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Jake Van Ness

2231 Articles

Business Report: EDC, Our Communities And The Way Forward

Posted onMarch 21, 2023
Jim Siplon, president, CEO, EDC Warren County.

By Jim Siplon

Earlier this year EDC Warren County shared a stark view of the future economy as we age, try to compete with a smaller and smaller workforce, and still build a community and economy that works.

To help catalyze the needed investments, public policy work, and collective actions needed to attract new, younger residents that can support our diversified economy for the long haul, EDC is adding “convener” to our list of roles we play supporting our businesses and communities.

Last year we brought Dr. Rachel Sederberg to Warren County from leading labor market research firm EMSI Burning Glass to share deep insights on the “demographic drought” we are all experiencing. Using that groundbreaking research and aggregating it with local economic data that is current and novel, EDC is now engaged in meeting with as many audiences as we can to share the underlying foundation for our position. 

Convening as many groups as we can, EDC is sharing the data over the last 50 years that led to where we are so we can have informed discussions and public discourse on what we must do to navigate and adapt to our new normal.

One lesson I learned over and over in my previous chapters as a military, business and sustainability leader was the value of not rushing to action, especially on problems that took generations to develop. 

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SEDC Stakeholders ‘Have A Seat At The Table’ That Helps Bring Its Projects To Fruition

Posted onMarch 21, 2023
Tori Riley, vice president, Saratoga Economic Development Corp.
Courtesy SEDC

By R.J. DeLuke

The Saratoga Economic Development Corp. (SEDC) has been a driving force in the economic development in the area for more than four decades.

Functioning as an independent, nonprofit group, its purpose is to create jobs and diversify the tax base. It is always examining what business or industry might be a good fit for the community and how to entice them to the area.

To that end it has helped attract companies like QUAD/Graphics, SYSCO Food Service, Ball Metal Corp., the Ace Hardware and Target distribution centers, Arnoff Global Logistics, Greenfield Manufacturing, AgroChem and many more to the area.

It was also a key player in the development of the $200 million Luther Forest Technology Campus.

Business retention is also important. SEDC works with state and regional officials on economic development programs available to encourage continued growth of existing industries.

Funding from the organization comes from businesses who pay memberships and thereby help the SEDC continue to work for a stronger economy that benefits all businesses. It also receives some funding from Saratoga County (though SEDC remains politically neutral).

Those that pay the SEDC fees are called “stakeholders.” And to retain and grow those entities, having tangible benefits is important. Retaining stakeholders (and growing them) is on a par with keeping Saratoga County’s existing businesses within the thriving business community.

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Maple Syrup Season In The Region Attracts Visitors From Capital District And Beyond

Posted onMarch 21, 2023
One of the workers at Valley Road Maple leads a tour, talking about how maple syrup is made, during Thurman Maple Days, which also features pancake breakfasts.
Paul Post

By Paul Post

How important is maple production to Warren County’s tourism economy?

Just look at where people come from.

Last spring, thousands of visitors flocked to Thurman for its annual Maple Days, spread out over three weekends, to enjoy one of nature’s sweetest taste treats.

Most, of course, made day trips from the Capital Region, but many others traveled hundreds of miles to celebrate this annual rite of spring. Points of origin, based on electronic transaction data, ranged from Boston to Buffalo and cities throughout Pennsylvania, while some visitors were on hand from Norfolk, Va., and St. Paul, Minn.

“We get literally thousands of people over the course of those three weekends,” said Randy Galusha, co-owner Toad Hill Maple Farm with his wife, Jill. “It accounts for about 20-25 percent of our annual sales. The promotion from Warren County Tourism, Lake George Chamber of Commerce and others out there really pays off and gives us repeat customers. People that learn about us keeping coming back.”

This year’s dates are Saturdays and Sundays March 11-12, 18-19 and 24-25. Guests are invited to visit five different maple operations to see how syrup is made, take tours, talk to producers, enjoy samples and buy a variety of pure Adirondack maple goods.

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Carly Trerise, Owner Of Dinner And Flowers, Has Pre-Cooked Meals Delivered As Gifts

Posted onMarch 21, 2023
Hudson Falls native Carly Trerise is the owner of Dinner and Flowers.
Courtesy Dinner and Flowers

By Christine Graf

After giving birth to her first child in 2015, Hudson Falls native Carly Trerise was especially grateful to the friends and family members who delivered home cooked meals to her house. It was out of that gratitude that the idea for a business was born. 

With the help of her father, Jim Quinlan, she came up with the idea for Dinner and Flowers (previously known as Send A Meal Today), a business that delivers pre-cooked refrigerated meals that can be reheated in the microwave or oven. 

The meals make perfect gifts for new parents, people who have just had surgery, or those who have suffered the loss of a loved one. In addition to entrees, a variety of homemade desserts are also available.

After a lot of time spent brainstorming with her father, Trerise enlisted Tamberlyn Dickinson to provide meals and baked goods for the business. Dickinson and her husband, Jon, are the owners of Dickerson’s Delight, an eatery in Glens Falls. They also sell their baked goods at the Glens Falls Farmer’s Market.

“After that, I started putting the word out that my dad and I had an idea that we were working on and that we were in the beginning stages and wanted to do test orders,” said Trerise. “I would use social media, including Facebook, to get orders.”

They accepted test orders for an entire year before officially launching the business in 2017. Trerise hired Kate Austin, owner of Advokate, a Glens Falls PR and marketing company, to help her as she worked to get the business off the ground.  

“Kate helped us iron out all of the little details. She also helped us to really get our business name out there into the community,” she said.

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Amy Roman’s Company Helps Businesses By Providing Specialized Staff And Training

Posted onMarch 21, 2023
Amy Roman has owned CEFO Advisors for 10 years.
Courtesy CEFO Advisors

By Jill Nagy

When a company needs a controller, a staff accountant, a chief financial officer (CFO), or similar staff member, but not on a full-time basis, CEFO Advisors can step in. 

The Saratoga company provides a variety of professional staff members on a part-time basis.

Amy Roman has owned the company for 10 years. For the first five years, however, Roman was the only employee. Eventually, she realized that clients “needed more than just me,” and for the past five years, she has been hiring staff members and placing them with clients. 

In the early days, one of her clients described her as ”the bridge between CFO and CEO.”   That is the origin of the company name, CEFO.

Roman has 18 employees including managers, accountants, bookkeepers, controllers, CFOs, and staff training specialists, that she matches with companies needing their skills and expertise. Many are part-timers, working parents, or semi-retired people ready for a second career. They work flexible hours, including working at home, but must be available when the client company needs them on site, Roman said.

Typically, the CEFO specialist will remain with a company for year or more, coming and going as needed.

Company offices are at 125 High Rock Ave., Suite 103, in Saratoga Springs. 

Roman creates a team for each client company and she hires people for specific companies.

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Patrina Leland Stresses Customer Service At Her Queensbury ‘RNR Tire Express’ Business

Posted onMarch 21, 2023
At RNR Tire Express at 708 Upper Glen St. in Queensbury, owner Patrina Leland manages the operation and is considering expanding to a second location in Schenectady, New York.
Paul Post

By Paul Post

Patrina Leland wasted no time making believers out of skeptical co-workers and customers in the male-dominated world of tire sales.

In 2021, she was named RNR Tire Express Rookie Manager of the Year for her success with a brand new store at 708 Upper Glen St.  in Queensbury.

Now plans are in the works for a second shop on State Street in Schenectady, with a long-range goal of opening one or two more between Albany and Troy.

“Sometimes people are a little surprised that a woman in this business knows about the tire, the wheel, the bolt pattern, what you can and can’t put on it,” Leland said. “I can run all the machines out back, set up the alignment rack, do the tire balances.”

Her can-do spirit comes from 30 years of work at her husband Jeff’s long-time, family-owned business, Leland Paper Co., which became part of W.B. Mason in 2019. 

“I really believe all my years there set me up for this position because I’ve done all of it—accounting, receivables, payables, sales. I ran the warehouse, loaded trucks and drove trucks,” said Leland, who holds an accounting degree from Russell Sage College.

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Lake George Chamber’s ‘Women In Business’ Group Provides Networking Opportunities

Posted onMarch 21, 2023
Ann Donnelly, chair, Lake George Regional Chamber’s Women in Business group.

By Ann Donnelly

Lake George Regional Chamber of Commerce’s Women in Business group is a valuable resource for women doing business in the Lake George region.

When I returned to upstate New York five years ago, participation in the group helped me quickly build connections and gain important information about the area and the best ways to do business here. So, in 2021, I took the group’s co-chair role to participate more actively and support the women working so hard on their careers while advancing the Lake George region.

Formed in 2012, the first co-chairs were Lynn Clausen, who worked at Dunhams Bay Resort, and Kathy Miller, owner of Love is on Lake George, still an active member. They spent the first meetings developing the mission, which we continue to adhere to today, “To inspire personal growth using our combined experiences and expertise to provide the tools to aid and encourage women in our region through networking, educating, and mentoring.”

All women who are Chamber members, or work for member organizations, including non-profit and commercial enterprises, are welcome to participate. In addition, those considering joining the Chamber may attend one meeting. Recent attendees have come from real estate, healthcare, business services, hospitality, leisure, retail, education, local agencies, healthcare, and membership organizations.

LGRCC Women in Business meets on the first Wednesday of each month from September through June. After 30 minutes of open networking, the meeting starts with “around the room,” where each attendee introduces herself, describes her business, and announces any news, promotions, or events. Attendees may also note any needs where others in the group could assist. Many members have developed valuable alliances from this.

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Business Report: Do Millennials Need An Estate Plan?

Posted onMarch 21, 2023
Jason Snyder is a senior associate with Tully Rinckey PLLC.
Courtesy Tully Rinckey PLLC

By Jason Snyder, Esq.

As the largest living generation in the U.S.—making up 22 percent of the population—and collectively having lived through several “once-in-a-lifetime” crises, the millennial generation has been forged into some of the most adaptable planners to date. 

From setting personal and professional goals, managing and interacting with their finances and investments, to purchasing their first homes and starting families, many in this group are committed to planning further into the future than ever before.

Despite this, 41 percent of individuals ages 18-34 have never discussed estate planning with anyone. While grim, this number did see some downward motion in part due to the COVID-19 pandemic, as 32 percent of adults under the age of 35 said they only engaged in estate planning due to the pandemic.

So, with these numbers, are millennials right in thinking that they do not need estate plans? What are some of the most common concerns that millennials have when looking to plan their futures? While it’s impossible to capture all aspects of an estate plan in a single article, below is a brief snapshot of why estate plans might be the logical next step for any millennial looking to secure their future.

Broadening our scope, just 33 percent of Americans have a will or living trust, despite the fact that more than 50 percent believe estate planning to be at least somewhat significant. One in three respondents, when asked why they don’t have a will, said they don’t have enough assets to leave behind. 

The notion that “I don’t have enough assets to make it worth it” is one of the most common reasons that millennials don’t want to pursue making some sort of estate plan. This notion doesn’t appear to be changing anytime soon, as the fears of ever-growing inflation still weigh heavily on the American populous—no more so than for millennials. According to a New York Times survey, nine9 out of 10 U.S. adults are concerned about inflation.

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Business Report: Asset Location: Should I Be Using It?

Posted onMarch 21, 2023
Bill Canty, CPA, CFP, founder, CFM Tax and Investment Advisors.

By Bill Canty

Asset location pertains to the types of investment assets that are best held in various types of accounts. Asset location is a tax minimization strategy that matches various types of investments with the type of account best suited for that type of investment holding. 

Asset location is about strategically holding investments in accounts where you are likely to achieve the highest after-tax returns. This includes taxable investment accounts, tax-deferred accounts such as a traditional IRA or 401(k), or tax-free accounts which are usually Roth accounts. 

Due to the nature of dividends, interest, or capital gains connected with certain types of investments, it might be most tax-efficient to hold them in one type of account versus another. This is the essence of asset location. 

While it is not always possible to align your entire portfolio in a perfect fashion in terms of asset location for each holding, it does make sense to pay attention to this when deciding which investment holdings fit best into your various accounts. 

The following types of holdings can be well-suited for a taxable account: 

• Municipal bonds or mutual funds holding muni bonds. The interest on these bonds is exempt from federal income taxes, and in some cases from state taxes if they are issued by an entity in the state in which you reside.

• Individual stocks that you plan to hold for a year or more. After this time period, any capital gains from the sale of the shares will be taxed at preferential long-term capital gains rates.

• Equity index ETFs. Due to the passive management of these types of equity funds, they tend to throw off fewer capital gain distributions than actively managed equity funds or ETFs.

• Tax-managed ETFs, mutual funds, and separately managed accounts. These are mutual funds, ETFs, and SMAs that are managed to specifically limit capital gains and other taxable distributions. 

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Upstate CEOs: Inflation Is Having A Negative Impact, But Most Will Invest In Fixed Assets

Posted onMarch 21, 2023

Fifty-four percent of Upstate New York CEOs say business conditions have worsened over the last year and only 19 percent, down from 36 percent a year ago, expect improvement in the coming year according to the 16th annual Upstate New York Business Leader Survey from Siena College Research Institute (SCRI), sponsored by the Business Council of New York State, Inc and released March 10. 

Only 23 percent of CEOs say the economy has improved this year and 54 percent up from 41 percent last year see worsening conditions in the next year, according to the survey. Thirty-eight percent, (down from 47 percent last year), predict increasing revenues in 2023 while 26 percent, (down from 34 percent), anticipate growing profits in the year ahead. 

Still, unchanged from last year, over half, 55 percent, intend to invest in fixed assets in 2023. Eighty-five percent say inflation is having a negative impact on profitability.

One-third of CEOs, down from 44 percent last year, plan to increase the size of their workforce this year, but 82 percent say that there is not an ample supply of appropriately trained local workers. Seventy-five percent are having difficulty recruiting for their open positions despite 72 percent offering increased wages and 53 percent being flexible with work hours. 

By 61-5 percent CEOs believe increasing the minimum wage to $15 an hour Upstate would have a negative rather than positive impact on the economy and they oppose the increase by 59-31 percent.

“It’s impossible to sugarcoat the findings of this survey. CEO confidence is down dramatically from a year ago once again reaching the low point we saw in 2020 and greater now only than during the Great Recession of 2008,” said Siena College Research Institute Director Don Levy. “Only about 1 in 5 CEOs now say conditions have been and will continue to improve while about half say the opposite—conditions have and will continue to worsen.”

“Our index of business leader sentiment, a measure that considers both the current and future views of CEOs is down to 68.8 from 94.4 last year and about equal to 68.7 recorded in 2020 during the raging pandemic,” said Levy. “Two disturbing insights from these numbers. First, a score of 100 indicates equal levels of optimism and pessimism, we’ve got a long way to go, and secondly, in 2020, the current component was the problem as CEOs then predicted a better future, now both the current and future measures are over 30 points below 100.”

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