SBJ P.O. Box 766 Saratoga Springs, NY 12866
SARATOGA BUSINESS JOURNAL
VOL. 26 NO. 08
HH The Business Newspaper of Saratoga County HH
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GLENS FALLS, NY 12801 PERMIT #600
OCTOBER 2021
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100-Year-Old Minogue’s Beverage Center GlobalFoundries Files With Government To Business Thrives With Four Area Locations Clear Way For Making Stock Shares Public BY CHRISTINE GRAF In 1921, Irish immigrant Michael Minogue purchased a soda bottling plant and distribution center in Granville, NY. After Prohibition ended in the U.S., he was issued the 34th wholesale beer license in New York state. Today, the business he founded is thriving under owner John Minogue Jr. He said it is the oldest continuously operated family owned and operated beer distributor in New York state. This year, it has been celebrating 100 years in business. Minogue’s Beverage Center has locations in Queensbury, Saratoga Springs, Wilton, and Malta. Stores carry a wide variety of beer including seasonal varieties and craft beer. They also feature a large selection of ciders, growlers, kegs, seltzers, and sodas. Minogue was 14 when he first started working part-time for his father, John Sr.. At the time, his father operated just one beverage center in Queensbury. While Minogue was pursuing a degree in economics from College of the Holy Cross, a friend of his father who was a retired F.B.I. agent suggested that Minogue consider a career with the F.B.I. Intrigued by the possibility, he moved to Washington, D.C., and entered the bureau’s clerk -to-agent program after he graduated from college in 1976. “You could work for the bureau as a clerk assisting agents in their work, and after a three-year period, you would be given an opportunity to take the (agent) exam,” he said. After the program was eliminated, clerks were no longer guaranteed the opportunity to take the exam. As a result, Minogue made the decision to leave the F.B.I. in 1977. “There were a lot of question marks at that time, and I chose not to take that risk,” he said. “At the same time, I had the opportunity to come back and go into business with my father in the family business, so I chose to do that. At that point in time, when I returned, we purchased the store in Saratoga Springs that was owned by the Ferrone brothers.” For the past 44 years, Minogue has worked out of that West Avenue location in Saratoga. During the years that he was growing the business, it wasn’t
John Minogue Jr. is the owner of Minogue’s Beverage Center. ©2021 SaratogaPhotographer.com
unusual for him to put in more than 60 hours a week. “You have to be willing to put in the time, energy, and effort to make it successful. It isn’t going to happen by accident,” he said. “It takes hard work and good planning.” Minogue has three grown children, and they all worked for their father at some point during their lives. “The family business was like the family farm,” he said. “They all worked here as kids growing up and while they were in college, but they have chosen not to get into the family business.” As was the case with his own father, Minogue never pressured his children to choose the family business as their career path. Now, at the age of 69 and with his retirement looming, he has no one to take over for him. “It’s a lot of mixed emotions for me to be at my age with no plans of succession,” he said. All four stores are open Monday through Saturday, 9 a.m. to 8 p.m.; and Sunday, 10 a.m. to 6 p.m.
GTM Payroll Services Aquires Area HR Company Pinnacle Human Resources LLC GTM Payroll Services, a leader in the Capital Region for payroll and human resource information systems (HRIS), will now be able to offer businesses a full suite of human resources support solutions with the acquisition of Pinnacle Human Resources LLC, a leader in outsourced human resources consulting, HR project-based solutions, and leave-of-absence administration services. GTM Payroll Services and Pinnacle Human Resources will combine best-of-breed payroll solutions with best-in-class HR consulting services to offer an unparalleled spectrum of payroll and human resources solutions for businesses, company officials said. According to GTM, many companies are reporting how outsourcing all or part of the HR function to subject matter experts is an increasingly attractive and time-saving option as businesses struggle to manage the complexities of an ever-changing legal compliance landscape, managing and retaining local and remote talent, and implementing HR best practices that keep employees aligned with business goals. Companies also report how they improve infrastructure through the implementation of better payroll technology and the best practices in HR processes, freeing up valuable time and resources. By utilizing HR consultants, companies were able to
effect changes more quickly. Pinnacle HR consultants have the expertise to implement systems and make improvements to the entire HR delivery system. “For 30 years, GTM has been at the forefront of payroll and HRIS technology providing our clients with the best solutions available for their needs,” said GTM Payroll Services founder and CEO Guy Maddalone. “By adding an experienced team of human resources consultants and the customized HR support services offered by Pinnacle Human Resources, we will bring even more value to our clients to help them lower costs and streamline their workflow processes.” “Human resources best practices and today’s payroll solutions are attached at the hip,” said Rose Miller, president of Pinnacle. “By joining the GTM team, it is a tremendous opportunity to accelerate our growth. I have admired GTM’s ability to respond to businesses’ changing needs. We are delighted to join GTM, with a similar culture dedicated to achieving ecstatic clients by providing them with a robust menu of payroll and HR support solutions.” With GTM, businesses are gaining more than just a payroll solution. GTM now delivers a complete, end-to-end human capital management (HCM) technology platform that also combines HR consulting services, the company said. As an Continued On Page 4
GlobalFoundries, headquartered in Malta, announced that it has publicly filed a registration statement with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its ordinary shares. The number of ordinary shares to be offered and the price range for the proposed offering have not yet been determined. GlobalFoundries has applied to list its ordinary shares on the Nasdaq Global Select Market under the ticker symbol “GFS.” Morgan Stanley, BofA Securities, J.P. Morgan, Citigroup and Credit Suisse are acting as active book-running managers for the proposed offering, the company said. Deutsche Bank Securities, HSBC and Jefferies are acting as additional book-running managers for the proposed offering. Baird, Cowen, Needham & Co., Raymond James, Wedbush Securities, Drexel Hamilton, Siebert Williams Shank and IMI – Intesa Sanpaolo are acting as comanagers for the proposed offering. The proposed offering will be made only by means of a prospectus. The company said copies of the preliminary prospectus, when available, may be obtained from: • Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick St., Second Floor, New York, New York 10014; • BofA Securities, Inc., NC1-004-03-43, Attention: Prospectus Department, 200 North College St., 3rd Floor, Charlotte, NC 29255 or by email at dg.prospectus_requests@bofa.com.; • J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com; • Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717, by telephone at (800) 831-
GlobalFoundries is making plans to sell its stocks publicly. Courtesy GlobalFoundries
9146 or by email at prospectus@citi.com; • Credit Suisse Securities (USA) LLC, Attn: Prospectus Department, 11 Madison Ave., 3rd Floor, New York, NY 10010, by telephone at 800-2211037 or by email at usa.prospectus@credit-suisse. com. A registration statement relating to these securities has been filed with the SEC but has not yet become effective, officials said. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. GlobalFoundries is owned by the government of Abu Dhabi but is headquartered in the town of Malta, home to its Fab 8 computer chip factory where 3,000 people are employed.
Aim Of New Trader Joe’s Is To Become A Neighborhood Grocery In Halfmoon BY JILL NAGY Trader Joe’s opened a store in Halfmoon in September, its second outlet in the Capital Region. The grocery chain offers a variety of food products, most of them under its own label, and a few local, mostly produce, items. “We know there are a lot of foodies in Halfmoon, and we knew there was some community interest in having a Trader Joe’s in the neighborhood. So, we did our due diligence and decided it was a great fit,” said company spokesperson Rachel Broderick. The store is located at 2 Halfmoon Crossing. It is a free-standing building, approximately 12,500 square feet, surrounded by more than 100 parking spaces. Thomas Witte, referred to as Captain Tommy, manages the new store. He celebrates 20 years with the company this year and spent the past six years managing the Trader Joe’s outlet in Colonie. The store has 85 employees. According to Broderick, approximately 80 percent of them were hired from the local area. While many area businesses are struggling to find staff, Broderick said, “We are fortunate to have a reputation as a good employer, so we were able to hire a great crew. . . . We are always looking for great crew members, though, so anyone interested is welcome to apply on our website.” Non-management employees are $17-$19 per hour, depending on experience, she said. To help make shoppers feel at home and see the business as their neighborhood grocery
This Trader Joe’s store is located at 2 Halfmoon Crossing in Halfmoon. ©2021 SaratogaPhotographer.com
store, the new Trader Joe’s is decorated with artwork portraying local landmarks such as the Twin Bridges and scenes of apple orchards and native wildlife. The first Trader Joe’s store opened in 1967 in Los Angeles. It is now a chain of more than 500 stores in 42 states and Washington, D.C. So far, in Halfmoon, “Business has been great. The community has extended such a warm welcome,” Broderick said. The store is open daily 8 a.m. to 9 p.m. The website is traderjoes.com.