Saratoga Business Journal - February 2023

Harness Racing Season Is Off, Running Saturday, Sunday, Monday, Select Tuesdays

Cleveland-Based Development Group Eyes 202-Unit Affordable Housing Project

Live harness racing returned to Saratoga Casino Hotel for its 82nd season on Feb. 4, starting a schedule that consists of 150 racing programs running through mid-December.

“We’re expecting some great racing this year,” said race secretary Peter Iovino. “We have over $18 million in purses, averaging $120,000 in purses per program.”

In addition, the track will be hosting sire stakes races starting in June featuring the best New York bred horses in the state who will race for over $1 million in purses.

The premier event of the season will be the 14th annual Joe Gerrity Jr. Memorial Pace with a $250,000 purse on Saturday, July 22.

“As in the past, we’re confident this race will attract a field of top pacers looking to break the track record of 1:48:4 set by Dancin Yankee in the 2014 Gerrity,” Iovino said.

The winter, spring and fall schedule will include matinee racing on Sunday, Monday and select Tuesdays, with a post time of noon, and Saturdays with a post time of 5 p.m.

The summer live racing schedule will be Friday, Saturday and Sunday evenings with a post time of 6:45 p.m.

For a complete live racing schedule, visit www. saratogacasino.com.

Saratoga Casino Hotel, located on Crescent Avenue in Saratoga Springs, features slot machines, electronic table games, a luxury hotel, Vapor, Morton’s The Steakhouse, two full-service restaurants, a casual dining restaurant, three full-service bars, deli and a variety of guest services. Simulcast wagering is available and live harness racing runs February through mid-December.

For more information, please visit www.saratogacasino.com or call 800-727-2990.

Multi-Million Dollar Renovation Of Park Manor Hotel Has Business Ready To Blossom

BY PAUL POST

What a difference a year makes.

In January 2022, new owners took over Park Manor Hotel in Clifton Park, which needed major renovations after being closed for more than two years after foreclosure on the property.

Last April, the 75-room establishment off Northway Exit 9 reopened. That was made possible by a multi-million-dollar renovation project.

“It was a tough project. There was a lot of damage, but we were able to revamp it,” said Yuvraj Chopra, whose father, Ravinder Chopra, purchased the property with partners Vinod K. Chand and Raman K. Aggarwal. “We’re the only unbranded hotel in Saratoga County that offers a boutique luxury experience besides The Adelphi in Saratoga Springs.”

Yuvraj, a 2020 RPI graduate, and his brother, Kuwar, have their own company, All Key Management. It runs the Park Manor Hotel and Hotel Key in Queens. The latter is also owned by their father, Chand and Aggarwal.

Yuvraj’s academic focus was on computer science and business management at RPI. Kuwar went to the University of Delaware where he studied finance and business management, graduating two years ago.

Park Manor Hotel is located at 7 Northside Drive, a roughly 20- to 30-minute drive in either

direction from Albany International Airport and Saratoga Race Course and many other Spa City attractions. It’s also just down the road from the new Impact Athletic Center in Halfmoon, which hosts a variety of large sports tournaments on a

BY PAUL POST

Running counter to statewide trends, Saratoga County is one of New York’s fastest growing counties, thanks largely to the Capital Region’s vibrant technology industry led by GlobalFoundries’ huge semiconductor plant in Malta.

The U.S. Census Bureau says New York’s population declined by more than 400,000 the past two years, with many people driven away by high taxes and harsh winters.

In contrast, Saratoga County’s population rose 10 of 11 years from 2010 to 2021 including a 2.6 percent increase from 2019 to 2020 alone, as more and more newcomers are attracted to attractive employment opportunities and the area’s yearround cultural and recreational offerings.

“The Capital Region is a unique and special place,” said Jonathan Gertman, the Cleveland-

based NRP Group’s senior vice president of development.

But business can’t succeed without an adequate workforce, which depends on providing a place for such people to live. NRP Group is helping meet this demand with construction of a $75 million, 202-unit affordable housing apartment complex called Tait Lane Reserve, off Route 9N on the west side of Saratoga Springs.

In January, Gov. Kathy Hochul announced funding through bonds and subsidies to create or preserve more than 1,600 affordable, sustainable, and supportive homes across the state. When coupled with additional private funding and resources, the ten projects receiving funding are expected to create more than $600 million in overall investment that will assist local economic development efforts and advance New York’s commit-

Continued On Page 19

Amy Smith Leads Chamber Board In 2023, Following Footsteps Of Her Mother As Chair

Amy Smith, owner of the Saratoga Arms Hotel on Broadway in Saratoga Springs, became the new chair of the Saratoga County Chamber of Commerce board of directors on Jan. 1.

Her mother, Kathleen Smith, held the same leadership position in 1998, so the duo becomes the first mother-daughter combination to lead the Chamber board in its 105-year history.

“My family is grateful to live in and serve this incredible community,” said Smith. “We believe the Chamber played a key role in the city’s turnaround, especially during the recent pandemic. Numerous local businesses, nonprofits, local leaders, and residents count on the Chamber to be a visible and vocal leader.

“I’m honored to take on the responsibilities of this position as we look to move forward, from surviving to thriving, once again.”

Joining Smith on the board of directors are: Tara Pleat, of Wilcenski & Pleat, as immediate past-chair; Chad Kiesow, of Stewart’s Shops, as chair-elect for 2024; Randy Metevier, of Applied Materials, as vice chair; and Eric Hennessey, of UHY Advisors, as treasurer and secretary.

Springs City School District.

The board has a total of 27 members.

Newly elected members who began threeyear terms were Paul Loomis, of Gilbane Construction; Alexandra Gutelius, of the Clifton

Continued On Page 20 Continued

Smith appointed three local leaders to serve one-year terms on the 2023 board. They are Najja Thompson of the New York Thoroughbred Breeders Association, Maggie Fronk of Wellspring, and Johanna Friedman of the Saratoga

Major renovations were done at the Park Manor Hotel in Clifton Park. Courtesy Park Manor Hotel

Amy Smith is chair of the Saratoga County Chamber of Commerce board of directors. Courtesy Saratoga County Chamber of Commerce

The 82nd season of live harness racing is underway at Saratoga Casino Hotel with a schedule that consists of racing programs running through mid-December.

Courtesy Saratoga Casino Hotel

These units under construction are part of the NRP Group’s affordable housing apartment project called Tait Lane Reserve, off Route 9N on the west side of Saratoga Springs. ©2023 Saratoga Photographer.com

Personnel Briefs

Discover Saratoga announced the hiring of Alyssa Foote as manager of weddings, sports, and sales events.

Foote brings a combined eight-plus years of planning, coordination, and hospitality experience to the role. She has worked in a variety of market segments, most notably weddings and social.

She has previously worked at the Courtyard by Marriott and Excelsior Springs Event Center and the Cool Insuring Arena in Glens Falls. She will work with new couples and showcase Saratoga as a premier wedding destination and work with meeting groups.

* * *

Lemery Greisler LLC recently announced that Claire McRae has been promoted to member.

McRae has been with the Capital Region business law fi rm since the start of her legal career in 2011. She concentrates her practice in the areas of corporate and transactional law, including mergers and acquisitions, as well as the formation and dayto-day operation of corporations, limited liability companies and other business entities. She also practices estate planning and estate settlement, which includes the draft ing of wills and trusts as well as the representation of fiduciaries, beneficiaries, and creditors in estate probate and estate administration.

Prior to graduating law school at Boston College, McRae interned with the Albany County District Attorney’s Office and the Schenectady County Probation Department. She is admitted to practice in New York state

Company Salon In Saratoga Springs Adds Work Stations, Changes Atmosphere, Decor

and is a member of the American Bar Association, the New York State Bar Association, and the Saratoga County Bar Association.

* * *

Arrow Financial Corp. announced the appointment of Penko Ivanov, CPA, MBA, as chief fi nancial officer, executive vice president, treasurer and chief accounting officer of Arrow and its two subsidiary banks, Glens Falls National Bank and Trust Co. and Saratoga National Bank and Trust Co., as well as its insurance subsidiary, Upstate Agency LLC.

As CFO, Ivanov will be responsible for planning and management of all fi nance, treasury and accounting functions for Arrow, which reported $3.97 billion in assets as of Dec. 31.

He will be based in the company’s Glens Falls headquarters.

Ivanov most recently served as executive vice president and chief fi nancial officer of Bankwell Financial Group Inc. in New Canaan, Conn. Prior to that, he worked in various fi nance positions for Doral Bank, General Electric Co. and PepsiCo Inc. He began his career with Ernst & Young GmbH in Munich, Germany.

Ivanov holds his MBA, and bachelor degrees in both accounting and fi nance with a minor in economics from the University of South Florida in Tampa.

The Dake Foundation for Children announced its 2023 Board of Directors slate, welcoming three new members to its ranks.

Founded by Gary Dake, President of Stewart’s Shops, the Foundation has provided grants to local children with disabilities since 2009 with a focus on inclusion, indepenContinued On Page 6

BY JILL NAGY

Company Salon and Spa in Saratoga Springs has undergone changes.

After nearly 20 years in Saratoga, Brandon Scott opened his own business in 2020, before the COVID-19 shutdown.

“To survive the shutdown as well as we did was really a blessing,” he said. Scott survived a two-month bout with COVID-19 but is now well and back at work.

The salon now has four additional workstations. He explained that while the salon is no larger than before, the working floor area expanded by opening up space previously used for storage.

The new stations he created came from Italy and are in sleek “Italian industrial” style. He described them as “beautiful

ovals” with lights around the edges and nice finishes. The walls are covered with wallpaper designed by Italian decorator Roberto Cavalli. New shampoo sinks allow customers to lean back, put their feet up, and enjoy an “air massage, a very nice comfortable massage,” while washing their hair.

Scott’s salon no longer offers spa services, and he plans to change the name to Company Salon and concentrate on the hair and make-up services the business offers.

Scott is looking for additional hair stylists to fill the new booths, Company Salon is open seven days a week by appointment only. The telephone number is 518-937-3075. The website is thecompanysalonandspa.com.

Brandon Scott, owner of Company Salon in Saratoga Springs, has added four additional work stations to his shop, where he concentrates on hair and make-up services.

Owner Of Mechanicville Bakery To Open A Second Shop In Ellsworth Commons, Malta

Mocha Lisa’s Caffe Is Open At New Clifton Park Mall Space With New Ownership

BY CHRISTINE GRAF

Just over a year after establishing The Sugar Fairy Bakes in Mechanicville, owner Stacie Blair plans to open a second location in Ellsworth Commons in Malta.

The 2110 Ellsworth Boulevard space where the shop will be located was previously occupied by the Little Gym.

Blair developed her love of baking at an early age while working alongside her grandmother in the kitchen. By the age of 5, she had memorized her grandmother’s banana bread recipe. Today, she serves that same banana bread at The Sugar Fairy Bakes.

A longtime Mechanicville resident, Blair was working in restaurant management and sales when she experienced sudden and unexplained hearing loss in 2014. Over a three-month period, she completely lost her hearing.

After receiving cochlear implants, she was able to regain some hearing but remains hearing impaired and suffers from problems with her equilibrium. Because of this, Blair was no longer able to work in a profession that required phone calls and interaction with customers.

It was while she was in search of a new career that her son suggested she sell her baked goods. Although she was skeptical that anyone would want to buy them, he convinced her to give it a try.

Blair began selling her products at farmers markets in 2019. Less than a year later, the COVID pandemic shut down farmers markets indefinitely. But by that time, she had developed a significant following.

During the shutdown, Blair developed a website with online ordering. She featured a daily special and offered local delivery within 30 miles, as well as contactless pickup.

“That’s when my business exploded,” she said. “I was working non-stop and became very overwhelmed. I had to hire a bookkeeper because I could no longer keep up with everything on my own.”

Her business became so successful that Blair

decided to open a brick-and-mortar shop. Those plans were dashed after she discovered that local banks were unwilling to give her a loan because she had been in business for less than three years.

Several months later, she learned that the owner of Golden Krust Bagels in Mechanicville was interested in retiring. After leasing the 205 Park Ave. shop with all of his equipment, Blair opened The Sugar Fairy Bakes in December 2021.

Nine months later, she found someone who was willing to invest in the Ellsworth Commons location. If all goes as planned, they will open their doors there on March 1. It will be a retailonly shop, and all products will be baked in Mechanicville. Seating will be available for those who want to enjoy their food on the premises.

The Malta menu will include cakes, pies, pastries, breads, and breakfast sandwiches served on homemade bread. The bakery will have a freezer stocked with take-and-bake options including garbage bread, pizza dough, and pot pies. They will also have a soup of the week as well as a hot meal of the week. Coffee, espressos, and lattes will be available.

The bakery will feature a daily baked good special including the popular Fairy pop-tart. Available only on Sundays, the pop-tarts are made with a pie crust recipe passed down from Blair’s grandmother.

“We don’t follow fads and trends. We use tried and true recipes,” said Blair. “We are a true oldfashioned, from-scratch bakery, and 99.9 percent of what we sell we are making ourselves.”

Malta will also be the bakery’s custom cake hub.

With the opening of her second store, she plans to double her staff from 6 employees to 12. Blair is hiring experienced bakers and cake decorators.

The Sugar Fairy Bakes Malta hours are Monday-Friday 6 a.m. to 6 p.m., Saturday-Sunday 8 a.m. to 3 p.m. The hours may be extended based on customer demand.

For more information, visit www.thesugarfairybakes.com

BY JILL NAGY

Mocha Lisa’s Caffe has new owners and a slightly different location.

The business is still in the Clifton Park Mall but in a larger space some 260 feet from its former location.

It is much larger, with more tables and has a selection of new and used books for sale. It is now more of a place for people to relax, according to Nicole Van Zandt, one of the new owners.

The new owners, Van Zandt and her husband, Roland, and her brothers Colin and Alan Hughes, are longtime Mocha Lisa’s customers, now on the other side of the counter.

They bought the name, the furniture and other contents and are keeping the staff. They will continue to serve a special blend of coffee from Capital City Roasters and are negotiating a contract with a supplier of teas and honey.

They purchased the business on November and moved into the space in December.

One big change will be the addition of a commercial oven for Van Zandt’s baked goods. For now, the staff can bake some small breads and muffins in a small oven on the premises but she bakes most of the shop’s pastries at home. That will change as soon as the new oven and exhaust hood are installed and permitted.

The baked goods are popular, Van Zandt said.

“We can’t keep our scones on the shelf” and her brownies are also popular, she said.

The menu includes coffee drinks and a variety of

paninis. Once the new oven is in use, the variety of pastries will expand

The business does not have a liquor license but that is a possibility for the future.

Van Zandt was an enthusiastic baker and in 2022 she found that she was baking too much for her small household. She began a business selling baked goods out of her home.

She and her co-owners long dreamed of owning and operating a coffee shop, possibly as a retirement project. When they learned that Mocha Lisa’s was for sale, she said, they jumped at the chance to live out their dream—although all of them are in their early 30s and far from retirement. They all have day jobs and are at the coffee shop mainly on weekends.

Van Zandt said the shop’s clientele has become more varied since they moved to the new, larger, quarters. She is seeing more high schoolers and young families, along with ladies who arrive for lunch. “It is a place for everybody,” she said.

Five staff members from the previous incarnation of the cafe have remained. The new owners have since hired two more.

Although customers can take things out from the shop, there is no regular take-out operation. “We are too busy for now,” Van Zandt said, to gear up for a full take-out operation.

Mocha Lisa’s Caffe is open from 8 a.m. to 4 p.m. Monday through Saturday and from 9 a.m. to 4 p.m. on Sunday. They have some evening activities including a monthly trivia night, and monthly board game nights. The telephone number is 518 383-5373.

Stacie Blair, owns The Sugar Fairy Bakes in Mechanicville and very soon will have her second shop up and running in Ellsworth Commons in Malta. ©2023 Saratoga Photographer.com

Mocha Lisa’s Caffe has new owners and a slightly different location within Clifton Park Mall. It is much larger, with more tables and has a selection of new and used books for sale.

Bank / Asset Management

Women In Business Economic Development Corp

Publication Date: March 9, 2023

SUNY Empire State Gets Grant To Ensure Inclusion Of Students In Science Programs

Howard Hughes Medical Institute (HHMI) recently announced that SUNY Empire State is one of a select group of colleges and universities receiving phase-two grants through its Inclusive Excellence 3 (IE3) initiative.

The grant will help SUNY Empire continue its critical work in ensuring inclusion of all students in science. The college is one of only two SUNY institutions chosen to participate in this prestigious national program funded by one of the largest research philanthropies in science.

SUNY Empire’s grant—totaling $531,600 over six years—along with prior funding for previous phases, is being used to design experiments aimed at improving the introductory undergraduate science experience for students from historically underrepresented backgrounds.

Along with 14 cohort institutions, including University of California Santa Cruz, Fordham University, and Middlebury College, SUNY Empire will be tasked with fi nding ways to make the content of the introductory science experience more inclusive through faculty development, student engagement, and curricular change.

SUNY Empire also was selected to participate in the fi rst phase of the project, which began in April 2021 and ends in March. In this phase, SUNY Empire worked with its partner institutions to identify and better understand institutional and cultural barriers to inclusion at colleges and universities of all sizes and geographies. SUNY Empire’s work specifically focused on systemic issues that affect the student learning experience in introductory natural science courses, such as biology, chemistry, physics, and environmental science.

As a recognized pioneer in distance and online learning, SUNY Empire is well-positioned to help create an inclusive excellence model for accessible, flexible learning experiences in the sciences. The college has been designing and teaching online science courses for more than 20 years, and distance-learning courses for more than half a century.

Publication Date: April 6, 2023

SUNY Empire’s program director for the IE3 initiative is Audeliz Matías, Ph.D., associate professor of natural sciences and interim chief diversity officer. The SUNY Empire team also includes Mary Mawn, Ph.D. dean, School of Science, Mathematics and Technology; Diana Siberio-Perez, Ph.D., associate professor of mathematics; and Kevin Woo, Ph.D., department chair and associate professor in the Department of Natural Sciences.

Over the past six years, HHMI has awarded more than $60 million in funding to institutions committed to building more inclusive practices in their STEM programs.

In the HHMI announcement, Blanton Tolbert, HHMI’s vice president of science leadership and culture, said, “Sustaining advances in diversity and inclusion requires a scientific culture that is centered on equity. In science edu-

cation, increasing the number of individuals from underrepresented backgrounds must go hand in hand with creating inclusive learning environments in which everyone can thrive.”

SUNY Empire State President Lisa Vollendorf, Ph.D. said the college “has been SUNY’s innovative, access-oriented institution. We are committed to increasing access through equitable and inclusive practices in admissions, pedagogy, and student support services and helping to build a strong, diverse, and welleducated workforce in New York state and beyond.”

Audeliz Matías, Ph.D., associate professor of natural sciences at SUNY Empire said the grant “is an incredible opportunity for SUNY Empire to thoughtfully promote inclusive excellence in STEM teaching and learning with the goal of improving self-efficacy and belonging in students. Th is project is particularly exciting because it focuses on how we teach by shift ing the mindset from ‘fi xing the student’ to examining current structures and curricular barriers that are getting in the way of student success, especially for historically underrepresented students in STEM.”

Kevin Woo, Ph.D., department chair and associate professor in the Department of Natural Sciences at SUNY Empire said, “Providing access to accessible, equitable, and inclusive STEM learning is an important goal for training the next wave of future scientists and researchers. Th is is a wonderful opportunity for SUNY Empire State to support our students by employing innovative pedagogical strategies that progressively challenge outdated approaches and that have historically been barriers for academic success. The knowledge gained from implementing this project can be applicable toward other institutional and professional organizations that may further promote STEM across the educational community.”

SUNY Empire State received a grant through its Inclusive Excellence 3 (IE3) initiative.

‘Bread Basket Cake Shop’ Is New Destination For Specialty Desserts For All Occasions

Bella Lucia Pizzeria In Clifton Park Has NYCStyle Pizza, Other Sandwiches And Dinners

BY CHRISTINE GRAF

Six months after closing the Halfmoon Sandwich Shop, partners Melissa Craine and Sean Lee opened Bella Lucia Pizzeria at 1218 Route 146 in Clifton Park.

The couple previously owned Rocco’s, a fine dining establishment in Jonesville.

Before closing their Halfmoon eatery in August, they had attempted to purchase the building that they had leased for 15 years.

“We were really confident that we would be able to purchase the sandwich shop building on Route 9, but unfortunately we were unable to come to terms that would have been beneficial to both parties,” said Craine.

By that time, they had already purchased the Route 146 property with plans of opening a second restaurant, a pizzeria. The unexpected closing of the sandwich shop presented them with the opportunity to focus all of their energy on Bella Lucia.

the flop and you have to have the crunch. I’m from Long Island, and as far as I’m concerned that’s what true pizza is. Aside from importing water from down state, this is as close as you are going to get to a true New York pizza.”

Bella Lucia also has a catering menu that will include everything from party heroes to chicken, pasta, and meat entrees.

On-site dining is available, and the pizzeria is be staffed by 12 employees. Eleven of those employees were previously employed at the Halfmoon Sandwich Shop.

Craine and Lee purchased the Bella Lucia property in October 2021 from the owners of Stromboli’s Pizza and Grill. Although the previous owners had completely renovated the building, they were never able to open their doors due to healthrelated issues.

The Bread Basket Cake Shop is a new destination in Saratoga Springs for specialty cakes fit for all celebrations. It was launched by Business for Good and all profits will be donated to local charities fighting hunger and food insecurity.

Bread Basket Cake Shop will occupy a retail boutique space within The Springs at 3 Hempstead Place.

The location will serve customers looking for specialty and custom cakes for all occasions, as well as offering coffee drinks and breakfast pastries throughout the day. The space features a special spot for consultations with Bread Basket Cake Shop’s team.

Bread Basket Bakery, with which the new business is affi liated, has been a staple of the Saratoga area for years. Since its incorporation into Business for Good’s family of companies, it has donated 100 percent of its profits to help “bake a difference” in the local community.

With customer demand growing year to year, an opportunity arose to dedicate a unique space as a location for the bakery’s cake orders.

“Bread Basket Cake Shop is a much-needed service in the community,” said Business for Good cofounder Lisa Mitzen. “Not only will people get to enjoy delicious and beautiful cakes, but their choice of purchasing at Bread Basket Cake Shop will help local charities working to fight food insecurity and hunger in the Capital Region.”

“Custom cakes have been a large part of Bread Basket Bakery’s offerings for many years,” said Connie Frances Avila, Business for Good chief brand officer. “By dedicating a unique location to Bread Basket Cake Shop, we had a great opportunity to work on the brand-

ing, logo and website. The new look and feel allows Bread Basket Cake Shop to compliment Bread Basket Bakery, but also stand on its own as a business in its own right.”

“I’ve been decorating cakes for over 20 years and it’s amazing to be in this new space, where design is the primary focus,” said head cake decorator Angelina Tallman. “We love having our cakes play a part in some of the happiest days of our customers’ lives. We are really looking forward to supplying unique desserts for celebrations of all kinds in Saratoga Springs and beyond.”

For nearly four decades, Bread Basket Bakery has given to the community through their food. They have now expanded to include Bread Basket Cake Shop, which offers celebration and custom cakes. Both locations are designed around a warm, family atmosphere and community-fi rst approach as well as their cakes, breads and treats.

As part of the Business for Good family of companies, customers of Bread Basket Bakery and Bread Basket Cake Shop share in the helping feed their neighbors, as all profits from the businesses are used to fight food insecurity in the Greater Capital Region.

To learn more, visit www.saratogabreadbasket.com.

Formed in 2020, Business for Good is rooted in the core principle of “for good, not gain.” Its efforts were recognized on a national level with a 2022 Fast Company’s World Changing Ideas honorable mention award, which recognizes pioneering teams that are playing an important role in the betterment of the world through intentional philanthropy.

To learn more, visit www.bfg.org.

is seeking a BOOKKEEPER

Bookkeeper Job Summary

We are seeking an experienced and detail-oriented Bookkeeper to monitor the finances of our growing company. You will be responsible for maintaining all financial records, completing required tax forms, processing payroll, and generating regular reports for upper management. Looking for a professional Bookkeeper with at least 3 years experience.

Send resume to jperez@fted.com

“During that time, we went down to (New York City) to a pizza school in Staten Island called Goodfellas Pizza School. For us, it was a refresher, a confidence booster, and a way to get some extra know-how,” said Craine. “Even though we have been in the restaurant industry in many different facets for many years, pizza is new to us.”

Although Bella Lucia is billed as a pizzeria, the menu includes more than pizza and calzones. It also features hot and cold sandwiches, salads, wings, appetizer, pasta dinners, and chicken dinners.

The restaurant does not serve alcohol.

“It’s called a pizzeria, but we don’t ever like to stick ourselves inside of one box. That’s just not who we are. Cooking is a craft, and we are artists as far as we are concerned,” she said. “We are going to continue serving the best ingredients, great combinations, and good food.”

The bread that is used for their sandwiches is delivered fresh each day from Rockland Bakery which is located just outside of New York City. Their pizza dough will be made in-house from a recipe that Lee spent three years perfecting. A gluten free option will also be available.

“I believe that people are really going to enjoy our pizza,” said Craine. “For me, you can’t have

“The building was turnkey when we bought it,” said Craine. “Everything in there was brand new. We just went in and painted, put up new lighting, and expanded the counter.”

Craine said she is hopeful that the loyal customer base that they built over the past 15 years at the Halfmoon Sandwich Shop will embrace the pizzeria and all it has to offer.

“It was really devastating to have to close the sandwich shop because we had so many customers who really became like family. It wasn’t until we closed that I realized what an impact our restaurant made on the community. We are very hopeful that the supporters of the sandwich shop will come with us to the new location.”

“There are about 92 restaurants in Clifton Park, so we know that the competition is steep. We are confident that the relationships that we have formed with the community over the last decade and a half are going to carry us through. Right now, we’re feeling very excited and thankful.”

Although she and Lee have no immediate plans of opening another new restaurant, she said it’s not out of the question.

Bella Lucia Pizzeria is open Tuesday through Thursday, 11 a.m. to 8 p.m.; Friday and Saturday 11 a.m. to 9 p.m.; and Sunday noon to 7 p.m. It is closed on Monday.

For more information, visit bellaluciacliftonpark.com. The phone number is 518-371-2902.

Angelina Tallman is the head cake decorator of the Bread Basket Cake Shop launched by Business for Good. All profits will be donated to local charities fighting hunger and food insecurity. Courtesy Business for Good

SARATOGA BUSINESS JOURNAL

2002 Business Of e Year

e Chamber of Southern Saratoga County

P.O. Box 766 • Saratoga Springs, New York 12866

(518) 581-0600 • Fax: (518) 430-3020 • www.saratogabusinessjournal.com

Editorial: RJDeLuke@saratogabusinessjournal.com

Advertising: HarryW@saratogabusinessjournal.com

Publisher & Editor Harry Weinhagen

Associate Editor R.J. DeLuke

Editor Emeritus Rod Bacon

Sales and Customer Service Harry Weinhagen

Production Manager Graphic Precision Photographer Stock Studios Photography

Contributing Writers Susan Campbell Jill Nagy Christine Graf Andrea Palmer Paul Post

Saratoga Business Journal is published monthly the second week of each month, by Weinhagen Associates, LLC and mailed to business and professional people in Saratoga county Saratoga Business Journal is independently owned and is a registered tradename of Weinhagen Associates, LLC, 9 Broad St. #7, Glens Falls, NY 12801 (518) 581-0600. Saratoga Business Journal is a registered tradename in New York.

Saratoga Business Journal has been founded to promote business in Saratoga county and to provide a forum that will increase the awareness of issues and activities that are of interest to the business community Subscription price is $25.00 per year. ird class postage paid at Glens Falls, New York.

Rights to editorial content and layouts of advertising placed with Saratoga Business Journal which are the creative e ort of its contractors, and printing materials supplied by Saratoga Business Journal are the property of Saratoga Business Journal and may not be reproduced by photographic or similar methods, or otherwise, without the specific authorization of

Personnel Briefs Continued From Page 2

dence, and fun.

New board members are Pam Fisher, director of community relations for Hudson Headwaters Health Network; Linda Miller, pediatric doctor of physical therapy; and JoAnne Starks , director of marketing for AAFCPAs.

Fisher is a graduate of Syracuse University, and received her M.B.A. from the University at Albany.

Miller joins as a full board member after serving on the Medical Advisory Panel for the past year, a group of specialists and medical professionals whose insights and expertise help steer the grant giving process.

Starks brings with her over 20 years of marketing experience. *

The Saratoga Springs City Council has named Joseph Bruchac III as the city’s fi rst poet laureate.

Bruchac was born in Saratoga Springs and traces his maternal ancestry back to some of the earliest inhabitants, the Abenaki people. He has authored more than 180 books for adults and children. His honors include a Rockefeller Humanities Fellowship, a National Endowment for the Arts Writing Fellowship for Poetry, and the Lifetime Achievement Award from the Native Writers Circle of the Americas.

He holds a B.A. from Cornell University, an M.A. in literature and creative writing from Syracuse and a Ph.D. in comparative literature from the Union Institute of Ohio, as well as several honorary doctorates.

His work as an educator includes three years of teaching in West Africa, and eight years of directing a college program for Skidmore College inside a maximum security prison. With his late wife, Carol, he founded the Greenfield Review Literary Center and The Greenfield Review Press.

His two-year term will run through December 2024.

Julie & Co. Realty announced the hiring of Daniela D. McKee, Anthony Bonacio, and Jacob Patrick Sewell to its brokerage in Saratoga Springs.

McKee has had 20 years of experience managing properties, including buying and selling residential properties, along with several commercial properties.

Bonacio has an M.S. in accountancy from Siena College and began his career in accounting and fi nance. After being in the property management business, he decided to pursue his own real estate license.

Sewell worked as a welder and fabricator for several years

* * *

Southern Adirondack Independent Living (SAIL) announced the appointment of Tyler Whitney as executive director.

Marti Burnley, current director, is retiring.

Whitney has been employed at SAIL for the past three years as deputy director and brings an abundance of well-rounded academic and nonprofit work experience to his new role.

SAIL provides an array of advocacy, health insurance, and nursing home transition services to individuals with disabilities and their families. They also loan out a vast amount of durable medical equipment at no cost.

SAIL has offices in Queensbury, the Wilton Mall, and Plattsburgh.

* * *

Equitas Realty has hired Lisa Zibella as the newest member of its team.

Zibella credits her many years in the Spa & Beauty industry, including as a cosmetologist, aesthetician, spa director, educator and business owner, with her understanding of the importance of listening, working with compassion, understanding your product and the market, being resourceful, and the necessity of positioning her clients with a compatible product or service.

Zibella grew up in Hudson, and has lived in San Diego, CA, Northern New Jersey, and Long Island. Having recently returned to the Capital Region, she currently resides in Washington County.

* * *

Wellspring has added six new members to its board of directors.

Wellspring, located in Saratoga Springs, offers programs and services for survivors of domestic violence and sexual assault.

The new Board members are Amy Roman, Cynthia Minuti, Ryan Shaw, Jessica Niles, Deann Devitt and Julia Marco

Wellspring’s board also consists of Margaret Roohan, president; Karen Sosler, vice president; John Pecora, treasurer; Giovanna D’Orazio, secretary; Jake Behuniak, Margaret Smith Cassier, Shawn Corp, David Cumming, Carmine DeCrescente, Audra Higgins, Dean Kolligian, Lisa Munter and Chief Executive Officer Maggie Fronk.

Two From Saratoga County Get Volunteerism Awards At State Office For Aging Event

The state Office for the Aging recently honored 94 older adults for their volunteerism, including Marlene Hathaway and Cheryl Wood of Saratoga County, as part of its annual Older New Yorkers’ Day celebration.

“The word ‘volunteer’ cannot capture fully the accomplishments of this group of incredible individuals,” OFA Director Greg Olsen said in his remarks at the event. “Older adults impress us all with their commitment to a greater good and a greater cause. You tell the real story of what’s good about people, what’s good about New York. Through your deeds and actions, time and again, you show us how valuable you all are to those you touch, to those you serve, to the families and communities and lives you make better.”

During Hathaway’s more than three years of volunteer services, the Mechanicville resident has contributed as a meal delivery driver, delivering hot meals to homebound seniors, and currently as a transportation assistant, driving older adults to and from medical appointments throughout the county.

She is also a Telecare caller, supporting a program that began during the pandemic as a way to connect with older adults who may feel lonely and isolated. Hathaway continues to make these calls, which provide vital social connection while also serving as a wellness check.

She has a lengthy history of volunteering with other organizations. Hathaway graduated from Shenendehowa High School and then entered the U.S. Air National Guard, where she served for 20 years before retiring as a lieutenant colonel. “It is so rewarding to volunteer with seniors,” she said. “There is such a need to help and I absolutely love doing it.”

Her nomination for the honor said “Marlene is the perfect example of what a volunteer should be. She has put the needs of others before her own and has dedicated her time and energy to volunteering in many different ways. Marlene has proven that she is dedicated to volunteering and truly cares for those in her community.”

Wood, of Gansevoort, helps older adults through the Saratoga County Department of Aging and Youth Services; volunteering at her church to aid local food pantries, schools, and charities; and showing compassion to those who suffer from dementia by creating tools to give them comfort.

As a member of the Saratoga County Department of Aging and Youth Services Advisory Council, she helps coordinate and volunteer at senior events. She also volunteers elsewhere in the community.

A graduate of Stillwater High School and

Adirondack Community College, Wood worked as a registered nurse at Glens Falls Hospital for 43 years.

When asked her advice about volunteering and what she might say to other New Yorkers, Wood said, “Find something that suits your fancy. It’s out there and it’s worth it.”

As a group, older New Yorkers age 55 and over contribute more than 495 million hours of volunteer service each year at an economic value of $13.8 billion. The 94 volunteers recognized during OFA’s 2022 Older New Yorkers’ Day program live in 55 counties. Collectively, they represent 5,500 years of life experience and have volunteered for a combined 2,568 years of service.

Park Manor Continued From Page 1

regular basis. So the hotel targets business people, vacationers and out-of-town athletic guests.

“Tourism is the bulk of any hotel’s clientele, but we’re looking to do more on the business side of things by accommodating companies whose employees travel in and out of the area, in addition to hosting meetings, sales conferences, dinner parties and medical conferences,” said Angie Meyer, Park Manor’s general manager. “We want to develop that kind of business throughout the year.”

The hotel’s banquet space has capacity for 380 people.

“We’re working on marketing tactics that we hope put us in a better position coming into the busy spring and summer season,” she said. “I have an extensive sales background. A lot of area companies may not have had any business here before. We do rely on third-party booking platforms like Expedia and Priceline, also.”

Meyer previously worked at the hotel for its former owners. She left shortly before it closed and went on to manage a Clifton Park restaurant. Upon learning the hotel had been purchased, she connected with new owners who valued her experience and hired her to be its on-site manager.

She said she’s amazed at the transformation because she saw what it looked like before being brought back to life.

“It sat empty for so long and it really wasn’t conditioned for the weather,” Meyer said. “They

didn’t drain the pipes. They didn’t winterize the building. There was no heat, so there was a lot of water damage. Toilets had to be replaced and jetted tubs re-wired. The pool couldn’t be used. It had to be gutted out and retiled.”

The kitchen area also needed a major overhaul. Now, standard king rooms are currently priced at $119, while an efficiency double queen executive suite, big enough for four adults and two children, goes for $199. Parking and cold breakfasts are complimentary. There’s also a fitness center, indoor pool and seasonal barbecue area.

“During peak season, rates will fall in line with all the surrounding hotels,” Meyer said. “But because we are independently owned we can adjust our rates to be a little more discounted.”

The hotel’s restaurant hasn’t reopened yet, but plans call for getting it up and running in the near future.

Park Manor Hotel currently employs 10 people, a number that could double or triple during the busy summer months. But like many employers, the hotel is having a hard time finding enough help.

“I can’t understand how COVID has changed that as immensely as it has,” Meyer said. “I feel like we’ve overcome the hurdles of COVID. Things should be coming back to normal. In a lot of areas they are, but with staffing it’s still a problem.”

The hotel website is parkmanorcp.com.

Marlene Hathaway of Mechanicville was honored by the state Office for the Aging.

Courtesy NYS Office for the Aging

Cheryl Wood of Gansevoort was an honoree at a recent state Office for the Aging event.

Courtesy NYS Office for the Aging

Construction Planning

New Owners Of Comfort Inn In Wilton Are Investing $2 Million In Facility Upgrades

Group Invests In Construction Of Affordable Housing Units Across From Saratoga Library

BY JILL NAGY

The Comfort Inn and Suites at 17 Old Sick Road, near Norway Exit 15 in Wilton, has new owners and is undergoing a major facelift.

Brothers Ravi and Subhash Modasra, third generation motel operators, bought the property in late October for $5.32 million. They expect to invest another $2 million in upgrading the property.

The property will remain in operation as the renovation goes forward in stages.

The current design, called “rise and shine,” will require new finishes, flooring, wall coverings, and furniture. Ravi Modasra expects work to begin in the next few weeks and be completed by June 1. In any case, “we will do our best to be ready for track season.”

The Modasra brothers already oper -

ate a Comfort Inn and Suites property in Scotia and have other real estate holdings. They built the Scotia motel in 2018 and will continue to operate it. Ravi described his and his brother’s businesses, the Mohawk Companies and Bluebird Commercial Real Estate, as being “in an acquisition and growth mode.”

The Wilton property has 85 rooms.

The adjoining Golden Corral restaurant was sold separately to a different owner and will also be renovated and operated as a separate business.

The Modasra family has many ties to the area, Ravi said. He was born and raised in Scotia and attended Scotia-Glenville schools.

Ravi said he is “excited about the future potential for this area” and is “always looking to grow in the Capital Region.”

BY CHRISTINE GRAF

It’s been 10 years since First Fairfield Associates, a social enterprise investment firm, announced plans to redevelop a vacant property at 53 Putnam St. in Saratoga Springs.

Now an ownership group, Putnam Resources, LLC, is proposing construction of a 60-unit mixed-income condominium building called Putnam Commons. More than $3 million has already been invested to acquire, manage, and clean up the site.

Local author Jason Letts is among the partners.

The property is located across the street from the Saratoga Springs Public Library. A dilapidated one-story building that sat on the property was built in 1905 and once housed a dry-cleaning business. The building was razed and several underground petroleum storage tanks were found on the 0.3-acre property.

Soil testing revealed significant ground contamination that resulted in the property being declared a Brownfield site—a parcel contaminated by low concentrations of haz-

ardous chemicals. The contamination likely resulted from a combination of petroleum and dry-cleaning chemicals

After five years of chemical remediation, cleanup of the site is complete. It is now certified as a successful state Brownfield cleanup project.

“Without DEC’s guidance and support, this would have remained a toxic waste dump forever,” said Letts.

A third or more of the units in the proposed six-story Putnam Commons building will be designated affordable housing units, Letts said. These units are expected to be priced below $200,000. The other units will be offered for sale at market price.

Former Saratoga Springs mayor Joanne Yepsen, a public affairs specialist at Yepsen & Pikulski, has been enlisted to assist with various facets of the project. She said the ownership group feels very strongly about making the condominiums inclusive and affordable.

“In this case, we are very lucky because we have impact investors as the private landown-

Continued On Page 18

This vacant lot on Putnam Street in Saratoga Springs was once contaminated by chemicals. It has been cleaned up and an investment group is aiming to build apartments there.

©2023 Saratoga Photographer.com

Brothers Ravi and Subhash Modasra, third generation motel operators, bought this property in late October for $5.32 million. They expect to invest $2 million to upgrade the property.

©2023 Saratoga Photographer.com

December, Unemployment Rate Dropped

Report: Construction Firms Added Workers In

Construction firms added 28,000 employees in December and continued to raise wages for hourly workers more than other sectors as the industry’s unemployment rate fell to a record low for the month, according to an analysis by the Associated General Contractors of America of new government data.

Association officials said the data align with their newly released survey, which found the majority of contractors are optimistic about demand for most construction types, despite reporting difficulty filling positions.

“There are more people working in construction today than ever before, and those figures are likely to continue to increase,” said Ken Simonson, the association’s chief economist. “But as optimistic as contractors are about 2023, they remain worried about their ability to find enough workers amid record-low unemployment.”

Construction employment totaled a record 7,777,000, seasonally adjusted, in December, an increase of 231,000 or 3.1 percent from a year earlier. Nonresidential firms—comprising nonresidential building and specialty trade contractors along with heavy and civil engineering construction firms—added 17,900 employees in December. Residential building and specialty trade contractors together added 9,500 employees.

Pay levels in the construction industry continued to increase in December at a faster pace than in the overall private sector. Average hourly earnings for production and nonsupervisory workers in construction—mostly hourly craft workers—climbed by 6.1 percent, from $31.25 in December 2021 to $33.15 last month. That increase exceeded the 5.0 percent rise in average pay for all private sec-

tor production workers. Such workers in construction now earn an average of 18.1 percent more per hour than in the private sector as a whole.

The unemployment rate among jobseekers with construction experience declined from 5.0 percent in December 2021 to 4.4 percent last month, while the number of unemployed construction workers fell by 11 percent, from 497,000 in December 2021 to 443,000. Last month’s figures were the lowest ever for December.

Simonson noted that the association’s 2023 Construction Hiring & Business Outlook survey, conducted with Sage, found 69 percent of the more than 1,000 responding construction firms expect to increase their headcount in 2023, compared to 11 percent that expect a decrease. However, 80 percent of firms report having a hard time filling positions, compared to only 8 percent that report no difficulty.

Association officials urged Congress and the Biden administration to work on immigration reform measures that will allow more people with construction experience to legally enter the country and work in the sector.

They also urged officials to close a federal funding gap that currently invests $5 in students planning to attend college for every dollar it invests in preparing students for high paying careers in sectors like construction.

“Considering where federal officials put their money, it is no surprise that contractors are having a hard time finding workers to hire,” said Stephen E. Sandherr, the association’s chief executive officer. “As much as they talk about rebuilding our economy, federal officials still don’t seem ready to invest in the people needed to do all that building.”

Schuylerville Public Library’s New Pavilion Will Add Space For Events And Storage

The Schuylerville Public Library is getting a new pavilion that will provide much-needed space for meetings, programs and storage.

The state Education Department has awarded $119,850 in Public Library Construction Grant funds to the library as part of a program designed to assist libraries undertaking major construction and remodeling projects.

The library recently completed some renovations such as lighting upgrades, a 500-squarefoot addition and projects to make its facility fully accessible.

Official said the future pavilion will be approximately 27x27 feet on the northwest side of the current library property and feature a covered area for picnic tables and public programming, as well as secure storage.

“We are thrilled to have received this grant. Library services are essential for the well-being of all of our patrons including children, teens, adults, and seniors. Th is project will also allow the library to serve more of the community’s needs with additional space for outdoor programming, which has been incredibly popular in the last few years. We appreciate all who

made this project possible,” library board president Amy Carpenter said.

The $119,850 grant will be applied to the $159,800 anticipated cost of the project, with the library’s construction reserve funding the remainder.

Paul Mays, with Butler, Rowland & Mays Architects LLP in Ballston Spa designed the space, with the community’s goals of increased program and meeting space in mind.

A few years ago, the library hosted some community input sessions to zero in on what the 10,000 district residents want in their library, and overwhelmingly the answers were focused on more space.

The library plans to accept construction bids in late winter, once local approvals have been obtained.

The Southern Adirondack Library System made this grant available to member libraries and assisted in the grant-writing process. The Schuylerville Public Library is in the Village of Schuylerville at 52 Ferry St. More information is available online at www.schuylervillelibrary.sals.edu.

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AgroChem To Expand Manufacturing Facility In W.J. Grande Industrial Park

Affordable Housing Project Being Planned

On Land Near The Saratoga Casino Hotel

BY PAUL POST

Rob DeMarco’s firm, AgroChem, got a toehold in the dairy industry with a foot bath solution that keeps cows healthy and productive.

The product, Healmax, is now one of about 100 hygiene and sanitizing products the Saratoga Springs-based company sells to farms throughout the U.S. and around the globe from China and Japan to Eastern and Western Europe.

“Most people don’t realize just how big the dairy industry is in the U.S. and the world, and how many hygiene-type products are required,” said DeMarco, who founded AgroChem with his father, John, in 2005.

Dairy, with about 3,500 farms, is the largest component of New York’s $5 billion agriculture industry. Nationwide there are nearly 9.2 million milk cows and New York ranks fifth in production behind California, Wisconsin, Idaho and Texas.

In response to fast-paced growth and a quest for more efficient operations, AgroChem has plans for a 25,000-square-foot addition to the firm’s 36,000-square-foot facility at W. J. Grande Industrial Park, which it moved into seven years ago after starting out in a trailer and small rented space.

“We’ve had year-over-year growth since our inception,” Rob DeMarco said. “This building has been great, but we really need more space for finished goods inventory.”

This will allow AgroChem to sell more effectively by picking and shipping from a supply of finished products, rather than making goods as they’re ordered.

“We really need to change the nature of the way we manufacture,” he said.

AgroChem currently has 45 employees and like many companies today, it’s trying to overcome la-

bor shortage issues by putting a high priority on finding and retaining good help.

“We need to be more efficient not just to save money, but to save money so we can pay our workers a good wage,” DeMarco said. “We’ll be using technology to become more efficient. We see that as a way to be able to pay our existing workers better. You want to get good people, hold on to those good ones and have them be in positions that you can pay them well.”

The expansion could lead to the creation of five new jobs, not just in production, but front office, sales, and equipment installation as well.

When first proposed three years ago, the project was expected to cost about $3 million. But with COVID-related delays, supply chain issues and the skyrocketing cost of materials, the final price tag might be more than $5 million.

DeMarco said it’s hoped the addition will be completed by the end of this year. It’s already approved, but is going back to city officials for review of proposed modifications to the original plan.

In addition to increased storage, plans now call for a recycling operation so that 55-gallon metal product containers can be cleaned and reused to cuts costs, eliminate waste and help the environment.

Neither Rob nor John DeMarco had a background in farming before launching AgroChem. Rob earned degrees in engineering and management from Clarkson University, a master’s in business administration from New York University, worked in the telecom industry for several years and then switched to financial research. John is a chemist and worked in the chemical distribution industry for many years.

“My father was dabbling in some of these prod-

Continued On Page 11

BY PAUL POST

By some estimates there are 1,500 unfi lled jobs in and around Saratoga Springs including vital positions such as teachers, police, fi refi ghters, nurses and public works employees.

Part of the problem, local officials say, stems from lack of housing that allows people to live where they work.

A Central New York fi rm’s proposal, called Liberty Saratoga Apartments, could help the situation by providing 212 affordable housing units at the corner of Jefferson Street and Crescent Avenue, near Saratoga Casino Hotel.

“The need is huge,” said Stephanie Ferradino, an attorney for Rome, N.Y.-based Liberty Affordable Housing Inc. “The more housing we have, the better able we are to meet that need. Look at the hospitality industry. So many restaurants now aren’t open seven days per week, in part because they can’t fi nd the staff .”

Ferradino, of Saratoga Springs, said the 250-unit Intrada Apartments off West Avenue had a wait list of 300 applicants last summer.

“They’re full,” she said. “They went to capacity almost as soon as they were built.

Likewise, the new Promenade Apartments on West Circular Street are full with a wait list that exceeds the project’s 63 units, she said.

Ferradino is handling land-use issues for Liberty’s project, which was fi rst proposed and rejected by the city Planning Board several years ago because the company sought a zoning change that would have affected all

equine zones within the city. Planners also weren’t pleased with the original architectural design.

The fi rm went back to the drawing board and in late December the city Zoning Board approved a change from rural residential to urban residential (UR-4), which only affects the parcel where apartments would be built. UR-4 accommodates a mix of single-, twofamily and multi-family residential uses.

Ferradino said plans call for 10 three-bedroom apartments, with the remainder split evenly between one- and two-bedroom units.

But groundbreaking might be up to two years away because the recent zoning change is just one of several approvals required for the project to move forward. The next step would be for the Zoning Board to approve a height variance (apartments would be in two four-story buildings) followed by site plan review.

“Once we get site plan approval, we can’t just start to build,” Ferradino said. “Local approval is just one component. Because it’s affordable housing, they (Liberty) need to go through the state to deal with the fi nancing because the state is the entity that loans money for affordable housing.

“Th at really depends on where you are in the queue and how interested the community is,” she said. “Sometimes that makes a difference. There are a bunch of different factors.”

Affordable housing differs from low-income housing in which rents are subsidized. But with affordable housing, rent is controlled based on an individual’s income level, which typically ranges from about $45,000 to $80,000 for this type of project.

In response to fast-paced growth and a need for more efficient operations, AgroChem wants to build a 25,000-square-foot addition to its current 36,000-square-foot facility.

Courtesy AgroChem

Liberty Affordable Housing Inc, based in Central New York, plans to build some 220 housing units near Saratoga Casino Hotel. This is a rendering of what will be built.

‘Industrial And Performance Machining’ Is Name Of BOCES Program With A New Aim

Developer Is Planning To Build 20 New Houses Close To Northway Exit 10

BY PAUL POST

A Niskayuna developer hopes to purchase 32 acres just west of Northway Exit 10 with plans for 20 new single-family homes on 1.5-acre, heavily wooded lots.

Each new house, in the $600,000 to $700,000 price range, would have a professional office with a dedicated entrance and parking, although this could be just for the owner’s use.

“It doesn’t have to be where someone is bringing in outside clients or customers for business,” said Chris Myers of Concord Development Company LLC. “It’s literally 90 seconds off the Northway, which I think is going to appeal to a lot of people working not only the Albany area, but the Saratoga area as well.”

People such as real estate agents, insurance agents and attorneys work from home quite often, but the COVID-19 pandemic brought about a major shift in the way many firms conduct business, allowing employees to work from home, which can be much cheaper than maintaining a “brick-and-mortar” office setting.

dition to providing habitat for a variety of plants and animals.

The Van Patten and Eagle Crest golf clubs are also just a few minutes’ drive away, and a recreational path for walking and biking runs along the side of the road where Myers wants to build.

Myers made application to the town of Clifton Park in early autumn and hopes to begin work this spring or early summer, pending necessary approvals.

He’s under contract to buy the property from the Van Patten family, whom he’s known for many years, but the sale won’t be finalized until all permits are in place.

The site is already serviced by municipal water and sewer.

“I’ve had an eye on it for quite some time,” Myers said. “It’s hard to tell with supply issues these days, but I’d love to have a model up long before this time next year.”

The Washington-Saratoga-Warren-HamiltonEssex Board of Cooperative Educational Services (WSWHE BOCES) announced a new name and direction for its Career and Technical Education (CTE) machine tool technology program.

The new title—Industrial and Performance Machining—reflects the industry today and better positions the program to prospective students, officials said.

Officials said the program places a heavy emphasis on high-tech equipment and precision in the machining of component parts for automobiles, performance vehicles, industrial machines, and more. This consists of fabricating component parts to specification for these applications using milling, drilling, grinding, and boring machines.

While “Machine Tool Technology” is often used by technical colleges, WSWHE BOCES administration and educators said that students did not immediately identify the program in line with career goals.

In an effort to continuously offer programs and curricula that best support our students and the current job market, the transition from Machine Tool Technology to Industrial and Performance Machining reflects a growing need to reach high school students interested in machining careers.

“Our metal fabrication facility would be unable to operate without individuals trained to program and run the wide variety of machines we have on our shop floor. These students are essential to our current success and our future survival,” Aindrea E. Lundberg, of the Fort Miller Group Inc. in Greewich.

In addition to strong ties with industry partners, the program directly addresses two common areas of machining: large-scale, industrial machine shops and smaller, more varied perfor-

Continued From Page 10

ucts when he was approached by someone, wondering if he could make something for the dairy industry,” Rob said. “One thing led to the next.”

He moved back to Saratoga Springs from New York City to work with his father full time, about two years after AgroChem’s founding.

Two years ago, the French food safety firm, Kersia Group, purchased a majority stake in AgroChem. Rob DeMarco is still a part owner and company president. John DeMarco is vice president for product development, but is no longer an owner.

Exports already account for about 30 percent of AgroChem’s sales. Now, as part of the Kersia Group, AgroChem expects to find new markets in the pig and poultry industries, another reason for the proposed 25,000-square-foot expansion.

In addition, the current facility is home to a related company, Biosan, which makes peracetic acid, a sanitizing agent used in many facets of industry. Applications run the gamut from hospital and commercial laundries to wastewater treatment plants. Rob DeMarco said peracetic acid is an effective alternative to chlorine bleach because it’s a more powerful oxidizer and more environmentally friendly.

mance engines and vehicles.

It is the hope of WSWHE BOCES that the new name will help prospective students better understand the program and how machining impacts their daily lives.

The program “enables students to learn not only how to fabricate components but experience where the components fit into the real-world environment,” said James Alheim, a representative of Stone Bridge Iron & Steel Inc. in Gansevoort.

CTE programs are geared toward students who benefit from “doing” while learning, allowing them to achieve their high school diploma while also acquiring the technical skills needed for certain career goals. With more than 20 programs, CTE prepares students for interesting, indemand careers, whether they graduate into the workforce or continue their education, according to BOCES.

“I’m not sure we’re marketing to any specific group,” Myers said of the project.

The forested property is on Van Patten Drive, south of Ushers Road, across from the large Country Knolls West development. Plans call for 10 separate driveways off Van Patten Drive, each one shared by two homes.

In addition to easy Northway access, the site is near the Dwaas Kill Nature Preserve, a 240-acre site popular with area residents for its hiking trails and fishing spots in ad-

As a land developer, his primary business is locating property, getting approvals in place and then selling it to a builder. This could either be as raw land with approvals, or in some cases he’ll put the roads in, too, depending on what the developer wants to do.

But this project is so unique, Myers said, both in terms of location and with professional office space added in, that he might build the homes himself.

“I haven’t decided yet,” he said. “It isn’t listed with home builders. It’s been a long time since I’ve built homes. But this one could be a very fun one. It could be a good project.”

The WSWHE BOCES has changed the direction for its career and technical education machine tool technology program. Its new title is Industrial and Performance Machining.

Business Briefs

The return of Hattie’s Mardi Gras in Saratoga Springs raised over $100,000 to combat food insecurity in the region.

After a four-year hiatus, the Jan. 28 fundraiser at the the Canfield Casino garnered funds that will be donated to the Regional Food Bank of Northeastern New York. Business for Good co-founders Ed and Lisa Mitzen served as hosts, alongside CNN anchor Alisyn Camerota as emcee.

Officlials said more than 300 attended. music was provided by Soul Session and Garland Nelson. In 2021, Hattie’s joined the Business for Good family of companies. All profits of Hattie’s Restaurant are donated to local charities.

* * *

Hudson Mohawk Area Health Education Center (Hudson Mohawk AHEC) will be awarding 10 scholarships of $500 dollars each to individuals who will be entering an approved healthcare related certificate or degree program at a local community college, university or training entity within New York state.

Applicants must reside within the Hudson

Mohawk AHEC 10-county service region, which includes: Albany, Essex, Fulton, Hamilton, Montgomery, Rensselaer, Saratoga, Schenectady, Warren and Washington counties.

Interested applicants can learn more about the scholarship opportunity by visiting the Hudson Mohawk AHEC website www.hmahec.org or emailing admin@hmahec.org

Applications are due no later than Monday, March 17. Awards will be made in May.

* * *

After 30 years, the Academy for Lifelong Learning has left its host and sponsor Empire State College after the college and its foundation board voted to dissolve the relationship as of Dec. 31.

The Academy is now incorporated as Academy for Lifelong Learning Saratoga Region, Inc. and has ventured out as its own nonprofit organization fulfilling the vision of being the premier non-credit adult learning center in Saratoga and surrounding counties through inclusive educational and social opportunities that enhance the lives of more and more adults as they age.

The Academy continues its mission of providing lifelong learning for adult learners in the Saratoga region and beyond.

Look for the Academy’s winter course information on the new website, www.allsaratoga.org

The Academy is looking for community classroom space to hold some its spring courses. For more information, contact executive director, Jeff Shinaman at jeff@allsaratoga.org or (518) 290-6988.

* * *

The Saratoga County History Center in Ballston Spa wrapped up its local artisan market and reported there were more than 950 attendees and over 25 artisans. Over $7,800 was raised to support preserving and sharing the diverse histories of Saratoga County.

The center will also hold a craft fair in June.

Next winter, the market returns and will run Nov. 23 to Dec. 24. For information on the craft fair or artisan market, contact Beth Silvestri via email at bsilvestri@brooksidemuseum.org.

The Marine Retailers Association of the Americas (MRAA) has named Alpin Haus, which has a location in Gansevoort, among this year’s marine industry Great Dealerships to Work For.

Alpin Haus was part of a record 27 dealership locations across North America that qualified for recognition by earning an overall score of 90 percent or better on the Marine Industry Certified Dealership program’s annual Employee Satisfaction Survey.

Administered anonymously through the MRAA, the survey asks employees of Marine Industry Certified Dealerships to answer 32 ranking questions about overall satisfaction regarding their unique dealership’s customer relations, employee satisfaction, leadership, management and reputation.

After their employees complete the survey and the dealership receives its 13-page survey report, the whole team meets and discusses what the dealership is doing well and what they could be doing better for their employee culture.

MRAA said the staff at Alpin Haus reported that employee satisfaction is high among their respec-

tive departments and that the team relies on the guidance of those values to deliver an exceptional customer experience.

* * *

High school seniors attending private or public school within the Saratoga Springs City School District can apply for scholarships ranging from $2,500 to $20,000 from the Saratoga Springs Rotary Education Foundation

Applicants must pursue a degree at an accredited 2- or 4-year college or post-secondary vocational educational institution. Students’ academic performance, extracurricular and work activities, community service and financial need are all considered when reviewing applications.

Scholarship applications must be uploaded to the foundation’s website by the postmark deadline of April 1. Finalists will then be invited to interview with the Foundation’s scholarship committee.

In 2022, the Foundation awarded scholarships totaling $85,000 to fifteen students.

Established in 1997, the Saratoga Springs Rotary Education Foundation raises funds to support the post-secondary education and vocational training of graduates from public and private high schools in the greater Saratoga community.

* * *

The Saratoga County History Center will host a monthly series of informal Historian Tea Talks, presented by historians from around the county. Tea and cookies will be served, and the talks will take place in the Long Room at Brookside Museum. The schedule is:

Feb.21, 3 p.m., Crime and Misadventures in Corinth with Rachel Clothier, Corinth Town Historian.

March 21, 3 p.m., The Mott’s Apple Empire. with Lynda Bryan, Halfmoon Town Historian. April 18, 3 p.m., Hall’s Brookside Dairy, Greenfield Center with John Greenwood. Registration is not necessary but is appreciated. A donation of $5 per registration is recommended to support the programs of Saratoga County History Center. Visit www.brooksidemuseum.org for more information.

Office / HR / Employment

Business Report

Create Mindset Of Abundance Vs. Scarcity

BY ROSE MILLER

I went to the Multiple Sclerosis Society’s Together for a Cure fundraiser where the keynote speaker gave an eloquent speech about being a victor or victim.

Dealing with MS can be daunting on a continual basis. It can impact your ability to live your life fully. The keynote speaker wrapped up a victorious talk with, “Will life happen to you or for you? Do you see your life as a nightmare or a fairy tale?” She told the crowd how MS will not defeat her.

I was reading Michael J. Fox’s new book where he writes about how he takes after his late mother, who had an impactful positive attitude. He said, “She never added up the losses. She’d always look at the gains.”

Boiled down, these two people exhibited a mindset of abundance versus a mindset of scarcity.

Stephen Covey initially coined these terms in his best-selling book, “The 7 Habits of Highly Effective People.” Scarcity mentality refers to people seeing life as a fi nite pie, so that if one person takes a big piece, that leaves less for everyone else.

Psychology studies have found that children who believe intelligence can be developed were better able to overcome academic challenges versus children who believe their intelligence is fi xed in some way. A scarcity mindset can limit a child’s growth.

Studies completed by researchers on adults found that people who had more positive beliefs around aging lived 7.5 years longer than those with less positive self-perception of aging. Embrace those wrinkles because your mindset can prolong your life.

Our local business community should examine whether our actions/words reflect a scarcity or abundance mindset. People complain about how the region is siloed. Business and regional silos are indicators of a scarcity mindset. Silos support a belief we will lose something by sharing resources versus believing we are all stronger and richer together.

I worked with a multi-state business once where the people in the Boston office told me how upset they were that the semiconductor industry picked the Capital Region over them. They had so much more to offer the industry and its employees. Then when speaking to some local businesses, many would say, I can’t believe they picked our region versus Boston or Austin. We don’t have as much to offer as those regions. Good grief.

AARP Survey Finds Seniors No Are Longer Settling For Jobs With Stressful Conditions

Many older workers are no longer settling for stressful working conditions or fully in-person jobs, finds a new AARP survey of adults age 40 and older.

The COVID-19 pandemic has caused a shift in attitudes about work, with more people prioritizing work-life balance and making workplace flexibility as a job prerequisite, the report said.

“Understanding a Changing Older Workforce: An Examination of Workers Ages 40-Plus” shows that flexible work hours are now a job requirement for 79 percent of older workers, while 66 percent say they would only accept a new job if they are able to work remotely at least some of the time. Most older workers (90 percent) also say they require a job that provides meaningful work.

ence survey:

• Despite the greater emphasis on flexibility and work-life balance, older workers continue to prioritize job stability (88 percent) and competitive pay (87 percent) when accepting a job.

• Retirement savings, pension benefits, and being able to phase into retirement are also important considerations for accepting a job.

• Older workers are worried about job security. Nearly one-third (30 percent) think it is likely they will lose their job within a year, primarily because of a weak economy.

• Age discrimination (37 percent) is cited as the top reason for lack of confidence in being able to find another job within three months, if needed.

The former Mayor of Albany was famous for his abundance mindset. He campaigned for a new convention center for over a decade. People would laugh and say, “We can’t support a convention center.” But his persistence was complete when a new convention center was erected. It is bustling with activity and there are plans for expansion.

The new president of the local black chamber of commerce warned attendees about how she has encountered similar rhetoric. She is originally from the Capital Region. She was happy to return to where her family still lives. She believes the region has a lot to offer and she was excited about the opportunities here. However, she is mystified by how many people have asked her why she would consider moving back here when she lived in another, more exciting city. She encouraged the crowd to reverse the scarcity mindset.

We may be conditioned to have a scarcity mentality. Are promotions and raises scarce, are resources limited, do managers hoard information, is micromanagement abound, and is short-term thinking the norm?

A scarcity mentality can be what keeps us from achieving our goals. It can keep students from staying or new hires from moving here. An abundance mindset communicates there is plenty here for everybody.

We can make the shift from a scarcity to abundance mindset by focusing on what we have, surrounding ourselves with positive mes-

Continued On Page 18

“During the pandemic, many people took time to reexamine their personal goals and how their job fits into their life,” said Carly Roszkowski, vice president of financial resilience programming at AARP. “Given the high level of burnout that so many older workers experienced during the pandemic, especially those who are caregivers, it should come as no surprise that work-life balance has emerged as not just a priority but a requirement.”

Over half (53 percent) of those ages 40-49 and 36 percent of all workers age 40 and older are caregivers for an adult, typically a partner/ spouse or parent, and report having to work remotely, change work hours, reduce hours, use paid caregiving leave or quit their job altogether to provide care in the last five years, the report said.

Given the need for more flexibility among caregivers and the emphasis on it among older workers in general, gig and independent work has become increasingly common. More than a quarter (27 percent) of older workers are doing freelance or gig work and the number is higher (32 percent) for those ages 40-49. While 89 percent of gig workers say making extra money is their primary motivation, flexible work hours are a close second at 87 percent.

Additional findings from the Value of Experi-

• Over three in five (64 percent) believe older workers face age discrimination in today’s workplace, and among them, 94 percent viewing it as commonplace.

• Two in five (41 percent) report experiencing some type of ageism at work in the past three years, but only 13 percent have made a formal complaint to a supervisor, HR representative, another organization or a government agency.

“The number of older workers is projected to grow significantly over the next decade, and understanding older workers’ needs and concerns benefits both workers and employers,” said Roszkowski. “For example, paid caregiving leave can help workers maintain productivity and help employers stay competitive in the marketplace.”

The Value of Experience survey is AARP’s multicultural work and jobs study. The sample was comprised of 2,000 respondents ages 40plus in the labor force (i.e., those working fulltime, part-time, and those who are not working but looking for work), including 1,079 Black workers, 1,103 Hispanic workers, 693 Asian American/Pacific Islander workers, and 644 LGBTQ workers ages 40-plus.

The data were weighted to be nationally representative. The survey was fielded online from Sept. 15 to Oct. 12 in all 50 states and the District of Columbia.

Rose Miller is the president of Suite Advice, LLC. Courtesy Suite Advice LLC

Offices Are Laying Off Workers, But Owners Can Still Take Other Steps To Save Money

BY MARK SHAW

The economic outlook for 2023 is the dreaded R word—Recession.

It`s here. We know the media and our government are not exactly forthcoming saying it’s here, but if you are a consumer you see the change. Technology is often the canary in the coal mine. When tech companies start cutting jobs, that is when we see things starting.

Amazon, Facebook, Twitter, and just a few days ago Salesforce, recently cut their workforce. Additionally, the news was just released that the financial sector cuts are coming. These two major driving economic forces are the first to start the layoffs. Next up, all of us.

But as a small business owner there is some comfort in the fact that you can probably find some places to cut costs and save money. Ideally, you have probably been doing this all along as the inflation numbers have grown. When it comes to your technology, if you currently have an IT staff, even if it’s just one person, you can use some costeffective, time-tested methods to meet your needs.

In today’s world you can outsource your information technology for often a fraction of the cost of retaining a fully loaded employee. Multiple studies shown that firms with 1-10 IT staff members have seen significant savings by outsourcing to an IT consulting firm. I have first-hand experience of the best ways this can and has been done.

First, outsourcing doesn’t have to mean firing people and leaving them without a job. We all put people first and finding a balance is ideal. So, you are now left wondering how do I save money, cut staff, and still get great technology support and advice? Well, there are a few ways to do this. Let’s talk about what using a third party company to manage your IT needs can do to dramatically improve your life.

No more loaded costs with 401k, healthcare, vacations.

No more worries about all the keys to the kingdom in one person’s hands.

No more fears over someone else scooping up your critical tech staff.

No myopic view of the world. Only seeing your business and no ability to benchmark what the best of the best are doing.

Imagine you now take those dollars spent

on internal IT staff and move them to someone else. Someone who will handle all that and provide a team of engineers, customer service, and technology solutions for your business. You’ll no longer be worried about costs of staff or the dreaded “What happens if so and so is hit by a bus” scenarios.

You have a team who also has seen businesses just like yours, probably many of them. This group of skilled people can work daily to manage your environment, sometimes 24/7/365. Watching your technology around the clock requires a massive amount of resources, experience and expertise. No one person or even your small set of inhouse staff could possibly do this.

To take this one step farther, many IT firms like my own are always looking for great tech talent. On more than one occasion, we have worked with a company to bring some of their team who otherwise might be laid off and put them to work for us. This keeps a friendly face your staff all knows and allows us to introduce new people as well. What a complete win-win-win scenario.

You get to reduce costs, the IT consulting firm gets to add a valuable person to the team and the employee you had to let go is now comfortably employed and is still a resource to you.

Take that, recession.

SUNY Empire State Agrees To Provide College Credit To Some State DMV Employees

The state Department of Motor Vehicles (DMV) has a new partnership with SUNY Empire State to provide college credit to eligible employees. The credits can be used as general learning in any undergraduate program at the college.

To be eligible, a new or current employee must have completed all three components of DMV’s new employee training program (NETP)—License, Registration, and Enforcement—in addition to a customer service component. Current employees must have completed the training since 2013 to be eligible. Those who have done so can receive six college credits from SUNY Empire, which represents a savings of $2,015.20 in tuition fees.

The DMV Statewide Training team will provide proof of completion of the three NETP courses to SUNY Empire for interested employees. The department has assigned staff members to serve as advisors to answer questions and help employees explore this opportunity.

“We are always looking for new and innovative ways to help our employees gain

new skills through training and to advance their careers, so we are very excited to roll out this new partnership with SUNY Empire,” said DMV Executive Deputy Commissioner Christian Jackstadt. “The flexibility that SUNY Empire provides will allow all our employees throughout the state to take advantage of this opportunity. This partnership is one of many initiatives we have introduced as part of a strategic effort to attract and retain top talent and make careers at the DMV even more rewarding.”

“SUNY Empire State is thrilled to partner with the New York State Department of Motor Vehicles in service to the agency’s employees,” said SUNY Empire State President Lisa Vollendorf, Ph.D. “Our commitment is and has always been to drive educational attainment in New York state and beyond, driving social mobility and reaching students who can benefit from our flexible and innovative academic experiences.”

To learn more about career opportunities at the DMV, benefits, and how to apply, visit dmv.ny.gov/careers/careers.

Uncommon Grounds Expands Again, Adds A New Store In Stuyvesant Plaza

Uncommon Grounds, which started on Broadway in Saratoga Springs, recently opened a new cafe in Stuyvesant Plaza in Albany County.

It is the company’s fourth community cafe.

Like the others, it is a purveyor of freshroasted specialty coffee.

The coffeehouse offers a menu of signature beverages, homemade bagels, soups, salads and desserts. Approximately 20 fulland part-time employees staff the shop.

“We’re very excited to unveil our newest location in Albany,” the company said. “Stuyvesant Plaza is a one-of-a-kind location and we can’t wait to welcome Plaza shoppers and tenants for a meal or a hot cup of coffee. We look forward to continuing to grow our business there.”

“Uncommon Grounds is a Capital Region favorite, and we’re happy to welcome them to Stuyvesant Plaza,” said Stuyvesant Plaza

General Manager Rachel Ferluge.

Uncommon Grounds’ current Albany location in University Plaza is staying open. The coffee shop has two other locations in Saratoga Springs and Clifton Park.

Uncommon Grounds first opened in 1992 in downtown Saratoga Springs, with the mission to procure high quality coffee beans from reliable sources committed to ethical and sustainable practices. In 1996, the café began serving fresh New York Cityinspired bagels and cream cheese prepared from scratch daily. The brand freshly roasts all of its coffee in-house.

Uncommon Grounds joins the numerous restaurants and eateries at Stuyvesant Plaza, including Bellini’s Counter, Bountiful Bread, Peaches Café and others. It is sited where Bruegger’s Bagels was previously located, adjacent to CVS Pharmacy.

For more information about Uncommon Grounds, visit UncommonGrounds.com.

Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech).

Courtesy StoredTech

BUSINESS JOURNAL Legal / Accounting

STEPHEN L. FERRARO CPA/ABV/CFF, CEBC, MAFF, CVA

The success of exiting a business depends greatly upon the mental perspective and preparation of an owner during the exit process. Business owners tend to fixate their thoughts only on running and growing their business.

However, there is a tremendous amount of value in seeing the “big picture” with your exit and thinking about the future and where you would like both the company, and yourself personally, to end up.

The owner who is able to see the larger picture and understands that stepping out of a business is an opportunity to move both themselves and their company toward a new stage of life, will be best prepared to execute a successful business transition.

The

Transfer Timing Slots

One of the first big picture concepts that owners should grasp is the idea of timing slots. Much like a slot machine, you want to see if you can match up three critical areas—personal timing, company preparedness, and market timing. A solid ‘big picture’ of an exit considers all three.

Market Timing

Markets run in cycles and timing is important. If a business is performing well because there is a favorable economy, all things being equal, this can be an optimal time to consider an exit. Valuation is high, employees are engaged, and, often times, buyers/investors have a high degree of interest and activity.

The last three decades have followed a similar market cycle and this decade is following suit. Therefore, your “big picture” in terms of market timing indicates that the next few years are ideal in terms of market timing.

Company Preparedness

The second big picture concept for an exit is company preparedness. Your business needs to be, at least somewhat, transferrable to have a successful exit.

There are a large number of items that can lead to poor timing for an exit and lack of company preparedness. For example, you may have recently had a departure of a key manager, or you may have lost a key customer and need time to replace that revenue.

Alternatively, your CFO or controller may not have your finances in order, or you may have a lawsuit pending that should really be resolved before moving ahead with a transfer of the business.

While timing can rarely ever be perfect, it is important to think through the current and

forecasted profitability and valuation to see that your company’s preparedness is optimal for a successful transaction that will result in a valuation and deal structure that works for you personally.

Personal Timing

The final big picture concept—and the third consideration in the timing slots of an exit—is personal readiness. It probably makes sense to begin the big picture thinking of an exit with personal planning. The reason is that this can be the most complex and take the most amount of time to navigate. Also, how an owner thinks about an exit is what is most likely to drive the exit process.

In other words, the market and company can be perfectly positioned for an exit, but if the owner does not want to leave, it is possible that an exit process will not begin.

Prior to considering any of the various options for exiting your business, you must be able to recognize two key elements within yourself: realization of where you are right now, and a clear vision of where you want to be after the exit.

As a successful business owner, you realize that you have created self-worth and profit for both the company and those around you, including your family members. In building a company, you have built a personal identity, perhaps the only one which is recognized by some family, friends, and business associates. Many owners, without properly considering their new, post-exit identities will be unable to successfully

Continued On Page 20

Life Estate Deeds In Estate Planning

BY JASON SNYDER, ESQ.

With a rise in the value of land over the past decade, one’s largest asset oftentimes ends up being their home. While a last will and testament usually cover the transfer of title of real estate upon death, life estate deeds also fulfill this purpose while also providing many more benefits that property owners might not be aware of.

What is a life estate deed?

Deeds effectively transfer real estate from one party to another. The parties to a life estate deed are referred to as the “life tenant” and the “remainderman.” The life tenant (the current owner) transfers the property to the remainderman (the beneficiary).

While the deed is signed and recorded now, the full transfer of title does not happen until the death of the life tenant. The life tenant can use the property during his or her natural life and has rights to any rents or profits arising from its use. Upon the death of the life tenant, the remainderman receives the full title and all the rights and benefits of owning the property.

Benefits of establishing a life estate deed.

Probate avoidance: One of the biggest reasons many clients choose life estate deeds is probate avoidance. Because the home transfers to the remainderman automatically upon the owner’s death, it does not go through probate. If the home is administered through the will, it can take several months or years before the beneficiaries can take possession. This could also save the estate thousands of dollars in probate fees.

Medicaid liens: Another reason many clients do life estate deeds is to avoid Medicaid liens on the home. If the owner goes into a nursing home and passes away, Medicaid typically will try to recoup the owner’s care costs by placing a lien on any real estate owned by the estate.

With a life estate deed, this is avoided because the home is owned by the remainderman. To avoid these liens, the life estate deed must be executed at least five years prior to the application for Medicaid.

Taxes: There are also some tax benefits.

When the life tenant dies, the remainderman typically receives a step-up tax basis in the property. This means the remainderman takes ownership of the home at its fair market value at the time of the life tenant’s death. This can save the remainderman capital gains tax when the property is sold. It is also important to mention that the life tenant continues to receive many property tax exemptions they had prior to the deed (STAR, senior citizens, veterans, etc.).

Lower cost compared to trusts: There are several types of trusts that also achieve many of the same benefits. While setting up a trust is generally advisable, the up-front cost of setting one up can be daunting. The life estate deed provides an inexpensive alternative to clients owning primarily one home. What potential issues could arise from a life estate deed?

Selling the home: Life estate deeds can create some mechanical issues if the life tenant wants to sell the home. Purchase agreements and closing documents must be executed by all parties on the deed, including the remainderman. This can be problematic if the remainderman is unavailable or does not want

Continued On Page 18

Stephen Ferraro is a partner with Ferraro, Amodio & Zarecki CPAs.

Courtesy Ferraro, Amodia & Zarecki CPAs

Jason Snyder is a senior associate with Tully Rinckey PLLC.

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In Economic Uncertainty, Investors May Focus On Individual Quality Of Companies

BY KEVIN M. HEDLEY

Looking back on 2022, for much of the year inflation was a major topic.

Inflation peaked at 9.1 percent in June of 2022 which was the highest rate since 1980. Inflation is measured by the Bureau of Labor and Statistics which calculates CPI inflation by taking an average weighted cost of a basket of goods and dividing it by the same basket of goods from the previous month.

So, a lot of the inflation numbers reported are based in comparison to the previous month and not since the beginning of the year. Some of the root causes of inflation included higher commodity prices due to supply issues which was exacerbated by the war in Ukraine, higher prices due to increased demand of consumers who spent less in the pandemic while saving more and supply struggling to keep up, and tight labor markets leading to increases in employee wages.

In order to combat inflation, the Fed has tightened its monetary policy by continuing to raise interest rates at it’s most aggressive pace since the 1970s. It appears the Fed has made combatting inflation a top priority, understanding the risk of being so aggressive may cool the economy to the point of triggering a recession.

Coming into 2022 there was a lot of sentiment that the Market was “expensive” from a price to earnings perspective and a correction could be possible. If you were invested in the market in 2022 you were likely at a loss in your portfolio for the year with key indices such as the S&P 500 down over 18 percent, NASDAQ down nearly 33 percent and Dow down nearly 7 percent.

Often when the market is struggling investors move to bonds or fi xed income due to an often‐inverse relationship. However, in 2022 Stocks and bonds had a positive correlation and both had negative years.

Bonds had either one of their worst years ever if not ever depending on the indicator used from a performance perspective.

As we head into a new year, there is a lot of talk about a looming mild recession. As previously discussed, the Fed is more concerned with inflation than a recession. It is expected that the Fed will continue to raise interest

rates, while perhaps more slowly with the goal of getting closer to the target rate of 2 percent inflation. Even if recession is avoided in 2023, corporate earnings will largely determine the economic growth and thus outlook for 2023.

Several leading indicators of a recession include growing corporate inventories, an inverted yield curve which has preceded every recession since the 1960s. Th is means short term interest rates exceed long-term rates thus removing the premium for time. Other signs are the market downturn experienced over the past year, home building and home buying are falling dramatically along with all of the associated employment and materials. Also, a divided government since the midterms historically means gridlock, where reform or any decisions such as providing fiscal stimulus may be very difficult to achieve.

While recession concerns may be real, there are some aspects that may buffer a recession to an extent. Coming out of the Pandemic household balance sheets are still strong and many homeowners have fi nanced their homes during the historically low interest rate environment of the recent past.

Kevin M. Hedley, MS, CPA, PFS, partner, Hedley & Co., PLLC.

Am I Saving Enough For The Retirement I Want?

BY JOSEPH VEDARTE, CRPC

There’s no one-size-fits-all answer. These four steps can help you figure out the amount that’s right for you.

Ask three retirement experts how much you need to save for retirement, and you’ll likely get three different answers.

One might respond with a specific number, say $3 million; another might suggest you save enough to let you draw down 80 percent to 90 percent of your annual pre-retirement income every year; and a third may say you should strive for 12 times your pre-retirement salary. So what’s right for you? And how do you know if you’re on track?

As you seek answers to those questions, the following steps can help you identify a sustainable savings target, one designed to support your desired lifestyle over a retirement that could last 30 years or more. Knowing that can be useful in figuring out whether you need to adjust your current savings and investment plan.

Ask yourself: How long could my retirement last?

“There are multiple personal variables to weigh when starting to think about how much you’ll need to save for retirement,” says David H. Koh, managing director and senior investment strategist, chief investment office, Merrill and Bank of America Private Bank.

Your current age may be among the most important. Especially if you’re young and in good health, your retirement may last several decades, he notes. No matter what your current age is, however, you may find that you end up retiring earlier (or later) than expected based on unforeseen circumstances. Either situation could affect the number of years you will need to rely on your assets for income, and it’s important to plan for those possibilities.

Picture your perfect retirement.

Having a clear idea of the sort of lifestyle you want in retirement will help you estimate how much it could cost annually. Start by thinking about your essential or non-negotiable regular expenses, such as a roof over your head, food on the table and out-of-pocket healthcare expenses. Then consider expenses that are important to your lifestyle, which might be anything from dining out and regular travel to offering financial support to aging parents or helping adult children or grandchildren with education.

Keep in mind, too, that some essential expenses—such as your own healthcare spending—may increase in retirement, while your retirement lifestyle may shift as you age.

Finally, consider any aspirational or discretionary goals you may have like purchasing a second home or pursuing certain philanthropic activities during retirement. Just as you juggle and prioritize competing goals when you’re younger, you’ll need to do the same in retirement.

Review how much you already have saved.

Once you have a target annual income figure in mind, take an audit of all of your anticipated sources of retirement income (retirement accounts, Social Security, possibly a pension, annuities, rental income and an inheritance or sale of a business) and calculate how much you could potentially draw from them once you retire.

2023 Follows Difficult Year For Economy And Markets, But Adjustments Remain Possible

STEPHEN KYNE

The year 2022 was an incredibly difficult year for the economy and the markets. In fact, it was the worst year for U.S. stock markets since 2008. Rapidly rising interest rates meant that there were few places to hide as an investor, since even fixed income funds sank due to interest rate pressure.

The S&P 500, the most broadly used US index, ended the year down 20 percent, while the NASDAQ suffered a 33 percent loss, according to FactSet. You’ll be in good company if you open your December statement and find that your balance dropped in 2022.

Down years happen, and it’s something that every investor must accept. The question is: Where do we go from here?

We think that the economy and markets will be impacted by several factors. The first of which will be the continued raising of interest rates by the Fed.

Your personal retirement accounts may be one of your biggest sources of income, and you could be surprised by how much—or how little—even a seemingly large retirement account could provide over the course of a long retirement.

Close the gap: Adjust your strategies to pursue the income you’ll need/

You will then be ready to consider any adjustments you might need to make to pursue your retirement goal. If you’re now in your mid-30s, you may have 30 years to build assets, but if you’re relatively close to retirement, a first step may be figuring out what you’re spending today and calculate whether you’re currently on track to support that in retirement.

“Even if you find that you’re behind where you want to be, don’t get discouraged,” advises Jeremy Kaneer, director, Retirement & personal wealth solutions for Bank of America. “There are a number of ways that you can catch up.” First, be sure you’ve maxed out tax-advantaged retirement plans, such as a 401(k) or IRA, and taken advantage of any employer match. And don’t forget that if you’re over 50, you may be eligible for additional “catch-up” contributions.

“If that’s still not enough, consider other ways to invest for your retirement goals,” says Kaneer. Tax-advantaged options include certain annuities and cash-value life insurance. You might also want to consider participating in a highdeductible health insurance plan, Kaneer adds. When you do that, you’re eligible to contribute pre-tax dollars to a health savings account, which can be rolled over year after year and used in retirement for more than healthcare costs.

Beyond saving, you might want to consider revisiting your investment strategy, Koh says. “Asset allocation and thoughtful, goals-based portfolio management are two things that can potentially steer you to a better retirement outcome.”

Remember, too, that retirement is a journey, adds Kaneer. You can always change course if you need to—maybe by working a few years longer or adjusting your expenses. But by starting early and planning ahead to pursue a specific attainable goal, you’ll have a far better chance of living the life you truly want in retirement.

Caught flat-footed in early 2022, the Fed began a rapid series of interest rate increases in a desperate attempt to rein in rampant inflation, which resulted from the wanton subsidies and stimulus of the government’s pandemic response. Since interest rates are essentially the price of money, raising them should slow down economic activity, although it can be a messy and very imprecise process.

The goal of the Fed is to reduce inflation, while maintaining employment, and keeping the economy from crashing into recession. This is the socalled “soft landing.”

We expect continued interest rates increases through the first quarter of the year, and hope that, by then, the Fed will take a breather. The risk, since the Fed relies on prior-period data, is that it won’t know if it’s gone too far, until after it’s gone too far.

Recent economic data shows inflation beginning to ease, while we still have full employment, and an economy that rebounded in the 3rd and 4th quarters of 2022. One wonders, then, whether Jerome Powell would recognize a soft landing if it fell on him.

Internationally, we would be remiss if we didn’t

give proper attention to the geopolitical risks facing the economy. 2022 saw much of the world deal with food, energy, and physical insecurities, all of which weighed heavily on economic activity.

The war in Ukraine, which threatens to become a wider conflict, has weighed heavily on the region, and has likely pushed Europe into recession. Europe would deserve more credit for finding alternatives to Russian energy, if it hadn’t been so reliant on it in the first place. Its fate, and the fate of its markets in 2023, will likely be closely tied to events in Ukraine.

China’s somewhat manic departure from three years of zero-COVID has thrown the region into unknown territory. While the Chinese government has not issued official figures, many outside estimates indicate that a million citizens may die in just the first four months of 2023. The question will be whether, once the initial waves have passed through the population, the country will finally be able to get back to work, and will global

Stephen Kyne, partner, Sterling Manor Financial LLC in Saratoga Springs.

Joseph Vidarte, CRPC, financial advisor, Merrill Lynch Wealth Management. Courtesy Merrill Lynch Wealth Management

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The Saratoga Area Abounds With Great Food & Drink Options

Saratoga Springs and Saratoga County are home to many amazing restaurants featuring a variety of cuisines. The diversity of menus and settings ensures that even the pickiest diner will find something to please their palate. In addition, downtown Saratoga Springs' nightlife scene is always hopping, whether you are looking for a friendly pub and a pint, some wine and some jazz, or a place to dance the night away. In addition, there are an abundance of craft breweries, wineries, and distilleries to help quench your thirst. Below are some of our favorite restaurants, nightlife hotspots, and craft beverage producers. Always contact your destination restaurant for current hours of operation.

The Brook Tavern

Saratoga Springs, NY

Just a short walk from the Saratoga Race Course and walking distance from Congress Park, The Brook Tavern is a favorite neighborhood gathering spot nestled at the intersection of Union and Nelson Ave., right in the heart of historic Saratoga Springs.

Carson's Woodside Tavern Malta, NY

With spectacular views of Saratoga Lake and the Vermont mountains, our amazing outside patio, deck, fire pits, and bar are the place to be all summer long. Great food, drinks, entertainment, and fun await! Only 7 miles from Saratoga Springs.

Sushi Thai Garden

Saratoga Springs, NY

Experience fine Japanese and Thai cuisine, prepared and presented in an artistic manner, using all fresh ingredients. Open for both lunch and dinner; don't forget to ask about our take-out and gift certificates too!

Harvey's Restaurant and Bar

Saratoga Springs, NY

At Harvey's Restaurant and Bar, we are proud to be at the forefront of hospitality in the downtown Saratoga region!

Winslow's Restaurant

Gansevoort, NY

Open since 1948, Winslow's Restaurant is steeped in heritage and tradition. Located just a few minutes north of Saratoga Springs, Winslow's serves up classic American cuisine like steak, grilled pork chops, and oven roasted turkey.

The Hideaway Saratoga Springs, NY

The Hideaway at Saratoga Lake Golf Club is open to the public seven days a week and features a menu with something for everyone. Indoor and outdoor seating is available, and they offer a banquet space for weddings and events.

Putnam St. Project

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ers and developers. They have the mission of being socially just and environmentally efficient as part of their business plan,” Yepsen said. “They see this project as benefitting the community, and they are willing to take a hit on their ROI as long as they are fulfi lling the mission of the project which is to help bring affordable units to a downtown, core, prime location—units that will be for purchase--and ensuring that everyone has equal access to those units.”

It is because of Putnam Resource’s commitment to environmental stewardship that the building will be energy efficient and carbon neutral.

“That is a huge environmental plus for the city of Saratoga Springs,” said Yepsen.

Putnam Resources has partnered on the project with two local nonprofits, Habitat for Humanity and Rebuilding Together Saratoga County. While Habitat for Humanity is known for building affordable housing, Rebuilding Together focuses primarily on repairing homes and revitalizing communities.

“The nonprofit partners will be helping to secure funding. There are certain grants that require a nonprofit to be the applicant because they want to make sure that the nonprofit is driving the mission of the project,” said Yepsen. “The nonprofits will also be the ones approving the eligibility status for the affordable units.”

According to Letts, Putnam Resources has

Rose Miller

Continued From Page 13

sages, and creating winning situations whenever we can.

Lake Ridge Restaurant

Round Lake, NY

Only minutes away from Saratoga Lake, we're the food critics' choice (4.5 out of 5 stars), offering first-rate Continental cuisine in an elegant setting. Exceptional food, great prices and friendly service will keep you coming again and again.

The Wishing Well Restaurant

Gansevoort, NY

Award winning restaurant Serving the Saratoga region's finest selection of premium steaks, live lobsters, fresh seafood & wines. Stone fireplaces, a piano bar & attentive service are hallmarks of The Wishing Well.

The Adelphi Wine & Beer Garden

Saratoga Springs, NY

Located at The Adelphi Hotel in downtown Saratoga Springs, the Adelphi Wine & Beer Garden offers sommelier-selected wines, delicious craft beer, and the region’s most inventive and flavorful sushi.

Wheatfields Restaurant

Saratoga Springs, NY

You can't go wrong with freshly made pasta prepared right on-site using local ingredients! But Wheatfields is much more than pasta: Patrons rave about the hand-stretched pizza, the salmon entrée, and the fried calamari appetizer, to name a few.

Salt & Char

Saratoga Springs, NY

Salt & Char is a Modern American Steakhouse with an inviting and stylish atmosphere that creates the perfect dining experience. Step inside or join us on the veranda for second to none views of Broadway while dining for lunch or dinner.

Beer Wine Pizza

Saratoga Springs, NY

Hang out and enjoy some of the region's best pub food at Beer Wine Pizza in Saratoga Springs, NY. This local bar and grille offers burgers, pizza, boutique wines and craft beer, and more!

Morrissey's Lounge & Bistro

Saratoga Springs, NY

Morrissey's Lounge & Bistro in Saratoga Springs is located within The Adelphi Hotel and is the perfect place for good food, drinks, and conversation. They offer an all day menu and three unique dining areas.

Courtesy of Saratoga.com

When faced with a career change or thinking about starting a business, instead of mentally listing all your limitations, instead focus on all your experience, contacts you’ve made, and all the ways you can bring value to the company or customer.

Find and start spending time with people who always see new opportunities. Positive attitudes rub off. As Tony Robbins has said, “The quality of a person’s life is most often a

applied for a grant from the New York Empire State Development (ESD) Restore NY Communities Initiative. The grant money would enable them to increase the number of affordable housing units within the building.

“We really want to have at least 50 percent that are affordable. We’re looking at under $200,000. Our goal is to have as many of those units as possible. Without the grant, we won’t be able to have as many affordable units, but it’s still going to happen.”

The grant application was submitted at the end of January after receiving unanimous support from the City Council. In a press release, Saratoga Springs Mayor Ronald Kim voiced support for Putnam Commons and described the project as “a welcome answer to the city’s chronic need for more affordable housing, and a positive end to a long Brownfield cleanup journey for the property owner/ developers, as well as put the property back on the city property tax rolls.”

Letts said that the city’s support is integral to success of the project.

“We’re so glad to have the resolution from the city council as well as their very authentic and outspoken support. We feel like we are going to have good luck with the planning board as well.”

Now that the application has been submitted, Letts said they will move ahead with the architectural and approval process.

“I did this to get involved in the community, and I really hope that as we get to the later stages of the project that it will inspire other people, regardless of their backgrounds, to also get involved in their community and make a difference in whatever way the can.”

direct reflection of the expectations of their peer group.” Look at the people with whom you spend time. Search for people who inspire you. A scarcity mindset believes that if one person wins, another loses. Look for ways for both parties to leave with a sense of accomplishment. Consider practicing this in both your personal and professional life.

We chose our local region many years ago because of its ideal proximity to three large cities, its many business opportunities, a good quality of life, and its excellent schools. We have an abundance of opportunities for personal, professional, and economic growth. We can all be victors.

Jason Snyder

Continued From Page 15

Mortgages: If the owner has a mortgage on the home or wants to get one, banks and lenders may have an issue with a remainderman on the deed. It is highly recommended that the client gets written permission from the lender to consent to the deed prior to signing.

Title defects: Because the transfer is typi-

Kevin Hedley

Continued From Page 16

There is still a very tight labor market with more job openings available than employees to fi ll them. While it is likely layoffs will increase as corporate profit margins remain tight, there is room for layoffs to occur and stay near historical averages. Th is is not optimal for the average US worker but may be a positive for corporate margins and the market.

Stephen Kyne

Continued From Page 17

supply gains finally normalize.

The U.S. is, by far, the largest and most diverse economy in the world. It is two-years removed from the brunt of the pandemic. It stands the greatest likelihood of staying resilient in the face of economic pressures, compared to most of the rest of the world. That said, we do believe opportunities exist international, especially if the dollar continues to come down from its 2022 highs.

We believe that inflation in the U.S. has peaked and, barring being dragged into any major geopolitical issues, we believe the U.S. markets stand

cally between family members, life estate deeds typically do not include a full examination of the home’s title. There may be defects in the title or judgments against the life tenant or the remainderman, which will affect everyone’s interest.

In the year ahead, let’s stop adding up the losses and start speaking proudly of our gains. the home sold.

Life estate deeds have many benefits for clients whose primary asset is their home. They can be an effective, low-cost tool to avoid probate and Medicaid liens from affecting the home. If you would like to learn more about life estate deeds, please contact us for a consultation.

From an investment perspective, slow economic growth is the expectation by many, and therefore to an extent priced into the markets. Price to earnings ratios are more in line with historical averages compared to the high ratios coming into 2022. Investors will therefore be assessing whether actual earnings and economic data meets, exceeds, or disappoints relative to expectations coming into the year. With so much uncertainty, it may be important to focus on the quality of individual companies that have stable cash flows for the upcoming year.

a good chance of working toward a rebound in 2023.

This not to say that we think the NASDAQ will see the 50 percent increase it would need in order to recoup its 2022 losses, but we think the U.S. economy continues to be resilient, and probably the best option for investors, relative to much of the rest of the world. We think that a U.S. recession is still likely at some point in the not-toodistant future, however the ingredients are there to help make it fairly minor.

Continue to work closely with your certified financial planner professional, as they help shepherd you through these uncertain times, and remember that markets ebb and flow and, while it’s impossible to say just when, we believe that the tide will come back in. After all, it always has.

Housing Project

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ment to expanding the supply of safe, secure, and healthy housing opportunities for individuals and families across the state.

Among the awards was $61.6 million for Tait Lane Reserve. State officials said the project is a combination of townhome and three-story walkup buildings. There will be 10 apartments reserved for individuals experiencing homelessness funded through an Empire State Supportive Housing Initiative award administered by the state Office of Temporary and Disability Assistance. The development is the result of a rezoning to allow for more residential buildings in this high-opportunity area.

It took NRP Group six years to secure the financing and approvals needed for work on Tait Lane Reserve to begin. Gertman said final approvals were expected at a town Planning Board meeting on February 7. This complex will have 72 units in nine two-story buildings. A dozen units will be reserved for homeless or disabled veterans.

The nearly 14-acre parcel is on the south side of Route 9N, between Tait Lane and Allen Drive, just past the railroad overpass when heading west out of Saratoga Springs. The site is directly across Route 9N from Sunnyside Gardens nursery center.

“We’re almost 20 percent complete,” Gertman said. “Two buildings are already framed up. It’s really moving along nicely, we’re really pleased. We hope to open the first building in December” of 2023, with people moving in around Jan. 1, 2024.

The completed project will have 12 three-story buildings. Plans call for 78 one-bedroom, 78 two-

bedroom and 46 three-bedroom apartments in addition to amenities such as a fitness center, clubhouse, community room, garden, playground and on-site laundry.

Gertman said NRP Group will start marketing the facility this summer.

“We want to make sure local residents know how to apply and what the process is, all the steps needed to live there,” he said.

Interested parties can obtain more information at the state Homes and Community Renewal website at hcr.ny.gov/find-affordable-housing.

The webpage allows viewers to hone in a local community, with a list of all homes with open applications that are available, not just NRP Group’s.

NRP Group, which builds affordable housing across the U.S., obtained a $54.6 million loan from the state Housing Finance Agency for the project. HFA is a public benefit corporation that finances low- and moderate-income rental housing.

Rental fees, ranging from about $900 to $1,500 per month, will vary depending on the renter’s income, size of household and unit size.

In 2022, the Capital Region’s median income for a family of four was $106,000. As an affordable housing development, apartments at Tait Lane Reserve will be for parties that make between 30 percent and 60 percent of the median income.

In addition to providing much needed workforce housing, NRP Group’s project is boosting the local economy with roughly 140 workers on site during the peak construction period.

“We’re a national construction management company, but subcontract all the work on a competitive basis, so many existing local companies will be involved,” Gertman said.

NRP Group has been active in New York state for about a dozen years.

Thomas R. Trevett • Real Estate Broker/ Owner • 16 Greybirch Trail, Ballston Spa, NY Office: 518-885-3941 • trevettgroup@aol.com

Springs/Ballston Spa includes Parcel #190.

Large Road Frontage, high volume traffic with proximity to several businesses. Property is 1.80

Adirondack Trust Bank and kitty corner from Stewat’s convenient store located on intersection of Route 50 & Northline Rd, only 5 Min to I87, lots of traffic at this intersection Scotia, and Schenectady, etc. Make your DREAM BUSINESS! Amenities; Minutes to SPAC, State Park, Race Track, Casino, Broadway, and Restaurants.

Abeels Restaurant

Turn-Key Saratoga County Bar and Restaurant Business

910 Rock City Rd, Milton 699,900

Turn-Key Saratoga County Bar and Restaurant Business 910 Rock City Rd, Milton - $699,900

Move right into this beautiful 3 bedroom, 2.5 bath modern colonial on a 1.12 acre lot. Features include an open floor plan, first floor primary suite, crisp white kitchen with granite countertops, stainless steel appliances, espresso color hardwood floors, first floor laundry room, office, high ceilings and a TREX front porch. Two more bedrooms, loft area and full bathroom upstairs. Corner 1.12 acre level lot with fully fenced rear yard.

Located close to Saratoga County Airport, 5 miles to SPAC, 10 -15 minutes to downtown Saratoga and 40 minutes to Albany International. Property is 3.83 acres and is zoned R02 Rural zone. Rear yard has an irrigation system, pond, garden, and patio. Plenty of growth opportunity for the right vision!

Located close to Saratoga County Airport, 5 miles to SPAC, 10-15 minutes to downtown Saratoga and 40 minutes to Albany International. Property is 3.83 acres and is zoned R02 Rural zone. Rear yard has an irrigation system, pond, garden, and patio. Plenty of growth opportunity for the right vision!

Thomas R. Trevett Real 16 Greybirch Trail Ballston Spa, NY

Office: 518

trevettgroup@aol.com

2205 Doubleday Avenue Milton - $1,200,000

Located in City of Saratoga Springs/Ballston Spa includes Parcel #190.-2-262.2 Large Road Frontage, high volume traffic with proximity to several businesses. Property is 1.80 acres and has 2 cutoffs from Route 50. Right across from Hoffman Car Wash, and Adirondack Trust Bank and kitty corner from Stewat’s convenient store located on intersection of Route 50 & Northline Rd, only 5 Min to I87, lots of traffic at this intersection to Downtown Saratoga Springs, Ballston Spa, Burnt Hills, Ballston Lake, Scotia, and Schenectady, etc. Make your DREAM BUSINESS! Amenities; Minutes to SPAC, State Park, Race Track, Casino, Broadway, and Restaurants.

ABEELS RESTAURANT

ROBINHOOD MOTEL

Amy Smith Leads Chamber

Continued From Page 1

Park-Halfmoon Public Library; Tom Bellhouse, of West Point Thoroughbreds; Chris Lyons, of AIM Services; Jill Van Kuren, of Saratoga Hospital; Terri Stripling, of Ten80 Education, LLC; Nil Ghoshal, of Polyset; and Jacqui Conrad, of Skidmore College.

The remaining members of the board are Dennis Kiingati, of Hamlet and Ghost; Charlie Wait, of the Adirondack Trust Co.; Melissa Ward, of New Ward Development; Andy Wise, of Saratoga National Bank; Vince Laurenzo, of Quick Response; David Rosenberg, of Brix Wine and Liquor; Kim Ireland, of National Grid; Melissa Johnson, of Target Distribution Center; Heath Ames, of Cantina; John Rogan, of Saratoga Eagle; and Sue Commanda, of Hudson River Community Credit Union.

“In 2023, our Board’s focus will be maximizing member engagement, while also ex-

panding programming for our impact sector,” Smith said. “We look forward to continuing the WNYT collaboration of its Upstate of Business segment, shining a spotlight on local businesses. We are proud to, once again, be Saratoga County’s tourism promotion agency. In addition, we will open participation to our Saratoga County Restaurant Week in March to all local restaurants at no charge, along with the return of the Chamber’s award-winning Love Our Locals $20.23 campaign set for next November and December.”

With offices in Saratoga Springs and Clifton Park, the Saratoga County Chamber of Commerce has an annual budget of approximately $1.8 million and employs nine full-time staff members. The mission of the Chamber is to help local organizations and communities across Saratoga County succeed, grow, and thrive.

Business Exit Strategy

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pursue a business exit because of their continued attachment to the business.

In order to ensure a smooth transition, you want to be able to articulate both where you are in your business today and the personal challenges associated with getting you to where you want to be.

The key to achieving the vision, or the big picture, for your exit is an understanding that the tools and skills which have enabled you to build your business will likely be of limited value in planning your exit from the business; you’ll need to learn new skills. If you are using the same tools, skills, and thoughts that you used to run and grow your business, it is very difficult to move on to the next phase.

The primary reason why this is true is that the development of business value is not entirely consistent with the development of fulfi lling

personal needs and values. A ‘big picture’ look at your situation will have you begin to ask questions about ‘why’ it is important to design an exit plan that meets the needs that you have defined.

Seeing the big picture in your exit involves taking the time to reflect on goals of the business, the timing of the market, but most importantly, your interests and objectives outside of the business.

Exploring your personal goals allows you to confidently move forward to the next phase of life, which may or may not include continued involvement with the company. As in so many aspects of one’s life, perspective is key to ultimate success. By viewing your exit as an opportunity to a begin a new lifestyle instead of as a loss of your business identity, you can begin developing a ‘big picture’ for your exit.