Having a reliable company that handles the heating and air conditioning for your home may be more important than ever, as New York State has passed a law that is changing the landscape of the heating and air conditioning industry throughout the entire state.
Cerrone Plumbing Heating & Air Conditioning has a long and successful history in both residential and commercial industries in this region that spans over 25 years. Cerrone has professionally-trained plumbers and HVAC technicians that are capable of completing a job from beginning to end.
There is new legislation in effect in New York State that is aimed at lowering greenhouse emissions by prohibiting the installation of fossil fuel equipment in new buildings starting in 2026… The law effectively requires all-electric heating and cooking in new buildings shorter than seven stories by 2026. This legislation will prohibit gas hookups in most new homes and other constructed buildings, and is expected to help the state transition from fossil fuels consumption to meet new electric-only requirements. This ban on gas hookups in new buildings is a move to lower carbon pollution from homes and businesses, which account for about 30% of New York state’s greenhouse gas emission.
New York is the first state to pass a law that will ban natural gas and fossil fuels in new buildings. Existing buildings will not be affected by this law, so residents will not be forced to get rid of their existing gas stoves or appliances.
This new legislation is pushing the heating and cooling industry towards heat pumps. A heat pump runs on electricity and can both heat and cool the home… As the industry evolves and changes, Joe Cerrone, owner of Cerrone Plumbing Heating & Air Conditioning, sees what he calls “hiccups” with covering the heating load of a house: “When a house is converted to be all electric, the heat pump will have a back up strip heater in the unit… So when the heat pump can’t keep up, the electric heater will help cover the load. The issue is that the electrical panels are not large enough to take care of the load of the house… So if the house has a 150-amp panel and with all of the electricity being drawn from it, the panel would have to be upsized to a 400-amp meter.”
As the technology shifts and changes, supporting the new advancements is one of the types of problems that will crop up… Joe Cerrone, with his experience in the field of HVAC, would recommend a gradual change towards the technology: “Right now, people still like their standard furnaces… They are all hooked up, and the furnaces last for 15 years or so. Right now, what I would recommend to customers is if their central air conditioning system needs to be replaced, then replace it with a heat pump,” Cerrone said.
To encourage customers to install heat pumps, there are substantial rebates that are in effect to offset the cost to the consumer. These rebates are between $500 and $5,000. Cerrone Plumbing Heating & Air conditioning has completed the training for the certifications to be an affiliated contractor to install the heat pumps.
Although the industry is shifting, the technology of heat pumps is not new: “We’ve been installing heat pumps, mainly mini-ductless heat pumps, for 15-plus years… So they have been around… Heat pumps and central air heat pumps have come in the last 5 years and have gotten better. If people install heat pumps, they will use less fossil fuel sources and more electricity to heat and cool their homes. Heat pumps have come a long way… In some situations they can take the whole load for the house,” Cerrone said.
This new legislation has been seen as a major victory for climate activists; however, it will most likely face court challenges from the fossil fuel industry. Critics of the law argue that it limits consumer choice, while supporters argue that because the law only affects new construction, the transition will happen gradually… Currently, about 14% of households in the state heat with electricity, whereas around 60% of households still rely on natural gas.
As the legislation moves into effect and the industry shifts toward cleaner sources of energy, it may be a good time to talk to a local HVAC company about what is the best option for heating and cooling your home. Contact us today at Cerrone: We’re always here to help!
Kristopher Brunelle is a Navy Veteran turned local entrepreneur. In October of 2022, Kristopher started his own company, White Glove Janitorial Service… His motivation for opening his own business was that he knew that he could do better himself, and teach others to do better for themselves as well.
Kristopher Brunelle and his team serve medium to large offices, medical practices, car dealerships, and day care centers. White Glove Janitorial provides office cleaning, carpet cleaning, interior window washing, restroom cleaning, sanitation and re-stocking, floor stripping, waxing and buffing and specialized disinfection services. Kristopher and his employees use proven techniques, proper tools and equipment, in-depth training, and an intensive focus on team mentality and quality control to ensure that the client is pleased with their clean work environment.
Kristopher Bruenelle, as the owner of White Glove Janitorial, draws his professional expectations from his time in the military – Kristopher enlisted in the Navy for job security during the uncertain economic times of 2008 and the “Great Recession”. His goal when entering the military was to have a stable job, where he could learn skills that he would carry with him past his military career. Kristopher has been able to utilize the training that he gained in the military, and apply it to both his business and to building his team.
Kristopher is now separated from the Navy, which means that he has been released from active duty. During his time in service, he was a E-5 builder in the Construction Battalion, known as the Seabees – which is coined from the abbreviation “CB.” During his tour of duty, Kristopher spent a lot of time cleaning, and he found the activity to be cathartic for him… Having both his equipment and spaces in a ready state was comforting in a world of chaos. When he joined the Seabees, Kris found out that he was joining a battalion that “built where others couldn’t.”
This concept of pushing forward, and succeeding where other people couldn’t, has helped Kristopher build his own business. The military taught him the importance of getting a job done, even if it seems impossible.
Through the military, Kristopher gained the tools he has used to be a good leader and, eventually, a good employer. During his time in the Navy, he learned a lot about people and about working together. On his tour, he spent time in Spain, Croatia, Afghanistan, Japan and Africa.
He had the opportunity to lead increasingly larger groups of people, and discovered that each individual team member brought specific strengths to the team, while their weaknesses could be shored up from the strengths of other team members… Kristopher carries with him the experiences that he gained overseas, which remind him to try and see the world from someone else’s perspective.
As Kristopher grows his business, he often revisits the lessons that he learned in the military. As a unit, it was necessary for each individual to work as a team: “There wasn’t the option to fire someone if they weren’t doing a good job. So, I learned to find a way to motivate that person so that the unit could get the best results. As an employer, I find myself using those same tools,” Kristopher said.
“I want to motivate the people who work for me to learn and grow. From my time in the Navy, I have gained the skills necessary to assess people and offer positions that they may have been previously overlooked. Everybody brings strengths and attributes, and as an employer I try to find what a person can bring to the table.”
As an entrepreneur and a father, it has also been important to Kristopher to teach his little girl Lindsey life lessons… Kristopher and his wife Kealy are raising Lindsey to be an independent thinker when it comes to business. Lindsey gets to see her mom go off to work as a teacher every day, and that sets structure in her young life. When she is home with her dad, he is often working out of his home office, and she gets to see that you don’t have to work a “Nine-to-Five” job to succeed – it’s ok to follow your own path.
“I want to motivate the people who work for me to learn and grow. From my time in the Navy, I have gained the skills necessary to assess people and offer positions that they may have been previously overlooked. Everybody brings strengths and attributes, and as an employer I try to find what a person can bring to the table,” Kristopher said.
As Kristopher sets goals for his business and watches his daughter grow, he is thankful for the community that came from his military career, as well as the Veterans Business Network, The Adirondack Chamber of Commerce, and military friends and mentors Juan and Amy Gonzales, who give so much help and support to Veterans.
For a three-week period in late March and early April of 2023, the Adirondack Regional Chamber of Commerce (ARCC) surveyed its members on engagement, reasons for joining the Chamber, and the importance of business advocacy, education, and connection opportunities. The ARCC team was pleasantly surprised to receive the most responses to a membership survey than had been received in many years.
Below are some highlights from the survey:
When asked for the reason why a business joined as a member of the ARCC, the following answers were presented:
80% joined for networking and connection opportunities
74% joined to increase visibility of their business
83% joined to support the Chamber in its mission and support the greater business community
47% joined for marketing benefits
55% joined to attend Chamber events
7% chose the “Other” option, which included the following responses:
– All of the above;
– Because of the people who make up the ARCC
– To be aware of the happenings in our communities
– To create and grow long-lasting relationships
– Become more involved in the community
When asked if advocacy for business was important, the respondents indicated that it was somewhat important to their business. When asked how important educational opportunities provided by the ARCC were, the respondents indicated that they were slightly important.
We also were interested in learning more about which ARCC hosted events were enjoyed most by our members… 86% of our respondents indicated that they have attended ARCC events, while 14% have not. We learned that the majority of respondents enjoyed our networking mixers, annual Business Expo, Lunch with Legislators, and other educational “seminars the most.
When asked if respondents had made valuable connections through the Chamber, 87% indicated that they had.
The ARCC Staff and Board truly appreciates the tremendous level of engagement by our membership. Your feedback is vital to ensure we are delivering each and every day for you, and just as important to know if we are not. Thank you for taking the time to complete the survey, provide us honest, actionable feedback that we will use to enhance your experience and membership with the Chamber.– ARCC Board Chair Marc Yrsha, also EVP, Director of Relationship Banking for Glens Falls National Bank & Trust Company
One of the most common conversations I have with clients and potential clients is about whether it makes sense to pay us or any other company to handle their social media for them… The challenge is that there aren’t many upsides to social media at this point, if any. Here are my top 3 reasons why Social Media is no longer the goliath it used to be… For those of you searching and hoping for a reason to stay on social media, just skip past these and head on down to the conclusion.
#1 – COST OF AUDIENCE DEVELOPMENT
Not long ago, businesses had it made. If they wanted to get their brand in front of people and engage with their audience, it was as simple as creating a business page and posting content… Sometimes the content didn’t even need to be good. You could garner likes, shares, and followers with just a few clicks – and it was 100% free. It seemed like every post gained a new follower and every offer attracted a new client. What a time to be alive!.. Until suddenly, it wasn’t. It was like watching the lights go out after you flip the switch. – all at once, brands that used to get hundreds or thousands of likes went down to maybe three or four, and brands that saw dozens of new followers a day went down to zero – unless you wanted to pay.
What used to happen for free now has a price tag, and it rarely offers a sensible ROI… By some estimates, a single new Facebook or Instagram follower can cost as much as $2 to $4. When it comes to scaling, the math isn’t difficult. You could easily be thousands of dollars into audience development on marketing channels that have limits on who sees your posts based on… The Algorithm.
#2 – THE ALGORITHM Over the last few years, the word algorithm has been everywhere… In the social media world, The Algorithm is the boogeyman that decides which posts live and die, which posts are seen by millions… Or by none. The Algorithm and its complexities have spawned a whole new industry of people who claim to know and understand it… They promise to optimize your posts, increase engagement, and generally outsmart The Algorithm; a promise that likely won’t be kept. By our estimates, organic (i.e. unpaid) posts are seen by less than 4% of your total audience because of The Algorithm… LESS than 4%! Now let’s run those numbers: at a new follower cost of $2 (the low side), gaining 10,000 followers would cost $20,000… And of those 10,000 followers, only 400 would actually see the post. How many of those will even interact, let alone make a purchase?
Don’t take my word for it though – a quick look at major brands like Pepsi, Nike, or even Black Rifle Coffee (who used to create great content, in this author’s opinion) will bring home the point… To check their engagement rate, just add up their engagements from a recent organic post, then divide that number by their total followers. The result will be surprising! I know it would surprise me, but that’s also because I haven’t looked at my social accounts in over a year… Truthfully, I’m just tired of social media. And I’m not alone.
#3 – SOCIAL FATIGUE Some say it’s information overload, too much data, or that the media overall is the problem… The Social Media companies claim it’s a myth because their overall user count keeps rising. What they don’t address is the number of accounts that are either fake (“bots”), or duplicate. They rarely address how many of these accounts are actively engaging, and they never address how many active accounts are under management.
I personally have an active Facebook account that I never access, because my team manages it… We have an office full of marketing professionals, writers, and creators who will openly profess their disdain for social media. They’re still on it, but not nearly as much as even a few years ago. Most other people we speak to say something similar… In fact, I’ve been hard-pressed to find someone that speaks positively about social media! Most complain about the toxicity, the politics, the opinions, the fake news, and the censorship. These items create a fatigue in users until they no longer engage, post or even log in anymore… They’re tired. Can you blame them?
In conclusion, there are still uses for social media, but they may not come with a dependable ROI. Our current guidance is to use social media as a communications channel – it’s no longer where new customers are finding you, but it’s helpful for building credibility in a brand with existing customers. We suggest companies do their own social media, and focus marketing budgets on more effective strategies.
For those of you that are still hoping for results like it’s 2016… Social Media has left the building.
Markets are doing their thing again, so let’s discuss. Markets tumbled, heading into negative territory, and then bounced back. And then promptly fell again.We’re caught in a whipsaw pattern of uncertainty. Is this weird? Not really. These things happen pretty regularly when investors get jittery. Let’s talk about what’s going on.
WHAT LED TO THE SELLOFF?
Phew. There’s a lot going on. There was yet another debt ceiling deadlock between Congress and the White House. Worries about the banking sector continue. Sticky inflation is still on everyone’s radar. And then there’s the endless speculation about recessions and what the Federal Reserve might do next. All these stressors lead to jumpy investors and nervous markets. Could we see another serious correction? Absolutely. If more bad headlines appear, such as what we saw with the debt ceiling standoff, markets could react negatively. And, corrections and pullbacks happen very frequently because there’s always something going on. How often? Let’s go to the data.
Here’s a chart that shows just how often markets dip each year. (You may have seen this chart before because it’s an oldie and goodie.) Take a look at the red circles to see the market drops each year.
The big takeaway? In 15 of the last 23 years, markets have dropped at least 10% each year.
Market pullbacks happen all the time.
We’re dealing with a lot of uncertainty and investors are feeling cautious. However, that doesn’t mean that we should panic and rush for the exits. Markets are going to be turbulent this year and knee-jerk reactions can be costly. We don’t have a crystal ball, so we don’t know how it’s all going to play out, but this situation isn’t surprising. We expected volatility and we’re prepared.
We’re watching markets closely. Any questions or concerns we can address? Let us know. We’re here to help.
“In times of uncertainty, create structure.” – Sir Ernest Shackleton, Explorer
Is your business in an uncertain spot? Are you not sure what to do to jumpstart sales growth?
Follow the words of Mr. Shackleton. His story of leadership is an amazing one. He kept his crew alive in the early 1900’s for over a year when his ship became stuck in the ice in Antarctica. An amazing feat for that period! One of the keys to his success was creating structure that every member of his team could follow day in and day out. This structure allowed them to focus on the task at hand versus getting caught up in their situation. The team trusted the process … and that led them to survival.
DO YOU HAVE THE STRUCTURE YOU NEED TO THRIVE?
Every highly-productive sales force, whether the company is big or small, has an infrastructure and proven process in place that allows the team to thrive and produce results every year. That structure helps remove some of the variables that come from running a business. Implementing such an infrastructure will allow you and your management team to effectively lead your sales team to execute at an elevated level.
START WITH THE BASICS:
Building a solid sales infrastructure to support both the sales team and sales management is of the utmost importance for increased and sustainable revenue growth, specifically:
Developing a customized, written sales business plan and revenue plan by salesperson, by product, and by month.
Implementing a Customer Relationship Management system (CRM).
Developing a custom sales process for each product line and programming it into the CRM. This enables business owners and sales management to tell at a glance which stage in the sales process each opportunity is in, and what needs to be accomplished in order to move each opportunity to the next stage.
Developing key performance indicators (KPIs) – forecasting models to track how the sales team is doing.
Defining the structure and content for productive weekly sales meetings.
BOTTOM LINE:
At Velocity Sales powered by Sales Xceleration, we know that any sales and business growth comes with structure. Without a solid sales infrastructure as a foundation, your organization will struggle to produce consistent results. When we are called in to assist a business, we work with you side by side to build a solid, time-tested, results-proven structure to realize growth. Regardless of when we enter the situation as your advisor, we help you manage the uncertainties associated with sales and build a foundation that will help you and your business to thrive for years to come.
Tourism creates jobs, strengthens local economies and contributes to local infrastructure and development. It can help to preserve cultural assets, traditions and the natural environment… In April of 2023, Warren County Board of Supervisors hired Heather Bagshaw to serve as Warren County’s new Director of Tourism. Bagshaw replaced the previous Tourism Director Alfred Snow, who held the position for a brief two-month period – Snow stepped down from the position in November of 2022. As Heather settles into her new position, she would like to broaden the experience of tourists who come to the area. “I would like to see people extend their stays and experience the culture and activities that we have here,” Bagshaw said.
The County Director of Tourism is responsible for planning, developing and implementing programs to promote Warren County and its facilities and businesses as a premier destination for leisure travel, group tours and special events through marketing and advertising campaigns.
Glens Falls has many of the qualities that Bagshaw is looking for to optimize tourism in the area. The location of Glens Falls – halfway between Saratoga Springs and the Adirondack Mountains – has a geographical advantage that the city can exploit to increase the contribution of tourism to the economy: Saratoga Springs has its world-class race track and rich racing tradition that draws hundreds of thousands of turf enthusiasts to the area during racing season, Lake George has its famous lake and recreational facilities, and the Adirondack Preserve attracts visitors seeking to experience the unmatched natural splendors.
The question then becomes: What is “World Class” in Glens Falls?.. Answer? The Hyde Museum. The Hyde Collection is beautifully housed in a majestic trio of adjacent family mansions on Warren Street. The Collection includes an important Rembrandt: “Christ With Arms Folded” and hundreds of other works of art by American and European artists.
Charlotte and Louis Hyde acquired a vast personal collection of art, including pieces by Van Gogh, Picasso and Renoir… Some of the pieces are displayed in a modern “Art Gallery” fashion, but many of the family’s most beloved works are shown as they have always been – on the walls of bedrooms, hallways, and public rooms throughout the house.
The Hyde Museum showcases the rich history of Glens Falls, and displays priceless pieces of art… The house is listed on the national register of historic places, and the house itself is reminiscent of days gone by and lifestyles that are now just a memory. The Hyde house, which was built in 1912 by Henry Ford Bigalow, has characteristics of Renaissance Revival architecture… The fanciful interior conveys both Louis and Charlotte’s love of entertaining, art, culture, and whimsy.
The museum has expanded, and truly opened itself up to the community… The permanent collection features approximately 3,000 works, and the museum features community events and social engagements.
Heather Bagshaw, as the new Tourism Director, will have the opportunity to explore Glens Falls and the surrounding areas to find out how to best utilize beautiful and historic venues like the Hyde Museum: “During my career, I have worked hard to move visitors to different locations around the county. Finding events that compliment each other and inspire visitors to extend their stay from three days to a week,” Heather said. The location of Glens Falls and the historic significance of the architecture enhance a community that supports art, entertainment and tourism.
The summer calendar for the Museum includes:
• Celebrating 60 Years: The Collector Charlotte Pruyn Hyde
• Recent Acquisitions
• Songs of the Horizon: David Smith, Music and Dance
Molly Congdon-Hunsdon holds a unique position – she is the second-generation Executive Director of the Glens Falls Area Youth Center. Her father, Matt Congdon, had been the Executive Director for over three decades… Following his passing on June 13th, 2019, Molly took over the position of Executive Director so that she could have a meaningful impact on the lives of the kids… Molly and the incredible staff carry on the “Legacy of Love.”
Matt didn’t have an easy childhood himself: “He was poor,” Molly said. “He knew what it meant to be hungry. His last name didn’t carry any clout within the school system. He didn’t have the best clothes or the coolest shoes… He wanted for everything. But he never used any of these obstacles as an excuse. Instead, he channeled his struggles into something positive.”
“From a young age he had two main goals in life: To make an impact on the lives of children who needed it most, and to always have a full fridge… Both goals were achieved.”
Matt graduated from Springfield College in 1982, and worked at a local gym as a trainer. When the Executive Director of the Youth Center went on maternity leave, Matt filled the position, and later on the kids petitioned for him to stay… “This changed the course of the Youth Center forever,” Molly said. “He advocated and fought for our kids with all his might.”
The first few locations of the Youth Center were anything but ideal. “The children in this community deserved better, much better,” Molly said. “Then, my dad did the impossible… He raised one million dollars in eight months to make our current building a reality. In April 2000, the doors opened and crowds of kids, wide-eyed and smiling, walked inside… That day is one that will never be forgotten.”
Despite being 55 years old, the mission of the Youth Center has remained the same: “We are a non-profit organization that serves disadvantaged youth (5th to 12th-graders) who reside in Saratoga, Warren and Washington Counties, through a wide variety of educational, recreational and life-skills programs (including after school snacks and dinner each day), completely free of charge,” Molly said. “We first opened our doors back in 1968, and since that time we have successfully served over 100,000 underprivileged children, dished out over 750,000 meals, and tutored over 31,000 students. We are a small organization with big numbers.”
“The children that we serve are at-risk youths from diverse cultures, races, ethnicities, belief systems and personalities,” she continued. “The majority of kids that come to the youth center come from low-income households – 90% of them live below the poverty line. These kids need a place where they feel safe and belong… At the GFAYC they are welcomed, cared for and most importantly loved. Every day, the kids have an opportunity to eat, exercise, and do homework. GFAYC believes that young people are a vital component to the future of our community… Their success is our success.”
Carrying on her father’s legacy, Molly holds a strong lifelong connection with the youth center: “The Youth Center has been a part of my life since I was born. Matt Congdon, our former executive director, was my dad,” Molly said.
Her father was her mentor and inspires the work that she continues today: “He was the Executive Director for 36 years,” she said. “I grew up in the youth center. I would play pickup basketball and this place molded me into the person that I am today.”
Molly became a staff member at the age of seventeen, and has been working at the youth center ever since for the last 16 years: “The coolest experience for me is to see the kids grow from 5th to 12th-graders, and watch those kids make the full journey into young men and women… It’s such a privilege to be a part of that,” she said.
Matt passed away after years of battling health issues on June 13th, 2019. “Matt’s strength, spirit and selflessness will never be forgotten,” Molly said. “He worked his entire adult life to enhance the existence of young people in this area because he felt that every single one of their lives was precious and meaningful – and they are!”
Carly LaMay joined the youth center staff as the Assistant Director back in August 2020. The team is filled out by Nate Mattison, who is the Program Coordinator, and Anthony Rivera, the Program Supervisor. Anthony is a former youth center member who wanted to make an impact on the next generation.. “We are a small but mighty staff of four,” Molly said.
Carly is in her third year as the Assistant Director at the Glens Falls Area Youth Center: “I started in 2020 in the middle of the pandemic,” Carly said. “It’s been great to see how we have been able to navigate the pandemic, and now we are in a really great spot where we can do a lot of great things with the kids.”
Throughout the year, the kids travel to the Youth Center in a variety of ways: “We serve Saratoga, Warren and Washington counties. A lot of our kids are transient and they move around a lot, but they still want to come here,” Carly said. “Our Glens Falls students will usually walk and bike. Kids from the outlier areas are most often dropped off. When the kids first arrive at the youth center they have to sign in, and one of our biggest rules is ‘no school, no Youth Center.’ They have to go to school.”
Activities at the youth center encourage inclusivity and participation: “We have a full-sized gym, workout equipment… A ping pong table, a pool table, air hockey and games, and there are areas to do homework,” Carly said. “We have after-school snacks, and that is something that everyone tends to do first… A lot of kids break off to do something they really enjoy. But we always have an event or a tournament going on that brings the kids back together.”
The food program – started by Matt – has provided 750,000 meals to these kids over the course of the last 40 years… This program now requires a commercial refrigerator and freezer. Originally, the youth center would close from 5:00 PM to 6:00 PM so that the kids could go home and have dinner with their families… However, Matt started to see the kids hanging around outside during that hour. He realized that some of them didn’t have a place to go and eat, so he started providing dinner: “We call it family dinner, because that is what we are… A family,” Molly said.
Both Carly and Molly have noticed that due to the pandemic, the kids communicate with their peers differently, because for much of the pandemic so much of the communication was virtual: “We spend a lot of time teaching the kids how to interact in person. Working on social and emotional skills is a lot of what we do,” Carly said. “Having the kids do things together teaches them to be good sports, which is very important.”
Molly and Carly use the kids’ interests to facilitate their education: “Recreation is what draws the kids in, and then once once they are here, they are able to experience everything else that we have to offer,” Molly said. “We have Chromebooks, headsets, and kids are learning in a fun and engaging way… Our version of education is active. The kids have been in school all day, and we want them to be active and learn.”
Learning takes place all year round at the Youth Center. The Youth Center has a Summer Reading Program where they are taught reading, writing, and STEAM… This program helps to ease the transition into middle school, while reducing summer learning loss. They will even help with locker combinations, which can be challenging for the kids: “That program is just for the fifth graders,” Molly said. “So that gives us an opportunity to really work with the kids who are transitioning to middle school.”
A retired math teacher comes in to help all grade levels with the subject that so many kids dread: “Bob Cote comes in once or twice a week to help all grade levels to prepare for quizzes,” Carly said. “He helps with math and will talk to teachers on behalf of the kids. He helps kids that are struggling or just need a little extra help.”
The Youth Center is launching a new program that focuses on media literacy to prepare the kids for the workforce… They now have a TikTok! The videos are all produced by kids, and focus on subjects like marketing, PR, how to stay on brand, and what’s trending on social media. The kids come up with all the ideas… This program helps to create a dialog about social media and its uses in the workplace: “We see the downside of social media, how these kids have constant access to each other,” Carly said. “It’s nice to highlight the benefits of social media, and how it can be used in a safe and constructive way.”
The Glens Falls Area Youth Center is mainly supported through grant writing done by Molly and Carly, but they also have fundraisers… On June 23rd at the Holiday Inn at Lake George, the GFAYC held their first fundraiser since before the pandemic! The “Back to the 80’s” theme is something that everyone was looking forward to. This event also marked 55 years of operation for the organization, and will be in honor of Matt Congdon.
The Glens Falls Area Youth Center is open from 3:00 PM to 7:00 PM, Monday through Friday. For more information, please visit gfyouthcenter.org.
On behalf of The Wagoner Firm, I welcome all of you to the first installment of our four-part series exploring the landscape of small-to-mid-sized business purchase and sale transactions. We’ll take a deep dive into the complete journey—including the tremendous opportunity to create wealth for potential buyers, the benefits of business ownership, the process of acquiring a small business, the steps to get the most value for your business, the multiple ways to finance the acquisition, and finally, ways to ensure a successful transition.
Today, we begin by shining a light on the wealth-building opportunities offered by small business ownership, both for buyers and sellers.
THE BENEFITS OF BUYING A SMALL BUSINESS MAYBE BETTER THAN YOU THOUGHT
Most people face a crossroads at a certain point in their career. On one hand, they could stay in a job that they may or may not like but provides financial stability… On the other hand, they could venture into entrepreneurship, with no guaranteed income but boundless potential. For those venturing out on their own, there are generally two options: (1) start a new business, or (2) buy an existing one.
This series focuses on purchasing an existing business, which offers immediate income, support, and a customer base; additionally, not having to start from scratch may also lower the financial risk while still providing meaningful income. Buying an existing business can be easier to finance than most people recognize – there are plenty of banks and Small Business Administration financing options for existing businesses with cash flow and profits (which we will delve into later in the series). With those financing options demystified, it will become clear that buying a business is the optimal choice for most would-be entrepreneurs.
And there’s more good news: our region is full of hidden treasures in the form of exceptional businesses with owners looking to sell. Many have been in business for decades and are just looking to find the right buyer. These owners should take steps to prepare their business for the market, and the best practice is to plan several years out. This allows the owner to maximize value come sale time. After all, it is often their life’s work and can provide them with not just a comfortable lifestyle in retirement, but also a legitimate legacy.
A smart buyer would do well to match their interests and skills with those needed to successfully operate one of these businesses. Notably, we have seen plenty of adept buyers get into blue collar businesses like HVAC, plumbing, paving, and pool installation and service. Most had very little experience in these particular fields, but they did have sharp business minds, the ability to bring value to the target companies and – most significantly – experienced and committed employees that made their transitions successful.
These businesses immediately produced the cash flow which allowed the buyers to pay down financing while also providing strong earnings. With lower debt and increased revenues, they can see the value of their investment rising steadily. The results will provide the buyers with the opportunity to cash out in the future and create generational wealth.
THE POWER OF OWNING A SMALL BUSINESS
Owning a small business comes with multiple benefits… You get to call the shots, of course, but there’s more to it than that. A target business should already have good revenue and profit. This cashflow not only offers financial security from day one, but also provides the backbone for financing the acquisition through traditional bank financing, a Small Business Administration loan, seller financing, or a combination. Significantly, the revenue generated by these cash flowing small-to-mid-sized businesses can take startups years to achieve.
In the Capital Region, with a diverse range of businesses and strong local economy, newly minted small-business owners have a real opportunity to grow… In fact, many of the businesses for sale or coming up for sale operate in outdated ways – relying heavily on paper calendars and fax machines, avoiding any modern technology that could streamline their operations. Most readers would be surprised by how many business owners that began only 20 to 30 years ago have outdated ways of operating! Longtime owners may not want to change… For them, their businesses run the way they want.
New buyers are less resistant to these changes, and can often bring immediate value to these businesses. The addition of customer relationship management tools (CRMs), electronic billing platforms, and automations by a new owner can immediately reduce operational costs and make the business more efficient – and therefore, profitable. They are able to bring immediate value by modernizing operations, offering synergistic products or services, and expanding and developing operations. These changes often increase the satisfaction of their employees, who can focus on the things that matter most to the business rather than tasks rendered obsolete by widely used technology… The result? Faster growth in business equity and increased profits, leading to wealth accumulation.
HOW SELLERS STAND TO GAIN
For business owners thinking of selling, the process holds equal potential… Time and time again, we have seen business owners close shop rather than sell, simply because they did not realize how valuable their business was, or how to start the process of selling it. Some believed finding a buyer would be hopeless or too complicated, and simply walked away from their life’s work… Yet, the sale of a small business is the ultimate reward for years of hard work and sacrifice. It provides the best opportunity to monetize the equity that business owners built over time, and can create wealth for their future – whether that’s a comfortable retirement, or money to invest in different ventures such as real estate.
In the Capital Region, there’s a steady demand for businesses across industries such as white and blue-collar services, manufacturing, technology, healthcare, and education. Owners can expect a good price for their business – albeit a price that aligns with documented, historic performance – and owners can take several steps to create the most value for their business when they exit… This includes cleaning up their books, documenting systems and processes, and shoring up key employees and customers. It also includes engaging with professionals who specialize in the sale process, to ensure they obtain the best outcome possible from business brokers to accountants to, of course, business attorneys.
Buyers and sellers should consult with experienced experts. The pathways to buying and selling businesses are not readily understood by professionals that do not do this type of work. Those that do can provide value and ensure you get a great deal when you close on the purchase or sale of your business.
So, whether you’re unhappy in your current job, wary of starting a new venture, or considering selling your business, the small business market in the Capital Region could be your ticket to wealth-building! The Team at The Wagoner Firm would be happy to answer any questions that you may have about buying or selling a business.
You can call or email us anytime at 518-400-0955 or info@thewagonerfirm.com.
In the meantime, stay tuned for our next article, where we’ll discuss how to evaluate potential business opportunities and prepare your business for sale.
ATTORNEY ADVERTISING. PRIOR RESULTS DO NOT GUARANTEE FUTURE OUTCOME
In our modern world, where the rules of economics are changing, and phrases like “side hustle” and “multiple streams of income” have crept into our lexicon, it’s no surprise that people have become creative in finding ways to acquire and accumulate currency. In some instances, one needs to look no further than their own surroundings and living space, from selling household items on eBay or feet pictures on OnlyFans, to giving strangers rides in their car with Uber or Lyft. We’ve become increasingly more comfortable with opening up our world to others… For a fee.
As this trend has continued to evolve, the home itself has become a commodity beyond the mere sale or long-term lease. Taking a page from hotels, resorts, and time shares, property owners have started converting their time away from home, unused in-law suites, and second homes into cash through short-term rentals with companies and apps like AirBnb and VRBO.
As the popularity of short-term rentals continues to grow, local towns and municipalities are struggling to balance the loss of revenue from hotel occupancy taxes with the rights of property owners to use their property as they see fit, but also balancing the rights of neighbors to peaceful enjoyment of their own property. Many towns and counties have moved to affect occupancy taxes on owners of short-term rentals to help offset revenue lost from hotels.
Warren County, for example, collects a 4% occupancy tax and requires short-term rental owners to register their property with the County. Property owners have pushed back, stating they already pay enough in taxes and should be able to use their property however they want. The County states that his money is used to help promote tourism in the area. The Town of Queensbury has passed laws limiting the total number of days a property can be rented as a short-term rental to 120 days in a calendar year and requiring properties to be rented for a minimum of 5 days at a time during the summer tourism months. The Town of Fort Ann recently passed a law requiring property owners of short-term rentals to obtain a license from the town, requiring owners to establish written rules and regulations that the renter must sign, establishing quiet hours, limiting vehicles to 1.5 per bedroom (rounding to the nearest whole number), and limiting occupancy to 2 people per bedroom, plus 2.
With the trend for shorter vacations within millennial and younger generations on the rise, property owners are left scratching their heads failing to see how these laws promote tourism, while the Towns appear to be taking aim at limiting bachelor parties and other outlandish short-term parties in neighborhoods, which some view as a relatively small problem for such an overreaching set of regulations.
On the other side of the street are the neighbors – people who have lived in these neighborhoods for years and prior to the proliferation of short-term rentals, who view short-term rentals as a nuisance with rude and noisy renters who disturb the peace and don’t respect the beauty of the neighborhood. While everyone should have the right to peacefully enjoy their property within reason, will limiting the number of cars that can be parked in this age of Uber and Lyft, or forcing weekend tourists to book a 5-night stay (even if they only intend to stay for 2 or 3) really have the intended effect of cutting down of noise and disruption in a peaceful neighborhood? Is this even a realistic concern, or are we curtailing the rights of property owners by making laws and regulations for a few bad apples?
The effects of these laws will need to be monitored and adjusted as necessary to see what, if any, chilling effects they have on tourism in the area, while maintaining the peace and tranquility of suburbia.
Daniel B. Wade has been practicing since 2004 in the areas of real estate, title, and LLC formations. To learn more, visit www.ialawny.com
