Category Archives: Uncategorized

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.

Business Report: Hiring Millennials? Read This.

April 12, 2018May 22, 2019

If you are trying to hire, you will wind up interviewing Millennials. They DO bring a different mentality to work. Some good, some less than good. One of my mentors said “I can’t change anyone’s behavior. But, I have the right to rent behavior during the workday.” Let’s focus on how you can set ground rules.

Recently, I was the speaker at a session for the NextGen group at the Chamber. One of the keys I left with them was that they needed to focus on what others want. I explained that written notes go a long way to thank people. Email and texts don’t count.

The key is to use your rules for your business. At that NextGen session, I explained that we all could learn from each other. It is important for them to know what makes us tick.

Business Report: No Monkeys

March 15, 2018May 22, 2019

For many years I had a picture on my office door. It was a monkey with the universal “NO” sign. When someone asked about the picture, I replied, “I do not like monkeys. I don’t feed them or care for them. I give them no water. If you give me a monkey, I assure you that eventually, it will die.”

My job as a leader was to help people solve their work issues. That is the duty of any leader or manager. Too often people wanted to deposit their monkeys at my door. They came in and said something like “I have a problem.” They expected me to take on the task. I did not.

How often do people walk in and want to dump their monkey? Recently I was with a client (“Bob”). Bob and I had been discussing how Bob felt overwhelmed with work. An employee came in with a customer problem that he could not resolve. Bob said he would call the customer.

Business Report: What Is Your Business Worth?

January 10, 2018May 22, 2019

As owners prepare to sell their business, they ask: “How much is my business worth?” You may have some idea of what it is worth. Generally, your perception is higher than what a buyer will pay.

Owners build their business for years. However, a potential buyer’s perspective of business value is quite different.

For prospective buyers, business value is based on future cash flows for the prospective buyer. Or, they perceive the value to be no more than the businesses assets.

Forget arbitrary measures like sales or profit multiples. Small businesses have a range of values, due to many factors. Value will vary based on the prospective buyer. They want to know cash flow, risk, and quality of the business. If the purchase by a buyer will automatically raise profits, the buyer can pay more for the business.

Business Report: Recovery From Ransomware

August 10, 2017

Gerry Freedman is a senior sales representative at the Colden Co.
Courtesy Colden Co.

By Gerry Freedman

As many of you know, in May of this year, the WannaCry ransomware cyber attack was a global event.

This malware strain infected over 200,000 computers in 150 countries.

While this particular attack targeted out of date, unpatched, or unsupported operating systems, it reinforced the need to keep your operating systems current. Additionally, it brought into sharp focus the choice you have if your system is infected: bitcoin or backup.

Ransomware works by encrypting the data it can access with extremely difficult to break encryption, rendering the data unreadable without the decryption key.

The “ransom” part of the equation comes from the hackers demanding payment in the form of untraceable cyber currency. Payments started at $300.00 in the case of the WannaCry virus. Law enforcement officials discourage paying the ransom, as it emboldens the hackers, and gives them a huge source of revenue to create new attacks.

It is estimated that ransomware attacks are now a $1 billion business.

The best way to recover your data is from a good backup.

A backup that uses its own encryption, provided necessary retention and is shielded from ransomware attacks are the top recommendation of business continuity experts. In addition, a good business continuity system for critical data, which goes beyond mere backup, would allow you to continue working during the event, save money, reduce risk and allow your business to recover its data in minutes or hours, not days.

Education Services, Recreation Programs, Abound At Popular Glens Falls Senior Center

August 10, 2017

Kim Bren, executive director of the Greater Glens Falls Senior Citizens Center says the facility regularly has programs on such issues as healthy hearts and diabetes.

By Jill Nagy

The Greater Glens Falls Senior Citizens Center offers “a little bit of everything” in a converted Victorian mansion in the heart of Glens Falls, according to executive director Kim Bren.

For people age 55 and over wanting to be active, there is a full program of exercise and recreational activities and a fully equipped woodworking shop. Members go out to lunch once a month and, also once a month, have a themed luncheon at the center. (There is no regular lunch program, but that is available next door at the Presbyterian Church).

Members of the center take day trips to Saratoga Performing Arts Center, Lake George and other area attractions. A line dance group practices at the center and performs at area nursing homes. Other group activities include bowling, golf leagues, picnics and card games. There are “tons of programs” on such issues as healthy hearts and diabetes as well as regular opportunities to have blood pressure, blood sugar, or hearing tested, said Bren. Coming up is a program about ticks and the diseases they carry.

Bren said she is particularly proud of the senior service specialist at the center, Ed Cappazuppi. The specialist provides help with finding housing, evaluating health insurance plans, and applying for programs at the Office of Aging, among other services. He is also a notary public. He makes home visits to members who cannot come to the center.

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

June 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.

Thinking Outside The Box, Shoppers Can Give Gifts That Accentuate The Area’s Arts, Sports

December 15, 2016November 8, 2017

The audience applauds a performace that was part of the Adirondack Theater Festival in Glens Falls. The group produces new and contemporary musicals and plays. Courtesy Adirondack Theater Festival By Lisa BAlschunat Still looking for gift ideas this holiday...

Eclectic Holiday Gifts Can Be Found At Many Shops In The Glens Falls/Lake George Region

November 11, 2016November 8, 2017

Glenn Durlacher has been professionally carving for more than 30 years. Courtesy Glenn Durlacher By Maureen Werther Holiday shopping doesn't have to be a ho-hum affair when there are many options available in the Glens Falls/Lake George area. Shopping...

Owners Of Saratoga Springs Bars Open New Delicatessen At 974 Route 9 In Queensbury

July 13, 2016November 8, 2017

Vallie Autumn, right, and Teil Durrin serve up a meal at Benny's Deli & Sandwiches, a new business at 974 Route 9 in Queensbury that serves an array of different sandwiches. By Maureen Werther After its initial five weeks...