Markets are doing their thing again, so let’s discuss. Markets tumbled, heading into negative territory, and then bounced back. And then promptly fell again.We’re caught in a whipsaw pattern of uncertainty. Is this weird? Not really. These things happen pretty regularly when investors get jittery. Let’s talk about what’s going on.
WHAT LED TO THE SELLOFF?
Phew. There’s a lot going on. There was yet another debt ceiling deadlock between Congress and the White House. Worries about the banking sector continue. Sticky inflation is still on everyone’s radar. And then there’s the endless speculation about recessions and what the Federal Reserve might do next. All these stressors lead to jumpy investors and nervous markets. Could we see another serious correction? Absolutely. If more bad headlines appear, such as what we saw with the debt ceiling standoff, markets could react negatively. And, corrections and pullbacks happen very frequently because there’s always something going on. How often? Let’s go to the data.
Here’s a chart that shows just how often markets dip each year. (You may have seen this chart before because it’s an oldie and goodie.) Take a look at the red circles to see the market drops each year.
The big takeaway? In 15 of the last 23 years, markets have dropped at least 10% each year.
Market pullbacks happen all the time.
We’re dealing with a lot of uncertainty and investors are feeling cautious. However, that doesn’t mean that we should panic and rush for the exits. Markets are going to be turbulent this year and knee-jerk reactions can be costly. We don’t have a crystal ball, so we don’t know how it’s all going to play out, but this situation isn’t surprising. We expected volatility and we’re prepared.
We’re watching markets closely. Any questions or concerns we can address? Let us know. We’re here to help.
“In times of uncertainty, create structure.” – Sir Ernest Shackleton, Explorer
Is your business in an uncertain spot? Are you not sure what to do to jumpstart sales growth?
Follow the words of Mr. Shackleton. His story of leadership is an amazing one. He kept his crew alive in the early 1900’s for over a year when his ship became stuck in the ice in Antarctica. An amazing feat for that period! One of the keys to his success was creating structure that every member of his team could follow day in and day out. This structure allowed them to focus on the task at hand versus getting caught up in their situation. The team trusted the process … and that led them to survival.
DO YOU HAVE THE STRUCTURE YOU NEED TO THRIVE?
Every highly-productive sales force, whether the company is big or small, has an infrastructure and proven process in place that allows the team to thrive and produce results every year. That structure helps remove some of the variables that come from running a business. Implementing such an infrastructure will allow you and your management team to effectively lead your sales team to execute at an elevated level.
START WITH THE BASICS:
Building a solid sales infrastructure to support both the sales team and sales management is of the utmost importance for increased and sustainable revenue growth, specifically:
Developing a customized, written sales business plan and revenue plan by salesperson, by product, and by month.
Implementing a Customer Relationship Management system (CRM).
Developing a custom sales process for each product line and programming it into the CRM. This enables business owners and sales management to tell at a glance which stage in the sales process each opportunity is in, and what needs to be accomplished in order to move each opportunity to the next stage.
Developing key performance indicators (KPIs) – forecasting models to track how the sales team is doing.
Defining the structure and content for productive weekly sales meetings.
BOTTOM LINE:
At Velocity Sales powered by Sales Xceleration, we know that any sales and business growth comes with structure. Without a solid sales infrastructure as a foundation, your organization will struggle to produce consistent results. When we are called in to assist a business, we work with you side by side to build a solid, time-tested, results-proven structure to realize growth. Regardless of when we enter the situation as your advisor, we help you manage the uncertainties associated with sales and build a foundation that will help you and your business to thrive for years to come.
Tourism creates jobs, strengthens local economies and contributes to local infrastructure and development. It can help to preserve cultural assets, traditions and the natural environment… In April of 2023, Warren County Board of Supervisors hired Heather Bagshaw to serve as Warren County’s new Director of Tourism. Bagshaw replaced the previous Tourism Director Alfred Snow, who held the position for a brief two-month period – Snow stepped down from the position in November of 2022. As Heather settles into her new position, she would like to broaden the experience of tourists who come to the area. “I would like to see people extend their stays and experience the culture and activities that we have here,” Bagshaw said.
The County Director of Tourism is responsible for planning, developing and implementing programs to promote Warren County and its facilities and businesses as a premier destination for leisure travel, group tours and special events through marketing and advertising campaigns.
Glens Falls has many of the qualities that Bagshaw is looking for to optimize tourism in the area. The location of Glens Falls – halfway between Saratoga Springs and the Adirondack Mountains – has a geographical advantage that the city can exploit to increase the contribution of tourism to the economy: Saratoga Springs has its world-class race track and rich racing tradition that draws hundreds of thousands of turf enthusiasts to the area during racing season, Lake George has its famous lake and recreational facilities, and the Adirondack Preserve attracts visitors seeking to experience the unmatched natural splendors.
The question then becomes: What is “World Class” in Glens Falls?.. Answer? The Hyde Museum. The Hyde Collection is beautifully housed in a majestic trio of adjacent family mansions on Warren Street. The Collection includes an important Rembrandt: “Christ With Arms Folded” and hundreds of other works of art by American and European artists.
Charlotte and Louis Hyde acquired a vast personal collection of art, including pieces by Van Gogh, Picasso and Renoir… Some of the pieces are displayed in a modern “Art Gallery” fashion, but many of the family’s most beloved works are shown as they have always been – on the walls of bedrooms, hallways, and public rooms throughout the house.
The Hyde Museum showcases the rich history of Glens Falls, and displays priceless pieces of art… The house is listed on the national register of historic places, and the house itself is reminiscent of days gone by and lifestyles that are now just a memory. The Hyde house, which was built in 1912 by Henry Ford Bigalow, has characteristics of Renaissance Revival architecture… The fanciful interior conveys both Louis and Charlotte’s love of entertaining, art, culture, and whimsy.
The museum has expanded, and truly opened itself up to the community… The permanent collection features approximately 3,000 works, and the museum features community events and social engagements.
Heather Bagshaw, as the new Tourism Director, will have the opportunity to explore Glens Falls and the surrounding areas to find out how to best utilize beautiful and historic venues like the Hyde Museum: “During my career, I have worked hard to move visitors to different locations around the county. Finding events that compliment each other and inspire visitors to extend their stay from three days to a week,” Heather said. The location of Glens Falls and the historic significance of the architecture enhance a community that supports art, entertainment and tourism.
The summer calendar for the Museum includes:
• Celebrating 60 Years: The Collector Charlotte Pruyn Hyde
• Recent Acquisitions
• Songs of the Horizon: David Smith, Music and Dance
Molly Congdon-Hunsdon holds a unique position – she is the second-generation Executive Director of the Glens Falls Area Youth Center. Her father, Matt Congdon, had been the Executive Director for over three decades… Following his passing on June 13th, 2019, Molly took over the position of Executive Director so that she could have a meaningful impact on the lives of the kids… Molly and the incredible staff carry on the “Legacy of Love.”
Matt didn’t have an easy childhood himself: “He was poor,” Molly said. “He knew what it meant to be hungry. His last name didn’t carry any clout within the school system. He didn’t have the best clothes or the coolest shoes… He wanted for everything. But he never used any of these obstacles as an excuse. Instead, he channeled his struggles into something positive.”
“From a young age he had two main goals in life: To make an impact on the lives of children who needed it most, and to always have a full fridge… Both goals were achieved.”
Matt graduated from Springfield College in 1982, and worked at a local gym as a trainer. When the Executive Director of the Youth Center went on maternity leave, Matt filled the position, and later on the kids petitioned for him to stay… “This changed the course of the Youth Center forever,” Molly said. “He advocated and fought for our kids with all his might.”
The first few locations of the Youth Center were anything but ideal. “The children in this community deserved better, much better,” Molly said. “Then, my dad did the impossible… He raised one million dollars in eight months to make our current building a reality. In April 2000, the doors opened and crowds of kids, wide-eyed and smiling, walked inside… That day is one that will never be forgotten.”
Despite being 55 years old, the mission of the Youth Center has remained the same: “We are a non-profit organization that serves disadvantaged youth (5th to 12th-graders) who reside in Saratoga, Warren and Washington Counties, through a wide variety of educational, recreational and life-skills programs (including after school snacks and dinner each day), completely free of charge,” Molly said. “We first opened our doors back in 1968, and since that time we have successfully served over 100,000 underprivileged children, dished out over 750,000 meals, and tutored over 31,000 students. We are a small organization with big numbers.”
“The children that we serve are at-risk youths from diverse cultures, races, ethnicities, belief systems and personalities,” she continued. “The majority of kids that come to the youth center come from low-income households – 90% of them live below the poverty line. These kids need a place where they feel safe and belong… At the GFAYC they are welcomed, cared for and most importantly loved. Every day, the kids have an opportunity to eat, exercise, and do homework. GFAYC believes that young people are a vital component to the future of our community… Their success is our success.”
Carrying on her father’s legacy, Molly holds a strong lifelong connection with the youth center: “The Youth Center has been a part of my life since I was born. Matt Congdon, our former executive director, was my dad,” Molly said.
Her father was her mentor and inspires the work that she continues today: “He was the Executive Director for 36 years,” she said. “I grew up in the youth center. I would play pickup basketball and this place molded me into the person that I am today.”
Molly became a staff member at the age of seventeen, and has been working at the youth center ever since for the last 16 years: “The coolest experience for me is to see the kids grow from 5th to 12th-graders, and watch those kids make the full journey into young men and women… It’s such a privilege to be a part of that,” she said.
Matt passed away after years of battling health issues on June 13th, 2019. “Matt’s strength, spirit and selflessness will never be forgotten,” Molly said. “He worked his entire adult life to enhance the existence of young people in this area because he felt that every single one of their lives was precious and meaningful – and they are!”
Carly LaMay joined the youth center staff as the Assistant Director back in August 2020. The team is filled out by Nate Mattison, who is the Program Coordinator, and Anthony Rivera, the Program Supervisor. Anthony is a former youth center member who wanted to make an impact on the next generation.. “We are a small but mighty staff of four,” Molly said.
Carly is in her third year as the Assistant Director at the Glens Falls Area Youth Center: “I started in 2020 in the middle of the pandemic,” Carly said. “It’s been great to see how we have been able to navigate the pandemic, and now we are in a really great spot where we can do a lot of great things with the kids.”
Throughout the year, the kids travel to the Youth Center in a variety of ways: “We serve Saratoga, Warren and Washington counties. A lot of our kids are transient and they move around a lot, but they still want to come here,” Carly said. “Our Glens Falls students will usually walk and bike. Kids from the outlier areas are most often dropped off. When the kids first arrive at the youth center they have to sign in, and one of our biggest rules is ‘no school, no Youth Center.’ They have to go to school.”
Activities at the youth center encourage inclusivity and participation: “We have a full-sized gym, workout equipment… A ping pong table, a pool table, air hockey and games, and there are areas to do homework,” Carly said. “We have after-school snacks, and that is something that everyone tends to do first… A lot of kids break off to do something they really enjoy. But we always have an event or a tournament going on that brings the kids back together.”
The food program – started by Matt – has provided 750,000 meals to these kids over the course of the last 40 years… This program now requires a commercial refrigerator and freezer. Originally, the youth center would close from 5:00 PM to 6:00 PM so that the kids could go home and have dinner with their families… However, Matt started to see the kids hanging around outside during that hour. He realized that some of them didn’t have a place to go and eat, so he started providing dinner: “We call it family dinner, because that is what we are… A family,” Molly said.
Both Carly and Molly have noticed that due to the pandemic, the kids communicate with their peers differently, because for much of the pandemic so much of the communication was virtual: “We spend a lot of time teaching the kids how to interact in person. Working on social and emotional skills is a lot of what we do,” Carly said. “Having the kids do things together teaches them to be good sports, which is very important.”
Molly and Carly use the kids’ interests to facilitate their education: “Recreation is what draws the kids in, and then once once they are here, they are able to experience everything else that we have to offer,” Molly said. “We have Chromebooks, headsets, and kids are learning in a fun and engaging way… Our version of education is active. The kids have been in school all day, and we want them to be active and learn.”
Learning takes place all year round at the Youth Center. The Youth Center has a Summer Reading Program where they are taught reading, writing, and STEAM… This program helps to ease the transition into middle school, while reducing summer learning loss. They will even help with locker combinations, which can be challenging for the kids: “That program is just for the fifth graders,” Molly said. “So that gives us an opportunity to really work with the kids who are transitioning to middle school.”
A retired math teacher comes in to help all grade levels with the subject that so many kids dread: “Bob Cote comes in once or twice a week to help all grade levels to prepare for quizzes,” Carly said. “He helps with math and will talk to teachers on behalf of the kids. He helps kids that are struggling or just need a little extra help.”
The Youth Center is launching a new program that focuses on media literacy to prepare the kids for the workforce… They now have a TikTok! The videos are all produced by kids, and focus on subjects like marketing, PR, how to stay on brand, and what’s trending on social media. The kids come up with all the ideas… This program helps to create a dialog about social media and its uses in the workplace: “We see the downside of social media, how these kids have constant access to each other,” Carly said. “It’s nice to highlight the benefits of social media, and how it can be used in a safe and constructive way.”
The Glens Falls Area Youth Center is mainly supported through grant writing done by Molly and Carly, but they also have fundraisers… On June 23rd at the Holiday Inn at Lake George, the GFAYC held their first fundraiser since before the pandemic! The “Back to the 80’s” theme is something that everyone was looking forward to. This event also marked 55 years of operation for the organization, and will be in honor of Matt Congdon.
The Glens Falls Area Youth Center is open from 3:00 PM to 7:00 PM, Monday through Friday. For more information, please visit gfyouthcenter.org.
On behalf of The Wagoner Firm, I welcome all of you to the first installment of our four-part series exploring the landscape of small-to-mid-sized business purchase and sale transactions. We’ll take a deep dive into the complete journey—including the tremendous opportunity to create wealth for potential buyers, the benefits of business ownership, the process of acquiring a small business, the steps to get the most value for your business, the multiple ways to finance the acquisition, and finally, ways to ensure a successful transition.
Today, we begin by shining a light on the wealth-building opportunities offered by small business ownership, both for buyers and sellers.
THE BENEFITS OF BUYING A SMALL BUSINESS MAYBE BETTER THAN YOU THOUGHT
Most people face a crossroads at a certain point in their career. On one hand, they could stay in a job that they may or may not like but provides financial stability… On the other hand, they could venture into entrepreneurship, with no guaranteed income but boundless potential. For those venturing out on their own, there are generally two options: (1) start a new business, or (2) buy an existing one.
This series focuses on purchasing an existing business, which offers immediate income, support, and a customer base; additionally, not having to start from scratch may also lower the financial risk while still providing meaningful income. Buying an existing business can be easier to finance than most people recognize – there are plenty of banks and Small Business Administration financing options for existing businesses with cash flow and profits (which we will delve into later in the series). With those financing options demystified, it will become clear that buying a business is the optimal choice for most would-be entrepreneurs.
And there’s more good news: our region is full of hidden treasures in the form of exceptional businesses with owners looking to sell. Many have been in business for decades and are just looking to find the right buyer. These owners should take steps to prepare their business for the market, and the best practice is to plan several years out. This allows the owner to maximize value come sale time. After all, it is often their life’s work and can provide them with not just a comfortable lifestyle in retirement, but also a legitimate legacy.
A smart buyer would do well to match their interests and skills with those needed to successfully operate one of these businesses. Notably, we have seen plenty of adept buyers get into blue collar businesses like HVAC, plumbing, paving, and pool installation and service. Most had very little experience in these particular fields, but they did have sharp business minds, the ability to bring value to the target companies and – most significantly – experienced and committed employees that made their transitions successful.
These businesses immediately produced the cash flow which allowed the buyers to pay down financing while also providing strong earnings. With lower debt and increased revenues, they can see the value of their investment rising steadily. The results will provide the buyers with the opportunity to cash out in the future and create generational wealth.
THE POWER OF OWNING A SMALL BUSINESS
Owning a small business comes with multiple benefits… You get to call the shots, of course, but there’s more to it than that. A target business should already have good revenue and profit. This cashflow not only offers financial security from day one, but also provides the backbone for financing the acquisition through traditional bank financing, a Small Business Administration loan, seller financing, or a combination. Significantly, the revenue generated by these cash flowing small-to-mid-sized businesses can take startups years to achieve.
In the Capital Region, with a diverse range of businesses and strong local economy, newly minted small-business owners have a real opportunity to grow… In fact, many of the businesses for sale or coming up for sale operate in outdated ways – relying heavily on paper calendars and fax machines, avoiding any modern technology that could streamline their operations. Most readers would be surprised by how many business owners that began only 20 to 30 years ago have outdated ways of operating! Longtime owners may not want to change… For them, their businesses run the way they want.
New buyers are less resistant to these changes, and can often bring immediate value to these businesses. The addition of customer relationship management tools (CRMs), electronic billing platforms, and automations by a new owner can immediately reduce operational costs and make the business more efficient – and therefore, profitable. They are able to bring immediate value by modernizing operations, offering synergistic products or services, and expanding and developing operations. These changes often increase the satisfaction of their employees, who can focus on the things that matter most to the business rather than tasks rendered obsolete by widely used technology… The result? Faster growth in business equity and increased profits, leading to wealth accumulation.
HOW SELLERS STAND TO GAIN
For business owners thinking of selling, the process holds equal potential… Time and time again, we have seen business owners close shop rather than sell, simply because they did not realize how valuable their business was, or how to start the process of selling it. Some believed finding a buyer would be hopeless or too complicated, and simply walked away from their life’s work… Yet, the sale of a small business is the ultimate reward for years of hard work and sacrifice. It provides the best opportunity to monetize the equity that business owners built over time, and can create wealth for their future – whether that’s a comfortable retirement, or money to invest in different ventures such as real estate.
In the Capital Region, there’s a steady demand for businesses across industries such as white and blue-collar services, manufacturing, technology, healthcare, and education. Owners can expect a good price for their business – albeit a price that aligns with documented, historic performance – and owners can take several steps to create the most value for their business when they exit… This includes cleaning up their books, documenting systems and processes, and shoring up key employees and customers. It also includes engaging with professionals who specialize in the sale process, to ensure they obtain the best outcome possible from business brokers to accountants to, of course, business attorneys.
Buyers and sellers should consult with experienced experts. The pathways to buying and selling businesses are not readily understood by professionals that do not do this type of work. Those that do can provide value and ensure you get a great deal when you close on the purchase or sale of your business.
So, whether you’re unhappy in your current job, wary of starting a new venture, or considering selling your business, the small business market in the Capital Region could be your ticket to wealth-building! The Team at The Wagoner Firm would be happy to answer any questions that you may have about buying or selling a business.
You can call or email us anytime at 518-400-0955 or info@thewagonerfirm.com.
In the meantime, stay tuned for our next article, where we’ll discuss how to evaluate potential business opportunities and prepare your business for sale.
ATTORNEY ADVERTISING. PRIOR RESULTS DO NOT GUARANTEE FUTURE OUTCOME
In our modern world, where the rules of economics are changing, and phrases like “side hustle” and “multiple streams of income” have crept into our lexicon, it’s no surprise that people have become creative in finding ways to acquire and accumulate currency. In some instances, one needs to look no further than their own surroundings and living space, from selling household items on eBay or feet pictures on OnlyFans, to giving strangers rides in their car with Uber or Lyft. We’ve become increasingly more comfortable with opening up our world to others… For a fee.
As this trend has continued to evolve, the home itself has become a commodity beyond the mere sale or long-term lease. Taking a page from hotels, resorts, and time shares, property owners have started converting their time away from home, unused in-law suites, and second homes into cash through short-term rentals with companies and apps like AirBnb and VRBO.
As the popularity of short-term rentals continues to grow, local towns and municipalities are struggling to balance the loss of revenue from hotel occupancy taxes with the rights of property owners to use their property as they see fit, but also balancing the rights of neighbors to peaceful enjoyment of their own property. Many towns and counties have moved to affect occupancy taxes on owners of short-term rentals to help offset revenue lost from hotels.
Warren County, for example, collects a 4% occupancy tax and requires short-term rental owners to register their property with the County. Property owners have pushed back, stating they already pay enough in taxes and should be able to use their property however they want. The County states that his money is used to help promote tourism in the area. The Town of Queensbury has passed laws limiting the total number of days a property can be rented as a short-term rental to 120 days in a calendar year and requiring properties to be rented for a minimum of 5 days at a time during the summer tourism months. The Town of Fort Ann recently passed a law requiring property owners of short-term rentals to obtain a license from the town, requiring owners to establish written rules and regulations that the renter must sign, establishing quiet hours, limiting vehicles to 1.5 per bedroom (rounding to the nearest whole number), and limiting occupancy to 2 people per bedroom, plus 2.
With the trend for shorter vacations within millennial and younger generations on the rise, property owners are left scratching their heads failing to see how these laws promote tourism, while the Towns appear to be taking aim at limiting bachelor parties and other outlandish short-term parties in neighborhoods, which some view as a relatively small problem for such an overreaching set of regulations.
On the other side of the street are the neighbors – people who have lived in these neighborhoods for years and prior to the proliferation of short-term rentals, who view short-term rentals as a nuisance with rude and noisy renters who disturb the peace and don’t respect the beauty of the neighborhood. While everyone should have the right to peacefully enjoy their property within reason, will limiting the number of cars that can be parked in this age of Uber and Lyft, or forcing weekend tourists to book a 5-night stay (even if they only intend to stay for 2 or 3) really have the intended effect of cutting down of noise and disruption in a peaceful neighborhood? Is this even a realistic concern, or are we curtailing the rights of property owners by making laws and regulations for a few bad apples?
The effects of these laws will need to be monitored and adjusted as necessary to see what, if any, chilling effects they have on tourism in the area, while maintaining the peace and tranquility of suburbia.
Daniel B. Wade has been practicing since 2004 in the areas of real estate, title, and LLC formations. To learn more, visit www.ialawny.com
Individuals with mental health conditions are protected in the workplace in several different ways, but we see employers having difficulty in this context. Whether it’s because of stigmas associated with mental health conditions, or a lack of awareness as to how to handle situations where an employee needs support during a difficult time, this is one of the most common areas where we see things falling apart at work.
Many if not most mental health conditions are “disabilities” within the meaning of the anti-discrimination laws, including the federal Americans with Disabilities Act (ADA) and the New York State Human Rights Law (NYHRL). This means that qualified employees are entitled to reasonable accommodations and to be free from discrimination, harassment and retaliation for making a complaint of violations of the law. Under the NYHRL, victims of domestic violence are also entitled to time off to receive counseling. Mental health conditions can also fall under the definition of a “serious health condition” within the meaning of the Family and Medical Leave Act (FMLA). The FMLA is the federal law that gives eligible employees of larger private employers and public employers up to twelve weeks of job protected leave.
WHAT IF YOU NEED SUPPORT?
Sometimes employees need time off to treat a mental health condition. Other times, employees need an accommodation because, for example, a medication may incapacitate them at certain times of the day. In either of these situations, the law typically puts the initial burden on the employee to give the employer enough information to put it on notice that leave or an accommodation is needed. If you are eligible for FMLA leave, the employer will typically provide you with a medical certification for your doctor to complete. If you are more in the reasonable accommodation context (and sometimes a scenario falls under more than one statute), your employer is required to engage in an interactive process with you to figure out a suitable accommodation. You may not always be entitled to exactly what you’re asking for, but the law wants the employer and employee to work together to find a solution.
WHEN DO THINGS GO SOUTH?
Sometimes, the nature of the mental health condition carries stigmas that result in discrimination in the workplace. Maybe you don’t need an accommodation or leave at all, but your employer becomes aware that you went to rehab or that you are a veteran with PTSD. Sometimes we see employers start to treat employees differently – they suddenly consider them to be a danger, or they start micromanaging them.
Other times employers simply don’t realize the disability laws are implicated, and they don’t treat a mental health condition the same way they might treat a physical condition that requires an accommodation. Sometimes, at the end of FMLA leave, an employer might perceive their legal obligations to be met, and they fire an employee who needs a little more time off. At that point, the disability laws may have protected an additional period of leave, and sometimes employers get themselves in trouble in that context.
It can be very difficult to raise a mental health struggle to your boss. And, unfortunately, sometimes this disclosure does result in a breakdown of the employment relationship. But employees do have rights and it is important for employers to be aware of these rights, to avoid applying stigmas, and to treat with sensitivity a situation that is often temporary – at least in its impact on the workplace – and can be handled with compassion and moved past.
Disclaimer: Every situation is unique, including whether a condition falls within the applicable laws or whether an accommodation is feasible. This article should not be relied on as legal advice or in taking action at work. If you need support, consult your handbook on appropriate procedures and consider speaking to HR or an attorney about your options.This column is meant for informational purposes only and does not constitute legal advice or the basis for an attorney-client relationship, which may only be achieved following consultation and execution of a formal engagement agreement.
To learn more about the ways in which D’Orazio Peterson can help you, visit our website: doraziopeterson.com.
This past month, two local leading tech companies joined forces with the intent to unite their efforts for years to come!
ADNET Technologies (ADNET), a managed IT services, cloud, and cybersecurity provider recently announced that it has acquired Tech II Business Services (Tech II), a Saratoga Springs-based managed IT firm. Through this merger, ADNET will retain all Tech II employees, and Daniel Bardin (previous CEO of Tech-II) will join the ranks of ADNET’s general managers. ADNET has offices in Rocky Hill, Connecticut and Albany, New York.
This merger comes partially due to the recent investment by ADNET into New Charter Technologies. New Charter Technologies is a national MSP platform that links together over 20 managed IT service providers “that operate independently and serve markets across North America.”
A Partnership of Strategy
In a recent press release, the companies stated that “this strategic partnership brings together two exceptional teams of IT professionals to create a premier regional technology services company that combines national capabilities with a human- centered approach.”
This past week, we sat down and spoke with ADNET’s Cofounders, Christopher Luise, and Daniel Bardin, about the recent merger. Both leaders seemed enthusiastic about the possibilities that this merger stands to bring.
“As service providers, if you are going to bring solutions to a large range of industries, you need depth and balance,” said Luise when asked what elements helped to prompt this merger. With the speed at which technology changes, and the unique and complex challenges companies now face, these strategic partnerships and acquisitions seem like a no-brainer. “To be alone and meet the current demands of today, is truly impossible,” continued Luise.
And with several decades in the industry, Luise has seen this transformation firsthand. “I grew up in the tech space,” said Luise. “I had my first computer at 13 and was that kid in high school trying to sell floppy discs to my classmates. It’s amazing how far the industry and the technology itself has come since then.”
Similarly, Bardin also brings several decades of experience with him, though his start was not necessarily in tech. “I started in construction actually, working for the company my dad had. I focused a lot on the electrical side of things and that led me to study electronics in college,” said Bardin. “After graduating college, I had my first job at an Apple store and I’ve been in the industry ever since.”
Bardin went on to describe his view on the tech world and stated how “this industry is a challenging one. We’ve (Tech II) done well in the mid-market, but combining forces with ADNET means we can increase the breadth and depth of our talent pool. More people means more skill sets. More skill sets on hand mean that bigger and more complex problems can be solved by just one team.”
“With a shared passion for tech, and a penchant for prioritizing people…
“The synergy was just there.” – Daniel Bardin
Pictured here and opposite: Christopher Luise, left, and Daniel Bardin, right.
When Efforts Collide
With each company bringing over 30 years of experience to the table, the combined talent pool is sure to benefit the Capital Region in the years to come.
From a long-term perspective, “This acquisition deepens ADNET’s investment into the Capital Region, a market we see as full of opportunity and talent,” Luise said. “We’re confident that doubling down on our investment here will continue to drive our growth locally and across the northeast.”
Equally, “Tech II’s clients will continue to be served by the same outstanding IT professionals while securing access to ADNET’s extensive network of resources and partners,” stated Bardin.
“We are excited about what we are growing here,” said Luise. “If our vision and focus are something you could see aligning with your future technology needs as a company or organization, please reach out.”
Bardin echoed this statement with “ If you are a business that has ever struggled with technology, please give us a call. We’re here for you!”
Sherman! Crandall! Hyde! Pruyn! Lapham! Ordway! And the list goes on… The history of Glens Falls is abound with the names of the great families who helped build the city with their energy, ambition, entrepreneurship, and charitable work. This tradition survives to this day as Glens Falls attracts new generations of entrepreneurs to work and build their lives in this area. The city’s history is rich with powerful families who built their businesses and raised their families and sacrificed for this town. Their work is found in the fabric of the city. It has inspired street names and shaped the city’s culture and history. Often referred to as the “Gateway to the Adirondacks”, Glens Falls’ location has attracted entrepreneurs, inspired industry, and created great wealth and influence.
LOCATION! LOCATION! LOCATION!
The location of Glens Falls has its part to play in why the entrepreneurs came to stay. A seemingly unlimited supply of timber in the Adirondack forest was just waiting to be harvested and shipped to market down the mighty Hudson River. These men transformed natural resources into a thriving economy of marketable goods and services.
One of these men – William McEchron (8/3/1831 – 9/2/1906) – came to Glens Falls in 1863… Previously, he had worked as a tow boy on the Champlain Canal, and he had been a lumberjack in the Adirondack Forest. In Glens Falls, he partnered with an established businessman James Morgan, and operated limestone quarries in South Glens Falls. For a short time, the company was called Morgan & McEchron… However, after Morgan’s untimely death, William McEchron became the head of what became known as Morgan Lumber Company. William McEchron spent the remainder of his life living in Glens Falls, surrounded by his family and dedicating himself to supporting his family and public service. Throughout his life, he lived in different areas of the village – when McEchron was getting established in Glens Falls, he lived in a brick house on Elm Street, and he later moved his family to the area of Ridge Street and Maple Street.
THE FIRES AND THE FATES
McEchron’s dedication to philanthropy was partially based on his experiences in Glens Falls – one of his greatest accomplishments was creating a reliable water supply for the village.
While the McEchrons lived on Elm Street, the new Glens Falls Hotel was built next door… The McEchron children would play on the grounds of the hotel, which were filled with large gardens and trees.
Wait Carpenter, who owned the hotel, was ambitious and wanted to improve the kitchen… He bought large coal stoves that would get very hot. In late May of 1864, Williams’ wife Sarah was sitting near the window of their house while the children played in the yard, when she saw billows of smoke pouring from the kitchen windows of the hotel… Fire trucks quickly arrived, carrying volunteers from the fire department. The flames were stoked along by a spring breeze, and spread quickly in every direction… The buildings on both sides of Glen Street were quickly engulfed in flames, and were soon beyond any help the fire department could provide.
Despite help from neighboring villages, the situation was soon hopeless due to the lack of water supply. This fire became a disaster that would wipe out the center of the village.
McEchron became village president in 1872, and although he only held the position for one year, he managed to establish an adequate and modern water supply for the village… Fire, which destroyed much of Glens Falls on three occasions during McEchron’s lifetime, had impacted McEchron both personally and professionally – a decade after he came to Glens Falls, his business partner James Morgan died; burned to death in his own stables… The mysterious circumstances surrounding the death of James Morgan have never been clear. On the night of his death, Morgan had been alerted to a disturbance in his stables, and went out with a lantern to investigate the problem… The stables burned to the ground, and Morgan’s remains were found the next day.
William McEchron’s legacy of entrepreneurship lives on in the city… Wayne Wright, the City historian, is impressed with how much McEchron did for Glens Falls: “McEchron gave his money without a lot of people knowing about it… He wanted to be in the background. The Glens Falls Home, he paid for that. The YMCA, he contributed more money between himself and his family than anybody else. Christ Church was built because of him… He started from humble beginnings, and ended up a very wealthy man. The same happened with Sherman and Crandall, and the list goes on… McEchron was exceptionally wealthy and exceptionally generous,” he said.
MORGAN & CO.
Today, the generosity of William McEchron is carried on through his contributions to the town and the home that he built for his family… The family home that he built was inspired by the useful modern conveniences in the house he had previously built for his daughter and her husband. The house stayed in the McEchron family until 1921. At that point, the surviving daughters of William and Sarah McEchron transferred the deed to the City of Glens Falls… That home is currently the restaurant Morgan & Co; a sly nod to the interwoven fates of the McEchron and Morgan families. Morgan & Co carries on the entrepreneurial spirit with their creative menu and superb service: “We call it ‘comfort food’ with a Mediterranean-Bohemian flair,” the owners explained through their website.
At Morgan & Co, you have the opportunity to see the inside of the McEchron family home, dine in the rooms where they lived, and feel the history around you… This restaurant was opened by Glens Falls native Rebecca Newell-Butters, and her husband Steve Butters. The house and gardens are now used for the restaurant and special events, and the wrap-around porch and gardens provide unparalleled ambiance for the spectacular chef-prepared cuisine.
For more information about Morgan & Co. and the McEchron House, please visit MorganRestaurant.com
Buying and selling homes are major milestones in people’s lives… These are times of upheaval and change, which a range of emotion which can include stress. There are times in these major transactions when each party needs a mediator to help find the correct answer and move the transaction forward. There are times when the public needs to know their rights to use and transfer property… The Southern Adirondack REALTORS® Inc. (SAR) is an organization that provides support and services to REALTORS® in Warren, Washington, and Saratoga Counties. Located at 298 Bay Road in Queensbury, this organization promotes those rights, and supports the concept of conducting business in a competent and ethical manner. They strive to improve the quality of life for area residents by providing a variety of services; including providing a voice for REALTORS®, upholding professional standards, and acting as a third party to help mediate disputes with REALTOR® members.
Sarah Wisdorf is currently the interim Association Executive/CEO. Sarah has both senior management experience and leadership skills – she holds both a bachelor and master’s degree in business administration, and has decades of experience in the real estate industry. In her role as interim CEO, Sarah oversees the daily operations of SAR, and is responsible for the growth and development of the real estate industry in the Southern Adirondack region: “In my role I help to maintain relationships. As an organization, we strongly support property rights, and work to reduce barriers to home ownership,” Sarah said.
One of the key aspects of SAR is the high ethical standards that the organization sets for the members… This code of ethics separates SAR from other real estate licenses. It is a commitment to honor, integrity, and professionalism… This code of ethics is prescribed by The National Association of REALTOR®, which is the umbrella for SAR.
SAR has a responsibility to help members and clients in a disputed situation, and will provide an ombudsman and professional standards hearings if there is ever a dispute or a question of unethical practices that needs an unbiased third party… These services are optional, but often result in a more timely outcome and avoid litigation. Offering this free service helps to avoid expensive and time-consuming litigation.
Sarah is aware of the impact of societal changes on the real estate market… Americans move an average of 11.7 times over the course of a lifetime. These moves occur for a variety of reasons, including changing jobs, upsizing or downsizing, or just trying out a new neighborhood. Unfortunately, low inventory is increasing prices and sending ripples through the real estate market… Prospective buyers are holding off on purchasing their first homes, and retirees who in the past have downsized are staying in their homes longer because of the elevated costs of real estate. SAR studies and monitors these factors to help support their members, clients and community: “SAR is committed to being a partner in helping to solve the challenges in the housing market. Advocating for increased inventory at all price-points, working to find ways to lessen the barriers to entering the housing market, and looking at new, creative, and sustainable building options.” Sarah said.
