Category Archives: Business Reports

Joan E. Taub is an associate broker with Berkshire Halthaway HomeServices, Blake.

Courtesy Berkshire Hathaway HomeServices Blake

By Joan E. Taub

There have never been more choices in determining where one wants to live. When my grandparents retired they became snowbirds and traveled to Florida for the winter. Splitting time between two states was simply what people did.

The winters in the Northeast seemed too harsh for these “older” people in their 60s. At the time it seemed old and it seemed their only choice.

Now, in 2016 there are choices for the many who are still working, yet want to downsize now that their children have moved out; have retired and want to change their lifestyle; or those who anticipate health issues and fear they will not be able to navigate stairs in the future.

Each scenario has many possibilities.

For the working downsizer, I have noticed a lot of people moving away from the developments and moving into, or closer to, town. They no longer need to car-pool their children and enjoy living in a walkable, vital community where visits to the library, restaurants, stores and movies are so close. The in-town condos are appealing, as are homes in neighborhoods within a mile from downtown.

Many people set themselves up for downsizing years before they are actually ready. They purchase an in-town property with the intention of renting for a few years and, when ready, they move in themselves.

Dorothy Rogers-Bullis, owner of drb Business Interiors in Saratoga Springs.

Courtesy drb Business Interiors

By Dorothy Rogers-Bullis

As the Millennials begin their march into the “real world” of the 9-to-5 job, many companies are realizing that this new pool of talent is not so easy to snag. While office foosball matches are fun, and a barista in the break room is nice, the 20-something crowd clearly craves more from the workplace than just a paycheck.

A recent article in the New York Times highlights this issue within the advertising industry. Once “the” place to work for young creative types, ad agencies are now struggling to attract and retain new talent. Many younger workers are being lured away by hip tech firms like Google, Facebook , and Apple, or are drawn to fast-paced start-up companies.

Consider the options

So how are more traditional industries to attract and keep younger employees?

It is a quandary that I hear more and more often from clients.

Clients will say, “I’m okay with my office space, but I know I need to renovate and update in order to attract younger professionals.”

When considering office design and furniture, it’s important to remember that younger workers want options. They are drawn to clean lines, comfortable, functional, progressive pieces that allow them to multi-task; pieces that allow them to sit, stand, roll, and that fold away to save space.

Richard Ruzzo, managing partner, COO, Shepherd Communication and Security.

Courtesy Shepherd Communications and Security

By Richard Ruzzo

When I hear that phrase from a new customer, I know from more than 12 years of experience in the communications and security business that it often means very different things to different people.

The term, “security,” has become a catchword encompassing a range of different issues and challenges being faced by the homeowner or business owner today.

As an expert in access control, surveillance, perimeter alarm systems, and “smart” home/office solutions, it’s my job to ask the right questions and drill down to what that potential customer really needs to make his/her home or business safe and secure.

For most people, “security” usually means cameras, which really means surveillance. Cameras are a great way to protect your business against costly things like shrinkage (employee or customer theft), low employee productivity, or unnecessary and sometimes nefarious insurance claims for trips and falls at your business or home.

Those issues usually occur inside the business or home. But, what about things that happen outside of your office building or home? For some customers, “security” may mean monitoring and protecting against what’s going on outside of the office or home. Has someone been spending too much time “aimlessly” wandering around your business perimeter or residence?

Frank Mayer, a member of Bond Schoeneck & King, deals with tax-related matters.

Courtesy Bond Schoeneck & King

By Frank C. Mayer

It’s been said that all good things must come to an end. This includes an ownership interest in a closely-held business.

Many successful business owners concentrate so much of their creative energy and talent on growing their business that they may not set aside the time for, or may choose to put off, making critical decisions about how they plan to deal with the eventualities of life.

Among the important questions that the owners of a closely-held business should address are: How long do I want to be in business? What happens if I become ill or pass away? Will I be able to preserve the value of my business for my loved ones? If something happens to one of my business partners, how do I prevent an unwanted third party from acquiring an ownership interest in the business?

These threshold questions are easily addressed in what is commonly referred to as a buy-sell agreement, which is a binding agreement between the owners of a closely-held business. By entering into a buy-sell agreement, the owners of a closely-held business can take some comfort in knowing that a well-considered plan is in place to smoothly guide both the owner and the business through the transition process.

A buy-sell agreement may be used by various forms of businesses, including corporations, limited liability companies, and partnerships. Buy-sell agreements are typically structured as a cross-purchase transaction, as a redemption transaction, or as a combination of a cross-purchase and a redemption.

David Cumming, CFP, RICP, CRPS, is a senior vice president with Morgan Stanley.

Courtesy Morgan Stanley

By David L. Cumming

Health savings accounts are a popular resource commonly used by individuals covered by a high-deductible health plan. Whether you have access to an HSA through your employer or you opt to enroll in one on your own, there is much to learn about these flexible savings vehicles.

The number of Americans covered by high-deductible health plans (HDHPs)/health savings accounts (HSAs) rose to about 19.7 million in 2015–up from 17.4 million in 2014. On average, enrollment in HDHPs/HSAs has risen nearly 22 percent over the past two years.

If you are new to HSAs and eager to take advantage of all the potential benefits they have to offer, keep the following in mind as you familiarize yourself with your account this year.

HSAs help to cushion the effect of high up-front medical costs, but in order to take advantage of your account it must be funded. According to industry experts, having an open account is not enough. You must have money in the account–even a few dollars–in order for it to be considered a valid source of tax-advantaged funding. If you wait until a medical bill arrives to fund your HSA for the first time, you may well miss out on its key benefit.

Michael Cruz is president of Lighthouse Advisors LLC in Queensbury.

Courtesy Lighthouse Advisors LLC

By Michael Cruz

Whenever I speak with new business owners, I ask a simple question: “What do you think the number one key to your success will be?”

All too often the answers are money or having the right people on board. The real answer–the only answer–is customers.

Most entrepreneurs tend to be product centric. They know a lot about specific products in their industry. They “know” what their customers need. Often they are right. But that’s not enough.

Knowing what customers need, and knowing what they value are not the same thing. Sales is all about establishing value. It requires us to focus on the economic proposition. What will customers trade their hard-earned cash to get from us? Sales is the ultimate form of customer feedback. We ignore building a customer base at our own peril.