Daily News

SPRINGFIELD — New Valley Bank & Trust announced the appointment of Aaron Goodman as chief lending officer.

In his new role, Goodman will oversee and manage all lending activity for the bank, leading efforts to provide responsive, relationship-focused financial solutions to businesses and individuals throughout the region. He will work closely with the lending team to advance New Valley Bank & Trust’s lending objectives while maintaining the high standards of integrity, service, and local decision making that define the organization.

Goodman brings a combination of banking expertise and real-world business experience to the position. As one of the original founders of New Valley Bank & Trust, he served on the bank’s board of directors and director’s loan committee from 2019 to 2022, helping guide the institution during its formative years. Throughout his career, he has successfully developed and managed a recycling business, a self-storage facility, and various real estate investments. His firsthand understanding of entrepreneurship and business operations provides valuable insight into the challenges and opportunities facing local business owners.

“Aaron’s extensive business experience, deep understanding of our organization, and customer- focused approach make him an outstanding addition to our leadership team,” said Jeff Sullivan, CEO of New Valley Bank & Trust. “As one of the bank’s original founders, Aaron has long believed in our mission and commitment to helping local businesses grow and succeed.”

As chief lending officer, Goodman will be responsible for overseeing commercial and consumer lending activities, supporting portfolio growth, and ensuring customers receive timely, personalized service tailored to their financial goals. He earned a bachelor’s degree in business administration from the University of Connecticut.

Daily News

NORTH ADAMS — Educators from across the region will gather at Massachusetts College of Liberal Arts (MCLA) on July 6-8 for the Leadership Conference, the capstone of the Leadership Academy’s 2025 cohort and the kickoff for the incoming 2026 cohort.

The conference will open Monday, July 6 with a keynote address from Julie Haagenson, founder of New Pathways, from 6:30 to 8:30 p.m. in Murdock Hall. Scholar Robert Putnam will give the July 7 keynote, also 6:30 to 8:30 p.m. in Murdock Hall. Morning presentations will follow from Leslie Blake-Davis on July 7 and Matthew Bishop on July 8.

Concurrent sessions run July 7 and 8 from 10 a.m. to 3:45 p.m., led by members of the 2025 cohort. Presenters will share the research, strategies, and leadership practices they have built over the year.

Sessions will take on the issues schools face now: building inclusive communities, strengthening instructional leadership, improving operations, and supporting every student. They are organized around the four standards of the Massachusetts Department of Elementary and Secondary Education’s Professional Standards for Administrative Leadership: instructional leadership, management and operations, family and community engagement, and professional culture.

“The Leadership Conference is the culmination of a year of growth, collaboration, and commitment to educational excellence,” said Marianne Young, director of the Leadership Academy. “These presentations show the talent and dedication of current and aspiring school leaders working to create better outcomes for students, families, and communities across the region.”

The conference will run in a hybrid format, with sessions open on campus or remotely. Registration is encouraged by clicking here.

The Leadership Academy supports educators working to strengthen their leadership skills and lead effective, equitable, student-centered schools. The annual conference both celebrates the cohort’s work and gives educators a chance to learn alongside colleagues from across the region.

Daily News

SPRINGFIELD — Skoler, Abbott & Presser, P.C. announced that five of its attorneys have been recognized on the 2026 Massachusetts Super Lawyers and Rising Stars lists. Each year, no more than 5% of lawyers in Massachusetts are selected as Super Lawyers, while the Rising Stars designation is reserved for no more than 2.5% of attorneys in the state — those who are 40 years old or younger, or who have been in practice for 10 years or less.

The following Skoler, Abbott & Presser attorneys have been selected as 2026 Super Lawyers:

• Marylou Fabbo has been a partner at Skoler, Abbott & Presser for more than 30 years and heads the firm’s immigration team. She is recognized for her work in employment law and immigration, and has been repeatedly named a Super Lawyer, a Top Women of the Law honoree by Massachusetts Lawyers Weekly, and a Legal Luminary and Go-To Employment Lawyer for 2025. Fabbo has represented clients before state and federal courts and agencies including the EEOC, MCAD, and the Connecticut Commission on Human Rights and Opportunities.

• Timothy Murphy is a partner whose practice spans labor relations, union campaigns, collective bargaining and arbitration, and employment litigation. He has been recognized in Best Lawyers in America since 2013 and has been named Lawyer of the Year in both Litigation Labor and Employment and Labor Law Management. Murphy is active in the Greater Springfield community, serving on the boards of organizations including Community Legal Aid, the Human Services Forum, and the World Affairs Council of Western Massachusetts.

• John Gannon is a partner whose practice focuses on employment litigation, personnel policies and practices review, wage and hour compliance, non-compete and trade secrets litigation, and OSHA compliance. He is a frequent speaker on employment law topics and has appeared on Western Mass News and the Massachusetts Lawyers Weekly podcast. Gannon was named a BusinessWest 40 Under Forty honoree in 2016 and serves on the boards of Riverside Industries and the Chicopee Chamber of Commerce.

• Erica Flores is a partner whose practice involves employment litigation in state and federal courts and agencies; class and collective action wage and hour litigation; discrimination, harassment, and retaliation defense; and counseling employers on day-to-day employment issues. She has repeatedly been named a Super Lawyer, was a BusinessWest 40 Under Forty honoree in 2018, and was a Massachusetts Lawyers Weekly Top Women of Law honoree in 2021. Flores currently serves on the board of directors of the Greater Westfield Chamber of Commerce.

The following attorney has been named a 2026 Rising Star:

• Amelia Holstrom is a partner whose practice covers employment litigation, labor relations, advice and training, litigation avoidance, wage and hour compliance, and MCAD and EEOC proceedings. She has been named to the Rising Stars list for several consecutive years and has received numerous other accolades, including Massachusetts Lawyers Weekly’s Top Women of the Law (2023), BusinessWest 40 Under Forty (2015), and the Massachusetts Bar Assoc. Community Service Award for Hampden County (2016). Holstrom is active in the community, serving on the boards of Clinical & Support Options Inc. and ERC5. She is also a Library trustee for the town of Wilbraham.

“We are proud that our attorneys have been recognized for their well-deserved honors,” said Marylou Fabbo, partner at Skoler, Abbott & Presser, P.C. “These awards reflect not only their exceptional legal skill, but also their unwavering commitment to excellence, integrity, and the clients we serve.”

Daily News

PITTSFIELD and NORTH ADAMS — BFAIR and UCP of Western Massachusetts announced a significant milestone in their ongoing merger exploration, including a leadership transition that will position the combined organization for continued growth and impact in serving individuals with disabilities and their families across the region.

Following a joint agreement by the boards of directors of both BFAIR and UCP of Western Massachusetts, Randy Kinnas has been appointed CEO of both organizations. This appointment marks a pivotal step in the unification process, establishing a single, unified executive leadership structure to guide the merged entity through its next chapter.

“We are proud to move forward together under unified leadership,” said Randy Kinnas, CEO of BFAIR and UCP of Western Massachusetts. “This merger represents a shared commitment to expanding the quality and reach of services for the individuals and families we are privileged to serve. Together, we are stronger.”

Both boards also recognize and celebrate the retirement of Ethel Altiery, who served as interim CEO. “Her steady, compassionate leadership during a critical period of transition has been invaluable to both organizations,” the board stated. “Altiery’s guidance helped lay the foundation for the unified future that BFAIR and UCP of Western Massachusetts now pursue.”

Added Kinnas, “Ethel’s leadership during this transition has been a true gift to both organizations and to the people we serve. We are deeply grateful for her dedication, her wisdom, and her heart. We wish her all the best in a well-deserved retirement.”

The merger of BFAIR and UCP of Western Massachusetts brings together two longstanding organizations with a shared mission: to support individuals with disabilities in living full, meaningful, and self-directed lives. By combining resources, expertise, and community relationships, the merged organization will be better equipped to expand services, strengthen programs, and advocate for those who depend on them.

Both boards of directors have approved this leadership structure as part of the broader integration plan, reflecting their confidence in a unified future that honors the legacy of both organizations while embracing new opportunities for impact.

Daily News

Version 1.0.0

SPRINGFIELD — A new children’s book designed to inspire confidence, self-belief, and purpose in young readers is now available. Emilio and the Spirit Tunnel, written by Danielle Delgado, a local educator and school administrator in Springfield, tells the story of a young student who discovers the strength, resilience, and potential that have been within him all along.

Set within a vibrant school community, the book follows Emilio as he navigates challenges, builds meaningful relationships, and learns to believe in himself. More than just a story, Emilio and the Spirit Tunnel highlights the important role that schools, families, and communities play in helping children develop confidence and a strong sense of identity.

“As an educator, I have witnessed firsthand the incredible impact that encouragement, belonging, and positive relationships can have on a child’s life,” said Delgado, a member of BusinessWest’s 40 Under Forty class of 2026. “Emilio and the Spirit Tunnel was written to remind children that they already possess the courage, potential, and spirit needed to achieve great things.”

The book reflects Delgado’s real-life work as a principal, where she uses ‘spirit tunnels’ to harness the positive energy and enthusiasm of students and staff to build a sense of community. Her school’s spirit tunnels were inspired by and featured on The Jennifer Hudson Show.

In addition to inspiring young readers, proceeds from Emilio and the Spirit Tunnel will support future generations through a scholarship fund that will help students pursue their educational goals and dreams.

For more information about Emilio and the Spirit Tunnel, upcoming book events, or scholarship fund initiatives, email Delgado at [email protected].

Daily News

BELCHERTOWN — Window World of Western Massachusetts announced that 22 members of its team have successfully completed the InstallationMasters certification program, making the company one of the most highly credentialed exterior remodeling teams in the region.

The certification program covers critical areas of the building envelope, including advanced water management, structural integrity, flashing systems, and thermal performance — all essential components for protecting homes in the demanding New England climate.

“Our team has always taken tremendous pride in their craft, but achieving this certification on such a large scale takes that commitment to another level,” said Nick Drost, owner and installation manager of Window World of Western Massachusetts. “By investing in nationally recognized training standards, we’re ensuring that every homeowner we serve receives an installation performed with the highest level of precision, consistency, and care. It’s about doing the job right the first time — every time.”

The InstallationMasters program is a nationwide training and credentialing initiative developed by the Fenestration and Glazing Industry Alliance. The program is designed to ensure installers are trained in current industry best practices and national installation standards for windows and doors in both remodeling and new construction applications. This accomplishment follows Window World of Western Massachusetts’ recent recognition as a Best of the Valley winner.

“For homeowners, properly trained installation teams provide more than quality workmanship — they provide peace of mind,” the company stated. “Proper installation is essential for maintaining energy efficiency, ensuring long-term performance, protecting manufacturer warranties, and helping prevent costly issues such as water infiltration and structural damage.”

Added Drost, “at the end of the day, homeowners are trusting us with one of their largest investments — their home. This achievement reflects our commitment to protecting that investment with the highest standards possible.”

Daily News

BOSTON — In acknowledgement of his demonstrated excellence in driving business success, Beacon Bank Chief Marketing Officer Gary Levante has been recognized as a finalist in the inaugural BostonCMO ORBIE Awards.

The 2026 BostonCMO ORBIE Awards honor chief marketing officers with proven leadership and management effectiveness, business value driven by marketing initiatives, and engagement in industry and community endeavors. Finalists were selected through an independent, peer-adjudicated process led by prior ORBIE recipients in categories based upon the size and scope of their organization and responsibilities.

In his role, Levante is responsible for advancing Beacon Bank’s strategic goals by establishing the bank’s brand, deepening client engagement, and delivering integrated marketing and communications programs. He works closely with other members of the leadership team and board to strengthen the brand and deepen the bank’s connection to its employees, clients, and broader communities.

Community Spotlight

Bryson Busiere says it started as a hobby.

Then it became a “second business.” And there are plans — it will take several years to a decade for them to become fruition — for it to become a full-time pursuit, a career.

Bryson Busier and his father, Marc, have guided their maple syrup business to continued growth and diversification.

We’re talking about Bryson’s Maple Syrup, an undertaking he started with his father, Marc, 15 years ago when he was in middle school. Together, they’ve grown it steadily to where they now tap 3,000 trees across four main properties, and produce 400 to 600 gallons of maple syrup a year.

They use it create a wide range of products, from bottled syrup to candy to some infused offerings, and sell them at craft fairs, farmers markets, and other events across the region and throughout the year, although summer and the holidays are the busiest times.

“We typically do one fair each weekend,” said Busiere, who works in construction by day, adding that the Pioneer Valley Wine Festival in Brimfield was one of recent stops. “But we’re looking at doing two or three, depending on the week. We’re trying to branch out a little more now that we’re making enough syrup to be able do that.”

Bryson’s Maple Syrup is part of an eclectic business community in Monson that includes many small businesses and second businesses, shops along Main Street, and several agriculture-related ventures.

And it’s one of many converging stories in this town of roughly 8,000 people. The biggest, of course, is the redevelopment of the former Monson Developmental Center (MDC), a saga that started when the institution officially closed in 2012 — although speculation began long before that as operations wound down at the complex — and has moved in mostly slow motion for most of that period.

But the pace of progress has accelerated in recent years, starting with the acquisition of the property by Westmass Area Development Corp. And the pace quickened further last month with town meeting approval of a zoning change to create a planned village district that will include housing, commercial, and retail spaces.

What for many years was conceptual is now real, and it will become more real as demolition continues, with the site, which includes more than 30 buildings, due to be fully cleared roughly a year from now, Westmass President and CEO Jeff Daley said.

Meanwhile, numerous other storylines are taking shape in this community, Town Administrator Jennifer Wolowicz said, including:

• A comprehensive reconstruction of a mile-long stretch of Route 33 (Main Street). Now in the planning and public-hearing stage, the projected $15 million initiative is scheduled to start in 2028 and will be the first major reconstruction of the street in roughly a century;

• Expansion of the Board of Selectmen from three members to five; and

• Plans to apply for a grant from MassDevelopment to eventually undertake infrastructure work on a stretch of Route 20 that goes through Monson, Palmer, and Wilbraham to encourage more commercial development there.

The Route 20 initiative — and the MDC project, for that matter — are efforts to bring more development, vibrancy, and people to the community, but without changing the rural character of the town that its residents value, Wolowicz noted.

“Getting this property transferred over to Westmass for oversight and now ownership will provide Monson with an opportunity,” she said. “And opportunities can look and feel different for everyone. I’m sensitive to the historic charm that Monson has, and I’ve loved it since I moved here myself.

“I’ve talked to a lot of people who have lived here their whole lives, and generations before them, who are excited about the project,” she went on. “They’re looking at it as an opportunity to downsize from the large home that they’re still living in because their children have grown and moved and have homes of their own; Monson does not have any 55-and-over communities to offer to our seniors.”

For this latest installment of its Community Spotlight series, BusinessWest takes an in-depth look at Monson and the many developing stories there.

Progress Report

Craig Swietzer, president of Monson-based Sweitzer Construction, has served on the town’s Planning Board for decades now.

He recalls maybe one subdivision plan in all that time, with all other housing being essentially one-offs. So he can understand why there might be some apprehension about the MDC site and plans for more housing than the community has seen over the past several decades combined.

But he believes most of that apprehension has been alleviated through a thorough review process of Westmass’s plans, coupled with strong desire to see something happen with the long-dormant property — something that will generate tax revenue for the community — as well as recognition that housing of various forms is needed, and will come in phases at the MDC site over the next several years.

Jennifer Wolowicz

“Opportunities can look and feel different for everyone. I’m sensitive to the historic charm that Monson has, and I’ve loved it since I moved here myself.”

 

“The town gets it,” he told BusinessWest, adding that the vote to approve the village district was nearly unanimous, for all those reasons. “It’s easy to be afraid that this thing is going to be huge and there’s going to be 1,000 new residents, but it’s not going to be like that.
It’s going to be market-driven; we anticipate slow, steady, sensible growth.

“Obviously, some adjustments will be needed, like fire and police, but I think this growth can be absorbed efficiently,” he went on, adding that, given the decline in enrollment in town schools, additional students can be absorbed without any new building needed.

Wolowicz agreed, noting that there is some apprehension and negativity concerning the MDC project, but mostly relief that a site that had been vacant for so long is finally being developed, as well as optimism about the various housing options that might emerge at the site.

“One of the things that we hope will be part of this is a mixed-use type of property where you’ll have cluster housing with single-family homes, but you’ll also have a 55-and-over living community that also has some businesses connected to it, like an occupational therapist business or a coffee shop,” she said, adding that, while the property is in Monson, it is near the border with Palmer, and could benefit the residents of that community as well.

Jeff Daley says demolition of the buildings at the MDC site should be concluded by the summer of 2027, with infrastructure work to follow.

Daley agreed. When it comes to the market, he anticipates there will be solid interest in housing of various types in a community just a mile or two off the Palmer turnpike exit — and only a few hundred yards from the planned east-west rail station in town — and a project that will provide a more affordable alternative to the sky-high prices in Greater Boston and the comparatively high prices in the Worcester area.

“It’s a four-minute ride to the Palmer exit,” he said, adding that, overall, the goal will be to use Westmass’s experience in site development and housing construction to create homes that will be more affordable than those built in other locations and by other developers.

As for the timetable moving forward, demolition of the site is the next priority, Daley said.

“Our goal is to have everything on the ground and the site basically cleaned and ready for development by June 2027,” he noted, adding that the contractor, Associated Building Wreckers, is on pace to meet that goal.

After demolition will come infrastructure work — water, sewer, and electricity — and then market-driven development.

“We’re putting together a development plan for how the site could lay out in the future,” he said. “When that comes to fruition, we’ll likely be the land owner, and a good chunk of the developments will happen with us or through us managing those.

“At the of the day,” he added, “our estimate is that it will be $300 million to fully develop the site with all the infrastructure that needs to be done and the housing and commercial use — and anywhere from 10 to 20 years of work.”

Sweet Success

Busiere told BusinessWest that the family maple syrup venture has grown and evolved over the years.

Indeed, that branching out he mentioned has been happening on many levels, starting with the number of taps. But it also includes the roster of events where the company has a presence, the portfolio of products sold, and a “help yourself farm store” in front of the family home, a miniature sugar house, as he put it.

As for the products, there are now 50 to 75 of them, depending on the year, and these include maple syrup, maple candy, maple cream, and a variety of infused maple syrups, including coffee, cinnamon, and many others.

Most of these items are produced at the sugar house in Monson, but the company also rents out a commercial kitchen for some of its items, including maple-coated peanuts and walnuts as well as a planned maple mustard.

“We’re on track to double in size for the next several years,” he said, adding that the long-term goal is to make this a full-time venture, perhaps in a decade at the current rate of growth and progress.

“It’s easy to be afraid that this thing is going to be huge and there’s going to be 1,000 new residents, but it’s not going to be like that. It’s going to be market-driven; we anticipate slow, steady, sensible growth.”

As noted earlier, Bryson’s Maple Syrup is part of an eclectic business community in Monson, one that includes few large employers, but many smaller, venerable institutions, from Monson Savings Bank to the Woodbine Country Store, a fixture on Main Street for generations.

James Przypek, CEO of the Quaboag Hills Chamber of Commerce, which serves 15 communities, including Monson, said the community boasts a wide range of businesses in sectors ranging from construction to telecommunications; from HVAC to farming and the growing realm of agritourism.

Indeed, ventures such as Echo Hill Orchards Winery & Distillery and Silver Bell Farm, known for its elaborate holiday lighting displays, are helping to make Monson a destination.

“Silver Bell is an amazing attraction — people keep coming back for it,” he noted, adding that the community features many smaller businesses, from cookie makers to roadside farm stands that give it a unique flavor .

As for Sweitzer Construction, it has been part of the Monson landscape for more than 40 years now. A family business, it covers two generations, with Craig and his wife Pat at the helm, and sons Brian and Michael serving as project managers.

The company specializes in in high-tech, design-build work that includes dental construction, a unique niche, but also medical facilities, commercial and manufacturing construction, and, most recently, cannabis facilities.

The business has grown steadily over the years — from its portfolio of projects to its team — and is looking to sustain that growth and “feed the machine,” as Craig put it.

“That can be the tricky part,” he said. “To keep up the volume and the numbers that we need, sometimes we travel more than we like to, but that’s the nature of the beast.”

Elaborating, he said the company has, over the years, expanded its geographic base, both to serve long-term customers, such as Attleboro-based Rust-Oleum, and to secure new work, such a recent project in New Haven. 

Overall, each project is unique and brings its own set of challenges, Pat added. “There are a lot of projects that are complex, and they’re really fun — it’s not the same production work over and over. They’re unique projects, and we’re lucky to have a lot of customers like that.” 

Law

Advice for Employers

By Michael Lewis, Esq.

Michael Lewis

Michael Lewis

Federal workplace enforcement has picked up speed. The EEOC continues to pursue discrimination, accommodation, and retaliation claims. OSHA has renewed its focus on heat hazards. The NLRB has adjusted charge-handling guidance in ways that can shape how workplace disputes start, spread, and settle. For employers, the point is simple: now is the right time to inspect your policies, your records, and the choices your managers make every day.

The risk rarely begins in court. It usually begins earlier, with a charge, an inspection, or a demand for records. At that stage, agencies tend to look for the same things: a written policy, a clear paper trail, and proof that the company followed both. When the file tells a scattered story, the problem grows. When the handbook says one thing and supervisors do another, the gap invites scrutiny.

The EEOC’s recent activity reflects a steady push toward disability issues, retaliation claims, and broader workplace practices, not just one-off incidents. That should force a hard question. If an employee requests an accommodation tomorrow, would your managers know the next step? If an employee reports bias, would your team respond and document the response in a way that holds up under scrutiny? A policy alone will not carry the day. Your records, your training, and your follow-through will do that work.

OSHA’s renewed attention to heat hazards carries the same lesson. Employers with outdoor crews or hot indoor worksites should not treat heat as a seasonal annoyance; they should treat it as a safety issue that requires a concrete plan. Water, rest, training, supervisor awareness, and site-level judgment all count. So does documentation. If an inspector arrives after a stretch of high heat, you will want more than a binder on a shelf. You will want records that show what your company actually did.

 “For employers, the point is simple: now is the right time to inspect your policies, your records, and the choices your managers make every day.”

Labor enforcement also remains active, even for non-union employers. Many business owners still assume labor law concerns only union shops. That assumption can create avoidable risk. Employee complaints about pay, schedules, staffing, safety, or workplace rules can raise labor issues in an ordinary workplace. When a manager reacts too quickly or writes a rule too broadly, a routine personnel issue can turn into a charge.

Prevention carries real value. A sound handbook, current policies, manager training, and disciplined record keeping can stop problems before they spread. They can also put an employer in a far stronger position when an agency comes calling. Early review usually costs far less than late repair.

Now is a smart time to ask a few blunt questions. Do your accommodation procedures work in practice? Do your wage-and-hour records hold together? Do your safety policies match conditions on the ground? Do your managers document facts, or do they leave gaps for someone else to fill?

Business owners do not need more paper for paper’s sake. They need policies that fit the workplace, records that tell a clear story, and guidance that catches trouble early. A focused review now can spare a great deal of cost, distraction, and strain later.

If you would like to review your handbook, audit key employment policies, train managers, or prepare for agency scrutiny before it arrives, reach out. Early attention often marks the difference between a contained problem and a long, expensive fight.

Michael Lewis is an associate in the Massachusetts office of Halloran Sage.

Wealth Management

The Quiet Countdown

By Alyssa Mandeville

Ask most business owners when they plan to step back from the company they built, and the honest answer is usually “not yet.” But new national research suggests that day is closer than many of them let on — and that the years immediately surrounding it deserve far more planning than they typically get.

Raymond James recently released its 2025 Business Owner Report, a survey of 540 privately held business owners conducted in April 2025. The headline finding is striking: 88% of owners plan to financially exit their business, in part or in full, within the next decade. More than half — 56% — expect to transition their financial stake within just five years. Whether they realize it or not, a large share of the business community is already inside the runway to a major transition.

The encouraging news is that most owners are not flying blind. Eighty-five percent reported having a transition plan in place. That is a meaningful figure, and it reflects a generation of owners who take the responsibility of a smooth handoff seriously — to employees, to customers, and to the families who depend on the business. The harder question is whether those plans extend beyond the operational handoff to the personal financial picture that surrounds it.

That picture is more concentrated than many owners appreciate. The survey found that 44% of owners say their business represents more than half of their total wealth, and nine in 10 say it accounts for at least one-quarter. Among Baby Boomers, the concentration is more pronounced still: 31% reported that more than three-quarters of their personal wealth is tied up in the business — a rate nearly three times higher than among their Gen X and Millennial counterparts.

Concentration like that is the natural result of decades of reinvesting in something you believe in. But it also means that a single event — a sale, a partial recapitalization, or a transfer to the next generation — can reshape an owner’s entire financial life in a matter of months. When most of your net worth is illiquid and bound to one enterprise, the transition is not just a business decision. It is the single largest personal wealth event most owners will ever experience.

What strikes me most about the data is what owners intend to do next. Nearly two-thirds (63%) say they plan to keep working in their business or start or invest in a new venture after they exit their current financial stake. This is not a generation looking to disappear; they are looking to redeploy. And 85% expect they will need a capital infusion to fund their next stage of growth, though there is little consensus on whether that capital should come from private equity, lending, or personal resources. The appetite to build again is alive and well — but it requires liquidity, and liquidity requires planning.

That is where the window matters. In our experience, the 18 to 24 months before and after a transition are the most consequential — and the most overlooked. It is the period when succession structure, income and estate tax mitigation, estate planning, risk management, investment objectives, and short-term personal cash flow all collide at once. Decisions made hastily in that window, or deferred until after a deal closes, are difficult and sometimes impossible to undo. Decisions made deliberately, well in advance, are where real value is preserved.

The practical takeaway for owners is not to rush toward the exit; it is to start the conversation earlier than feels necessary. If you are among the 56% who anticipate a transition within five years, the planning work ideally begins now, not when a buyer appears or a family member raises a hand. And if you are among the 44% whose wealth is heavily concentrated in the business, diversification and liquidity planning deserve a seat at the table long before any transaction is on the horizon.

Business owners are some of the most capable planners I know — it is how they built what they have. The opportunity this research highlights is to bring that same discipline to their personal financial lives, and to treat the transition not as an endpoint, but as the next phase of a long and deliberate plan. The countdown may be quieter than it sounds. The owners who thrive will be the ones who start preparing while there is still plenty of time on the clock.

Alyssa Mandeville is senior vice president, head of Wealth Management at PeoplesBank.

Wealth Management

Preparing for Takeoff

Brendan Roberts

SpaceX conducted its initial public offering last week at a $1.77 trillion market cap, making it the largest IPO ever; it has surged significantly since. By trading at this valuation, it became a top-10 market cap company on day one, leapfrogging Tesla itself in in the process. SpaceX is also projected to do less than two-thirds the revenue of Tesla this year, all while having negative cash flow.

To put that in perspective, when Google first became public in 2004, it was a $23 billion market cap and didn’t even place in the top 100 companies by market cap. Meta Platforms (Facebook) debuted in 2012 at a $104 billion market cap, placing it inside the top 25 most valuable companies at that time, surpassing heavyweights like Amazon, Citigroup, and McDonald’s.

Artificial intelligence continues to permeate markets the same way the internet captivated the world when it went mainstream in the late ’90s. The IPO window is open, and SpaceX is just the beginning.

Later this year, the companies behind ChatGPT (OpenAI) and Claude Code (Anthropic) are in a full sprint to list their shares publicly as well. They have seen the fastest product adoption since smartphones, the internet, and social media. If you thought launching rockets into space was ambitious, these companies double their revenue every few months. Despite the macro headwinds from multiple global conflicts, persistent inflation, and lower-income consumers under pressure, the markets continue to creep higher. 

Although there are many different polarizing conversations to have about AI and IPOs, we now must consider how these firms fit into our world of investing. Are owning these companies considered high-risk? Is it appropriate for people entering retirement to hold a position like SpaceX, Anthropic, or OpenAI? Are passive indices such as the S&P 500 eventually going to have exposure to these companies? What about my retirement funds? These are the type of client questions we’ve received — and they are timely conversations to have with your financial advisor.

Is Passive Index Investing at Risk?

Passive indexing, the S&P 500 as one example, gives you broad exposure to the U.S. economy by proportionally allocating capital to the largest public companies by market cap weighting. New risks may arise, however, if companies like SpaceX, Anthropic, OpenAI, and others are included in the index well before they generate positive cash flow. If a company cannot generate positive cash flow, it makes it more difficult to support paying a dividend or buying back company stock. Therefore, it’s very unlikely a company can return capital to shareholders until they do generate positive cash flow.

This means, as an investor, most (if not all) of your investment returns must come from price appreciation through the stock price heading higher, which is driven by investor sentiment. 

“Artificial intelligence continues to permeate markets the same way the internet captivated the world when it went mainstream in the late ’90s. The IPO window is open, and SpaceX is just the beginning.”

Although this is certainly a possibility, as it is with any stock, an investor must consider the risks of the stock itself, in addition to the market dynamics at play, to potentially make a positive return on their investment. Many of the early insiders who owned these companies prior to the IPO have already made a ton of money and will advantageously use the IPO as an exit strategy — i.e., sell their shares to capture some, if not all, of their profits.

However, there are lockups involved for insiders and employees, meaning they cannot divest their shares immediately when the stock first begins trading. This could result in many months (if not years) of selling pressure as investors look to ring the register on a company they’ve already made a lot of money from. One may question, what about the passive indices? Won’t they be forced to buy the IPO since it’s projected to be a top 10 market cap company? Not necessarily.

Bending Rules Based Investing

The Nasdaq Composite is an index comprised of the 100 largest non-financial companies listed on the exchange. This index is already dominated primarily by tech, software, and telecommunications sectors. Previously, a stock would have to be a public company for at least three full calendar months before being considered for inclusion in the index.

Surprisingly, Nasdaq implemented a new ‘fast entry’ rule effective May 1 of this year, by which the top 40 non-financial companies can be fast-tracked into the index in as little as 15 days. This is a rule change that occurred just months before the SpaceX IPO, which raised concerns for many investors. 

The S&P 500 index has a rule where a company would have to demonstrate cumulative GAAP profitability over the most recent four consecutive earnings reports to qualify for inclusion in the index. Previously, S&P Global considered making an exclusion for ‘megacap’ companies like the three IPOs discussed today, but they recently changed their tone and said they will not make any exceptions. This means it will likely be some time before SpaceX is included in the S&P 500, as it is not likely to meet the profitability metrics in the near term required for inclusion.

S&P Global is in a difficult position because, if they do not include SpaceX, it could result in a tracking error and possibly worse performance than funds that do choose to allocate capital to the company. Alternatively speaking, if they manipulate their own rules to try to include a company with no cash flow, it could compromise their rules-based investing approach, which has worked for decades.

Active Versus Passive Investing

Actively managed investing involves someone selecting the investments rather than getting exposure to a defined basket of investments as determined by an index fund. For example, someone about to enter retirement or already in retirement may not view SpaceX as an appropriate investment for them, given it’s considered high-risk as measured by its lack of profitability, lofty valuation, and continuous share dilution, among many other risks.

Something else to consider is the tax consequences of where you choose to hold the stock. If the SpaceX IPO is not successful and the stock price falls significantly, you could benefit from realizing a loss in a taxable account as a tax write-off as opposed to a retirement account, where you could not write it off.

Conversely speaking, if SpaceX makes new highs and you have significant gains in a taxable account, you would have to factor in capital gains tax when choosing to sell the position. If it were held in a retirement account, there would be no tax consequences to selling the position at a gain. (With any financial advice, it should be tailored to the individual, family, or institution.)

Unfortunately, there is not a one-size-fits-all solution to decide if these IPOs are appropriate investments for you or not. Fortunately, there are plenty of capable investment professionals to have this conversation with you and help determine what is appropriate for your situation. 

We will be watching these IPOs intently in the coming months. Although the prospect of exposure to such a disruptive and innovative company is compelling on the surface, we remind investors to proceed with extra caution with IPOs, especially when they are widely hyped and sought after by the public.

Brendan Roberts is a portfolio manager at St. Germain Investment Management, serving in a dual role as both an advisor and a member of the firm’s investment policy committee. His responsibilities include equity research, trading, and financial advising.

St. Germain Investment Management does not intend or suggest investment advice through this information. This information is provided for educational purposes only and should not be construed as advice. This presentation has been prepared without consideration to the circumstances and objectives of a particular individual; therefore, investment vehicles mentioned may not be suitable. Investors should carefully consider risks, investment objectives, fees, and potential expenses before investing. Individual results may vary, and past performance does not guarantee future results. Market and economic conditions beyond our control, such as inflation, interest rates, and other exogenous events, may or may not have played a role during the time period, and such conditions or material data, whether in whole or part, does not suggest similar investment outcomes in the future or that such conditions would prevail in like fashion. Neither the data nor rate of return reflect the particular objectives or investment goals of any individual, group, or company at St. Germain Investment Management.

Wealth Management

Exploring New Frontiers

Jeffrey Liguori

Momentum behind all things outer space is building rapidly. The aerospace field is advancing quickly toward ambitious goals beyond mere exploration, such as in-space manufacturing, lunar data centers, space-based solar power, lunar mining for rare earths and metals, and space tourism. Space is nearly a $700 billion industry today and likely to surpass $1 trillion in about five years, and $2 trillion by 2040.

For years, exploring and working outside of the Earth’s atmosphere has been almost entirely driven by the governments of sovereign nations, largely dominated by the U.S. and Russia, with China emerging as a powerful competitor in more recent years. Private contractors dabbled in space travel as early as 1982, but with intermittent success, constrained by the enormous amounts of capital required to support an ongoing effort. That all changed in 2002, the year that SpaceX was founded. 

Elon Musk tasked SpaceX with slashing the cost of reaching space to unlock bolder exploration and broaden access, with the long-term aim of making humanity multi-planetary. To bring that vision within reach, SpaceX is building fully reusable rockets and spacecraft that could one day help establish a self-sustaining city beyond Earth.

It is no surprise, given the size of the industry and the bold ideas of the company and its founder and CEO, that the SpaceX initial public stock offering was the largest ever, with a $1.77 trillion market capitalization, or total value, when shares began being sold to the public this month. Until now, the IPO for Visa in 2008 was the largest ever, valuing that company at $20 billion. 

All this makes SpaceX the eighth-largest public company by value on the planet, and one of only two in the top 10 with fewer than 20,000 employees.

Market Indexing and Institutional Buying

While the overall valuation of SpaceX is massive, the company is only selling about 5% of all shares, which means investors only have to deploy between $6 and $8 billion to support the offering, with all proceeds going directly to the company. Musk will retain approximately 42% of equity (with about 85% voting power) after the IPO. 

The pattern in many ‘hot’ IPOs is familiar: a strong opening surge followed by a cooling-off period over the next 12 months. Visa was no exception, climbing roughly 50% in its first month as a public company before briefly trading below its IPO price a year later. For patient shareholders, however, the outcome was far more compelling: the total return of Visa shares since coming public is about 2,500%, versus roughly 725% for the S&P 500 through May 31, 2026.

Visa’s macroeconomic backdrop in the throes of the Great Financial Crisis was far different from today’s market, where equities are hitting new highs almost daily. And past performance is no indication of future results. 

Given SpaceX’s expected size at listing, the company is likely to join the Nasdaq soon after its IPO, creating a potential technical tailwind for the shares. Because many ETFs and other passive funds are required to track the index, inclusion would likely trigger incremental buying demand. Analysts expect that index-related flows could begin roughly 15 days after the offering, providing an additional source of near-term support for the stock.

“This year, individual investors have shown a strong tendency to chase winning stocks, which can make market moves bigger and more volatile.”

The expected timeline is as follows: Nasdaq inclusion roughly 15 days following the IPO, following a rule change that allows SpaceX to qualify. S&P 500 inclusion is likely to be delayed by approximately 12 months because the index did not change its rules. (A company must be profitable for addition to the S&P 500, and despite lobbying efforts on behalf of SpaceX, which isn’t currently profitable, Standard & Poor’s refused to change its rules.)

The Active Retail Investor

You and I — the retail investor — may matter more to SpaceX’s IPO than index funds or other passive buyers. This year, individual investors have shown a strong tendency to chase winning stocks, which can make market moves bigger and more volatile. Much of that buying has been concentrated in semiconductor names such as Nvidia, Micron, SanDisk, and Advanced Micro Devices, as well as in leveraged ETFs tied to those trades.

Those gains are now large enough that retail investors could have an outsized influence on the IPO. If even a small share of recent profits is redirected into SpaceX, demand could be powerful relative to the limited number of shares available for trading.

That could lead to two clear outcomes. First, strong retail demand could push the stock well above expectations after the IPO. Second, investors may sell other recent winners to free up cash to buy SpaceX, which could create short-term pressure in parts of the broader market, especially in leveraged funds, where selling can have an amplified effect.

Investor enthusiasm around a SpaceX IPO may be adding fuel to an already stretched stock market. Many Wall Street strategists warn that AI-driven gains have pushed valuations toward historically elevated levels, increasing the risk of speculative excess. SpaceX could intensify those concerns: at nearly 110 times revenue and with no current profitability, its valuation would reflect exceptionally high expectations for future growth. Even at the peak of the late-1990s tech bubble, valuations generally topped out around 10 times revenue, making SpaceX’s projected multiple extraordinary by historical standards.

Still, the IPO market may suggest a different conclusion. More than 1,100 companies went public during the buildup to the tech bubble from 1998 to 2000 before the market eventually broke. By contrast, only about 235 IPOs have come to market over the past three years, including SpaceX and others expected later this year. If IPO volume offers any signal about the broader market, the current rally may still have room to run.

As always, it is difficult to predict if the SpaceX IPO moves the market to even loftier heights, or marks a turning point whereby stocks come back to earth. Either way, it will be one hell of a ride — pun intended.

Jeffrey Liguori is executive vice president of Bradley Foster & Sargent Inc.

Law

If It Cannot Run the Deal, It Cannot Protect the Business

By Tanzi Cannon-Eckerle, Esq.

Contracts are supposed to reflect the ‘meeting of the minds’ of the contracting parties. Yes, that is a legal term. It means the contract is supposed to be well thought out, and that, when Monday morning arrives and something goes sideways, as it inevitably does, both sides should understand the deal the same way.

A contract should not be a stack of recycled clauses, optimistic assumptions, and whatever someone copied from the last transaction. It should be a negotiated operating framework that turns business expectations into actual obligations, decision rights, escalation paths, and exit routes. If the document does not tell the business what performance is expected and what happens when performance slips, costs rise, or milestones move, it is not done. It is simply signed. And those are not the same thing.

By the way, I have heard from many business owners that they do not want to jinx the deal or upset the other company by negotiating or making changes to the contract. Negotiating material terms of the contract is not an offensive act. It is a thoughtful and prudent act, and it is expected by the courts. Furthermore, most companies want to do business with savvy companies that have transparent and honest business practices. A heavily negotiated contract is the epitome of transparent — when you draft what you mean.

When the Contract Is Vague, the Dispute Is Already Brewing

Most contract failures do not begin with villains or cinematic betrayal. They begin with imprecision. Most people leave the signing table thinking the business terms are clear, and then the team responsible for delivery opens the agreement and finds words like ‘timely,’ ‘reasonable,’ ‘commercially acceptable,’ and ‘best efforts.’

Tanzi Cannon-Eckerle

“A contract should not be a stack of recycled clauses, optimistic assumptions, and whatever someone copied from the last transaction. It should be a negotiated operating framework that turns business expectations into actual obligations, decision rights, escalation paths, and exit routes.”

Those are legal terms with legal meaning for sure. But for operational purposes, those phrases are only workable right up until a launch date slips, a service level is missed, or a deliverable turns out to be neither clearly defined nor practically achievable. The terms need to be clearly defined in plain language and measurable. Otherwise, operators are set up to fail, and a dispute is teed up for the first round of litigation.

What smart leaders do instead: they force the contract to say what the deal actually is. Deadlines. Service levels. Acceptance criteria. Payment triggers. Dependencies. Who approves what. What happens if any of those things fail. If a supplier reads a delivery date as aspirational and the customer has built a production schedule around it as fixed, the dispute did not begin later. It began in the drafting. The same goes for “full onboarding support,” “industry standard quality,” or “small event.” Those are not terms; those are opinions. If the contract leaves core obligations to assumption, the parties are not aligned. They are simply optimistic. Draft what you mean.

Boilerplate Is Where Leverage Hides

Executives sometimes treat boilerplate as background noise — the legal equivalent of the fine print nobody reads on the back of the shampoo bottle. That is a mistake. Those supposedly standard provisions often determine where a dispute gets decided, how notice must be given, whether a missed deadline can be cured, what damages are recoverable, and whether a party can force performance or is left holding a claim for money after the operational damage is already done. Boilerplate is often where the real allocation of business risk is hiding in plain sight. Don’t just cut and paste.

I have seen contracts Frankensteined together from well-loved templates where one clause requires litigation in Massachusetts and another mandates arbitration in New York. That is not efficiency. That is deferred cost wearing a nice suit. The same is true when a company signs a form saying time is ‘of the essence’ while the internal team is quietly thinking, ‘well, within reason.’ If the contract says one thing and operations is prepared to do another, legal will eventually be cleaning up the misunderstanding with invoices attached.

The operational takeaway: treat every clause that affects timing, money, remedies, notice, forum, exclusivity, or termination as a business term. If it changes leverage when something goes wrong, it is not filler.

If You Did Not Negotiate the Exit, You Did Not Finish the Deal

A surprising number of contracts explain (at length) how to begin a relationship and then get very coy about how to end one. That is a problem. There is nothing wrong with a prenup. Every meaningful agreement should address not only termination for cause and termination for convenience, but also what happens when one party signals ahead of time that it is not going to perform. That is called ‘anticipatory breach.’

It is not letting anyone off the hook, either — it is smart and practical and anticipates that things happen. If your supplier tells you in June that it cannot possibly make a September delivery, you should not be forced to sit there politely until the formal breach date arrives like some sort of legal waiting room. 

What belongs in the contract: clear, practicable, and articulable exit rights. Who can terminate, on what grounds, after what notice, with what cure period, and with what post-termination duties. Can the customer walk for convenience on 30 or 60 days notice? Does the vendor get paid for work properly performed and non-cancelable commitments? Is there transition support or data return? And if anticipatory breach is in play, define what statements or conduct count, whether adequate assurances can be demanded, and how long the other side has to respond.

Remedies Deserve the Same Level of Practical Thinking

If delay creates measurable but hard-to-prove harm, liquidated damages may make sense, but only if they are drafted as a reasonable pre-estimate of likely loss. In real life, that means tying the number to something you can explain with a straight face: downtime costs, lost margin on delayed production, replacement costs, service credit exposure, or the carrying cost of idle labor and equipment. Where money is not enough, the contract should also preserve the right to seek specific performance and injunctive relief. Courts do not hand those remedies out automatically. If they matter, draft it.

A Signed Contract Still Needs an Owner

Even an excellent contract can fail if nobody owns execution after signature. This is why contract management should not be treated as clerical aftercare. It should be part of someone’s official duties, with authority and accountability to monitor milestones, approvals, change orders, notice deadlines, renewal dates, pricing adjustments, service levels, insurance certificates, and termination triggers. Once the agreement is signed, someone should be responsible for translating it into operational reality for the people who now have to live inside it.

What that looks like in the real world: a company misses an automatic renewal cutoff because no one owned the calendar, and suddenly it is committed to another year of underperforming service it never wanted. Strong contract management does not eliminate risk. It catches the problem before it grows teeth.

What Smart Operators Negotiate Up Front

For CEOs and COOs, the playbook is not academic. It is operational discipline in legal form:

• Write in executable terms. If the people running the deal cannot tell what happens next, the document is not ready.

• Negotiate for failure, not just success. Define what counts as breach, anticipatory breach, delay, non-conformity, and inadequate assurance.

• Build an exit before you need one. Termination rights, cure periods, transition support, data return, and payment consequences should be explicit. This is not expecting failure; it is just being prepared.

• Match remedies to real business harm. Use liquidated damages where losses are hard to measure, and preserve specific performance or injunctive relief where money is not enough.

• Assign an owner after signature. Contract management should be an actual responsibility, not an assumption. It is an essential function. 

• Document changes while the relationship is healthy. If scope, pricing, or deadlines move, the paper should move with them. Review contracts often. 

Heavily negotiated contracts are often the cheapest contracts a company will ever sign. The time spent clarifying scope, defining remedies, pressure-testing exit rights, and aligning the document with actual operations is almost always less expensive than litigating ambiguity later. A good general counsel does not just mark up clauses and hand back a cleaner draft. The job is to translate business reality into contractual architecture that protects the company when the relationship is working — and when it is not.

The Bottom Line for CEOs and COOs

Most contract disputes do not begin with dramatic table-flip moments. They begin with avoidable ambiguity, weak ownership, and a document that never captured how the business expected the relationship to function in real life. A contract must clearly express the deal, define the early warning signs of failure, and provide a practical off-ramp when performance breaks down. When that work is done well up front, companies spend less time arguing about what they meant and more time doing what they set out to do.

For more information about drafting contracts or fractional general counsel services, reach out to Tanzi Cannon-Eckerle at General Counsel by Cannon, PLLC, a New England-based labor and employment and business law firm offering fractional general counsel services in New England; [email protected]