Glens Falls Business Journal

Business Report: Planning For Peace Of Mind

July 12, 2017

Brian M. Johnson, director of business development. New York Long Term Care Brokers Ltd.

By Brian M. Johnson, MBA, CLTC

If you’re approaching age 50 or thinking of retirement, keep this acronym in mind “SWAN.”

Surveys from folks in this retirement planning age group are interesting because these concerns are almost always in their answers to questions such as: What do you worry about after your working years are over?

Here are some top concerns:

• Outliving my money.

• Keeping my nest-egg secure (no or little risk of principal).

• Dying too soon.

• Becoming sick or disabled which in turn could eat up my retirement nest-egg.

• Becoming dependent on my children.

• Leaving a meaningful and significant legacy to my children/grand-children/charity.

These concerns are real-life and can happen to any of us without proper planning

This is where my “SWAN” comes in. It stands for Sleep Well at Night.

If you have this SWAN wish for yourself or a parent/family member, then you need to speak with a competent financial/insurance advisor that knows about a fairly new financial-insurance product that is extremely popular to folks approaching age 50 and above.

It combines long term care, critical illness and life insurance along with tax advantaged cash value build up that can be used as an annuity income stream for retirement.

People Getting Older, Wanting To Downsize, Have Options Available In The Region

July 12, 2017

Tom VanAernem, owner of VanAernem Realty and Associates, recommends people look into senior housing or look into building their own homes when considering downsizing.

By Liz Witbeck

One trend in the real estate field in recent years is that people want less space as they get older. People are looking for something smaller and more affordable. This is especially common with folks who have retired.

“Ninety percent of people who walk through our doors are looking to downsize,” said Vickie Rehberg a real estate salesperson for Better Way Realty in Fort Edward.

Rehberg moved to New York four years ago from Florida, where she was a licensed Realtor. She has extensive experience working with buyers looking to downsize.

Rehberg herself knows how it feels to downsize a home, because she did it herself. When living in Florida, she lived in a home that was more than 3,000 square feet. When she decided to move to New York to be closer to her son, she purchased a home that was less than 1,000 square feet.

“It’s a big relief” said Rehberg. “You think, ‘Why didn’t I do this sooner?’”

For people looking to retire, Glens Falls, Queensbury and the surrounding region offer many options.

Business Report: Mid-Year Economic Outlook

July 12, 2017

Stephen Kyne, partner, Sterling Manor Financial LLC.
Courtesy Sterling Manor Financial LLC

By Stephen Kyne

We’re halfway through 2017, so it’s time to take a look at how the year is progressing, and where we see the remainder of the year going, in terms of risks and opportunities in the economy.

The economy has grown at a faster-than-expected pace so far this year. First quarter GDP has been revised up, twice, and well exceeds expectations. Almost all of the S&P has reported earning for its first fiscal quarter of the year, and are trending toward a year-over-year growth of upwards of 20 percent (12 percent, not including the energy sector). These are largely due to top line revenue increases, meaning that increased profits are largely due to business growth, rather than cost cutting. We expect this trend to continue throughout the year.

Inflation is holding steady, in line with 2016 figures, at roughly 2 percent. Some inflation, perhaps counter-intuitively, is fundamentally good for the economy. When we expect goods and services to be more expensive tomorrow than they are today, we make purchases today, which means inventories need to be replenished, which puts people to work and gives them money to spend on the things they want and need. Without some inflation, the economy stagnates.

Another driver of spending this year may be interest rates. The Fed increased rates another .25 percent in June, as was expected. With the Fed finally making good on promises to increase the rates they charge banks, we’ll see that increase reflected in higher mortgage rates. The expectation of higher future rates pushes fence-sitting potential buyers into the housing market. As a result we’ve seen, and will likely continue to see, increased sales of new and previously owned homes. The same will likely be true of any purchases which are typically made on credit, including automobiles and business capital items.

An asset class that may be hurt by rising interest rates, however, would be bonds – specifically many bond funds. As newly issued bonds carry higher interest rates, the value of previously issued bonds, with relatively lower interest rates, should decrease. These changes should be reflected in the overall value of the funds that hold them.

AARP: States Must Accelerate Pace Of Improving Long Term Care Services For Elderly

July 12, 2017

With baby boomers beginning to turn 80 in 2026, states must accelerate the pace of improving long-term services and supports (LTSS) for older people and adults with disabilities, according to AARP’s new state scorecard released in June.

The report, Picking Up The Pace of Change: A State Scorecard on Long-Term Services and Supports for Older Adults, People with Physical Disabilities, and Family Caregivers (Scorecard), shows that although most states have made some progress, the pace of change overall remains too slow and has not kept up with demographic demands.

LTSS includes assistance with activities of daily living provided to older adults and people with disabilities who cannot perform these activities on their own because of physical, cognitive, or chronic health conditions. The types of assistance include such things as help with bathing, dressing, managing medications, preparing meals, and transportation, as well as support for family caregivers.

“This Scorecard sounds the alarm, but it also provides a range of tools states can use to spark new solutions and create systems that are aligned with the new realities of aging and living with a disability,” said Susan Reinhard, RN, Ph.D. and senior vice president and director of the AARP Public Policy Institute. “The proposed cuts to Medicaid—the largest public payer of long-term assistance—would result in millions of older adults and people with disabilities losing lifesaving supports.”

The Scorecard was funded by AARP Foundation, the Commonwealth Fund and the SCAN Foundation. It is the third edition of the Scorecard.

Officials said the Scorecard ranks states based on their performance on LTSS in five main categories: affordability and access; choice of setting and provider; quality of life and quality of care; support for family caregivers; and effective transitions between nursing homes, hospitals and homes

Within the five categories, states are scored on their performance in 25 specific indicators, including such things as Medicaid spending, nursing home cost, home health aide supply, antipsychotic medication use among nursing home residents, long nursing home stays, employment rate of people with disabilities, and support of working caregivers.

90-Room Holiday Inn Express Hotel & Suites Opens In Queensbury Near Northway Exit 18

July 12, 2017

The newly constructed Holiday Inn Express Hotel & Suites, off Northway Exit 18, at 216 Corinth Road in Queensbury, is now open. It has 90 rooms and many amenities.
Courtesy Prestige Hospitality GroupThe newly constructed Holiday Inn Express Hotel & Suites in Queensbury is now open.

Located off Northway Exit 18, at 216 Corinth Road, the 90-room property is managed by Prestige Hospitality Group and was constructed by Bette & Cring Construction.

Jerry Nudi, former owner and president of Warren Electric, is the hotel owner.

Jessica Van Hall, who has been with Prestige Hospitality for 10 years, is the general manager and opened the property along with newly appointed director of sales Amanda Berrigan.

“The area of downtown Glens Falls is changing significantly. It’s growing with different demands now more than ever,” said Berrigan.

“Lake George has so much to offer in its natural state and to now have businesses support the area 365 days a year, is truly making a difference. Every season has its own events and festivals, bringing new people to the area, and being able to accommodate these guests at our property is very rewarding,” she said.

Northeast Power Systems In Queensbury Is Planning An 11,000 SF Warehouse Expansion

July 12, 2017

Northeast Power Systems Inc. designs and manufactures medium-voltage, metal-enclosed power capacitor banks and harmonic filter banks like these for use in electric power systems.
Courtesy NEPSI

By Maureen Werther

Northeast Power Systems Inc. (NEPSI) is planning to add more than 11,000 square feet of additional warehouse space to accommodate its growing business.

NEPSI, located at 66 Carey Road in Queensbury, designs and manufactures medium-voltage, metal-enclosed power capacitor banks and harmonic filter banks for use in electric power systems.

The company was founded in 1995 by brothers and RPI graduates Paul and Peter Steciuk. It first operated out of a small garage space in the former Tobin’s First Prize factory in Albany. Three years later, in 1998, they received their first $1 million order. In 1999, they began private labeling systems for General Electric Co.

Another brother, Frank Steciuk, joined the team in 1999, the same year the company relocated to Queensbury.

During its 22 years in business, the manufacturing company has expanded its design, manufacturing and testing facilities, as well as its global reach. NEPSI provides power solutions to several industries around the world, including mining, utilities, industrial, renewable energy, chemical, petroleum and pulp and paper.

NEPSI doubled its capacity in 2001 and again in 2011, while continuing to increase the sophistication and performance capabilities of its equipment. Each unit sells from $50,000 to more than $1.5 million, and NEPSI is on target to generate $30 million in revenue in 2017, a record for the company, officials said.

Business Report: Nuts And Bolts Of Construction Financing

July 12, 2017July 12, 2017

Sarah Lewis Belcher is a senior counsel with Bond, Schoeneck & King PLLC.
Courtesy Bond, Schoeneck & King

by Sarah Lewis Belcher, Esq.

So, you have a great new project you want to start building ASAP to enable you to get in the ground and/or have the shell(s) up before the weather turns and/or to meet your completion schedule?

If you need a construction loan to finance the project, knowing the financing process can help expedite closing and your ability to get started.

The earlier you involve your lender the better. In addition to the usual underwriting review, the lender and its construction consultant will need a number of items concerning the project. Having a package of these materials ready can help speed the review and, therefore, the closing.

The construction documents that often must be provided include: plans and specifications, detailed construction budget, construction schedule, fixed price/guaranteed maximum price contract with the general contractor (GC)/construction manager (CM), architect/engineer’s contracts, municipal approvals including building permits, payment and performance bonds, builder’s risk insurance and consents to contract assignments from the GC, CM, architect and/or engineer.

These items will be reviewed by the lender and its construction consultant to confirm the project described in the plans and specs may be completed for the amounts in the budget and within the time frame in the schedule.

The construction loan process in New York state requires the preparation and filing of a building loan contract/construction loan agreement. If a lender doesn’t file such a document with the clerk of the county in which the real estate is located, the lender’s security interest established by its mortgage will be subject to mechanics liens that may be subsequently filed.

State Spending $4.5 Million To Repair And Pave Four Warren, Washington County Roads

July 12, 2017

New York state will put some $4.5 million into four road projects this summer and fall in Warren and Washington counties.

Officials said it is part of $27.8 million set aside for projects to pave and repair 134.2 lane miles of state roads across the Capital Region.

The infrastructure investment includes projects in Albany, Columbia, Greene, Rensselaer, Saratoga, Schenectady, Warren and Washington counties. The projects will be completed this year, officials said.

The local projects include:

• 3.5 miles on Route 22, between Broadway (county routes 30 and 153) and Mahaffy Lane, in the town of Salem, Washington County ($980,000).

• 9 miles on Route 313 from the state line with Vermont to Anaquassacook, east of Eldridge Swamp State Forest, in the towns of Jackson and Salem, Washington County ($1 million).

• 2 miles on Route 8 between Route 28 in Wevertown and the Hudson River at Riparius in the town of Johnsburg, Warren County ($1.25 million).

• 6.6 miles on Route 418 from River Road to Ridge Avenue at the Route 418 bridge over the Schroon River in the towns of Thurman and Warrensburg, Warren County ($1.3 million).

Mannix Marketing Wins Award For Designing Website For Eddy Senior Living Community

July 12, 2017

Mannix Marketing was recognized with a 2017 Summit Creative Award in the category of website redesign for the design of the this Eddy Senior Living Communities website.
Courtesy Mannix Marketing

Mannix Marketing, a woman-owned, full-service digital marketing agency, has been recognized with a 2017 Summit Creative Award in the category of website redesign for its design of the Eddy Senior Living Communities website.

This year’s competition included over 5,000 entries from 24 countries around the world.

The Summit Creative Award, celebrating its 23rd year, recognizes and celebrates the creative achievements of small and medium advertising and marketing agencies around the world. Judged by an international panel of industry experts, more than 5,000 entries from 24 countries were submitted in this year’s competition.

The award-winning website, Eddy Senior Living Communities (A Division of St. Peter’s Health Partners), features independent living, enriched housing and assisted living, and memory care communities for seniors in upstate New York.

StoredTech Develops New Service Model Provides Clients New Equipment Options

July 12, 2017

StoredTech president Mark Shaw, center, with staffers Brett Cofer, left, and Timothy Cruz.
©2017 Saratoga Photographer.com

By Susan E. Campbell

Technology is central to every company and organization in this 21st century. Even if the only hardware on site is a telephone, not much business will be conducted without it. And if it breaks, somebody needs to fix it or replace it.

But what if a team of IT professionals were already on the pulse on all the business systems in a company, monitoring networks and anticipating what might go wrong next? What if instead of calling an IT consultant, your IT consultant were calling the company?

This is the premise that drives Queensbury-based StoredTech and its new service, CloudCare. StoredTech was founded in 2010 by Mark Shaw to “provide a significantly different approach to IT consulting.”

“In the 1980s and 1990s, if you had a computer problem you would call the IT guy to come fix it,” Shaw said. “It should be the polar opposite.”

StoredTech’s approach is to get ahead of a problem and propose early solutions before the emergency call needs to be made. In some cases problems are fixed remotely before the customer even notices it, he said.

“We see some things that look bad, maybe with the network or servers, so let’s fix them before they get very bad,” said Shaw. “Don’t wait for failure.”

By actively managing customer relationships in such a way, StoredTech becomes a proactive partner invested in the success of that client company. It has tools that monitor all kinds of hardware: firewalls, computers, servers, data storage, telephones, security cameras and access control systems. Its product line is being expanded all the time, so rather than sending clients to a different third party firm for resolution, the firm continually becomes an expert in additional areas of need.