campbell

As window manufacturers make strides in energy efficiency, consumers may find that even though it costs more to purchase the higher Energy Star® standard, the benefits of the investment are worth it. These may include the comfort they feel in their home or business, long-term savings on heating and air-conditioning, and protection of the environment, according to www.energystar.gov.

Ian Young is director of commercial sales for Curtis Lumber Company. While he works out of the Ballston Spa location at 885 Route 67, he oversees the commercial sales process for the company’s 21 stores in New York and the two in Vermont. Along with the company’s on-staff architectural engineer, he advises commercial builders on the best choices for windows, doors and skylights for their projects.

Young explained what makes newer windows increasingly energy efficient.

“It comes down to the glass as well as some modifications to the window frame,” said Young.

Renewable Energy And Economic Development Are Key Elements Of A Recent NYS Summit

September 17, 2024

At the Future Energy Economy Summit held recently in Syracuse, Governor Kathy Hochul called for advanced clean energy technologies to play a key role in supporting renewable energy and economic development. The summit outlined next steps needed to plan for growing energy demand that can support the state’s commitment to accelerate progress toward a zero-emission electricity system.

“New York is building a clean energy economy that fosters growth, ingenuity and taps into technologies that will reduce our carbon footprint,” Governor Hochul said. “From creating the most successful offshore wind industry in the country to our investments in a sustainable electric grid, we are committed to being a national leader in protecting our climate – and we won’t stop until we’ve created the best possible future for our children.”

Three takeaways from the summit include the need to prioritize continued focus on building New York’s renewable energy grid to realize the health, environmental and economic benefits resources like wind and solar provide; to bring new attention to technology research, market development and commercial demonstration of new and existing dispatchable emissions-free resources to support a reliable, resilient and affordable renewable grid for the state’s expanding economy; and to identify, leverage and maximize the potential federal funding opportunities, offered by the administration, and policy development proposals to further support economy growth strategies.

Using insights gained during the summit, the state will engage the industry to undertake the following next steps:

Business Report: Life Insurance for Wealth Transfer

September 17, 2024

David Kopyc, president of Retirement Planning Group LLC in Saratoga Springs.

By David Kopyc

The Baby Boomer generation will pass on an estimated 80-plus trillion dollars of wealth to their family, and this will be the largest wealth transfer in the history of mankind. There are certain types of financial assets that are very complicated to be passed on to the next generation and this article will focus on one in particular – qualified assets (IRA, 401(k).

Qualified assets are estimated to be around $20 trillion of wealth. As I write this article, a vast sum of the money will be 100 percent taxable as ordinary income and never receive a step up in basis at death. These monies have a huge tax obligation sent down to your heirs to pay the tax bill that you left behind.

Previously, financial advisors had the ability to do a stretch IRA, to spread these payments out for decades, but the government discontinued the stretch IRA and now non-spouse beneficiaries have 10 years to have 100 percent of the inherited IRA paid out. That leads me to ask you a question…Do you want to leave a tax liability or do you wish to leave a tax-free benefit for your legacy?

Deciding on that answer can lead you to consider purchasing a life insurance policy to pass some of your qualified assets tax-free to your loved ones. This option does not have to be all or none. At the Retirement Planning Group, we usually do a carve out, with a portion of the qualified assets to be spent down to purchase a life insurance policy. Some of these policies can be paid for over a 10-year, 20-year, or lifetime payout. Depending on your other assets and the size of your estate, you might even have the ability to do a one-time payment.

Cyber Insurance Is Increasingly Important To Protect Against Information Losses

September 17, 2024

Marshall + Sterling’s Ken Grey and Lorraine Emerick are experts at preventing cyber crime.
Saratoga Business Journal photo.

By Susan Elise Campbell

Cyber crime is rising so rapidly that businesses without specific cyber insurance are at risk for tens to hundreds of thousands of dollars of loss and even more, according to Ken Grey, a senior vice president with Marshall+Sterling in Saratoga.

“It’s not a matter of if, but when, your business will need to make a cyber claim,” he said.

Grey said that in an ideal world, 100 percent of his clients would have not just standard cyber coverage under their general business insurance, but a specific and separate policy to cover the growing number of claims. He believes this coverage is so important that if a client refuses to get coverage, he asks them to sign a document.

“The reason for this is not to say ‘I told you so’ if they are later a victim of cyber crime, but to get them to think about the decision they are making,” he said.

Some sources like statista.com say that nearly 75 percent of all U.S. companies were at risk of being cyber-attacked last year. In 2022 there were 480,000 such attacks.

“Everyone has heard about the data breaches at AT&T and Ticketmaster,” said Lorraine Emerick, a senior vice president at Marshall+Sterling. “With a smaller business, the owner often thinks, ‘it won’t happen to me.’”

But it does. In the Capital Region predominant targets are middle market, medium sized companies, often because the attackers assume they do not have the staff or the time to “keep all the guards and fortresses in place” to protect themselves, noted Grey.

“Cyber criminals may not be seeking a $25 million ransom, but they’re looking for something,” Emerick said.

Business Report: Bridging The Generational Divide: Strategies For A Cohesive Workforce

September 17, 2024

Rene A. Walrath is the president of Walrath Recruiting Inc.
Courtesy Walrath Recruiting Inc.

By Renee Walrath

Have you ever had an office lunch, enjoying the conversations around you, while not having a clue what your coworkers are talking about? This is more than likely caused by the generational shift in our workforce. 2024 marks a landmark year where four generations are in the workforce simultaneously, what is more, baby boomers will become outnumbered by millennials and Gen Z. What does that mean for companies moving forward? Quite simply, businesses need to start embracing change and evolving with the workforce. This article explores these generational differences and strategies for a cohesive workforce.

What best motivates workers from each generation?

Baby Boomers – make up 25% of the workforce – are generally motivated by duty and company loyalty. They are often described as workaholics, with their professional achievements defining them. Gen X – makes up 33% of the workforce – often defined as the work hard, play hard generation. They prioritize their personal or professional interests over their companies, working to live not living to work. Millennials currently make up the majority of the workforce at 35%. They are often considered job hoppers of the generations because they have no problem leaving a role that does not align with their values. Gen Z – make up 5% of the workforce – is often seen as the lazy generation because they do not want their job to be what defines them. Both Millennials and Gen Z are motivated by diversity & inclusion, and seek companies aligned with their values, generally having the least regard for salary.

How does each generation approach their work style?

Different generations have different methods of getting the job done. Boomers are very career-centric and goal-oriented. They derive from the mindset that working long hours is how to get ahead. On the other hand, Gen X and Millennials strive for a better work-life balance. Both generations seek more flexibility and remote or hybrid options. Gen Z is more entrepreneurial and emphasizes the expression of individuality and creativity.

Building On Last Year’s Momentum, Adirondack Thunder Coaches Are Confident Of Strong Year

September 17, 2024

Veteran forward Ryan Smith will once again contribute significantly to the scoring tally when the Adirondack Thunder take to the ice for their 2024-2025 season.
Photo by Andy Camp

By Paul Post

The Adirondack Thunder captured the ECHL’s North Division and Eastern Conference championships last year with a franchise record 97 points.

They also drew an all-time high 4,239 fans per game including 16 sell-out crowds, and their extended six-week playoff run saw gross revenues reach $4 million.

Profits have been invested in both on- and off-ice improvements to make the fan experience even better as the Thunder set their sights on bringing a Kelly Cup championship home to Glens Falls next spring.

“The arena and team had their best year ever, which is real exciting as we head toward 2024-25,” said Jeff Mead, Thunder and Cool Insuring Arena general manager. “When this team started 10 years ago we sold 550 season tickets. Last year it was just north of 1,600 and we expect to be over 2,000 this season. So we’re pretty excited about where we are as an organization.”

Popular Lake Desolation Meeting Place Now Run By Experienced Restaurant Entrepreneurs

September 17, 2024

Tinney’s Tavern, a longtime favorite of outdoor enthusiasts, is now operated by new owners Sean and Jamie Wilcoxon with Bill and Karen Miller.
Saratoga Business Journal photo

By Helise Stamos

Tinney’s Tavern, a beloved local establishment since 1952, is under new ownership. In May 2024, Sean and Jamie Wilcoxon, alongside Bill and Karen Miller, took the helm of the historic restaurant, situated on the outskirts of Saratoga Springs, with a scenic backdrop of Lake Desolation.

Sean Wilcoxon brings 27 years of experience in the restaurant industry to Tinney’s Tavern, while Bill Miller, who also owns Performance Industrial, a local cleaning company, contributes his business experience.

The tavern, known for its strong ties to the community, attracts a diverse crowd year-round, including bicyclists, motorcyclists, hikers, kayakers, and snowmobile enthusiasts. The outdoor patio, which offers a stunning view of Lake Desolation, is a popular spot for diners to enjoy the restaurant’s varied menu. The menu includes customer favorites such as wings, burgers, fish and chips, wood-fired pizzas, and seasonal offerings. Live music is a regular feature, with bands performing on Thursdays once a month.

Business Briefs: September 2024

September 17, 2024

The Saratoga Springs History Museum has announced the introduction of a new, cutting-edge self-guided audio tour, bringing history to life like never before through the power of Artificial Intelligence (AI). This innovative experience is the first of its kind in Upstate New York, offering museum visitors an immersive journey through the Gilded Age with AI-narrated stories and carefully curated ambiance.

After months of work, the museum’s new audio tour encapsulates the rich atmosphere and diverse narratives of Saratoga Springs. The tour is enhanced with period-specific sounds and music, transporting guests back to the 1800s and ensuring an authentic historical experience. With over four hours of content covering more than 200 historical artifacts, visitors will gain a deeper understanding and appreciation of the stories that shaped the region.

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Loud Media has announced it has rebranded its local radio stations in Saratoga Springs and Glens Falls/Lake George. Star Radio and Lake George Radio became 93.3 Lake FM and 93.5 Lake FM.

Ricki Lee, CEO of Loud Media, said, “We own several radio stations in the area, and we wanted to serve our communities and our clients better. So we’ve decided to rebrand all of our radio stations under a singular brand. This allows us to have a consistent sound playing the greatest hits from the ‘70s ‘80s and ‘90s and to broadcast more locally-produced radio shows and content.”

Walt Adams will host the flagship morning show starting at 7a.m. Rick Foxx is joining Lake FM to host mid-mornings from 10a.m. to 3p.m., including a new Top 10 at 10 feature, playing 10 songs from one year along with trivia and throwback memories from that same year. Marissa will be hosting a show from 3p.m.-7p.m., and then it’s ’Totally 80s’ from 7a.m.-9a.m.

Jerry Crouth will host a newly focused ‘Oldies Show’ on Saturday mornings, and the Jazz Show has a new time on Sunday from 7a.m. to 9a.m.

For more information visit https://www.lakefm.com/

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Ollie’s Bar And Grill Provides A Welcoming Atmosphere For Locals And Tourists Alike

September 17, 2024

Justin Orozco strands ready to serve customers at Ollie’s Bar and Grill, which he opened recently in Schuylerville.
Courtesy of Ollie’s Bar and Grill`

By Jill Nagy

Ollie’s Bar and Grill, a new gathering place in Schuylerville, sits at the busy intersection of Routes 9 and 29.

Since opening in April, business has been “very good, no complaints,” said owner Justin Orozco.

“It’s something I’ve always wanted to do,” Orozco added, and the location he chose — the former Giapetto’s Italian Restaurant at 120 Broad Street — seemed ideal. “I’m super happy and super excited to be here.”

People are finding their way to Ollie’s and Orozco reports that he already has a group of regular customers, along with tourists and people on their way to or from the track. He offers a casual atmosphere and thinks his customers are finding a bit of a “Cheers” vibe.

In addition to the bar, Ollie’s is a full restaurant, Orozco said: hamburgers, wings, and fries being popular menu items. He grew up helping out at his parents’ establishment, the Green Acres Tavern in Greenwich. Now his mother, Janice Bravo, is returning the favor as one of Ollie’s chefs; the other is Tom Rieler. Six or seven other employees round out the crew.

Arrow Financial Corp Unifies Glens Falls And Saratoga National Banks Into Single Entity

August 13, 2024

Saratoga National Bank is one of the subsidiaries of Arrow Financial Corporation that will be rebranded under the new corporate plan.

By Susan Ellse Campbell

Arrow Financial Corporation has finalized plans to unify its two banking subsidiaries and is soon to reveal a new logo and signage under which the two financial institutions are being rebranded, announced parent company president and CEO David S. DeMarco.

The 37 branches of Glens Falls National Bank and Trust Company and Saratoga National Bank and Trust Company will be named Arrow Bank going forward, he said.

DeMarco said the change was years in the making.

“What we are doing is different from an ordinary bank merger, as Arrow Financial already owned these two community banks,” he said.

DeMarco explained that since the two banks have different back offices, the systems behind their operations have to become one to achieve the efficiencies the parent company is seeking.