Saratoga Business Journal

Business Report: Is Your Business Ready For The Modern Workplace?

July 21, 2025July 27, 2025

Mark Shaw, president and CEO of Stored Technology Solutions Inc. (StoredTech). Courtesy StoredTech

By Mark Shaw

Technology is one world in which change is inevitable. No matter how you and your business use IT, the process and productivity is forever evolving. Your business is on a journey, and it could be on one of many paths to what we refer to as the Modern Workplace.

But before we try to find out where your business is, we need to understand the evolution from the “old” ways of work and the new world in which we are all a part of, either purposefully or by happenstance.

Most of us born before Y2K are familiar with working in an office with a desktop computer connected to the local network and everything was managed by your company. Your workday was fixed and set. You could not take company data home or work off hours easily. As time evolved, we started to bring laptops with work information home. and added VPNs so we could connect with internal systems from anywhere. Then COVID hit. We all packed up and went home. This changed everything. Meetings were now virtual, and our employees expected us to give them access to all the same systems they had when in office. We had to rethink meetings, phone systems and how we secure it all.

This is the NEW modern workplace. It is anywhere, everywhere and with EVERYTHING you need to conduct business 24/7. Always on and always available killed 9-5 desk jobs for many of us.

Components of the Modern Workplace include remote and hybrid work and cloud first tools for email, file, collaboration and even phone systems. Seamless communications via tools like Zoom, Teams or Slack all wrapped with essential cybersecurity!

But you may say, “This all sounds great but I’m not fully there yet, is it too late to change?” The answer is simple. No. Your march to increased productivity and added security is easier than you think, with less disruption to your core business.

Some of the most common challenges a company like yours might have may include not using IT Budgets as part of your overall business strategy, lack of in-house IT and of course as humans we tend to not like disruption and changes to our day to day.

This is normal. You are an expert in your business, but you may not be an expert in technology. This is where you should partner with a trusted technology firm who can help you navigate these waters for the massive benefits they yield.

Business Report: Smart Retirement Moves For Couples At 50

July 21, 2025July 27, 2025

David Kopyc, president of Retirement Planning Group LLC in Saratoga Springs.
Courtesy Retirement Planning Group LLC

By David Kopyc

For many married couples, turning 50 brings retirement into sharper focus. With children grown or nearly grown and roughly 15 to 20 years until traditional retirement age, it’s time to take stock, make adjustments and ensure you’re on a solid path forward.

Gone are the days when retirement rested on a three-legged stool of Social Security, a pension and personal savings. Today’s couples must balance 401(k)s or IRAs, brokerage accounts, other investments and, in some cases, part-time work. Coordinating finances with your spouse is no longer optional—it’s essential.

Two incomes, two retirements, one plan

Each spouse often has a separate career, savings history and retirement timeline, but you’ll share one household budget. Whether you retire together or years apart, align your spending expectations, investment strategies and lifestyle goals. A mismatch can create unnecessary friction or financial shortfalls.

Longer lives, longer retirements

Advances in health care mean today’s 50-year-olds could spend 30 to 40 years in retirement. Plan for decades of expenses—including inflation, health care and possible long-term care—on a fixed or semi-fixed income.

Health care costs

Fidelity Investments estimates a healthy 65-year-old couple retiring in 2025 will spend more than $350,000 on medical costs over their lifetimes, excluding long-term care. Review Medicare options, consider a health savings account (HSA) and evaluate long-term care insurance.

Social Security timing

When each spouse claims Social Security affects total lifetime benefits. Delaying benefits boosts monthly payouts, while claiming early provides income sooner. Weigh your ages, health, income needs and survivor-benefit implications when deciding.

Seniors Comprise An Enthusiastic Segment Of The Growing Pickleball Community

July 21, 2025July 27, 2025

Due to the popularity of pickleball, instructor Kayla Benner (at net) finds that the majority of her students are seniors.
Courtesy Saratoga Business Journal

Revised for updated statistics, minor factual corrections.

By Rod Bacon

A game created on the West Coast 60 years ago has become the fastest growing sport in the United States.

The brainchild of three fathers — Joel Pritchard, Bill Bell, and Barney McCullum — Pickleball was designed as a backyard game to entertain families. Using elements of badminton, tennis, and table tennis, they used ping-pong paddles, a wiffle ball, and a lowered badminton net to develop a game that has been sweeping the nation in recent years.

Joan Pritchard came up with the name, referencing the “pickle boat” in competitive rowing, which is a crew comprised of non-selected rowers from other teams that compete in a final, often less competitive, race at the end of a regatta.

According to the Sports & Fitness Industry Association’s Topline Participation Report for 2025, there were an estimated 19.8 million pickleball players in the United States in 2024, which is a 45.8 percent increase over the previous year. Over the last three years, participation in the sport has grown 311 percent.

Business Report: Why 10-Pay Whole Life Insurance Deserves A Closer Look

July 21, 2025

Brian Johnson, director, business development at Advisors Insurance Brokers.
Courtesy Advisors Insurance Brokers

By Brian M. Johnson, MBA, CLTC

For many working-age adults, planning for the future often centers around saving for retirement, managing debt, and building wealth. Yet an often-overlooked component of a well-rounded financial strategy is life insurance—specifically, 10-pay whole life insurance, a permanent life insurance policy paid up in just 10 years.

While frequently seen as a tool for wealthier individuals or older adults, 10-pay whole life insurance plays a significant role in both estate and long-term care planning, offering unique benefits for those who begin earlier in life.

Understanding 10-pay whole life insurance

A 10-pay whole life insurance policy is a type of permanent life insurance with guaranteed death benefits, fixed premiums for 10 years, and a cash value component that grows over time.

Unlike term life insurance, which provides coverage for a set number of years, whole life covers the insured for their entire life, assuming premiums are paid.

What makes the 10-pay version distinctive is the compressed payment schedule—premiums are paid over just 10 years, after which the policy is considered “paid-up.”

This feature is attractive to individuals who want to pre-fund a long-term asset during working years while minimizing obligations in retirement.

Tax-free wealth transfer

One of the most recognized uses of whole life insurance in estate planning is its ability to transfer wealth in a tax-efficient manner.

The death benefit is typically income tax-free to beneficiaries and, when structured properly, can also be excluded from the taxable estate.

For families with significant assets—or those with modest estates and legacy intentions—this can help preserve wealth across generations.

Business Report: You Need An Estate Plan — Now

July 21, 2025

Debra A. Verni, Senior Counsel RGLC Law Group.

By Deb Verni

The perfect time to put together an estate plan is before you need it. Unfortunately, most people think about creating an estate plan when a close friend or relative must be placed in a nursing home or when a family member dies and the kids are fighting over assets because there is no Will.

I joke with people and say if you don’t have a “Will”, you have a “Won’t”, I won’t die or become ill and go into a nursing home. My kids won’t fight over my money. My minor children won’t be raised by my evil sister. My children won’t blow their inheritance on fast cars and gambling. My daughter’s husband won’t take half of my hard-earned money when they get divorced after I pass.

A Last Will and Testament is just the beginning of an estate plan. Although a Will is important, it is only one of the documents in your estate plan. A comprehensive estate plan should include a Will, a Health Care Proxy Living Will, a Durable Power of Attorney and in most cases a Trust. Does everyone need all these documents? It depends on your assets and your family dynamics.

For those of you that never considered family dynamics, I can assure you that if your children do not get along while you are alive, they will not get along after you pass. If you are concerned about your money going to in-laws and out-laws after your death, then you need to plan for that. If you want to make sure money goes to your grandchildren, or you have a child or grandchild with special needs, you need to plan for that too.

Now that your head is spinning and you are thinking a “won’t” is not such a bad idea and you are looking around every corner for greedy relatives, remember, you can establish an estate plan now and leave all your worries behind, literally. So how do you go about setting up an estate plan? First you need to figure out who will be in charge and where you want things to go. Estate documents are easy to establish but you need to do your homework. Let’s go through an estate plan step by step.

Plans Underway For Next Generation To Take A Leadership Role At E&T O’Connor Construction

July 21, 2025

From left: Kevin O’Connor and Brian O’Connor, vice presidents; and Pat O’Connor, president of E&T O’Connor Construction onsite at Glens Falls Hospital.
Courtesy Saratoga Business Journal

By Rod Bacon

The mantle of leadership of a highly respected longtime area business is in the process of being passed to the fifth generation of the family.

Within approximately 60 days, Pat O’Connor, who is currently the president, will take the reins of 120-year-old E&T O’Connor Construction from cousins Brian O’Connor and Kevin O’Connor.

“Brian and Kevin came to me a few years ago and said ‘You’re the next one to take over if you want to,’ so I’ve been preparing for this for quite some time,” said Pat. “They continued to run the company until now.”

In 1905, Thomas O’Connor started the business hauling dirt between Glens Falls and Ticonderoga with a horse and wagon. The earliest services offered were earth moving and site development using cable excavators for building contractors.

By the 1940s, ownership had passed to Thomas’ two sons, Edward and Thomas Jr. They continued to do site development so contractors could pour foundations for buildings in Glens Falls, one of which was the First National Bank. They also did site preparation for the Glens Falls Civic Center in the 1970s.

BOCES To Break Ground On $96M Wilton Campus To Train Students For High-Demand Careers

June 23, 2025July 7, 2025

Architectural rendering of the new $96 million BOCES campus in Wilton, scheduled to open in 2027. The facility will expand access to career and technical education, special education, and workforce training.
Courtesy WSWHE BOCES

Editor’s Note: July 7, 2025
This article incorrectly stated in the headline that BOCES had broken ground on its new $96 million Wilton campus. The groundbreaking has not yet occurred. The headline has been updated to reflect that the event is forthcoming.

By Paul Post

BOCES officials are eagerly awaiting groundbreaking for a $96 million campus that will increase capacity for current programs such as construction trades while making new offerings such as green energy and a standalone electrical course possible.

Plans call for three buildings totaling 290,000 square feet on 25 acres at the corner of Ballard and North roads, just off Exit 16 in Wilton. Two buildings would be for special education (grades K-6 and 7-12) and a third for career and technical classes.

The complex would replace the current Southern Adirondack and F. Donald Myers learning centers in Hudson Falls and Saratoga Springs, respectively.

A BOCES program for special education elementary students at the Sanford Street School in Glens Falls would also move to Wilton.

“Currently we tend to have a wait list for our programs,” BOCES District Superintendent Turina M. Parker said. “So we’ll be able to take more students into current programs. And some programs we’re only able to offer at one center now. All programs will be offered at the new center, so it expands our capacity to serve all 31 school districts in the five counties we serve. It expands our reach for students across the region.”

Approximately 1,275 students from Warren, Washington, Saratoga, Hamilton and Essex counties are currently enrolled in local BOCES district courses, and some from the immediate Capital District as well.

Groundbreaking on the new center is scheduled for this fall and it’s expected to start welcoming students in September 2027.

Belmont Stakes Heads Back To Saratoga In 2026 As Fans And Businesses Celebrate Success

June 23, 2025

The lead pack rounds the first turn at Saratoga Race Course during the 2025 Belmont Stakes. The historic race will return to Saratoga for a third and final time in 2026.
Courtesy NYRA

By Paul Post

The Spa City has hit the trifecta of Belmont Stakes fortunes as the historic race will be back next year for a third and final time.

Dust is still settling from this year’s five-day racing festival and officials are already making plans for an even bigger and better event.

“By all measure, the 2025 Belmont Racing Festival supported by the popular Belmont on Broadway concert was an overwhelming community and economic success,” said Greg Connors, Saratoga Economic Development Corporation president. “Feedback from our organizational stakeholders, business owners, the hospitality industry as well as city and county residents has been almost unanimously favorable and positive. Business and community organizers took lessons learned from our 2024 experience and made changes to our 2025 efforts to the benefit of all concerned.”

“We do look forward to welcoming the international and national audience back to Saratoga County in 2026,” he said. “The substantial economic impact on not only Saratoga, but the Capital Region is significant. Historically, the traditional Saratoga meet contributes an estimated $9 million per day to the local economy.”

The Albany Med Health System Elects Daniel T. Pickett III To Chair Its Board

June 23, 2025

Daniel T. Pickett III has been elected chairman of Albany Med Health System board of directors.

Capital Region entrepreneur Daniel T. Pickett III has been elected chairman of the Albany Med Health System board of directors, beginning a two-year term July 1.

Pickett is founder and CEO of AptiHealth, a behavioral-healthcare company that connects high-need patients with comprehensive care, and CEO of Hudson River Capital Holdings, a private investment firm. He previously served as president of Zones and CEO of nfrastructure, two global technology companies, and joined the Albany Med board in 2012 when it oversaw only Albany Medical Center and Albany Medical College. Today, the board includes 30 members guiding a system that spans multiple hospitals, outpatient sites, the Albany Med Research Institute and partnerships with affiliated organizations across northeastern New York.

“A strong health-care network allows communities to thrive,” Pickett said. “Having 16,000 colleagues who live and work here means we understand local needs. It is an honor to lead a System that remains independent and able to define the future of care. As we move forward, we must develop new approaches to meet patients where they are.”

Pickett plans to focus on workforce development, expand access to specialized services such as cardiac and oncology care, and deepen integration among the System’s hospitals. The Albany Med Health System, the region’s largest private employer, offers more than 60 specialty services across 125 locations in New York’s Capital Region and the Hudson Valley, with an annual economic impact exceeding $2 billion.

Recent expansions include bringing pediatric specialties to communities that previously lacked them, launching mobile health units to serve rural areas, and investing in graduate medical education partnerships to train the next generation of providers. The System also continues to invest in telehealth and remote monitoring to reach patients in their homes and reduce barriers to care. Through charity-care programs and community clinics, Albany Med provides free or discounted services to underserved populations.

Arrow Bank Names Shannon Richards As VP Commercial Relationship Manager

June 23, 2025

Shannon Richards joins Arrow Bank as VP, Commercial Relationship Manager in the Capital Region.

Arrow Bank National Association is pleased to welcome Shannon Richards as Vice President, Commercial Relationship Manager.

Based in the Capital Region, Richards will work to expand commercial banking relationships, bring new clients to the bank and collaborate across business lines to deliver a full range of financial solutions. In addition, she will be actively involved in local events and initiatives, reinforcing the bank’s strong presence and commitment to the communities it serves.

Richards brings extensive experience in relationship management and a proven track record of building trusted connections across industries. Her role will continue to prioritize personalized service and long-term partnerships throughout the Capital Region.

Richards most recently served as Vice President, Business Banking Relationship Manager at KeyBank. As part of that role, Richards focused on championing women-owned businesses and women leaders throughout the region. She acted as chair and co-chair of Key4Women and played an integral role in fostering a vibrant network of professional women, speaking at events such as Women of Excellence and the WERC Awards.