The Local Business Community Offers Perspectives on 2025

Beyond the big-picture context provided by regional business leaders in the lead story on page 4, how do individual business owners and executives in Western Mass. see their own enterprises faring in 2025?

BusinessWest asked 27 of them to offer thoughts on that question, and about the trends, challenges, and opportunities they see arising in the coming year. Here’s what they told us.

James Birge, President, Massachusetts College of Liberal Arts

An education grounded in the study of the humanities provides the skills, insights, and wisdom to deepen our understanding of the human condition and to examine social phenomena through a variety of lenses. As a result, we can better respond to some of society’s most pressing and thorny issues. So it puzzles me that there exists an increasing lack of appreciation for the liberal arts and humanities.

MCLA graduates excel in their careers because of an education centered on courses that all students take in history, language, philosophy, literature, and more. This core distribution of courses that are integrated throughout the academic majors means nursing students are able to help patients hurdle the obstacles of cultural or economic barriers; music production students can curate music in such a way that it is accessible to people using a spectrum of technology platforms; history students research land-use laws that marginalize people and draft legislation to change the laws.

These, along with many other examples, amplify not just the application of a humanities-based education, but the real need for an educated citizenry that can respond to the needs and demands of our society.

Carlo Bonavita, Owner, Springfield Wine Exchange

My prediction is, based on the trending I see and feel now, that 2025 will be like a fine wine and will need to be decanted before you can really get the full experience.

Translation: the trends I am seeing and conversations I am having suggest a good business year ahead, but a slow start. In terms of anything to be excited about, that will come later in the year — I’m focusing on August through December. Using the language of wine again, the first half of the year will be like Chardonnay — dry but buttery notes, meaning not unpleasant at all, just not remarkable, either. But the second half of the year is going to be more exciting — like an awe-inspiring French Bordeaux.

By the way, for those who need to know, the wine of the year will be Pinot noir, and, yes, it’s back.

Emily Carlson, Owner, We Do Travel Right

The ‘take the trip’ mindset is going to cause the biggest travel trend since 2022’s revenge travel. Experiencing the inability to see loved ones on demand due to a pandemic can really reset life’s priorities. Most people keep that scary limitation in the back of their minds and, in turn, have spent more time with family. But a lot of life can happen in five years. In addition to great joys, the past few years may have also delivered immense loss. Most of us learned from navigating tragedies. We know how precious the Rolodex of life’s moments can be.

Five years ago, we would have just traveled with our immediate families and sent funny drugstore postcards to our parents and grandparents back at home. Now we know better. In 2025, multi-generational travel will become the new norm as people begin to fully comprehend that life is short.

For those who still can, take the trip. I can promise you, it will be an adventure you will never forget.

Carla Cosenzi, President, TommyCar Auto Group

The automotive industry is entering an exciting year, and at TommyCar Auto Group, we’re eager to embrace the opportunities ahead. Supply-chain improvements have increased vehicle availability, and manufacturers are offering exceptional incentives, including strong rebates and low-rate APR financing. With favorable market conditions expected to continue into 2025, now is the perfect time to purchase your next vehicle.

Digital retailing is revolutionizing the car-buying experience, providing customers with a seamless transition from online browsing to the showroom. At TommyCar, we are dedicated to delivering personalized, transparent, and convenient service to build lasting customer loyalty. With stabilizing prices, enticing incentives, and an expanding selection of vehicles, the market is well-equipped to meet diverse needs and is poised for a promising 2025.

John Dowd, President and CEO, Dowd Insurance

As we enter 2025, the impact of inflation on valuations continues to be a problem, along with challenges around policies covering older buildings and properties near water. We do expect this to level off in the coming year, as we recover from a significant spike in the cost of labor and materials.

AI is expected to create further efficiencies in the insurance industry, helping improve customer service. Investment in technology for insurance carriers and agencies is critical for maintaining a competitive edge. The growing threat of cybercrime has put a focus on stronger and more sophisticated protective measures.

Meanwhile, auto-insurance premiums have turned a corner, with pricing leveling off in 2025. But general liability remains a challenge in the absence of tort reform and growing jury awards due to ‘social inflation.’ Workers’ compensation is the most favorable of all lines of insurance as rates are falling across most industries.

Matt Farkas, Senior Vice President, Head of Fixed Income, St. Germain Investment Management

The wealth-management landscape is undergoing a significant transformation. Clients increasingly demand more than just investment management; they seek holistic financial planning and advice. Disillusioned by conflicts of interest and product-centric approaches, clients are increasingly voting with their feet, migrating toward independent firms that offer objective advice without the pressure to ‘sell’ products.

Advisors are responding by leveraging sophisticated technology to create tailored financial plans, personalized client portals, and customized reporting. This allows for a more proactive and comprehensive approach to wealth management.

Advisors are evolving into the central hub of their clients’ financial lives, coordinating with tax accountants and attorneys to ensure seamless integration of financial strategies. To meet these elevated expectations and navigate an increasingly complex financial world, advisors are pursuing specialized credentials that demonstrate a commitment to ongoing professional development and enhance their ability to provide sophisticated advice.

As the wealth-management industry continues to evolve, advisors who prioritize client relationships, embrace technology, and expand their service offerings will be well-positioned to thrive in this dynamic landscape.

Robert Fraser, President and CEO, MountainOne

The failure of Silicon Valley Bank in 2023 resulted in a regulatory focus on balance-sheet management and liquidity for banks of all sizes. On balance, liquidity to fund growth will continue to be a challenge for many banks and will contribute to more mergers as a means of increasing efficiencies and creating more deposit-growth opportunities.

The Fed’s recent announcement regarding fewer-than-anticipated rate cuts in 2025 has dampened enthusiasm of significantly improving net-interest margins, but we should see some margin improvement in 2025. High long-term interest rates, along with minimal inventory, will continue to challenge the residential mortgage market.

Our company makeup, which includes a significant (and growing) bank-owned insurance agency and investment division, reduces our reliance on net-interest income for overall profitability. In 2024, we acquired two insurance agencies in the Pioneer Valley, G.W. Morisi Insurance and the McClure Insurance Agency. Looking ahead, we have the financial capacity to continue to acquire insurance agencies that fit our business model and culture. This strategy will continue to assist us in reducing dependence on net-interest margin.

Sam Hanmer, President and CEO, Rush Insurance Group

The property and casualty insurance industry in 2025 continues to navigate challenges stemming from climate change, inflation, and evolving technology. Catastrophic weather events, such as hurricanes and wildfires, have intensified claims, driving insurers to reassess risk models and pricing. Inflation has raised the cost of claims, particularly in auto and property sectors.

Rush Insurance Group is advising clients to reassess their deductible levels as a way to save on premium costs. Opting for a higher deductible means assuming greater out-of-pocket responsibility in the event of a claim, but often results in significantly lower monthly or annual premiums. This strategy is especially beneficial for policyholders with strong financial reserves who can cover higher deductibles. By balancing deductible levels with risk exposure, clients can better control insurance costs while still maintaining essential coverage.

Carolyne Hannan, Senior Vice President, Comcast, New England

Comcast serves thousands of businesses and residents with Xfinity and Comcast Business products and services across Western Mass. Over the last three years, the company has invested nearly $909 million in our state-of-the-art network across Massachusetts.

In 2025, Comcast will introduce innovations like WiFi Boost, delivering gig speeds to Xfinity Mobile and Comcast Business Mobile customers, to support increasing demands to stream, game, chat, and surf at home and on the go. Comcast will also continue to invest in its network locally, delivering 2-gig download speeds and up to 10 times faster upload speeds to more Xfinity customers in Holyoke, Longmeadow, Southwick, Springfield, West Springfield, and Westfield.

Additionally, as cybersecurity threats evolve in 2025, businesses will need to establish a multi-layered approach to protecting their operations. Comcast Business has a full suite of solutions, including fast, reliable connectivity and advanced cybersecurity, to meet the needs of businesses of all sizes.

Sean Hogan, President, Hogan Technology

As we look forward to 2025, Hogan Technology is poised for a year of growth and innovation. Building on the strong foundation of a successful 2024, we anticipate a significant 20% increase in revenue. Our IT sales team has already secured new business commitments extending into the second quarter, positioning us favorably for sustained growth.

The demand for enhanced cybersecurity tools continues to rise, driving our ongoing efforts to evaluate and integrate cutting-edge solutions for our clients. This proactive approach not only fortifies our existing client relationships, but also opens doors to new business opportunities.

Our strategic focus for 2025 includes expanding our portfolio of cybersecurity services and enhancing our technological capabilities to meet the evolving needs of our clientele. We are committed to investing in research and development to stay ahead of industry trends and deliver unparalleled value to our customers.

In short, 2025 promises to be a year of strategic growth and innovation for Hogan Technology.

Lisa Johnson, Chief Operating Officer, Encharter Insurance

Encharter Insurance had an excellent year in 2024, and we anticipate that success to continue in 2025. The challenges faced by businesses and consumers due to increasing insurance premiums have brought many to our door, seeking alternative options and savings.

Finding the right insurance coverage at an affordable price has become more challenging than ever. Rising premiums are driven by catastrophic weather events across the country, higher repair costs, increased legal expenses, and a greater frequency of claims. Unfortunately, these trends show no signs of slowing down.

In response, we remain dedicated to educating our clients about the realities of the insurance marketplace and providing practical advice on how to manage costs. Our team is investing more time than ever in exploring tailored options for our clients, and this effort is paying off through increased customer loyalty.

The stability of our agency, the wide range of options we can offer, the expertise of our staff, and their unwavering commitment to each customer keep us optimistic about 2025 and beyond.

Emily Leonczyk, Executive Vice President and Chief Operating Officer, the Markens Group

It looks like 2025 shaping up to be an exciting year for the Markens Group and the associations we serve.

Generational shifts are at the forefront as we work with our clients to realign their core purposes of balancing the needs of traditional members while attracting and retaining younger ones. Post-pandemic trends are reshaping meetings and events, driving a renewed focus on face-to-face engagement. Meanwhile, work-from-home dynamics have introduced new styles of digital engagement, which younger members not only embrace, but rely on.

At the Markens Group, we’re committed to helping associations thrive through enhanced strategic planning, purpose-driven leadership, and innovative solutions. Whether fostering growth via social-media channels, hosting impactful events, or advancing advocacy efforts, our clients are making meaningful strides. With tailored support in governance, financial management, and marketing, we’re proud to partner with associations to drive success and lasting value.

Timm Marini, President of Personal Lines Insurance, HUB International New England

In today’s dynamic landscape, where geopolitical risk, climate change, rising healthcare costs, and the rapid advancement of AI are reshaping industries, our clients face constant challenges. The speed of change is dizzying, but those who embrace new approaches and solutions will improve their profitability, workplace vitality, and resilience.

To prepare for the upcoming year, HUB surveyed 900 business leaders across the U.S. and Canada.

The overall sentiment for 2025 is predominantly positive. Among the key insights from the HUB 2025 Outlook Executive Survey:

• Siloed teams put businesses at risk. Organizations with integrated risk management and benefits best practices are better equipped to achieve sustained profitability, workforce vitality, and resiliency.

• While risk and disruption will continue, successful business leaders are making constant shifts to navigate an increasingly complex world. With the right partners and analytic insights, they can gain an edge and remain resilient amid unforeseen disruption.

Mary McGovern, President and Chief Operating Officer, Country Bank

While some challenges likely in 2025 are reminiscent of those faced in 2024, it’s important to note that Country Bank has shown remarkable resilience. While a considerable expense, the continued escalation of fraud is being effectively managed, both in actual dollars lost and in the cost of fraud-prevention systems.

Another challenge on the horizon is the uncertainty a new presidential administration brings regarding regulation. Even if there is a reduction in oversight, the bank’s risk and compliance divisions are well-prepared to adapt to any rule changes to ensure they are being adhered to.

The evolving interest-rate environment is a challenge in managing the balance sheet and projecting levels for the upcoming year. Many banks’ margins were squeezed when short-term rates remained high, but this pressure eased somewhat after the Fed cut rates by 75 basis points in 2024.

Country Bank is focused on expansion in Western and Central Mass. in 2025, with strategic positioning in key markets. As we celebrate our 175th anniversary in the new year, the bank has never been stronger.

Joel Mollison, President, Northeast IT

As we look ahead to 2025, we anticipate a remarkably busy year as we continue to collaborate with our customers to execute the timely replacement of thousands of computers and software packages ahead of the end of Windows 10 support deadline in October.

Our management team predicts continuous uptick in demand for improved cybersecurity posture, compliance services, and business continuity across all sectors as threats and compliance become more sophisticated. Grant funding will continue to push these objectives in the municipal sector.

Generative AI technologies will continue to be on horizon as many of our customers seek to utilize the capabilities of these technologies for data collection, analytics, automation, and specialized content creation. The feasibility and adoption rate of these technologies by smaller organizations is still widely unknown.

Peter Picknelly, Chairman, Peter Pan Bus Lines

The future of public transportation, particularly intercity buses, appears bright. Fewer new driver’s licenses were issued last year than in the past 50 years, indicating a preference for public transportation. Inter-city buses are becoming increasingly popular due to their high frequency of service, reasonable fares, and onboard amenities that allow passengers to work, relax, and entertain themselves while traveling.

With rising fuel, insurance, and toll costs — and the introduction of congestion pricing in major cities like New York City and Boston — buses are becoming an even more attractive option. Additionally, apps like Uber make it convenient for passengers to get from the bus terminal to their destination.

As affordability, convenience, and sustainability take center stage, intercity bus travel is well-positioned to thrive.

Nicole Polite, CEO, the MH Group

In 2025, workplaces will highly value being adaptable and open to learning so employees can quickly handle changes in their industries. Knowing how to use digital tools will be important as technology becomes part of daily work. Being able to think critically and solve problems will be essential for tackling complex challenges, working alongside AI and automation.

Understanding emotions and managing relationships will help with teamwork and leadership. Companies will encourage creativity and new ideas to stay ahead. Being able to communicate clearly, both digitally and in person, will remain crucial for effective collaboration.

Strong leadership and the ability to work well in teams will be needed to guide diverse groups. Understanding different cultures will be valuable in workplaces that are becoming more global, helping them work well with various perspectives. Lastly, being skilled at using data to make informed decisions will become crucial as data plays a bigger role in shaping business strategies.

Meghan Rothschild, President, Chikmedia

The world of marketing and public relations has been ever-changing since its beginning, and this upcoming year will be no exception. Right now, we’re seeing a boom in the podcast industry and utilizing hosts as influencers and collaborators on social media to advance our clients’ expert positioning. Authenticity, ‘edutainment,’ and storytelling continue to be the priority for online content, with a heavy emphasis on video.

Perhaps one of the most concerning trends I see coming down the pipeline is a cut to marketing spends. I cannot stress this enough: cutting your marketing budget in a time of low sales is the kiss of death. You must prioritize sharing your company services to the public so you can build your customer database. As a general rule, 5% to 10% of your net revenue should be invested back into marketing efforts.

Quality over quantity continues to lead, and every post, advertisement, or blog entry should have intention behind it. Applying strategy to your external communication will be key in the new year, so reserve some time in Q1 to outline a plan.

Amy Royal, CEO, the Royal Law Firm

A new year can feel like a reset, and many business professionals become reinvigorated and motivated to seek new opportunities upon its outset. Indeed, a new year creates momentum toward building business again. In looking for new growth opportunities for the Royal Law Firm in the new year, I have adopted a continued mindset of thinking outside of the box.

Over the last year, we have seen significant growth through collaboration with our competitors. That approach could seem strange or even antithetical to creating new business opportunities; however, it has generated a new revenue stream while also leveraging top talent. One three-firm relationship we’re part of gives our clients a deep bench from which to draw across practice areas and states. In an era of quality personnel shortages, another collaborative relationship has Royal Law Firm attorneys and paralegals serving as the backroom to a Los Angeles-based, management-side labor and employment firm.

Seeking out additional collaborative relationships in 2025 is a continued strategic goal of mine. It is also one that businesses in other industries can piggyback on.

Shannon Rudder, President and CEO, Martin Luther King, Jr. Family Services

Shannon Rudder

In 2025, our pathway forward is clear — Martin Luther King, Jr. Family Services will shape futures and impact generations through strategic partnerships and programs, solid infrastructure and operations, and creating a diversified financial portfolio. We will continue to center youth voices, collaborate intergenerationally, and steep ourselves in addressing systemic challenges through a public-health and resiliency-informed lens.

With our collective reinvestment, MLKFS will grow as a cornerstone of Mason Square, continue to expand across the region, and be a beacon of Dr. King’s dream manifested throughout the Commonwealth.

Ashley Sullivan, President, O’Reilly, Talbot & Okun

Regardless of what 2025 brings, I am confident in OTO’s resiliency and ability to adapt as we have for the past 30 years. OTO will continue to focus on growth and strengthening our team by reinforcing company culture and values, while offering flexibility, a space for authenticity, and clear communication of responsibilities and goals; these are all essential in 2025.

Technology, AI, robotics, and data processing will continue to push us toward better solutions in the architectural engineering and construction industry. However, I believe people will seek trusted human professionals, and it’s an opportune time for building a strong network of peers, advisors, consultants, and contractors.

Finally, while uncertainties exist around potential changes to environmental regulations and policies, a value-driven and thoughtful approach to managing impacted or improving poor-quality soils will remain a key component for both brownfields redevelopment and new development projects.

Jeff Sullivan, President and CEO, New Valley Bank & Trust

Banking has always been about people and communication, and in today’s world, that has never been more apparent. One of our most important roles as bankers is to communicate with our customers about suspicious account activity, whether that includes potential cyber crime or low-tech frauds such as stolen checks. We at New Valley Bank recommend a few simple good habits for business owners:

• Check balances and activity frequently to ensure that all transactions on your accounts are proper. Tools such as Positive Pay add an additional layer of security.

• Online banking should allow you to set limits for each employee’s role, whether view-only or the ability to send the funds out.

• Having a separation of duties for payments of any type — checks, ACH, or wires — is an essential financial control.

Diana Szynal, President, Springfield Regional Chamber

The Springfield Regional Chamber is a business support organization that serves its 400 members through legislative advocacy, informative communications, and impactful programming. We are charging into 2025 with a full slate of events designed to inform, connect, and inspire our members. From Rise & Shine breakfasts to the Mayor’s Forum to the Fire & Ice reception, each event offers our members the chance to learn and network.

The Springfield Regional Chamber will also continue to advocate on behalf of the business community, and our member-driven agenda aims to ensure that policies that come out of Beacon Hill maintain a favorable business environment and contribute to the economic vitality of our region. Our legislative events such as Government Reception, Outlook, and Beacon Hill Summit give our members the opportunity to participate in this advocacy.

Aelan Tierney, President, Kuhn Riddle Architects

As we head into 2025, conversations in our office are focused on energy codes, construction costs, and housing. Massachusetts is recognized as a leader in energy efficiency in large part due to our aggressive energy codes.

But the state’s new specialized opt-in energy code, while well-intentioned, is challenging, especially for our multi-family projects. The primary pathway for these types of projects to meet this code is to design and build to the Passive House standard. This standard focuses on super-insulated, airtight construction with minimal heating and cooling loads, energy-recovery ventilation, and renewable-energy sources such as solar panels.

In addition to the increased cost of building high-performance, energy-efficient buildings, there are concerns that construction costs in general may further increase in 2025 due to potential tariffs on foreign building materials and reduced labor forces with the possibility of fewer immigrant workers.

While it is an exciting time to be designing and developing high-performance, energy-efficient, resilient buildings, there is the counterweight of how to do it affordably. It’s a challenge we look forward to solving on several projects in 2025.

George Timmons, President, Holyoke Community College

Three words come to mind when I think about a community-college education in Western Mass. today: access, belonging, and possibility. When the Healey-Driscoll administration made community college free for eligible students in Massachusetts, we opened doors for thousands across our region. In Hampden County, where nearly 40% of residents lack post-secondary education, this access is crucial for economic growth. Our 12.6% enrollment increase in 2024 reflects this expanding opportunity.

The landscape is evolving: the county’s school-age population has declined 9% over the last decade, while the over-65 population grows. Seventy percent of our students study part-time, balancing work and family responsibilities, and more than one-third identify as Hispanic or Latino. At HCC, we embrace this diversity, creating a community where students feel they truly belong.

Looking ahead, we’ll continue adapting to meet our students’ unique and changing needs, ensuring their success remains our priority.

Glenn Welch, President and CEO, Freedom Credit Union

In 2025, financial institutions, especially credit unions, will navigate a landscape rich with both challenges and opportunities. Interest rates remain elevated, reducing people’s ability or willingness to borrow. High mortgage rates and a low number of homes on the market makes it difficult for our members to refinance or move into their next homes. Now there are fewer rate cuts expected in 2025 than previous predictions had indicated, so much-needed relief from high rates will not come to fruition.

With these issues, credit unions must prioritize financial literacy and member education, empowering individuals to make informed decisions in uncertain times. Freedom is proud of its financial-literacy programs, including fraud-prevention education at area senior centers, schools, and other venues. Teaching the public how to handle finances helps them navigate financial challenges.

In 2025, there will be a growing emphasis on community support. Credit unions have a unique opportunity to strengthen their local impact and foster stronger community ties.

Sasha Wilde, Owner, Sexton Roofing & Siding

This past year was one of growth and learning for Sexton Roofing & Siding. We expanded our offerings, strengthened our team, and gained invaluable insights along the way. Now, as we step into 2025, we’re ready to build on this strong foundation and push toward an even brighter future.

Looking ahead, we’re focused on growth — not just as a business, but as a community partner. We’re committed to finding new ways to support local initiatives and get more involved in the neighborhoods we serve. Additionally, we’re exploring more sustainable materials to offer homeowners eco-friendly options that contribute to a greener future.

Thank you for being part of our story. Here’s to building stronger homes, stronger communities, and a stronger future in 2025 and beyond.