Month: October 2018

Business Briefs

October 11, 2018October 11, 2018

The Adirondack Trust Co. has once again secured a 5-Star rating from BauerFinancial, a bank rating firm.

Earning a 5-Star rating indicates this bank excels in areas of capital adequacy, profitability, asset quality and much more. Earning and maintaining this top rating for 49 consecutive quarters, puts the Adirondack Trust Co. in an even higher bracket as an “exceptional performance bank”.

This title is achieved after successfully earning the top 5-Star rating for 40 consecutive quarters (ten years or longer).

BauerFinancial Inc., based in Coral Gables, Fla., has been reporting on and analyzing the performance of U.S. banks and credit unions since 1983.

Companies Nominated For Business Awards

October 11, 2018October 11, 2018

The Washington County Local Development Corporation and the Adirondack Regional Chambers of Commerce announced the nominees for the 2018 Washington County Business Awards.

In the Professional Business Category, nominees are: Adirondack Studios, Capital Tractor Inc., Golden Goal Sports Park, Irving Tissue and Morcon Tissue.

In the Rookie Business Category, nominees are: Bonnie & Clyde’s Gourmet on the Run, Broadway Upstate and On the Rocks Pub.

In the Small Business Category, nominees are: Argyle Cheese Farmer, Bug U Pest Control, Hunt Companies Inc., Lakeside General Store and Lavenlair Farms.

Commercial Real Estate Market In Region Is Strong; Area’s Growth Potential Is Attractive

October 11, 2018October 11, 2018

Glen Street Associates completed a $2 million renovation of the former Glens Falls post office.

By Maureen Werther

As Glens Falls and the surrounding region continues to experience growth in the business, educational, industrial and healthcare sectors, it is also balancing new growth with a commitment to rehabilitating and modernizing older existing structures to preserve the region’s history and aesthetic.

Peter Hoffman, his wife and business partner, Suzanne Hoffman, have taken on 17 projects in as many years. Their interest in expanding opportunities in the region and also preserving some of its architectural beauty keeps growing.

“We have been in the commercial market in Glens Falls since 2004, and every year we see more progress,” said Hoffman.

They just completed a $2 million renovation and modernization of the former Glens Falls Post Office on Warren Street, turning it into professional office space. The building was originally erected in 1915 and had been earmarked for demolition. Hoffman said it is an “absolutely amazing” building, adding that he has rehabbed more than a dozen older buildings and “this one is the most amazing building that we have done.”

Work began on the post office in May.Hoffman said it is ready for rental, with several interested potential tenants. He said that he expects there to be about 45 people working there within the next six months, which he calls a “big ripple in a little pond.” An additional influx of business and consumers will make a big difference in the local community.

For Residential Real Estate Agents, Markets Remain Stable While New Challenges Arise

October 11, 2018October 11, 2018

Ted Wilson, owner, All -American Properties, with offices in Glens Falls and Chestertown.
Courtesy Ted Wilson

By Maureen Werther

For Warren and Washington counties, the real estate news is mostly good, according to Ted Wilson, owner of All -American Properties with offices in Glens Falls and Chestertown.

Wilson and his team of 22 agents have seen markets at their worst, their best and somewhere in between. He described the current residential market as “stable,” noting that the statistics from 2017 and 2018 are pretty similar. It could also be called a “flat” market, but Wilson is quick to point that he would rather have a stable market over one that is in decline.

For years, interest rates were a strong determinant for people contemplating entering the real estate market. Wilson said that rates have remained low for so long and they are no longer the determining factor they used to be.

“Nobody even seems to think of them anymore,” he said. Unless they rise, which some indicators are pointing to for the future. However, the bygone days of 8, 9 and even 10 percent interest rates are dim memories for most home buyers, with first-time buyers having no experience with higher rates.

Business Report: Tips For Negotiating Commercial Leases

October 11, 2018October 11, 2018

Jennifer Tysn is a business law attorney with Bond Schoeneck & King.

BY JENNIFER TSYN

Whether your business is just starting up, expanding or relocating, a key concern for most businesses is finding the right space. That process can be fraught with difficulties, especially when it comes to negotiating the lease.

Most landlords will present prospective tenants with a draft lease that is very favorable to the landlord. This means that when negotiating with the landlord, it is easy for tenants to overlook issues that may cause problems in the future.

Here are some of the key issues a new tenant should consider when reviewing a draft lease for commercial space include:

What are the “premises” and how can you use the space?

The space that is being leased should be defined clearly. If the lease references square feet, make sure it is clear whether rentable square feet or usable square feet are being discussed. Additionally, you will want to be clear about when, and how, you and your employees or customers can use common areas of the building, such as hallways and common restrooms, as well as parking areas. The lease should also specify who is responsible for cleaning, maintaining and making repairs to these areas.

Business Report: Insights For Commercial Properties

October 11, 2018October 11, 2018

Alfred Testa, vice president and senior commercial banking relationship manager, NBT Bank.

By Alfred Testa

Regardless of whether commercial property owners have one or multiple properties, are looking to acquire new property, or renovate or develop new space, financing is always an integral part of the process.

In Glens Falls, old spaces are becoming new again as a resurgence in millennials is driving new demand. In Saratoga Springs, continued growth downtown is bringing more residential development and mixed-use spaces.

Whether your focus is on multi-family housing, self-storage, mixed-used properties, office space or retail, the opportunities for commercial property acquisition remain strong. But without a good relationship with a commercial banker, getting through the process can be very challenging.

Taking time to ask questions up front could help you avoid three of the most common frustrations when it comes to commercial financing.

Local offices and local lenders

It’s important to have a banking partner that understands the market and can move through the process quickly, whether funding at closing or construction over time. Locally, NBT Bank believes a reasonable expectation is to be able to meet within a few days of the commercial property owner’s outreach to a loan officer. After that initial meeting, the application process begins, followed by bank underwriting, and ultimately a commitment letter once the bank approves the loan.

Susan Porlier Turns A Love For Animals Into Successful Dog Daycare, Boarding Business

October 11, 2018October 11, 2018

Susan Porlier operates Bellyrubs Doggie Daycare sites in Hudson Falls and Gansevoort.

BY JENNIFER FARNSWORTH

For Susan Porlier, finding success has come with doing what she loves to do. She always knew she loved animals, so she found a way to make a living n that field.

Now, it’s been over a decade since she first opened Bellyrubs Doggie Daycare and her passion for dogs is still fueling her success. She has two sites, at 44 Feeder St. in Hudson Falls and 1089 Saratoga Road, Gansevoort.

“I have been in business for 13 1/2 years. I now have two locations and 14 employees. I never in my wildest dreams thought my idea of a doggie daycare and boarding facility would take off like it did. We also do dog grooming and training,” Porlier said.

Porlier said she always looked after family pets. She came to a point in her life where she decided to give up her career in the medical field and pursue her dream of opening her own daycare and boarding facility.

“I never knew what I wanted to be when I grew up. I never went to college. I have always loved animals, so when I came up with this idea, I finally knew what I wanted to do for the rest of my life. I am truly blessed,” said Porlier.

Rachel Dutra’s Entrepreneurial Spirit Moved Her Into The Spice And Food Business

October 11, 2018October 11, 2018

Rachel Dutra and her husband, Dave Dutra, opened Rachel’s Café and Spice Co.

By Maureen Werther

Growing up, Rachel Dutra, co-owner of Rachel’s Café and Spice Co., resisted the entrepreneurial urge that seems to run in her family’s DNA. Her grandfather opened Castaway Marina after serving in the U.S. Navy. Her father also started his own business, with the family eventually opening and operating the East End Eatery in Glens Falls until they retired about a year ago.

“I always said I wasn’t going to go the entrepreneur route. I intended to do the ‘safe’ thing. But I was just really born to run my own business,” said Dutra.

Rachel and her husband, Dave Dutra, opened Rachel’s Café and Spice Co. in September at the site of the now closed East End Eatery 240 Warren St. Her background includes a master’s degree in education and teaching. Her husband was involved in the amusement park industry, working for Charles Wood and eventually working in the food operations at the Great Escape for about 12 years.

When her family asked her to come back seven years ago to help out at East End Eatery, Dutra cautioned them that it would only be temporary. “But here I am, seven years later,” she said. Within six months, she had helped double the business and made some big changes.

Deana Endieveri At NEPROMO Promotes Brands With Environmentally Safe Items

October 11, 2018October 11, 2018

Deana Endieveri is the managing partner of NEPROMO in South Glens Falls.

By Susan E. Campbell

NEPROMO is a locally owned promotional products company that has the distinction of being operated by four people who have been friends and business partners since their college days in the 1990s.

Deana Endieveri, managing partner, and her friend Kindra Chamberlain, had one table-top printer back then and sold silk-screened T-shirts dorm-to-dorm. Now the two women, along with their co-owning husbands, Mike and Jim, have seven embroidery machines and five screen printers Production takes up the entire former Coca Cola bottling plant at 95 Main St. in South Glens Falls.

NEPROMO is a company that will put a name or logo on just about anything to help build that client’s brand, as long as the product has been tested to be safe, lead-free and ethically made.

“Never did I think I was going to own a business and be a managing partner,“ said Endieveri. “Things just happened in this collective of ours.”

Endieveri was a communications major in college and heading to be a journalist, she said. But when she was exposed to a friend’s business she realized “we had something in front of us that had potential.”

State: Number Of MWBEs Involved In NYS Contracts Is The Highest In The United States

October 11, 2018October 11, 2018

The utilization rate for Minority and Women-Owned Business Enterprises participating in state contracts increased to 28.62 percent for the 2017-18 fiscal year, the highest in the nation, according to state officials.

Gov. Andrew Cuomo announced in early October that MWBEs won more than $2.5 billion in state contracts during that time.

The announcement was made Oct. 4 in conjunction with New York state’s eighth annual MWBE Forum at the Empire State Plaza Convention Center in Albany.

“New York is building a stronger tomorrow by ensuring that our minority-and women-owned businesses have the opportunity to grow and thrive,” Cuomo said. “Our nation-leading utilization rate is a testament to our unparalleled network of MWBEs that continues to grow in size and scope, reflecting the state’s rich diversity.”

“As a woman who helped start a family women-owned small business, I know firsthand the barriers faced by aspiring entrepreneurs,” said Lt. Gov. Kathy Hochul. “We are leading the nation in our MWBE utilization, increasing the rate to nearly 29 percent. We must do everything in our power to provide opportunities for minority and women-owned businesses, and we’re continuing to expand the state’s program to help break down barriers and help entrepreneurs take their business to the next level.”