Saratoga Business Journal

Area Students Honor Veterans On This Year’s Saluting Branches Day Of Service

October 15, 2024

Environmental conservation and forestry students joined professional arborists recently to perform tree care and site beautification at Saratoga National Cemetery.
Courtesy of Saluting Branches

Normally the Gerald B.H. Solomon Saratoga National Cemetery in Schuylerville is a quiet and peaceful place. On September 18 it was a buzz of activity as Environmental Conservation & Forestry Instructor Dennis Flynn and 16 of his students joined professional arborists from around the state and Vermont for the 10th Annual Saluting Branches Day of Service, one of 100 sites in the national event.

Students performed tree care and site beautification using the skills they’ve acquired in their Career and Technical Education (CTE) program to honor those who gave so much. This year the students concentrated on raising the tree canopy six feet in one area of the property. They used the drone to survey the trees and map out their work.

“Every year it astonishes me how quickly the students perform. They did their jobs so quickly and effectively that they even made a dent into our overflow work. The chipping and stump grinding is a huge help,” said Michaela Shelton, who is the distribution forester for the Mechanicville division of NYSEG who was the site leader for the day.

The WSWHE BOCES students worked with professional crews from NYSEG (Avangrid), Asplund, Lewis Tree Service, New Leaf Tree Service, National Grid, Greater Heights, J.S. Tree Service and Excavation, LLC, and Homestead Tree Service.

Maria And Mark Dailey To Be Honored At Event

October 15, 2024

Wild About Blue will be taking place on Sunday, October 20, beginning at 4:00 p.m. at the Wishing Well restaurant in Wilton.

This event is Wilton Wildlife’s main fund-raiser of the year and will be celebrating all of the successes of the organization in environmental education, outdoor recreation, and conservation.

At the event will be the presentation of the Metamorphosis Award, which was created to recognize people who have created transformative change in the community, just as the Karner blue butterfly and other species go through remarkable transformations in their life cycles.

This year Maria and Mark Dailey are being honored. The Daileys established The Christopher Dailey Foundation in memory of their son, turning their personal loss into meaningful and impactful projects in the community. The Christopher Dailey Memorial Youth Gymnasium that they built at Gavin Park serves many thousands of people each year, improving their health and bringing people together in positive ways through sports and other activities. Their Annual Turkey Trot and Golf Tournament raise funds to support organizations that serve youth, focusing on those with disabilities or who face other challenges in life.

Business Report: Do Elections Influence Stock Markets/Economy?

October 15, 2024October 16, 2024

Matthew Burnell, Financial Advisor, HK Wealth Management Group, Clifton Park.

By Matthew Burnell

As we approach the 2024 presidential elections many people are wondering will this election have a major impact on the economy and markets? You may have heard the expression: Don’t let how you feel about politics overrule how you think about investing. According to the Pew Research Center, they ran a study asking subjects to rate economic conditions as good or excellent over time. It was no surprise that Republicans rated economic conditions more favorably when a Republican was President and Democrats rated the economic conditions more favorably when there was a Democrat as president.

Looking at just the last four presidents and the S&P 500 performance, during President Obama’s eight-year term the S&P returned 16.3% and President Trump’s term the S&P returned 16%. President Biden’s term through August of this year the S&P 500 had returned 12.5% and going back to 2001, President Bush’s term saw S&P 500 returns at -4.5% over that period. President Bush began his term during the dot com bubble and ended during the subprime mortgage crisis. Coming out of this crisis President’s Obama and Trump were in charge during a historically postive market run, while as President Biden stepped into office during the Covid pandemic. So, there were certainly some large economic factors that greatly affect the Stock market regardless of which party was in power.

Regardless of who the winning party is, crucial to a president’s success in implementing their agenda is the configuration of Congress, comprised of the Senate and House of Representatives. In the long run, it is policy, which matters more for the economy and markets. It is often the case that rhetoric about policy differs from actual policy implemented once elected.

Monetary policy, fiscal policy, economic growth, labor markets, and corporate profits are likely better areas to focus on when thinking of market performance. Focusing on two areas, Fiscal and Monetary policy are likely key agenda items for both parties.

NBT Bank And NBT Insurance Agency Unveil Expanded Office Space In Saratoga Springs

October 15, 2024

NBT officials present a check to the Dake Foundation for Children at the recent opening of their new office space in Saratoga Springs.
Courtesy of NBT Bank and NBT Insurance Agency

NBT Bank and NBT Insurance Agency celebrated the unveiling of upgraded and expanded offices for the sister organizations at 295 Broadway in Saratoga Springs with a ribbon cutting recently.

Office renovations include expansion to fully occupy the 12,000-square-foot building, including the addition of seven new NBT Insurance Agency offices. Additional upgrades include a revised office configuration to promote collaboration among the 37 employees based at this regional hub location for NBT.

As the regional hub, employees represent multiple divisions within the company, including Retail and Business Banking, Commercial Banking, Mortgage, Wealth Management and Insurance.

President of Wealth Management and Regional President Ruth Mahoney said, “NBT has had the honor of serving Saratoga Springs for more than 25 years. As our company continues to grow, we’re excited to expand our presence with this modernized space.”

President of NBT Insurance Agency Tucker Lounsbury said, “We view this office expansion as a commitment to providing enhanced services, greater accessibility and a stronger, more engaged support network for our Saratoga County customers.”

Home Brewer Parlays His Enthusiasm For Quality Beer Into A ‘Nano-Brewery’

October 15, 2024

By Jill Nagy

At Ferdle Turtle Brewing Company, owner/brewer Alexander Fredell brews his beer one barrel at a time.

He refers to his operation as a nano-brewery, smaller even than micro. Still, he keeps four beers on tap: dark lager, lager, India pale ale, and a “rotational” selection.

A tasting room takes up about half the space.

In late September, Octoberfest, a malty, slightly sweet brew, was “flying out the door” and a pumpkin ale was almost ready to replace it.

“It’s a nice problem to run out of beer,” Fredell said.

The brewery is located at 161 Broad Street (Route 29) in Schuylerville. It is tucked in under Sweet Lou’s Bistro and “we try to play off each other,” Frerdell said.

Ferdle Turtle doesn’t serve food, except for some chips and salsa, but people can bring their beer upstairs to Sweet Lou’s or bring their food down to the brewery. Fredell is starting to serve a 12-inch pizza.

Fredell started as a home brewer. During the Covid pandemic, he said, “I switched my career path,” and been working at a brewery, a somewhat larger operation than his present one: about 50 barrels at a time.

“Now, I am down to one barrel at a time,” he noted.

Barbering Friends Open Ballston Spa Barber Club In Carousel Village Shops

October 15, 2024

Ballston Spa Barber Club owners Gilberto Barron-Nunez (center left) and Raffaele Rispo are flanked by barbers Shane Cook (left) and Pierre Lemoine.
Courtesy of Ballston Spa Barber Club

By Jill Nagy

Raffael Rispo and Gilberto Barron-Nunez have been friends for many years. They learned barbering together and, for almost 10 years, worked for the same company. Now, they have their own shop, Ballston Spa Barber Club in Ballston Spa.

“It’s just a barber shop,” Rispo explained. The “club” reflects their strong interest in sports. There are no membership requirements or dues. “We want to cater to all kinds of people, he added.”

The shop is located in the busy Carousel Village, between a gym and karate studio, near several restaurants and a hair salon, and across from a former Pizza Hut morphing into a Ted’s Fish Fry.

“The barbershop fits in well here,” Rispo said.

Walk-ins are welcome, encouraged in fact, but they also accept the appointments.

Most of the shop’s business is haircuts. They also give “really good shaves, especially hot towel shaves,” he said. “We love doing that.”

For clients who do not shave, they trim, sculpt, and otherwise take care of beards.

“A lot of our client have beards. They are very prevalent,” he said.

Saratoga Springs-Based Uncommon Grounds Chooses Queensbury For Its Fifth Location

October 15, 2024

Since 1992, customers have been enjoying the fresh bagels, pastries and exotic coffees available at Uncommon Grounds.
Courtesy of Uncommon Grounds

By Paul Post

Emily Ellenbogen has done just about everything at Uncommon Grounds, from baking and kitchen prep work to set-up and hiring for the company’s newest store at 751 Upper Glen Street in Queensbury.

The site has quickly caught on with students, young professionals and small groups of seniors; anyone looking for a quiet place to work or simply relax and enjoy delicious fresh-roasted coffee and tempting baked goods, made on site from scratch.

“Uncommon Grounds is the ‘third place’ for customers,” Ellenbogen said. “You’ve got home, you’ve got work. Uncommon Grounds is the third place. We like people to feel comfortable here, sitting doing work or just relaxing where they don’t have to be pressured to do things at home or work. They’re here to do whatever they want.”

The spacious, 8,000-square-foot tastefully designed location fills a retail venue previously occupied by a Recovery Sports Grill restaurant whose walls were adorned with huge television screens and all sorts of sports memorabilia. That noisy atmosphere has been replaced by a much more cozy setting with handsome wood paneling, a dropped tin ceiling and hanging plants

Business Briefs: October 2024

October 15, 2024

The Board of Directors of Arrow Financial Corporation (NasdaqGS® – AROW) on October 2, declared a quarterly cash dividend of $0.28 per share payable October 29, 2024 to shareholders of record on October 15, 2024. This represents a 3.7% increase to our quarterly dividend and is in lieu of the 3% stock dividend the Company has declared in recent years. This cash dividend marks the 46th consecutive quarterly cash dividend declared by Arrow.

“We are pleased to deliver enhanced value to our shareholders with the increased cash dividend,” said Arrow President and CEO David S. DeMarco. “So far this year, we have returned more than $6.4 million of capital to shareholders through share repurchases, in addition to the regular quarterly 2024 cash dividends of $13.6 million paid to date. Our continued success allows us to offer increased returns to our shareholders.”

* * *

Saratoga Hospital has replaced its CT scanner in the Emergency Department with a state-of-the-art Siemens X. Cite model, thanks to the generosity of key community donors. The Saratoga Hospital Volunteer Guild and The Robert and Lisa Moser Family Foundation contributed the lead gifts to the project, as well as generous support from Bill and Susan Dake, Mike and Linda Toohey, and Millennium Medical Imaging.

Heidi Owen West’s Retail Outlets Are About To Expand With A New Store In Albany

October 15, 2024

Heidi Owen West is in the process of opening a second Union Hall Supply Company.
Courtesy of Heidi Owen West

By Jill Nagy

Heidi Owen West’s entrepreneurial spirit manifested itself early.

At 16, she began working at concessions at the Saratoga Performing Arts Center, and “I loved it…loved working with people,” she said.

She continued at SPAC through high school and college. Also, while still in high school, she worked at Filene’s department store in Albany. When she was in college, she worked with her mother, Kay Owen, herself a serial entrepreneur, at her mother’s business, Indulgence Cafe and Bakery.

Owen West describes her mother as an “entrepreneur at heart” who left a state job to open the cafe and bakery. She sees a “lineage of entrepreneurial spirit” running through her family.

Mother and daughter abandoned the bakery and cafe in the late 1990s to open Lifestyles of Saratoga, a women’s apparel store at 436 Broadway. The store, according to Owen West, offers a “curated selection” of sustainable women’s brands, the best known of which is Eileen Fisher. The store carries several small batch brands and tries to meet the needs of women of all body types and sizes and offers a broad selection price-wise, Owen West noted.

As Lifestyles began bursting its seams, the space next door became available and Caroline and Main was born, a shop catering to a somewhat younger and more contemporary clientele. She begun designing some of her own products, working with local designers, and bringing in local bands of items like jewelry and candles.

Meanwhile, a seating area at Lifestyles began filling up with men, West recalls.

“They wanted their own space,” she said.

CFO+ Provides A Number Of Key Business Services To A Wide Variety Of Clients

October 15, 2024

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

By Christine Graf

After two decades of working in the non-profit sector, Schenectady native Sabrina Houser established Capital CFO+ in 2017. The Saratoga Springs-based company provides business management solutions to companies and non-profits of all sizes.

“We focus on five key areas–accounting, marketing, administrative services, business management services, and non-profit management services,” said Houser. “Our services include human resources, payroll, recruitment, grant writing, and leadership training.”

Prior to opening her own company, Houser was the CEO and CFO of Big Brothers Big Sisters of the Capital Region. It was while working there that she came up with the idea of opening her own business.

During the past seven years, Capital CFO+ has experienced rapid growth. Houser now has 40 employees, all of whom work remotely as well as on-site with clients. Her staff includes five directors, each director responsible for one of the five services the company offers.

According to Houser, Capital CFO+ has a diverse client base, one that is split equally between companies and non-profits.

“Our clients include doctors, lawyers, construction companies, and property management companies. On the non-profit side, we have youth organizations, historic organizations, and foundations. We also have a couple of universities that partner with us for their foundations.”

Each one of the company’s clients has unique needs, enlisting Capital CFO+ for as many or as few hours as necessary.