Glens Falls Business Journal

Curtis Lumber Grows With Acquisition Of Wiley Brothers Lumber Yard In Schaghticoke

March 17, 2021

Curtis Lumber announced the acquisition of Wiley Brothers at 1854 Route 40 in Schaghticoke.

Wiley Brothers has been a family-owned lumber yard and home improvement store for 75 years.

Adding this new location brings the number of Curtis Lumber Co. locations to 23, all of which are independent, family-owned, full-service home centers and building supply yards.

Officials said moving forward, the store location will carry Curtis Lumber’s premium products, superior hardware assortment, and be staffed with the expertise to cater to both builders and homeowners.

Curtis Lumber has long served the area with delivery service from nearby stores and this acquisition will serve to increase delivery and product availability to more of Rensselaer county.

Company Does Qualitative Research That Helps Clients With Marketing Plans

March 17, 2021

Neal Sandin is the owner of 643 Research, a qualitative research firm he started in 2014 and moved to Malta in November 2019.
©2021 SaratogaPhotographer.com

By Susan Elise Campbell

When Neal Sandin conducts research, he says he is seeking to interpret “the voice of the consumer” who will inform the next steps of a client company’s marketing.

Sandin’s company, 643 Research, is a qualitative research firm he started in 2014 and moved to Malta in November 2019 when he and his wife relocated from New Jersey.

Sandin said he “fell into” focus group research when the moderator of the firm he worked for double booked and was unavailable for one of the clients, who at the time was en route from out of town to observe his company’s session.

“After about 30 minutes of training I jumped in, conducted the group and was good at it,” said Sandin. “The client continued to use me as a moderator.”

He launched his own firm seven years later.

His clients come from various industries and have a range of goals and challenges. Sandin develops the techniques to reach conclusions and recommendations for advancing a client’s brand and improving customer loyalty. In his toolbox are such qualitative methodologies as ethnography, home visits and focus groups, among others.

SUNY Empire State College This Year Marks 50 Years Of Academic Achievements

March 17, 2021

SUNY Empire State College is celebrating 50 years of academic achievements and excellence throughout 2021.

Founded in 1971, SUNY Empire State began as a bold re-imagining of higher education, one focused on increasing accessibility and opportunities for students.

Officials said that for the past five decades, SUNY Empire has transformed the face of student-centered, accessible, equitable education, ushering in a world of possibilities for busy adult learners. The college began utilizing mail-in correspondence and satellite feeds in the 1970s and was one of the first to move to internet-based and blended coursework in the mid-1990s.

Since then, SUNY Empire has been at the forefront of distance and online education and continues to explore new pathways for students of all ages to pursue their educational and career aspirations.

SUNY Empire’s mission aligns with that of the State University of New York’s, which aims to provide students with accessibility to the highest quality academic, professional, and vocational programs, officials said.

During his State of the University System address, SUNY Chancellor Jim Malatras not only highlighted SUNY Empire graduate student Nelson de Jesus Castilla Jr., who became the first Latino chief to serve on Stony Brook’s campus while pursuing his master’s degree at SUNY Empire, but he spoke of the recently announced SUNY for All campaign.

Dealing With Payroll Protection Plan Issues Occupying Time And Effort At Local Banks

March 17, 2021

Marc Monahan, vice president, regional executive of NBT Bank in Glens Falls.
Courtesy NBT Bank

By Jill Nagy

Area banks have been upgrading their online and digital services but the big push in 2020 appears to be administering Payroll Protection Plan (PPP) small business loans.

“It was an all-hands-on-deck situation; we recruited everyone to help out,” recalled Charles Wait Jr., president and CEO of Adirondack Trust Co. The bank processed $100 million worth of loans in the first round and he expects another $50 million during the second round. “It’s been an interesting 12 months,” he reflected.

Similarly, Marc Monahan, Glens Falls and Saratoga regional executive for NBT Bank, welcomed the PPP program as a way to stay in connection with existing customers as well as a way to bring in new ones.

“They need an account with us but they can open an account and apply for a loan on the same day,” he said. NBT has a dedicated website for PPP loans and, according to Monahan, they processed more than 3,000 applications last spring.

“The past year has altered how we communicate with our customers,” Monahan said.

Business Report: What Can Investors Learn From 2020

March 17, 2021

Meghan Murray is a financial advisor with
Edward Jones Financial in Queensbury.
Courtesy Edward Jones Financial

BY Meghan Murray

Now that we’re a few weeks removed from 2020, it’s a good time to reflect on such a momentous year. We can think about developments in the social and political spheres, but we also learned—or perhaps re-learned—some valuable lessons about investing.

Here are four of them:

• A long-term perspective is essential.

Volatility in the financial markets is nothing new, but, even so, 2020 was one for the books. Of course, the COVID-19 outbreak was the driving force behind most of the wild price swings. Soon after the pandemic’s effects were first felt, the S&P 500, a common index of U.S. large-cap stocks, fell 34 percent but gained 67 percent by the end of the year.

Consequently, investors who stuck with their investment portfolios and kept their eyes on their long-term goals, rather than on shocking headlines, ended up doing well. And while 2020 was obviously an unusual year, the long-term approach will always be valuable to investors.

• Investment opportunities are always available.

The pandemic drove down the prices of many stocks, but it didn’t necessarily harm the long-term fundamentals of these companies. In other words, they may still have had strong management, still produced desirable products and services, and still had good prospects for growth. In short, they may still have been good investment opportunities and when their prices were depressed, they may also have been “bargains” for smart investors. And this is the case with virtually any market downturn – some high-quality stocks will be available at favorable prices.

• Diversification pays off.

Advisors Insurance Brokers in Clifton Park Acquired By Large Life, Health Distributor

March 17, 2021

From left, Brian Johnson, director of business development; Bob Vandy, president; Kevin Johnson, CEO; and Pete Kelly, COO, all of Advisors Insurance Brokers in Clifton Park.

Advisors Insurance Brokers in Clifton Park has been acquired by Integrity Marketing Group, LLC, a large national independent distributor of life and health insurance products.

As part of the transaction, Kevin Johnson, CEO of AIB, will become a managing partner in Integrity. Financial terms of the acquisition were not disclosed.

“Integrity is committed to innovating insurance by bringing together skill sets that complement our growing roster of platform partners,” said Bryan W. Adams, co-founder and CEO of Integrity. “As we’ve gone through this global pandemic, Americans realize the importance of life, health and long-term care insurance coverage now more than ever. By adding Advisors Insurance Brokers to the Integrity platform, we are able to serve more Americans and help them with these planning needs.”

AIB began in 1992 with a focus on long-term care insurance and planning in the New England region. The company has evolved to offer life insurance, fixed indexed annuities and a wide range of insurance products.

“At our core, we are built on a foundation of unmatched customer service that we were not willing to compromise for any partnership opportunity,” said Johnson. “Integrity values that legacy and offered a vision for our next phase of growth. We will retain the boutique-like feel our customers have always appreciated, while providing them with cutting-edge resources and technology we never could have provided on our own. We’re excited to become part of such a legendary team.”

Adirondack Trust Co. Will Open New Glens Falls Branch This Year With More Services

March 17, 2021

This is a rendering of the new Glens Falls branch of Adirondack Trust Co. nearing completion at the corner of Main and Pine Streets. It will have a drive-through window and plenty of parking.
Courtesy Adirondack Trust Co.

By Jill NAgy

A new Glens Falls branch of Adirondack Trust Co. is nearing completion at the corner of Main and Pine Streets.

The branch will be a two-story building with a drive-through window and plenty of parking, according to Charles Wait Jr., the bank’s president and CEO.

The building will replace the current branch on Maple Street. That branch will remain open until the new building is ready, probably in mid-April, Wait said.

The present location does not allow for a drive-through and there is limited parking.

The added space at Main and Pine will allow Adirondack Trust to provide additional services. For example, Wait said, loan or mortgage officers can be posted there.

A ribbon cutting is planned, along with grand opening promotions in partnership with other businesses.

The building was designed by architects Balzar & Tuck.

CEO Of EDC Warren County Sees Potential Of Economy To Be Balanced And Sustainable

March 17, 2021

Jim Siplon of EDC Warren County continues to focus on attracting new business.

Under the leadership of newly-appointed president Jim Siplon, the EDC Warren County continues to focus on attracting new business to the area.

Siplon, a former EDC board member, has firsthand experience with the process.

“The EDC was instrumental in helping me when I was trying to get JUST Water off the ground, particularly Ed Bartholomew, who was the longtime president,” he said. At the time, Siplon was chief operating officer of the water startup and was responsible for choosing the company’s headquarters.

“I’m not a spectator in this. I’m a player. I came here in 2014 to figure out if this was a good place to base JUST. I looked at a number of places across the country, and I had never seen the receptivity and kind of collaborative nature that I found here. Now I’m trying to tap into it in my new role of working on economic development for the entire region.”

Siplon took the helm of the EDC during the midst of the COVID-19 pandemic. A top priority was to offer support to the tourism industry, which accounts for 25 to 40 percent of the local economy.

“When COVID struck, we ran the risk of literally having the bottom dropping out of an enormous part of our economy,” he said. “Here in Warren County we immediately organized a group of private sector participants in the tourism and hospitality world to meet together with public sector players like the EDC and the county and municipalities to figure out what is that we can do that is both safe and can also potentially backstop this huge economic impact.”

CARES Act Funds Are Still Available For Small Business Loans In Eight Counties

March 17, 2021March 18, 2021

Beth Gilles, director of the Lake Champlain-Lake George Regional Planning Board, says there is plenty of money in a revolving loan fund for businesses dealing with COVID-19 issues.
Courtesy Beth Gilles

By Lisa Balschunat

In September 2020, to assist small businesses affected by coronavirus restrictions, the U.S. Department of Commerce’s Economic Development Administration invested $22.8 million through the Coronavirus Aid, Relief and Economic Security (CARES) Act funding that created a revolving loan pool to help small businesses.

For the past six months, $2.94 million of those funds have been managed in the north country by the Lake Champlain-Lake George Regional Planning Board (LCLGRPB).

Planning Board Director Beth Gilles said there is plenty of money still available for small businesses in the eight-county area of Clinton, Essex, Hamilton, Jefferson, Lewis, St. Lawrence, Warren and Washington counties. Funds target working capital projects, equipment, and purchases related to COVID-19 issues, such as personal protective equipment (PPE) and facility upgrades.

Entrepreneurs and small business owners who may be retooling their business models could benefit from the CARES dollars.

“A restaurant owner who expanded seating with outdoor dining in the parking lot last summer might now decide permanent outdoor seating would be good for business. This loan program could cover that,” Gilles said.

Businesses can apply for a revolving loan fund from $25,000 to $150,000 at a fixed rate of 1.9 percent, with up to a seven-year term, with the first 12 months interest only. There is no application fee or closing costs and up to an 84-month loan term is available.

Gilles added, “program loan funds may not be used to pay off existing debt, refinance other loans, acquire a position in a business, investments, expansion of a business or personal expenses.”

Area Is Attractive To Potential New Residents

March 17, 2021

New research conducted by Camoin 310 of Saratoga Springs for the Regional Office of Sustainable Tourism (ROOST) in Lake Placid and EDC Warren County shows there is a strong interest for relocation to the Adirondacks across all income brackets in the region including New York, Connecticut, Massachusetts, Pennsylvania, Vermont, New Hampshire and New Jersey.

A total of 6,733 responses were collected and analyzed by Camoin 310 from Jan. 19-29, the group said in a news release. More than 80 percent of respondents now live in the Northeast, but there were responses from as far away as Florida, California, Texas, Colorado, Missouri, Minnesota, and Oregon, as well as international locations.

Key findings indicate that nearly 25 percent of respondents said they were either “very likely” or “somewhat likely” to relocate here in the next five years, according to Camoin. Some indicated they have already moved here.

The Lake Placid, Saranac Lake, and Lake George regions were the three most cited locations for relocation. The majority of the respondents said living in the Adirondack communities with access to high-speed internet, health care, and dining and shopping opportunities is a priority.

Nearly 23 percent of regional market demand is between ages 25-45. Quality housing and outdoor recreation were the most important factors cited when selecting a community. Remote workers and retirees present the greatest opportunity and over 40 percent of respondents who are working have the ability to work remotely either full time or a majority of the time, the report said.