Minnesota Valley Business

business MINNESOTA VALLEY

August 2022

SHINE ON

Businesses turn to solar Also in this issue Bonita! By Baubles and Bobbies Homestead in Waseca Wooden Spoon in Old Town Gary Winters of Mankato Solar Store. Photo

by Pat Christman

The Free Press MEDIA

MNVB 0822 p01.indd 1

7/15/2022 8:29:23 AM

T

We look at banking from a different perspective: yours.

At Bremer Bank, we know the true value of a banking relationship isn’t measured in dollars and cents. It’s measured in trust, earned by helping you anticipate, grow and thrive through changes.

It’s not always possible to know what the future holds. But we’ll be ready to help you make the most of it. Because right now, relationships matter more than ever. Talk to a Bremer banker today.

Understanding is everything.

bremer.com

© 2022 Bremer Financial Corporation. All rights reserved. Bremer and Bremer Bank are registered service marks of Bremer Financial Corporation.

MNVB 0822 p01.indd 1

7/15/2022 8:29:25 AM

ARE YOU READY FOR RESULTS? The Mankato Free Press has been instrumental to Bold North’s direct mailing and digital advertising efforts this spring after the hail storms that hit Mankato. Within a couple days of meeting with Danny and Josh for the first time, they were able to create a digital advertising campaign for Bold North that targeted the exact demographic most impacted by the hail storms which put us in front of the right homeowners so that we were able to help them work through their insurance claims. Would highly recommend the Free Press for their quick response time, reasonable pricing, and friendly customer service.

Erik McLaughlin, CPA, Owner (612)-7232940 erik@boldnorthroofing.com • www.boldnorthroofing.com

CONTACT ME TODAY! Josh Zimmerman Digital Sales Manager Digital Advertising Director 507.344.6322

jzimmerman@mankatofreepress.com

MN Valley Business • AUGUST 2022 • 1

MNVB 0822 p01.indd 1

7/15/2022 8:29:25 AM

1750 Northway Drive North Mankato, MN 56003

800-729-7575 www.corpgraph.com

Visit a business banker at First National Bank Minnesota to talk about your goals and how we can help. Your community banking partner since 1857.

t h g i Br s r o l o C www.fnbmn.bank

General Contractor Construction Management Field Services Architecture

Bright Ideas!

+ Engineering Service

Real Estate

+ Brokerage ®

507.625.2634

RICECOMPANIES.COM

MNVB 0822 p01.indd 2

7/15/2022 8:29:31 AM

xxxxx

F E A T U R E S August 2022 • Volume 14, Issue 11

8

Farmers and other business owners are installing solar as both the panels and batteries get cheaper and are more efficient than ever.

12

Natasha Frost and her dedicated team at Wooden Spoon are stirring up quality food along with a generous side dish of community service.

16

Nancy Walters opened Homestead in 2015 in a historic building in Waseca, offering a unique inventory, including many handmade items.

20

Ginger Neilon’s Bonita! By Baubles and Bobbies merges her dreams of owning a small business and her love for Old Town Mankato.

MN Valley Business • JULY 2022 • 3

MNVB 0822 p01.indd 3

7/15/2022 8:29:41 AM

■

AUGUST 2022 • VOLUME 14, ISSUE 11

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 Jennifer Flowers 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 ............................33

From the editor

Life in Mankato compares favorably to Twin Cities

M

ankato State University students in the late 1970s and early 1980s found Mankato to be a “nice” small town to go to college, to hit fun bars where they didn’t check IDs and have big spring drinking parties like the Vet’s Picnic, People’s Fair and Little Crow.

There were very few students who thought of staying in Mankato upon graduation, and, in all honesty, the career opportunities were minimal.

There were no Big Eight accounting firms here and Unisys and Control Data in the Twin Cities were the big employers of MSU’s highly recommended computer science program students.

Fast forward 40 years and the landscape has changed remarkably.

Par tnerships between what is now called Minnesota State University and area businesses have grown where there are plenty of career opportunities. Nationwide big firms like Eide Bailly and Federated Insurance have set up offices in town and hometown businesses like Taylor Corp. and ISG have grown substantially to offer many career opportunities.

Young people and graduates of MSU seem to be staying in town more and more. Housing and apartment buildings of all make and style show someone wants to stay here at least for a while. The region has grown in amenities with shopping and recreation and has become an outdoor mecca for ever ything from kayaking to biking.

Could it be the allure of the bright city lights are not as bright anymore?

Some 40 years removed from living in the Twin Cities, I’ve not had much desire to go back.

Minneapolis and St. Paul are

great cities, with plenty of great things to do, five professional sports teams and lakes and beautiful downtowns.

But when one considers time is freedom and more free time and quality of life comes from spending less time in traffic, the Twin Cities fall far behind.

The average commute to work for people in Minneapolis is 23.7 minutes one way. For Blue Earth County the mean travel time to work is 18 minutes. But if you look at how many commuters get to work in less than 10 minutes, it’s 23% for Blue Earth County and just 9% for folks in Hennepin County.

So you have a lot fewer stressed out commuters in Mankato.

The difference in commutes would give Mankato workers 50 more hours of non-driving time per year. Family time. Fun time.

But the cost of living is also important. Blue Earth County fares well again compared to Hennepin County. The yearly cost of living for a family of two adults and one child is about $50,000 in Blue Earth County, according to the Minnesota Department of Employment and Economic Development. In Hennepin County the cost is $69,000, or almost 40% more.

That’s a big gap.

Crime and public safety are often other factors in quality of life. And unfortunately, the Twin Cities are a large urban area that seems to be having more violent crime. Of course, much of it was fueled by the civil unrest of the George Floyd murder at the hands of police, but it is what it is.

Crime is not good.

And what’s worse, the Minneapolis police department is some 200 officers short of 800 or so needed.

Mankato is not without its

4 • AUGUST 2022 • MN Valley Business

MNVB 0822 p01.indd 4

7/15/2022 8:29:42 AM

crime. There were three homicide cases of late, and while that’s not anything to be proud of, at least we can count the homicides on one hand.

The biggest public safety threat in Mankato appears to be the rampant existence of drugs laced with fentanyl creating deadly

■

overdoses by sometimes unsuspecting victims. That’s a big social problem that must be addressed.

But in the end, Mankato has turned out to be a fairly safe, prosperous community where you don’t have to spend a lot of time in your vehicle. Those are

lifestyle amenities that are keeping young people and families here even if there are not many big bright city lights.

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

Follow on Twitter @jfspear.

Local Business People/Company News

Brunton Construction unveiled

Corey Brunton, President and CEO of Brunton Architects & Engineers has started Brunton Construction.

With the steady growth and increasing demand for construction services, Brunton determined it was necessary to formally identify the company under its own brand.

Brunton Construction offers “design-led/design-build” services to its clients, led by the architecture and engineering team at Brunton Architects & Engineers and coordinated with the construction team.

Tom McCone, with 16 yees in the construction industry, is the director of construction services.

■■■

STEAM book series honored

Full STEAM ahead!, Bolton & Menk’s children’s book series, was recognized by the Creativity International Graphic Design and Adver tising Awards for introducing students to careers in STEAM through vibrant, fun, and engaging narratives.

The series received a Silver Award in the Children’s eBook category. Mankato-based Lime Valley Advertising, Inc. brought all the characters to life with their illustrations.

The architecture, engineering, construction field contains many career possibilities, most of which are not taught in classrooms.

With the help of their staff, Bolton & Menk’s book series strives to introduce children ages 6-12 to STEAM careers. Students learn about constr uction, environmental, and social issues

that landscape architects and engineers help solve. The series also introduces industry-relevant terms.

■■■

Mankato Clinic a top workplace

Mankato Clinic has been named one of the Top 200 Workplaces in Minnesota by the Star Tribune.

Top Workplaces recognizes the most progressive companies in Minnesota based on employee opinions measuring engagement, organizational health and satisfaction.

The rankings in the Star Tribune Top 200 Workplaces are based on survey information collected by Energage, an independent company specializing in employee engagement and retention.

Mankato Clinic is ranked 12th in the large company category.

■■■

Spann joins True

Dondre Spann has joined True Real Estate as a real estate agent.

He is a native of Mankato and graduate of MSU majoring in business management.

■■■

The Pillars named to best of list

U.S. News and World Report named 16 Ebenezer-managed senior living communities to its inaugural list of Best Senior Living Communities. Ebenezer Management Ser vices, Minnesota’s largest senior living operator and part of Fairview Health Services, manages more

than 100 senior communities throughout Minnesota, Iowa and Wisconsin.

The Ebenezer communities named to the list of Best Senior Living Communities include The Pillars of Mankato.

■■■

Moline named Pork Ambassador

Nicollet County Pork Producers named Makayla Moline as their 2022 Pork Ambassador.

Moline is the daughter of Rob and Gail Moline of St. Peter. She is involved in the Nicollet County 4-H Program and actively involved in the swine project.

She is a graduate of St. Peter High School and plans to major in pre-veterinarian science at the University of Minnesota-Twin Cities. As a pork ambassador, Moline will serve as the goodwill representative for the pork industr y doing appearances throughout the year promoting pork and the local industry.

■■■

Weichert agents complete training

Weichert Real Estate Affiliates announced agents that have successfully completed its Fast Track training program.

Greg McCarthy and Matt Tyree of the Weichert Realtors group in Mankato completed the training, which helps quickly bring new and existing Weichert affiliated agents up to speed on the latest information, resources and technology.

MN Valley Business • AUGUST 2022 • 5

MNVB 0822 p01.indd 5

7/15/2022 8:29:43 AM

Local businesses help MRCI fulfill its mission

Sharing time, treasure and talent through Whose Line is it Mankato?

Each month MRCI uses this space to highlight successful partnerships between area employers and the individuals we serve. Each month, a single story. There is one night each year, however, where all of these stories come together. A night that celebrates how important the businesses, the people, the partnerships are to the success of MRCI’s mission.

This year, that night is September 16.

Whose Line is it Mankato? is an annual event that puts 10 community leaders on stage with a professional improv group, completely unscripted. What happens on stage is truly spontaneous and magical, but what happens off stage should also be spotlighted as the businesses our contestants represent allow them the time to participate and also pledge financial support.

Our presenting sponsor, Pioneer Bank, has been with us since the event debuted in 2018. And since that time other area businesses have joined them in that support through sponsorships, attendance at the event and leaving the event committed to hiring from our pool of awesome job candidates.

As we prepare for this year’s event on September 16, we have fun reflecting back on past shows. Pictured here is the cast from the 2021 event. Curious who will take the stage this year?

To see our slate of contestants and to get tickets, visit https://www.mymrci.org/whose-linemankato-2022.

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 • AUGUST 2022 • MN Valley Business

MNVB 0822 p01.indd 6

7/15/2022 8:29:47 AM

■

Business Commentary

By Harvey Mackay

“W

Vision is seeing the invisible

hen I was a young man, I wanted to change the world. I found it was difficult to change the world, so I tried to change my nation. When I found I couldn’t change the nation, I began to focus on my town. I couldn’t change the town and as an older man, I tried to change my family.

“Now, as an old man, I realize that if long ago I had changed myself, I could have made an impact on my family. My family and I could have made an impact on our town. Their impact could have changed the nation, and I could indeed have changed the world.”

These comments, from an unknown monk in 1100, illustrate the power of vision.

A vision is the mental picture of what you desire. Clear goals are essential but having a vision is more than just achieving goals.

You must have inspiration and motivation and a believe-inyourself mentality. A vision provides hope and a desire to work harder. Having a vision means having a clear sense of purpose.

I learned long ago that projecting oneself into a successful situation is one of the most powerful means of attaining personal goals. Vision doesn’t do the planning and it doesn’t anticipate the obstacles. It gives a real idea of what is possible, if only you want it bad enough.

Author J. Oswald Sanders said: “Eyes that look are common. Eyes that see are rare.”

Here are some of the characteristics of a successful vision: Imaginable. The first thing is to make sure that your vision is doable. Many people have visions that are not attainable. You need to have a clear picture of what you want.

Desire. The will is as important as the skill. History books are full of tales of people who said certain things could never be done – and then prove that anything is possible. I’ve always said that you can accomplish almost anything if you put your mind to it. If you believe you can do something, you have a chance. If you don’t, you won’t.

Motivation. I think one of the best motivators, the one that is most likely to stick with you – even for a lifetime – is the one that comes from within. . . the voice inside you. You have to ignite your own passion. Motivation is the spark that ignites success.

Focus. How many times have you heard an athlete talk about focus? It’s a topic I also hear about frequently in business. The most common complaints: Too many irons in the fire. Too many projects spinning at one time. Too many interruptions. Too many phone calls. Too many emails. Too many things to do. Too little time.

Decide what is most important. Stay focused as best you can, and don’t let things happen to you – not when you can make things happen.

Confidence. Confidence doesn’t come naturally to most people.

Even the most successful people have struggled with it in their careers. The good news is that you can develop confidence, just like any muscle or character trait, if you’re willing to work hard and achieve some success.

Flexible. No matter how good your ideas are, or how committed you are to your vision, remember that things change. Be ready to modify your plans so you can take advantage of opportunities that present themselves.

At age 40, Thomas Watson Sr. became general manager of a little firm that manufactured meat slicers, time clocks and simple tabulators. However, he had a vision for a machine that could process and store information long before computers were a reality. To match his lofty vision, Watson soon renamed his company International Business Machines Corporation. He was asked late in life when he envisioned IBM becoming so successful.

His reply was simply, “At the beginning.”

In the early 1970s, Fred Smith described his vision for an overnight nationwide air express delivery system in a term paper for his economics class at Yale University, for which the professor awarded him a C. Today Federal Express delivers freight and packages in more than 220 countries across six continents each day.

Mrs. Walt Disney gave the inaugural speech at the opening of Disney World in Florida since Walt Disney had passed away. An interviewer said to her, “I wish Dr. Disney had lived to see it.”

Mrs. Disney replied, “He did.”

Mackay’s Moral:

A vision without a task is a dream. A task with a vision is drudgery. But the two together are the hope of the world.

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

MN Valley Business • AUGUST 2022 • 7

MNVB 0822 p01.indd 7

7/15/2022 8:29:48 AM

Gary Winters, of the Mankato Solar Store, says demand for solar installations is increasing dramatically as solar panels and batteries get better and prices fall.

Shining success Businesses adding solar

By Tim Krohn | Photos by Pat Christman

E

lectrician Tim Zinniel has long had a fascination with solar power.

“I love electrical work, but I love solar because it just sits there with no moving parts and turns sunshine into electricity.”

Zinniel Electric, which had a Sleepy Eye location for some time, is now in Morgan.

It serves much of southern Minnesota and was one of the early installers of solar arrays.

“We started doing solar in about 2010. At that time solar was out there, but it wasn’t much. I had to go to Wisconsin to do a lot of my training.”

Zinniel does residential arrays, but much of his work is for businesses and farms.

Gary Winters, who with Aaron Busse owns the

Mankato Solar Store on North Riverfront Drive, said farmers and other business owners have steadily seen solar investments as a way to ensure their long-term electric costs don’t increase and will at some point offer financial returns.

“When you use your property as a business, like a farm, the federal incentive allows you to depreciate part of the value of the solar hardware and installation cost. Not everyone qualifies, but if you’re expensing your property for business, you can take depreciation,” Winters said.

And, he said, there is a 26% tax credit on the front end. “And you can depreciate another 25% so after five years you recover half of the up-front cost.”

That federal tax credit is scheduled to go down to

Cover Story

8 • AUGUST 2022 • MN Valley Business

MNVB 0822 p01.indd 8

7/15/2022 8:29:52 AM

Tamara Stoffel had solar panels installed on the roof of her high barn near Mankato to provide emergency power to medical equipment in case of an outage.

22% next year and sunsets in 2024 unless Congress extends it.

Winters is confident the program will be extended. “The incentive has been around since 2005 and every time it’s come up for renewal it has been, no matter who is in Congress.”

Winters said the up-front costs of solar are significant, but said the return on investments accelerates over time as little or no electricity needs to be purchased. “And good solar panels have a 25-year warranty.

You have the up-front cost, but you can calculate exactly how much you’ll generate during the warranty period. All other power costs go up every year, but solar doesn’t once it’s installed.”

Zinniel notes the oil industry has long gotten an array of subsidies and said he’d like to see incentives removed for all energy sources, be they coal and oil or green and renewable energy.

“Whatever the energy source we have, it has to stand on its own two legs.”

He said if a home or business owner decides to do solar, they have to do some research. “The

Patti Ruskey’s garage art studio behind her Mankato home is powered by solar panels from the Mankato Solar Store. biggest thing to stress when it comes to solar projects is make sure you’re dealing with a reputable company. It’s not so bad here, but in the metro area I hear a lot of horror stories. You need to do your due diligence.”

Better batteries

Zinniel, who is certified as a battery backup system installer,

said batter y technology has gotten much better and less expensive. He said prior to the past couple of years he almost never had customers who wanted to install battery backups. “This year we’re doing a lot of them and getting a lot more calls about it.”

Winters said more companies are using different chemistries to produce better batteries at lower

MN Valley Business • AUGUST 2022 • 9

MNVB 0822 p01.indd 9

7/15/2022 8:30:00 AM

CONSTRUCTION MANAGEMENT GENERAL CONTRACTING DESIGN-BUILD

(507) 387-1667

WEBCONMANKATO.COM

Mankato Solar Store provides a variety of of products for DIYers who want to build small solar projects for things like getting power to a shed or a trailer or fish house.

WE'VE MOVED! NEW OFFICE LOCATION IN MANKATO

costs. “It’s really going to benefit consumers. There’s a lot of battery makers now, and they’re all trying to get the lowest cost and longest life.”

He said solar in general continues to see lower costs and better performance. “Solar has gone down 11% in cost and 11% up in generation each year.”

Winters’ Solar Store is mostly a

10 • AUGUST 2022 • MN Valley Business

MNVB 0822 p01.indd 10

7/15/2022 8:30:15 AM

Tim Lidstrom

We Know Commercial Real Estatte.

CCIM, Broker

Karla Jo Olson Broker

ER MI

SITE

PR E

1.09 ACRE COMMERCIAL LOT FOR SALE Located in established industrial park at the Premier/Excel Drive intersection with access to nearby MN Highway 22.

DR

.

Premier Drive Lot

MN HWY 22

DIY headquarters where people can come in to get various components and advice to install their own smaller solar projects, such as to bring power to a remote shed or camper or fish house. But they increasingly serve as an information and product provider for larger projects in southern Minnesota.

Winters said the most costeffective and quickest return for a solar project of any size is to use an existing roof for the panels. “A lot of farms and rural property have multiple buildings and are good for putting solar on. You’re beholden to the size of the roof and the angle and sun exposure, but you are saving a lot when you don’t have to put in all the steel structures and trenching on the ground.”

Like Zinniel, Winters is bullish on the future of solar.

“The number of jobs and inquiries we get are on a magnitude increase.

Even compared to the first quarter of this year and especially the last quarter of last year, interest is up a lot.” MV

EXC

EL D

R.

www.lidcomm.com • 507-625-4606 100 Warren Street, Suite 708, Mankato, MN

AUTOMATE THE PREPARATION OF OUTGOING COMMUNICATIONS BOTH

PHYSICAL sort

print merge batch

AND

DIGITAL.

group collate

in-house mail

fold pull for email

stuff meter mail delivery

your customer single

outsourced mail

upload mail

print

email

all the work is done for you!

www.mantronics.com 507-345-7048

MN Valley Business • AUGUST 2022 • 11

MNVB 0822 p01.indd 11

7/15/2022 8:30:20 AM

Nicole Lange, left, and her sister Natasha Frost inside The Wooden Spoon in Old Town Mankato.

Wooden Spoon

Making dough, doing good

By Jane Turpin Moore Photos by Pat Christman

N

atasha Frost and her dedicated Appealing regular breakfast and lunch team at Wooden Spoon are stirring menu items at Wooden Spoon highlight up quality food along with a sandwiches and wraps (don’t miss their generous side dish of Kato Classic, a mouthcommunity service. watering grilled cheese Frost’s recipe for concoction featuring success at the Old Town sharp cheddar, smoked cafe involves equal provolone and feta with WOODEN SPOON parts tasty yet nutritious a roasted garlic spread 515 North Riverfront Drive, ingredients and locally on Italian sourdough), Mankato sourced products plus a savory pulled pork and 507-345-4114 cupful of community made-from-scratch woodenspoonmn.com awareness—all topped soups, including a with a heavy sprinkle of gluten-free creamy Facebook: Wooden Spoon hard work from chicken wild rice (the dedicated team members. latter sourced from the Red Lake Nation’s

Spotlight

12 • AUGUST 2022 • MN Valley Business

MNVB 0822 p01.indd 12

7/15/2022 8:30:26 AM

KC’s Best) and the Spokato, a cream-based sausage/potato/ kale creation layered with flavor.

“People can eat in or outside, and we also have a lot of take-andbake items and fresh or frozen soups,” said Frost, who took the reins of Wooden Spoon with a core group of women over four years ago.

Keto, vegan, vegetarian, dairyfree and gluten-free options are available, as are a lot of daily baked goods—muffins, pastries, cookies, quick breads, cupcakes and cakes—and some “fun [chexmix] candy,” Frost says.

An on-site fruit dehydrator at Wooden Spoon is frequently busy in an effort to reduce food waste; the resulting dried fruit is often used in fresh-made granola incorporating honey from Madelia’s Moody Bees.

“If you’re running, hiking or biking, grab some packets of our granola for quick, healthy energy,” recommended Frost, noting a few other area producers with whom they partner: UpBeet Acres, Schmidt’s Meat Market and George’s Meat Market.

General catering services—all zero-waste, using compostable or reusable plates and silverware— are also part of Wooden Spoon’s repertoire.

“We cater for funerals, weddings and special events and have catered for groups of 10 to 600,” said Frost.

“We have a catering menu, but the nice thing is (team member) Nicole Lange works with each customer to make the experience unique and personal. We want to help customers find the best option for their individual catering needs.”

More than just a cafe

But Wooden Spoon and those behind it are about so much more than just the visible storefront at 515 N. Riverfront Drive.

Mankato native Frost is a licensed attorney as well as a passionate advocate for food security, food recovery and sound nutrition for all kids.

“One of my areas of expertise is nutrition policy for kids, so we used my deep knowledge of federal nutrition policies to come up with a healthful meal plan that

Molly Larsen serves up baked goods for a customer.

matches the federal government’s requirements along with the needs for licensing,” said Frost.

“That helped me expand Wooden Spoon’s efforts into the child care catering arena [beginning in 2016], and it’s been really fun.”

Today, Wooden Spoon caters to six Head Start programs (two in Mankato and four in surrounding rural areas) plus two year-round daycare centers.

“And this past year, we catered for two K-12 charter schools,” said Frost.

Frost readily credits Wooden Spoon’s Ashley Singleton with the ability to produce on a daily basis more than 500 healthful lunches that kids will actually eat.

“The meals are all nutritionally balanced,” said Frost, mentioning entrees like tomato-based, wholegrain pasta bakes with extra veggies tossed in or lean proteins like chicken or lean ground beef complemented by fruit.

“We try to keep it simple,” said Frost.

Frost combines her legal training and restaurant experience in another venture, Seed 2 Roots.

In that endeavor, she works with communities to improve policies and systems that support overall community health—for instance, helping a hospital embed nutrition standards at an on-site cafeteria.

“But I’m not just a policy wonk sitting at a computer doing legal research because I’m also a business owner who understands

the economy and labor and what it takes to do food preparation, shopping, pricing and menu creation,” said Frost.

“I can see it from both sides.”

Wooden Spoon takes it one step further, regularly setting aside revenue potential for the sake of community building.

MY Place (Mankato Youth Place) is one of the beneficiaries.

Wooden Spoon provides hot meals for the shoestring-budgeted non-profit that serves youths from kindergarten through eighth grade with its free out-ofschool programming.

Its constituents are typically experiencing poverty.

“They’re living their mission every day,” said Erin Simmons, MY Place director.

“It’s not like they’re just throwing something together for us; they’re making it with love.

“They understand the kids we serve need access to healthy, nutritious food—and that’s what they get.”

Lean proteins, whole grains and oodles of vegetables are incorporated into the 40 meals Wooden Spoon provides each day at no charge for MY Place.

“MY Place wouldn’t be the program it is without their food support,” said Simmons.

“They sacrifice their own potential for profit to be of service—and their team, which is full of doers, is an absolute treasure to Mankato.

“If they know there is a food-

MN Valley Business • AUGUST 2022 • 13

MNVB 0822 p01.indd 13

7/15/2022 8:30:31 AM

related problem, they’re the first ones to stand up and say, ‘We’re on it, we’ve got this.’”

Old Town proud

Further proof that Wooden Spoon is communityfocused comes in the form of Frost’s involvement as Homemade s’mores whoopie pies. secretary of the Old Town “Despite her busy schedule, Association Natasha continues to make time Board. to be involved and invested in the “We’re deeply committed to Old Town community, advocating ensuring that Old Town is a place for arts, culture and inclusivity.” for small businesses to thrive, and One more example of that it’s fun to see its resurgence,” said mindset is Wooden Spoon’s Frost. commitment to the reduction and “We [Old Town businesses] elimination of food waste—an worked together during the undertaking Frost has now spun pandemic to help each other out, off into a separate non-profit, and we’re thrilled that the area South Central Minnesota Food will soon be more walkable so Recovery. customers can come to Wooden “It’s important to save food and Spoon for their favorite baked get it into the hands of those who goods, then hear music at the need it,” said Frost.

Hub or walk to get ice cream.”

When it’s time for this busy Speaking of ice cream, Casey woman to relax and eat, Frost Neitzel of Old Town’s Mom & admits to a weakness for the Pop’s specialty ice cream parlor is masterful mashed potatoes a fellow advocate for Frost’s produced by B Rasmussen, vision.

Wooden Spoon’s vice president, “We’re on the board together, kitchen manager and inventive and when I was the new kid on chef. the block in 2019, Natasha “I really enjoy some of our reached out and offered support,” catering items, and my favorite is said Neitzel, whose shop offers 32 B’s traditional dinner,” said Frost, flavors of ice cream along with listing a tantalizing menu of honey house-made gelato and sorbet. ham, turkey breast, mashed “Natasha is wonderful to work potatoes, gravy, green bean with. Anytime a collaboration idea casserole, steamed veggies, comes along, like our pie shakes mixed green salad and dinner last fall, we’re more than happy to rolls. jump in and have some fun.”

“Her mashed potatoes are one Another neighboring of my favorite things.” proprietor, Jenna Odegard of Simmons of MY Place can Bumbelou and Hazelkin & Co., similarly attest to the quality of praises Frost and the talents she Rasmussen’s mashed potatoes, as and her Wooden Spoon team well as to her tasty pizza hot bring to Old Town. dishes, cheesy chicken and rice “Natasha is a passionate and casserole and shepherd’s pie thoughtful leader,” said Odegard. (shhhh—it’s made with riced “Her partnerships with other cauliflower). small businesses and nonprofits “One of our kids gave Wooden have created waves of change.

Spoon the biggest compliment “She also has a gift for seeing recently,” said Simmons. people’s strengths and for sharing “He said, ‘Wooden Spoon is gratitude or an encouraging bussin.’” MV word,” Odegard continued.

14 • AUGUST 2022 • MN Valley Business

MNVB 0822 p01.indd 14

7/15/2022 8:30:36 AM

W

•

World-class & local:

EXPERIENCE FIVE OF MARRIOTT’S TOP SPAS IN ONE STATE: ALABAMA After a round of golf, enjoy a relaxing massage or body treatment at a great

at Montgomery, the Spa at Ross Bridge in Hoover and the Spa at the Battle

Marriott spa. In North America, five of the top Marriott and Renaissance

House in Mobile are always highly ranked for pampering their guests. All

spas are found on Alabama’s RTJ Spa Trail. For guest satisfaction, the Spa

five of these spas are part of the RTJ Resort Collection and feature innovate

at the Marriott Shoals in Florence and the Spa at the Grand Hotel in Pt. Clear

treatments inspired by Southern Hospitality. Clearly great golf and spas

are consistently ranked in Marriott’s top 10. For Renaissance Hotels, the Spa

work well together in Alabama. Come experience them for yourself.

FLORENCE · HOOVER · MONTGOMERY · MOBILE · POINT CLEAR The

Resort Collection on Alabama’s Robert Trent Jones Golf Trail · rtjresorts.com/spacard

MN Valley Business • AUGUST 2022 • 15

MNVB 0822 p01.indd 15

7/15/2022 8:30:37 AM

Nancy Walters opened her shop Homestead in Waseca in 2015.

Homstead Contemporary shopping, historical setting

By Jane Turpin Moore | Photos by Pat Christman

S

hoppers intent on scoring one-of-a-kind finds to items from other small businesses and artists,” she enhance their homes — whether on the range or said, listing a Wisconsin candle company, a in towns — may delight in discovering Homestead, Pennsylvania textile crafter and an Iowa sign company, a Waseca home goods store that among her various suppliers. emphasizes handmade, original “They’re all family-run and often merchandise. female-driven businesses,” Walters “Whatever I buy there I typically noted. “I call them my ‘handmade do not see for sale anywhere else,” gals.’ I’m really into supporting HOMSTEAD said Homestead devotee Tina Roe other small business owners and 917 N. State St., Waseca of Mankato. producers.”

507-327-7492 “They do a great job of keeping Facebook: Homestead things original, not just buying from Historic backdrop Home Goods Store chains.”

Homestead is the fourth store to Nancy Walters opened Homestead be located in the 1914 two-story in 2015. She prides herself on stocking the type of house at 917 N. State St., Waseca. unique inventory regular customers like Roe prize.

“We’ve done a ton to improve the building,” said “I try not to duplicate anything that other stores Walters, mentioning she enjoys the full support of her have, and I really try to keep Homestead very unique,” husband Tom and adult children Brittney and Sheldon said Walters, a Mapleton resident who has embraced when it comes to broad upgrades, as well as seasonal the Waseca business community for nearly a decade. updates, at Homestead.

“And I bring in a lot of handmade, made-in-the-USA “I have a great team [including two part-time

Profile

16 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 16

7/18/2022 11:39:13 AM

employees] and my family is very helpful,” she continued. “It’s a family affair, and I wouldn’t be able to do this without them.”

Another huge Homestead fan was Walters’ mother, who died last March.

“She always encouraged me to keep doing what I love to do, and she left me with her heart full of praise and support,” Walters said.

Walters knows there are many who thought the antiquated house was done for long before she assumed ownership — because they’ve told her so.

“I’ve heard, ‘I would have just lit a match to it,’” said Walters.

But she was undeterred by the skeptics and instead dug in, spending several months scraping paint, installing shiplap in one room and pine paneling in another, constructing a defining, maintenance-free white fence in the yard and staining the original floors a dark “double espresso” color to match the existing dark woodwork.

“We’ve kept it very original,” she said.

That effort paid off in the form of recognition from the Waseca Heritage Pr eser vation Commission. Walters received the 2016 Heritage Preservation Award for retaining the house’s historic character (the original wood siding, windows, floors, fenestration and gable returns all remain in place, among other original features).

Hard work to improve the double lot on which Homestead sits has also borne fruit.

“We’ve planted new trees and removed others, added rock out front with hostas and perennials and put in a winding brick path,” said Walters. “It’s all ver y attractive.

Indeed, the Waseca Garden Walk included Homestead’s yard on its annual tour in late July.

Walters believes Homestead’s historic character ser ves to enhance her customers’ shopping experience, and she displays her wares to take best advantage of the available space; items suitable to each room are highlighted in bedroom, dining room and kitchen settings.

For instance, the bedroom features pillows, bed linens and

lamps, while the dining room highlights table runners, dishware and serving utensils.

The screened front porch suitably serves for a seasonal setup.

Originals, customer ser vice

Though Walters, a 1982 graduate of Mapleton High School, didn’t foresee a future for herself as a proprietor, it wouldn’t have taken a fortune teller to predict her current foray into the home decor retail business.

“Even when I was a young girl I always loved decorating,” said Walters. “And everyone tells me I have such a knack for it.”

Following high school, Walters attended Southwest Technical College to study business before working in the medical field for a while. She later landed in corporate America.

“After my third layoff, I decided that was enough of the corporate world,” said Walters, who admits that running a small business is demanding and time-consuming but nevertheless rewarding.

“I just love being able to help people bring things into their homes that are affordable but also of good quality,” she said.

That approach is customerverified.

“Her items are not overpriced,” said Roe. “I have yet to find better deals than I do at Nancy’s.”

Another frequent customer, Waseca resident Amy Robinson, concurs.

“Homestead has a ver y

welcoming atmosphere, and it’s an easy, uncrowded place to shop,” said Robinson.

“It’s definitely a high-quality boutique that appeals to different customer bases—and everything is unique but reasonably priced.”

Walters describes the broad category of goods she offers as “primitive colonial,” with a heavy emphasis on vintage and handcrafted.

One-of-a-kind scarecrows, Santas, felted pumpkins, linens, table runners and other textiles, ornaments, 12-to-32-inch table-top trees (“They’re simple but adorable, and we sell a ton of them,” Walters shared), wax melts and hand-poured soy candles (with delectable scents like cinnamon stix and caramel pecan) are all part of Homestead’s lineup.

Homestead also stocks silk flowers and greenery, with an eye toward seasonal color schemes.

And Walters will happily arrange those flowers in vases as a courtesy for customers lacking the confidence to create wellbalanced bouquets on their own.

With a large 1940s Colonial on Mankato’s hilltop to decorate, Roe is one of the avid consumers of florals and greenery Walters peddles.

“I’m an enthusiastic seasonal decorator and Nancy has the best greenery I’ve found,” said Roe, mentioning she seeks decor for two fireplace mantels and dining tables, among other areas.

“I’ve bought quite a few table

MN Valley Business • AUGUST 2022 • 17

MNVB 0822 p02.indd 17

7/18/2022 11:39:14 AM

runners, artist-made felt jack o’lanterns, 4th of July items and pillows and throw blankets,” she listed. “It’s all unique and well priced.”

There are two major exceptions to Walters’ preference for USAmade products: Homestead is an exclusive regional retailer for two companies, one being the Canadabased Fusion Mineral Paint, an acrylic paint that has a primer and top coat built into it.

“I think it’s the best paint on the market, and we sell a lot of it,” said Walters, who has carried Fusion products since first opening.

She has hosted painting classes in the studio outbuildings on Homestead’s proper ty, demonstrating techniques for transforming furniture. Glass, plastic, leather, couches, shutters and even prom shoes are all equally capable of receiving new life with Fusion paint, according to Walters.

“If you can draw a line, you can succeed with this paint because it requires no sanding or sealing; it’s one-step paint, and it’s tremendous,” she affirmed.

Green, Walters obser ves, seems to be the paint color of the year.

“Olive, bayberry and eucalyptus are all popular, but there are 54 colors in the line,” Walters noted.

Walters is also an exclusive dealer of the United Kingdomproduced Mason Cash kitchen bowls and accessories, which she says are often featured on HGTV cooking shows and are reputedly used by the British royal family.

“Homestead is the only place in the area where you can directly buy these products,” said Walters.

Keeping goods unique while ensuring customers benefit from her personal touch? That’s what Walters and Homestead are all about.

“Every customer is worth it,” said Walters. She regularly welcomes shoppers not only from the Waseca and greater Mankato/ Owatonna areas but also from St. Cloud, Rochester, Hutchinson, Iowa and the Twin Cities—and she often ships products to out-ofstate buyers. Homestead provides shoppers with a loyalty program, details of which Walters readily

touts.

“I believe in bending over for customer ser vice,” confirmed Walters.

Walters updates Homestead’s Facebook page with specials and new or seasonal product options each week, though old-fashioned word-of-mouth marketing remains successful in spreading the news, she says.

“My business thrives on referrals,” Walters said.

And along with Homestead, Walters heartily endorses Waseca as a prime southern Minnesota shopping destination; she reports that at least 14 local stores offer clothing, housewares, decor and antiques, plus several great restaurants are available to satisfy appetites of those on the go. A holiday open house weekend— strategically held on the first weekend in November, known in some circles as “Minnesota’s

deer-hunting opener”—has proven popular and is on the 2022 calendar for Nov. 4-6.

So whether it’s a homegrown patron like Robinson (“I go in a few times a year to shop the different seasons, buy gifts or get everyday items for myself,” said Robinson) or one like Roe who travels a few extra miles to get the goods, customers are Homestead’s lifeblood, fueling Walters’ motivation to carry on.

“Nancy is a very pleasant, kind person,” said Roe. “I never leave Homestead without buying something.”

MV Homestead, 917 N. State St., Waseca, 507-327-7492.

Open Thursday through Saturday, 10 a.m. to 5 p.m.

Facebook: Homestead Home Goods Store

18 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 18

7/18/2022 11:39:22 AM

The clear business school choice for real-world learning REAL-WORLD EXPERIENCES

ACADEMIC PROGRAMS

Accounting • • • •

Master of Accounting (MAcc online) Graduate Certificate in Taxation Bachelor of Science in Accounting Minor in Accounting

AgriBusiness

• Bachelor of Science in AgriBusiness & Food Innovation • Minor in AgriBusiness & Food Innovation

Analytics • Certificate in Business Analytics

• More than 15 to choose from

United Prairie Bank Integrated Business Experience Big Ideas Challenge Study Abroad and Away Opportunities • New York Study Tour • Belize Fair Trade Study Abroad • The European Experience

Maverick Student Investment Fund

Business Administration

• Master of Business Administration (MBA online) • Bachelor of Business Administration (BBA online) • Minor in Business Administration

Business Law •

Recognized Student Organizations

Minor in Business Law

Finance

• Bachelor of Science in Finance » Emphasis in Financial Planning » Emphasis in General Finance » Emphasis in Analytical Finance • Certificate in Business Analytics • Minor in Financial Planning • Minor in Actuarial Science (housed in Math Dept.)

International Business

• Bachelor of Science in International Business • Minor in International Business

Management & Entrepreneurship

• Bachelor of Science in Management » Emphasis in Human Resources » Emphasis in Business Management • Minor in Human Resources • Minor in Entrepreneurship & Innovation • Certificate in Integrated Business Experience

Various Business Competitions Richard and Mary Schmitz Food Entrepreneur Lecture Series Daryl and Karyl Henze Student Ag Innovators Leadership Program Stangler Internship Initiative Wall Street Journal Program Meet the Firms Event Global Entrepreneurship Week COB Learning Communities Student Engagement Fair MBA Executive Seminar (for MBA students) Networking and Mock-Interview events

LEARN MORE AT COB.MNSU.EDU

Marketing

• Bachelor of Science in Marketing • Minor in Marketing

Follow the COB

An Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling the College of Business at 507-389-5420 (V), 800-627-3529 or 711 (MRS/TTY). BUSC594AD_06-22

MN Valley Business • AUGUST 2022 • 19

MNVB 0822 p02.indd 19

7/18/2022 11:39:23 AM

Besides selling her own jewelry, Ginger Neilon stocks a variety of fair trade products and those produced by women-owned businesses.

Old Town love Neilon achieves dream of opening shop

By Katie Roiger Photos by Pat Christman

T

wo storefronts, one big dream: together.”

Ginger Neilon sees opening Bonita!

Neilon started her jewelry line Baubles

By Baubles and Bobbies in Old Town and Bobbies over eight years ago, working Mankato as the perfect out of her dining room way to further her love until her space grew too of small businesses and small to accommodate put down roots in her her exploding hometown.

BONITA! BY BAUBLES commerce. Co-owning a “I have such a strong store called Six for Good & BOBBIES connection to this area of five other female 401 N. Riverfront Dr., Mankato with town,” Neilon said about businesswomen in the baublesand bobbies.com the Riverfront Drive and Twin Cities gave her Facebook: Baubles & Bobbies scope for her talent and a Front Street area. “The 507-779-7027 art scene down here is platform for her wares, flourishing more than I’ve ever seen it in as did renting out a studio space at the Emy the twenty-some years that I’ve lived in Frentz Art Guild, but she was eager to Mankato, and I think it’s such a great expand. community of small businesses that work The perfect opportunity arrived in March

Feature

20 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 20

7/18/2022 11:39:25 AM

Top: Ginger Neilon loves the Old Town area and jumped at the chance to rent space in the 400 block. Bottom: Ginger Neilon quickly outgrew her home-based jewelry-making operation leaving her looking for a storefront location, which she just opened in Old Town.

Doing good

of 2022 when Neilon heard that a space at 401 North Riverfront Drive was available for rent.

“I jumped on it!” she said. The place was exactly what she had envisioned for years: Retail space in the front, and plenty of room for a jewelr y-making studio in the back. Friends and family willingly pitched in on weeknights and weekends until the store’s official opening on May 6.

Mothers’ Day shoppers opening Bonita’s doors for the first time found a wide-ranging collection of gifts, goodies and accessories from cookies and candles to earrings and art.

Neilson made sure to stock favorites from Six for Good alongside specialty items that she had scoured the internet to find.

When choosing merchandise, Neilson said she had some very specific criteria in mind.

“Ninety-nine percent of what I carr y is women-owned, fair trade, [or] small business, and a large percentage is made in Minnesota.” she said. The result is a large collection of unique, curated goods that mesh well together. One of Bonita’s Twin Cities-based vendors is a creator of aromatherapy products such as room sprays, roller balls, and shower steamers. Neilson likes to offer gift collections of this vendor’s essential oils paired with her own lava stone jewelry.

The essential oils can be rubbed into the lava stone to create a perfumed accessory.

Purchasing a sustainable, fairtrade product feels good, and so does knowing that part of the proceeds goes toward funding important causes. Neilson said that she tries to select wares that give back to big-picture charities.

One of Bonita’s California-based soap brands avoids using palm oil in their products and donates a portion of every sale to an organization that preser ves chimpanzee habitats that are in danger of deforestation. Another Shoreview-based company gives back to a local high school’s mental health club.

“I really wanted to find products that were good for you, products that meant a lot to me, and [products] that were doing good in the world,” Neilon added.

The same is true for Baubles and Bobbies, whose collections Neilon features in her new location. Neilon said that her goal is for her customers to feel beautiful on the inside and outside alike when they wear her pieces. Much of her jewelry incorporates natural elements and is inspired by her favorite Minnesota locations. This year, pearls are trending alongside layer chains and big hoops.

“That’s our focus for the summer: Whites, brights and gold!” said Neilon. The Baubles and Bobbies creator can often be found in Bonita’s studio, designing jewelry alongside her skilled team while they listen to small business and murder mystery podcasts. The rest of her time she spends managing inventory, helping customers on the sales floor, and making sure that every item is displayed just right.

“I love staging a display and can keep myself busy all day just fluffing products,” Neilon said, laughing. “I always find things to keep me busy. I don’t remember the last time I was bored.”

One task keeping Neilon busy is supporting other local businesses. Neilon said that she is always looking for local artists to showcase their available artwork in her store. She and Jenna Odegard of Bumbelou and Hazelkin and Co are also currently planning a ladies’ night to take place in August.

They’re hoping to offer free samples and door prizes, and to draw attention to the rich selection that Mankato’s small businesses have to offer.

Neilon said that she is a big believer in fostering community among her fellow business owners as well as her customers.

“I’m always asking myself, ‘How can I connect with people?’”

Neilson said. “If I can change somebody’s day around and make it better in any way, then that’s my goal every day that I’m working.” MV

MN Valley Business • AUGUST 2022 • 21

MNVB 0822 p02.indd 21

7/18/2022 11:39:33 AM

xxxxxxxxxx

■

Business and Industry Trends

Energy Fossil fuels accounted for 79% of U.S. energy

Fossil fuels — petroleum, natural gas and coal — accounted for 79% of the 97 quadrillion British thermal units (quads) of primary energy consumption in

the United States during 2021.

About 21% of U.S. primary energy consumption in 2021 came from fuel sources other than fossil fuels, such as renewables and nuclear.

The 4-quad increase in U.S. primary energy consumption last year was the largest annual increase on record and was mostly attributable to a gradual return to pre-pandemic levels of

activity. The increase in 2021 follows a 7-quad decrease in 2020, which was the largest annual decrease on record.

Consumption of renewable energy in the United States increased slightly from 11.5 quads in 2020 to a record of 12.2 quads in 2021. Increased use of renewables for electricity generation, including wind and solar energy, was partially offset by a decline in hydroelectricity generation. U.S. nuclear energy consumption totaled 8.2 quads in 2020, the lowest level since 2012.

Petroleum has been the mostconsumed primary energy source in the United States since surpassing coal in 1950.

Consumption of petroleum in the United States remains less than its 2005 peak, totaling 35 quads in 2021. U.S. natural gas consumption totaled 31.3 quads in 2021, a slight decline from the previous year.

U.S. coal consumption increased to 10.5 quads in 2021,

Congratulations to our 2022 Super Lawyers and Rising S ars!

22 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 22

7/18/2022 11:39:39 AM

xxxxxxx Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2021 - 2022

901

1800

1,145

1500 1200 900 600

marking the first annual increase in U.S. coal consumption since 2013. U.S. coal consumption has fallen by more than half since its peak in 2005.

Russian fuel production falling

The Energy Information Administration forecasts that Russia’s production of total liquid fuels will decline from 11.3 million b/d in the first quarter of 2022 to 9.3 million b/d in the fourth quarter of 2023.

This estimate incorporates the recently announced EU ban of seaborne crude oil and petroleum product imports from Russia.

We assume the crude oil import ban will be imposed in six months and the petroleum product import ban in eight months. This forecast does not reflect restrictions on shipping insurance, as details regarding such restrictions were not available when we finalized this forecast.

The possibility that these sanctions or other potential future sanctions reduce Russia’s oil production by more than expected creates upward risks for crude oil prices during the forecast period.

OPEC ramps up

At its June meeting, OPEC+ announced an upward adjustment of production targets for July and August.

We updated our forecast to reflect these targets. We expect OPEC crude oil production to average 29.2 million b/d in the second quarter of 2022, up 0.8 million b/d from the first quarter.

300 0

J

F

M

A

M

J

J

A

S

O

N

D

Source: Sales tax figures, City of Mankato Includes restaurants, bars, telecommunications and general merchandise store sales.

Excludes most clothing, grocery store sales.

Sales tax collections Mankato (In thousands)

700 600 500 400 300 200 100 0

- 2021 - 2022 $485,064

$500,000

J

F

M

A

M

J

J

A

S

O

N

D

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2021 - 2022

70000

$31,429 $47,521

52500 35000 17500 0

J

F

M

A

M

J

J

A

S

O

N

D

Source: City of Mankato

Coal plants retired

The continued retirement of coal-fired generating capacity in the United States contributes to our forecast that the share of electricity generation from coal will decline from 23% in 2021 to 21% in 2022 and to 20% in 2023.

The coal fleet has been facing constraints in raising its share of generation despite high natural gas prices. The constraints include limited rail capacity for fuel delivery, low coal stocks at power plants, reduced coal mining capacity, and rising generation from renewable sources.

Mankato food and beverage tax - 2021 - 2022 100000

$52,582 $61,870

80000 60000 40000 20000 0

J

F

M

Source: City of Mankato

A

M

J

J

A

S

O

N

D

C. Sankey

MN Valley Business • AUGUST 2022 • 23

MNVB 0822 p02.indd 23

7/18/2022 11:39:40 AM

■

Agricultural Outlook

By Kent Thiesse

Historical perspective of writing a new Farm Bill E

ven though there is still over a year remaining on the current Farm Bill, discussions have already been ongoing since earlier this year on developing the next Farm Bill. The current Farm Bill, known as the “Agriculture Improvement Act of 2018”, expires on September 30, 2023, and will include coverage of the 2023 crop year. Some members of Congress are hoping to move toward finalizing a new Farm Bill by the end of 2022 or early 2023 to allow adequate time for USDA to implement a new Farm Bill. However, reaching that goal may be difficult, given the midterm elections later this year and potential changes in the U.S. House and Senate Agriculture Committees in the 2023 session of Congress.

Currently, both the U.S. House and U.S. Senate Ag Committees are seeking input on the 2023 Farm Bill through a series of Congressional hearings and listening sessions, both in Washington DC and in Committee members States or Districts. In addition, the House Ag Committee is offering an opportunity to submit feedback and ideas for the next Farm Bill through an “Online Farm Bill Feedback Form”, which https:// is available on the following link: agriculture.house.gov/news/documentsingle. aspx?DocumentID=2561 When most people hear of a “Farm Bill”, they think of the commodity programs and payments that affect crop producers. Some people may be aware that crop insurance and conservation programs are included under the Farm Bill, and some are knowledgeable that Supplemental Nutrition Assistance Program (SNAP) and food stamps are part of the Farm Bill legislation.

However, very few people outside of government officials and policy experts are aware that the Farm Bill also covers funding for rural fire trucks and ambulances, export promotion, international food aid, forestry programs, ag research and extension education at land-grant universities, and school lunch programs. The current Farm Bill passed in 2018 was over 1,000 pages in length, and contains 12 separate Titles, which cover a multitude of programs that are administered by USDA. Farm Bills date back to the Great Depression era of the 1930’s, with the first Farm Bill having just two Titles, and being only 54 pages in length. The “Agricultural Adjustment Act of 1933” established the crop loan program, which is still in existence today.

Under the crop loan program, producers can take out a low interest loan with USDA, using the crop as collateral before it is sold. The producer can either repay the loan principal plus interest when the crop is

sold or can forfeit the crop to USDA. Over the past several decades, the crop loan program has been used extensively by farm operators to get needed working capital for purchasing crop inputs for the following crop year. Most national crop loan rates were increased as part of the 2018 Farm Bill, and some groups are pushing for further increases in the commodity loan rates in the next Farm Bill.

Land set aside and conservation programs were added to Farm Bills in the 1950’s, with the establishment of the “Soil Bank Program”. While the Soil Bank Program no longer exists, there have been many other set-aside and conservation programs, including the popular “Conservation Reserve Program” (CRP) that was added in the 1985 Farm Bill. The 2014 Farm Bill reduced the maximum CRP acreage from 32 million acres to 24 million acres, which was the lowest level since the initiation of the CRP program. The 2018 Farm Bill gradually increased the maximum CRP acres back to 27 million acres. There will be slightly over 23 million acres in the CRP program by the end of 2022. There will likely be strong efforts by some members of Congress, as well as agricultural and environmental organizations, to increase the CRP participation and acreage in the next Farm Bill to enhance carbon sequestration efforts. There are also several other conservation programs that are part of the current Farm Bill, including the Environmental Quality Incentives Program (EQIP) and the Conservation Stewardship Program (CSP), and the Agricultural Conser vation Easement Program (ACEP).

Food stamps were added to the Farm Bill in 1973, with the food stamp program being administered by USDA. Slightly over 80 percent of the proposed funding for the next Farm Bill will go to SNAP related programs, which includes the food stamp program, the women, infants, and children (WIC) program, and the school lunch program. The Federal budget outlay for the SNAP program more than doubled from 2008 to 2013, then declined briefly before increasing again in 2020 and 2021, due to the economic challenges caused by the COVID pandemic. Some members of Congress and other groups would like to see the Nutrition Title and SNAP programs removed from the Farm Bill. However, the Nutrition Title programs are important to nearly every member of Congress, including those in urban areas, which keeps them engaged in Farm Bill discussions.

About 10-15 percent of the funding in the proposed Farm Bill will be targeted for farm commodity programs and crop insurance programs. The current

24 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 24

7/18/2022 11:39:41 AM

Farm Bill provides eligible crop producers the choice between the county revenue based “Ag Risk Coverage” (ARC-CO) program, or the price-only “Price Loss Coverage” (PLC) program, for corn, soybeans, wheat, and other eligible commodity crops. The ARC-CO program is based on actual county crop yields and national average crop prices for a given crop year, compared to 5-year average benchmark yields and prices. The PLC program payments are based on national average crop prices for a given year compared to present crop reference prices. Some farm organizations are pushing for higher crop reference prices in the 2023 Farm Bill, given the much higher crop input costs that have occurred in the past couple of years. The current Farm Bill does allow for small gradual increases in the crop reference prices during extended periods of higher commodity prices. The dairy margin protection program and sugar support programs are also included under the commodity title of the Farm Bill.

Most crop producers and ag lenders will highlight a sound working crop insurance program as the “centerpiece” for a solid risk management plan in a farm operation. Over 95 percent of the corn and 10 acres in the Upper Midwest are typically soybean insured by some type of crop insurance coverage.

8 Most crop insurance premiums are subsidized at a rate of6 60-65 percent by the federal government, as part of the Farm Bill. Some members of Congress and some 4organizations are calling for some changes and modifications to the current Federal Crop Insurance 2 program, while most farm organizations are lobbying to keep 0 the current program. Some livestock producer J F would M AlikeMto see J enhancements J A S O to N risk D organizations management programs for livestock production.

Since the first Farm Bill in 1933, there have been 17 different Farm Bills in the past 80-plus years, with the next 10 Farm Bill scheduled to be finished in the next couple of years. New Farm Bills are usually written 125 about every five years, with the longest period between 8 new 105 Farm Bills being nine years from 1956 to 1965, 6 and the shortest period being one year from 1948 to 1949. 854The “Agricultural Act of 1949”, which is also known as the “permanent farm legislation”, was never 65 2 or allowed to expire, and becomes the Farm repealed Bill legislation for many commodity programs if a new 45 0 is not enacted when the previous Farm Bill Farm Bill J F M A M J J A S O N D expires.

25 Many provisions in the 1949 legislation are J FandMdidA notMinclude J J theASNAP S program, O N D very outdated the current crop insurance program, or many popular ag and conservation programs, including CRP. The existence of the fallback to the 1949 legislation gives Congress 125 extra incentive to complete Farm Bills in a timely manner.

105 Passage of a new Farm Bill is very complex, with programs ranging from farm commodity programs to 85 food and nutrition programs, from conservation programs 65 to rural development programs, and many more. In many cases, finalizing a Farm Bill in Congress 45 quite controversial, and not necessarily by can be political party lines. The various Farm Bill programs 25 J geographical, F M A M with J members J A Sof Congress O N D become quite wanting to protect the farm, food, conservation, and economic interests of their State or Congressional district. The very large federal budget deficit in recent

Agriculture/ Agribusiness Corn prices — southern Minnesota

(dollars per bushel)

— 2021 — 2022

10

20

$6.76

8

16

6

12

4

8

$6.26

2 0

4

J

F

M

A

M

J

J

A

S

O

N

D

0

J

Soybean prices — southern Minnesota

M

F

M M

(dollars per bushel)

— 2021 — 2022 10 20 $14.95 125 8 16 105 6 12 85 $13.30 4 8 65 2 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

20 30 16 26 12 22 8 18 4 14 0 J 10

F

J

185 pound carcass, negotiated price, weighted average

— 2021 — 2022

20 $103.60 125 30 16 105 26 12 85 22 8 $123.74 65 18 4 45 14 0 J F M A M J J A S O N D 25 10 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

Milk prices

30 26 22 18 14 10

J

Minimum prices, class 1 milk Dollars per hundredweight

— 2021 — 2022 30

$26.65

26 22 18 14 10

$16.83 J

F

M

A

M

J

J

A

S

O

N

D

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 • AUGUST 2022 • 25

MNVB 0822 p02.indd 25

F

Source: USDA

7/18/2022 11:39:42 AM

F

M

y s

Construction/Real Estate Residential building permits Mankato - 2020 - 2021 (in millions)

- 2020 - 2021 (in millions)

$5,097,938 $1,684,958

12000000

25000000

10000000

20000000

8000000 4000000

10000000

2000000

5000000 J

F

M

A

M

J

J

A

S

O

N

$1,416,247

J

F

M

A

M

J

J

A

S

O

N

D

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

Existing home sales: Mankato region - 2020 - 2021 (in thousands)

183

300

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

$220,000

300

163

240

$190,000

240 180

180

120

120

60

60

0 J

F

M

A

M

J

J

A

S

O

N

— 2020 — 2021

F

M

A

M

J

J

A

S

O

N

D

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

5.3%

5.5

J

D

Source: Realtors Association of Southern Minnesota

40

4.9

32

4.3

10

24

3.7

2.9%

3.1 2.5

0

D

Source: City of Mankato

0

$7,950,495

15000000

6000000

0

2 2 k e h c B v c li n s e c d C

Commercial building permits Mankato

15

16 8

J

F

M

A

M

J

J

A

S

O

N

D

Source: Freddie Mac

0

J

F

M

A

M

J

J

A

S

O

N

D

Source: Cities of Mankato/North Mankato

FULL STEAM AHEAD! We’re charting new territory for STEAM education with our award-winning children’s book series! er Waltdrop ain the R ter cycle story A wa

Read us online!

P.E. g, Inc. Olson,

by Tim Advertisin Valley

by Lime Illustrated

LEARN MORE!

ker par nner pLa ry theCity Planning Sto

Wil

A

l

Linds ey

the GIS Special ist A GIS Map

lear ns ab civi l en out the gine wor erin ld ar g ound in him

ping Story

GA LEED sing, Inc. Peck, erti eline ey Adv

by Mad Lime Vall ed by Illustrat

by Tyler Danielson, Illustrated GIS Specia

by Lime Valley Adver list tising, Inc.

by Chad d Illustrate Kahlsdorf, d by Lime P.E., Valle

PMP y Adve rtisi

ng, Inc.

Bolton-Menk.com

26 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 26

7/18/2022 11:39:44 AM

years has added a new element to successful passage of a large Farm Bill.

The last Farm Bill was written in 2018, to cover federal fiscal years from 2019-2023; however, Congress has been known to extend Farm Bills beyond the expiration date. Thus far, the discussion has been to have a new Farm Bill completed by the time the current Farm Bill expires on September 30, 2023, with very little talk of an extension to the current Farm Bill. Ultimately, there will likely be a compromise reached, and a new 5-year Farm Bill will be passed by sometime in 2023, though a one-year extension of the current Farm is certainly possible, given the political division that currently exists in Congress.

BANKING THE WAY IT SHOULD BE Here for you today and tomorrow.

Kent Thiesse is farm management analyst and senior vice president, MinnStar Bank, Lake Crystal.

507-381-7960); kent.thiesse@ minnstarbank.com

Mankato | Amboy | Eagle Lake | Vernon Center | cbfg.net

Gas Prices 5

Gas prices-Mankato

— 2021 — 2022

54 43

$4.69

32 21 10 0

$2.98

June 7

July 7

Percent change

Archer Daniels

$89.13

$73.90

-17.0%

Ameriprise

$276.36

$236.97

-14.0%

Best Buy

$77.57

$70.68

-8.9%

Brookfield Property

$22.03

$20.25

-8.0%

Crown Cork & Seal

$116.42

$89.51

-23.1%

J

F

M

A

M

J

J

A

S

O

N

D

Consolidated Comm.

$8.38

$6.82

-18.6%

J

F

M

A

M

J

J

A

S

O

N

D

Fastenal

$54.85

$50.38

-8.0%

General Mills

$69.08

$75.78

-9.7%

Itron

$52.29

$48.33

-7.6%

Johnson Outdoors

$65.19

$62.72

-3.8%

3M

$146.58

$129.44

-11.7%

Target

$155.03

$149.21

-3.8%

U.S. Bancorp

$52.43

$46.77

-10.8%

Winland

$2.67

$2.75

+3.0%

Xcel

$75.20

$69.39

-7.7%

Gas prices-Minnesota

— 2021 — 2022

5 $4.59

54 43 32

$2.99

21 10

Stocks of local interest

J

F

A

M

J

J

A

S

O

N

0Source: GasBuddy.com J F M A

M

J

J

A

S

O

N

MNVB 0822 p02.indd 27

M

D

C. Sankey

D

C. Sankey

MN Valley Business • AUGUST 2022 • 27

7/18/2022 11:39:48 AM

■

Minnesota Business Updates

■ ADM ordered to release information

■ Fastenal sales jump Fastenal Co., a provider in the wholesale distribution of industrial and construction supplies and industrial vending services, reported a strong sales month in May. Sales jumped 23% from $477.2 million in May 2021 to $589.2 million in May 2022. Daily sales jumped nearly 18% from $23.8 million to $28 million in the comparative months.

Daily sales improved the most in the U.S., jumping 19% .

Archer Daniels Midland was ordered by a federal court to turn over documents and other information in connection with the unpaid 2019 suspension of a company employee at the center of an ongoing ethanol-markets lawsuit.

ADM faces several lawsuits accusing the Illinois-based agricultural giant of manipulating ethanol prices and violating the Commodity Exchange Act. Despite being an ethanol producer, lawsuits allege ADM suppressed daily prices of ethanol to benefit the company’s short positions.

The U.S. District Court for the District of Central Illinois said in an order that ADM’s objection to an earlier order to provide documents on ADM employee Adam Kuffel, “rests on several unfounded arguments.”

The court affirmed that order in July.

Kuffel was suspended for violating internal accounting policies, by moving positions in ethanol derivatives between segregated accounts. According to court documents, Kuffel alleges he was ordered by company officials to violate the policy.

■ Target beefs up school offerings Target Corp. is sprucing up its summer sales programs for educators and college students.

The Minneapolis-based retailer extended its Teacher Prep Event by nearly six weeks and increased its discount for college students.

Target’s teacher event will run through Sept. 10. All K-12, home school, daycare, early childhood learning center, vocational/trade/technical school teachers, as well as college and university professors who can show a valid identification are eligible to save 15% on school supplies under the program.

The student discount is available for any college students that participate in the retailer’s loyalty

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major April Industry 2021 2022 Construction Manufacturing Retail Services Total*

139 626 130 536 1,431

Local non-farm jobs Percent change ‘21-’22

154 112 45 134 445

+11.0% -58.0% -65.0% -75.0% -69.0%

Construction

126000 126000 Manufacturing

Retail 113000 Services 113000 Total*

May 4,398 4,336 3,923 14,017 26,672

2022 3,397 1,348 1,292 4,045 10,662

3500

126,494

2800

126000

2100 1400

113000

700 100000

Minnesota initial unemployment claims 2021

124,393

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

- 2021 - 2022

Nine-county Mankato region

J

F

M

A

M

J

J

A

S

Minnesota Local non-farm jobs 12000 3500 3500 10000

-23.0% -69.0% -67.0% -71.0% -60.0%

8000 2800 2800 6000 2100 2100 4000 1400 1400 2000

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

700 D

N

D

0

J

D

0

J

12000 10000

300000 300000 240000

M

A

240000 180000 120000 60000

J

F

J

F

F M

M

A

M

J

J

A

S

O

N

D

M A A M

M J

J J

J A

A S

S O

O N

N D

D

0

J

28 • AUGUST 2022 • MN Valley Business MNVB 0822 p02.indd 28 12000 3500

F

300000

2,929 3,030

700 0 0

N

- 2021 - 2022

(in thousands)

Percent change ‘21-’22

O

7/18/2022 11:39:49 AM

F

M

A

not show sparks igniting a fire, but rather shows that the Marshall Fire was already ablaze. After the arcing power line video, more footage shows the smoke well into Superior.

program, Target Circle. A 20% markdown can apply for any one-time purchase related to “back-to-college essentials” through Sept. 3, according to the release.

Items included in the student discount are dorm décor, household essentials, beauty, tech and food and beverage items across Room Essentials, Brightroom, Wild Fable, Goodfellow & Co, Heyday, Good & Gather and national brands including Apple, JanSport and Nimble.

■ General Mills releases results

General Mills reported results for the fourth quarter and fiscal year ending May 29.

■ Xcel wants suit dropped For the full year, net sales of $19.0 billion increased 5% Xcel Energy 139000 3500 from the prior year; organic wants a judge to net sales were up 6%. dismiss a lawsuit 2800 Operating profit increased 11% to $3.5 billion; blaming the utility company for the Marshall Fire, 126000 2100 constant-currency adjusted operating profit was up 2%. which burned more than 1,000 homes in Boulder Diluted earnings per share (EPS) of $4.42 were up County, Colorado, 7 months ago.

1400 17%; Investigators still have not revealed a cause, though a 113000adjusted diluted EPS of $3.94 increased 4% in constant currency.

March lawsuit focuses on the possibility that arcing 700 Operating cash flow increased 11% to $3.3 billion. power lines were to blame. It’s a claim Xcel says is “full 100000 0 In the fourth net sales 8% Nto $4.9 of conclusory statements and essentially devoid of J F quarter, M A M J J increased A S O D J billion; organic net sales increased 13%. factual allegations.”

Operating profit increased 85% to $1 billion; constantThe lawsuit was filed by two businesses, Eldorado currency adjusted operating profit increased 21%.

Enterprises, Inc. and Eldorado Liquor, Inc., and George Diluted EPS of $1.35 increased 98%; adjusted diluted and Lisa Kupfner, a married couple characterized as EPS of $1.12 were up 23% in constant currency. “terrorized and damaged” by the fire. That suit cites 139000 3500 139000shot by a witness on Dec. 30. The video shows 3500 12000 “Fiscal 2022 was another successful year for General 300000 video 2800marking the fourth consecutive year that we’ve Mills, sparks flying from a malfunctioning power line near the 10000 240000 126000 Shell gas station at 1805 South Foothills Highway, in 2800 delivered results that met or exceeded our targets for top 2100 8000 126000 the Eldorado Springs neighborhood of Boulder County. 2100 and bottom-line growth and cash generation,” General 180000 Mills CEO Jeff Harmening said in an announcement.

6000 In Friday court filings seeking to have the potential 1400 113000 120000 1400 class action lawsuit dismissed, Xcel wrote the video does 4000 113000 700

100000 100000 J F

J M

M J

J A

J S

S

O

N

D

S N

O D

4,275 1,958

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

111,722 49,627

180000 120000 60000 O

N

D

0

J

F

M

A

M

J

J

A

S

O

N

D

J JA

J JS

A AO

S N S

O D O

N N

D D

0

J

D

0

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

May 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

2021

2022

2.9% 57,362 1,687

1.3% 60,046 770

J S

A O

S N

O D

N

D

Unemployment rates Counties, state, nation County/area

- 2021 - 2022

M MJ

Mankato/North Mankato Metropolitan statistical area

240000

300000

S

D 0

300000

Minnesota number of unemployed

A

N

- 2021 - 2022

Nine-county Mankato region

A

A O

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

May 2021

May 2022

3.5% 3.7% 4.7% 5.0% 3.5% 3.2% 4.3% 4.9% 4.5% 4.1% 4.0% 6.1%

1.3% 1.7% 2.2% 2.5% 1.6% 1.1% 2.1% 2.3% 2.7% 2.1% 2.2% 3.6%

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

MN Valley Business • AUGUST 2022 • 29

MNVB 0822 p02.indd 29

M

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

700 2000 0 0 J F M A J F JM FA M M AJ

F

7/18/2022 11:39:51 AM

F

M

Sponsored by the Carl & Verna Schmidt Foundation

Items for your mid-year money checkup

By Lauren Schwahn | NerdWallet

A

lot can happen in six months. That’s why, as we have closed the first half of the year, it makes sense to check in on your financial life.

“With inflation, I think people this year are more heavily impacted than they probably have been in many years leading up to this point,” says Jason Dall’Acqua, a certified financial planner and founder of Crest Wealth Advisors in Annapolis, Maryland. “So it’s a good time to see how things have been going ... as well as plan for what lies ahead in the remainder of the year.”

So where should you start? Add these four items to your midyear money checklist.

Review your income, expenses

You don’t have to tally up every penny you’ve made and spent over the last six months. But taking a few minutes to check a bank or budget app can help you better understand your finances and course-correct if necessary.

“Right now with inflation, even if you had a budget back in January, it probably is not the same as it is today. There are some things that are going to need to be changed. So it’s just really resetting and figuring out where you stand today versus where you thought you were going to stand today,” says Kayla Welte, a CFP with District Capital Management who lives in Denver.

Look for opportunities to scale back if you’ve spent more than anticipated. For example, you can dine out less or cancel subscription services you rarely use.

Deal with debt Debt is becoming more expensive to carry due to rising interest rates. Pay down debts sooner, particularly those with variable interest rates, to save money. These debts might include credit cards, personal loans or adjustable-rate mortgages.

Concentrate on reducing your highest-rate debt first, then move on to the next highest. Dall’Acqua also suggests switching from variable-rate to fixed-rate options by refinancing, if possible. “If you can lock in the fixed rate now, you’re likely to be saving yourself significantly in interest costs over time,” he says.

Be aware of end dates for loans in forbearance. For instance, federal student loan payments will resume on Sept. 1, barring another extension.

“At this point they have been on pause for nearly two years,” Dall’Acqua says. “So if that money has gotten lost within (people’s) overall spending, it’s going to be a big shock when they then have to resume paying.”

Setting aside money now in a separate savings fund can help soften the blow.

Plan holiday shopping

Inflation could make holiday gifts a little pricier this year. Create a shopping list and think about how much you can afford to spend. “Figure out what that would require for you to start saving on a weekly or monthly basis and start putting that money aside right now,” Dall’Acqua says.

Starting on shopping early can also help you manage the cost without accruing debt.

Examine your taxes, benefits

Use an online tax calculator to check whether you’re withholding too much or too little. This can help you avoid getting hit with a big tax bill unexpectedly or missing out on extra cash you may need now.

“If you do the math and you’re going to get a $6,000 tax refund, it would be a great time to change your W-4s, get more money in your pocket now to pay for these excess costs that are coming up with inflation rather than waiting until next April to get that refund,” Welte says.

If you need to make adjustments, fill out a new Form W-4 (you can find this on the IRS website) and submit it to your employer.

While you’re at it, evaluate your employee benefit selections. These benefits can include health insurance, life insurance, health savings accounts and flexible spending accounts, plus perks like gym memberships.

Reviewing your choices in the summer can prevent you from becoming overwhelmed in October and November, when open enrollment begins for most companies, says Joe Bautista, a CFP in Lake Oswego, Oregon.

The goal is to ensure you’re choosing the most costeffective options that suit your needs.

30 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 30

7/18/2022 11:39:55 AM

Sponsored by the Carl & Verna Schmidt Foundation

What if you can’t out-budget inflation?

By Laura McMullen | NerdWallet

I

nflation is a nightmare for the many Americans who already stretch their dollars to cover basic needs. What happens when those dollars lose value?

Their choice is probably not about whether to cut streaming services or opt for store-brand groceries.

Instead, they may have to pick between buying enough food and paying rent.

The families hit hardest by inflation typically have little in savings and other resources. And that lack of access to wealth can be rooted in a history of inequality, says Phuong Luong, a Massachusetts-based certified financial planner and founder of Just Wealth, a financial education and consulting firm.

For example, say generations of your family have been underpaid or limited in where they can live, due in part to racist policies. Then inflation causes everything to become more expensive.

You may have to scrape together cash to support not just yourself, but also family or community members.

Perhaps you have to spend money and time traveling across town to the grocery store or doctor’s office.

Whatever context describes your situation, here’s how to combat inflation.

Prioritize essentials

Aim to pay for expenses that enable you to live safely: housing (mortgage or rent), utilities and food.

Also try to cover costs that help you work, such as transportation, cell phone and child care.

Next-level priorities are those that trigger major consequences if you don’t pay: taxes, child support and insurance.

For credit cards, aim to pay your minimum at least, because you may need that credit access.

Tap local resources

If you’re struggling to pay bills, find support. Luong suggests Findhelp.org, which lists local programs designed to cut costs across many categories.

Calling 211 or visiting 211.org can also help you find assistance related to housing, health, food and emergency costs.

Pick up the phone

You may also save money by calling credit card and insurance companies, lenders, banks, cell phone providers and other businesses you pay.

With the pandemic affecting so many consumers, these companies “are a little more empathetic than they have been,” says Emlen Miles-Mattingly, cofounder of Onyx Advisor Network, a Sacramento,

California-based support platform for underrepresented financial advisors.

They may pause or lower payments, for example, or forgive overdue bills. Or they could lower your interest rate.

Connect with your community

To overcome financial struggles, “community is going to be major,” says Dasha Kennedy, Atlantabased financial activist and founder of The Broke Black Girl Facebook community.

Leaning on — or supporting — your family members, friends and neighbors can take many forms. For example, Kennedy points out how temporarily living with others can lower housing expenses. Or you can pool resources by sharing a vehicle or splitting a large expense.

To connect with supportive locals you’ve yet to meet, look to libraries, religious organizations and recreation centers. Or use virtual platforms like Facebook and Nextdoor.

In these in-person and online spaces, you may find free or inexpensive goods and services. Maybe someone will give away second hand clothes or walk your dog while you work.

Or seek guidance. Your neighbors may point you toward free, nearby health resources, for example, or describe what’s helped them stretch their money.

Profit from your skills

Of course, making more money helps, too. If you’re already working, Kennedy recommends first trying to increase earnings through your employer. Consider working overtime or negotiating raises and role changes, she says.

Or explore side work — with caution. Plenty of online gigs could waste your time, take your money or misuse your personal information.

“It’s high time for frauds and scams,” Kennedy says.

Trust your gut, and read reviews. Also check the Federal Trade Commission and Better Business Bureau websites for tips to avoid scams.

The most effective way to make money? “Monetize skills you already have,” Kennedy says. These could include anything from cleaning and organizing to writing and designing.

Assuming you start without clients, she suggests tapping your community once again.

“You may not have the time to build trust and reputation, so you’re going to have to rely on personal relationships,” she says. Ask friends, neighbors and family members to promote and vouch for you.

MN Valley Business • AUGUST 2022 • 31

MNVB 0822 p02.indd 31

7/18/2022 11:39:55 AM

Ripple Acupuncture and Wellness, LLC 304 Belle Avenue, Suite 3, Mankato, MN 56001

Birkholz & Associates, LLC 121 St. Andrews Court, Mankato, MN 56001

Think it Through Business Consulting 624 South Front Street, Mankato, MN 56001

Immigrant Connection at Celebrate Church 100 Warren Street, Suite 337, Mankato, MN 56001

American Solutions for Business/Paragon Printing and Mailing

NEW BUSINESS VENTURE

400 Poplar Street, Mankato, MN 56001

connect with us and join today!

Onward Energy Mankato, MN 56001

NEW LOCATION

Bonita!

401 North Riverfront Drive, Mankato, MN 56001

GROUNDBREAKING

Northway Academy 1700 Premier Drive, Mankato, MN 56001

NEW LOCATION

Fur's A Flyin', LLC 105 Homestead Road, Mankato, MN 56001

SAVE THE DATE!

THURSDAY DECEMBER 1, 2022

Mayo Clinic Health System Event Center, Mankato This premium event connects public leaders and a wide range of attendees from the agricultural sector, such as producers, manufacturers, educators, researches, and more.

Rural Forum presents a great opportunity for conversations about key issues facing the rural economy, as well as brainstorming potential solutions. GreenSeam is looking to reach more than 250 business and industry leaders. For sponsorship opportunities, please reach to Liz Sharp at lsharp@greatermankato.com.

greenseam.org 32 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 32

7/18/2022 11:39:58 AM

GREATER MANKATO BUSINESS AWARDS & HALL OF FAME

BUSINESS AWARDS

and

HALL of FAME

Tuesday, November 15 | 5:30 - 8:30 pm

WHY JOIN EXPOSURE

GREATER MANKATO GROWTH? PRESENTED BY

Build your Brand; Mark your calendars for a premier business event and grow your business. join us at the Mayo Clinic Event Center!

Stand out and get It’s not just st WHO WHO you ou noticed! know, it’s Growth, who knows k Greater Mankato Visit Mankato, City Center YOU. Networking IS Partnership, and GreenSeam will honor outstanding Powerful.

businesses, professionals, and organizations within the Greater Mankato community. BE IN

THE KNOW

LEARNING

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

TALENT RETENTION

NETWORKING TW WORKING ORKING

The event provides an opportunity to showcase your our member only business or organizationReceive in front of 400+ attendees. emails making you the first to To learn more about sponsorships, know the latestplease news. reach out to Liz Sharp at lsharp@greatermankato.com

MEMBER EXCLUSIVE REFERRALS Nominate a deserving professional, BENEFITS We only refer member

Keep your employees engaged and retained with access to our member only events and programs.

businesses.

Word of mouth business, or organization and direct referrals come

by September from being1,a 2022 valued

member of GMG. greatermankato.com/awards

SHAPE YOUR CREDIBILITY Raise your reputation by COMMUNITY belonging.

Research shows

Your investment helps us continue to build the best environment for your business and its employees.

that businesses who belong to a chamber of commerce are more successful.

4 to 6 pm AUG 2

Massad Real Estate 100 Warren Street, Suite 308, Mankato

NOV 1

Mayo Clinic Health System 1025 Marsh Street, Mankato

SEP 13 *

Frandsen Bank & Trust 240 Belgrade Avenue, North Mankato

DEC 6

Federated Insurance 2000 Technology Drive, Mankato

OCT 4

J. Longs 1640 Madison Avenue, Mankato

greatermankato.com/join

Business After Hours events are an opportunity for Greater Mankato Growth members to visit with one another in an informal atmosphere. 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

April 2018

2022 presenting sponsor

MN Valley Business • AUGUST 2022 • 33 greatermankato.com/join April 2018 MNVB 0822 p02.indd 33

7/18/2022 11:40:03 AM

G R E AT E R M A N K ATO O N T H E G R E E N

SAVE THE DATE

MONDAY

JULY 10, 2023

BEvERagE CaRT SPoNSoR

goLF CaRT SPoNSoR

T

his year's Greater Mankato on the Green tournament was a success!

Thank you to our 2022 sponsors, 148 golfers, Mankato Golf club, volunteers, donors, and staff. It was a wonderful day networking and business connections, all while enjoying 18 holes of golf. We hope to see you next year!

FLag SPoNSoR

goNg gamE SPoNSoR

REgiSTRaTioN SPoNSoR waTER SPoNSoR

Thank you to all 2022 Hole Sponsors and silent auction & raffle donors. Visit the website for a full list.

greatermankato.com/golf 34 • AUGUST 2022 • MN Valley Business

MNVB 0822 p02.indd 34

7/18/2022 11:40:07 AM

LIVE ENTERTAINMENT LOCAL FOOD • BEVERAGES

THURSDAYS (Aug 11, 18, 25 & Sep 1) 5:00 - 7:30 pm CIVIC CENTER PLAZA, MANKATO

FREE ADMISSION

WHY JOIN PLUS! ARTISAN + CRAFT POP-UP MARKET

EXPOSURE FEATURING

GREATER MANKATO GROWTH?

presenting sponsor:

Build your Brand; grow your business.

Stand out and get noticed!

8/11 The Hoppers

an event of:

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

8/18 THE DW3 LEARNING

Gain access cces to Member

8/25 Seasaw Exclusive Content to help grow your business.

9/1 Anderson Daniels

TALENT RETENTION

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

MEMBER EXCLUSIVE REFERRALS citycentermankato.com/aliveafter5 BENEFITS We only refer member businesses. Word of mouth and direct referrals come from being a valued member of GMG.

Keep your employees engaged and retained with access to our member only events and programs.

BOOST YOUR CAREER TO A NEW LEVEL Todd Thiewes has been successfully GREATER SHAPE YOUR CREDIBILITY selling and leading sales professionals MANKATO for by over twenty years. His experience PROFESSIONALCOMMUNITY Raise your reputation belonging.

Research DEVELOPMENT hasshows allowed him to exercise creative Your investment helps us

Series

continue to build the best environment for your business and its employees.

TODD THIEwES SANDLER TRAINING

that businesses who belong and innovative ways to motivate, lead, to a chamber of commerce and inspire many sales professionals are more successful.

Success Playbook for Career Advancement

September 21 & 28, October 5 & 12 8:30 - 10:30 am ABDO - 5th Floor Training Room 100 Warren Street #600, Mankato, MN

$449 Members $549 Non-Members

series sponsor

host sponsor

and clients.

Fine-tune your leadership skills and gain new energy to advance your career! Explore time management and goal setting, communication, and skills associated with strong and effective leadership. True change takes guts and mental toughness; Todd Thiewes of Sandler Training greatermankato.com/join will be there to navigate you through April 2018 these topics!

greatermankato.com/pds MN Valley Business • AUGUST 2022 • 35 greatermankato.com/join April 2018

MNVB 0822 p02.indd 35

7/18/2022 11:40:09 AM

» GRE AT GOLF,

great meetings.

GOLF DIGEST EXECUTIVES KNOW GREAT GOLF and have named Renaissance Ross Bridge Golf Resort

»» Play where the champions play

& Spa and Auburn Marriott Opelika Hotel at Grand National two of their newest Editors' Choice Winners, along

on Alabama's Robert Trent Jones

with Pebble Beach, The Greenbrier, Pinehurst and 65 other North American locations. When you need to step

Golf Trail. To book your next outing,

away from the office for a great golf getaway or an off-site meeting, plan your visit to Alabama’s Robert Trent Jones Golf Trail. The best part about the Trail is you don’t have to break the bank to play world-class golf. »»

call 800.949.4444 today and visit

MNVB 0822 p02.indd 36 RTJ1013RB_OV_GolfMeetings_CNHI.indd 1

rtjgolf.com to learn more.

7/18/2022 11:40:11 AM 10/28/16 1:50 PM

16 1:50 PM

Start living with less back pain.

Living with chronic back pain can be an emotional and difficult journey.

Whether your life has been limited by your pain or you’re tired of testing short-term solutions, Mayo Clinic Health System in Mankato has got your back. With a variety of therapies — physical, medicinal, and surgical — we develop your treatment plan together. Get back to an active and healthy life with the help of expert neurosurgery care.

Call 507-246-1299 to schedule an appointment. mayoclinichealthsystem.org/mankato

MNVB 0822 p02.indd 37

7/18/2022 11:40:12 AM

Experience something

Extraordinary

McLeod County Fair Pavilion | Hutchinson, Minnesota Architecture, structural engineering, electrical engineering

ARCHITECTS

ENGINEERS

Mankato | 507-519-3700

SCIENTISTS

Rochester | 507-292-8743

SURVEYORS

Widseth.com

Alexandria, Bemidji, Brainerd, Crookston, East Grand Forks, Grand Forks, Wyoming MN Valley Business • AUGUST 2022 • 38

MNVB 0822 p02.indd 38

7/18/2022 11:40:12 AM