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Month: June 2021

Freedom Boat Club Partner’s With Children’s Museum With Interactive Boating Exhibit

Posted onJune 17, 2021
The ‘Saratoga Lake—Let’s Go Boating’ exhibit offers children an opportunity to take a boat ride fueled by their imagination as they discover different animals and plants in their natural habitat.
Courtesy Freedom Boat Club of Lake George

Freedom Boat Club Lake George has partnered with the Children’s Museum at Saratoga on a boating and fishing exhibit.

The “Saratoga Lake—Let’s Go Boating” exhibit is an interactive, kid-friendly, and colorfully immersive exhibit. The exhibit helps young children utilize play to enhance their social and emotional development, as well as learn how to communicate, observe and problem solve with one another as they navigate their way through it, museum officials said.

Freedom Boat Club owners Matt and Rebecca O’Hara have been members of the museum for several years and brought the idea to staff last year.

“We are frequent visitors of the museum with our 5- and 3 year-old daughters. We’ve seen the joy they get interacting with the steering wheels and controls on our club boats, we thought it would be great to enhance the interactivity of the boat exhibit at the museum,” said Rebecca. “We were thrilled when Sarah and her museum team were open to the idea of working with us to add not just the controls to the boat, but significantly upgrading the space with the fishing and knot tying panels.”

The exhibit space is on the first floor of the museum. It offers children an opportunity to take a boat ride fueled by their imagination as they discover different animals and plants in their natural habitat. To further enhance the exhibit’s educational value, there are additional interactives for visitors to engage with as they discover life on the lake.

Included is a revamped rowboat utilizing a reclaimed steering wheel and throttle control, an interactive knot-tying panel featuring four common boating knots, an interactive fishing game, and a life jacket station.

The O’Haras feel that the exhibit, and future programming designed around it, will allow visitors to have more hands-on experience with the joys of boating, the value of boat safety, and the importance of learning about and respecting the eco systems around the region’s lakes.

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Stewart’s Shops Expands With The Purchase Of Blueox Neighborhood Market Stores

Posted onJune 17, 2021
This is one of the newest Stewart’s Shops convenience stores opened recently in Malone. The company is expanding more with the purchase of Blueox convenience stores.
Courtesy Stewart’s Shops

Stewart’s Shops, the locally based convenience store giant, is expanding again with the purchase of the of its Blueox Neighborhood Market convenience store chain.

Stewart’s will acquire seven stores and rebrand six of them to Stewart’s, under the deal.

The Blueox stores have gasoline pumps.

“We look forward to the opportunity to further serve the Blueox market that they have served so well for the past three plus decades and we look forward to welcoming Blueox employees to the Stewart’s family,” said Stewart’s Shops President Gary Dake.

Blueox Corp. President Jared Bartle said the decision to sell “did not come easily. Our stores, and especially the people in our stores, are deeply embedded into our corporate culture and it’s for that reason we sought a buyer whose priorities most closely aligned with ours.

“This was very important to Blueox. As we realign our long-term goals and continue to reinvest in the delivery and service divisions of our company, I’m excited at the opportunities to come.”

Blueox will continue under the name Blueox Energy Products & Services. At one time, it had 11 convenience stores known as Nice-n-Easy.

The company is based in Oxford in Chenango County.

Renamed in 1986, Blueox Corp. grew to 11 stores made up of both Nice N Easy franchise sites and Big Blue Convenience Stores, serving rural markets in upstate New York. Their residential and commercial delivery and service operations will continue to grow and operate under the name Blueox Energy Products & Services.

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NYS Has Funds For Small Businesses That Rent Space And Have Hardship From COVID

Posted onJune 17, 2021

New York state has $3.5 billion in assistance for renters and small businesses experiencing financial hardship as a result of the COVID-19 pandemic.

The rental assistance program makes up to $2.7 billion in emergency rental assistance available for struggling New Yorkers impacted by the COVID-19 pandemic.

Administered by the state Office of Temporary and Disability Assistance, the state Emergency Rental Assistance Program will provide assistance with up to 12 months of past-due rent, 3 months of prospective rental assistance and 12 months of utility arrears payments to eligible New Yorkers, regardless of immigration status. The program is expected to serve between 170,000 and 200,000 households.

The small business recovery grant program makes up to $800 million in funding available for small businesses to help them recover from the economic impact of the pandemic. Applications for the program will be accepted starting June 10 for small and micro businesses and small for-profit independent arts and cultural organizations to help them recover from the economic impact of the pandemic.

Flexible grants up to $50,000 will be made available to eligible small businesses and can be used for operating expenses, including payroll, rent or mortgage payments, taxes, utilities, personal protective equipment, or other business expenses incurred during the pandemic. Over 330,000 small and micro businesses are potentially eligible for this program, including 57 percent of the State’s certified MWBEs.

Cuomo also announced  phase two of the Reimagine, Rebuild, Renew campaign will launch to make small businesses and residents who have been financially impacted by the pandemic aware of the many relief and recovery programs that are available in New York state.

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‘Share A Step’ Virtual Fundraiser Brings In More than $100K For Wesley Community

Posted onJune 17, 2021
The money raised through the Share A Step initiative supports second phase of renovations at the Springs Building of Wesley Health Care Center, shown behind these volunteers.
Courtesy The Wesley Foundation

The Wesley Foundation, the philanthropic arm of The Wesley Community, raised $104,300 to support local seniors during its “Share A Step” virtual fundraiser,

Officials said approximately 100 community members, double the number from last year,  participated in the fundraiser which took place May 21-27 and invited community members to work toward a fitness-oriented goal while raising funds.

Participants this year logged more than 1,470 miles and helped bring the total amount raised for The Wesley Foundation via the annual fundraiser to more than $140,000 since it began in 2018, officials said.

“It has been tremendously rewarding to see how popular our ‘Share A Step’ fundraiser has become over the past several years,” said J. Brian Nealon, CEO of The Wesley Community. “The funds raised will go a long way in helping to support the many seniors on our campus. We are extremely grateful to all of the participants, sponsors and supporters of this event.”

Donations received via the virtual fundraiser will support the second phase of renovations at the Springs Building of Wesley Health Care Center.

The project will create a contemporary, efficient and home-like environment on the Springs Building’s second, third and fourth floors. Phase one of the project was completed in 2016.

The Wesley Community is a nonprofit senior living campus in Saratoga Springs with more than 700 residents.

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Business Report: NYS Health And Essential Rights Act

Posted onJune 17, 2021
Rose Miller is president of Pinnacle Human Resources LLC.

By Rose Miller

Gov. Andrew Cuomo signed the New York Health and Essential Rights Act (NY HERO Act) into law on May 5. This new act will impose substantial responsibilities on all private employers to provide and maintain safe workplaces for the ongoing COVID-19 pandemic, and for all airborne infectious disease outbreaks in the future.

Don’t shoot the messenger. Seems like New York has rolled out a new regulation to implement every month. A whole host of changes will need to be put in place by Sept. 2. As a small business owner, I feel your pain.

The first thing employers will need to do is to develop an industry specific prevention work plan. Work plans include how the employer handles workplace safety protocols such as health screenings, face coverings, personal protective equipment, hygiene stations, regular cleaning/disinfecting, social distancing, and other controls related to infectious disease safety concerns.  There are some options for employers under a collective bargaining agreement.

Some employers have had some type of prevention work plan already in place.  My firm was one of the only vendors, who included such a work plan as a supplement to the employee handbook.  Existing plans will need to be updated to comply with the act and it must be included in all employee handbooks and posted at all work sites.

Many employers are waiting for the Department of Labor model which is expected around July 4.  However, there is great deal of work to be done in mapping out the who, what, where and how the plan works specific to your organizations. A customized plan must meet or exceed the minimum standards in the act and plans must include participation of employees in its development.

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Upstate Agency Insurance, Arrow Company Subsidiary, Marks 40 Years In Schroon Lake

Posted onJune 17, 2021
A desk that was used at the Upstate Agency, a subsidiary of Arrow Companies, gets delivered to Schroon Lake Community Church where it serves as its altar.
Courtesy Upstate Agency

Upstate Agency, a subsidiary of Arrow Family of Companies, is celebrating 40 years of service to residents and businesses in Schroon Lake.

Upstate Agency specializes in personal, commercial and group health benefits insurance with offices in Saratoga, Warren, Washington, Clinton and Essex counties.

The Schroon Lake agency, established in 1981, originally in the Freidman Real Estate office, moved to its present location at 1072 Route 9 in 1983. Upstate staff recently celebrated with a Coffee Takeover at Stewart’s that included free coffee and giveaways. Another Coffee Takeover will be scheduled for the fall, compamy oficials said.

“Our commitment to Schroon Lake and the surrounding area is strong, and we look forward to many more years helping friends, neighbors and business owners with insurance products and services that help them protect what matters the most to them,” said Kevin O’Brien, senior vice president.

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Adirondack Office Of The Atrium Financial Group Moves To Downtown Glens Falls

Posted onJune 17, 2021
Sherry Finkel Murphy works in the new Atrium Financial Group offices.

by Andrea Harwood Palmer

Sherry Finkel Murphy, CFP, ChFC, RICP, private wealth advisor of The Atrium Financial Group, has relocated its downtown office to 11 South St. in Glens Falls.

“This endeavor has been several years in the making. It will be a huge benefit to clients and business owners,” said Finkel Murphy.

Finkel Murphy was looking for just the right space. Plans were delayed because of the COVID pandemic, but she found what she was looking for at the Empire Theatre Building. The space needed renovations for what Finkel Murphy had in mind.

“There is a dearth of office space in Glens Falls. I am very fond of the building. It is in the heart of Glens Falls, and in the heart of the new Glens Falls in the making,” said Finkel Murphy. “It’s a beautiful office space. Clients are stopping by frequently. It’s nice to give them a space locally so they don’t have to drive down to Albany,” she said.

“Establishing the Adirondack office of the Atrium Financial Group in downtown Glens Falls is a reflection on our commitment to the multiple generations of business in this community. And what an awesome community it is. It’s a great place to live, work and play simultaneously,” said Finkel Murphy.

She is the lead advisor  for the company in the Adirondacks. She also leads the Women’s Practice of the Atrium Financial Group. Of the firm’s six CFP  practitioners, three are women.

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Business Report: Increase Value With Commercial Due Diligence

Posted onJune 17, 2021
Patrick Farrelly is a managing director with UHY Advisors.
Courtesy UHY Advisors

By Patrick Farrelly

You are evaluating a target company that had higher than normal revenue growth in 2020. The target company presents you with a five-year forecast that maintains the above average growth experienced in 2020.

Is the target company’s spike in growth a one-time outlier event or is the growth sustainable? This is a common question many private equity firms currently face following a volatile 2020 business environment.

The answer to this question is critically important since it impacts the target company’s valuation and your firm’s return on investment.

The prior example highlights the importance of the buy-side due diligence process given the uncertainties in today’s market. In the past, your firm may have engaged a third party for only financial due diligence (or quality of earnings – Q of E). However, complementing your financial due diligence with commercial due diligence can help mitigate deal risk, increase return on investment, and improve deal structure and price.

What is commercial due diligence?

The goal of commercial due diligence is to assess the growth and profitability potential of your target company. Target companies’ future financial forecasts often project high growth and profitability over the buyer’s planned holding period. Commercial due diligence helps to validate the assumptions driving your target’s financial forecast.

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Business Report: Overlooked Asset: Life Insurance

Posted onJune 17, 2021
Brian Johnson, director, business development at Advisors Insurance Brokers.
Courtesy Advisors Insurance Brokers

By Brian M. Johnson

There are three primary uses of life insurance. The first is to provide a replacement source of income should a primary provider of income die.

The second is to provide liquidity for the payment of estate taxes or provide a legacy for heirs or a philanthropic cause. 

Third is for the financing of long-term health care via a rider added to the policy.  Less common uses of life insurance include such functions as funding buy/sell agreements, or other finite period requirements.

Income replacement

The key characteristic of the use of life insurance for the replacement of income is that it generally covers a finite period and does not require permanent insurance. During the primary earning years of a person, two things should be occurring.

One is that assets are being accumulated which could provide income in the future. The other is that the life expectancy of those who are dependent on that income is getting shorter and shorter.

In most cases, there is a cross-over point where enough assets have been accumulated to satisfy the income needs for the remaining years of those dependent on the income. At that point, the person or couple or family is self-insured and no longer has a need for income replacement life insurance.

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Skilled Trade Labor Shortages Continue As Boomers Retire, Replacements Aren’t There

Posted onJune 17, 2021
Union leaders in the building trades are looking for ways to attract new workers.

By Christine Graf

The nationwide skilled trade labor shortage has reached critical levels as baby boomers continue to retire. Baby boomers make up the majority of the skilled trade workforce, and there aren’t enough qualified younger workers to take their places, say people in the industry.

An estimated 31 million skilled trade workers retired in 2020, and many of those jobs remain unfilled. Sixty-two percent of companies report that they struggle to fill skilled trade labor positions.

“Ten thousand baby boomers are retiring every day. We have to bring in the next generation to fill those jobs,” said Dr. Jonathan Ashdown, dean of science, technology, engineering, and math at Hudson Valley Community College. “We’re doing everything we can at Hudson Valley to meet the demands for today in terms of helping to solve the skills gap issue.”

Local union representatives for International Brotherhood of Electrical Workers (IBEW) Local 236 in Albany and UA Plumbers and Steamfitters Local 773 in Glens Falls report that their apprentice programs are in high demand. Both unions have long waiting lists for their multiple-year programs.

According to Mike Martell, assistant business manager at IBEW Local 236, they typically have hundreds of applicants for the approximately 50 spots that are available in their apprenticeship program each year. Union apprenticeships are typically in high demand because union jobs offer above average pay and benefit packages. Local 236 apprentices earn a starting wage of more than $17 an hour and receive an excellent benefit package.

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