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Business Report: Dryer Vents, Chimneys: The Ugly Truth

Posted onJune 15, 2017

Jamie Wallace is owner of Saratoga Chimney Sweep in Wilton.
Courtesy Saratoga Chimney Sweep

By Jamie Wallace

Chimneys and dryer vents are a mystery to many homeowners and even experienced contractors. Both vent flammable or toxic gases to the exterior of your home, and both are horribly ignored.

This information is especially important when living in or managing apartments or condos.

Let’s start with dryer vents. There are codes and standards for how they are built. Many times, a heating element in the dryer will fail, causing the need for replacement. In some cases the dryer was never the problem, it was incorrect installation of the vent or heavy lint accumulation. This essentially overworks a dryer and shortens its life span significantly.

In 2010, the National Fire Protection Agency (NFPA) stated that over 15,000 dryer vent fires occurred in the U.S. due to dirty dryer vents.

The good news is: it is 100 percent preventable.

The NFPA also recommends a dryer vent be inspected and cleaned as needed on an annual basis, which would drastically reduce risk. When an experienced professional comes out to service a dryer vent, they should also make sure it was installed properly. There should be no vinyl hose connections, no PVC venting, and certainly no screws holding it all together, which act like lint catchers.

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Advice For New Business Ventures: Be Sure There Is Cash On Hand To Keep Things Afloat

Posted onJune 15, 2017
Paul Dowen is a managing partner of Whittemore, Dowen and Ricciardelli LLP.
Courtesy Whittemore, Dowen and Ricciardelli, LLP

By Jennifer Farnsworth

The best advice Paul Dowen, a managing partner of Whittemore, Dowen and Ricciardelli, LLP in Queensbury, can give to business owners is pretty simple: Have cash. 

Dowen said the number one thing he tells small business owners, or those looking to open a small business is have enough cash in a reserve.

“I tell people just starting up—hoard your cash, be prepared,” said Dowen.

Dowen said when starting a business, people  should not be undercapitalized. They need to figure out how quickly cash can be generated. He recommended having enough cash to live on for three months, so that until a person can be solvent before collecting the first paycheck as a small business owner.

“If you don’t have that, then it is best to wait on the startup,”said Dowen.

For current business owners, he gives similar advice. He warns against purchasing things that won’t help generate a cash flow. Most banks are happy to finance equipment for small business owners, especially items that will enhance the business and generate more equity.

Dowen also advises to have a business plan in writing to serve as a guide to short- and long-term goals. It should be a clear plan that addresses sources of income and the demographics of target customers. Businesses need to know who they are marketing to, because it will greatly affect cash flow.

“That is how you will grow  and make money. Ninety five percent of businesses fail because of cash flow,” said Dowen.

Dowen recommended using marketing tools like social media to tap into potential customers. Once that research is done, look to find ways to finance the business. Save as much as possible and make sure the venture can afford to lose money if things don’t go as planned.

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Business Report: Financial Gifts, Tips, For New Graduates

Posted onJune 15, 2017
Breanna Lundy is a financial advisor with Edward Jones Financial in Greenwich.
Courtesy Edward Jones Financial

By Breanna lundy

It’s graduation season again. If your child is graduating from high school or college, you have reason to celebrate. But what should you give to your newly minted diploma holder? You might want to consider offering a combination of financial gifts and tips, which, taken together, could set your graduate on a path toward a successful, independent life.

What sort of gifts and tips should you consider? Here are a few ideas:

• Give a few shares of stock.

Everyone should understand the financial markets and how they work. One great way to encourage this interest is to give your child a few shares of stock. Young people enjoy owning a piece of a company that makes the products and services they like – and the very act of ownership can inspire them to learn more about investing and to ask questions:

What causes the stock price to go up or down? How long should I hold this stock? Should I own several stocks like this one, or is it better to branch out to find new opportunities? Over time, in learning the answers to these and other questions, your child can become familiar with investing and how to make the best choices.

• Encourage your graduate to open an IRA. Your child can open an IRA as long as he or she has some earned income. You might want to suggest that your child consider a Roth IRA, which, at the child’s age and income level, may be a good choice.

With a Roth IRA, children can access their contributions at any time, tax- and penalty-free. They can’t touch the earnings without incurring both taxes and penalties, however, until they reach 59½. But you will want to encourage them to keep the money in their IRA intact, giving it the chance to grow.

• Provide some financial education.

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Business Report: Wealth Management From Ground Up

Posted onJune 15, 2017
Cumming, CFP, RICP, CRPS, is an executive financial services director with Morgan Stanley.
Courtesy Morgan Stanley

By David L. Cumming

During the day, the next generation of wealth is busy building startups or running projects for major corporations. If you are an individual coming into wealth for the first time from a low- to middle-income background, a unique set of challenges presents itself as you attempt to both manage and enjoy your hard earned-wealth.

One of these challenges may be student loan debt. Besides navigating yourself out of debt, it can be tough to navigate relationship dynamics and commitments when you are new to wealth. You may feel an understandable pull to give back to your family and community, but have a hard time balancing these commitments with those of your own self-care and personal investment.

As your financial position improves, it is common to experience guilt and overwhelming feelings as you notice your improved position relative to your family and friends. These feelings can have an impact on how you relate to your family and community and how you understand your role and function in those relationships.

Couple these feelings with others’ new perception of you as a “wealthy” person, and it can be easy to fall prey to a perceived responsibility for others that exhausts your emotional and financial resources.

Here are a few ways to take care of your own financial health as you navigate this exciting but challenging new position of wealth.

Start Saving Now

When we’re young, it is easy to feel as if retirement is a lifetime away. We may spend very little time, if any, thinking about practical ways to prepare for our golden years. “I’ll take care of that in a decade or two,” one might think. But if anything teaches us that the time to start saving is now, it is the importance of compound interest on your retirement contributions.

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Stewart’s Eyes Charging Stations For Electric Cars

Posted onJune 15, 2017

By Margaret MacDonald

Stewart’s Shops is looking to install 100 charging stations for electric automobiles throughout the greater Capital Region, pending approvals.

The  move coincides with state efforts to expand services in that direction.

State Sen. Jim Tedisco recently called for the state to approve the new Electric Vehicle Fast Charger Network (EVFCN).

Tedisco, a member of the Senate Environmental Conservation Committee, wrote a letter the state Public Service commissioner in support of the EVFCN and the Stewart’s plan to install charging stations at shops in his 49th Senate District.

“The plan would be to install an electric car fast-charging network, providing an 80 percent charge in roughly 20 minutes,” Stewart’s spokesperson Maria D’Amelia said.

It would be done in a gradual rollout.

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Businesses In Warren,Washington Counties Received Awards At SBA Event In Albany

Posted onJune 15, 2017
From left, Paul Bricoccoli Jr., Scott Endieveri, David Krogmann Jr. and Jason Krogmann, all of the Bullpen Tavern, David Riihimaki of Glens Falls National Bank and Bernard J. Paprocki of the SBA at the recent awards event.
Courtesy SBA

Two area small businesses were recognized during National Small Business Week at the U.S. Small Business Administration’s 19th annual Small Business Excellence Awards luncheon in Albany on May 2. 

Small businesses are selected for the Excellence Awards based on their company’s longevity, innovation, sales growth, increased employment, ability to overcome adversity or community contributions.

Glens Falls National Bank & Trust Co. honored the Bullpen Tavern based in Glens Falls with a the Small Business Excellence Award. The tavern, a downtown Glens Falls sports bar and restaurant, was started by four high school friends, Paul Bricoccoli, Jr., Scott Endieveri, David Krogmann, Jr., and Jason Krogmann.

In 2013, a fire in an upstairs apartment burned the interior. The partners undertook a complete renovation and re-opened nine months later with a new look. The new Bullpen Tavern also has a second-floor banquet space for 100 guests and two third-floor apartments.

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NYS ‘Grown & Certified’ Program Expands To Dairy Industry; Stewart’s Shops Involved

Posted onJune 15, 2017June 15, 2017

New York state’s Grown & Certified program is expanding to include the New York dairy industry.

The state is partnering with Stewart’s Shops to launch the promotional program that distinguishes agricultural products that are local and made by producers who meet safe food handling best practices and demonstrate environmental stewardship.

Officials said Stewart’s Shops adheres to the state Grown & Certified food safety and environmental management plan requirements. They proudly source all of their milk from local farms in Saratoga, Rensselaer, and Washington counties.

Beginning in July, consumers will be able to find the NYS-certified label on Stewart’s dairy products in more than 300 stores across the state. Stewart’s egg supplier, Thomas Poultry Farm from Schuylerville, is also participating in the program.

“The Grown & Certified program connects consumers with high-quality, farm-fresh New York products, while supporting our hard-working farms, businesses and local economies across the state,” Gov.  Andrew Cuomo said. “By partnering with Stewart’s Shops, we will expand this program to promote and provide a boost to some of New York’s best producers and support the dairy industry’s continued growth and success.”

Stewart’s Shops President Gary Dake said, “At Stewart’s Shops we take pride in providing quality products to our customers, and that includes our fresh, local milk and eggs. Growing up in the dairy business, I know first-hand the hard work it entails. We are proud to now carry the certified seal and continue to be partnered with family farms that uphold high-quality and environmental standards right here in our own communities.”

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New Fiebes & Schmitt Gallery At The Hyde Opens With Community Day Celebration

Posted onJune 15, 2017
The Hyde Collection hosted a community day to celebrate the opening of this new 1,500-square-foot space, the result of a donation from Werner Feibes and his late partner, James Schmitt.
Courtesy The Hyde

The Hyde Collection on June 10 opened  its newly constructed Feibes & Schmitt gallery.

The museum hosted a community day to celebrate the gallery’s opening, with tours of the museum, children’s activities, art projects, artists at work throughout the campus, live music and farm-to-table food.

The Feibes & Schmitt Gallery is the result of a donation made last year from Werner Feibes and his late partner, James Schmitt, who gave the museum their modern and contemporary art collection valued at more than $10 million, and a $1 million leadership donation to build the 1,500-square-foot exhibition space. The collection establishes the museum as a regional hub for modern and contemporary art, and greatly increases its educational and programming opportunities, said Hyde Collection Director Erin Coe.

“I have visited The Hyde Collection many times and know how important it is to our community’s culture, as well as to our local economy,” said U.S. Rep. Elise Stefanik. “This new gallery will make the Hyde an even stronger pillar of our Glens Falls community.”

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C.R. Bard To Be Purchased For $24 Billion; Officials Say Move Benefits Customers, Patients

Posted onMay 12, 2017May 12, 2017
This C.R. Bard building in Queensbury is part of the company’s sale to Becton, Dickinson and Co. (BD), a global medical technology company based in New Jersey.

Becton, Dickinson and Co. (BD), a global medical technology company, has reached a deal to purchase medical device manufacturer C. R. Bard Inc., which has a plant in Queensbury.

C.R. Bard, a medical technology leader in the fields of vascular, urology, oncology and surgical specialty products, will be acquired for approximately $24 billion, officials said. The agreement was unanimously approved by the boards of directors of both companies.

Officials at BD, based in Franklin Lakes, N.J., said the deal would improve its ability to offer products that reduce the chance of hospital-acquired infections.

C.R. Bard’s devices in vascular, urology and oncology will pair with BD’s wide-ranging lineup, including products in diagnostics, diabetes care, injection, anesthesia, pharmacy and laboratory automation.

Under the deal, BD said it expected to cut $300 million in annual costs by the fiscal year 2020.

Tim Ring, C.R. Bard chief executive officer, said the company is “confident that this combination will deliver meaningful benefits for customers and patients as we see opportunities to leverage BD’s leadership, especially in medication management and infection prevention. We also believe that we can expand our access to customers and patients through BD’s strategic selling capabilities, and that our fast-growing portfolio in emerging markets can significantly benefit from their well-established international commercial infrastructure.

“Our two companies share the conviction that a product leadership strategy focused on unmet needs and improved outcomes that provide economic value to the global healthcare system will provide long-term shareholder returns.”

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Glens Falls One Of Eight NYS Cities To Be Part Of Program To Help First-Time Homebuyers

Posted onMay 12, 2017May 12, 2017

The city of Glen Falls is one of eight in New York state that will be part of a new, $5 million Graduate to Homeownership program designed to help recent college graduates become first-time homeowners.

The pilot program offers low-interest rate mortgages, a down payment assistance loan with no additional fees, and a homebuyer education course.

Other cities participating are Jamestown, Geneva, Elmira, Oswego, Oneonta, Plattsburgh and Middletown.

“We continue to invest in the development of downtown areas across Upstate New York, and with the launch of this innovative program, we will take our efforts a step further by enticing young graduates to make an investment in these communities and in their future,” Gov. Andrew Cuomo said. “By removing barriers for talented graduates and allowing them to afford a new home in the Empire State, we are laying the foundation for stronger, more viable communities across New York for generations to come.”

“This is a tremendous opportunity for the city to bring new residents into our community,” said EDC Warren County President Edward Bartholomew.

“More and more, young people today are looking to work and live in downtown areas with easy access to community restaurants, shopping, transportation, and culture. Gov. Cuomo’s Downtown Revitalization Initiative is rebuilding our downtowns into walkable and thriving communities where people want to live,” said Lt. Gov. Kathy Hochul. “The new Grad to Homeownership program completes the package by providing our graduates with the opportunity to buy homes in our downtowns, increasing their attractiveness as places to live, work and raise a family right in Upstate New York.”

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