Glens Falls Business Journal

Business Briefs – June 2018

June 13, 2018June 14, 2018

To ensure regional access to the broadest array of healthcare services available, Glens Falls Hospital announced in December that they would be selling their renal dialysis service to DCI (Dialysis Clinic, Inc.), the nation’s leading nonprofit dialysis provider.

The hospital officially transferred ownership of its outpatient renal dialysis program on Broad Street in Glens Falls to DCI on June 1, officials said. They do not expect that patients will experience any changes to their treatment schedule during this transition.

The new phone number for DCI is 518-252-0008 and the fax number is 518-252-0016.

Business Report: Cash is King!

June 13, 2018May 22, 2019

Michael Cruz, president of Lighthouse Advisors LLC in Queensbury.

Walk into Peter’s Diner in Glens Falls and there is a sign on the register: “In God We Trust, all others pay cash.” You’ve seen it many places. It is an affirmation that you only make money when you have the cash. Peter started the business in 1961 and they still charge a very fair price for their food. They keep prices low by making sure they know what things cost, producing a good value meal for people when they eat. What does it mean in your business?

According to Business Finance Magazine the average invoice is paid in 46 days. Many of your payables are older than that. Add the amount of time that the item stayed on your shelf. When you factor in that most of your suppliers are not quite as lenient as you may be, you may soon run short of your own cash.

You are now a creditor. I define creditor as someone whose memory is better than the debtor. And remember 50% of all businesses failures are directly related to a lack of cash.

Freedom Boat Club Adds To Its Fleet; Expects Its Membership Growth To Continue In 2018

June 13, 2018June 14, 2018

In its third year of operation, Freedom Boat Club of Lake George has added two new Sweetwater Premium tritoons and a new Four Winns HD200 deckboat to its fleet.
Courtesy Freedom Boat Club

Freedom Boat Club will soon begin its third season of operation on Lake George after ordering four new boats and substantially increasing its local membership base.

As the concept of membership boating has grown and adoption of the sharing economy has spread with companies like Uber gaining in prevalence, the local Freedom Boat Club franchise has become an attractive option for people looking to enjoy boating.

To help meet the demand, as membership grows, Freedom Boat Club has added to its fleet.

Joining this year is a new Regal 23 OBX, two new Sweetwater Premium tritoons, and a new Four Winns HD200 deckboat.

Bug-U Pest Control Seeks To Expand, Opens An Office On Main Street In Hudson Falls

June 13, 2018June 14, 2018

Bug-U Pest Control recently opened this new office at 162 Main St. in Hudson Falls. The expansion allows owner Brent Brewer to hire more staff to serve the growing comminity.
Courtesy Bug-U Pest Control

By Jennifer Farnsworth

Bug-U Pest Control has found a new home in downtown Hudson Falls. Owner Brent Brewer said it was time to move into an actual office space and out of his home, where he was previously located.

As owner and operator of the pest control business, serving both residential and commercial properties, opening the new location on 162 Main St. in Hudson Falls, is something Brewer had been contemplating for a while.

“I am now centrally located, by the park. Hudson Falls is really an area that is growing, especially downtown. There are alot of good things going and the area is really undergoing quite a revitalization. Everyone has been so nice and so welcoming,” said Brewer.

NYS Gives Town $343,000 For Infrastructure Work To Protect Lake George Water Quality

June 13, 2018June 14, 2018

New York state has awarded a $343,000 grant to the town of Lake George to repair and upgrade wastewater collection infrastructure and to protect the water quality of Lake George.

The funding is provided through the $2.5 billion Clean Water Infrastructure Act and is part of the state’s ongoing efforts to improve water quality statewide.

“I enthusiastically supported the Clean Water Infrastructure Act to help small communities that lack sufficient financial resources fund important projects just like this one,” said Sen. Betty Little. “Investing in infrastructure that protects our lakes and rivers has so many benefits and will pay dividends for local residents and bolster our tourism-based economy for many years to come. So many visitors are attracted to our region for the beauty and quality of our waterways.”

Business Report: Good Financial Habits Linked To Happiness

June 13, 2018June 14, 2018

David Cumming, senior vice president and financial advisor, Morgan Stanley.

By David L. Cumming

From record-breaking stock market returns to falling unemployment, the U.S. has no shortage of positive economic indicators, and the majority of investors say they feel confident about achieving both their short- and long-term goals, according to the latest Morgan Stanley Investor Pulse Poll, which surveyed more than 1,200 investors age 25 to 75 with over $100,000 in assets.

About one in four (29 percent)—or 36 million—U.S. households fall into this category.

Businesses Should Sit Down With Advisors To Review Portfpolios And Examine Strategies

June 13, 2018June 14, 2018

Dale L. Mullin of Whittemore, Dowen & Ricciardelli LLP in Queensbury.
Courtesy Whittemore, Dowen & Ricciardelli LLP

By Jill Nagy

“More than in recent years, there is a need to take a look at the tax impact” when making investment decisions, said Dale Mullin, a certified financial planner with WDR Financial LLC, and a certified public accountant with the accounting firm of Whittemore, Dowen & Ricciardelli LLP, both located in Queensbury.

New, mostly lower, tax rates and new provisions for tax deductions and credits will have an impact on investments in a business, decisions about taking distributions from taxable retirement accounts and decisions about allocating business proceeds between salary, pass-through income and investment in equities.

Mullin said interest rates are beginning to rise and inflation is becoming a possibility. Those factors might indicate that this is a good time to make investments in equipment in order to lock in lower prices and lower interest rates.

Business Report: Don’t Let Investments ‘Go On Vacation’

June 13, 2018June 14, 2018

Meghan Murray, financial advisor, Edward Jones Financial in Queensbury.

By Meghan Murray

Summer is here – and so is vacation season. Americans spend a lot on their summer getaways—more than $100 billion in 2017 alone, as reported in Travel and Leisure magazine.

When you hit the road, you will enjoy getting away from your regular tasks, but there’s one part of your life that should never take a break—your investments.

To keep your investments working consistently and efficiently for you, consider these suggestions:

Recruiting New Workers For Jobs In Building Trades Continues To Be A Challenge Locally

June 13, 2018June 14, 2018

Union leaders, business owners and educators say that recruiting workers or for the building trades is a challenge, but young people can make a good living if they choose to enter a trade.
©2018 Saratoga Photographer.com

By Maureen Werther

People in the building and trades industry—union leaders, business owners and educators—continue to say there is an ongoing need to recruit new people for the welding, HVAC, building construction, plumbing, electrical and other trades.

At a recent meeting of BOCES counselors and business owners at the offices of Bonacio Construction, Sonny Bonacio talked about the need for skilled labor industry-wide. Bonacio Construction, formed in 1988, is a major residential and commercial builder in the Capital Region.

“It’s been a challenge for the last 15-20 years getting plumbers, roofers, framers. We’ve noticed in our own company there are way too many people who are in their 40s and 50s and not enough in the 20- and 30-year-old range,” said Bonacio.

Gansevoort Company Official Is NESCA President, Replacing Local Business Woman

June 13, 2018June 14, 2018

Cathy Morin of Niatrust Drywall in Wilton, was the third female president of NESCA.
©2018 Saratoga Photographer.com

By Maureen Werther

Lee Keirstead, project manager for Stone Bridge Iron and Steel, Inc. in Gansevoort, is the new president of Northeast Subcontractors Association (NESCA).

NESCA is a nonprofit trade association based in Albany. It represents nearly 500 subcontracting companies, specialty contractors and suppliers of construction material and equipment, making it the largest subcontractor group in the country. Its members include both union and open-shop companies.

NESCA’s goal is to serve the needs of commercial, industrial and institutional subcontractors, specialty contracts and material suppliers in the Capital District, Hudson Valley, the North Country and west into Binghamton. It works on issues affecting its members and it provides education, advocacy and networking opportunities to its members.