Category Archives: Uncategorized

By Susan Elise Campbell

Arnoff Moving & Storage achieves another milestone this spring with its 100-year anniversary as a family corporation. What was started in 1924 by generations one and two with Abraham Arnoff and his son Louis is now under the management of generations three, four and five.

How future generations will impact the growth of the company when they come on board, time will tell, if they first follow one family rule.

“My grandmother Phyllis had the idea, I was told, that any family member has the opportunity to join the business but must have worked for at least a year at another company,” said Dan Arnoff, chief relationship manager and company spokesperson who oversees sales, marketing and human resources. “She is the one who enforced the rule.”

Phyllis Arnoff has passed away, but her husband Richard, generation three, is the firm’s CEO. The president is their son Michael and his wife Lisa is executive vice president and corporate counsel. Their sons Dan and Craig, the latter a CPA and the company’s chief operating officer, are also operating the firm alongside their cousin Nick, vice president of fleet and safety, and uncle Mark, who manages a separate moving company in southern Florida. 

Provided by Meghan Murray

By definition, business owners put a lot of their financial resources into their enterprises. But as an owner, you may need to invest in more than inventories and payroll to help achieve the future you’ve envisioned.

Here are a few investments you may want to consider:

• Retirement account – Depending on the nature of your business and how many employees you have, you can choose from a variety of tax-advantaged retirement plans, such as an owner-only 401(k), an SEP-IRA and a SIMPLE IRA. By contributing regularly to one of these accounts, you can avoid being entirely dependent on the sale of your business to pay for your retirement years.

To fund your 401(k) or other retirement plan, you’ll have many investment options — stocks, bonds, mutual funds and so on. And if you “max out” on your retirement plan, you may even be able to build a separate investment portfolio. In any case, keep in mind that you’re already putting a lot of money into your business, so, to achieve a level of diversification, you may want to concentrate your investment choices in areas outside your industry. However, while diversification can help reduce the impact of market volatility on your portfolio, it can’t guarantee profits or protect against losses in a declining market.

• Property – Your physical space is a key part of your business’ success. So, you may want to invest some time in comparing the pros and cons of renting versus owning. Of course, owning your building may require a big financial commitment, and it may not be feasible, but it could free you from worrying about untimely rent increases.  

By Kenneth J. Entenmann, CFA 

Happy New Year! And that means it is prognostication time. Economists, Chief Investment Officers, your plumber and neighbor announce their bold predictions for the economy and the financial markets for the coming year. Beware! These predictions will likely be wrong, regardless of the level of the forecaster’s sophistication. And yes, that includes your humble blogger!

Look back at 2023. The overwhelming consensus called for a recession. It never happened. More importantly, the gloom associated with a recession also didn’t materialize. The labor market did not falter, ending the year with an unemployment rate of 3.7%. The Fed did not increase interest rates to “infinity and beyond!” as they hit the pause button in September and have been there ever since. The equity markets didn’t collapse, with the S&P 500 ending the year at 4765, up 25.83 percent for 2023. That is a far cry from the doom forecast of an S&P 500 price level of 3000. If you followed the pessimistic forecasts for 2023, it was a very expensive mistake!

The forecasts for 2024 are quite optimistic. As discussed in the last blog, the ferocious year-end rally in both stocks and bonds has priced in a perfection. In general, the consensus for 2024 is:

Governor Kathy Hochul today announced that the Belmont Stakes will be held at Saratoga Race Course in 2024 to allow for the uninterrupted construction of a new and re-imagined Belmont Park, the Long Island home of the third leg of the Triple Crown.

“As part of the exciting modernization of Belmont Park, Saratoga now adds to its storied history by hosting the 3rd leg of the Triple Crown,” Governor Hochul said. “It’s a win for horseracing and for the Capital Region to have the excitement and the ability to host the four-day Festival in June at America’s most historic track. As I said during the 2023 Saratoga Meet, ‘Let’s do it.’”

Link to remainder of the story on NY State Website >>

The Adirondack Regional Chamber of Commerce (ARCC) hosted their annual Business Expo on November 8th at The Queensbury Hotel in Glens Falls. This business showcase featured over 85 exhibitors, ranging from all types of industries and business sizes. From nonprofits  and human service organizations to health and wellness and professional services, the event was buzzing with activity.

“It is always amazing to watch all of the business connections happening in real time,” said ARCC President & CEO Tricia Rogers. “Our business community is so amazing in that they support each other in every way possible.”

This year’s business showcase had something for everyone. Many businesses featured demos of their products, such as Mahoney Alarms, who had a great setup of their camera and security systems. Adirondack Winery, Lake George Wine Outlet, and Springbrook Hollow Distillery were all giving out samples of their beverages. And Park Street Hospitality delighted guests with some yummy Autumn themed treats. For the golf enthusiasts, PSG Golf set up a putting green, and The Luxury Box had a golf simulator. And for those who like their toys to drive, float, or ride the Expo had a vehicle from Romeo Toyota of Glens Falls, and a boat & snowmobile from Pilot Knob Marina & Powersports.

 By Paul Post

 The Adirondack Thunder averaged a franchise record 3,657 fans per game last year, boosting business for area firms that supply Cool Insuring Arena with food and beverage products.

 The team drew nearly a dozen sell-out crowds during its late-season drive to the ECHL’s Kelly Cup playoffs and based on early season-ticket sales, attendance is expected to reach another all-time high this year.

 That’s good news to firms such as Fitzgerald Brothers Beverages, and Argyle Brewing and Cooper’s Cave Ale companies along with advertisers such as Upstate Ford Dealers that reach more people as the team’s fan base grows.

 “Our main source of revenue for hockey is ticket sales,” said Jeff Mead, Cool Insuring Arena manager and Thunder general manager. “The more fans that come to the arena the more food, beverage and merchandise we sell and the more apt corporate partners are to support us. I’d love to see 3,800 average attendance this year. We’ve got a pretty good schedule with a lot of weekend home dates so I think that’s attainable.”

 Mead said he expects season ticket sales to reach 1,600, up from last year’s figure of 1,450. Ticket revenue accounts for 60 percent of the team’s income followed by corporate sponsors (30 percent) and food, beverage and merchandise sales (10 percent).

By Christine Graf

When leaders of the Veterinary Services division of the United States Department of Agriculture (USDA) were tasked with improving the agency’s internal culture, they turned to CultureTalk for help.

CultureTalk, a Saratoga Springs-based company, was founded by sisters Theresa Agresta and Cynthia Forstmann. The USDA is among a long list of companies and agencies from around the world that have utilized the CultureTalk Platform to measure and define workplace culture.

Organizational culture refers to the values, beliefs, attitudes, systems, and rules that outline and influence employee behavior within an organization. 

“It’s common for people to talk about culture, but a lot of people don’t fully understand it,” said Agresta. “It is more often found in the ‘unwritten rules’ than the things that have been spelled out. CultureTalk can take something that is difficult to define and make it easy to talk about.”

The sisters came up with the idea for CultureTalk while working together on their first joint venture, brand development company Allegory Studios.

“Cynthia and I developed a niche and expertise in brand development,” said Agresta. “Very early on, we discovered the impact that measuring culture had on the development of an authentic brand. When we were working with a business to differentiate and brand them, the culture was the piece that really stood out to us.”

“If you are selling services, a lot of what you offer is similar to your competitors. It’s your people and your culture that really differentiate you, and that can be why a prospective client might choose your business.”

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.