Sometimes retirement doesn’t quite mean the working days are really over.
That is happily the case for Glens Falls local Adam Root, who is closing the book on his years of service for the New York State Corrections System and is starting anew as owner of Etched in Valor.
Sort of.
You see, Root has been operating the shop while simultaneously working full time for the state for the last several years. This double duty routine stemmed from years of creating custom wood signs and his signature custom-turned pens in his off-hours under his prior home business, Root’s Wood Designs.
“When we heard this place was for sale, it just seemed like the right thing to do. At the time, I knew that retirement was approaching and even though I still had a few more years left, it seemed like it would be a missed opportunity to not jump on it,” said Root.
Located in Queensbury, NY, Etched in Valor is a custom awards and engraving shop. Previously known as Gifts & Engravings by George, Root and his wife, Kris, purchased Etched in Valor in 2019.
DISTINGUISHED FROM THE REST
Root, you see, is no stranger to the concept of dedication. Root’s full immersion into it began early on in his life when he joined the United States Marine Corps straight after graduating high school. After spending his early years on what he described as “the wrong side of the tracks,” Root wanted to be a part of something that would make better opportunities for himself and for others down the line. After serving with the USMC for four dedicated years, Root was honorably discharged for medical reasons.
The decision to join the military would pay off in the long run for Root as it has indeed led him to unique opportunities along the way. Most recently of note, is that due to his time in the service, Root was able to apply for Etched in Valor to become a Service Disabled Veteran Owned Small Business.
This designation allows the company to pursue bids that are specially set aside for this community of business owners. For Etched in Valor, it has allowed them opportunities like partnering with New York State Schools to produce all of the plaques for Section 2 Sports in the state.
OFFERINGS AT ETCHED IN VALOR
Not only are you working with dedicated individuals at Etched in Valor, you are partnering with a company that focuses on the craftsmanship of the products that they produce.
When asked what sets them apart from the rest, Root explained, “Here at Etched in Valor, we do a lot more of the work in-house than other companies. For example, we have the equipment and expertise to do full colors on trophies and medals whereas a lot of the competition outsources projects like that.”
In addition to trophies and medals, Etched in Valor can also produce customized engraved products that include but are not limited to: drinkware, clocks, plaques, signature wedding favors and corporate awards.
I enjoy this. It’s not really a job to me, in a work effort sense. There are days that test you for sure, but we get through those.
– OWNER OF ETCHED IN VALOR, Adam Root
ALWAYS LOOKING FORWARD
As Root transitions into running the business as his sole working endeavor, he has a few goals for the years to come. “Ideally, a great starting place for us would be to expand our knowledge and skill sets in the areas of service that we already cover,” stated Root. Next stop on his journey would be to explore purchasing a facility of their own, instead of renting as they currently do.
Most important to note, however, is that at the end of the day Root just wants to ensure “we are giving our customers the best range of offerings that we possibly can at prices that they have come to count on.”
CONNECT WITH ETCHED IN VALOR
If you are interested in the services that Etched in Valor provides, you can explore their offerings on their website, EtchedinValor.com.
Nourishing children’s confidence through an immense educational ocean.
When Chris Leuzinger left Western Canada for Taiwan, he didn’t know his one-year contract to teach at a private school would turn into four of the best years of his life.
“I was having the time of my life, so why would I leave?” he said. “I figured out I loved teaching while I was doing it.”
Chris has been on a voyage of discovery ever since. A proponent of education in all forms, in 2014, he and his wife, Lauren, became co-pilots of Nourishing Minds Tutoring, a ship of scholars guided by a crew of professionally-trained educators— which has grown to as many as 21 during demand peaks— riding the waves of education.
In a Sea of Possibilities…
When Chris did leave the Far East, he took a fantastic four-month voyage through Africa, from Kenya to Johannesburg, South Africa. Following that journey, he spent a year in New Zealand earning his Graduate Degree in Primary Education.
After graduation, he would fly back across the globe yet again to begin a six-year “stay” in London from 2009 to 2014. While in London, he began teaching at a poorly-performing inner-city school in one of the worst areas of the city. When Chris arrived, his school ranked among the bottom 5% in the county; by the time he left, they had risen to among the top 10%.
“True magic can happen when you have higher expectations. Kids rise to the challenge.”
Chris Leuzinger, Founder of Nourishing Minds
During his six years in the United Kingdom, he would transition from teaching into administrative positions. Working as an educational consultant, he helped build teaching standards, curriculum, and professional development training for other schools. While some of these schools were also in England, others were as far off as Spain, Norway, and Trinidad & Tobago.
Chris would spend some time in each of these places as well, adding to his already impressive collection of stamps on his passport.
…A Compass Rose
Now in 2014 and back in the US, Chris and Lauren decided to make their home in Lauren’s native hometown of Saratoga Springs. The couple would then use their experience to navigate effectively through the challenge of starting Nourishing Minds Tutoring from scratch. They hit the streets and got the word out (through spots like Northshire Bookstore) then let their work speak for itself.
“That we’ve grown to this point almost 100 percent from word-of-mouth, tells me people are happy and satisfied with what we’re doing – We must be doing something right,” said Chris.
Now, Chris and Lauren (a Special Education teacher working on her second Master’s Degree) have three children; Taylor, 9, Brady, 6, and Layla, 4. They have also had the experience of nurturing a student who was struggling through 3rd grade all the way to earning an academic scholarship to a prestigious university.
“When you choose to invest in tutoring, you recognize that it is a long-term investment,” said Chris, adding, “But, I cannot guarantee grades. Learning doesn’t work that way.”
Taking the Helm
Making education come alive through engaging, real – world applications, kids are learning without realizing they’re learning – and without having to sit at a desk all the time, said Chris.
Nourishing Minds Tutoring utilizes both formative and summative assessments to gauge student learning. Using summative (or standardized) forms of testing when beginning to work with a student, they arrive at a launch point. Formative assessments monitor progress, further gauging learning through work samples, essays, and teacher evaluations over time.
Navigating Rough Waters
New and varied approaches to education like these are becoming popular because as technology helps inform our experience, research indicates traditional methods are failing children. Homeschooling is on the rise and the online tutoring services market is expected to reach $23.73 billion by 2030.1
Whether students are failing to meet age-based expectations or are excelling beyond them, Nourishing Minds provides students with the individualized support and resources they need, while also contracting with school districts to help supplement home instruction.
Climbing the Rigging
Through creative, personalized approaches, Nourishing Minds tutors teach relevant standards- based curriculum in a way that students respond to.
Growing up petrified of math, Chris had the mentality that he just “wasn’t good at it” and “couldn’t do it.” Then, Chris learned math could be more than the flashcard memorization method he was taught as a child. Now, math is Chris’ favorite subject to teach.
“Common core was crucified in the media but I sing its praises,” he said. “When I was growing up, there was one way to do it, and that was it. Common core teaches kids a variety of ways a lot of parents and teachers never learned themselves and that helps so many kids.”
Full Speed Ahead
While the Capital District continues to experience a shortage in Occupational, Physical, Speech, Language, and Musical Therapists, Nourishing Minds Tutoring contracts to supplement education with school districts while also offering private and group tutoring, both in-home and online. They switched to an entirely virtual model during five months of the pandemic, but now exist as a hybrid.
“Homeschooling can be done in many, many ways, and you’re pretty free to do what you want. It’s a lot more doable and accessible than people think it is,” said Chris.
In New York State, homeschooling families are required to develop an Individual Home Instruction Plan (IHIP) adhering to the 100.10 Standards on Home Instruction.2
Socialization can be accomplished in a variety of ways today, too, Chris stresses. By participating in sports, extra-curriculars, volunteering, and getting a part-time job, children learn socialization skills while also building confidence – which is key.
“To me, success in one aspect of life translates to success in another,” said Chris.
Living by example, Chris volunteers 2,000 hours per year as the Assistant Chief of the Wilton Fire Department, and serves on the board of the Cantina Fun Run.
“There’s power in getting together as a community and helping.
Find a way to get involved, something you care about, and make the world a better place,” said Chris.
Donald Walton has been training in martial arts since he was seven years old. But it wasn’t until he found Saratoga’s Elite Academy of Martial Arts at 19 that he began to take his training seriously. On Friday, November 17th, over a decade later, Walton received his Brazilian Jiu Jitsu black belt from Alliance Jiu Jitsu instructor James Bruchac.
“Jiu Jitsu helped bring out who I truly was and helped me become a better person. It gave me purpose and forced me to face myself and improve daily. I am not sure if I would be alive today if it weren’t for this place and this martial art,” Walton said in a statement after his belt ceremony.
Now 32 years old, Walton has become an integral part of the academy’s coaching staff. If one walks into the Saratoga academy on any given night, Walton can be seen teaching striking and grappling classes to children, beginners and devoted martial artists alike. Walton also represents the gym as a professional MMA fighter (with a record of 1-0), a status he acquired earlier this year in February after his round two submission win over Jason LaPage in Barre, Vermont.
“I really enjoy being a professional fighter, even though it hasn’t quite sunk in yet,” Walton said. “There’s a lot more opportunity at the pro level when it comes to opponents, plus you can finally start earning money on your fights, which is always nice.”
Yet, Walton – a student turned teacher, turned professional – has bigger ambitions than just fighting for his own name. He is blending his love of fighting with his entrepreneurial spirit and starting his own fight promotion, based in his hometown – Saratoga Springs. “My goal is to help the level of our community’s martial arts and help give people avenues to be able to make it in this sport if they want to. I’m not doing this for me; I’m in this to help the community,” Walton told us.
Coming in the new year, Walton has teamed up with a local venue to host a night of amateur fighting. But it won’t just be a one-off event. Hopefully, for Walton it will be the first of many nights. Walton continued,“When I was looking into starting my own fight promotion, I reached out to good friends of mine in the fighting world, many of them are experts when it comes to the business side of things,” Walton said.
“All I know, really, is fighting, so I had to build a good team. The owner of DonnyBrooke Fight Promotions [a well known promotion for amateur and professional fighters in the Northeast, based out of Barre, Vermont, where Walton got his debut victory] suggested I work under his name. They have a database of fighters, people reaching out for bouts and a well-established name, so it was a no-brainer for me,” Walton said.
In essence, it’s a franchise deal. Walton will work under the DonnyBrooke name and become the face of the promotion in New York, working closely with fighters throughout the region. The first event is slated for March of 2024, with a venue already established – the Saratoga City Center. “We thought it was the perfect venue for what we are trying to do. The space, the price, all of it. Plus it’s right here in my hometown.”
The City Center has been receptive to MMA events before, having hosted Kaged Kombat roughly a decade ago, at a time where MMA wasn’t nearly as popular. “I looked into a lot of venues, places were either overcharging for very little to nothing, or they just couldn’t fit what I was looking for – in terms of the size of the cage, the seating for the crowd etc,” Walton continued, “the City Center checked all of our boxes for a venue and I really want to keep our relationship with them for the future.”
DonnyBrooke’s New York promotion will put on fights in a variety of disciplines, including mixed martial arts, muay thai, kickboxing and grappling. The fights will be at an amateur level to start, but Walton plans on eventually hosting professional bouts under his promotion.
“I’ve found out that a lot of our local fighters are used to fighting only under one or two promotions, because really, there aren’t a lot of promotions near us. My goal is to have local fighters, be able to compete with fighters from all over the country, creating a fresh pool of talent.” Undoubtedly, this will create a lot more opportunity for local fighters to be seen and work their way up the ranks from amateur to professional, just as Walton did. Plus, for local martial arts fans, it’s a great way to support the local scene while enjoying fight nights right in Downtown Saratoga.
When asked where he sees DonnyBrooke Fight Promotions in the future, Walton said, “I’m hoping, years from now, to have DonnyBrooke partnered for One Championship to be a feeder into a larger, international promotion.” One Championship is a world-renowned fight promotion that began in 2011. The Singapore-based promotion works with smaller promoters all over the world to add to their ever-growing pool of fighters. They even pull from a New York City-based promotion, Warrior’s Cup, which was established in 2006.
“Warrior’s Cup is an amazing promotion, but they had to start where we are now – at the beginning – and slowly build themselves, and that’s what I want to do now, to build this promotion large enough to partner with One Championship,” Walton said.
For more information about DonnyBrooke Fight Promotions, or to buy tickets for upcoming events, check them out on Facebook or visit DonnyBrookeFightPromotions.com
In the wake of recent global shifts, it’s evident that sales management has transformed, leaving leaders and their teams with a unique set of challenges and opportunities to shape the future of their sales organization in a positive direction.
The Evolving Landscape of Sales Leadership
To thrive in the rapidly changing sales landscape, managers need to understand emerging trends that could help them lead and grow more efficiently.
1. LISTEN BEFORE YOU ACT
While the customer has always been king, sales teams often prioritized taking action before listening to buyer feedback. Post-pandemic, it’s crucial to shift this approach. Start by actively listening to your customers’ wants and needs before crafting your sales strategy. Gather insights, conduct surveys, and truly understand your target audience to tailor your approach effectively.
2. FOSTER ENHANCED COLLABORATION
In addition to maintaining strong customer relationships, the future of sales management emphasizes the need for improved internal collaboration within your organization and throughout the supply chain. Encourage open communication, teamwork, and knowledge sharing among your teams to ensure a streamlined, customer-focused approach.
3. CULTIVATE FLEXIBILITY IN SALES LEADERSHIP
To stay at the forefront of evolving sales trends, sales leaders must constantly adapt. To implement this, focus on being a quick learner, embracing technological advancements, and leading your team with purpose. Being open to change and ready to pivot your strategies when needed is the hallmark of a good leader.
Outsourced Sales Management: A Strategic Asset
Amid the rapid shifts following the pandemic, outsourcing sales management has emerged as a valuable tool for businesses. It’s not just a trend; it’s a strategic choice that can significantly impact the future of sales management. Here’s how outsourcing can benefit your business and boost your bottom line:
1. STAY AHEAD OF THE CURVE
Outsourcing to experienced professionals ensures your company doesn’t lag behind in adopting new trends. Outsourced sales leaders stay up to date with customer sentiments, priorities, and sales trends, giving you a competitive edge. By tapping into their expertise, you can build a resilient sales model that better serves your customers and drives higher profits.
2. LEVERAGE SALES EXPERTISE
Seasoned sales experts provide invaluable insights, strategies, and a deep understanding of the sales landscape that can be out of reach for smaller companies. Outsourced sales professionals bring a wealth of experience and specialized knowledge to the table, enabling small businesses to access top- tier talent and industry insights they might not be able to afford full-time.
3. REDUCE OVERHEAD COSTS
Outsourcing can often be a cost-effective solution, especially for smaller businesses. You can scale your sales efforts up or down as needed, avoiding the burden of maintaining a full-time, in-house team during uncertain times.
The Bottom Line
Businesses can harness the power of outsourcing their sales function, a strategic move that can be especially beneficial when lacking the financial capacity for in-house leadership at the same level. By leveraging these experts, businesses can navigate complex sales challenges, stay competitive, and achieve revenue goals without the hefty costs of maintaining a full-time sales leadership team. As an experienced professional who understands the ever-changing sales trends, I can help your business stay ahead of the curve.
Don’t let the fast-paced sales world leave your business behind – contact me today and I will help you build a resilient sales model for tomorrow.
A Missouri jury recently issued a verdict that could transform the way real estate agent commissions are paid, and who pays them.
On Halloween, the jury in a class action suit found the National Association of Realtors (NAR), together with a couple of national real estate brokerages, liable for conspiring to create a system that artificially inflated commissions for home sales under the Sherman Act and Missouri antitrust law. The jury awarded damages to the tune of $1.8 billion, which could be tripled to more than $5.3 billion by the Judge in the case under U.S. antitrust law. NAR has stated that they intend to appeal the verdict.
In a typical real estate transaction, the Seller is responsible for paying anywhere from 5-6% of the sales price as a commission to their listing broker, who then splits that commission with the agent who brought the successful buyer to the table.
The jury agreed with Plaintiffs that requiring payment of buyers’ agents’ commissions from the listing agent created a system that suppresses competition and artificially keeps buyers’ agents’ commissions in the 2 1⁄2 to 3% range, despite the perception that buyers’ agents’ roles have been diminishing due to the online presence of information about homes for sale.
What this verdict suggests is that if buyers were required to pay their own agent’s commission directly,
they would be able to save money by shopping around and potentially negotiating better commission rates. Furthermore, sellers would no longer be absorbing the additional cost of a buyer’s agent’s commission in their sale price. And, since this verdict, there have been several additional class action lawsuits filed throughout the country, including New York State.
While it is important to underscore the importance of antitrust laws in our society, before anyone begins waiving a victory banner, let’s consider for a moment the far-reaching impact this decision could have. Is this actually good for buyers? Is it good for sellers? Is it good for the housing market?
At first glance, this sounds like a good thing for buyers. After all, they would now have the ability to negotiate with agents and save money on their commissions, right? True, until you consider how and when the agent will want to be paid. Are buyers going to be able to come up with an additional $5- 10k as closing costs for commissions?
Many would argue that this would be difficult if not impossible for first-time homebuyers or buyers utilizing FHA loans. Would we thereby be reducing the number of available homebuyers to the market? Also, it is not uncommon for a buyer’s agent to show more than a dozen homes to their buyer before their buyer submits an offer on one of them. And, many buyers lose out in several multiple offer attempts before their offer is finally accepted. So, if buyers now become responsible for paying their own agent directly, will agents begin a practice of requiring a retainer fee to help offset their travel expenses for showing homes?
Bottom line, is this going to create a chilling effect on buyers using agents where more buyers will attempt to represent themselves in their home-buying journey? Caution should be given to anyone seeking to represent themselves in such a large purchase.
What about our sellers? Surely not having to pay an additional 2 1⁄2 to 3% in commissions to the buyer’s agent is good for the seller, right? Maybe, unless you consider the above scenario. With fewer homebuyers being able to afford the additional closing costs or becoming discouraged when they attempt to go it alone, will there be fewer multiple offer situations to help bid up the price of the property, allowing the sellers to achieve the maximum amount for their property?
Will buyers essentially have less buying power with less available money to put towards the purchase price? Will we have more unrepresented buyers pulling out of deals due to not receiving the education they would have received by working with an agent? It costs the Seller both time and money every time they have to prepare and re-list a home for sale.
While more class action suits will continue to roll in, we should not expect to see any final decisions or changes to the current structure for some time, especially in light of anticipated appeals, the usual trope for such large-scale calamities.
While some will claim “change is good,” others will caution “be careful what you wish for.” As the economy continues to sputter in part due to a sluggish real estate market, careful consideration should be given to weakening an already fragile market.
The journey to business ownership is an exciting yet complex path, laden with significant financial decisions and preparations. Acquiring a business is not just about making a purchase; it’s about setting the stage for future success.
In the first 2 parts of our 4-part series, we talked about the benefits of buying and selling a small business, as well as the initial steps in the process. In Part 3 of our series, this quarter’s article aims to navigate you through the financing process and options.
Traditional Financing: Banks & Credit Unions
Banks and credit unions are the go-to sources for traditional financing. They offer loans based on several factors such as your credit score, a well-crafted business plan, and the financial health of the business you’re interested in. It’s vital to understand the terms of these loans, which often require collateral and come with stringent repayment conditions. While this route can be beneficial for those with a strong financial background, it may not be accessible to everyone.
SBA Lending: A Helping Hand for Entrepreneurs
The Small Business Administration (SBA) offers a lifeline to entrepreneurs, providing access to capital through various loan programs tailored to small business needs. These loans, known for their favorable terms and lower interest rates, significantly ease the financial burden on new and growing businesses. Additionally, the SBA offers guidance and resources, making it an invaluable partner for entrepreneurs navigating the complexities of business ownership and expansion.
• SBA 7(a) Loans: This program, designed for broader purposes, is especially beneficial for buyers who may not qualify for traditional loans. It offers competitive interest rates and longer repayment periods.
SBA 504 Loans: Targeted towards the purchase of real estate or heavy equipment, this loan is ideal if the business you’re acquiring includes substantial assets.
SBA Microloans: These are smaller loans, perfect for startups or as supplementary funding. They’re a great option for those looking at smaller ventures.
Seller Standby Note: A Unique Financing Option
In certain cases, sellers are willing to finance part of the purchase price. This involves the buyer paying a portion upfront and the seller financing the balance. These arrangements can be particularly useful in bridging the gap if you’re unable to secure the full amount through other means. It’s a path that requires careful negotiation to ensure terms are favorable for both parties.
Equity Financing: Sharing the Ownership
Seeking investors who provide capital in exchange for equity is another route. While this is a traditional approach for startups, its becoming more common for buyers to take on minority investors looking for opportunities to align their strategic goals, networks and skills with buyers they believe in. You will have to give up a share of the business in return for the investment. In return, you should be looking for ways the investor can help scale the business beyond investment dollars.
The Importance of a Solid Financial Plan
Before embarking on any of these financing routes, it’s crucial to have a clear and detailed financial plan. This includes understanding all the costs, interest rates, and terms associated with each financing option. Working with a financial advisor or an accountant who has experience in business acquisitions can be invaluable in this regard. Start by evaluating your financial situation thoroughly, including your assets, liabilities, credit history, and current financial obligations.
You’ll also need to craft a business plan to secure financing and thoughtfully plan your venture. This should encompass financial forecasts, market analysis, and strategies for growth. A well-developed plan demonstrates to lenders and investors that you are prepared and committed to the business’s success.
Navigating the Negotiation Process
Negotiating the purchase price of a business requires skill and understanding of its true value. This involves analyzing the business’s earnings, market position, and growth potential. An accurate business valuation or a quality of earnings report, ideally conducted by an experienced professional, forms the basis of effective negotiations and fair market value of the business.
Conducting Thorough Due Diligence
Due diligence extends beyond mere financial scrutiny; it encompasses a comprehensive analysis of the company’s market position, competitive landscape, and customer base. This broader perspective offers insights into the business’s sustainability and growth potential, factors that are essential for long-term success. Additionally, due diligence also involves evaluating the management team and employee structure, as the caliber and stability of the workforce are pivotal to the ongoing operations and future development of the business.
Risk Management Strategies
Identifying and mitigating risks is an essential part of the acquisition process. Strategies such as securing appropriate insurance, developing contingency plans, and maintaining a financial buffer can help manage the risks associated with a new business venture.
Closing Thoughts
Purchasing a business is a very serious undertaking that requires thoughtful financial preparation and planning. By exploring various financing options, assessing your financial standing, crafting a comprehensive business plan, and conducting thorough due diligence, you can navigate this challenging landscape more effectively. Remember, the guidance of experienced financial and legal experts can be invaluable in making informed decisions and setting the stage for the successful ownership of your new business venture. The key to a successful acquisition lies in thorough preparation and strategic financial planning.
Coming up in our fourth and final installment, we will be talking about the final steps in the sale process— ways to find the right business for purchase.
Attorney Advertising. Prior results do not guarantee future outcomes.
For the past twenty years, I have marveled at the thousands of strategies for making money in the markets and making money in business.
Often these strategies are completely contradictory to one another yet when applied appropriately, both can work. For example, some investors consider themselves contrarian investors, one of the most famous being Warren Buffet. These investors tend to look for companies who have depressed stock prices, not so much from the company’s doing but the environment in which they find themselves. When many others are selling, contrarians are looking to buy. On the other end of the spectrum, you have momentum investors who are looking for stocks that have higher prices over some period. In a sense they may be looking for a speeding train, jump on and ride that momentum to higher gains.
Very different philosophies and both can work when applied appropriately.
The above sets the framework for a distinction I would like to share and an opportunity you have as a business owner or investor in this New Year. Though there are thousands of ways to make money in business and the markets, I have been able to identify only two variables that tend to be present when people lose significant money in business or investing. I want to be clear that these are my personal observations over the past twenty years of meeting and working with thousands of business owners and investors.
The Impact of a LiquidityCrisis and Overconfidence
The two variables I have identified after examining many failed businesses and investments are a liquidity crisis and over confidence. These can happen in any order. When someone has a liquidity crisis, they are often forced to sell assets at inopportune times. Inevitably, the times at which people need money are exactly at a time when selling assets is not necessarily favorable. Think about the Pandemic. This gave many business owners a crash course in how quickly a liquidity crisis and overconfidence can create significant losses. The hospitality industry was hit harder than most industries. What do you do when you have a fully staffed restaurant that has invested significantly in their infrastructure to create a wonderful dining experience for their patrons, and ALL the patrons go away in one day?
The government stepped in and was able to help many of those businesses but for the ones who lacked liquidity to keep their doors open until that help arrived, in many cases these businesses were forced to close their doors forever.
How about some of the large bank failures? Perhaps there was overconfidence after years of low interest rates and controlled inflation that the Federal Reserve would raise interest rates at a snail’s pace should the need arrive. This would give these banks enough time to get their assets matched appropriately to their liabilities. As history has now revealed, this was not the case, and many banks failed.
Liquidity is an area that we spend a significant amount of time discussing and investigating with our clients. Each client, depending on many different variables, has a different number for what constitutes an appropriate level of liquidity. How this liquidity is housed can also vary widely. Simply leaving money in a business checking or brokerage money market account can have a significant drag on potential returns over the years.
Many of the business owners I work with have thriving businesses. With that said, when I look at the past 5, 10, or 15 years and ask them what they have to show for it…they sometimes look back puzzled. ‘What do you mean? I have a thriving business.’ Which is true, but often, that thriving business has supported an equally thriving lifestyle. As entrepreneurs, aside from lifestyle, we often are geared toward investing everything back in our business. And this can be a winning strategy…until a liquidity crisis and/or overconfidence rears its ugly head. If you have been in business long enough, you know exactly what I am saying as you have likely weathered a number of these storms.
I believe that if you are a business owner or serious investor, quantifying your need for liquidity and how to house it should be part of your New Year’s Resolution. One of the things we say at Thoroughbred Advisors is, “every day is a good day to save, but not every day is a good day to invest.”
If you would like to involve a financial professional in your discussions regarding your liquidity and growth strategies feel free to reach out to us at 518-608-4608 to have a complimentary consultation.
The information provided herein is for general informational purposes only and should not be considered investment advice. Any strategies described may not be suitable for everyone. Readers are encouraged to evaluate all information in light of their own situation, and seek the advice of an appropriate professional advisor.
Thoroughbred Advisors is a leading financial firm dedicated to providing tailored, transparent, and authentic financial solutions for their clients. Established in 2014, the firm focuses on empowering individuals, families, and businesses in the Capital Region to achieve lasting financial success.
Pioneers in the pet supplies market upstate,the Benson’s Pet Center family is invested in doing the right thing while remaining committed to never taking themselves too seriously.
By his early 20s, Ryan Kramer had a room set aside in his apartment specifically to raise and breed different kinds of freshwater fish. One fateful day, Ryan wandered into Benson’s Pet Shop, in the old Saratoga Mall, and discovered that there was a section of the store dedicated to fish— but there was not a fish tank (with live fish) in sight. He struck up a conversation with the owner and was given the opportunity to start selling his fish in the pet store. His sales would grow quickly, and when his fish venture started making more money than the rest of the pet store, the original owner asked Ryan if he would like to purchase the business. In 1992, Ryan traded his baseball card collection to his father, Frank, for a few thousand dollars to put down on a loan to buy Benson’s Pet Shop. In October of 1992, Ryan officially became the new owner.
Several days after acquiring the business, the first of Ryan’s sons was born. Over the next 10 years, Ryan had two more sons, and became an uncle to several nieces and nephews. Today, they all work in various positions inside the business.
Family businesses are common in our community, but the commitment found in Benson’s personnel seems to be especially strong. Many of their 100+ employees have been with the company for 15 years or more, making Benson’s very unique in the demanding world of retail, and proving loyalty is a bond built on more than just blood. By creating a culture based on connection, understanding, and empathy, Benson’s Pet Center has remained in-sync with their customers’ values while also expanding to areas not just in Saratoga, but in Clifton Park, Colonie, Johnstown, Rotterdam, and Pittsfield, Massachusetts. In 2019, Ryan opened up a fish-only store in Ballston Spa, called Benson’s Fish Room.
CREATING CONNECTIONS
Family businesses like Benson’s Pet Center are the heartbeat of our economy, but maintaining generational success and continued growth requires a unified strategy that protects both business and family relationships.
“Just because this is a family business doesn’t mean business has to intertwine with the family,” said David Kramer, Manager of their second Saratoga store. “We have a good time at work, then go home and have a good time as a family.”
Hanging around Benson’s since they were kids, Ryan Kramer Jr., David Kramer, Sam Kramer, and Frank Whalen grew up in the business. These ‘Benson’s Boys’ laid the foundation for a philosophy of connection, and developed their love of animals, early on in life.
While daily operations in the store continue to include helping customers, stocking products, and caring for the animals, Sam Kramer said one of his favorite memories has to be playing video games with employees in the back room during their lunch breaks when he was a child. These personal interactions inspire a work environment that makes the employees feel like everyone is one big family.
Speaking of family, over the years Benson’s has had many pet family members, including an assortment of dogs and cats, fish, lizards, snakes, birds, ferrets, hedgehogs, and even a tarantula. Before the pandemic, Ryan Sr. would bring his 4-foot python to school visits for presentations.
With all the joy pet ownership brings, Benson’s knows there can be tougher moments as well. This past November, Ryan Sr.’s beloved dog, Dani, a 16-year- old pit bull mix, crossed the rainbow bridge. “Since she passed away, it feels like something is missing. There’s a void in the house,” he said. Many Benson’s customers have been touched to receive a sympathy card after their furry companion passes on.
MAKING A DIFFERENCE BY GIVING BACK
Benson’s Pet Center has thrived providing a huge variety of pet products and services for our furry, feathery, and scaley family members while also remaining devoted to their reputation for honesty and integrity.
In the mid 1990s, Benson’s adopted a state-of-the- art computerized inventory control system utilizing point-of-sale interactions. Benson’s inventiveness and ingenuity allowed them to excel beyond the competition and provide the excellent service their customers have come to expect. It also facilitated their growth on many fronts – since opening their Queensbury location 23 years ago, they have expanded the store twice, nearly doubling their square footage.
The role and reach of Benson’s Pet Center goes well beyond their economic contributions to the community because they are also a family-based business that understands the importance of giving back.
Taking action every day to make a positive difference, their Benson’s Cares, their 501c3 nonprofit organization, has raised over $100,000 in the past two years for local organizations, including the North Shore Animal League, F.A.C.T (Feline Advocates Coming Together), the Lucky Puppy Rescue, and many others.
RICH REWARDS
The environment created at Benson’s Pet Center is so welcoming that it inspires others to take action, as well. While it’s common for the customers who come into their nine locations to share stories of their pets, some are taking the care of animals to the next level. Vincent, a Clifton Park customer, started selling handmade items at the store to raise money to donate to local rescue shelters — when he was just 8 years old. Now, at age 13, he’s still at it.
“People love it. We love it. It’s a really good thing to see people who have the passion to get involved,” said Ryan Jr.
Even those who no longer have pets of their own still return to Benson’s. One customer comes in to buy treats just to hand out to customers in other stores that have their pets with them. This customer has a reserved shelf in the back of the store and has an official non- employee Benson’s Pet Center nametag.
WELCOME TO A WORLD OF PURE IMAGINATION
By ensuring the success of Benson’s Pet Center today, this family business is guaranteeing that even more can be done for pets for years to come.
For more than a decade, Benson’s Frequent Buyer and Benson’s Best Loyalty programs (rewarding a $10 discount with every 500 points customers accrue) have been rewarding savvy shoppers. In addition to exclusive offers and rewards, Benson’s holds adoption and pet care clinics, fundraisers for local rescues, and pet photo opportunities at all of their locations.
Our philosophy has always been to do the right thing.We have a reputation for being honest and knowledgeable. We give customers what they want.
– Frank Kramer
In 2022, Benson’s gave a long-time employee, Jennifer Conklin, a hand in launching Benson’s (now best- selling) Bestie Box and Kitty Crate monthly in-store non-subscription subscription boxes. “Pet food vendors and manufacturers have been lining up to support this venture, which supplies customers with an affordable assortment of items for their dog or cat each month”, said Ryan Jr.
More recently, Benson’s Pet Center launched their Golden Ticket Giveaway, where eight lucky winners could have a chance to find a golden ticket hidden in a Bestie Box or Kitty Crate. The winners get free boxes or crates for a year.
Benson’s Pet Center is more than a pet supplies haven; it’s a tale of passion, family, and a commitment to the community. From Ryan Kramer’s fish-filled apartment to the bustling multi-location enterprise today, Benson’s has not only grown as a business but has cultivated a familial atmosphere where employees and customers alike feel like cherished members of an extended family. The ‘Benson’s Boys,’ raised within the business, have sown the seeds of a unique work environment, blending professionalism with the warmth of shared experiences.
But Benson’s Pet Center goes beyond the register, exemplifying social responsibility through Benson’s Cares. Programs like the Bestie Box, Kitty Crate, and the Benson’s Best Loyalty Program are not just about pet supplies – they’re a testament to Benson’s dedication to strengthening the bond between pets and their owners.
As the business continues to evolve, Benson’s Pet Center stands as a beacon of compassion, creativity, and community engagement in the dynamic landscape of pet care, ensuring a lasting legacy of care and connection for furry, feathery, and scaley family members.
For more information, follow Benson’s Pet Center on Facebook and Instagram, and visit bensonspet.com.
Stay connected to the heartwarming stories, innovative programs, and the latest updates from Benson’s, where the love for pets extends beyond the shelves.
When people look at Melissa Freebern, owner of Artisan Ink, they either see a confident individual, or they gawk and clutch their purses a little tighter. Melissa has hundreds of tattoos covering most of her body, and while her appearance has caused some people to judge her unfairly, she said once she speaks, those preconceived notions vanish.
“I hope I can continue to change the perception of the scary tattoo shop. We’re all artists with families who have a creative outlet that feeds us, makes us feel like we have purpose and are doing something meaningful,” said Melissa.
Her tattoo shop’s new location, at 1263 Patten Mills Road, in Fort Ann, strives to create more positive connections with the community in a fun studio space, with events, and special discounts.
A TATTOO OF ONE’S OWN
When Melissa was growing up in Warrensburg, she didn’t know a lot of people with tattoos.
“For years, they were undesirable, only freaks and carnies had tattoos. It was a long time before tattoos became mainstream, and sometimes it’s still not ok to have a tattoo or a piercing. You have to hide that form of expression,” she said.
Melissa was drawn to tattoos early, however, and gave herself her first tattoo at the age of 13 using India ink. That yin-yang symbol was covered with a sunflower two years later.
“Tattoos checked all the boxes for me. I almost didn’t care what a tattoo was of. It was mine. That was the draw and the appeal,” she said.
AN EDUCATIONAL EXPERIENCE
Melissa and her husband, Andrew, met in 1999 and were married the following year. Between 2003 and 2007, they had three children; Gabe, Lainey, and Jeremiah. Melissa earned an Associate’s Degree in Criminal Justice from SUNY Adirondack, Substance Abuse Credentials, and a Bachelor’s Degree in Psychology from SUNY Plattsburgh. During this time, she also worked as a phlebotomist drawing blood, before learning how to do piercings on the weekends during her senior year.
“Women are the demographic that gets the most piercings and women feel comfortable with other women,” she said. As a woman, breaking into tattooing at the time, however, meant infiltrating the boys club.
“I had three kids, a husband, a house, and had just graduated college. I was a serious person saying I want this to be my lifestyle, but it was a scary leap. I had to get in the trenches with these folks and say, ‘Just teach me’,” said Melissa.
Sharing company with shady dudes in biker gangs who learned tattooing in prison and putting herself in the middle of violence, drugs, and situations where women were openly groped and berated left Melissa in tears some nights, she said. Other times, her sharp tongue gave as good as it got.
CONTROLLING THE CHAOS
In 2011, Melissa opened the first Artisan Ink tattoo shop on Bay Road, and in 2014, moved to 928 Route 9, adjacent to the Queensbury Laundromat (that she also managed). In 2015, a sister shop, the Copper Fox, opened in Johnsburg, and reopened in North Creek the following year.
Parking was a constant struggle at the congested Queensbury corner, said Melissa, and in 2017, a pedestrian crossing the road was struck by a car, breaking her thumb. Eager to shed the confines of the space, and to be able to stretch and grow, Melissa sold the building to the Northern Living property management company. In July, the Freeberns purchased the Fort Ann property, which was opened in the 1960s as Rick and Carol’s Countryside Inn.
Originally a pole barn, in the 1980’s the structure was extended and became a popular spot for festivals and dancing. The entire five-acre lot was filled with campers and during their final dinner, they served 8,000 people, said Melissa.
Carol (Twiss) Yole, 84, still lives in a house on the property, which also has two guest houses and a pavilion (the Freeborns will be renovating and renting out). For 15 years, this spot ran as The Boar’s Nest, a biker bar that hosted events and fundraisers but whose rough reputation turned off the locals, making them feel uncomfortable here, said Melissa.
“Carol has an immense love for the property still and was very happy we came in and are fixing things up and bringing it back to that not-so-scary place for people.”
IN A FLASH
By their October 28th Grand Opening, the bar had been removed and Andrew completed structural repairs to create the comfortable Artisan Ink tattoo salon.
After a ribbon cutting, their six artists completed 42 tattoos in just over four hours in the open, 4,200 sq. ft. space. Here, black ceilings are lightened by blue walls, light knotty pine woods, and a wow-worthy blue epoxy floor the Freeberns poured themselves.
Industrial elements and vintage vibes coexist with antique finds highlighted by sparkling crystal chandeliers. An embroidered Victorian settee and modern vinyl seating are equally at home among décor that includes a ship’s masthead (brought back from the Brimsfield, Mass. Flea Market) and a taxidermy zebra head named, “Debra”.
With 30+ vendors, the Clever Cleaver and Taps of Saratoga trucks, a bonfire, and live music from Vinyl Vault, the event was a preview of more to come.
In 2024, a Spring Antique Fair, and Flash Sales on Friday the 13th (in September and December) are planned.
THE HEART OF A WOMAN
It all helps connect the community, and the tendency Melissa (who sits on the school board and is ordained to perform wedding ceremonies) has of putting too much heart into her work, she said.
“I give too much of my heart away,” she said while rubbing the tattoo above her eyebrow that says, “Heartless.” “It’s to remind me to think with my heart less,” she laughs. “Either that or it’s a warning label.”
For updates, follow @ArtisanInk518 on Facebook and Instagram.
When industrial controls and automation company RASP Inc. added a 6,000-square-foot facility to its complex over the summer, its Gansevoort footprint swelled to over 30,000 square feet.
That’s not bad, considering that the company owner started the enterprise nearly three decades earlier on the landing just outside his front door as the only employee.
“It was me from day one,” recalled owner and chief executive officer Ron Richards of the business — then called Protech — he created in 1995. “I was the designer, the programmer, and I built the panels. I was building control panels on my porch at my house.”
In the succeeding 28 years, the enterprise has changed its name (to RASP), moved from its original location (in South Glens Falls), exponentially increased its staff (to the current total of 35 employees), and, now, augmented its building complex.
The new facility “is a combination manufacturing site and offices,” said Richards, who was born and raised in Corinth. The Saratoga County site – originally 22,000 square feet, supplemented four years ago by a 2,500-square-foot facility — simply was not sufficient to keep up with the demand for the company’s services. “We ran out of office space,” Richards said.
Richards, 56, describes his company as a kind of jack-of-all-trades in the electronics industry.
“We’re what’s called a systems integrator, which is just a fancy [term] for ‘we do a lot,’” said Richards with a laugh in a recent telephone interview. “We’re an electrical engineering firm, we’re also programmers for industrial use, we’re also a manufacturer, and we’re also a service company.”
The majority of the staff is composed of panel builders, though RASP currently employs 10 engineer-programmers who “design the control systems that we may or may not build,” Richards said.
On its website, the company lists programming topics such as HMI (human-machine interface) proficiency. For HMIs, commonly known as touch screens, RASP can program, enhance, or customize graphics. One of the topics listed under the RASP website’s “engineering” section is “motion and servo controls,” which Richards said falls under the category of automation.
“It could be a simple motion like a conveyer, or it can be a complicated machine that’s doing a lot of operations,” Richards said. It’s typical for one of RASP’s clients to design a machine, then approach RASP with a fairly direct request: ‘We need this thing to work.’ As Richards explains, “We build the controls, not the machine itself.”
RASP does not make a standalone product of its own. But it does just about everything else.
“We consider ourselves a manufacturer’s extension for other companies,” Richards said. “They come to us. If their machine needs a new control panel, we [can] design it, build it, and program it. It can be a chemical company or a manufacturer in water treatment, medical, power, machine builders — we get to see all kinds of different companies.”
Growing up, Richards attended Corinth High School and studied electronics at BOCES in Saratoga. There, he volunteered for a summer job at Raloid Tool Co. in Mechanicville, where he learned how to make electrical control panels
“That’s how I got introduced to industrial controls,” he said.
Later, after studying electronics at Fulton-Montgomery Community College and going back to work at Raloid (as well as serving a four-year stint in the U.S. Air Force), Richards struck out on his own – with RASP the result.
When the business was incorporated in 1995, Richards and his two original partners — whom he declined to name — used the first letter of their last names plus the “P” in the word “products” to come up with RASP. His current business partner, Michael Close, joined the company in 1997.
Though RASP counts behemoths such as Rockwell international, General Electric, and Emerson Electric among its clients, most come from within a 50-mile radius of its Gansevoort complex. “But because we’re building for other companies, the products can go anywhere in the world,” Richards said. “I have an employee in Canada (and) we’ve done work in New Jersey, we’ve done work (for firms) in Chicago, California, Texas.”
Because of the COVID-19 pandemic and other economic uncertainties, many companies have struggled to stay in business over the past few years. Through nearly three decades, however, RASP has thus far weathered every financial storm.
“We’re in a good position,” Richards said, humbly. “When the economy is doing well, companies are spending money. When the economy is not doing so hot, many companies may downsize, and if they’re downsizing, say, in their maintenance department, then they call on us. Or maybe they are manufacturers themselves, and they can’t support as many engineers, they can call on us on an as-needed basis. So we tend to stay strong in both good and bad economies.”
According to Richards, his primary goal is “keeping the people I have. It’s just a great team. Everyone here – they are team players. They take pride in their work. They do whatever they have to do when asked,” although, he adds, “I don’t have to ask too often.”
While he is happy with his company’s niche in the electronics industry, Richards is not complacent.
“A lot of what we build is what we call one-offs, or low volume. We design and build [a product], and it goes on a machine, or it goes to a customer, and we never build that one again. In the new facility, I’m hoping to build more repeat business. We’re trying to get the word out that we’re looking to handle larger volumes [for a company that needs] to build dozens, or hundreds, or even thousands of something.”
When it comes to electronics support, RASP, it would seem, has it all under control.
For more information, go to rasp-controls.com, email info@rasp-controls.com or call 518-747-8020.
