Glens Falls Business Journal

Business Report: Pre-Retirement, 12-Month Checklist

August 15, 2023

Bill Canty, CPA, CFP, founder, CFM Tax and Investment Advisors.

By Bill Canty, CFP, CPA

The period leading up to your retirement is a critical time to ensure that you have your financial plan in place as you enter retirement. Financial planning doesn’t stop once you retire, things change and your need to stay on top of things and adjust as needed.

This is the focus of much of our work with clients approaching and in retirement.

Here is a checklist of items to review during the 12 months leading up to retirement.

Retirement budget. One of the most important things to do during this period is to formulate a retirement spending budget. This will drive almost everything else that you do financially in retirement. This budget should take into account your normal monthly costs plus money to cover things like travel or other activities that you plan to do in retirement.

Sources of retirement income. During this period it’s important to identify all sources of retirement income that you can tap. This might include many of the following:

Employer retirement accounts such as a 401(k), 403(b), Thrift Savings Accounts (TSP), or deferred Compensation; IRA accounts, both traditional and Roth; taxable investment accounts; real estate.

Depending upon your situation there may be additional sources of income to consider as well. It’s important to be sure that you have your arms around all potential sources of retirement income, and how much income you might generate from each of these sources. Additionally, you will want to be sure that you understand the tax implications of tapping each of these income sources.

AARP Study Says Voters Over 50 Can Be Pivotal In Upcoming Elections Across The U.S.

August 15, 2023

Candidates who support the issues most important to Americans ages 50-plus can improve their margin significantly in close 2024 races, according to a new AARP poll.

The poll, which surveyed likely voters from the 40 most competitive congressional districts, found caregiving to be a pivotal top issue for voters 50 and over. Americans 50 and over are the largest—and perhaps the most crucial—voting bloc, said AARP.

While the poll shows that voters 50-plus say candidates’ stances on Social Security and Medicare are very important factors impacting their vote next November (81 percent and 77 percent, respectively), 70 percent of these voters want candidates to support policies to help older adults live independently at home as they age.

Thirty-eight percent of voters are currently caregivers, a number that doubles when those who have been one in the past or expect to be one in the future are included. Democrats have an advantage over Republicans among voters 50-plus on caregiving (44 to 38 percent), but in a generic congressional ballot, more caregivers today vote Republican over Democrat (49 to 38 percent). Over two-thirds (67 percent) of voters 50-plus also rate the cost of prescription drugs as a very important issue, with Democrats leading by just three points (42-39 percent) on their perceived handling of this issue.

“Caregiving and the cost of prescription drugs could very likely be the most important issues of the upcoming election cycle,” said Nancy LeaMond, AARP executive vice president and chief advocacy and engagement officer. “Candidates can’t afford to ignore the issues that matter to the 50-plus—who will likely be the decisive voting bloc in 2024—especially in an election cycle where control of Congress and the White House are both up for grabs.”

Longtime Glens Falls Doctor Opens Practice In Malta Office; Handles All Patient Care

August 15, 2023

Dr. Danushan Sooriabalan is known as Dr. Dan to many of his patients.
Courtesy Dr. Danushan Sooriabalan

By Jill nagy

Dr. Danushan Sooriabalan—known as Dr. Dan to many of his patients and a hospitalist at Glens Falls Hospital for 10 years—expects his new “direct primary care” practice in Malta to give him more time with patients and less with paperwork.

Patients will pay a fixed monthly fee, the amount depending upon their age, for unlimited access to his care.

The doctor, an internist, has been in practice since 2007. He did his internal medicine residency at Albany Medical Center, including a year as head resident. In addition to his time at Glens Falls Hospital he was part of the Hudson Headwaters practice group.

In May, he set out on his own with an office at 2452 Route 9 in Malta.

He said after his first six weeks, he had 87 patients. He aims for a maximum of 300.

Most of his new patients are from Malta, Clifton Park, Saratoga and other nearby communities. He made no attempt to bring patients from his prior practice “out of respect for my previous employers,” he said.

Operator Of 33 Subway Restaurants In The Region Plans Another Store In Queensbury

August 15, 2023

By Christine Graf

Russ Faden, a real estate developer and franchisee who operates 33 Subway restaurants, has acquired property at 1471 Route 9 in Queensbury where he will build another store in the franchise.

He purchased the two-acre property from Frank Parillo and Saratoga Prime Property for $575,000.

As part of his plans to redevelop the property, Faden will tear down an existing 3,500-square-foot building, replacing it one that measures approximately 8,500 square feet. The building will be home to a new a Subway restaurant and Faden plans to lease the remaining retail space.

He said he will also build 24 self-storage units in the rear of the property. The estimated cost for the project is $2.5 million.

At one time, Faden leased space in the building he plans to demolish.

“We had a Subway there for about seven years, and it hasn’t been open for about a year to 18 months. It always did pretty well, but it was just an outdated building,” he said.

“I think that with a new building, with better design and better parking, that it has the potential to be a great plaza. It’s going to be a whole tear down and redevelopment. We’re essentially going to push the building back a bit and have parking in the front and parking in the rear. It’s a deep lot, and the storage units will be in the very back where there’s not a lot of visibility.”

Center At Glens Falls Hospital Is Working With Schools On Farm-To-Table Projects

August 15, 2023

The Health Promotion Center at Glens Falls Hospital and area school districts are trying to increase their farm-to-school efforts and agricultural learning in the classroom.

Local school districts have partnered with the center. The goal is to further promote health and wellness for district students, faculty, staff, and community.

Officials said the districts benefit from the support of Creating Healthy Schools and Communities (CHSC), a state Department of Health grant secured by Glens Falls Hospital. The CHSC initiative strives to increase physical activity and access to healthy foods in our communities and schools, whether this be through school districts, early childcare centers, work sites, or community settings.

The Health Promotion Center of Glens Falls Hospital works to improve the health and well-being of the people and communities in the region. Its work focuses on strategies to make it easier for people to eat well, be tobacco-free, be physically active, and obtain preventative care.

This work is currently supported through numerous grant-funded initiatives housed within the Health Promotion Center, including Creating Healthy Schools and Communities, Health Systems for a Tobacco-Free NY, and Cancer Prevention in Action programs.

Schools in Warren and Washington counties have gravitated toward indoor growing systems, which can be incorporated into the classroom and school year schedule. Classrooms from preschool to grade 12—including science, home and careers, and special education classes—have integrated gardens, allowing teachers to utilize them for several topic areas and lessons.

Presently Granville, Whitehall, Johnsburg, and North Warren school districts have indoor growing capacity. Classrooms are growing produce such as microgreens, parsley, cucumbers, tomatoes, chili peppers, and arugula. Officials said they have provided their harvests to the school cafeteria to be used in their schools’ meal programs, classroom taste testing, and meals cooked by the Family and Consumer Science class.

Business Briefs: August 2023

August 15, 2023

The Glens Falls Business Improvement District (BID) has contracted with Victoria Beagle, employee of the Adirondack Civic Center Coalition, Inc., to conduct a census of the businesses located within the Business Improvement District in Glens Falls, a requirement of their bylaws.

Assistance from the businesses within the BID will be greatly appreciated, officials said. The census has an anticipated start date of Aug. 14 and will last until it is completed, which is expected to take approximately one week.

People with questions regarding the census or the Glens Falls BID in general can contact Victoria Beagle, at vbeagle@coolinsuringarena.com or 518-480-3355.

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The historic Parks-Bentley Place in South Glens Falls will host a free, family program titled “Games that Grandma and Grandpa Played” at 1:30 p.m. Saturday, Aug. 19, at 53 Ferry Boulevard in South Glens Falls.

The event centers around the games that were family favorites in days gone by when there were no electronics and few places to go for entertainment, including dominoes, hopscotch, checkers, and cards.

Parks-Bentley Place is also open to the public for house tours from noon to 4 p.m. on Saturdays throughout the summer. Currently on display is an exhibition of military uniforms and gear from the Civil War through the conflict in Afghanistan.

The historic home is one of the three oldest buildings in South Glens Falls, but is the only one open to the public. For details regarding Parks-Bentley Place, visit parksbentleyplace.org.

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Green Harbour Mansion Is Purchased For $6.5M; Owners Plan To Restore The Facility

July 13, 2023

The Green Harbour Mansion, situated at the tip of Cooper Point on Lake George, was sold in June to investors for $6.5 million. Restoration of the home is planned.
Courtesy Spencer Bray

By Christine Graf

Green Harbour Mansion, situated at the tip of Cooper Point on Lake George, was sold in June for $6.5 million.

Buyers Joe Russell and John LaSalandra of Bolton Landing have plans to restore the property.

The mansion is situated on Millionaire’s Row, a 10-mile stretch of road between Lake George Village and Bolton Landing. The palatial homes that were built there during the early 1900s served as summer residences for wealthy businessmen.

Frederick Peabody, partner in Troy shirt factory Cluett, Peabody & Co., was the original owner of Green Harbour Mansion. Built in 1913, the three-story 11,579-square-foot residence sits on 3.3 acres of property. The waterfront compound includes a 14-bedroom home, a four-bedroom guest cottage, and 33 income-producing rental boat slips.

Nic Ketter and Spencer Bray of Realize Brokers were the listing agents for the property. They represented the estate of Ken Ermiger, a local businessman who passed away in 2021. One of Ermiger’s other properties, the Depe Dene Resort, was sold last year.

Ketter and Bray conducted 30 showings of Green Harbour during the year that it was on the market. The original listing price was $8.4 million.

Bidders Lining Up For Construction Of New Market Center Pavilion On South Street

July 13, 2023

The proposed 6000-squre-foot oval building in this rendering is planned to be built as the new Market Center in Glens Falls. Bidders are lining up for the project with quotes due end of July.
Courtesy City of Glens Falls

By Paul Post

Some 30 firms have requested construction packets as potential bidders for a proposed new Market Center on South Street in Glens Falls.

The 6,000-square-foot building would be at a currently vacant lot at 51-63 South St. where an Off Track Betting outlet was previously located.

Plans for the project, estimated to cost $4 million, call for a pavilion-type structure with numerous exterior doors that would house Glens Falls Farmer’s Market, and host many other events throughout the year.

Quotes are due by the end of July and it’s hoped that a contractor will be selected in early August.

“We’d love to have shovels in the ground by late summer and have it completed by next summer,” said Jeff Flagg, Glens Fall economic development director. “It’s not strictly a low-bid contract.”

The building will be funded in part with money from a $10 million Downtown Revitalization grant that Glens Falls obtained from the state in 2017. The money is also being used to rehabilitate the former Sandy’s Clam Bar and Hot Shots tavern on South Street, and a business incubator behind Hot Shots at 36 Elm St.

Pallets Inc. In Fort Edward Acquired By Firm In Quebec; Workers Will Stay On

July 13, 2023

Pallets Inc. in Fort Edward has been acquired by Damabois, a Canadian company.
Courtesy Pallets Inc.

By Christine Graf

Pallets Inc. in Fort Edward, a third-generation family owned business, was recently acquired by Damabois, a Canadian company that operates nine factories in Quebec and the Maritime provinces of Eastern Canada.

A leader in the transformation of wood and wood derivatives, Damabois was founded in 1986. The company harvests its own timber to manufacture pallets and uses milling by-products such as shavings and sawdust to make eco-friendly, slow-burning energy logs.

Damabois’ first U.S. acquisition was Essex Box and Pallet (renamed D Pallet Shop) in Keeseville, N.Y. After acquiring Pallets Inc., the company consolidated its U.S. operations in Fort Edward.

According to Jean-Philippe Bertrand, director of operations for Damabois, the company is seeking to grow its business in the United States.

“On the north side of the border in the province in Quebec, we are a key player in the pallet manufacturing business. We reached a point where our market shares were maxed out, and we needed to go into a larger market. We chose the northeast of the United States,” he said.

Former CEO Of Girl Scouts Of Western New York Is Named New CEO At Double H Ranch

July 13, 2023

Alison Wilcox is the new CEO at Double H Ranch, replacing Max Yurenda.
Courtesy Double H Ranch

The Double H Ranch, a nonprofit organization providing specialized programs and year-round support for children dealing with life-threatening illnesses announced the hiring of Alison Wilcox as CEO.

Wilcox will be following in the footsteps of Max Yurenda, who retired after 30 years leading the organization founded by actor and philanthropist Paul Newman and businessman and philanthropist Charley Wood.

“Alison has a wonderful passion for the mission of the Double H Ranch and a respect for our culture. Her experience developing leadership skills for young girls; financial management; and organizational development will inspire the Double H Ranch to grow upon its reputation of excellence as one of the premier non-profits in the Capital District and North Country. By working with our great Double H Ranch team, I am confident Alison will bring great enthusiasm, energy, and engagement in her new role,” said Charlie Crew, the facility’s board chairman.

Wilcox has over 20 years of global experience in nonprofit leadership and board governance and has been the CEO of Girl Scouts of Western New York for the past four years, and she was COO for three years.

Prior to that, she was a senior strategy advisor to Girl Scouts of USA, lead development specialist at Delaware North Companies and the senior vice president of program and membership of Girls Scouts of Western New York.

Double H’s board of directors retained the executive search firm Lindauer to conduct a nationwide search following the announcement of Yurenda’s retirement in June of 2022.