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What AI Does Not Know Yet & What It Needs To Know Better 

Artificial Intelligence (AI) is among the most talked-about business and technology trends.
Users interact with AI in a variety of use cases. Organizations across industries, services, and sizes can use AI to their potential benefit. Benefits of AI include process optimization, improved operations, increased productivity, reprioritized costs, and enhanced products and services. 

Digital transformation has made information more widely available; however, due to its format, organization, or structure, not all of this information can be effectively utilized by AI. Understanding what AI knows and does not know is crucial when considering its application in your business. It is the difference between simply “knowing” about AI and effectively “doing” with AI. By acknowledging what information AI can and cannot yet access, businesses can make informed decisions about leveraging AI for practical applications. Furthermore, as AI technology advances, its “knowability” will continue to evolve.  Staying informed about what remains outside and inside AI’s capabilities is critical for users to make the most valuable and informed decisions possible.

What A.I. Knows

AI can draw upon born digital and digitized information, including public data, private data, the Internet, human-created data, and labels for a specific application or purpose. Notably, there are important considerations for the sourcing of information to build and train AI applications and the use of those outputs in a publication or for products and services. 

Among them concerns about a data source’s quality, structure, and verifiability as well as potential bias, copyright, or other regulatory matters. The AI we have today knows practical and applicable amounts of information. Still, organizations and AI users need to ask and evaluate what information might be incomplete, missing, or needing improvement before further embedding and integrating the technology into core business operations and critical technologies.

What AI Does Not Know (Yet)

Organizations may not recognize the total value of their information assets. While digital transformation has made strides, significant informational value remains obscure within “unknown unknowns” (e.g., information we do not know exists and in what condition or format), analog physical materials, and localized content.

To unlock the full potential of these information resources and drive innovation, organizations must prioritize a comprehensive information management strategy. This strategy involves uncovering undiscovered information, digitizing analog assets, and managing localized content to channel it into actionable resources and tools that can be integrated considerately into AI-powered systems.

Undiscovered Information

Despite advancements in digital transformation, many organizations harbor untapped reservoirs of information – these are the unknown unknowns. Critical information often remains obscure, limiting insights and hindering strategic decision-making. 

AI, while powerful, is constrained by the data it is trained on, unable to unlock the full potential of these hidden assets. To maximize the value of AI and drive business growth, organizations must prioritize the discovery, documentation, digitization, and accessibility of information assets. By breaking down silos and empowering data-informed practices, organizations can uncover new opportunities, enhance operational efficiency, foster partnerships, and improve their products and services.

Undigitized Analog Assets

Untapped potential lies within the analog archives of many organizations. Analog means not computerized or digital and is a physical asset. Historical documents, reports, and media, often containing invaluable insights into brand evolution, market trends, and research, are frequently stored only in physical storage. 

Neglect, resource constraints, and a lack of understanding of their strategic value often hinder their digitization. This digitization delay creates a growing resource debt as the cost and complexity of converting analog materials can increase over time. Moreover, the inability to harness these assets limits organizations’ capacity to leverage AI for product development, customer service, and broader business objectives. By investing in digitization now, companies can unlock the hidden value within their analog archives and position themselves for future success.

Localized Digital Content

Organizations often struggle to harness the full potential of their digital assets. While data may exist in digital form, challenges abound such as: poor organization, outdated formats, proprietary restrictions, and integration difficulties. Local digital content, especially on in-house servers or legacy systems, is often inaccessible to AI tools due to unstructured formats and compatibility issues. However, this issue is improving and new AI applications are coming to browsers and desktops that can assist with these matters. 

Although AI can assist in specific tasks, its effectiveness is limited by the quality of training data and the specific nature of organizational content. Successfully implementing AI requires substantial investment, careful planning, and expert guidance. As organizations migrate to the cloud, these challenges may persist, amplified by complex storage and security considerations. Despite these obstacles, the future of AI in managing digital content has potential, and proactive steps are essential to unlock its full potential.

What AI Needs To Know (Better)

Organizations must bridge the gaps between often overlooked, undigitized, local, and structured, well-managed information to leverage AI fully. This requires a strategic approach to information management including: robust curation, digitization, preservation, and accessibility initiatives. By fostering collaboration between IT, organization units, and informational management professionals, organizations can develop innovative methods to generate more value from their information assets. A holistic approach will create a more comprehensive and reliable information base to empower AI-informed insights and improve business decisions.

Conclusion

Organizations must understand the importance of their data, digital assets, and intellectual property to fully harness AI’s potential. While AI has made strides, it is constrained by the quality, accessibility, diversity, and specificity of the information it utilizes. By investing in comprehensive information management, organizations can unlock hidden value, drive innovation, and advance their goals. As AI evolves, a proactive approach to information management will be essential for an organization’s progress and sustainability. Organizations will have to weigh the benefits, costs, and risks of AI along with a constantly shifting landscape around energy impact, copyright, security and threats to be determined. 

Top 5 Things to Protect Your Physical & Mental Health While Running a Small Business

As a small business owner, one thing we understand is the importance of time management. 

Even with meticulous planning of our days, we can quickly find our lists of “To Do’s” pile up faster than we can blink, and we can find ourselves stressed out in the moment. What does stress do to our physical and mental health? When we experience stress in prolonged periods of time our physical and mental health suffers. We start to feel the effects of stress in not being able to concentrate, experiencing digestive issues, our heartbeat may rise along with other tightness and tension in various areas of our body. These symptoms indicate a dysregulation in our nervous system and our body needs a reset. 

When stress happens here are five things you can do to help with all the emotions and overwhelming thoughts you may experience. 

1. Sleep 

Adults should strive for 7-9 hours of sleep a night. Studies show anything less than 6 hours a night can cause mental distress. The first question I ask when beginning an initial therapy session with someone is how their sleep is. Did you know that REM sleep is what restores and heals our mind and body? So without adequate sleep our body and mind cannot function at full capacity. 

2. Sunlight 

Improves our physical and mental health. Research shows that the sun provides our mind and body with Vitamin D for bone health, increases serotonin for a calm mood, and melatonin for adequate sleep. We need 15-20 minutes of sunlight a day for optimal health. Living in the northeast we experience long, gloomy winters. To help make sure we get adequate sunlight, buying a Light Therapy Lamp is highly effective to supplement the dark, frigid days. I use this lamp in my office daily to ensure I am getting what I need in vital nutrients. 

3. Unplug and Get Moving 

Put your phone and other electronic devices on “do not disturb,” and take a 20 minute walk. Unplugging from technology for 20 minutes and walking is a terrific way to reset our nervous system. 

4. Grounding Techniques 

Help people become aware of the present moment, by doing so an immediate reduction of the intensity of our emotions decreases. Our bodies react well before our brains catch up. When we engage in grounding techniques, we get our brain and nervous system communicating with one another. An example is utilizing your senses to get your mind and body communicating with one another in the present moment. For example, identifying three things you see, three things you hear, and three things you feel as in physical touch. Other grounding techniques that I teach are listening to music, breathing exercises, and guided imagery. 

5. Hobbies

 Doing things that bring us joy. To keep our peace in mind and body it is necessary for us to not lose sight of what energizes and rejuvenates us, so that we can keep moving forward to our next goals. So read for pleasure, engage in some art, do your favorite exercise or sport. Anything that brings peace and joy to your day is what enhances your nervous system to recognize these positive emotions. 

In conclusion, as entrepreneurs we have had to master the art of time management. By incorporating these five tips into our daily lives, we can build a solid routine that nourishes our physical and mental wellbeing. When we are our best version of ourselves, we can put all our creative drive and passion into the small businesses we love.


Disclaimer:
This article is a whole health approach and not meant to treat any specific diagnosis.  

Market Share: Yours for the Taking

For many businesses locally (and nationally), the climate being created by inflationary pressures, housing prices, interest rates, and available labor market, is creating a large and sudden decline in their company’s revenue; a decline that could create opportunities for competitors to scoop up Market Share.

Why:

As conditions move from boom to doom for many businesses, they will begin to experience the inevitable panic that these types of swings bring. They’ll be asking: Are we going to be okay? What happens if revenue does not continue to increase? Are we going to have to let anyone go?

As these questions surface, management teams will inevitably start looking for costs to cut, line items to delete, and ways to save their salaries.

This contradiction— looking for ways to just simply survive rather than explore ways to continue growth through a rough business climate— almost always starts with cutting Sales and Marketing departments. The decision to cut marketing costs and downsize sales forces will inevitably shrink the exact thing businesses need: Revenue. 

As revenues decline, businesses are forced to take another hard look at cuts. With the low hanging fruit already gone, companies will need to make harder decisions.

How:

The opportunity for an upcoming competitor lies in the space created for them by the shrinking brand awareness and lack of lead-generating activities of the company making cuts. To grow your own market share, you can essentially move into the gap created by their absence. I say “essentially” as there is a little extra work needed to get there. 

To take advantage of this opportunity and ensure its success, we recommend you do 3 things before looking to fill the void.

  1. Strengthen Your Brand
    Moving buyers to your camp relies on having a very strong brand that resonates with them. It’s not enough to say who you are and have your company values on your website. Your brand is much, much more than just a logo and a slogan. You need to walk the walk you talk. Then, focus on the marketing and sales activities that reinforce who you are as a company and
    what’s important to you.
  2. Double down on your Target Market
    Many businesses make the mistake of trying to market to “everyone,” but the real power lies in zeroing in on your target market. By becoming hyper-focused, you not only save money on advertising but also attract the right prospects who are more likely to self-qualify before they even reach out to you (we know this reaction as, “Hey, it sounds like they’re talking about me!”).

    Take the time to dive deep into demographic details like the geographic location, age and income of your audience, and don’t overlook psychographic information. Understanding the psychological reasons why clients choose you—often rooted in the emotional challenges you help solve—can make your marketing efforts far more effective. 
  3. Get Creative
    Lastly, you need to get creative. Stepping into a Brand Awareness and Lead Generation void left by a competitor does not mean you do exactly what they did. Spend some time considering what you do better and how to give voice to that. Identify your advantage in the market and really press that advantage. Look for ways to be visually different. Use highly emotional content to get attention and make sure that the problem you are solving is somehow important to the viewers’ survival.

This is not a short-term play, although it may have some immediate gain. You should be planning an overall marketing and sales strategy to garner your competitor’s market share that spans 12 to 18 months. 

As always, it’s important to set clear milestones and metrics, and to define your goals up front. Monitor your channels and campaigns at least monthly, and if any activities aren’t delivering results within 90-120 days, it’s time to move on.

As a newcomer, smaller company, or rising star, you only get so many opportunities to take large pieces of market share away from the established 20-year hometown competitor. Don’t miss this one.

The Hyde Collection 2024 Gala

Photos courtesy of Jim McLaughlin, McLaughlin Photography

The Hyde is thrilled to be hosting their annual gala on Saturday, September 14, honoring Dr. John Rugge and Victoria Palermo. This year’s theme is “Celebrating the Healing Impact of Art.” Throughout the past few years, the number of visitors have increased, showing the impact and importance that the Hyde Collection has had on the community. The gala celebrates all that the Hyde Collection has to offer and looks to the future of the museum as well. 

Each year, the Hyde Collection hosts a fundraising gala to support and expand the museum’s operations. This year, the focus is on building support for The Reimagine Project, particularly its first phase: the renovation of the Hoopes House, the first building on the campus. Completing this project will transform the Hyde Center for Arts Education by expanding its programming space from 800 square feet to over 7,000 square feet. 

“As our programs continue to grow and our service to the community continues to grow, that space I have no doubt will be an incredible resource for The Hyde and our community at large,” said Kate Wilkins,
Chief Advancement Officer.  

This year, The Hyde Gala will revolve around the theme “Celebrating the Healing Impact of Art.” The gala is honoring Dr. John Rugge, founder of Hudson Headwaters Health Network and Victoria Palermo, a leading visual artist in the region. Both John and Victoria are leaders within their fields and they embody this year’s theme. 

“We believe that creativity is the core of wellness and is really truly required for a holistically enriching life for folks in our community,” shared Kate. 

The event will be led by co-chairs Francine and Robert Nemer. Francine serves on The Hyde’s board of trustees, and is the lead education sponsor for 2024 along with Robert. 

“We’re really excited to be celebrating with this group of people in our community who have made such an impact on the lives of residents across Glens Falls, Warren County and beyond,” Kate said. 

In addition to its fundraising efforts and celebration of John and Victoria, the gala will also be visitors’ last opportunity to see The Hyde’s summer exhibitions, which close on Sunday, September 15. 

This season’s exhibits include a surrealism show that celebrates the 100 year anniversary of the Surrealism Manifesto. There is also a show celebrating Richard Estes, one of the best-known photorealist artists, and works by rising contemporary star Daniel Giordano. 

“Those are an incredible set of exhibitions which leverage and celebrate The Hyde as a space for contemporary and modern art,” Kate shared. Guests will be able to see all these, plus many more wonderful exhibits during the gala. 

In addition to the exhibitions, there will also be a cocktail hour, followed by a dinner, and concluding with a live auction.   

Originally founded by Charlotte and Louis Hyde, the museum opened its doors to the public in 1963. Since its opening, The Hyde has continued to serve its surrounding community through numerous exhibitions and excellent programming. In recent years, the number of people visiting the museum have grown, highlighting the influence and impact of The Hyde. 

Last year, The Hyde hosted nearly 14,000 visitors and of those people almost 2,600 engaged in programming. 

“Those numbers continue to climb and I have no doubt will continue to trend upward as folks in our community come forward and join us in support during the gala and in other ways throughout the year,” explained Kate. 

For more information about the gala, or get your ticket, visit the website
www.hydecollection.org/fundraising-events/annual-gala

Rivers Risk Consulting

Six years ago, Marilyn Rivers’ birthday dinner was interrupted by a crisis—a lightning strike had hit Saratoga Town Hall, setting off a chain of events that would help shape her career. In the midst of the celebration, Marilyn—then the Director of Risk and Safety for the City of Saratoga Springs—was called into action. As town officials began to assess the immediate aftermath, all eyes turned to her for guidance. 

Thanks to her meticulous planning and expert strategies, the damages were minimized, avoiding a potential catastrophe. Today, Marilyn channels that same expertise into her own venture, Rivers Risk Consulting, where she helps businesses navigate the unpredictable waters of risk management.

Photo Courtesy of Lauren Hull Photography of South Glens Falls

Despite her impressive achievements, Marilyn never thought she would go into the risk management industry. Initially, she set out to be a science teacher, earning her bachelor’s degree in chemistry from Clarkson University and her master’s degree in secondary education from Tufts University. She then began working at a local insurance company where she had an experience that motivated her to begin
a career in risk management. 

“An individual made the mistake of telling me that I did not know what I was talking about relative to an insurance issue,” Marilyn explained, “I decided then and there to undertake the very long road of obtaining my globally recognized credentials in Insurance and Risk Management.” 

Over the next few years, Marilyn spent hours working towards expanding her credentials and building an impressive resume in the risk management field. She earned her Chartered Property Casualty Underwriter (CPCU) from the American Institute of CPCU. She also received her associate’s in risk management (ARM) and in claims (AIC) from Insurance Institute of America as well. 

“Those designations, coupled with my Bachelors in Chemistry and my Masters in Secondary Education, enable me to triage analytically – kind of like Columbo in risk,” Marilyn said. 

In addition to her educational development, Marilyn also has years of work experience adding to her credibility and expertise in the field. She worked for the City of Saratoga Springs for 20 years, during which she managed the city’s operations relationships with local, state, and federal regulatory agencies. She also helped create and implement employee health and safety programs and much more. Throughout her career, Marilyn’s passion for risk management has continued to grow. 

“Risk management is a tremendously rewarding profession. No one day is ever the same,” she shared, “Risk management is a wonderful four-dimensional spinning ball full of energy, ideas, and opportunity.
Learning how to effectively practice, mitigate, and manage risk enables us to seize opportunities as they present themselves, maintain a healthy and safe working environment, and cost-effectively conduct our businesses.”

As her career progressed, Marilyn achieved success at the national level. In 2007, she was nominated and chosen by the Public Risk Management Association (PRIMA) as the Public Risk Manager of the Year. That same year, her son was graduating from Virginia Tech— a campus that was recovering from the recent tragic shooting. 

Affected by the emotion from her son’s experience, Marilyn was able to channel those feelings in a positive way as she gave her acceptance speech to a full room of people in Boston. To this day, she reflects on that moment as a defining point in her career. 

“I asked for our profession to do better, reach higher and unite in the common goal of excellence in understanding and appreciating that our differences make us stronger. I received a very lengthy standing ovation and many new friends. My national journey began that day and has expanded across ‘the pond,’ as they say. To this day, I teach webinars, produce podcasts and provide education for public risk managers across the country. My PRIMA Family keeps me grounded and teaches me new risk ideas every day,” Marilyn shared. 

Her reputation and expertise led many people to call on her for help, even after a brief retirement in April, 2023. She realized that because she was still helping so many people, it made sense to start her own business. In July, 2023, Rivers Risk Consulting began, and Marilyn has loved continuing her work. 

“Folks don’t understand what risk is and often don’t find any value in its practice. That in itself is what makes risk management an amazing career. Each business interaction is an opportunity to change the course of business and governance in a positive way,” she said. 

When Marilyn helps any business, she always takes the time to learn about where they are currently and makes the most out of the resources they already have. She recognizes that every situation and business is different, and develops her plans accordingly. Going forward, she hopes to continue educating and helping people. 

“I hope to expand risk management educational opportunities nationally and internationally. I use LinkedIn as a teaching tool and get quite a lot of positive feedback when I take an issue and break it down for discussion so folks can begin to understand risk, how it’s mitigated, and the opportunities that present themselves in the most difficult of circumstances,” she shared. 

When Marilyn is not working, she spends a lot of her time volunteering, as she has a passion for helping others. She serves as the President of the Glens Falls Lions Club. 

“We are embarking on a new vision program for the underserved, working with the United Way on the ‘Kids with Packs Program’ and Family Services ‘Feet First Program,’” she shared. 

In addition to the Lions Club, Marilyn spends every Wednesday morning feeding and caring for the cats rescued by the North Shore Animal League. She also loves seeing her grandchildren and is very proud of her son. 

“He’s a super smart gent with a wonderful family. He now practices strategic risk management as the Chief Functional Engineer for Rolls Royce in Indianapolis. That in itself makes my risk journey the most rewarding of all,” she said. 

For more information about Rivers Risk Consulting, please visit: RiversRiskConsulting.com

Building Culture In Your Business is a Journey

When you talk to business owners who are proud of where their businesses are at, they often talk  about the market, helping their customers achieve their goals, and their employees. They point to the people, their actions, and how they rise above during crucial moments. Sometimes  they’ll refer to this as having a great culture where everyone is willing to go above and beyond (i.e. giving 110%), fill in for others who are out of the office for various reasons (being team players), and having fun doing what they do best.

The question for everyone else is, how did they get there?

Here’s the reality – it wasn’t blind luck. These companies did many things the right way to get here. Some may have even been in a situation where things were bad, but they didn’t give up; they pivoted, planned, executed, and stayed true to the path they needed to be on to improve. 

Why? Somewhere along the line, they realized the issues weren’t because:

  • People didn’t want to work
  • There weren’t good candidates out there
  • They were the greatest things since sliced bread (can you imagine the days
     when there WASN’T sliced bread? – oh, the horror)

Instead, they figured out that for every finger they were pointing, there were three fingers pointing back at themselves.

RECOGNIZE

Building (or rebuilding) company culture is a lot like planning a vacation or a trip. First you have to recognize you need one. Frankly, who doesn’t need a great vacation? 

Understanding that you may have some challenges in fixing a problem (sales, service, quality manufacturing, engineering, process, etc.) within your work environment has to come first. Without identifying a challenge, how can you fix or improve it?  

That’s not to say that there’s a glaring problem in every organization. Rather, it’s pointing out that your organization has room to grow and improve – to get better than you were yesterday. 

MEASURE

Once the challenge is identified and acknowledged, you need to determine where you’re at – your benchmark.  Like traveling from your closest airport, you need to know where you’re starting in order to figure out where you can go. This identification includes measuring and evaluating – not just “trusting your instincts.”  Ask any seasoned sales leader and they’ll tell you that if you’re not going to measure it, there’s no point in doing it at all. Determining where you’re at will help you have a compass – where you start, where you’re heading, and how you’ll know you’ve been successful. 

PLAN

Next comes the itinerary. On your journey, you need to plan for stops along the way. What things will you entertain or visit? What elements do you want to include to achieve those lofty goals? Are they tied
to your company values? 

INVITE

Who’s coming on the journey? Some will challenge, some will oppose, but ultimately you’ve made the decision as the leader of the ‘family,’ that this trip is happening. Now, decide who are your strongest focus group participants. It’s not the people who are burying their heads in the sand – pretending issues will magically go away, or that potential problems don’t exist. It’s the people who see that a positive culture creates greater engagement and inclusivity. Culture helps people know how to act, especially when things are tough. When your engagement is on the rise, so are productivity and employee retention rates. Higher rates here make the business more profitable – less time retraining new people, less people taking on additional workload due to turnover, etc.

ACT

Now it’s time to get on the bus. Start executing the things your focus group planned on. Pivot, when necessary, but stay on the path – even if not everything goes as planned. You’re sure to have a ‘flat tire’ or delays. Remain calm and vigilant about staying on track to achieve those goals you set forth. 

OBSERVE

Enjoy the ride. If you’ve planned well, this should be a great journey for you, your leaders, and your employees. Building an inclusive culture tied to your company values can be awe inspiring to watch. Learn from missteps, take notes, gather intel from the front lines, and continue to tweak and massage.

REPEAT

You’re not done. As with strategic planning, budgeting, goal setting, project management etc., you have to continue to plan for tomorrow. What’s the next trip you’re going on? How could you have made
this one better? 

It takes some imagination of what’s possible. Sometimes, it takes some external perspective to help you see what you’ve accomplished, what opportunities you might be overlooking, and how you can continually improve this ongoing trip.  

Building a sustainable culture is a challenge, you can’t win by playing the lottery or entering a contest. You have to invest the time, energy, and consistency in all phases.  Company culture has a life of its own, and with each new employee you add something – their interests, ideas, perspectives, and connection to your mission, vision, and values. 

How you and your leadership team carry these things out, especially when no one is looking, will determine how good your compass is on your journey to building a better culture. To learn more about how to strengthen your company’s culture visit: https://buildbetterculture.com/.

The Business Valuation Of the Cannabis Industry


Cannabis companies can be valued differently for a variety of reasons, similar to companies in any other industry. 

Here are some factors that can influence the valuation of cannabis companies:

1. Market Position & Branding

Companies with a strong market position and well-established brands tend to have higher valuations. Brand recognition, customer loyalty, and a positive reputation can contribute significantly to a company’s value.

2. Revenue & Earnings 

Financial performance is a crucial factor in determining a company’s value. Cannabis companies that demonstrate consistent revenue growth,
profitability, and strong financial management are often valued more highly.

3. Regulatory Environment 

The regulatory landscape for cannabis varies widely across regions and countries. Companies operating in areas with favorable and stable regulations may be more highly valued due to reduced risks and obstacles.

4. Product Diversity & Innovation 

Companies with a diverse product portfolio and a focus on innovation may be valued higher. The ability to adapt to changing consumer preferences and introduce new and unique products can set a company apart in the competitive cannabis market.

5. Geographic Presence 

The geographic scope of operations can impact valuation. Companies with a widespread presence
in markets with high demand for cannabis products may be valued more than those confined to smaller
or less lucrative regions.

6. Production Capacity & Supply Chain Management 

Companies with efficient production capabilities and a well-managed supply chain may be valued higher.
This is especially important in the cannabis industry, where cultivation, processing, and distribution efficiency can significantly affect costs and profits.

7. Partnerships & Mergers:

Strategic partnerships, collaborations, or mergers can influence a company’s valuation. Aligning with established industry players, securing distribution agreements, or engaging in mergers and acquisitions can boost a company’s perceived value.

8. Market Sentiment

Public perception and investor sentiment play a role in the valuation of cannabis companies. Positive media coverage, public support, and a favorable industry outlook can contribute to higher valuations.

9. Legal & Compliance Factors

Companies that adhere to legal and regulatory requirements are likely to be more valued. A strong commitment to compliance and risk management can reduce legal uncertainties and contribute to a positive valuation.

10. Management Team 

The expertise and experience of a company’s management team can influence its valuation. A strong leadership team with a successful track record can instill confidence in investors and stakeholders.

It’s important to note that the cannabis industry is still evolving, and factors influencing valuations can change rapidly as the regulatory environment, consumer preferences, and market dynamics evolve. Additionally, investor perceptions and market trends can also impact how cannabis companies are valued.

Section 280E is a provision in the United States Internal Revenue Code that specifically deals with the taxation of income derived from the trafficking of controlled substances. It was added to the tax code in 1982 as a response to a case involving a drug dealer who attempted to deduct ordinary business expenses on their federal income tax return.

Under Section 280E, businesses engaged in the illegal trafficking of controlled substances, as defined by the Controlled Substances Act, are not allowed to deduct normal business expenses, except for the cost of goods sold (COGS), when calculating their federal taxable income. This means that such businesses cannot take deductions for expenses like rent, utilities, wages, and other typical operating costs that are deductible for legal businesses.

While the provision was initially intended for illegal drug trafficking, it has had a significant impact on state-legalized marijuana businesses in recent years. Even though marijuana is legal for recreational or medicinal use in some states, it remains illegal at the federal level. 

As a result, marijuana businesses are subject to Section 280E, facing limitations on the deductions they can claim, which can significantly impact their overall tax liability.

David is a Certified Public Accountant and Partner at Ferraro, Amodio and Zarecki, CPAs. David has an Accreditation in Business Valuation and is a Certified Divorce Financial Analyst. David practices a philosophy built around providing clients with outstanding creative and personalized quality services. 

David’s experience and expertise help him provide clients with the tools and resources they need to understand the valuation of closely-held businesses, especially when it comes to divorce. His strengths in communicating the results of his valuation conclusion to clients are qualities that make him
a leader in the industry.

Veterans Business Network of the ARCC hosting 4th Annual Walk for Veteran Suicide Awareness & Prevention

Resource booths setup around Glens Falls City Park, offering information to Veterans, friends & family. Photos courtesy of the ARCC.

The Veterans Business Network of the Adirondack Regional Chamber of Commerce (ARCC) is once again planning a walk for Veteran suicide awareness and prevention.

The 4th annual walk will take place, rain or shine, on Thursday, September 12th starting at 3:30 p.m. in Glens Falls City Park. After brief remarks, a 22-minute walk will commence to recognize the approximately 22 Veterans that are lost to suicide every day.

“As we prepare for this walk, just remember that what we perceive in others is just the surface. Unless they share their feelings, we don’t really know their true emotional wellbeing,” said Veterans Business Network Chair Sean Dion, also President at Mr. Electric of Queensbury.  

“Within the ranks of our Veterans and First Responders, we owe it to them to be their sixth sense, to be there before a crisis; and get them to proper care. 

Please come and support not only Veteran suicide awareness, but the vast resource network that took time from their day to do the same. We have grown each year due to your continued support of our mission!”

The Veterans Business Network (VBN), of the ARCC, was established in 2021 to create a safe space for Veteran business owners, and Veterans in the workforce, to connect, collaborate, and share resources. Regular meetings were held, and annual food & necessities drives to benefit organizations helping Veterans were planned, but the annual walk had its own story. 

In 2021, the VBN partnered with the VFW Post 2475 to organize what was then known as the “Stop 22 Walk.” Stop 22 was an initiative, started in 2018, between the Department of NY Veterans of Foreign Wars (VFW) and one of the nation’s leading health and well-being companies HUMANA, to increase awareness of Veterans committing suicide; 22 Veterans are lost each day.

“As a veteran, I know firsthand that one life lost to suicide is too many. Events like the ARCC Veteran Suicide Awareness & Prevention Walk are crucial in raising awareness and fostering open conversations about mental health. Together, we can identify those in need and ensure they receive the care necessary to heal and thrive before it’s too late,” said Christopher Thomas, MPA, RBLP-T & founder of Elite 9 Talent Solutions.

In addition to raising awareness, the event will raise money for Kee to Independent Growth, LLC (KIGI) to help support their Veteran programs. Last year’s beneficiary organization was Alliance180.

“The team at Alliance180 is honored to once again participate in this important event. Our mission at A180 is to prevent suicide and reduce the effects of trauma for Veterans, first responders, and front-line healthcare workers. We thank the ARCC Veterans Business Network for bringing attention to this issue through this annual walk,” said Bob Nevins, Founder. 

As the event grew, the addition of resource booths really began adding value. This year, multiple agencies will be on site to share resource materials and information specifically for Veterans. 

Some of these agencies include: ASCEND Mental Wellness, Southern Adirondack Independent Living (SAIL), NY State Department of Veterans Services, Alliance180, the SUNY Adirondack Joseph P. Dwyer Peer-to-Peer Program, and many more.

“Communities are at their best when those capable of helping show up. This suicide and prevention walk highlights our cause for Veterans, but it’s also for every member of this community impacted by the tragedy of suicide; from our first responders to our family, friends, and neighbors. Join us and walk side-by-side as we strive to strengthen communication and coordination on suicide awareness and prevention,” said Amie & Juan Gonzales, President & Chief Financial Officer of Hunt Companies, Inc., and members of the ARCC Veterans Business Network.

This event is open to the public and generally draws about 150 people, including elected officials and community leaders. Please consider coming out to show your support on Thursday, September 12th, starting at 3:30 p.m. in Glens Falls City Park. Donations are appreciated and will go to benefit the Veterans programs provided by Kee to Independent Growth, LLC (KIGI).

ARCC Community Shred Day

Join the ARCC for our Annual Community Shred Day and Food Drive in partnership with Confidata and Aviation Mall. This is a FREE EVENT with the donation of at least one non-perishable food item per shred box to benefit our Non-Profit partner: L.E.A.P.

When: Saturday, September 14th from 9:00 – 11:00 am

Where: Aviation Mall (in the parking lot near the old Sears), 578 Aviation Road, Queensbury

What: Community members are invited to bring paper items that they would like to be securely shred on-site. Participants can bring up to 5 boxes to shred (box size cannot exceed 24″ X 12″ X 10″). Please remove all metal bands, bindings and clips from hanging file folders or bound documents. This event is rain or shine.

4th Annual Walk for Veteran Suicide Awareness & Prevention hosted by the Veterans Business Network of the ARCC

Photos courtesy of the Adirondack Regional Chamber of Commerce.

The Veterans Business Network (VBN) of the Adirondack Regional Chamber of Commerce (ARCC) invites you to their annual Veteran Suicide Awareness & Prevention Walk. The number of veteran suicides continue to rise world-wide. The ARCC’s Veteran Business Network is committed to helping raise awareness and create an impact on prevention.

When: Thursday, September 12th beginning at 3:30 pm

Where: Glens Falls City Park, Glens Falls

What: Resource tables for Veterans & community members from 3:30 – 4:00 pm. At 4:00 pm brief opening remarks by ARCC President Tricia Rogers and members of the Veterans Business Network, followed by the walk. After the walk will be raffle drawings, and closing remarks at the gazebo. This event is rain or shine. 

Participants are asked to contribute a minimum $1.00 donation per person at the time of event (cash or check only, please). Proceeds from the walk will benefit the Veteran’s programs of Kee to Independent Growth, LLC.