Saratoga Business Journal

Business Briefs – February 2019

February 6, 2019February 7, 2019

The Mechanicville District Public Library will host a free Social Security retirement information program at 6 p.m. Wednesday, Feb. 13 for pre-retirees wanting to make a more informed claiming decision.

Topics covered include: When should you collect benefits? Do you understand the new Social Security rules? Learn how to eliminate the guesswork, and how you can avoid critical filing mistakes.

The program is being offered as a public service by Retirement Solutions LLC. Seating is limited and advance registration is required. To RSVP, call the library at 518-664-4646.

***

Northshire Bookstore is accepting submissions for the 2019 Open Mind scholarship.

In Technology Age, Face-To-Face Interaction Important, But Even That Can Be High-Tech

February 6, 2019February 7, 2019

Kristen D. Berdar, CPA, CMA, a partner at BST & Co. CPAs LLP.
Courtesy BST

By Jennifer Farnsworth

As technology continues to grow and expand across the business sector, accounting firms have worked hard to keep up.

Accounting advisory and consulting services have benefited from the way technology has allowed them to work with clients without meeting face-to-face. But these services still need to be personalized. Many local firms have found ways to balance technology with personalized service.

Kristen D. Berdar, CPA, CMA, a partner at BST & Co. CPAs LLP, runs the company’s Virtual Accounting Solutions Division. She said they offer outsourced CFO and accounting solutions for clients on a cloud-based platform, working entirely outside of the client’s office.

They work to create a personalized service that is based on each individual client’s needs and goals.

Business Report: Four Horsemen Of Uncertainty

February 6, 2019February 7, 2019

Kenneth J. Entenmann, chief investment officer at NBT Wealth Management.

By Kenneth J. Entenmann, CFA

What a difference three months make. At the end of the third quarter of 2018, every equity market index was posting significant positive returns, and the markets were focused on an overheating economy and the fear of rapidly rising interest rates.

Suddenly, market psychology turned sharply negative, and the new fear was an imminent global economic recession brought on by trade wars, overaggressive central bank policy and an earnings recession. By year’s end, volatility spiked to levels not seen since 2008, and all the major equity indices were decidedly negative. International markets suffered the most, with the developed markets (MSCI-EAFE Index) falling 13.32 percent and the emerging market (MSCI-EM Index) falling 14.49 percent.

The domestic equity markets fared better, but still posted negative returns for the year—Dow Jones Industrial Average fell 3.38 percent, S&P 500 fell 4.39 percent, Nasdaq composite fell 2.81 percent and Russell 2000 fell 11.03 percent—a very tumultuous end to 2018.

Business Report: The Power Of A Power Of Attorney

February 6, 2019February 7, 2019

Debra Verni, principal of the Herzog Law Firm in Saratoga Springs.

Debra A. Verni, Esq.

Recently, I received an email from one of my client’s daughters. It was mom’s 90th birthday and she took mom to a casino.

Mom won $1,300 on a slot machine. When the staff member came over to cash mom out and give mom her winnings, she asked for photo ID. Mom let her license expire years ago, as she was no longer driving so she did not have a photo ID.

The daughter asked the casino staff member if she could sign for mom as power of attorney because she had photo ID. They said no. Apparently, the rule is that the person who won the money (pushed the button on the slot machine) has to be the one to collect it, so she could not use the power of attorney to collect mom’s winnings.

Although the power of attorney is a very powerful document, it is not powerful enough to collect casino winnings. So why do you need a power of attorney?

Condominium Project On West Avenue In Saratoga Will Include First-Floor Retail Space

February 6, 2019February 7, 2019

This plot at 116 West Ave. in Saratoga Springs will beome West Condominiums. The four-story building will have 34 residences, 4,100 square feet of retail spaceand a rooftop swimming pool.
©2019 Saratoga Photographer.com

By Jill Nagy

The land is cleared and the footings and foundations are going in for a new luxury condominium development at 116 West Ave. about a mile west of downtown Saratoga Springs.

When completed, West Condominiums will include 34 two-bedroom residences, 4,100 square feet of retail space, and amenities including a rooftop swimming pool and underground parking.

The developers are waiting for final approval of their offering plan from the Office of the Attorney General, according to Scott Varley, a licensed real estate broker with the Scott Varley Team Keller Williams Capital District, who is marketing the project. If all goes well, a model unit will be available in about a year, he said.

Renovation Is In Full Swing At Universal Preservation Hall On Washington Street

February 6, 2019February 7, 2019

Work is a underway to renovate Universal Preservation Hall on Washington Street in Saratoga Springs. This is a rendering of what it will look like when it opens in 2020.
Courtesy Universal Preswervation Hall

By Jill Nagy

The large Victorian gothic building on Washington Street, once a church, stands empty except for construction workers. However, Teddy Foster, campaign director for the Universal Preservation Hall, which now owns the building, can already see it as the home of a 700-seat theater-in-the-round, a year-round venue for performances and community events.

Furthermore, the campaign she heads is within $300,000 of meeting its $5.5 million goal to pay for this phase of the transformation.

The theater, with a 45-foot-high ceiling, will occupy the second floor of the building. Community space and an atrium will be on the lower floor.

Curtis Lumber Staff Tracks Development Projects, Help Companies Find Right Products

February 6, 2019February 7, 2019

Curtis Lumber employees Margie Miller, architectural representative, and Jonathan Wilkinson, manager of the estimating department, do research on area development projects.
©2019 Saratoga Photographer.com

By Greg Hitchcock

It all started with a sawmill. In 1827, Captain Isaac Henry Curtiss built his sawmill on Charlton Road and by it’s 125th anniversary in 2015, Curtis Lumber Co. grew to over 600 employees in 21 locations in New York and northern Vermont.

It had $200 million in sales in 2018, according to the company.

Aside from selling materials, part of the company’s effort goes to working with builders and design teams to see what projects are going on and how Curtis Lumber can help them.

Margie Miller, architectural representative for Curtis Lumber, said the company’s success couldn’t have happened without a strong, knowledgeable sales team and good customer service from the Curtis Lumber team.

Maple Leaf Childcare Center Building A New Facility In Halfmoon, Its Seventh In The Area

February 6, 2019February 7, 2019

This is the newest Maple Leaf Childcare Center building in progress.
Courtesy Maple Leaf Childcare

By Christine Graf

Construction of Maple Leaf Childcare Center’s new building at 41 Werner Road in Halfmoon is nearing completion.

The facility is tentatively scheduled to open in mid-April. It is being built by Clifton Park’s Puro Construction and financed by 1st National Bank of Scotia.

The Werner Road center will be Maple Leaf’s seventh location. They operate three centers in Malta as well as one in Guilderland, Glenville, and Rotterdam.

State’s Family Leave Program Will Impact Employee Scheduling, Among Other Things

February 6, 2019February 7, 2019

Gail Hamel is the owner of Hamel Resources, a human resources consulting firm.
Courtesy Hamel Resources

By Christine Graf

The state’s paid family leave program (PFL) is having a significant impact on some businesses, say those in the Human Resources field.

New York’s PFL has been in effect since 2018, but won’t be completely phased in until 2021. It provides paid time off for individuals to bond with a newly born, adopted or fostered child, care for a family member with a serious illness, or assist a loved one when a family member is deployed abroad on active military service.

As of Jan. 1, New Yorkers may be eligible to take up to 10 weeks of family leave and receive 55 percent of their salary. By 2021, 12 weeks of leave will be offered at 67 percent pay. Weekly pay caps are calculated based on state averages.

Gail Hamel, the owner of Lake George-based Hamel Resources, said the law impacts some businesses more than others. She is a human resources consultant who works with both large and small businesses.

Local HR Professional Named Chairman Of American Staffing Assn. Health Care Council

February 6, 2019February 7, 2019

Thomas Kernan, is vice president of strategic planning and with Stat Staff Professionals.
Courtesy Stat Staff Professionals

Thomas Kernan, vice president of strategic planning and general counsel with Stat Staff Professionals in Saratoga Springs was recently appointed chairman of the American Staffing Association health care section council.

ASA is the professional trade association of the $161-billion U.S. staffing, recruiting, and workforce solutions industry.

In this role, Kernan will work with ASA and its board of directors to spearhead programs and services that meet the health care sector’s needs within the association. ASA section councils are composed of member volunteers who advise the association’s board of directors on sector-specific issues and design programs to meet the unique business challenges faced by those sectors of the staffing industry.

A seasoned business attorney and healthcare staffing professional, Kernan oversees the company’s legal affairs and collaborates with the company’s CEO on strategic planning initiatives including establishing company policies, priorities, and business development objectives.