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New Organization Helping Malta Businesses Connect

Written by Dylan McGlynn on . Posted in Business.

MALTA — A new organization is helping small businesses in Malta connect, with the establishment of Malta Business Works.

The group operates similarly to a chamber of commerce, but with a focus on local Malta businesses, holding monthly meetings, helping businesses network, and giving back to the community. David Rosenberg, co-owner of Brix Wine & Liquor and a member of the Malta Business Works board of directors, said there are currently 17 members in total.

“We do our absolute best to stay true to helping businesses grow,” said Rosenberg. “The networking opportunity for just Malta businesses has been a very big plus for those who do participate in our events. Talking about things such as hiring, merchant services, insurance needs.”

Malta Business Works hosts meetings on the second Thursday of each month, which are open to the public and free to attend, Rosenberg said. The group’s meeting on June 8 featured a presentation from Malta-based doctor Dan Sooriabalan and Enduring Nutrition owner Kevin Conklin.

Rosenberg said the meetings allow local business owners a chance to network and talk through common issues with each other.

“You have a place to go, to gather around and talk about similar issues,” Rosenberg said. “They may not be the same type of issues, but it’s easier to appreciate that you’re not alone in your situation. … It’s good to know that others feel the same struggles and can get the same benefits from each other.”

The group held its initial interest meeting in December 2021, and has grown steadily since. Rosenberg said he organized the initial meeting, and named Kim Hickock of Marketing Kangaroo, Cynthia Quade of Signature One Realty, Jim Trainor of Trainor Law PLLC, Shelly Walker of Finishing Touches, and Alison Halpin of Maltavista Optometry as others who have also been involved.

“We all just kept the ball rolling,” said Rosenberg. “We’ve gotten ourselves organized to the point where we’re now a membership group. We ask for a small $50 membership fee…and are also putting together some community events, including participating in Malta Community Day.”

Rosenberg said the organization emphasizes the importance of giving back to the local community.

The group held an official kickoff event, ‘Malta Business Works Monday,’ at the Malta Community Center on May 15. Rosenberg said they are planning for two events in the fall, as well as plans to participate in Malta Community Day, Small Business Saturday, and for a holiday decoration and tree-lighting ceremony.

“What I have seen is the business community supporting the business community,” said Rosenberg. “I think it’s tremendous. I think we all have gotten to the point where we enjoy staying within the town we live in to do business, or where we’re doing business to shop also.”

Malta Business Works’ next meeting will be July 13 at 8:30 a.m. at The Sugar Fairy Bakes at 2110 Ellsworth Blvd in Malta.

Replacing Your Paycheck in Retirement

Written by David Rath, CMT, CFA on . Posted in Business.

Paydays are special. Whether it is every other week, twice a month, or weekly, we all have that day circled on our mental calendars. Then retirement happens, and everything changes. One of the most significant challenges that retirees face is determining how much money to withdraw from their savings each year while ensuring that they do not run out of money. In this article, we will look at different options for retirees that need to replace their income.

One of the most widely known and followed withdrawal strategies is “The 4% Rule.” The rule stipulates that retirees should withdraw 4% of their portfolio value in the first year of retirement and adjust the amount annually for inflation. This approach is based on historical market data and aims to provide a constant stream of income while preserving the portfolio to last the duration of retirement. The benefit of this approach is simplicity, but that simplicity can also be a drawback. If we encountered an abnormal period in the stock and/or bond market, the 4% rule could require some significant adjustments.

To address the rigidity of the 4% withdrawal rule, an alternative is to divide one’s portfolio into “buckets.” The first bucket typically contains cash and short-term investments for immediate spending needs, the second bucket holds intermediate-term investments such as bonds for income generation, and the third bucket consists of long-term, growth-oriented investments like stocks. The flexibility of this strategy allows for opportunistic “profit taking” during good years while providing a ballast of immediate spending needs during the lean years. Visually, imagine the profits earned from the growth portion filling the second bucket, which in turn fills the first bucket as a retiree happily embarks on the next phase of life. 

Dynamic withdrawal strategies take an even more flexible approach. These strategies adjust the annual withdrawal amount based on variables such as portfolio performance, remaining life expectancy, and changes in spending needs. One popular dynamic withdrawal strategy is the “guardrail” approach, which sets an upper and lower limit for the withdrawal rate based on the portfolio’s value. If the market is up and the portfolio hits the upper guardrail, retirees have permission to take that extra vacation or to put money down on a pontoon boat. If the market is down to a certain level, and the lower guardrail gets hit, it’s time to tighten a few notches on the belt.

Unfortunately, the correct answer to this riddle is not known until after the fact. If you gave me a retiree’s exact life expectancy along with a clear forecast of market performance over that time, it would be easy for me to craft an ideal solution. We just touched on the investment portfolio aspect here, but other factors such as social security income, pensions, and annuities will also factor into the discussion. What is right for you will depend on these factors and your comfort with stock market fluctuations. We regularly review income projections for our clients to ensure they focus on living their best life in retirement.

David Rath, CMT, CFA, is the Chief Investment Officer at Continuum Wealth Advisors in Saratoga Springs. Continuum Wealth Advisors, LLC is a Registered Investment Advisor registered through the Securities and Exchange Commission.

For more information, visit contwealth.com.

New Recruitment Campaign Targets Visitors to Support Local Employers

Written by Saratoga TODAY on . Posted in Business.

SARATOGA SPRINGS — The Saratoga County Chamber of Commerce, in conjunction with the Adirondack Regional Chamber of Commerce and the Saratoga County Capital Resource Corporation, launched a new marketing campaign on May 15 aimed at attracting new talent to the region.

‘Live Like You’re On Vacation’ is a multi-faceted recruitment campaign geared toward tourists who already love visiting this region and professionals considering relocation. The campaign highlights the three regions – Saratoga, the Adirondacks, and Lake George – in an effort to showcase the variety of opportunities available to residents.

“When you live in the Saratoga, Adirondack, and Lake George region, you are truly living like you’re on vacation,” said Todd Shimkus, President of the Saratoga County Chamber of Commerce. “From historic horse racing to millions of acres of protected forests to the Queen of American lakes, we have all of this – and much more – right in our backyard.”

The Chambers will work collaboratively with local employers looking to hire staff from outside of the region. The materials, including a brochure and videos created in partnership with Trampoline Design of Glens Falls, will help provide a glimpse of what living in the region looks like along with highlighting some of the main attractions that make it so special.

“We know that people love to come visit this region, and we benefit greatly from tourists who want to experience first-hand what we have to offer,” said Tricia Rogers, President of the Adirondack Regional Chamber of Commerce. “But imagine if those tourists became permanent residents. It not only benefits the area economically, but it also expands and grows our communities.”

The ‘Live Like You’re On Vacation’ campaign will run for the remainder of the year with plans to spotlight the region seasonally, promoting the wide variety of options residents have in this four-season destination.

The campaign was created with assistance of the Saratoga County Capital Resource Corporation and a matching grant from National Grid, through the New York State Public Service Commission approved Economic Development Plan.

“The mission of the Saratoga County Capital Resource Corporation includes undertaking projects for the purposes of encouraging the development of, or retention of, employers in Saratoga County,” noted Matthew Veitch, Chair of the Corporation’s Board. “No doubt the region’s employers are challenged by the historic labor shortage we now face, and our hope is that some of the people we know love to visit here will be motivated by this campaign to relocate here along with their families so we can perhaps fill some of these open jobs.”

New Restaurant, 42 Fusion, Opens in Ballston Spa

Written by Saratoga TODAY on . Posted in Business.

Photo by Dylan McGlynn.

BALLSTON SPA — A new restaurant has opened its doors on Front Street in Ballston Spa, with the introduction of 42 Fusion, a Mexican-Italian fusion eatery.

The restaurant is co-owned by Faustino Lopez, who is also the chef, and Alicia Halse. Lopez said it is his first venture as a restaurant owner after working in a variety of restaurants in the area.

Lopez is a native of Mexico who has lived in the United States for about 17 years, he said. He also has experience working in Italian restaurants, saying 42 Fusion is a combination of the two cuisines.

“I’ve worked in more Italian restaurants and all that kind of stuff, and I’m from Mexico,” said Lopez. “We try to do those two combinations of Mexican and Italian. We try to create new dishes, invent new dishes, so everybody can try it.”

42 Fusion is open daily from 10:30 a.m. to 9:30 p.m., offering lunch and dinner options. Lopez mentioned quesadillas and paninis as lunch options, and the restaurant also offers a variety of salads, tacos, and pastas, as well as options such as gnocchi, chicken milanese, short ribs, and more, according to their menu.

“We tried to create a lunch menu, just fairly simple, quick and delicious,” said Lopez. “And dinner is going to be more romantic, more fine dinner.”

The restaurant is located at 42 Front Street, the former home of Sunset Café. Halse said the group moving into the space was a result of “perfect” timing.

“All of the spaces on Front Street have been occupied for a long time, so to find something like this, we were just really lucky,” Halse said. “To be right across from the park, where they do live events, they do parades, they do car shows, they do so many things. It was just a no-brainer, when we saw it.”

Prior to opening, however, Lopez and Halse had to fully renovate the interior of the restaurant.

“We had to do all the inside work,” said Lopez. “It took us about three months.”

“And being a small business, you’ve got to save money and time where you can,” Halse added. “So it was just us doing everything. Stripping the paint, doing the floors or ceiling tiles or light fixtures.”

The restaurant launched a soft opening in late May, with Lopez saying business has been going “pretty well.” Halse said they hope to hold a formal grand opening ceremony in mid-July.

“I think a lot of people are coming in right now,” Lopez said.

The two said it is meaningful to be open and receive positive feedback from the local community. Lopez, who lives in Saratoga Springs, said he hopes 42 Fusion can help draw more people into Ballston Spa.

“We put a lot of time into this place,” said Lopez. “I really like Ballston Spa. I think it’s a nice area to be in the restaurant business. I want to bring more people into the village.”

“When you put so much work into something, it just makes you that much prouder to see it actually flourish,” Halse said.

Saratoga National Welcomes New Residential Mortgage Originator

Written by Saratoga TODAY on . Posted in Business.

Photo provided.

SARATOGA SPRINGS — Saratoga National Bank and Trust Company has announced that Dina Trahan recently joined the residential lending team.

In her role as Residential Mortgage Originator, Ms. Trahan helps clients with their home-financing experience and guides them through the mortgage application process.

Trahan is based in the Latham Century Hill Business Development Office, which serves the greater Capital District. She has more than 30 years of experience in residential mortgage services and is past president of the Mortgage Bankers Association of Northeastern New York. 

Trahan is active in her community and currently serves as a member of the Brunswick-Brittonkill Central School District Board of Education. Originally from Troy, she currently lives in Melrose.

‘Think A Little Bit Differently’: New Book By Local Philanthropist Encourages Others To Challenge Inequalities

Written by Saratoga TODAY on . Posted in Business.

Ed Mitzen (Photo provided).

SARATOGA SPRINGS — A new book written by local entrepreneur and philanthropist Ed Mitzen hopes to encourage people in his position to “do things differently” relating to systemic and racial inequality in America.

Mitzen’s book, titled, ‘Wealthy and White: Why Rich Guys Like Me Have to Show Up, Step Up, and Give Others a Hand Up,’ focuses on systemic advantages in society, and how people in Mitzen’s situation can help make a difference for others.

“What we’ve been trying to do, and what this book is all about, is to try to encourage folks like me to think a little bit differently about systemic problems in our country,” said Mitzen.

Mitzen is the founder and CEO of Fingerpaint Marketing, and co-founded the non-profit organization Business for Good alongside his wife, Lisa Mitzen, in 2021. He said the work with Business for Good has been “a journey.”

“We’ve learned a lot in the last couple of years, and had what I think is some significant impact,” said Mitzen. “I thought it would be nice to put it down on paper, to encourage other guys in my position to be able to look at things a little bit differently, and do things differently.”

Business for Good supports individuals in starting or growing their businesses, with Mitzen saying to help fix inequalities, we must “get people up the income curve.” 

The book provides examples of this, including Blooms by Marie, a florist in Albany founded by Marie Campbell, a Black single mother of four, Mitzen said. Business for Good issued a grant to Campbell’s shop, and also assisted with renovations.

“We helped renovate her flower shop, we gave her a new website, we helped to refrigerate her van so she could transport flowers,” said Mitzen, who also utilized his connections to help set up Campbell for floral sales through Albany Med, where she had worked as a nurse for nearly 30 years.

“Made a couple of phone calls, and the next thing you know, she’s in there and she’s more than doubled her business,” Mitzen said. “The impact that has on her and her family is insurmountable. It’s life-changing for them.”

Business for Good also donated $1 million to the three known living survivors of the 1921 Tulsa Race Massacre in 2022. Mitzen said the three have “become good friends of ours,” noting he recently met them for lunch in New York City.

“We’re trying to attack a lot of the injustice and inequality in this country by a lot of different means,” said Mitzen. “Today, the survivors, they’re in their 100s and they’re coming to New York City for the first time. … Then I think on Thursday, we’re supposed to go on CNN and talk about our experience together, and their experience. All tied around Juneteenth.”

Mitzen said that ultimately, he hopes his book helps people in his position start to think differently.

“I want people to think differently, and attack these problems with a little bit of a different slant,” Mitzen said.

He said that the book is not “a how-to,” but examples of how the Mitzens and Business for Good have been able to impact people, in hopes of inspiring others to do the same.

“And it’s also, it’s a very honest discussion about mistakes we’ve made,” said Mitzen. “What we’ve learned along the way. … I hope that it inspires some people to just think a little bit differently.”

‘Wealthy and White…’ is available on Amazon and at www.wealthyandwhite.com.

Indoor Golf Coming to Broadway

Written by Saratoga TODAY on . Posted in Business, Featured.

Photo by Dylan McGlynn

SARATOGA SPRINGS — The latest expansion of The Bunker, an indoor golf simulator, bar, restaurant, and event space, will be coming to downtown Saratoga Springs.

The business will take over 11,000 square feet across two stories of 307 Broadway, said co-founder Troy Miller, who added that the company has been looking at expanding to Saratoga “for quite some time.”

Miller said the company had attempted to make prior deals to expand into Saratoga before securing a location in the Congress Park Centre.

“I guess it all worked out, because we’ve probably got one of the most prominent spots in Saratoga,” Miller said. “We’re excited about going there.”

The Bunker’s Saratoga Springs location will feature two bars, an event space, indoor golf simulators, and “high-level food”, said Miller.

He added that the location will “tie into the whole racetrack theme,” in a nod to the Saratoga Race Course. He also said that the company is proposing open-air concepts for garage windows on the first floor that could be raised to allow for indoor-outdoor dining. 

“So you can be sitting inside, yet be right on Broadway,” Miller said.

He said The Bunker’s corporate chef will design “a little bit different” of a menu from other locations.

“Those details aren’t defined, but it’ll be upscale pub food,” said Miller. “We really take pride in our food as well.”

Miller said the company hopes to have its Saratoga location opened by the end of the year.

“My goal is to try to get open this year,” Miller said. “Whether it’s December 1st, January 1st, in that ballpark.”

The Bunker opened its first location in October 2019, and currently has locations in Clifton Park, Guilderland, Latham, North Greenbush, and New Hartford. In addition to the expansion to Saratoga Springs, plans are also underway for a casino-themed location near Rivers Casino in Schenectady.

Miller said business has been going “great” for the company, noting that it began as a passion project.

“It never really was meant to be a business when I first started, but that’s what it turned into,” said Miller. “My family’s involved in it, it’s opened up a lot of opportunities for friends. It’s just turned out to be a great, great thing. 

“I love golf, and the hospitality business in general, so it’s pinch-yourself exciting.”

Clifton Park-Halfmoon Library Trustee Candidates Sought for 2024

Written by Saratoga TODAY on . Posted in Business.

CLIFTON PARK — The Board of Trustees of the Clifton Park-Halfmoon Public Library are seeking candidates for two library trustee positions to begin January 1, 2024, due to the expiring terms of two incumbents, both representing the Town of Clifton Park.

The annual Library Budget and Trustee Election is scheduled for Thursday, September 14. It will take place at the Library from 7 a.m. to 9 p.m.

In order to qualify for trustee, candidates are required to be registered voters residing in Clifton Park, within the boundaries of the Library Tax District. The trustee positions are five-year terms. Employees of the Library, contractors, and vendors to the Library are ineligible. Residents will vote for the trustee candidates from their respective town of residence.

Trustee packets are available beginning June 1. Interested candidates may pick up a packet in person or download one from the Library website: www.cphlibrary.org.

The Library Board consists of 11 trustees: seven representing Clifton Park and four representing Halfmoon. Trustees attend monthly board meetings, serve on assigned committees, and contribute their expertise to benefit the Library and the served community.

The Clifton Park-Halfmoon Public Library, located in Southern Saratoga County, provides materials, programs, and services to the residents of Clifton Park and Halfmoon. The Library at 475 Moe Road in Clifton Park is open seven days a week and can be reached by phone at 518-371-8622 and online at www.cphlibrary.org.

Plans Filed To Turn Former Sunmark To Gas Station/Convenience Store

Written by Saratoga TODAY on . Posted in Business.

Overall site plans submitted by Nolan Engineering, PLLC, for 202 Northline Rd, the former site of Sunmark Credit Union (Image from Town of Milton Planning Board).

MILTON — Site plans have been introduced to redevelop the former site of Sunmark Credit Union at 202 Northline Rd to a convenience store and gas station.

Plans were filed with the Town of Milton Planning Board in late March for the site. The location is currently owned by Gary DeRusso, president of Adirondack Land Development, LLC, and is pending a sale to Lucky Petroleum owner Surinder Cheema, according to the filed plans.

The site is located across the street from Adirondack Trust Company at 162 Northline Rd. Designs for the property were developed by Nolan Engineering, PLLC, the plans state. 

The project would see the former Sunmark building repurposed for a gas station/convenience store with its own parking.

The plans were presented to the Town of Milton Planning Board on April 12, where Jason Singer of Nolan Engineering stated the plans call for six islands with 12 gas pumps, one on each side of the islands, according to the meeting minutes.

Cheema told the Milton Planning Board at the April meeting that in the future, he would consider adding apartments on the back side of the property, and a food chain on the corner of the property, according to the minutes.

Saratoga Federal Offers Family & Community Day June 10

Written by Saratoga TODAY on . Posted in Business.

SARATOGA SPRINGS — Saratoga Federal is hosting a Family & Community Day to members and residents of the local community on June 10 from 12 to 4 p.m. Members of the community are invited to join as they kick off the summer season and another great year. Plus, receive a $25 Wind-Chill Factory Gift Card for opening an account. Enjoy a round of mini golf, lunch or ice cream, courtesy of Saratoga Federal.

Saratoga Federal staff will be onsite at the Wind-Chill Factory from 12 to 4 p.m. to answer questions and open accounts. There will be no minimum balance required when opening an account at the event.

Saratoga Federal has been providing financial services to the community since 1945 and is open to all individuals who live, work or attend school in Saratoga County. Details are available at www.saratogafcu.org/windchill.