Month: February 2023

Business Report: Create Mindset Of Abundance Vs. Scarcity

February 17, 2023

Rose Miller, SPHR, area HR thought leader, speaker, writer.

By Rose Miller

I went to the Multiple Sclerosis Society’s Together for a Cure fundraiser where the keynote speaker gave an eloquent speech about being a victor or victim.

Dealing with MS can be daunting on a continual basis. It can impact your ability to live your life fully. The keynote speaker wrapped up a victorious talk with, “Will life happen to you or for you? Do you see your life as a nightmare or a fairytale?” She told the crowd how MS will not defeat her.

I was reading Michael J. Fox’s new book where he writes about how he takes after his late mother, who had an impactful positive attitude. He said, “She never added up the losses. She’d always look at the gains.”

Boiled down, these two people exhibited a mindset of abundance versus a mindset of scarcity.

Stephen Covey initially coined these terms in his best-selling book, “The 7 Habits of Highly Effective People.” Scarcity mentality refers to people seeing life as a finite pie, so that if one person takes a big piece, that leaves less for everyone else.

Psychology studies have found that children who believe intelligence can be developed were better able to overcome academic challenges versus children who believe their intelligence is fixed in some way. A scarcity mindset can limit a child’s growth.

Studies completed by researchers on adults found that people who had more positive beliefs around aging lived 7.5 years longer than those with less positive self-perception of aging. Embrace those wrinkles because your mindset can prolong your life.

2023 Follows Difficult Year For Economy And Markets, But Adjustments Remain Possible

February 17, 2023

Stephen Kyne

The year 2022 was an incredibly difficult year for the economy and the markets. In fact, it was the worst year for U.S. stock markets since 2008. Rapidly rising interest rates meant that there were few places to hide as an investor, since even fixed income funds sank due to interest rate pressure.

The S&P 500, the most broadly used US index, ended the year down 20 percent, while the NASDAQ suffered a 33 percent loss, according to FactSet. You’ll be in good company if you open your December statement and find that your balance dropped in 2022.

Down years happen, and it’s something that every investor must accept. The question is: Where do we go from here?

We think that the economy and markets will be impacted by several factors. The first of which will be the continued raising of interest rates by the Fed.

Caught flat-footed in early 2022, the Fed began a rapid series of interest rate increases in a desperate attempt to rein in rampant inflation, which resulted from the wanton subsidies and stimulus of the government’s pandemic response. Since interest rates are essentially the price of money, raising them should slow down economic activity, although it can be a messy and very imprecise process.

Business Report: See ‘Big Picture’ For Your Business Exit

February 17, 2023

Stephen Ferraro is a partner with Ferraro, Amodio & Zarecki CPAs.
Courtesy Ferraro, Amodia & Zarecki CPAs

Stephen L. Ferraro
CPA/ABV/CFF, CEBC, MAFF, CVA

The success of exiting a business depends greatly upon the mental perspective and preparation of an owner during the exit process. Business owners tend to fixate their thoughts only on running and growing their business.

However, there is a tremendous amount of value in seeing the “big picture” with your exit and thinking about the future and where you would like both the company, and yourself personally, to end up.

The owner who is able to see the larger picture and understands that stepping out of a business is an opportunity to move both themselves and their company toward a new stage of life, will be best prepared to execute a successful business transition.

The Transfer Timing Slots

One of the first big picture concepts that owners should grasp is the idea of timing slots. Much like a slot machine, you want to see if you can match up three critical areas—personal timing, company preparedness, and market timing. A solid ‘big picture’ of an exit considers all three.

Market Timing

Markets run in cycles and timing is important. If a business is performing well because there is a favorable economy, all things being equal, this can be an optimal time to consider an exit. Valuation is high, employees are engaged, and, often times, buyers/investors have a high degree of interest and activity.

The last three decades have followed a similar market cycle and this decade is following suit. Therefore, your “big picture” in terms of market timing indicates that the next few years are ideal in terms of market timing.

Business Report: Life Estate Deeds In Estate Planning

February 17, 2023

Jason Snyder is a senior associate with Tully Rinckey PLLC.
Courtesy Tully Rinckey PLLC

By Jason Snyder, Esq.

With a rise in the value of land over the past decade, one’s largest asset oftentimes ends up being their home. While a last will and testament usually cover the transfer of title of real estate upon death, life estate deeds also fulfill this purpose while also providing many more benefits that property owners might not be aware of.

What is a life estate deed?

Deeds effectively transfer real estate from one party to another. The parties to a life estate deed are referred to as the “life tenant” and the “remainderman.” The life tenant (the current owner) transfers the property to the remainderman (the beneficiary).

While the deed is signed and recorded now, the full transfer of title does not happen until the death of the life tenant. The life tenant can use the property during his or her natural life and has rights to any rents or profits arising from its use. Upon the death of the life tenant, the remainderman receives the full title and all the rights and benefits of owning the property.

Benefits of establishing a life estate deed.

Laurella’s Restaurant Offers Diverse Menu Of Italian-American Dishes And More

February 17, 2023

Laurella’s Restaurant was opened by Jerry Porreca at 21 Bay St. in Glens Falls in December. Porreca has been in the restaurant business for some 40 years.

By Jill Nagy

Laurella’s Restaurant at 21 Bay St. is new to Glens Falls, but its owner, Jerry Porreca, has a 40-year pedigree in the business.

The new restaurant opened in late December. The ambience is Italian-American, as is most of the menu.

Although most of the entrees are Italian, Porreca said, Laurella’s also offers hamburgers, salads, chicken wings, flat bread pizza, sandwiches and a children’s menu. The restaurant opens at 3 p.m. and the kitchen is open until 9 p.m. seven days a week. There is a full bar and “happy hour” is from 3 to 6 p.m. everyday.

Porreca owned Smokey Joe’s in Lake George for 15 years, then operated the Olde Trading Post in Queensbury. He started his career in Hudson.

Eden Whitaker Heads Slate Of Officers For The Southern Adirondack Realtors In 2023

February 17, 2023

Eden Whitaker of DeMarsh Real Estate, president, Southern Adirondack Realtors.
Courtesy Southern Adirondack Realtors

Southern Adirondack Realtors installed a slate of new leaders at its holiday gala in December.

SAR officers include Eden Whitaker of DeMarsh Real Estate, president; Jessica Sherry of the Sherwood Group, president-elect; Lisa Ostrander of Howard Hanna Real Estate, secretary; and Saraha Millington of Gallo Realty ADK, treasurer-elect.

Whitaker, who also served in the same role in 2017, intends to lead the association and its members through the transition from a very active housing market to a changing industry in the legislative landscape, focusing on both the professional development of Realtors and their advocacy efforts.

“Realtors engagement in the legislative and political process protects the rights of property owners and ensures the availability and affordability of housing,” said Whitaker. “We are the ‘Voice for Real Estate’ in the region, and part of that charge is the responsibility of being advocates for our clients and customers.”

Whitaker also reaffirmed the local trade association’s commitment to the community, adding that Realtors “are caring members and dedicated volunteers to their communities. We will always prioritize partnership and collaboration with any organization looking to improve our quality of place.”