Sky Zone of Clifton Park and Queensbury, a local franchise owned by Rusty Monahan, has taken a new approach to fundraising: “Fun-Raisers.” We had the opportunity to speak with the Vice President of Operations for both locations, Matthew Boyce, about what these Fun-Raisers are all about.
SPIRIT NIGHTS
“The main type of fundraisers we host are called ‘Spirit Nights.’ During these events, any organization or school can gather at either location and we will give them a discounted rate to jump for the night,” said Boyce. He continued, “Normally it is around $30 per person to jump for two hours. But on Spirit Nights, it’s only $20 per person and they can jump for four hours. Then, after all the tickets are sold, we also take five dollars from each ticket sold and donate it back to the hosting organization.”
A STREAMLINED PROCESS
For those interested, it is important to note that when it comes to these events, much of the organizational and marketing-based work is already done for you. Boyce explained to us how all of the pre-event logistics are taken care of by the team at Sky Zone, and how they will even take care of the marketing. From flyers to digital posts, you name it and Sky Zone has it covered. The only pre-event work the organization has to do is spread the word and sell the tickets.
Then, when the night of the event comes around, the organization is offered the opportunity to do some in-person campaigning as well. “We’ve seen everything from bake sales to prize raffles to 50/50 tickets,” said Boyce. He continued on to state
how the Sky Zone team usually gets in on the fun by “holding contests and other elements during the event to help ensure the success of the night.” Can’t make it the night of the event? No worries. Sky Zone has that covered too. Boyce reported how they allow “organizations to sell special passes. For example, they can sell a two hour jump pass for only $20 to anyone who can not make it the day of the event to use at a later date.”
THE WHY
When asked how these Fun-Raisers started coming about, Boyce replied, “We care about our community and we want to give back in any capacity we can. We find that these events are truly a great way to give back to local charities and schools.” He continued about the program’s benefits. “Five dollars from each of those tickets goes back,” he explained, “towards the overall donations that the hosting organization receives.”
Since opening in 2017 in Queensbury and expanding to Clifton Park in 2019, the two Sky Zones have held more than 120 of these kinds of fundraising events.
“We make it really easy for everyone who does these,” explained Boyce. “We’ve tried our best to make sure it’s all streamlined and efficient and we’ve got a lot of great feedback from organizations because of that.”
PLAN YOUR “FUN-RAISER” TODAY!
To start planning a Fun-Raiser of your own, please contact Kamani Smith (518-836-5867) at the Queensbury office and Noah Brumagen (518-400-0012) at the Clifton Park office.
Comfort Food Community (CFC) is a non-profit organization which was formed in 2014, but whose roots date back to 1986 when it began operation as an Emergency Relief Committee. As a Regional Food Bank Certified Organization, the mission of the food center is to leverage the community’s physical and social resources to eliminate food insecurity. CFC operates food pantries in both Greenwich and Cossayuna, New York. The Greenwich Food Pantry is located at 2530 Route 40 in Greenwich, NY, and is open weekly on Mondays from 4pm to 7pm and Wednesdays from 9am to 11am & 4pm to 7pm. The Cossayuna Food Pantry, at 21 Bunker Hill Road in Cossayuna, NY, is open on Tuesdays from 3:30pm to 5:30 pm.
CFC provides food access in a variety of ways. In 2022, CFC distributed over half a million pounds of food. In addition to the food pantries, they have a supplemental student nutrition program. This provides additional meals on weekends and breaks for students who rely on free or reduced-cost breakfast and lunch during the school week. In 2022, CFC began the Farm-2-School program which facilitates the purchase of New York State food by local school districts. In its first year, the program delivered more than 90,000 pounds of food to participating schools.
CFC has created a program to bring fresh food to people through the Farm-2-Library program, which began in 2017. CFC works with 11 libraries to provide open access to fresh produce. This program is an example of how they work to break down individual and systemic barriers to fresh, local food access.
Crandall Library, in Glens Falls, NY has participated in the Farm-2-Library program since June of 2022. This program is made possible through a partnership with the Southern Adirondack Library System, Comfort Food Community, and Glens Falls Hospital. The Health Promotion Center of Glens Falls Hospital provided grant funding to purchase the refrigerator, produce bins and recyclable bags.
Every Thursday, Crandall Library receives a delivery of fresh produce, which is available to anyone on a first come, first served basis. Each delivery is unique. However, they tend to follow local growing patterns: fresh greens in late spring; tomatoes, peppers, and eggplant in high summer; and hearty greens in the fall. There are also carrots and potatoes throughout the winter. The refrigerator for this program is located in the ‘New & Popular’ section of the library on the first floor of the Glen Street entrance.
The food provided by the Farm-2-Library program is free of charge to the community. The program has goals to reduce food waste, address the issues of food access and insecurity, and reconnect individuals with the abundance of resources that libraries have to offer.
Guinevere Forshey is the Assistant Director at Crandall Library and she runs the library’s Farm-2-Library program. “This program is really for everybody. People who are looking to try something new, people with food insecurities, people who want to make healthy choices. We get a lot of really interesting things from the farms, and there are receipts that are provided to help people utilize the foods that they may not be familiar with,” said Forshey.
Libraries have evolved beyond just books to become places where people gain access to services. “The impetus behind the original grant was the thought that people in need, especially with food insecurity, need other services too. So they are coming to the library for other reasons, they need other support. So putting services in one location makes them more readily available for people to use, ” explained Forshey. She also witnesses first-hand the community being created. “It’s nice to see the connections that are being made. There is a core group of people that come and they are becoming friends. They talk about receipts. The program is creating community.”
Comfort Food Community has increased access to food beyond the traditional food pantry. Their work has provided food throughout Warren, Washington and Saratoga counties. They work with more than 40 local farms to provide food to 11 libraries, participate in two local farmers markets, and support programs related to food access, food recovery and food as health. CFC currently has 12 staff members, an active board of directors and a large group of volunteers. For more information about Comfort Food Community please visit ComfortFoodCommunity.org
For US Marine Corps veteran Kris March, inspiration for his brewery came during his final deployment in Afghanistan. During that tour, Kris decided to try his hand at brewing beer, so he started by reaching out to a friend to find out what supplies he would need. Kris found the materials, worked his way through each step of the brewing process, and then put the beer away for six weeks to complete the procedure. When it was ready to drink, he shared it with his fellow Marines to help relieve some of the stress of the mission. It also gave them a much needed laugh. “It was awful!” Kris recalled. “It tasted like yeasty champagne. I share this memory with five other guys, two of whom I know very well, my closest friends. Hardships create great stories and great memories.” That is where the idea for Slickfin Brewery was born: on the battlefield, amongst friends.
Slickfin Brewery, located at 147 Broadway in Fort Edward, is owned and operated by former US Marines Kris and Heather March. This husband and wife couple saw the potential in Fort Edward and have never looked back. Fort Edward is a small historical village along the Hudson River in Washington County, and it’s where Slickfin Brewing Co. has made its home.
When Kris and Heather first discovered Fort Edward, the downtown was filled with vacant and deserted commercial properties. Now, the area has a welcoming vibe, with a hustle and bustle of a thriving village that supports a variety of commerce. The couple saw the potential in downtown Fort Edward and have worked to help build a neighborhood and community around them. “We were scouting locations for the brewery and came to Fort Edward to look around. What we saw were a lot of empty storefronts along the Hudson River which is right there,” said Kris, pointing to their backyard beer garden. “We looked around and thought, ‘We could do something here.’”
Slickfin Brewery has full-sized windows that look out onto a sidewalk patio with tables that line Broadway. The beer garden in the back of the building provides a generous amount of space for patrons to relax and enjoy. Kris described the inside of the building when they first found it. “The whole interior area was divided into small spaces. It was all sectioned off and very dark,” Kris said. As Kris and Heather worked to create a more open concept, Kris also built the bar himself.
The unique name of the brewery comes from Heather and Kris’s shared military experience. The term slickfin refers to the fin on a bomb. Kris, during his time in the Marines, was an explosives ordnance disposal technician. His experience inspired the name, and the name inspired their logo.
Kris and Heather love working together and being part of a community. Heather grew up in Fort Ann, on Hadlock Pond. She graduated from Fort Ann High School in 1998 and attended Suny Adirondack prior to joining the Marines. Heather is happy to build their business and raise their family in the area where she grew up. “My family is here and my friends are here. That makes a big difference to us,” she said.
Kris and Heather met on the rifle range at Quantico and married a year later. Together, the couple run the brewery with Kris brewing the artisanal craft beers and Heather focusing on creating a welcoming environment and expanding their customer base.
Slickfin Brewery is perfectly situated to both witness and take part in the evolving resurgence of Fort Edward. Kris and Heather have watched new businesses move in around them and love being part of building a community.
“Our community wants to be a part of the change that is happening,” said Heather. “Everyone is looking and watching and wants these businesses to succeed.”
“Don’t get me wrong, it’s taken a while,” Kris added with a smile.
Kris and Heather experienced the support of the community first hand while navigating the pandemic. Having established their business in 2017, Slickfin Brewery opened in March of 2019. The pandemic created unforeseen challenges that warranted creative solutions. Slickfin provided curbside pick up for their customers, and expanded their patio to serve their customers safely. Having only recently opened, Heather and Kris found that the community was dedicated to helping their business. “Cars would line up along Broadway and we would run their order out to them after they had paid over the phone,” Heather recalled. “It was definitely a challenging time but we got through it.”
Slickfin is surrounded by businesses that help support each other. Heather gives credit to their neighbor, Underwood Park CrossFit, because their clientele often frequent the local businesses. The community has welcomed the Twisted Taco food truck and values long-standing businesses like The Anvil Inn, Ye Old Fort Diner, and Mamma’s Cafe.
Seeing what Heather and Kris have created begs the question, ‘What’s next?’ “We have plans. Our fifth year in business is coming up in March of next year, that’s the year we plan to go to market. I’m working on organizing my methods. Since we opened we have brewed over 200 types of beer, I would like to stick to between 50 and 75 of those. We have had a lot of fun. The small system that we use allows us to do a lot of things. It allows us to change our menu frequently,” Kris said. The Slickfin craft brew menu creates an opportunity for patrons to enjoy a 5 oz taster, the traditional 16 oz pint, or a 32 oz Crowler, which is essentially a growler in a can.
Slickfin Brewery does not serve food, but has created partnerships to encourage patrons to support neighboring eateries. Kris and Heather keep menus of neighboring restaurants on hand and allow customers to order food in. For example, patrons can order delivery from Stumpy’s Pizzeria, and the Twisted Taco food truck parks right outside on Tuesday nights.
Kris and Heather keep their customer base updated on what’s on tap through their website. Their tap menu is constantly offering new varieties, with names like Yacht Rock Blueberry Blonde Ale, Before I Had Status IPA, Street Fighterz Lager, and Night Shade Maple Porter. Their website also lists information about their offerings such as place of origin, bitterness level (IBU) and alcohol content (ABV).
The brewery maintains a full event calendar, from weekly favorites like trivia and karaoke nights to theme nights with live music, such as the recent “80’s Party” bash. Coming up next, the pair are planning a larger event for Oktoberfest.
Slickfin Brewery is open Tuesday through Sunday. The hours of operation are Tuesday through Thursday from 4pm to 9pm, Friday and Saturday from 2pm to 10pm, and Sunday from noon to 5pm.
What if I told you that the key to effective marketing wassimpler than you thought?
Marketing in today’s environment has a lot of objectives, including Brand Awareness, Lead Generation, Communications, and P.R., just to name a few. But they can all in some way boil down to this: helping you stand out in a crowd and get noticed by potential clients or customers.
This can be somewhat of a daunting task considering the vastness of the digital universe now and the amount of noise on the many marketing channels available to you and your marketing team. It is possibly even more difficult for the solopreneur or small business owner. These are people that are scaling their business while still trying to figure out how to effectively market that business at the same time.
Hopefully, I can simplify things just a little here by shining a light on your RAS — your Reticular Activator System.
I cannot remember where I first learned about the RAS, if it was a book I read, a workshop I went to, or just a friend telling me about. I know over the years I have continued to learn more about it and harness its power for our sales and marketing efforts. Located in the brainstem, the RAS has a few different roles in the human body. However, since hormone control and sleep regulation aren’t going to help you get noticed by customers, let’s focus on the functions that are most useful to us as marketers.
Every moment of every day, there are thousands of data inputs hitting all of your senses at the same time. It is impossible for us to be consciously aware of all of them as they happen, so our brains developed a way for us to unconsciously register all the data and then communicate to our conscious mind when one of them needs our attention. In walks your RAS.
The RAS acts as a filter that is cued in on data inputs when they reach one or all three of the following criteria:
1. It’s important to your survival.
That flash of a car out of the corner of your eye as it runs a red light, the audio on a commercial that catches your attention about a symptom of a disease, the movement in the bushes that you all of a sudden become aware of. Things that your brain thinks are important to your survival will trigger your RAS.
2. It has high emotional value.
Babies crying, babies laughing, humor, puppies and kittens. This is why those cat videos on TikTok have 65 million views. When your RAS registers something with high emotional value, it will direct your conscious attention to it.
3. Novelty
When your RAS encounters something it has never seen before, it immediately stops. It’s the Freeze, Flight, or Fight scenario. Since your brain has never encountered it, it freezes, and in many cases will enlist the conscious mind to help decide if this is a threat or not.
So how does this relate to marketing? The RAS is what stops a user mid-scroll to actually pause and read a post that comes up in their feed on Facebook, Instagram, Tik Tok, etc. Messaging, content, images, and videos should all be built around activating someone’s RAS. A good ad or post will incorporate one of the RAS criteria while a GREAT one will incorporate all three.
Need proof? Start paying attention to what it is that grabs your attention the next time you’re on your favorite social media channel, cruising Broadway on a Saturday, or even just walking through a store. Does it relate to any of the three criteria? You bet your RAS it does!
By the end of July this year, the US Stock markets – as measured by the S&P 500 and the Nasdaq Composite Index – were up over 20% and 35%, respectively. These are way above average returns, but are a welcome relief from 2022, when the same indices were down almost the exact same amounts as they are up this year. However, this doesn’t tell the whole story, because only a handful of stocks have dominated these broad indices.
If you removed just a few names from the average – like Apple, Microsoft, Alphabet, Amazon, and nVidia – the S&P 500 index would be up only a few percentage points. This is what is referred to as a narrow market – a few big names are disproportionately skewing the averages. There has been broader participation in the last couple of weeks. Specifically, the small and mid-cap categories have been participating in market gains alongside the mega-cap leaders of the year’s first half. This is a welcome and positive thing for the overall health and direction of the equity markets!
Some contributing factors to the positive deflation include decreasing inflation and strong job growth so far this year. In June of 2022, the US inflation rate peaked at 9.1%, which has driven the Federal Reserve to increase interest rates eleven times to get inflation closer to their target of 2%. In early August, inflation was in the 3.3% range— still higher than the Fed’s target, but much lower than last year’s high.
For stock investors, the big question remains: How much more will the Fed raise rates? Many observers now think the Fed may have only one more rate hike, and
some think the most recent hike was the final one. Either way, we are close to the end of the hiking cycle, which – for equity investors – is welcome news. If the Fed raises rates much more, the concern is that higher borrowing rates will increase business costs, leading to revenue reduction and ultimately job losses, which could lead the US into a recession.
Further, this can impact mortgage, credit card interest rates, and other loans, making consumer borrowing more expensive. These higher costs help cool off the economy, thus helping to reduce inflation. The Federal Reserve is hoping for what many call a “soft landing,” which is when inflation cools off and there is a moderate economic slowdown after a period of significant growth. It’s your classic “Goldilocks Event,” when the economy is not too hot or cool— it’s just right. Unfortunately, the Fed’s track record for getting things just right is less than stellar, which is another reason to worry.
The good news in a higher interest rate environment is that savings rates, like Certificates of Deposits and money market mutual funds, have significantly increased interest rate yields. That’s good news for savers looking to earn more interest on their short-term savings, and cash they set aside for near-term expenses.
Looking forward, a slight pullback in the US stock markets wouldn’t be a surprise. However, any pullback may be short-lived, and by Spring of next year, we predict stock prices climbing from where they currently are. We see technology continuing its upward momentum, along with industrial and precious metal stocks being areas of strength.
As with all investing, there are risks at every turn, and data changes daily. What’s good news for some is bad news for others. Managing your money is a lot like your health and your relationships— the more work you put into them, the better the outcomes. There aren’t many things in life that you can ignore and expect to work out in the end, and your money and financial plan are no different.
As the sales world adapts to an evolving global market, companies that follow industry trends and adopt innovations in data-driven technologies will retain their competitive edge.
In the competitive, fast-moving world of sales, keeping up with the latest industry trends is essential. Efficient sales teams know that their continued success relies on a growth mindset that permits them to adapt to the needs of an ever-changing market. By understanding the latest developments, innovations, and market trends, sales professionals can ensure their competitive edge and deliver the perfect products and services for buyers.
There are several benefits to understanding the trends impacting the sales profession. Significantly, it affects a sales team’s ability to forecast changes in the market. Predicting market changes and understanding global sales trends allows sales professionals to make informed business decisions and keep their companies competitive. Investing in market research to keep up with these trends can save companies money and time in the long run. Rather than wasting resources on costly mistakes, business leaders can focus on adapting to meet buyers’ needs. Their willingness to embrace trends will allow them to provide their clients with the hottest products and services on the market, giving buyers an exceptional purchasing experience.
At a recent workshop focused on the future of sales, over 125 sales experts and leaders met to identify the possible top distributors affecting sales. Once broken up into teams, these experts were asked to review 70 topical variable cards within the following categories: people, culture, technology, governance/geopolitics, economics, and the environment. At the end of the discussion, each team chose the top three issues they believed would have the highest impact on the future of sales. In the end, four categories were selected as the clear winners: culture, people, technology, and economics.
SECTION 1: CULTURE
While there are still unknowns about the future of sales, one thing is certain: Faster and more disruptive change is on the horizon. One of the most significant predictions for the market is that there will be more disruptive change vs. incremental change — something that future sales team training practices should reflect. Innovation, product evolution, and changing purchasing patterns will force faster, more extensive improvements. The buyers of tomorrow will want partners that recognize change and keep up with the latest direction. They need bold experts who are dedicated to evolution and adaptation.
There are several benefits to understanding the trends impacting the sales profession. Significantly, it affects a sales team’s ability to forecast changes in the market. Predicting market changes and understanding global sales trends allows sales professionals to make informed business decisions and keep their companies competitive. Investing in market research to keep up with these trends can save companies money and time in the long run. Rather than wasting resources on costly mistakes, business leaders can focus on adapting to meet buyers’ needs. Their willingness to embrace trends will allow them to provide their clients with the hottest products and services on the market, giving buyers an exceptional purchasing experience.
At a recent workshop focused on the future of sales, over 125 sales experts and leaders met to identify the possible top distributors affecting sales. Once broken up into teams, these experts were asked to review 70 topical variable cards within the following categories: people, culture, technology, governance/geopolitics, economics, and the environment. At the end of the discussion, each team chose the top three issues they believed would have the highest impact on the future of sales. In the end, four categories were selected as the clear winners: culture, people, technology, and economics.
As international trends become the dominant market force, global culture will have a marked influence on these changes. Consider, for example, the influencers and tastemakers of social media, whose position in pop culture enables them to shift beauty standards, behaviors, and lifestyle choices. In this way, culture will ultimately be a strong future sales driver. It will even affect the future of sales jobs as companies respond to these trends.
Disruptive change is usually caused by large-scale events, such as the COVID-19 pandemic. These events can seriously impact businesses by raising demand for new services, causing fluctuations in product prices, and increasing research costs. Companies that adapt to these massive changes efficiently and quickly will find a ready market and new buyers. By capitalizing on new trends, companies can increase profits, stay relevant to their demographics, and expand their offerings and sales locations. Conversely, businesses that resist change and do not adopt new innovations or sales techniques will see declining profits and lose out to more competitive companies.
Digitization, response times, and market research are three tools that companies can use to keep up with changing trends in the sales industry. Companies with a strong digital foundation can more efficiently respond to market shifts. Similarly, staying up to date with market research helps ensure that companies can make internal changes and swivel their product and service offerings as new challenges arise. Businesses that keep a finger on the pulse of the industry will maintain their competitive edge in a constantly evolving global economy.
SECTION 2: PEOPLE
Automation will overwhelmingly influence the future of sales jobs. According to Zippia, 46% of current jobs will be automated by 2030. These changes in the global job market will require many people to upgrade their skills, retrain, or even switch occupations. Still, as scary as that statistic might seem, the real-world application of automation in the workforce could take many different forms. Obviously, the cost of automation, the specific skill being automated, job availability, and location can influence how automation plays out in the near future.
While it’s possible that almost half of all jobs will be automated within the next 10 years, some industries will be more affected than others. Manufacturing, for example, will have higher rates of automation than administrative or creative roles. Nothing can replace the human element in sales pitching, but that doesn’t mean sales teams shouldn’t incorporate automation into their processes. For example, depending on where the buyer is in the purchasing process, automation could assign leads to team members based on skills, training, and experience. This would permit the delivery of the perfect sale to the ideal salesperson every time.
This new reliance on automation technologies will require businesses to reevaluate their hiring strategies, team distribution, and sales techniques. Companies may need to move employees to other departments, expanding or compressing teams to ensure that talent is used most effectively. To accomplish this, businesses must invest in employee training programs and personal development. Sales experts and professionals will also need to be flexible in the new world of work. This might mean changing perspectives about automation and cultivating an open mindset about change. Companies that resist new technologies will only harm their chances of success.
SECTION 3: TECHNOLOGY
Predictive analytics, artificial intelligence, and machine learning are driving the future of sales, leading to bigger challenges and even bigger potential profits. Advances in machine learning mean that artificial intelligence and predictive data are merging with better, more functional algorithms to change the experience of commerce. One of the most significant ways these technologies will impact sales is through personalization. With access to more advanced data on potential buyers, sales professionals can deliver better sales interactions.
Through the use of data mining and statistical analysis, machine learning has already reached new heights in understanding buyer behavior and producing predictive sales models. Machine learning algorithms can identify trends and patterns within massive datasets, allowing them to forecast potential results and offer practical strategies for sales teams. What’s more, they can operate anonymously and adapt their algorithms to incoming information. Essentially, these machine learning systems are able to evolve and improve almost instantaneously. Their applications in sales are limitless and will revolutionize the industry.
Additionally, artificial intelligence can track a team’s response to a lead by analyzing pitches, voice inflection, and word usage. This data can then be used to monitor and improve the sales team’s approach. With new developments in text processing, natural language processing, and computer vision, sales teams can employ personalized sales techniques at every stage of the buyer’s journey.
Part of the widespread changes brought on by data- first strategies will be in the workforce. Most jobs will become increasingly data-focused as companies leverage analytical technologies. Sales professionals with experience in data analysis will find a high demand for their skills in the job market because companies will recognize the need for sales experts who can interpret and utilize large datasets. Businesses will continue to invest in data-first technologies and prioritize sales teams that can utilize data-first strategies to stay competitive.
As predictive analytics, artificial intelligence, and machine learning become commonplace in the office, sales teams must be ready to incorporate them into their day-to-day operations. Companies should invest in these technologies and train their sales force to utilize them skillfully. By better understanding the buying behavior of their key demographic, businesses can tailor their sales techniques and more effectively pitch to the buyer.
SECTION 4: ECONOMICS
While no one can discount the skills of an experienced sales professional when it comes to closing a deal, it’s also true that selling on a “hunch” will no longer be enough. The future of sales is in predictive modeling, machine learning, and meeting customers where they are now.
Here are a few ways technology can disrupt sales when it comes to economics:
• Predictive analytics can help regional and global expansion, where ambitious companies aim to expand their client base and potential buyers. With predictive analytics, sales teams can make more effective decisions when interacting with clients or in a new market. By analyzing buyer behavior in a specific region, sales teams can better predict which products or services will be popular during a season or event.
• Data-first analysis can maximize the output of a sales team, saving precious time by handing sales professionals the information they need to complete a sale. This is doubly true for companies that engage in e-commerce, where automation can offer relevant service or product upgrades, recommend new products, and streamline the purchasing process.
• Another area where companies can see positive results from machine learning and data-first strategies is in reducing risk. For example, predictive models can work in tandem with credit scores to analyze a buyer’s purchasing capabilities and the possibility of default.
Still, predictive modeling has applications beyond the day-to-day quotas of sales teams. By using machine learning and data analysis, companies can create predictive forecasting models to prepare for possible economic recessions, market downturns, and even natural disasters. Through the use of pre-crisis and post-crisis data and buyer-behavior research, companies can predict product demand and sales results for a wide variety of categories. With access to such significant data, companies can create more accurate scenarios for revenue projections, leading to more accurate financial planning.
CONCLUSION
The future of sales will inevitably involve widespread disruptive change and evolving technologies. By understanding industry trends and adapting to new techniques and opportunities, companies will be able to meet future challenges. The oncoming artificial intelligence and machine learning revolution will permit sales professionals to overcome cultural changes and bring a better sales experience to buyers everywhere. Ultimately, companies that embrace the possibilities of automation and digitization will outcompete those that don’t.
Want to learn more about how data-first analysis and predictive modeling strategies can increase sales revenue and create more effective sales teams? Contact Velocity Sales today to take a free sales assessment.
When it comes to the food industry, Zachary Cutler, along with partners Mike and Pam Fazio, are no strangers. With decades of restaurant and food service experience between them, the team is eager to bring their years of expertise to the Glens Falls Community. Set to open this upcoming fall, the Park Street Bistro will be located in the lobby area of the Glens Falls Hospital in Glens Falls, New York.
THE BISTRO
With ambitions of catering to the needs of a medical community, the Bistro is planning a two-part approach to their offerings. “On one side we will have the bistro itself where people in the hospital or surrounding community can come in and eat,” said Cutler.
The second part of their plan is to offer on-site catering to those inside the hospital, eventually branching out and covering non-hospital related requests. Mike Fazio explained that over the years he has witnessed professionals visiting the hospital for different types of business that “come into the building struggling to carry everything from their work materials, to food and drink offerings, etc. By offering in-house catering, we hope to simplify and expedite the process, allowing these representatives to concentrate on business. Ordering ahead and just having to show up for their Breakfast or Lunch meetings with everything already prepared, set up, and delivered, will be so much easier and efficient for them.”
The Bistro plans to carry an array of different offerings, from coffee and baked goods to deli-style sandwiches and Italian-flared food. Green options like smoothies, salads and more will also be available. Or, for those with a sweet tooth, they’ll also offer Martha’s Ice Cream sandwiches.
Once they open and establish themselves, the team’s plan is to focus specifically on ensuring that everything they offer is flavorful, but not intrusive, to the hospital and its primary function. Fazio explained how they “want to be cognizant and respectful of the environment that they are entering. A hospital is a place of restoration and health; we do not want to come in with anything that would generate a lot of grease or potent odors. We want to be good neighbors.”
THE COMMUNITY
“One thing we are most excited about is the amazing Glens Falls Hospital community that we are getting to be a part of,” Fazio said. He continued to explain that, “when Pam was very sick a few months back, the hospital treated us like we were one of their own, like family. I will never forget that. They brought so much to the table for us, so I’d really like to think of this new venture as a way for us to give some of that energy and positivity back.”
Though completely separate entities, the Bistro hopes to work side by side and in harmony with the other food locations within the hospital. Doing so will help eliminate time gaps between service offerings while adding to the culinary options of the hospital community as a whole. They want everyone’s needs to be covered while at the hospital, regardless of the reason, and made to feel a part of the hospital’s “family.”
INTERESTED IN KNOWING MORE?
For those eager to learn more or potentially join the Bistro’s team, please connect with them by emailing 100parkstbistro@gmail.com. The Bistro can be found on Instagram (@park_st_bistro), Facebook (Park Street Bistro) and at parkstreetbistro.com. As of the time of this publishing, the social media sites and webpage are still being developed but are available to follow, share and message.
Protect the pocketbook while rewarding the mind, body, and soul.
Stepping out of your comfort zone and into a place where you can focus on inner healing; it’s an appealing alternative to traditional vacations for stressed-out travelers looking to enjoy some scrumptious food, gorgeous scenery, and comradery with like- minded adventure-seekers.
The yoga industry has been growing steadily since the 1970s. Today, yoga holds a strong position in both the fitness and health worlds. It is easy to understand why.
The practice is based on ancient traditions but has been adapted to modern lifestyles. Approximately 36 million Americans experience the benefits of yoga. While some pursue it to lose weight and feel fit, the gentle stretches also release tension, lower blood pressure, and provide other health advantages. Participants, of whom more than 70 percent are women, also report feeling happier after taking up the practice.
These benefits naturally extend into the workplace, where employees return to work more focused,
confident, and creative. Yoga reduces fatigue and time away from work due to ailments, which is why an increasing number of insurance policies are now covering the cost of classes within their fitness reimbursement plans.
Worldwide, the yoga industry generates an estimated $130 billion through the price of instruction, clothing, equipment, and accessories. During the pandemic lockdown, the rise of athleisure wear, meditation, and home workouts kept the yoga industry strong while simultaneously devastating yoga studios who were unable to adapt.
Nourishing Yoga in Our Neighborhood
Yoga Mandali, a thriving studio space in the heart of Saratoga Springs (who will be celebrating their 20th anniversary next year) shut down for eight months during the pandemic. Once they reopened, there were tight masking, disinfection, and spacing restrictions. Amid the upheaval, Yoga Mandali’s owner, Kristen Zorda also had her fourth child.
After the shutdown, Yoga Mandali’s loyal community of regulars returned, and the studio’s offerings have continued to grow.
“It’s almost as if people were looking for that connection again,” said Kristen. “The right studio calms stress levels and is very nourishing for the mind and soul.”
Now, Kristen is finding that people are ready to recover from those extra-stressful years while taking their yoga practice to the next level, which is one of the reasons she, and business partner Beth Beaton Mausert, began hosting Sangha Retreats this year.
Transformational Spaces
Sangha Retreats are about more than unlocking tight hips, they are about reconnecting with yourself, and disconnecting from the world for a little while – all without breaking the bank.
Offerings vary from one retreat to another but generally include accommodations and meals; yoga, meditation, or wellness sessions; and a variety of leisure activities with a group of 15-20 people while immersed in an impressive locale.
“Travelling gives you the pause you need from day-to- day life to reset, to step outside your normal routine and see things in a different light,” said Kristen.
Called “Sangha” (which means “together” in Sanskrit), these are gatherings of like-minded people looking for a deeper connection.
“We’re all coming in as strangers, but by the end, we’re very close – like a family.”
Going with the Flow
Each Sangha Retreat is in a different location and has its own unique energy but every exciting adventure comes with captivating views.
These retreats are all-inclusive, tranquil quests for serenity, and by reserving space at yoga centers six months in advance, Yoga Mandali can keep the price affordable – so instead of travel headaches, participants are able to focus on their inner well-being.
In July, their week-long retreat to the island of Crete, Greece introduced the group to a land of myth and wonder. The trip included a boat tour through the crystal-clear seas, some intense hiking, yoga and meditation workshops.
In August, a weekend excursion to Indian Lake included a full-day of guided white water rafting on the Hudson River, a bonfire gathering, yoga and awareness-building sessions centered around the value and interdependence of all life, responding to cues from the environment, aligning with the Universe, and going with the flow.
For more information, follow Yoga Mandali on Facebook, Instagram, and www.yogamandali.com
Editor’s note: This article is Part 2 in a 4-part series dedicated to the process of buying and selling a small business. For Part 1, please see our Q2 2023 edition.
In our previous article, we discussed the benefits of purchasing or selling a small business. This quarter, we’re going to begin outlining the initial steps in the acquisition process.
DEFINING YOUR OBJECTIVES
First, it’s important to envision what success looks like. This involves not just determining the type of business and its location, but also understanding the financial metrics that will ensure the business can meet your financial obligations and personal income needs. Key among these metrics are Seller’s Discretionary Earnings (SDE) and cash flow.
SDE is a measure of a business’s earnings before interest, taxes, depreciation, amortization, and owner’s compensation are subtracted. It provides a clear picture of a small business’s profitability and overall financial health. Understanding your target purchase’s SDE will provide an essential perspective on its profitability and the lifestyle it can support.
Cash flow refers to the money flowing into and out of your business each month.
While it might seem similar to profit, the two are distinct. A business can be profitable but still experience negative cash flow if incoming and outgoing payments aren’t synchronized. For instance, if customers are slow to pay their invoices, cash flow can be impacted, even if the company is making a profit. If your personal financial requirements dictate a certain level of income from the business, you’ll need to ensure that the company’s free cash flow can support that level.
Clearly articulated search terms will guide your process, helping you find a business that meets your needs and sets you on the path toward successful entrepreneurship
ASSEMBLE A TEAM
Once your objective is defined, the next step is to assemble a team of professionals to support you throughout the process. Their expertise and insights can be indispensable in avoiding pitfalls and ensuring a smooth transaction. The team typically consists of an accountant, business broker, banker and an attorney.
From the financial corner, an accountant is a crucial team member. They can help you review financial statements, understand the company’s financial health, and assess its worth. They’ll spot any money-related issues that may arise and make sure you’re making a sound investment. Accountants can also guide you on important tax implications and assist with a quality of earnings report and/or business valuation.
A business broker plays the critical role of matchmaker. The broker can help identify potential businesses for sale, provide insights about the market, assist with negotiations, and facilitate communications between you and the seller. A seasoned broker, who has worked on both the buyer’s and seller’s side in many deals, will understand the perspectives of all parties involved and can be instrumental in ensuring the transaction progresses smoothly.
Having a strong relationship with a bank or financial representative will allow you to fully understand your ability to purchase a business before heading down the path of entrepreneurship. A good business banker will understand what size deal you are able to do and help you execute when the time comes to close on a deal. They should also be well versed in lending options, such as small business administration loans that are available to purchasers.
Lastly, an experienced attorney is a pivotal asset in the buying process by providing
legal and strategic guidance. They’ll also help you navigate the initial negotiations as well as final contract language and advocate for favorable or market terms. They can ensure compliance to the maze of laws and regulations that can vary widely by location, and handle vital legal documents like employment and customer agreements. Having an experienced business attorney familiar with your region’s legal landscape is critical to a successful transaction.
Choosing the right team can significantly influence your success. Look for professionals who are not only well-versed in their respective fields but also have extensive experience with small to mid-size business transactions. They should be familiar with the dynamics of the small business community and have a proven track record of working on deals similar to what you envision. This team will be your support network, helping you navigate the complex journey of buying a small business.
THE LETTER OF INTENT
Having your team assembled before finalizing the Letter of Intent (LOI) is crucial. The LOI, while usually non-binding, is an essential document as it outlines the basic terms agreed upon by both parties, like the purchase price, payment structure (e.g., lump sum, partial payment with an earnout, etc.), and due diligence process.
An experienced accountant will ensure the financial arrangements can be supported by the company’s historic financials. They can help determine whether the proposed price and payment structure align with the business’s financial performance and your financial objectives.
For a buyer, a business broker can be particularly helpful during the negotiation of the LOI. Given their knowledge of market trends, and comparable transactions, they can advise on whether the proposed terms are reasonable and competitive. The broker can also facilitate communications between you and the seller during this process, ensuring that discussions remain productive and focused.
A seasoned attorney will ensure the LOI contains market terms, necessary legal clauses like confidentiality and exclusivity, and does not have any “gotcha” terms. They should also advocate for you and identify and advise about identifiable risks. Ensuring the LOI is done correctly also protects from re-trading positions later, which can hurt the relationship between the buyer and seller. This relationship is important because there is often collaborative work that takes place among them before and after the closing.
Having this team in place before finalizing the LOI not only enables you to draw on their expertise during the negotiation of the LOI but also ensures that you’re well- prepared to proceed to the next stages of the transaction. Once the LOI is finalized, you and the seller will have a clear roadmap to guide you towards finalizing the deal, with your team on hand to support you every step of the way.
CLOSING THOUGHTS
Buying a small business is a complex process that requires careful planning and execution. In the early stages, one of the most important things you can do is to define your objectives and assemble a team of professionals to support you. By clearly articulating what you want to achieve and having the right people with the right experience in your corner, you can greatly increase your chances of success.
In next quarter’s article, we’ll get further into the details of what sellers should do to be in the best position possible to sell their business on their terms.
A perfect storm is swirling around the housing market with no end in sight. The Capital Region has a more stable housing market than many other areas of the country, so the mantra of real estate being local is relevant.
But the same adverse factors affect this region as they do every real estate market in the United States. The trifecta of high mortgage rates, low inventory and high prices is here to stay for the foreseeable future. A dark cloud hangs over those wishing to purchase homes, those existing homeowners desiring to sell their homes and even real estate investors. That latter category of buyers has seen purchases plunge 45% in the second quarter of this year compared to the same quarter last year.
There is one word to describe the existing scenario– unaffordability. Mortgage rates during the past eighteen months have been aggressively hiked from rates less than three percent to just south of eight percent. The reality is that there is no hope that affordability will be eased in the foreseeable future. The combination of demand and supply for resale and new housing cannot adapt to normal market fluctuations. Ford and Chevrolet can easily make more cars if demand increases. General Mills can quickly make more cereal. These companies and most others do not have to appear before local planning and zoning boards with hat in hand begging to obtain approvals. And the goal of creativity which often involves the use of planned development districts (PDD’s) is not worth the effort. Density, PDD and PUD are dirty words in the political arena.
Decades of local zoning laws favor single family detached homes, which is inherently the most expensive housing to build. Recent supply chain issues have exacerbated this issue. People who participate in community meetings are hardly representative of their community. They vociferously oppose new development in general and especially moderate and low priced housing which requires density.
Politicians for the most part are focused on preserving their jobs rather than addressing the needs of young people, minorities and the vast majority of potential homebuyers for whom unaffordability has gripped the market. Consequently, both the resale market and new construction have not met the demAnd for housing.
Homeowners who would like to sell their homes for various reasons are not doing so because abandoning 3% or 4% mortgages to buy another home no better than their current homes at interest rates over 7% makes no sense. According to realtor. com, inventory in the largest 50 metro areas is 50% below pre-pandemic levels.
High prices due to demand far exceeding supply are here to stay. Newly built housing inventory is low and expensive resulting from decades of unrealistic, burdensome and restrictive local regulations. This situation cannot be addressed in either the short term or medium term and probably not in the long term. Resale inventory has plunged due to high interest rates. There is zero chance that monetary policy by the Federal Reserve and fiscal policy by Congress will solve the inflation goal of 2% in the foreseeable future, so interest rates will continue at the highest level in twenty years for months, if not years.
Here are a few sobering statistics relating to the resale housing market. A recent Zillow survey indicated that 90% of mortgage holders had a rate below 6%; 80% less than 5%; 33% less than 3%. Therefore, there is no incentive to trade a current mortgage for a new one at rates exceeding 7%; only 20% of mortgage holders with rates below 5% have plans to sell their homes. Those with rates above 5% are twice as likely to sell within the next three years. 52% of homeowners said they wanted to move, but only 14% thought they could do so within their desired time frame.
Housing and neighborhoods play a critical role in individual and community well-being. Where people live – especially children – is a key component of future well being, including physical and mental health, income and mobility. Housing has been neglected as part of the safety net in the United States. That is because the federal government’s role in housing is superseded by the complex structure of its control by local regulations. It is each community for itself and no other; and many members of the thousands of local regulatory bodies which control housing are only concerned about the next election.
