Saratoga Business Journal

Business Report: Overlooked Asset: Life Insurance

June 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.

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

June 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.

Development Company Plans To Construct Two Industrial/Warehouse Units In Halfmoon

June 17, 2021

This is a rendering of the larger of two warehouse buildings McRoberts Development LLC plans to build in Halfmoon. It will be 50,000 square feet.

By Christine Graf

McRoberts Development LLC President Mark McRoberts is moving forward with plans to construct two buildings on a 6.4-acre parcel of land located at 11 Liebich Lane in Halfmoon.

The estimated cost of the project is more than $5 million.

“It will be my first major development project,” said McRoberts who is also president of Gridworks by McRoberts.

Gridworks is an interior commercial contractor business that specializes in metal framing, drywall, taping, insulation, and acoustical ceilings.

McRoberts started the company in 1992 shortly after graduating from University of Arizona. He learned the trade by working alongside his father, a master carpenter who specialized in acoustical ceilings. His father, Richard, had a long career at Davis Acoustical in Troy.

Plans for a 50,000-square-foot industrial/warehouse facility and a 10,000-square-foot industrial/warehouse facility were submitted to the town engineer at the beginning of June.

“We’re waiting for comments and then it will go in front of the Planning Board for approval,” said McRoberts, noting that he hopes to break ground in mid-July.

Environmental Design Partnership LLP of Clifton Park is the consulting engineer for the project. McRoberts will assume general contractor responsibilities.

Electricians In Region Say Work Is Plentiful, But Finding People For Jobs Is A Problem

June 17, 2021

Electricians in the area have plenty of work, says, one in the industry.

By Jill Nagy

Area businesses are taking different approaches to deal with a shortage of skilled workers in the building trades.

Jim Curran Electric in Saratoga Springs is a situation where the owner was rescued by a son who, seeing his father “overwhelmed,” relocated from Virginia to join the company.

Mr. Electric of Queensbury runs ads year round on several online help wanted sites. Eastern Heating and Cooling has a well-established apprenticeship program in order to “grow our own.”

Electricians are busy. “There is an avalanche of work,” according to Fred Giardinelli of Eastern Heating and Cooling. “Nine out of ten companies will give you the same answer: it’s “almost impossible” to find qualified people.

Curran reported that he is “too busy to train somebody in the proper way.” Mr. Electric also is “extremely busy.”

Curran, for his part, has soured on the idea of trying to hire and train new people.

“I used to try to hire people,” he said, “but they were not skilled enough.”

People hired as apprentices often did not show up. At the other end of the spectrum, “if they get too trained, they go out on their own.”

Ashley Cirelli Thrives After Changing Her Career Path And Joining Plumbers Union

June 17, 2021

By Christine Graf

Queensbury native Ashley Cirelli was working in the restaurant industry before joining the apprentice program at UA Plumbers and Steamfitters Local 773 in 2015. She is one of more than 450 members of the Queensbury-based union.

“I was working in the restaurant business, but there was no stability. You can make great money, but there’s no retirement or health insurance unless you get it on your own,” said Cirelli whose family has owned several local restaurants including Cirelli’s Jam ‘n Eggs in South Glens Falls.

After learning about the excellent pay and benefit packages available to union apprentices, she decided to apply to the electrician apprentice program at UA Local 236 in Albany. Her plans changed after a chance meeting with Larry Bulman, director of legislative and political affairs for the United Association of Plumbers and Steamfitters, that took place at her parents’ restaurant.

After he told her about the career opportunities available to her as an apprentice at Local 773, she applied and was accepted into the program. In August 2015, she started working at GlobalFoundries as a union apprentice. For her, the job was a perfect fit.

“I’ve been very hands-on my entire life. I helped my dad fix cars when I was young, and I used to build computers” she said. “I always wanted to do something in the trades and almost got into the military. But in high school, I was always told you need to go to college no matter what.”

Cirelli did attend college for 18 months after graduating from high school in 2007. She took business management and marketing classes at SUNY Adirondack but never completed her degree.

Founder Of ‘Chimney Heroes’ Takes Business From Small Operation To Thriving Company

June 17, 2021

Chimney Heroes, founded by Jamie Wallace, far left, does business from Warrensburg to Albany. The number of staff and range of services has grown steadily since 2010.
©2021 SaratogaPhotographer.com

By Christine Graf

After graduating from University of Albany in 2005 with a degree in business administration, Waterford-native Jamie Wallace applied for a summer youth intern position at Grace Chapel in Jonesville.

“I thought it would be a fun way to spend my summer before I looked for a full-time career after college,” said Wallace.

He enjoyed the job so much that he applied for a permanent position as the church’s youth pastor. Despite his lack of experience in ministry, he was hired with the condition that he agree to be mentored. At the time, he was working on Saturday’s for Clifton Park Chimney Maintenance, a company owned by Andy and Jill Looker. Wallace took the job to earn extra money to supplement his youth pastor’s salary.

“I did not even know chimney sweeps existed, so it was very new to me. But I really enjoyed it,” he said.

A year later, with encouragement from the Looker’s, Wallace left his job and started his own chimney sweep business.

“I decided to take a big leap of faith,” said Wallace. “A lot of people said I was crazy, but I went out on my own. My goal was to use the biblical principles I had learned and apply them to the business. And I was right.”

Hudson Headwaters Health Network’s New Mobile Health Center Ready To Hit The Road

June 17, 2021

This is Hudson Headwater’s mobile health center that will bring primary care services to Warren and Washington counties, beginning in Salem.
Courtesy Hudson Headwaters

Hudson Headwaters Health Network has established a mobile health program that started in June.

Hudson Headwaters Mobile Health’s newly purchased mobile health center will bring primary care services to Warren and Washington counties, beginning in Salem.

A second mobile health center, anticipated to arrive in 2022, will serve the central and northern Adirondacks, agency officials said.

According to Hudson Headwaters CEO Dr. Tucker Slingerland, mobile health is the network’s latest mission-driven initiative to expand its access to care.

“It is very fitting that, at the beginning of Hudson Headwaters’ 40th year, we move forward with this innovative care delivery model,” he said. “The same high-quality care that communities have come to expect at our health centers is now on wheels.”

The mobile health center is a highly customized, 40-foot RV-like vehicle equipped as a primary care medical office and certified as such by the U.S. Department of Health and Human Services Health Resources and Services Administration. It offers two fully equipped examination rooms, a registration area, point-of-care testing area, a lab draw station and bathroom.

CDPHP Building ‘Reinvents The Patient Experience’ With Fireplaces, Natural Light

June 17, 2021

This new CDPHP facility in Clifton Park has patient comfort in mind with an open floor plan with natural sunlight, fireplaces with modern furniture and even a cafe.
©2021 SaratogaPhotographer.com

By Jennifer Farnsworth

CDPHP has opened a new health care facility. Health care agencies have been adding offices in communities through the region in recent years. This one, at 1785 Route 9 facility in Clifton Park, is a bit different, CDPHP says.

“We truly are reinventing the patient experience within this building,” said Senior Vice President of Business Development Lisa Sasko.

The 40,000-square-foots facility is “vastly different from other locations in our market area,” according to Sasko. She said the building was designed with wellness in mind for patients, physicians and staff.

“We pulled elements from the hospitality industry and put a deep focus on customer service and healing. We intend to delight customers and provide easy access to personalized care, and we want employees and physicians to love coming to work here,” she said.

The building has an open floor plan with natural sunlight, fireplaces with modern furniture as well as a cafe. There is a privacy room for nursing parents, electric vehicle charging stations in the parking lot and a children’s area.

There are currently five specialty practices operating out of the 1785 building including Albany ENT & Allergy Associates, Capital Cardiology Associates, Albany Gastroenterology Consultants, New York Nephrology and Fresenius Kidney Care.

Business Report: Even ‘Singles’ Need Estate Plans

June 17, 2021

Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.

By Robert Snell

If you don’t have a spouse or children, you might think you don’t need to do much estate planning. But if you have any assets, any familial connections, any interest in supporting charitable groups—not to mention a desire to control your own future—you do need to establish an estate plan.

In evaluating your needs for this type of planning, let’s start with what might happen if you die intestate—that is, without a last will and testament. In this scenario, your assets will likely have to go through the probate process, which means they’ll be distributed by the court according to your state’s intestate succession laws, essentially without regard to your wishes.

Even if you don’t have children yourself, you may have nephews or nieces, or even children of cousins or friends, to whom you would like to leave some of your assets, which can include not just money but also cars, collectibles, family memorabilia and so on. But if everything you own goes through probate, there’s no guarantee that these individuals will end up with what you wanted them to have.

If you want to leave something to family members or close friends, you will need to indicate this in your last will and testament or other estate planning documents.

Business Report: Everyday ABCs Of Leadership

June 17, 2021

Wendy Waldron , the owner of WaldronWorks, is a Professional EOS Implementer®.

By Wendy Waldron

As we build the new normal and reconstruct our economy, let’s take a moment to get back to the basics. Whether you are an owner, foreman, manager or director, there are three things that every leader needs to be doing to make the most of every day. Bring the ABCs to the jobsite.

A – Avoid Busy-ness.

“Quick, look busy, here comes the boss.” It’s so classic it’s almost a cartoon, and yet most of us fall into this trap of “busy-ness” on a regular basis. Is it enough to “keep the guys working?” Well, are they doing profitable work? What do you really know about an office worker’s “production” by walking by their desk? When so many switched to work from home, did you lose a sense of knowing what they were doing?

Do you know what drives the profit in your business? What key activities should be done each week and who is responsible for accomplishing those actions? What are the leading indicators of your future outcomes? What if you paid as much attention to those as you did to the resulting bottom line? Identify the most powerful actions and keep it simple. You need information now, not at the end of the quarter. Maintain a weekly scorecard listing the priority activities, the goal, and who is responsible for making them happen.

B – Boss Mode.

You are not leading a social group or choosing a restaurant for dinner. It’s important to make your expectations known. Imagine that you are coaching a basketball team. It’s your job to clarify the rules of the game. Do you really want all of the players running together in a pack playing offense and defense simultaneously? How can your team deliver if they don’t know exactly what’s expected? Don’t be afraid to use your whistle (or voice) when someone is out of line.