Glens Falls Business Journal

Business Report: Are You Working On Your Business?

February 14, 2020February 14, 2020

Stephen Ferraro is a partner with FAZ Forensics in Saratoga Springs.

by Stephen Ferraro,
CPA/ABV/CFF, MAFF, CVA, CEBC
Business owners need an ongoing planning process to grow, maximize business value and create the most successful business transfers. It’s just as important to work on your business as it is to work in your business.
The process should coordinate business valuation, growth planning and business transfer analysis with personal retirement planning. The ultimate goal…successfully operate, grow and transfer your business on your terms and time frame, while maximizing and protecting your personal wealth.
Maximize Business Value
To determine how fast you can get to where you want to go, you need to know where you are now. That’s why business valuation is so important. As part of the process, you should review the profits and cash flow generated by your business so you can understand the range of values the market will place on your business as it is today and in the future.

Outsourcing Accounting Services Can Be A Benefit To Some Small Business Owners

February 14, 2020February 14, 2020

Accountant and bookkeeper Lisa Daly of Daly Accounting in Queensbury.
Courtesy Daly Accounting

By Rachel Phillips
In business, accounting is the day-to-day tracking of financially operations, both in the short term and the long term.
Not only does accounting serve the purpose of tax compliance and record keeping, but also recording metrics used for evaluating business performance. As such, it is a vital function for success in business.
However, with improving technology and the internet, it has become easier than ever for certain business tasks to be done remotely. As a result, recent years have seen an increase in businesses using outsourced accounting services.
When a business outsources accounting, they hire an outside professional to organize and evaluate their books and records.
Accountant and bookkeeper Lisa Daly of Daly Accounting in Queensbury said outsourced accounting can be a smarter financial decision for small businesses.

Business Report: Attorneys Are Important In Real Estate Deals

February 14, 2020February 14, 2020

Daniel S. Glaser is a real estate attorney with Herzog Law Firm PC.

BY DANIEL S. GLASER, ESQ.
Local. Real Estate. Attorney.
When buying or selling real estate, it is imperative that you have the counsel, guidance, and skill of a local real estate attorney.
For example, next week you are going under the knife for a triple bypass surgery. You are given two options on how to proceed: use the services of a cardiothoracic surgeon; or save some money by trying to do it yourself.
Yes, you may have a steady hand but going with option one seems like the better way to go.
While the hypothetical may seem unrealistic, the message behind it is real. When you are dealing with something very important, for example making the largest purchase in your life, seek assistance from professionals that have a plethora of experience in their field. When you have to make a decision about whom you should use to represent you in your real estate transaction and dealing with hundreds of thousands of dollars, always go with a local real estate attorney.

Glen Street Associates To Renovate Former Red Cross Building Into Commercial Space

February 14, 2020February 14, 2020

This is a rendering of what 74 Warren St. in Queensbury will look like after renovation.
Courtesy Glen Street Associates renovation.

By Christine Graf
Renovation and restoration work is underway on the former Red Cross building at 74 Warren St. in Glens Falls.
Glen Street Associates purchased the approximately 5,000-square-foot property for $182,000.
According to Peter Hoffman, president of Glen Street Associates, 74 Warren St. is his company’s first 1940s-era building. In addition to specializing in the restoration of old buildings, the Glens Falls-based company also develops, owns, and operates apartment, commercial, office, and hospitality properties in Warren, Washington, and Saratoga counties.

Adirondack Trust To Build New Branch In Queensbury, Then Close Glens Falls Office

February 14, 2020February 14, 2020

This is a rendering of a new Adirondack Trust Co. branch office that will be built at 79 Main St. in Queensbury. It will have bank services on the first floor and conference rooms on the second.
Courtesy Adirondack Trust Co.

By Jill Nagy
Adirondack Trust Co. is planning to construct a new branch office at 79 Main St. in Queensbury. It will replace the present branch on Maple Street in Glens Falls.
Construction will begin as soon as the weather allows, according in Charles Wait Jr., executive vice president.
“We are stymied by the weather. It’s not exactly the best weather to be digging,” he said. Once construction can begin, they are “targeting an eight-month schedule.”

Saratoga Eagle’s Sales And Service Growth Leads To Plans To Expand Its Warehouse

February 14, 2020February 14, 2020

Jeff Vukelic, president and chief executive officer, Saratoga Eagle Sales and Service, says the company is expanding its local warehouse as business continues to grow for the company.
©2020 Saratoga Photographer.com

By Rachel Phillips
After years of growth, Saratoga Eagle Sales and Service is expanding its Saratoga warehouse.
Saratoga Eagle Sales and Service is a beverage distributor, which delivers products to restaurants, pubs, convenience stores, grocery stores, concert venues and other retailers all over the area.
Currently, they provide service in counties from Albany, Schoharie and Rensselaer all the way up to Franklin County.
Recently, the company acquired Plattsburgh Distributing in Clinton County, prompting the need for more storage space, officials said. The warehouse, located at 45 Duplainville Road in Saratoga Springs, will be expanded 30,000 square feet, and will then encompass a total of 165,000 square feet to help meet increased demand.

Hudson Headwaters Plans To Build New, $10 Million Primary Care Center In Glens Falls

February 14, 2020February 14, 2020

Hudson Headwaters Health Network plans to construct a new primary care center on Larose Street in Glens Falls.
The proposed facility will replace Hudson Headwaters Health Center on Broad Street.
Hudson Headwaters has received grant funding from the state of New York as part of its Statewide Health Care Facility Transformation Program. The total capital investment in the new space will be approximately $10 million.

SUNY Empire Study: Freelance Employees Would Create A Pool For State, Federal Jobs

February 14, 2020February 14, 2020

Seven in 10 freelancers would consider moving, thanks to job flexibility, creating a large pool of potential residents attractive to state and local governments, according to a policy brief developed by SUNY Empire State and Rockefeller Institute’s new Future of Labor Research Center.
The joint Future of Labor Research Center explores the growth of the mobile workforce and examines economic development initiatives aimed at attracting and maintaining these workers.
The research brief on the growth of the mobile workforce said as the mobile workforce expands, policy makers are looking to implement new strategies to attract them.

Express Employment Professionals Opens An Office In T.J. Maxx Plaza In Saratoga Springs

February 14, 2020February 14, 2020

Jordan Modiano opened an Express Employment franchise in Saratoga Springs.
©2020 Saratoga Photographer.com

By Christine Graf
Express Employment Professionals, a locally owned small business, opened its second Capital Region location in December.
It is located in the T.J. Maxx plaza on Route 50 in Saratoga Springs. Owner Jordan Modiano opened his first Express Employment franchise in Albany in September 2015.
“To put it simply, we help people find jobs, and we help companies find employees,” he said.
A Long Island native, Modiano moved to the area in 1999. He had a 20-year career in advertising and marketing before purchasing the franchise. Express Employment Professionals was founded in 1983 and has more than 780 franchise locations in the United States, Canada, and South Africa.
“I wanted to do something that made a difference in people’s lives and the community that I live in,” Modiano “That’s been something I’ve wanted to do for a long time.”
According to Modiano, his franchise currently specializes in providing employment services to several specific employment sectors.

Providing Retirement Options For Employees Leaves Business Owners With Many Options

February 14, 2020February 14, 2020

Richard J. Fuller is a CPA with offices in Glens Falls.
Courtesy Richard J. Fuller, CPA

By Susan E. Campbell
Small business owners have the flexibility to choose whichever type of retirement plan they desire to accumulate a future nest egg on a tax-deferred basis. But that doesn’t mean the decision is easy, or that the company may need to change to a different plan in years ahead.
“Each of the four basic types of defined contribution plans has advantages and drawbacks,” said Laurie A. Stillwell, CPA, in Saratoga Springs.
“My job is to talk through what the business owners’ goals are and direct them to the plan that checks those boxes,” she said.
“Companies are not stuck in a plan once they have it,” said Richard J. Fuller, CPA in Glens Falls. “But if there is to be a switch, it has to be done right.”
“There is no one-size-fits-all with retirement plans,” said Stillwell. “A plan may work well for the first five years, but in year 10 or 15, it may no longer fit.”