Saratoga Business Journal

Stewart’s Shops Acquisition Of Red-Kap Adds Gasoline Distribution Services, A Few Stores

December 11, 2020December 14, 2020

Red-Kap is a locally owned, family run business, has eight convenience stores, three car washes, a 75-plus dealer network and fuel distribution business.
Courtesy Red-Kap

Stewart’s Shops is announced it is expanding its fuel distribution business with the acquisition of Red-Kap, a locally owned, family run business.
Stewart’s officials said the company will acquire eight convenience stores, three car washes, a 75-plus dealer network and fuel distribution business.
Under the terms of the agreement, Stewart’s will maintain the branding of the Mobil, Citgo, and Sunoco stations and will convert a few of the Red-Kap locations into Stewart’s Shops.
“Stewart’s has always respected the business and our long personal relationship with the Kaplans and their team,” said Stewart’s Shops President Gary Dake. “Doing business with people who respect people is always a pleasure. Both organizations come from long local family histories that have helped form the communities where we live.
“The acquisition will add eight corporately run locations and a significant addition of gasoline supply and distribution to local stations. Stewart’s prides itself on vertical integration and support. In the age of COVID-19, with an ever-changing business climate, we look forward to extending this support to the distributor/dealer network.”
Red-Kap, based in Schenectady, owns eight convenience stores from Saratoga to Loudonville, Troy, East Greenbush, and as far west as the Syracuse suburb of Baldwinsville.

Executive Woods Mixed-Use Park Will See Expansion; 50 New Apartment Units Planned

December 11, 2020December 14, 2020

This is Executive Woods in Clifton Park where 50 new apartments will be built.
Courtesy DCG Development

By Susan Elise Campbell
DCG Development Co. has planned an expansion of residential space in Executive Woods, one of three mixed-use office parks the company has near the intersection of Route 9 and Route 146 in Clifton Park.
According to Donald MacElroy, DCG vice president, the project will include completely re-purposing an existing structure. They will also build a new one. The result will be a total 50 rental units that MacElroy said will appeal to the middle market.
“New apartments have not been built in Clifton Park in many years,” said MacElroy. “As products age and grow out of use, others step in to take over.”
MacElroy said there is “pent-up demand for apartments, particularly new construction.” He expects that middle-income jobs will continue coming into the area because “many of the businesses springing up around that intersection are health care facilities, bringing in new employment opportunities.”
Executive Woods is on the north side of Route 146 and has a two-story, 20,000-square-foot professional office building that will be converted into 34 rental units, he said. Floor plans are being developed. All walls and partitions will be removed and new utility systems installed.

Business Report: Your Retirement Plan Under A New Employer

December 11, 2020December 14, 2020

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

By Rob Snell
Your employer-sponsored retirement plan is a valuable asset. But sometimes things happen that can affect the status of your plan. So, for example, if you work for a hospital that changes ownership, and you have been participating in a 403(b), 457(b) or 401(k) retirement plan, what should you do with it now?
Basically, you have four options:
Cash out your plan. You can simply cash out your plan and take the money, but you’ll have to pay taxes on it, and possibly penalties as well. So, unless you really need the funds and you have no other alternative, you may want to avoid liquidating your account.
Roll your account into your new employer’s plan. If it’s allowed, you can roll over your old 403(b), 457(b) or 401(k) plan into your new employer’s plan. Before making this move, you’ll want to look at the new plan’s investment options (which should be numerous) and fees (which should be low). If you move the money directly to the new plan, you won’t be taxed at the time of the transfer, and your funds can continue to grow tax-deferred.
Leave your plan with your old employer. If your account balance is above a certain level, you may be able to leave your plan with your old employer’s plan administrator. You won’t be able to contribute any more money to the plan, but if you like the investment options you’ve chosen, keeping the money in your old plan might be a viable choice.

Business Report: Checklist For Ending 2020

December 11, 2020December 14, 2020

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

By Stephen Kyne, CFP
The end of another year is rapidly approaching, and just as you cross items off your checklist and prepare your home for the winter, it’s also important to complete maintenance items to prepare your finances to close out 2020.
The first piece of financial housekeeping will be to begin to gather documents you’ll be needing just after the new year to prepare your taxes. Compile receipts for medical bills, tuition payments, child care and charitable contributions, among others.
While many of us will no longer be able to itemize deductions due to recent tax law changes, there are credits for things like child care and education expenses which you may still be eligible for. For those with large medical bills, mortgage interest, or who have been particularly philanthropic this year, you may still be able to itemize, so it is important to have those receipts handy.
When it comes to planning for your retirement, this is the perfect time to evaluate your contribution levels to your retirement plans at work. If you have the ability, and you’re not yet contributing to the maximum levels allowed, consider topping these accounts off to take advantage of the possible tax deduction this year, as well as the ability to simply squirrel as much away for the future as possible.
Even if you can’t contribute to the maximum, be sure to at least contribute enough to take advantage of any employer matching contributions.
You may not be aware, but once you reach age 50, you are eligible for higher contribution levels than in prior years. So, if you’ve turned 50 this year, consider increasing your contributions. For 401(k) and 403(b) plans, you can contribute an additional $6,000 to a max of $25,500 from $19,500 for those under 50. For SIMPLE plans, you get to contribute an additional $3,000, up to a new max of $16,500. Take advantage of this opportunity to catch-up on contributions you may not have been able to make when you were younger.

Calm Urged By Advisors During COVID; Roth IRAs Among Strong Investment Options

December 11, 2020December 14, 2020

Cory Laird is a financial planner, Minich MacGregor Wealth Management in Saratoga.
©2020 SaratogaPhotographer.com

By Susan Elise Campbell
Retirement plan holders went on a historic roller coaster ride this past year, but to their credit they held on tight, said local investment professionals.
“Fortunately no one panicked in March,” said Mark Wells, CFP, co-founder of Three Buckets Wealth Management serving clients out of Fort Covington and Glens Falls.“In all aspects of life, when things are up in the air it’s easier to act irrationally.”
Uncertainty is what no one wants, said Wells.
The Three Buckets formula is to determine guaranteed income sources such as Social Security and pension, then calculate the gap between that amount and what the client wants to live on in their retired years, he said.
With a comprehensive plan and short, intermediate and long-term investment buckets in place, Wells said “clients understood how unexpected market swings can affect their overall goals and therefore did not act emotionally” when COVID-19 drove down the stock market.
“Who could know how the pandemic would play out?” said Conor Boyd, managing partner of Thoroughbred Advisors, which has a Queensbury office. “But we were prepared by being positioned in such a way that we could take advantage of opportunities.”
Boyd highlighted the need for a strong liquidity position in any portfolio, through cash equivalents and a guaranteed portion, which is traditionally fulfilled by insurance products.

AHI Offers Free Aid For Health Plan Enrollment

December 11, 2020December 14, 2020

Adirondack Health Institute is offering free health insurance enrollment assistance services to individuals, families, and small business owners in eight North Country counties—Clinton, Essex, Franklin, Fulton, Hamilton, Saratoga, Warren, and Washington—during the upcoming open enrollment period.
Although the state enrollment period was extended to the end of 2020, the annual open enrollment period began Nov. 1 for new enrollees and starts Nov. 16 for those reenrolling in a plan. It runs through Jan. 31.
For those who wish to have their health insurance coverage take effect on Jan. 1, the deadline to apply is Dec. 15.
“Our enrollment specialists provide no-cost, unbiased assistance to help clients determine their health insurance eligibility for Qualified Health Plans, Medicaid, and Child Health Plus” said Joyce Porter, AHI’s Enrollment Assistance Services and Education (EASE) Program Manager. “Another option available is called the Essential Plan, a plan for lower-income New Yorkers who don’t qualify for Medicaid or Child Health Plus. This plan costs much less than other plans, as little as $20 per month, and in some cases no cost at all, yet offers the same essential benefits for those who qualify.”

Wellspring, A Nonprofit Serving Victims Of Abuse, Starts Building New Facility In Malta

December 11, 2020December 14, 2020

This is a rendering of a new facility Wellspring is building that will be located on Route 9, just south of Malta Avenue in the town of Malta. It will eventually close its Saratoga headquarters.
Courtesy Wellspring

By Jill Nagy
After nearly 40 years in the same Saratoga Springs location, Wellspring broke ground in November for a new, larger facility in Malta.
Wellspring provides free services to victims of domestic abuse and violence in Saratoga County and sexual assault victims in Saratoga and Washington counties.
“We are here 24/7 at no charge,” Wellspring’s director, Maggie Fronk said.
“We have outgrown our space in Saratoga,” she said. In fact, the agency is using off-site offices in order to meet with clients and comply with COVID social distancing requirements.
The new building will be on Route 9, just south of Malta Avenue, a site chosen partly for its visibility, Fronk said.
Bonacio Construction is building the facility.
Designed by Saratoga Springs architects Balzer & Tuck, the 8,000-square-foot building will provide confidential space for client conferences; an area for children to play while they wait for adults to finish their appointments; a food pantry and an area where clients can obtain household items, school supplies, clothing and other necessities; space for community meetings and education programs; a workforce development room; space for prevention and community outreach programs; and a staff wellness room Fronk called “a welcoming space to take a break and breathe.”
The enlarged space will allow development of the workforce development program and community-focused training for police officers, doctors, and others in the general community, Fronk said.

Saratoga Warhorse To Use Resources To Help Veterans During The COVID-19 Pandemic

December 11, 2020December 14, 2020

Saratoga WarHorse, a nonprofit organization, uses retired thoroughbred racehorses to work with service members and veterans with post-traumatic stress.
Courtesy Saratoga Warhorse

Saratoga WarHorse, a nonprofit organization that uses retired thoroughbred racehorses to work with service members and veterans with post-traumatic stress, plans to use the program to aid individuals mobilized during the COVID-19 pandemic.
The Military Armed Forces program is designed to assist service members and veterans during the immediate aftermath of trauma and prevent the negative consequences of PST. It formally launches in December and is currently accepting participants.
Officials said that since April, more than 50,000 troops across all 50 states, Washington, D.C., Puerto Rico, Guam and the U.S. Virgin Islands, have been activated domestically to assist in their state’s response to the COVID-19 pandemic. Additionally, approximately 25,000 retired and former U.S. Army medical personnel have volunteered their service.
Their frontline support includes mortuary affairs, serving at community-based testing sites and creating enhanced medical capacity for hospitals and healthcare professionals.

Saratoga Casino Hotel Kicks Off Campaign To Raise Money For Many Area Nonprofits

December 11, 2020December 14, 2020

Alex Tucker, left, and Sam Gerrity of Saratoga Casino Hotel present a check to Todd Shimkus, Saratoga County Chamber of Commerce president, center, for the Save Our Locals Campaign.
Courtesy Saratoga Casino Hotel

Saratoga Casino Hotel has kicked off its 30 Days of Giving campaign, committed to donating some $100,000 to 38 local and regional non-profit organizations in Saratoga and Warren counties.
Through Dec. 22, team members from Saratoga Casino Hotel will help to fill local food pantries, purchase essentials for families in need, and deliver checks to provide funding for non-profit programs and initiatives.
“We couldn’t think of a better way to support and recognize these organizations in our community,” said Skip Carlson, vice president of external affairs at Saratoga Casino Hotel. “This year, more than ever so many organizations and families are in need. Our goal behind our 30 Days of Giving program is not only to provide direct support to each group, but to also help increase the exposure of these amazing organizations.”
Each organization will be featured on Saratoga Casino Hotel’s social media pages highlighting their cause and promoting local support and assistance. Throughout the 30 days the casino will also feature four Player Choice contests on their Facebook page where fans can vote for particular organizations to receive a $1,000 donation. All organizations selected for the Player Choice contests will receive at a minimum $500.
The first recipient of the 30 Days of Giving is the Saratoga County Foundation receiving a $5,000 donation.
“We’re incredibly thankful to be the beneficiary of this generous donation from Saratoga Casino Hotel,” said Todd Shimkus, president of the Saratoga County Chamber of Commerce. “The money will be used for our Save Our Locals campaign and will go a long way in allowing us to continue our mission of helping local businesses that have been so heavily impacted by the pandemic”.

Business Report: Coaching For Today’s Nonprofit CEO

December 11, 2020December 14, 2020

Sabrina Houser is the owner of Capital CFO in Saratoga Springs.

By Sabrina Hauser
The nonprofit world is filled with dedicated and passionate leaders and an organization’s CEO is no exception.
They exist and work in a demanding environment with constant challenges. The average nonprofit CEO spends between 60-70 hours of accountable time in a week, existing between the Board, directors and employees. This can be an isolated position, managing both upwards and down while driving the initiatives of the agency. Typically, the CEO lacks a right-hand person to co-manage with and often is called upon to make decisions alone, often in a vacuum. The mental load can be unnerving.
Coaching for today’s nonprofit CEO is a way for nonprofits to tap into an objective outside resource, who will guide the CEO in key administrative and strategic areas vital to the continued survival —and success—of an organization.
Finding and retaining an individual or company with expertise in the world of nonprofits is critical to the success of the coaching process. A coach will work with the CEO and her team to review and set strategies; develop action items and accountability; engage in motivating activities to support an agency’s employees, directors, board and donors; and build camaraderie between and among board members and support staff.
A coach can be a crucial resource for educating the CEO and team in best practices for attracting talent to your agency, as well as maintaining the expanding upon engagement with donors, supporters, and board members.