MN Valley Business by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley Februar y 2022

Tina Mittelsteadt is opening Waseekers Online Auctions in Waseca. Photo by Pat Christman

Taking the plunge Entrepreneurs pursue their dreams Also in this issue • TIM FLYNN’S KATO KARATE • MSU GUIDANCE COUNSELOR PAM WELLER • SOME OF THE MANKATO MAGAZINE “BEST OF’’ WINNERS

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F E A T U R E S Februar y 2022 • Volume 14, Issue 5

The pandemic has prompted more entrepreneurs to take the plunge into starting their own business, but many are keeping their “W2 job.”

Director Pam Weller leads the Career Development Center at MSU, guiding students in cracking open doors to their first jobs.

Some of the “Best of” winners from Mankato Magazine are featured, including Hilltop Florist, Northside Hair and Mom & Pop’s Ice Cream.

Kato Karate is a child development center that uses martial arts as a tool to improve children socially, physically, intellectually and emotionally.

MN Valley Business • FEBRUARY 2022 • 3

FEBRUARY 2022 • VOLUME 14, ISSUE 5

By Joe Spear

MAGAZINE EDITOR Tim Krohn DESIGNER Christina Sankey COPY EDITOR Kathy Vos CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Harvey Mackay Jane Turpin Moore PHOTOGRAPHER Pat Christman COVER PHOTO Pat Christman ADVERTISING Danny Creel Sales Jordan Greer-Friesz Josh Zimmerman Theresa Haefner Tim Keech ADVERTISING Barb Wass ASSISTANT ADVERTISING Christina Sankey DESIGNERS CIRCULATION Justin Niles DIRECTOR PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear For editorial inquiries, call Tim Krohn at 507-344-6383. For advertising, call 344-6364, or e-mail advertising@mankatofreepress.com. MN Valley Business is published by The Free Press Media monthly at 418 South 2nd Street Mankato MN 56001.

! Local Business memos/ Company news....................................5 ! MRCI....................................................6 ! Business Commentary........................7 ! Business and Industry trends .........22 ! Retail trends ....................................23 ! Agriculture Outlook .........................24 ! Agribusiness trends.........................25 ! Construction, real estate trends ....26 ! Gas trends .......................................27 ! Stocks ..............................................27 ! Minnesota Business updates...........28 ! Job trends ........................................28 ! Schmidt Foundation ........................30 ! Greater Mankato Growth .................32 ! Greater Mankato Growth Member Activities ...........................35

From the editor

Entrepreneurs make world go ‘round

y recollection of c o v e r i n g entrepreneurs as a business reporter in the Mankato area starts in the 1990s with Clear With Computers and Phenix Biocomposites. CWC was founded by Ray Tuomala, a partner in a Ford dealership, and Jerry Johnson. They built one of the first sales software companies in the country. Founded in 1983, the company had products that allowed salesmen to carr y portable computer to make sales presentations. It eventually morphed into a product that allowed people to buy cars online. The company eventually morphed into what became Firepond and then FPX, with software engineers in Mankato today. Phoenix went through several transformations as well, starting out as an alternative to wall board. But even before those 1980s and 1990s entrepreneurs, Mankato could showcase a whole host of homegrown companies including Kato Engineering, Jones Metal Products, Southern Minnesota Construction, Johnson Fishing, Taylor Corp., Brett’s and Hiniker Co. Today’s entrepreneurs, as our featured article shows, tend to be “microentrepreneurs” as the enterprises they are starting are small businesses and services from a new auction service to a restaurant menu diversification ser vice for delivered food. Experts say the pandemic has prompted people to become entrepreneurs. The

4 • FEBRUARY 2022 • MN Valley Business

pandemic and its resulting impact on the workplace may have helped some people to decide to try something they’ve always wanted to do like opening their own business. The small business entrepreneurs usually keep their “W-2” wage job while trying to develop their business on the side. The pandemic and resulting American Rescue Plan Act sent billions of opportunities (as in dollars) to people who want to start small businesses in the form of loans, some forgivable, some not. The act provided $7.25 billion in Paycheck Protection Program funds that were designed to keep workers working and on the payroll. The loans did not have to be paid back. Another $15 billion was directed to targeted industries hit hardest by the disaster like hotels and lodging. Shuttered enter tainment venues received money. A separate Restaurant Revitalization Fund provided $28.6 billion. Another $100 million was available for organizations to help companies access all the Rescue Plan Act’s funds. For many years, entrepreneurs were given short shrift in the tax code, making it difficult for sole proprietorships or other to take same deductions for health care or businesses expenses for which large corporations were eligible. The Tax Cuts and Jobs Act of 2017 provided more tax breaks, 20% in the case of pass through income, but those breaks go away if not renewed in 2025. It has always seemed unfair

that entrepreneurs, sole proprietors and others, had to pay the full 15 percent of federal Medicare and Social Security tax. If you work for an employer, you each pay only half of that. Compare that to the tax break we give hedge funds managers, for example. They pay lower capital gains tax than the rest of us because they take “risk” or running a volatile hedge fund. Yet no such reduction is made for small entrepreneurs on the Medicare, Social Security taxes. Clearly, those taxes are to cover people’s Social Security and Medicare costs eventually, and the FICA taxes are different than the capital gains tax, but shouldn’t entrepreneurs be given a break like hedge fund managers as they take risks as well? We should be willing to give a little “economic development incentive” through reduction in FICA taxes to bet on these entrepreneurs who have a chance of building something not only for the families but for the economic vitality of their country. To that end, entrepreneurs seem more and more supported by various competitions to win grant dollars from various organizations. The Waseca Area Chamber conducted a competition recently giving winning entries up to $30,000 in startup cash. The details in our cover story show the Mankato-based Small Business Development Center and the Waseca Chamber of fered guidance to entrepreneurs in developing their plan. Minnesota State University College of Business also holds its own entrepreneur competition for student entrepreneurs pairing them with local banks for financing. But whether its food trucks or a new food ser vice, the entrepreneurial hunger is out there. Now we need to feed it.

Local Business People/Company News !

Dwyer joins United Prairie

Adam Dwyer has joined United Prairie F i n a n c i a l Network as a F i n a n c i a l Advisor. Dwyer will be serving the Mankato market area to assist clients Adam Dwyer with their f i n a n c i a l planning and investment needs. Dwyer joins United Prairie with more than 5 years of experience in the financial services industry, most recently working as Financial Advisor at Merrill Lynch. Dwyer lives in St. Peter and is a graduate of Gustavus Adolphus College. !!!

Lynn Austin honored

Lynn Austin, an ASE Certified automotive technician from Mankato, was recently honored with a national achievement award as the NAPA/ASE Master Automobile Technician of the Year. Forty-eight automotive professionals were recognized. The ASE annual awards spotlight top scorers on the ASE Certification tests from among the ranks of the approximately quarter million ASE Certified professionals nationwide. Thirty-two companies from both OEM and Aftermarket segments sponsored the individual technician recognition awards in the Auto, Truck, Collision, Parts and Ser vice categories, along with awards for instructors. In addition to looking for top scores on ASE tests, award sponsors examine on-the-job excellence, community service and other factors when selecting honorees. -

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Joe Spear is executive editor of Minnesota Valley Business. Contact him at jspear@mankatofreepress.com or 344-6382. Follow on Twitter @jfspear.

MN Valley Business • FEBRUARY 2022 • 5

Relationship Building

Key to MRCI’s Success Many things have changed in the way MRCI goes about meeting its mission. But one thing has remained constant: the importance of relationships to the success of MRCI. Rob Prahm is one community partner who exemplifies this theory. “I have worked with MRCI for almost twenty years,” says Rob. “My first experience was as the manager of the local restaurant, Mexican Village, where an MRCI work crew would roll silverware for us. We had a fantastic crew of 6-8 people who would work every morning.” Now Rob is the general manager for Snell Auto Wash and Detail Center. Just as his career path changed, so did the employment programs at MRCI. A lot has changed in the 20 years since Rob first worked with MRCI. For example, MRCI no longer has work crews, but rather those served are employed directly by companies, like Snell Auto Wash. “Now that I am at Snell Auto Wash, various individuals have worked in different areas over the past 10 years,” explains Rob. “MRCI has always provided us with great candidates and a great coach to get each individual oriented and up to speed on their new positions. The Employment Specialists have provided consistent long-term follow-up after the individual is in place and trained. “Ken Strand is our current MRCI client on staff. He has been with us for more than 4 years in a janitorial and maintenance role. Ken’s days consist of light janitorial work, washing and folding towels, and assisting Auto Wash attendants and supervisors wherever possible. A big thank you to MRCI and its clients for their significant effort and support over the years.” Ken is one example of MRCI thriving in our community. “I like having my own space and I have good support from the assistant manager. Overall, they treat me very well. This is not only my favorite job I have ever had but also the longest job,” says Ken. To begin your relationship with MRCI, visit mymrci.org or call 507-386-5600.

About MRCI

MRCI provides genuine opportunities for people with disabilities and disadvantages at home, at work and in the community. To become an employment partner, or for more information, please call 507-386-5600.

6 • FEBRUARY 2022 • MN Valley Business

Business Commentary

By Harvey Mackay

Don’t be afraid to be courageous I

n his Pulitzer Prize-winning book, “Profiles of Courage,” U.S. President John F. Kennedy, wrote eloquently about courage: “Courage, the universal virtue, is comprehended by us all. For without belittling the courage with which men have died, we should not forget those acts of courage with which men have lived. “The courage of life is often a less dramatic spectacle than the courage of a final moment; but it is no less a magnificent mixture of triumph and tragedy.” Courage is regarded as one of the major human virtues. Courage is bravery, valor, standing up to danger, guts and nerves all rolled into one. It’s easy to be ordinary. Courage is what sets people apart from the crowd. Those stories of heroism are inspiring, but few of us will ever find ourselves in the kind of extraordinary situations that are the stuff of legend. Consider the words of American poet Maya Angelou: “Courage is the most important of all the virtues because without courage, you can’t practice any other virtue consistently.” The good news is that courage is available to everyone. There are plenty of ways to be courageous in our lives. Doing something for the first time is often a demonstration of courage. Is there someone you know who is being picked on where you can defend that person? Maybe it’s just standing up for yourself or speaking up. How about asking for a raise or a promotion at work or leaving a job you don’t like and becoming an entrepreneur? Maybe it’s simply having the courage to take responsibility for your actions – or having the courage to be who you are and to be authentic. It takes courage to persevere in difficulties when we are tempted to give up. I have never met a successful person who hasn’t had to overcome a little or a lot of adversity. Trying times are no time to quit trying. One of the greatest challenges in life is doing what people say you can’t. When things seem most bleak, you must have the courage to carry on to success. The line between failure and success is so fine that we scarcely know when we pass it; so fine that we are often on the line and do not know it. How many people have given up too soon? More than 5,200 senior managers were asked by

Santa Clara University and the Tom Peters Group/ Learning Systems to describe the characteristics they most admire in a leader. The top 10 characteristics, as reported in “Management Review” magazine were: honest, competent, forward-looking, inspiring, intelligent, fair-minded, broad-minded, courageous, straightforward and imaginative. Anyone who has started a business or managed an organization understands the courage required to make decisions and take risks. Taking the easy way out is not an option. In business, prospects may seem darkest when actually they are about to turn. A little more perseverance, a little more effort, and what seemed a hopeless failure may turn into a glorious success. But it also takes courage to know when to admit failure and move on to more productive ideas. Walking away from an investment of time and money is a decision many businesses have had to make. That’s not cowardice, it’s courage borne out of wisdom. Working up the courage to learn how to say that two-letter word – No – can be daunting at first. Do not feel guilty when you need to say no respectfully. Some people feel like they have to say yes to almost anything they are asked to do. Others just want everyone to like them. They’re afraid if they say no they might cause the person making the request to reject them. I’m offering a challenge for the New Year: Be the courageous person that you know you can be. I think you’ll discover that demonstrating courage in small acts will enable you to trust your instincts when more difficult situations arise. Make courage an everyday thing, not something reserved for special occasions. An unlikely hero was being hailed for standing up to an attacker twice his size and asked how he could be so brave. “I was too scared to run,” he said, “and too dumb to think of anything else.” But his friends said, “No, you didn’t have time to think. Courage is a natural instinct if you have it.”

Harvey Mackay is a Minnesota businessman, author and syndicated columnist. He has authored seven New York Times bestselling books

MN Valley Business • FEBRUARY 2022 • 7

Tina Mittelsteadt left talks with Waseca Chamber Director Ann Fitch.

Head first Entrepreneurs take the plunge By Tim Krohn | Photos by Pat Christman

here have always been those with a nugget of an idea, drive, determination and the dream of starting a business. The past two years brought new twists, opportunities and individuals to the world of entrepreneurship. “There’s always been people who want to start their own business, but I think the pandemic prompted more to do it. The pandemic has really made people rethink what they want to do,” said Ann Fitch, executive director of the Waseca Chamber. Last year the Chamber hosted a New Business Challenge aimed at trying to find entrepreneurs who had an idea for a business in Waseca but needed some 8 • FEBRUARY 2022 • MN Valley Business

training and guidance. Jonathan Berg won the competition with his business plan for Good Game Gaming Center, a place where people can gather socially and play PC or console games with their friends. Think arcade but with gaming computers. He hopes to open in March. Another participant in the challenge, Tina Mittelsteadt, is already remodeling a building and will soon open her Waseekers Online Auction business. The Chamber partnered with the South Central Minnesota Small Business Development Center in Mankato to provide a 10-week training course for all

Cover Story

“We’re seeing people who are looking at entrepreneurship differently. Most are keeping their W2 job and doing other things on the side.” - Mike Hahn the nearly dozen entrants so they’d have a better chance at succeeding with their business idea. Mittelsteadt said the training was invaluable. “I would have never had the opportunity without the Chamber and SBDC. They helped me with my business plan and the SBDC has helped with projections and budgets. I never thought I’d be an entrepreneur and as I went through this I thought I’d hit a roadblock, but it went good. I went to the bank for financing and they thought everything looked good in my plan,” Mittelsteadt said. Mike Hahn, regional director of the SBDC, said they’ve been seeing more people who are dipping their toes into the entrepreneurial pool to see if they can start something new, while maintaining some security. “We’re seeing people who are looking at entrepreneurship differently. Most are keeping their W2 job and doing other things on the side — freelancing, developing website apps, people starting food businesses. But with the food, they’re looking at ways to get into farmers markets or street fairs or stands first and then moving into a truck operation.” For Derrick Fountain, a Mankato resident with a long record of entrepreneurship and taking risks in jobs around the world, the pandemic indirectly made his most recent venture more understandable and acceptable to potential customers. Fountain is in the midst of launching Backhouse Brands, a

Mike Hahn of the SBDC in Mankato. business that works with restaurants and bars to expand their cooking beyond one type of cuisine to two or more and selling the food for deliver y only.

Fountain said the business concept allows the restaurants and bars to sell more food without changing their core walk-in model while giving consumers, especially in smaller communities, many more options for different kinds of food. The startup comes as the idea of home-delivered meals through DoorDash, Grubhub, Uber Eats or other services is no longer an exotic or foreign concept. “During the pandemic, people have gotten used to ordering food for delivery and are willing to pay that premium for deliver y,” Fountain said. “But people only have a certain number of places (to order from), so we’re trying to leverage the entrepreneurial aspect of these restaurant owners. They know how to make a lot of

Derrick Fountain in the office of a client in Sulaymaniyah, Iraq. He consulted for the client for 18 months while also working full time for the Turkish government. Photo courtesy of Derrick Fountain.

MN Valley Business • FEBRUARY 2022 • 9

different things.” He said the business also comes at a time when younger people in particular aren’t tied to a specific time slot during the day to eat. “The concept of going to a restaurant for breakfast and a restaurant for lunch and a restaurant for dinner has changed. They’re eating different things at different times of the day.”

Virtual restaurants

At age 43, Fountain already has a world of experience — literally. A Texas native, he started building and coding his own products when he was about 16 years old, learning various programming languages in the process. Ten years ago he and his wife, who were living near St. Cloud, set out on an international tour that included Fountain leading digital teams in Iraq, Qatar and Turkey for media companies such as Al Jazeera. He also worked in Kenya and Poland. Fountain credits his success to his curiosity, self-learning and drive.

“Hard work pays off. I got hired over people with master’s degrees because of the work I’ve done from my home.” - Derrick Fountain “Hard work pays off. I got hired over people with master’s degrees because of the work I’ve done from my home. I could teach myself and learn and advance my career. In 1996 I built my first website. I tell my son to learn things even if he doesn’t think he’ll use it because you just don’t know. “You have to have a passion and work hard.” After crisscrossing the world, Fountain told his wife their next move was up to her and they landed in Mankato about a year and a half ago. Fountain’s new venture is helped by having a business partner and some financial

10 • FEBRUARY 2022 • MN Valley Business

backing from Great North Ventures, a venture capital firm based in Minnesota that Fountain worked for before leaving the country. He reconnected with Great Northern founders Ryan and Rob Weber when he returned and they were bullish on his virtual restaurant idea. Fountain has spent the past year talking to restaurant owners about Backhouse Brands and helping restaurants create onlineonly brands that operate out of their existing commercial kitchen space. “If you’re in a smaller town, you may only have four options but we want to turn those into 12 or 13 options by using the existing kitchens to make multiple cuisines. So if you have a restaurant and are serving one cuisine and want to expand to other cuisines and delivery only you can.” He’s also been working with food suppliers. “They can sell more supplies to restaurants. If they sell to a Thai restaurant now, they can also supply them with wings and other foods.”

Soon the first Backhouse Brands will be launched in St. Cloud and Mankato with plans to branch out to the rest of the state and the Dakotas. Fountain said the business model is designed for towns of 6,000 and up. “If there’s three bars in town, we could turn those into six or more (food) options.” He said the concept would also be attractive to restaurants in tourist areas up north that see business slow in the winter or college towns where students leave for the summer. Fountain said the biggest challenge has been pitching his idea to restaurant owners. “The restaurant business is built on relationships. They get hit with a lot of pitches.” But he has the background to do the work. “Getting picked up by a bulletproof SUV in Iraq makes walking into a restaurant and getting rejected like a drop in the bucket. There’s no comparison.”

Waseca startups

Fitch said the Chamber’s New Business Challenge went beyond similar competitions by not only offering financial help for the winner but providing the SBDC training to all the contestants to

help them succeed. In the end, six entrepreneurs finished the training and are pursuing their dreams, with three having plans to open businesses soon. As the winner, Berg qualifies for $30,000 in startup support from the Waseca Economic Development Authority and other sponsors. Berg studied other gaming centers and got a lot of help on his business plan from the SBDC. “I haven’t done anything like this before. The crash course (from the SBDC) really helped,” Berg said.

Mittelsteadt is renovating a building on the edge of Waseca to hold auction items for her new business, which she plans to have up and running in the coming weeks. Waseekers Online Auctions will take consignments and have the items on display for those who want to see them in person, as well as showing them online. An online auction will be held each week. “I have a love for auctions. I’ve been going to them since I was a kid, but there aren’t many inperson auctions anymore.” MV

MN Valley Business • FEBRUARY 2022 • 11

The Career Development Center at Minnesota State University. Photo courtesy of MSU.

Conversation about careers Career adviser lends insight for job seekers By Jane Turpin Moore

ncouraging students to take full advantage of the considerable resources available to them in the Career Development Center at Minnesota State University is not unlike leading horses to water; there’s plenty available, but whether or not they’ll drink it is ultimately up to them. CDC Director Pam Weller, an experienced career Pam Weller counselor with over 25 years in the field, has aided countless college students in cracking open doors to their first jobs. After two years of dealing with the uncertainties, challenges and innovations resulting from the COVID-19 pandemic, what’s different — and what’s the same — for young career-seekers? How exactly are twenty-somethings finding jobs these days? Which fields are hot? A conversation with Weller on these topics is enlightening. Q: On average, how many students does your office serve? And how many staff members are in MSU’s CDC?

12 • FEBRUARY 2022 • MN Valley Business

A: Enrollment at MSU in the past few years has ranged from 14,000 to 14,500 students. Generally speaking, 50% to 60% of enrolled students interact with our department in some way, shape or form on an annual basis. The Career Development Center has seven full-time staff, in addition to three graduate assistants and four to seven undergraduate student employees. Our vision/stretch goal is to positively impact the career success of ALL our graduates, which we clearly cannot do on a one-to-one basis with each student. We define engagement in a number of ways: individual appointments, career-education presentations, career event attendance, use of our various career software programs (primarily Handshake, which deals exclusively in college hiring), 24/7 access to online career content and tools, interviewing on-campus and more.

Q: Do you begin seeing students early in their educational experiences or do they tend to come in more during their junior/ senior years? A: We work with and see students across their entire time at MSU, and our programs and services are specifically structured for that. The CDC provides job listings and assistance for current students searching for on- and off-campus jobs (including work study), career counseling and resources for those in the process of choosing or changing majors and programs for students seeking internships, postgraduation employment and/or graduate school planning. Q: That’s really comprehensive. You’re giving students many options and resources. A: MSU students are doing very well overall, as a result of their university education and what each brings to the table in terms of skills, knowledge, experience and personal characteristics. The

most recent complete data we have is for the Class of 2020, with 2,804 of 3,382, or 82.9%, of graduates responding. Of those, 94% were employed, and 90.1% were in jobs related to their majors.

might see your profile and reach out to you about the job of your dreams! And you don’t need to hire a professional photographer to get a photo that looks professional. Some key tips include using a recent photo that actually looks Q: Tell me: How critical is it these like you (be cautious with filters days to have an and photoup-to-date editing apps), “With almost 800 million making sure L i n k e d I n account with a the image is users, 55 million professionalclear, smiling, looking photo? companies and 24 million ad ivs ot riadc ti inn gg A: LinkedIn has become one of jobs, job-seekers can’t afford backgrounds, the best tools w e a r i n g out there for job clothes that not to use LinkedIn.” searching and you would networking. With almost 800 wear in the workplace, aiming for million users, 55 million your face to take up about 60% of companies and 24 million jobs, the frame, and keeping other job-seekers can’t afford not to use people and pets out of the photo. LinkedIn (statistics from “MindLinkedIn actually has a photo tool Blowing LinkedIn Statistics and that is helpful. Facts,” 2022, kinsta.com). It is so important to keep your profile upQ: We keep hearing the national to-date even when you are not job unemployment rate is low and searching, which not many do. jobs are going begging. Is this You never know when a recruiter true regionally, and across a wide MN Valley Business • FEBRUARY 2022 • 13

range of industries and professions? A: It really is. We interact often with employers looking to hire interns and entry-level graduates from a wide variety of majors, and even some employers who typically have an easy time with recruiting are struggling. Q: In other words, is this actually a good time (maybe better than earlier in the pandemic) for recent grads to be on the job hunt? A: In addition to what we see and hear from employers, we rely a lot on the annual Job Outlook survey from the National Association of Colleges and Employers. Their 2022 report projects a 30% increase in college hiring, with employers planning to hire 26.6% more grads from the Class of 2022 than they did from the Class of 2021. So yes, it is a good time. Our own job and internship listings also bear this out. From August 1 to November 1 of 2021, our Handshake system saw an increase of 21,659 nationally posted jobs and internships, and an increase of 4,506 jobs and internships posted regionally— both more than a 100% increase. Last year we did not see as much of a dip due to the pandemic as we expected, but to see this much of an increase this year definitely surprised us. A recent hiring trends report from the Collegiate Employment Research Institute at Michigan State University (another employer sur vey we review annually) indicated that college graduate hiring this year is at the highest it’s been since the 2008 recession. But students should always be strategic about their job searches; just because the market looks good overall doesn’t mean employers are settling for lesser employees or that strong competition for jobs doesn’t exist. Q: Speaking of being strategic, what are the most in-demand professions at present? A: Healthcare and information technology, for sure. Also, agriculture and natural resources, engineering, finance and accounting services, construction, manufacturing, business services,

retail trades and educational services. These areas have been the top i n d u s t r i e s / professions for quite awhile now. Educational services may be a bit of a surprise, but it does align with the job listing activity we’re seeing. With all things related to technology, the pandemic has only increased demand, with so many functions and activities moving from in-person to online. Q: What do you say to students whose primary concern is landing a good job? A: We do see students who ask that question, or “What can I major in that will give me the highest salary?” And we talk that through, in addition to exploring their interests, values, identity, skills and other factors. Ultimately, the individual is the decisionmaker and designer of their own life. Q: Have your recommendations for virtual interviews evolved over the past 18 months? Or do you still suggest testing technology in advance, dressing professionally, checking for neutral backgrounds and minimizing noise distractions? A: You hit the nail on the head with this one, although the impor tance of all those recommendations has increased substantially. Because technology is so widely and frequently in use, I think the expectation is higher. Lack of familiarity with these types of technology may be judged more harshly than in the past. But one perk to interviewing virtually is you can have a few notes handy for reference during the interview to help you respond to key questions. Q: Is there anything else you’ve noticed in the past 18 months in how people are looking for jobs or

14 • FEBRUARY 2022 • MN Valley Business

what they should do differently? Or do all the basics still apply? A: Everything about the job search is more remote than it has ever been. Hiring timelines seem to have slowed because recruiters are over whelmed. With employers often hiring for a greater number of jobs with fewer people to do the work involved in the hiring process, candidates need to be more patient than in the past. If a prospective employer gives you a hiring timeline, that’s likely the most optimistic version; it may take two to three times longer. Q: Finally, do 2022 job seekers have more flexibility in terms of salary expectations? A: Perhaps. It’s always important to negotiate, regardless of the field or position level. You won’t always be successful, but that doesn’t mean it isn’t worth doing. Candidates in high-demand areas, like accounting, technology or engineering, always have more of an edge in negotiating. And we are starting to see more signing bonuses, ranging from $3,000 to $6,000, for candidates in those high-demand fields MV

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MN Valley Business is running some of the

“Best of 2021” businesses and people

featured in Mankato Magazine. The winners of the annual awards are chosen by Free Press Media readers. The complete list of winners was in the July issue of Mankato Magazine. ENTERTAINMENT EXPERIENCE

FOOD & DRINK

PEOPLE

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BEST SHOPPING

Co-owner Shawn Neitzel makes an ice cream cone at Mom & Pop’s.

BEST ICE CREAM/FROZEN YOGURT MOM AND POP’S:

Cool ice cream treats

t was the patio that saved the day. While most restaurants had to keep their doors closed for a long portion of the pandemic, Mom and Pop’s was able to keep scooping, thanks to the patio behind their store at 629 N. Riverfront Drive. “We did curbside service last April through June, then we were able to open up our patio. That really saved us,” Casey Neitzel said. Neitzel co-owns Mom and Pop’s with her husband, Shawn. The Neitzels have owned Mom and Pop’s since December 2018. “It’s so beautiful out there,” she said of their outdoor seating. “People were able to social distance, and I really think it helped people to have somewhere to go when so many other places were closed.”

16 • FEBRUARY 2022 • MN Valley Business

Since taking over, their goal has always been to offer the best quality ice cream and other sweet treats in a clean and welcoming atmosphere. “We always strive to have the best possible customer service, and we like to get to know our customers. We have so many wonderful regulars. It’s fun getting their favorite flavor ready when we see them come through the door,” Neitzel said. The Neitzels always look forward to summer, but this summer is especially anticipated. “It’s going to be great to have everything open again. People are out more, and it feels like we’re getting back to normal. We’re so appreciative for all the support we’ve gotten from the Greater Mankato area. It felt like we were all in this together and we’re coming through it together. That makes us very happy.”

BEST BARBERSHOP NORTHSIDE HAIR:

Meeting diverse hair care needs

hen it comes to style, Northside Hair has it in abundance. The salon, at 316 Cross St., North Mankato, is owned by Jennifer and Richmond Clark and has been in operation for almost two years. “We offer great customer service,” Jennifer Clark said. “We also have a wide range of services to meet the diverse hair care needs of our clients.” The past year was a challenge for the Clarks and their employees, but they met the challenge with their eyes focused on the future. “We were closed for 72 days and it was scary,” she said. “Especially since my husband and I own the business and it is our entire income.” When they were able to open the salon again, they found themselves very busy. Richmond Clair working on Jaxon Mitchell, 5. “It was great, but it was also hard. We had referrals, and generally being, “The best customers in the to make sure we were doing everything we could to keep world. I mean that. We have become friends with so many our staff and our customers safe. But we did what we had to people who came here as clients, and they have been so do, and we all made it through it.” wonderful to us.” She thanks her customers for keeping them going, giving

BEST FLORIST HILLTOP FLORIST:

Celebrating great moments

Kate Henderson builds a floral arrangment at Hilltop Florist in Mankato.

he business was started in 1880, but Deb Newman and her husband, Kevin, bought it just two years ago. They were attracted to Hilltop by its long legacy in the community and through being customers there. Deb Newman said Hilltop Florist, 885 Madison Ave., weathered the pandemic with creativity and with a strong social media presence. They put together kits for people to make arrangements on their own and offered care packages during the challenging times. With some longtime designers and some new talent, Hilltop Florist puts together some unique and beautiful arrangements, Newman said. “For us, we consider it a great honor to help people celebrate great moments in life. We help people send love and encouragement to people they haven’t been able to see in a year or more.”. Newman also believes people recognize Hilltop Florist as a great community member. “We are not part of a 1-800 network. We’re local, and promise a quality product and great service.”

MN Valley Business • FEBRUARY 2022 • 17

Kato Karate instructor Tallon Mickley shows students the proper stance during a class.

Kato Karate Teaches focus, self-discipline and more By Jane Turpin Moore Photos by Pat Christman

arate can be about far more than a Flynn — better known to his 100+ students series of strikes, kicks and wellas “Master Tim” — says his business is in earned belts. fact a licensed SKILLZ child development And at Kato Karate, center. karate instruction is the “We take kids where method of choice to help they’re at in every area kids develop selfand help them improve,” discipline, emotional said Flynn. “We don’t KATO KARATE control, focus and good compare one to another 201 N. Victory Drive #341, sportsmanship. because ever yone is Mankato “We’re a child different.” 507-381-5933 development center that Sure, students (from katokaratemn.com uses martial arts as a tool ages three to adults) can to improve children receive expert karate socially, physically, intellectually and training in age-appropriate groupings at emotionally,” said Tim Flynn, owner of the Kato Karate and ultimately earn black belts, business located at 201 North Victory Drive if that’s something they aim to achieve. since 2017. But karate training isn’t the sole goal

Feature

18 • FEBRUARY 2022 • MN Valley Business

here. “I am certified in child development and so are my coaches; we’re called pediatric Ninja specialists,” said Flynn, mentioning a 1:6 instructor/ student ratio for the program’s younger classes.

Getting started

Flynn knows how vital it is to assess his students when they enter Kato Karate so their progress on several fronts can be measured as they go. He is particularly open to helping kids who struggle with issues like focus, self-esteem, persistence, problem-solving and direction-following, among other basic life skills they’ll need going forward. “We ask each parent, ‘What do you want your child to accomplish here,’ because it needs to be a good fit,” said Flynn. “Sometimes the answer is that they need help focusing, or they want to develop greater confidence, and we serve a lot of kids with ADHD — we’re really good at working with that,” he continued. “We want kids who have a goal — that’s who we want.” Karate rescued Flynn at a critical point in his life, and he’s never forgotten it. He was bullied as a child and, by his own admission, “stunk at sports” during his middle- and early high school years. “I tried baseball and golf, but I just wasn’t good at them,” said Flynn, a 1998 graduate of Mankato East High School. But Flynn loved the “Karate Kid” movies and related to the protagonist Daniel who, like Flynn, was also raised in a poor household. So as a ninth grader, Flynn began studying martial arts at the Midwest Academy of Tae Kwon Do at the Village East Shopping Center on Hoffman Road — and he was quickly hooked. “I fell in love with martial arts, and I loved learning all the cool kicks, blocks and techniques,” said Flynn. “I just thrived on it, and I had a lot of fun competing in tournaments and becoming a

Kato Karate owner Tim Flynn describes the business as a child development center. junior instructor at age 16 — I martial arts schools in the loved teaching even then.” Mankato area. Flynn continued practicing That’s when he partnered with karate on a much less intense SKILLZ, which emphasizes four basis for over a decade; he and (physical, intellectual, emotional his wife Mar ya have four and social) primary areas of child daughters ranging in age from development. one to 19, and he pursued a “Besides offering martial arts career in health care for 17 years, instruction, we explore which the last six of skills students which he spent need to as an b u i l d — “We ask each parent, endoscopy listening, technician at confidence— Mayo Clinic in ‘What do you want your and focus on Mankato. that,” said “ Wo r k i n g Flynn. child to accomplish here” with people Flynn and fulfills my life,” the SKILLZ said Flynn, who - Tim Flynn program are also was a completely g e n e r a l attuned to manager of Snap Fitness in kids’ different developmental North Mankato for a period. stages and program their Because he enjoyed working curriculum accordingly. with kids and had years of “We know that, intellectually, experience in both healthcare five- and six-year-olds have a and fitness training, opening a hard time retaining and following karate studio of his own seemed more than three commands at a a natural progression. time,” said Flynn by example. “We keep things simple and Hitting the high points small for that age group, knowing In 2016, Flynn started Kato they’re also just learning their Karate in a classroom at the left from their right, and the former Holy Rosary Catholic curriculum is developed for School in North Mankato. As the specific intellectual levels so that business grew and he relocated five- and six-year-olds won’t quit it to its present Victory Drive because ‘it’s too hard.’” site, he considered how to set it But for seven- to nine-yearapart from the several other olds, Flynn is aware distractibility

MN Valley Business • FEBRUARY 2022 • 19

Instructor Hailey Pitsch tests students during a class at Kato Karate. naturally increases. “That’s the time when some parents might think their kid has ADHD because they can lose interest quickly if something more interesting is going on around them,” said Flynn. “We can help improve attention spans.” At Kato Karate, Flynn homes in on core martial arts skills and considers age appropriateness. “Every child is on a direct path to a black belt when they start, even at age three,” said Flynn, “but the black belt rank doesn’t become part of their program until Extreme SKILLZ class, which is the 10- to 14-year-olds. “Everything they learn along the way helps them advance closer to that rank as they move through the program levels.” Kato Karate divides its classes accordingly, using the following groupings: three- to four-yearolds, five- and six-year-olds,

seven- to nine-year-olds, 10- to 14-year-olds and 15 and up (considered the adult level). Basic classes are 40 to 45 minutes long twice a week, while Flynn’s leadership program has somewhat longer sessions and an additional Friday class. A parent component is also included. “We have a parenting group called Mankato Parent SKILLZ that comes with your membership,” said Flynn, adding that Kato Karate employs a social worker who helps deliver content for the group. “We teach parents how to apply the skills we’re teaching in their homes as well, because their reinforcement there contributes to good results.”

Illustrating the point

Flynn’s approach has garnered fans; parents like Ashley Dahlman and Colleen Bidwell,

20 • FEBRUARY 2022 • MN Valley Business

each of whom has two kids enrolled at Kato Karate, praise the program. “We joined last year when grandparents gave the kids a membership as a Christmas gift,” said Dahlman, mother to nineyear-old Mason and seven-yearold Addison. “I honest-to-goodness never thought they’d do it for more than a few months, but boy, they [Kato Karate] keep it interesting. “The kids are super dedicated to it and they love Master Tim; he and the other coaches are such good role models for them.” Dahlman, a single mom and the member relations director at the Mankato Family YMCA, also involves her kids in multiple YMCA programs—swimming lessons, indoor soccer, afterschool adventures and more— but she continues to appreciate the enthusiasm they have for their Kato Karate classes, which

Kato Karate instructor Hailey Pitsch works with students during a punching exercise. she views as an investment. “Master Tim is all about things that make them want to work, and at each class they get a little strip of colored tape for their belt if they master the skills for that day,” said Dahlman. “It’s amazing, but that little piece of tape is incredibly motivating,” she added. “And my favorite thing about the school is it’s not just karate, even though it is—they’re learning about balance, patience, attention and other real-life skills.” Bidwell found Kato Karate a couple of years ago when her family was seeking an activity that would be a confidencebuilder for their now 12-year-old son Rowan. “A Facebook ad popped up, offering a free 30-day trial, and I signed him up for that,” said Bidwell. “We urged him to try the first class, and at the end of it he was just shining — he loved it,” she continued. “He said, ‘I can’t wait to come back,’ and that was that; we knew he had found his forever sport, both due to the activity level and the positive reinforcement he received at Kato Karate.” Bidwell has noticed how the

lessons Flynn imparts have benefited her son, mentioning he now exhibits increasing confidence at school and has evolved into a classroom leader. “And Tim and his team provide us with tools we can use as parents,” said Bidwell, noting they have since enrolled Rowan’s younger sister, too. Being a parent of four himself, Flynn brings both experience and empathy to bear in his role as a karate and child development coach. “As a parent, I’ve learned how kids respond and I know that what motivates one kid is different from what drives another,” said Flynn. “Some don’t care about rank and just want praise, some need more help with concentrating. But kids naturally want to make their parents proud, and we all need to have a positive mindset.” For more information about Kato Karate, visit katokaratemn. com, call 507-381-5933 or email Flynn at katokarate@hotmail. com. MV

MN Valley Business • FEBRUARY 2022 • 21

Business and Industry Trends ■

Energy Crude oil prices up in ’21 as supplies lagged

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22 • FEBRUARY 2022 • MN Valley Business

Crude oil prices increased in 2021 as increasing COVID-19 vaccination rates, loosening pandemic-related restrictions, and a growing economy resulted in global petroleum demand rising faster than petroleum supply. The spot price of Brent crude oil, a global benchmark, started the year at $50 per barrel (b) and increased to a high of $86/b in late October before declining in the final weeks of the year. Brent’s 2021 annual average of $71/b is the highest in the past three years. The price of West Texas Intermediate (WTI) crude oil traced a similar pattern to Brent and averaged $3/b less than Brent in 2021. Global petroleum production increased more slowly than demand, driving higher prices. The slower increase in production was mostly attributable to OPEC+ crude oil production cuts that started in late 2020. OPEC and other countries, such as Russia, that coordinate production with OPEC (referred to as OPEC+) announced in December 2020 that they would continue to limit production increases throughout 2021 to support higher crude oil prices. According to our December 2021 Short-Term Energy Outlook estimates, U.S. crude oil production in 2021 decreased by 0.1 million barrels per day (b/d) from 2020 and by 1.1 million b/d from 2019. Cold weather in Februar y and hurricanes in August contributed to this decrease, but it also was a result of the decline in investment among U.S. oil producers since

mid-2020. Increasing demand and lower supply of crude oil resulted in consistent global petroleum and liquid fuels inventor y withdrawals from Februar y through December and contributed to increasing crude oil prices.

State economy index up

The Creighton Economic Forecasting Group showed an increase in Minnesota’s economic growth index in December. Creighton uses a longstanding methodology to create the index as it consults with supply managers and business leaders. The overall index ranges between 0 and 100. Growth neutral is 50, and a figure greater than 50 indicates growth in that factor over the next three to six months. A figure below 50 indicates decline. In Minnesota, the overall index advanced to 70.2 from November’s 65.1. Components of the overall December index were: new orders at 68.3, production or sales at 56.3, delivery lead time at 89.5, inventories at 70.5, and employment at 66.3. Since the beginning of the pandemic, nondurable goods manufacturing experienced much stronger growth than durable goods producers in the state. Average hourly wages advanced by 6.4% during this same period, according to non-seasonally adjusted data from the U.S. Bureau of Labor Statistics.

Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2020 - 2021 1500

989 955

1200 900 600 300 0

Source: Sales tax figures, City of Mankato Includes restaurants, bars, telecommunications and general merchandise store sales. Excludes most clothing, grocery store sales. $520,773

Sales tax collections Mankato (In thousands)

- 2020 - 2021

600

$451,164

500 400 300

Minnesota out-migration among top 10

Nearly 13,500 people moved from Minnesota to other parts of the United States from April 2020 through July 1, 2021, making it the eighth highest state for population loss through domestic migration, according to Dec. 21, 2021, data from the U.S. Census Bureau. California, New York, Illinois (122,460), Massachusetts, New Jersey, Louisiana and Maryland saw more domestic departures. Michigan had a domestic migration loss of 7,893. Minnesota gained 4,042 residents through international migration, landing it with a total net migration loss of 9,411. The state therefore had the ninth lowest net migration over those months. The 10 states that had the highest domestic net migration were Florida, Arizona, Georgia, Idaho, Nevada, South Carolina, Tennessee, Texas and Utah. Like the other members of the group with the most losses (average 9.92%), Minnesota had higher statelocal tax burden as a percentage of income in 2021 rankings (9.99% compared with an average 7.69% among the migration gainers). Minnesota does place higher in Forbes’ Best States for Business Rankings compared with both group’s average scores (33rd top outbound states, 8th top inbound states) and has lower median home prices according to 2020 data ($311,169 vs. $423,548 average outbound and $343,519 average inbound).

200 100 0

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2020 - 2021 $68,128 $31,242

70000 52500 35000 17500 0

Source: City of Mankato

Mankato food and beverage tax - 2020 - 2021 175000 140000

$73,620

105000

$59,484

70000 35000 0

Source: City of Mankato

C. Sankey

MN Valley Business • FEBRUARY 2022 • 23

■

Agricultural Outlook

By Kent Thiesse

Several key ag policy issues ahead in 2022

ongress continues to be highly divided on many key topics and will likely remain in that mode until after the 2022 midterm elections, and possibly longer. Most likely, we will continue to have congressional discussions on infrastructure legislation and funding, climate change and carbon sequestration, renewable energy, and dealing with new strains of COVID in the coming months; however, we are also likely to have initial hearings on the next Farm Bill. There are many important issues and decisions with the potential to affect farmers and the agriculture industry that could possibly be addressed by Congress and the White House in 2022 and beyond. Following is perspective on some key ag policy issues that may be under consideration by Congress or through executive action in the coming year:

Climate Change and Carbon Sequestration

It seems that everyone from members of Congress, business leaders, the national media, and local friends and neighbors are discussing carbon sequestration, carbon credits, and potential legislation to address climate change. Obviously, there is a wide range of opinions regarding the impacts of climate change and how to address the situation. Some would like to see a strong-handed approach by the Federal government relative to types of vehicles we drive, energy policy, and farming practices, while others would like to see a more voluntary and incentivized economic approach that is developed by business and industry. The so-called “Build Back Better” (BBB) legislation that was passed by the U.S. House in November included funding renewable energy development, renewable diesel tax credits, and to pay farmers for planting cover crops, as well as funding increases for the Environmental Quality Incentives Program (EQIP), the Conservation Security Program (CSP), and other conservation programs. However, as 2022 began, the BBB Bill has stalled in the U.S. Senate, due to the large cost of the legislation and the potential future tax impacts on farmers and other businesses. Several companies have already introduced carbon programs that will pay farmers for introducing practices that sequester carbon, so that those carbon credits can be in turn used by those companies or sold on the open market. Before farmers enter into long-term agreements related to carbon credits, it is important for them to know what practices will qualify for

24 • FEBRUARY 2022 • MN Valley Business

carbon credits, what will the compensation be for the carbon credits, and are there potential future impacts on their farming operation.

Ethanol and Biodiesel Policy and Development

Many States in the Upper Midwest, including Minnesota, have a well-established corn-based ethanol industry, which utilizes over 35 percent of the corn produced each year in the United States. The renewable fuel standards (RFS) that are set by the U.S. Environmental Protection Agency (EPA) are targeting corn-based ethanol blending rates to return to the statutory level of 15 billion gallons per year in 2022, after being temporarily reduced in 2020 and 2021 due to impacts from the COVID pandemic. The EPA has also been far less lenient with granting the “small refinery exemptions” (SRE’s) to gasoline refiners this past year than occurred in some previous years; however, many farmers and investors remain highly concerned about where ethanol production and utilization will fit into future U.S. energy policy. Proposed Federal legislation such as the BBB bill, as well as statewide initiatives such as the “California Fuel Standards”, have put future research and development of renewable biofuels in the forefront of the climate change battle. Most of the emphasis is on new types of biofuels such as renewable diesel that is refined from soybeans and other crops, utilizing a different process than traditional biodiesel. Another initiative is for “sustainable aviation fuel” (SAF), which might be developed by alterations to the current ethanol production practices. These initiatives have some support from private companies, as well as the Federal government, and may offer some future opportunities for U.S. crop producers.

Trade Policy

During the 2020-21 USDA marketing year for corn and soybeans, which ended on September 30, 2021, grain export levels returned to very solid levels compared to recent years. From 2017 to 2019, efforts to reset previous trade agreements with China resulted in serious trade disputes between the U.S. and China. The new Phase 1 trade agreement between the U.S. and China was close to being fully implemented during the 2020-21 marketing year, which resulted in a rebound of U.S. soybean exports to China to near “pre-trade war” levels, as well as a surprising increase in U.S. corn exports to China.

There is concern that the recent increased political tensions between the U.S. and China may lead to renewed trade disruptions between the two countries going forward. There also continues to be discussions surrounding the possibility of the U.S. attempting to enter the Trans-Pacific Partnership (TPP) trade agreement with many Asian Countries, including Japan, as well as potential future trade agreements with other countries. In addition, modifications continue in trade relations with Canada and Mexico, which together with China comprise the three largest trade partners for U.S. ag products.

Livestock Related Issues

As of January 1, 2022, the pork industry is being challenged by the implementation of “Proposition 12”, the California law that will restrict a significant amount of the pork that is produced in the Midwest and other areas of the U.S. from being sold in California. Pork producers are also very concerned with the outbreak of African swine fever (AFS) disease in the Dominican Republic and Haiti during the past year, and the potential production and market disruptions that would be caused by an AFS 8 in the U.S. Many beef producers are outbreak concerned with the continuing impacts of the 2021 6 that affected many cow/calf production drought areas of the country. Beef producers are also quite 4 interested in the Congressional hearings and Department of Justice investigations related to pricing 2 practices within the beef processing industry. Dairy farmers have seen some improvement in profit levels0during the past year; however, the long-term J dairy F M industry A M isJ forJcontinued A S tight O N D trend in the profit margins, which emphasizes the importance of future federal dairy support programs.

Looking Ahead to the Next Farm Bill 8

The current Farm Bill expires on September 30, 2023,125 so 6 Congressional discussions on the next Farm Bill will 105 likely begin early in 2022. Current issues such as providing an adequate “safety net” for crop 4 and livestock producers, response to climate change, 85 and links to social issues are likely to affect the 2 65 discussions surrounding the next Farm Bill. Some key issues relative to development of the next Farm 45 0 Bill include J the F future M A status M Jof the J current A S PLC O NandD ARC-CO 25 farm program model, the continuation of J F for M crop A M J J asA theS “cornerO N D Federal support insurance stone” risk management tool for crop producers, continuation of crop disaster programs such as “WHIP+”. and enhancing risk management tools for livestock 125 producers. A big question with the next Farm Bill will be how climate change, carbon credits, 105 carbon sequestration efforts are linked into and other the legislation, either on a mandatory or voluntary 85 approach. Some policy experts feel that it is highly likely 65 that the current Farm Bill could be extended beyond 2023, given the current political divide in 45 Congress. There are numerous other issues and policy efforts 25 F M M J and J Arural S O N D that could Jimpact farmA operators communities in 2022 and beyond, including the COVID pandemic, inflation and rapidly rising farm input costs, labor shortages and immigration policy,

Agriculture/ Agribusiness Corn prices — southern Minnesota

(dollars per bushel)

— 2020 — 2021

$5.82

2 0

$3.99

Source: USDA

Soybean prices — southern Minnesota — 2020 — 2021 8 20 125 16 6 105 12 4 85

(dollars per bushel)

$13.43

8 65 2 $10.83 4 45 0 0 J F M A M J J A S O N D 25 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Iowa-Minnesota hog prices

185 pound carcass, negotiated price, weighted average

— 2020 — 2021

20 125 25 16 105 22 12 85 19 8 65 16 4 45 13 0 J F M A M J 25 10 J F M A M J J F M A M J Source: USDA

Milk prices

25 22 19

$69.43

J A S O $56.60 N D J A S O N D J A S O N D Minimum prices, class 1 milk Dollars per hundredweight

— 2020 — 2021 25 22

$19.84

19 16

$13.86

13 10

20 25 16 22 12 19 8 16 4 13 0 J 10

Source: USDA. Based on federal milk orders. Corn and soybean prices are for rail delivery points in Southern Minnesota. Milk prices are for Upper Midwest points.

C. Sankey

MN Valley Business • FEBRUARY 2022 • 25

13 10

Construction/Real Estate Residential building permits Mankato

Commercial building permits Mankato

12000000

25000000

- 2020 - 2021 (in millions)

10000000 8000000 6000000

$1,684,958

20000000

$5,097,938

15000000

4000000

10000000

2000000

5000000

Source: City of Mankato Information based on Multiple Listing Service and may not reflect all sales

- 2020 - 2021 (in thousands)

262

300

Median home sale price: Mankato region - 2020 - 2021 (in thousands)

$233,000

300

206

240

$212,475

240 180

180

120

0 J

Source: Realtors Association of Southern Minnesota

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

Includes single family homes attached and detached, and town homes and condos

Housing starts: Mankato/North Mankato

— 2020 — 2021

- 2020 - 2021

5.5

4.9

4.3

3.7

3.1%

2.8% O N

Source: Freddie Mac

3.1 2.5

$1,416,247

Source: City of Mankato

Existing home sales: Mankato region

$7,950,495

8 D

Source: Cities of Mankato/North Mankato

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26 • FEBRUARY 2022 • MN Valley Business

and rural health care access and costs, as well as expansion of broadband coverage, and infrastructure needs. Federal legislation and policy related to any of these issues can certainly affect the future of the agriculture industry. Even though farmers and rural communities make up a small percentage of the total U.S. population, the policies that are passed by Congress and implemented by the Federal government targeting the ag industry can have a big impact on the future food supply, energy security and other aspects of life for the entire U.S. population.

Kent Thiesse is farm management analyst and senior vice president, MinnStar Bank, Lake Crystal. 507-381-7960); kent.thiesse@ minnstarbank.com

Gas Prices 5

Gas prices-Mankato

— 2021 — 2022

54 43

$2.97

32 21 10 0

$2.28

Dec. 6

Jan. 6

Percent change

Archer Daniels

$63.21

$69.14

+9.4%

Ameriprise

$293.81

$316.12

+7.6%

Best Buy

$103.98

$100.60

-3.3%

Brookfield Property

$25.28

$25.21

-0.3%

Crown Cork & Seal

$108.70

$109.63

+0.9%

Consolidated Comm.

$8.07

$7.60

-5.9%

Fastenal

$61.80

$61.86

+0.1%

General Mills

$64.46

$69.31

+7.5%

Itron

$63.85

$66.40

+4.0%

Johnson Outdoors

$100.10

$92.99

-7.1%

$177.63

$180.53

+1.6%

Target

$242.53

$226.90

-6.4%

U.S. Bancorp

$57.05

$59.10

+3.6%

Winland

$5.05

$3.90

-22.7%

Xcel

$65.55

$69.15

+5.5%

Gas prices-Minnesota

— 2021 — 2022

5 54

$3.03

43 32 $2.19

21 10

Stocks of local interest

0Source: GasBuddy.com J F M A

C. Sankey

MN Valley Business • FEBRUARY 2022 • 27

■

Minnesota Business Updates Green Plains Inc. and for a change of venue in the case. Green Plains filed a new lawsuit in the Nebraska court in October, alleging ADM conducted a scheme to illegally depress the ethanol cash spot market beginning in November 2017. Green Plains alleges ADM’s actions harmed its business. In August 2021, the U.S. District Court for the District of Central Illinois dismissed a previous Green Plains lawsuit that argued the same claims. The court ruled the company did not have standing to sue under the Commodity Exchange Act. ADM motioned to have the latest lawsuit transferred to the Illinois court where other similar cases are pending.

■ Best Buy adds in-house ad unit Best Buy is turning its in-house advertising unit into a business designed to help consumer goods makers, even outside its current electronics partners, find customers. Best Buy Ads will help other companies take advantage of customer insights the retailer gets from its national reach. It will also help turn Best Buy’s stores, websites and apps into advertising platforms for other businesses. “With Best Buy Ads, we’re able to tap into the unique relationships only Best Buy has with its customers,” the business’ president, Keith Bryan, said in a statement. Through Best Buy Ads, makers of consumer products can buy sponsored products and display ads on BestBuy. com and in-store video ads using store televisions and computer screens. Best Buy will also provide services for reaching customers in external channels outside the electronics company, such as through search ads on popular online search engines, offsite video ads and ads on social media.

■ Xcel wants to change radioactive storage Xcel Energy wants to change the way it stores radioactive waste at its Prairie Island nuclear plant in Red Wing, a move it says will cut costs and make it easier to transport the spent fuel for storage outside Minnesota. The Minneapolis-based utility is asking state regulators for permission to use a different type of storage cask, as long as the design is approved by the federal Nuclear Regulatory Commission, the Star Tribune reports. The casks used to store waste at Prairie Island are a

■ ADM seeks dismissal of suit Archer Daniels Midland asked a federal court in Nebraska to dismiss an ethanol markets lawsuit filed by

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major November Industry 2020 2021 Construction Manufacturing Retail Services Total*

845 429 278 1,437 2,989

Local non-farm jobs Percent change ‘20-’21

590 156 81 260 1,087

Construction

126000 126000 Manufacturing

Retail 113000 Services 113000 Total*

14,949 6,385 5,295 37,602 64,231

11,074 2,423 1,584 7,195 22,276

126000

2100 1400

113000

700 100000

Minnesota Local non-farm jobs 12000 3500 3500 10000

-26.0% -62.1% -70.1% -80.9% -65.3%

8000 2800 2800 6000 2100 2100 4000 1400 1400 2000

28 • FEBRUARY 2022 • MN Valley Business

700 D

300000

2,917 2,959

240000 180000 120000 60000

700 0 0

- 2020 - 2021

(in thousands)

Percent change ‘20-’21

Services consist of administration, educational, health care and social 100000 assistance, food andJ otherF miscellaneous services. M A M J J A S O 100000 J don’t F equal M total A because M Jsome Jcategories A not S listed. O N *Categories

3500

129,293

2800

-30.2% -63.6% -70.9% -82.0% -63.6%

Minnesota initial unemployment claims November 2020 2021

125,795

139000

Services consist of administration, educational, health care and social assistance, food and other miscellaneous services. *Categories don’t equal total because some categories not listed.

Major Industry 139000 139000

- 2020 - 2021

Nine-county Mankato region

F M

M A A M

M J

J J

J A

A S

S O

O N

N D

ground less and using fertilizer more efficiently. The Bayer Carbon Program pays growers up to $9 an acre for planting cover crops and reducing soil tillage. Farmers in the program log their practices on digital platforms to generate a carbon credit.

bolted metal design known as TN-40, chosen in 1989. Xcel’s director of nuclear regulatory policy, Pam Gorman Prochaska, says Prairie Island is the last plant still using that kind of cask.

■ Target is soaring

■ Inflation hurts General Mills

Holiday retail sales soared past prior-year totals in 2021, setting up Target Corp. to exceed estimates and provide gains for shareholders. In-store sales alone were up 8%, while online sales increased even more. Target has long been one of the retail establishments that could withstand the threat of e-commerce. Even as Amazon has flourished, Target stock outperformed Amazon stock in 2021. Target has also made significant strides in becoming an omnichannel retailer. In Q3 2021, for instance, digital sales were up 29% over the same period in 2020. In 2020, digital sales increased a whopping 155% due to the pandemic.

Sales were up but earnings down for the most recent quarter at General Mills – a situation that management 139000 3500 attributes to not being able to raise prices fast enough. 2800 Net sales for the second fiscal 126000 2100 quarter, ending Nov. 28, reached $5.02 billion, a 6.5% increase over the same quarter last year. Net earnings, 1400 however, 113000 dropped 13%, to $597 million. “The current operating environment is as dynamic and 700 challenging as I’ve seen in my 27-plus years in the industry,” 100000 0 CEO Jeff Harmening J F M said A during M J anJearnings A S call. O “At-home N D J food demand remained elevated, input cost inflation is at a ■ Bayer AG expands 10-year high, and labor shortages and other issues are causing disruptions across our supply chain, from our carbon program suppliers to manufacturing to distribution.” Agricultural seeds and chemicals supplier Bayer AG is General Mills has been raising prices for its products, both 3500 139000 expanding its carbon farming program to members of 12000 and through such means as package downsizing. 300000 3500 directly 139000 farm cooperative CHS, boosting incentives for members 2800 Company executives said they expect to increase prices to participate in the program. 240000 2800 10000 126000 further in 2022, in the range of 7% to 8%. The agreement will make it easier for CHS’s 75,000 2100 8000 126000 180000 farmer-members to enroll in Bayer’s Carbon Program, 2100 6000 1400 an early leader in the drive to encourage farmers to 1400 113000 120000 4000 113000 carbon by planting off-season crops, tilling the capture 700 700

100000 100000 J F

J M

M J

J A

J S

A O

S N

O D

2,490 4,579

180000 120000 60000

J F M A M M A M J J M A M J J

J A A

J S S

A S O N O N D O N D

240000

66,557 117,017

180000 120000 60000 0

J JA

J JS

A AO

S N S

O D O

N N

D D

(includes all of Blue Earth and Nicollet Counties) 300000 240000

November 180000 Unemployment rate 120000 Number of non-farm jobs Number of unemployed

60000 J

0 F

J M

F M A A M J

M J

J A

2020

2021

3.2% 57,335 1,949

1.8% 59,175 2,064

J S

A O

S N

O D

Unemployment rates Counties, state, nation County/area

- 2020 - 2021

M MJ

Mankato/North Mankato Metropolitan statistical area

240000

300000

D 0

300000

Minnesota number of unemployed

- 2020 - 2021

Nine-county Mankato region

60000

Employment/Unemployment

F M A A M J

Local number of unemployed 12000 12000 3500 10000 10000 8000 2800 8000 6000 6000 2100 4000 4000 1400 2000 2000 700 0 0 J F 0 J F

2000 0 0 J F M A J F JM FA M M AJ

Blue Earth Brown Faribault Le Sueur Martin Nicollet Sibley Waseca Watonwan Minneapolis/St. Paul Minnesota U.S.

November 2020

November 2021

3.3% 3.4% 4.7% 4.8% 3.2% 2.9% 4.0% 3.9% 2.9% 4.0% 4.3% 6.4%

1.9% 1.7% 2.5% 2.4% 2.1% 1.6% 2.2% 2.3% 1.6% 2.2% 2.2% 3.9%

Source: Minnesota Department of Employment and Economic Development C. Sankey

MN Valley Business • FEBRUARY 2022 • 29

Sponsored by the Carl & Verna Schmidt Foundation

The problem with rolling your 401(k) over By Liz Weston | NerdWallet

f you leave a job or retire, you’re often encouraged to roll over your 401(k) or other workplace retirement account into an individual retirement account. That might not be the right move. Workplace plans have rules that can protect you from subpar investments and advisers who put their own interests ahead of yours. IRA investments can be more expensive, which can result in less money to spend in retirement. Workplace plans also may offer easier access to your money. IRAs typically offer many more investment options, a fact heavily emphasized by the financial services companies that want your money. Rollovers are big business — the Investment Company Institute, a trade group, reports that households transferred $463 billion from employer-sponsored plans to IRAs in 2017, the latest year for which statistics are available. But just having more investment choices isn’t necessarily better. “With a 401(k), your options are typically going to be more limited, but your options are also going to be squarely within your best interest,” says Dylan Bruce, financial services counsel for the Consumer Federation of America, a nonprofit consumer advocacy group.

Why the fiduciar y standard matters

You usually have choices about what to do with your retirement funds when you leave a job, and an IRA rollover is only one way to preserve the money’s taxdeferred status. Other ways include leaving the account where it is (your former employer must allow this if your balance is over $5,000) or rolling the money into a new employer’s retirement plan, if that plan accepts such transfers. Most workplace retirement plans are covered under the Employee Retirement Income Security Act, which imposes a fiduciary duty on the people and companies overseeing the plans. Fiduciaries are required to operate solely in the interests of the participants and avoid conflicts of interest. In the past, advisers weren’t held to the same standard when recommending IRA rollovers, although that’s changing. The U.S. Department of Labor is extending fiduciary coverage to IRA rollovers, recognizing that financial services providers often have a strong economic incentive to recommend them even when they’re not in an investor’s best interest. Bruce calls that “a very good development,” but it won’t happen overnight. Enforcement of the new rules will be rolled out in stages starting next year, Bruce says.

30 • FEBRUARY 2022 • MN Valley Business

Workplace plans may cost less, offer more

IRAs are sometimes touted as being cheaper than 401(k)s on average, but often that’s not the case. Since 2000, the cost of equity funds inside 401(k)s has dropped substantially, according to the Investment Company Institute. The average expense ratio for stock mutual funds in the U.S. in 2020 was 1.16%, while 401(k) investors paid about one third that amount, or 0.39%, on average. Expense ratios are the annual fees charged for operating and administering the funds. Fees make a big difference in how much your nest egg can grow. Let’s say you invest $20,000 in a fund with a 1.16% expense ratio that grows an average of 8% each year. After 40 years, you’d have about $282,000. With a 0.39% fee, your balance would be nearly $376,000, or one-third more. Accessing your money can be harder with an IRA, as well. You can’t borrow money from an IRA for longer than 60 days, or it’s considered a taxable distribution. Any money you withdraw before age 59 1/2 is typically penalized as well as taxed, although the penalty is waived for certain withdrawals, such as for higher education or a first-home purchase. With 401(k)s, by contrast, you can begin withdrawing money at age 55 without penalties if you no longer work for the company offering the plan. If you transfer an old 401(k) account to a new employer’s plan, you typically can borrow up to half of your total vested balance or $50,000, whichever is less, and pay the money back over five years.

Sponsored by the Carl & Verna Schmidt Foundation

Begin working on credit score at an early age By Colin Beresford | NerdWallet

ooner than you may realize, your credit score will start to matter. A solid credit score can be the difference between qualifying for an apartment or a low-interest car loan or missing out. So to have credit ready when you need it, the time to start building a good and lengthy credit history is now. There’s more than one way to build credit, and it could be as simple as reporting your ongoing bill payments to the major credit bureaus. But keep in mind: Building credit takes diligence, particularly since missing payments can hurt your score for years to come.

What is credit and why does it matter?

Your credit score is a number that typically ranges between 300 and 850 and is calculated based on how reliably you’ve paid past debts, such as credit card bills. Lenders use your credit score to predict how likely you will repay debt. Your credit score helps determine the loans you can receive, the interest you’ll be charged, the credit cards you can qualify for and the properties you can rent. An employer can even check your credit history. Having a good credit score can save you money later on, mainly through lower interest rates when you secure a loan. If you’re starting with no credit history, you aren’t alone. In the U.S., nearly 40% of people between the ages of 20 and 24 have little to no credit history to generate a score, according to the Consumer Finance and Protection Bureau. Unfortunately, the same is true for roughly 20% of the population. Building your credit might seem overwhelming if you haven’t thought about it before, but there are many strategies to employ, even if you’re just beginning. Start by establishing good habits with managing debt, such as not taking on more debt than you can afford, says Brittany Mollica, a certified financial planner based in Chapel Hill, North Carolina. Missing payments will damage your score and can become a burden when you need to borrow money in the future. “Getting in good habits of always paying your bills is really important,” Mollica says.

Credit cards — and alternative cards

Credit cards can be a great tool to establish credit, but they can also damage your score if you take on more debt than you can handle. If a parent or another trusted person in your life has a high credit limit and a long history of making timely

payments, you could become an authorized user on their account and benefit from their good credit. This is one of the easiest ways to lengthen your credit history, says Blaine Thiederman, a certified financial planner in Arvada, Colorado. Becoming an authorized user will also impact your credit utilization rate, or the amount of money you owe to lenders divided by the total credit available to you, which can help your credit score. If you have your own income, you can apply for a credit card when you’re 18 years old; otherwise, you have to wait until you are 21. A secured credit card is typically the best credit card to start with. A cash deposit backs these cards, and since the credit card company can take that deposit if you miss payments, people with short or poor credit histories can qualify.

Monthly bills

If you live independently, payments for rent, utilities and phone bills can all be reported to credit bureaus. So paying those bills can build your credit if they’re on time and you have them reported. Unlike credit card payments, these payments aren’t reported automatically and can require a third-party service, such as Experian Boost, to make the credit bureaus aware of your payments.

Loans

Making regular payments on loans can also help you build your credit. And even if you don’t have any credit history, some loans are available. Credit-builder loans rely on income rather than credit for approval. If you’re approved, the loan sits in a bank account and becomes available once you pay it off. Your monthly payments are reported to the major credit bureaus.

MN Valley Business • FEBRUARY 2022 • 31

YOU ARE INVITED TO ATTEND THE

Greater Mankato Growth, Inc.

Annual Meeting Tuesday, March 8 | 5 - 8 pm

Minnesota State University, Mankato - Centennial Student Union

Please join us as we bring together the business community to share the accomplishments of the past year and celebrate the vision for the future! PRESENTING SPONSOR:

Enjoy dinner, a keynote presentation, and learn about the areas of work and impact of our organization in the Greater Mankato area and beyond. As part of the event, Greater Mankato Growth, Visit Mankato, City Center Partnership, and GreenSeam will honor individuals and organizations who have demonstrated outstanding leadership through service and made contributions to the betterment of quality of life, business environment, and ecomonic vitality that help our community thrive.

DON'T MISS OUT, GET YOUR TICKETS TODAY!

G R E AT E R M A N K ATO.C O M / A N N U A L - M E E T I N G To learn more about sponsorship opportunities, contact Liz Sharp: lsharp@greatermankato.com

During the 2021 holiday season, the City Center Partnership's Bonus Gift Card Program saw $35K in receipts turned in for bonus gift cards, equating to $5 in additional spending for every $1 the City Center Partnership invested in this initative. 32 • FEBRUARY 2022 • MN Valley Business

G R E AT E R M A N K AT O G R O W T H , I n c .

2022

Events

WHY JOIN

GREATER MANKATO Annual Meeting Songs on the Lawn Tuesday, March 8 | GROWTH? 5 - 8 pm Thursdays in June

Business After Hours

First Tuesday of the month* 4 - 6 pm Time for member businesses and their employees to make connections and network in an informal atmosphere.

* Date shifted to second Tuesday of the month in January, July, and September, due to holidays.

EXPOSURE

11 am - 1 pm

together the business Popular summer gathering for BuildBringing your Brand; growcommunity your business. to share our co-workers, families, and friends Stand out and get It’s not just st WHO WHO you ou accomplishments of the previous from around the region. The event noticed! know, it’s who knows k year and celebrate YOU. the vision for Networking IS features live music, enterainment, Powerful. the future. The four business units and local food at Civic Center

LEARNING

Gain access cces to Member Exclusive Content to help grow your business.

TALENT RETENTION Greater Mankato on the Green Keep your employees

July 11 |engaged noon shotgun start and retained with

access to our member only events and programs. First-class opportunity for interaction

NETWORKING TW WORKING ORKING

Plaza in downtown Mankato. BE IN

recognize the volunteers of the year at this premier event.

THE KNOW

Receive our member only emails making you the first to know the latest news.

MEMBER EXCLUSIVE BENEFITS Alive After 5

REFERRALS We only refer member Celebration businesses. Word of mouthof Ag and direct July referrals 21 come | 4 - 6 pm from being a valued member of GMG.

Thursdays in August 5 - 7:30 pm

Fun evenings of live music, Celebrates agriculture and artisan market, foods, and the impact of GreenSeam and networking with more than 200 SHAPEbeverages YOUR atCREDIBILITY Civic Center in the past year, while offering member businesses while enjoying Raise your reputation by COMMUNITY Plaza in downtown Mankato. networking opportunities with 18 holes of golf. belonging. Research shows Your investment helps us key ag leaders. that businesses who belong continue to build the best environment for your business and its employees.

to a chamber of commerce are more successful.

BUSINESS AWARDS

and

HALL of FAME

Mankato Marathon

Friday & Saturday, October 14 - 15 Mankato Marathon, presented by Mayo Clinic Health System, is the area’s biggest race of the year, featuring a Full Marathon, Relay, Half Marathon, 10K, 5K, KidsK, and Bold Challenges.

Greater Mankato Business Awards & Hall of Fame November 15 | 5 - 8 pm

Premier business award event where our four business units honor outstanding businesses, professionals, and organizations within the Greater Mankato region.

Rural Forum

December 1 | 4:30 - 8:30 pm

greatermankato.com/join

GreenSeam’s annual eventApril 2018 connecting public leaders and a wide range of professionals and students from the ag sector for conversations about key issues facing the rural economy.

MN Valley Business • FEBRUARY 2022 • 33 greatermankato.com/join

2022 PRESENTING SPONSOR

EVERY FIRST TUESDAY OF THE MONTH | 4 TO 6 PM * DATES SHIFTED TO SECOND TUESDAY DUE TO HOLIDAYS

JAN 11 *

North Risk Partners - Kato Insurance 100 Warren Street, Suite 204, Mankato

JUL 12 *

Dotson Iron Castings 200 W Rock Street, Mankato

FEB 1

Southern Minnesota Orthodontics 1545 Adams Street, Mankato

AUG 2

Massad Real Estate 100 Warren Street, Suite 308, Mankato

MAR 1

Laketown Electric Corporation 303 Lundin Boulevard, Mankato

SEP 13 *

Frandsen Bank & Trust 240 Belgrade Avenue, North Mankato

APR 5

The Pillars of Mankato 3125 Prairie Rose Drive, Mankato

OCT 4

J. Longs 1640 Madison Avenue, Mankato

MAY 3

Edina Realty 313 N Riverfront Drive, Mankato

NOV 1

Mayo Clinic Health System 1025 Marsh Street, Mankato

JUN 7

Laurels Edge Assisted Living 77 Stadium Road, Mankato

DEC 6

Federated Insurance 2000 Technology Drive, Mankato

To get a taste of a Greater Mankato Growth membership, guests from the general public are welcome to attend one Business After Hours event.

greatermankato.com/bah

NEW LOCATION

Fernbrook Family Center 342 Belgrade Avenue, North Mankato, MN 56003

Volunteering as a Greater Mankato Ambassador or Greater Mankato Cavalier is a priceless effort that helps us grow Greater Mankato. The Ambassadors serve as the greeting arm that promotes our community and encourages business development in our area. The Cavaliers provide activities that encourage member involvement, networking, and retention.

greatermankato.com/volunteers

GRAND OPENING

iSpace Environments 5 Civic Center Plaza, Mankato, MN 56001

GRAND OPENING

Bomgaars 1940 Adams Street, Mankato, MN 56001

NEW BUSINESS

The Beast Food Boutique

422 Belgrade Avenue, Suite 103, North Mankato, 56003

Join today! Premiere Restoration 100 Sibley Parkway, Suite 200, Mankato, MN 56001

34 • FEBRUARY 2022 • MN Valley Business

State of Ag Survey Available through February 14, 2022. For the third year in a row, GreenSeam, along with many collaborators, is conducting a survey and holding focus groups to provide deeper insight into the future of agriculture. The State of Ag report is a comprehensive survey of Minnesota’s agribusinesses and related industries. It reveals the perceptions and opinions on the economy and other major issues impacting ag businesses, while placing an emphasis on education, as well EXPOSURE Build your Brand; as talent attraction and retention.

WHY JOIN grow your business. Stand out and get noticed!

2022 STATE OF AG

If you or your business or organization are directly or indirectly working in or near the food and agriculture industry, please complete the 2022 State of Ag Survey. Your participation will enable GreenSeam to better understand, serve, and support the workforce, businesses, organizations, and the communities we call home.

GREATER MANKATO GROWTH?

NETWORKING TW WORKING ORKING It’s not just st WHO WHO you ou know, it’s who knows k YOU. Networking IS Powerful.

BE IN THE KNOW

REPORT

LEARNING

Gain access cces to Member MARCH Exclusive Content to help22, 2022 STATE OF AG REPORT RELEASE DATE grow your business.

Receive our member only emails making you the first to know the latest news.

Keep your employees engaged and retained with TAKE THE access to our member onlySURVEY & LEARN MORE: GREENSEAM.ORG/SURVEY events and programs.

We only refer member businesses. Word of mouth and direct referrals come from being a valued member of GMG.

MEMBER EXCLUSIVE TALENT DON’T MISS THE CHANCE TO SHARE YOUR INSIGHTS AND EXPERTISE BENEFITS RETENTION

REFERRALS

SHAPE YOUR CREDIBILITY Raise your reputation by COMMUNITY belonging. Research shows

Your investment helps us that businesses who belong continue to build the best a chamber of commerce Congratulations to Belissimo Coatings, environment for your Paint & to are more successful. business and itsand employees. Whimsy & Weathered, Eide Bailly Tower

owned by Neubau Holdings, the winners of the second annual Let it Glow, Kato!, a window display contest, sponsored by the City Center Partnership.

1 Window display contests provide a great way to attract customers and make communities more inviting. This year, 22 business participated in the contest.

greatermankato.com/join April 2018

MN Valley Business • FEBRUARY 2022 • 35 greatermankato.com/join

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MN Valley Business • FEBRUARY 2022 • 37

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Also located in | Alexandria, Bemidji, Brainerd, Crookston, East Grand Forks, Forest Lake, Grand Forks MN Valley Business • FEBRUARY 2022 • 38