Mn valley 5 18 by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley

Staci Flemming, senior interior designer at ISG in Mankato. Photo by Jackson Forderer

Getting Greener Sustainability easier, cheaper

May 2018

Also in this issue • A TO Z RENTAL CENTER MARKING 50TH YEAR • SEARCHING FOR THE ELUSIVE MOREL • MADER INSULATION OF WATERVILLE

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arm families usually intend for the family farm, and the benefits and fruits of the family farm, to pass down to the next generations. Sometimes, however, things do not go as planned. Divorce is a fact of life. For a farmer, the prospect of cutting the farm in half cannot only cause great financial pain, but emotional pain as well. I have seen too many farmers’ financial prospects worsened because simple steps were not previously taken to protect the family farm. In Minnesota, property that was owned by a party before marriage or was acquired during the marriage as a gift, bequest, devise, or inheritance made by a third party to one but not to the other spouse is nonmarital property and, generally speaking, does not get divided or accounted for when dividing the parties’

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F E A T U R E S May 2018 • Volume 10, Issue 8

More business owners are interested in becoming more sustainable and in saving costs in things like energy. Experts say going green doesn’t have to be a major investment.

The St. Peter Food Co-op is one of several businesses that sell the coveted morel when it’s in season. But collecting the elusive delicacy is no easy task for those who gather them.

Matt Mader has built his Mader Insulation business from scratch and the Waterville-based operation has grown more and more successful over the years.

Bill Vihstadt and his son Matthew operate A to Z Rental Center in Mankato, which is in its 50th year. Bill and his late wife Ruthann bought it from Bill’s aunt and uncle.

MN Valley Business • MAY 2018 • 3

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MAY 2018 • VOLUME 10, ISSUE 8 PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Harvey Mackay Amanda Dyslin Dan Greenwood PHOTOGRAPHERS Pat Christman Jackson Forderer COVER PHOTO Jackson Forderer PAGE DESIGNER Christina Sankey ADVERTISING Joan Streit Sales Jordan Greer-Friesz Josh Zimmerman Marianne Carlson Theresa Haefner ADVERTISING Barb Wass ASSISTANT ADVERTISING Sue Hammar DESIGNERS Christina Sankey CIRCULATION Justin Niles DIRECTOR 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 ■ Business Commentary.........................8 ■ Business and Industry trends..........24 ■ Retail trends.....................................25 ■ Agriculture Outlook..........................26 ■ Agribusiness trends..........................27 ■ Construction, real estate trends.....28 ■ Gas trends........................................29 ■ Stocks...............................................29 ■ Minnesota Business updates............30 ■ Job trends.........................................30 ■ Schmidt Foundation.........................32 ■ Greater Mankato Growth..................34 ■ Greater Mankato Growth Member Activities ............................36

From the editor

By Joe Spear

Mankato’s story still needs telling, or maybe not.

hen a powerful Twin Cities politician came calling to my office recently, it was clear there was an information gap about the significant cities in outstate Minnesota. Mankato was assumed to be an agricultural community like say maybe somewhere in Rock County. Well, Mankato has agriculture, no doubt, but it really isn’t defined as a “farming” community like Luverne or even Windom, where silos and grain elevators dot the landscape as you enter town. Maybe the presence of Ardent Mills plant along the Minnesota River that has a capacity to make one million pounds of flour daily makes us look like “farming.” In any case, Mankato has a little educating to do. I told this powerful person people would be surprised by the amount of manufacturing in Mankato. We have generator manufacturers who sell to the Pentagon and metal fabricators who serve the U.S. Navy. We even have a-100 year-old family foundry with a recent $5 million upgrade that makes parts for John Deere and Toro. You could see this person was a little more impressed, even interested. We have major medical facilities and a major Mayo hospital. And, of course, we have Minnesota State University. So manufacturing, education, health care and retail round out our economy. Still, I couldn’t help reading a little bit into this person’s expression, that Mankato was surprisingly vibrant but not quite as important as the big city, the

4 • MAY 2018 • MN Valley Business

Twin Cities metro area. The Twin Cities are formidable competitors to Mankato as a place to live and do business. There’s no doubt about that. And those who seek to search and retain talent from MSU and the other educational institutions will be familiar with the draw of the Twin Cities for Mankato up and comers. Having grown up in the second city of the Twin Cities, I know the draw. You might say I could be a poster child for the small town life. For people who ask me why I began living in Mankato full-time when I turned 30, and shunned the big city, I have two words. Traffic. Crime. Twin Cities highways were “crowded” in the 1970s when I grew up. They are abominable today and catastrophically congested. If one wanted to “beat the rush hour” on the way home in the metro, you’d have to leave work at 2:30 p.m. When I grew up in the Twin Cities, crime involved a bully throwing a lit cigarette at you. Today, the waitresses in a famous restaurant in that neighborhood all have permits to carry guns. If people think Mankato is a “small town,” my inclination is to say, let’s leave them think that. In reality, Mankato is not really a “small town” anymore, with a metro population of 100,000, it feels bigger. We seem small but we play big. In other words, there are plenty of urban-like amenities in Mankato, minus the traffic jams and long commutes to work that have become a growing negative for the Twin Cities. And that might help create that draw. It’s more clear that communities like Mankato will

draw the so-called boomerang households, who maybe grew up here, experienced the big city in their 20s, but now want to have kids and raise them in a safe and vibrant community with good education, recreation and an interesting arts scene. Greater Mankato Growth has amped up its efforts in the talent/ recruitment area lately with new videos and a “360” feature on its website that shows everything from Mankato neighborhoods to restaurants. There’s also a handy cost of living calculator on the site that allows people moving to Mankato to compare the cost of living to other cities. In many instances, one can make a case that it costs less to live in Mankato than a lot of other similarly sized and bigger urban places. And you can beat the rush hour even if you leave work at 5.

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

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Landmark Realtors honored

Century 21 Landmark Realtors in Mankato has been recognized by Century 21 Real Estate LLC with the Quality Service Pinnacle Award. Landmark is owned by Jon Kietzer. The annual award is based on results from the Century 21 Quality Service Survey, which is e-mailed to consumers immediately after the purchase or sale of a home. To earn the Pinnacle Award, an independent office must receive completed customer surveys for at least 80 percent of their transactions during the year with an average survey score of at least 95 percent or better for two consecutive years. Individual Realtors were also honored. Marlene Barnes won the

Quality Service Producer award, receiving a minimum satisfaction index of 90 percent in the survey. Carolyn Gunton-Lewis was recognized as a top-producer nationwide by earning the Masters Ruby Award. Ruby level status is awarded to affiliate who has met minimum sales production of $137,000 or 35 closed transaction sides within a calendar year. The sales affiliate also receives a trophy and a personal invitation to attend the annual Agent Retreat. And the Great North Broker Council recognized Susan Larvick and LoryAnn Stangler the MultiMillion Dollar Award. The Criteria for the MultiMillion Dollar Producer Award is production in excess of $80,000 Adjusted Gross Commissions or 20 Closed Units. ■■■

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Mike Kunkel has joined the CCFBank as the west region president. Kunkel is active in the financial industry as well as the local community. He Mike Kunkel received his degree from Minnesota State University and a diploma from the Graduate School of Banking at University of Wisconsin-Madison. He has served on the Minnesota Bankers Association ag committee He is based out of the Mankato CCFBank location. CCFBank is a wholly owned subsidiary of Citizens Community Bancorp based in Altoona, Wisconsin, with $900 million in assets. ■■■

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MN Valley Business • MAY 2018 • 5

True adds agents

began her real estate career 10 years ago in staging in the Mankato and Minneapolis. Alms has been in real estate since 2012 and has gained experience in commercial, multifamily and residential real estate. Alms grew up in the Lake Crystal and Mankato area. ■■■

Cliff Blaisdell

Kim Lingbeck

Zach Alms

Tr ue Real Estate added Cliff Blaisdell, Zach Alms and Kim Lingbeck as a real estate agents to the M a n k a t o location. Blaisdell lives with his family

in Janesville. Prior to earning her real estate license, Lingbeck had been with True Real Estate since 2016 as the staging and listing coordinator. Lingbeck is originally from Little Falls and moved to Mankato while she attended college. She

Spann joins museum

The Children’s Museum of S o u t h e r n Minnesota hired Heather Spann as development and marketing director. She previously worked as the Heather Spann advancement officer for the Red Cloud Indian School in Pine Ridge, South Dakota, growing the financial support of the school. She also served as the Salvation Army’s program and community relations coordinator. She is responsible for

fundraising efforts and donor cultivation of the Children’s Museum. ■■■

JBeal adds two agents

JBeal Real Estate Group added agents Elaine Buhs and Eric Lefeber. JBeal, based in Mankato, has 16 agents. ■■■

Schmidt’s Meats honored

The Minnesota Beef Council has named Schmidt’s Meat Market of Nicollet the 2018 Minnesota Beef Backer in Retail. Schmidt’s is recognized for their German-influenced style, longstanding family tradition, customer service and quality meats. The meat market began in 1947 and is operated by Ryan Schmidt. They have 50 full-time and parttime employees, including production workers, retail clerks and students. The Beef Backer program

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recognizes establishments that exhibit leadership and excellence when serving beef. ■■■

Weise, Kall joins Leaders Club

Wells Fargo Home Mortgage named Kim Weise, home mortgage consultant, to its 2017 Leaders Club for the 19th consecutive year. The recognition is based on exceeding sales in 2017 and for providing outstanding customer service. Weise has been with Wells Fargo for 20 years and has been in the financial services industry for 32 years. They also named Kris Kall, home mortgage consultant, to the Leaders Club for the 6th consecutive year. Kall has been with Wells Fargo for 15 years and has been in the financial services industry for 31 years. ■■■

CTS honored

Computer Technology Solutions has been given the 2018 Pinnacle Circle of Excellence Award among Digium’s top 25 value-added reseller partners worldwide. ■■■

Kato Insurance honored

Midwest Family Mutual Insurance Co. of Des Moines named Kato Insurance Agency to the President’s Club for the 10th consecutive year. The award recognizes outstanding service to customers and community and superior performance. The owners of Kato Insurance are Scott, Gail, Jon and Matt Michaletz. ■■■

Growing up in New Ulm, Buboltz earned a business degree from Minnesota State University. First National Bank Minnesota is a $200-million community bank with offices located in St. Peter, Mankato, and Gaylord. ■■■

Sun Moon offers training

Director and founder Mona Ceniceros has offered a 200-hour program. “The new 300-hour program goes beyond foundations with a focus on holistic deep-level wellness and leadership/ entrepreneurship,” Ceniceros said in a statement. The new program will launch in October.

Sun Moon Yoga Studio has launched a new 300-hour advanced yoga teacher training program.

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Buboltz promoted

First National Bank Minnesota promoted Jay Buboltz to vice president, retail banking. Buboltz has been with First National since 2004. Buboltz oversees the retail department of the bank, in addition to his retail lending, facility management and security duties.

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Business Commentary

By Harvey Mackay

A good sense of humor in business is no joke L ife is funny. As a businessman, public speaker and author, I especially love clever stories with a message because they make important points more memorable. Over the years I have collected a filing cabinet full of great material. Here are some of my favorites, which cover a variety of topics.

Unless you are a one-person shop, teamwork is not optional

The loaded minivan pulled into the only remaining campsite. Four youngsters leaped from the vehicle and began feverishly unloading gear and setting up a tent. Two kids then rushed off with their dad to gather firewood, and two others helped their mother set up the camp stove and cooking utensils. A nearby camper marveled to the father, “That is some impressive display of teamwork.” “Actually,” the father replied, “I have a system. No one goes to the bathroom until camp is set up.”

It’s all a matter of perspective

When you wake up every day you have two choices. You can either be positive or negative; be an optimist or a pessimist. It’s like the two salesmen who fell on hard times and ended up broke in a small town in Montana. They needed money to move on and learned that the town paid $20 each for wolf pelts. They sensed the opportunity. That night they set out with a

couple of clubs and some borrowed supplies and made camp in the distant hills. They were no sooner asleep than one was startled by an eerie howl. He crawled outside the tent to find himself surrounded by hundreds of snarling wolves. Back into the tent he crawled and shook his buddy. “Wake up!” he cried. “Wake up! We’re rich!”

Mackay’s Moral: You can take your work seriously, but be careful not to take yourself too seriously. Believe in yourself, even when no one else does

At the end of a particularly frustrating practice one day, a football coach dismissed his players by yelling, “Now all you idiots, go take a shower!” All but one player headed toward the locker room. The coach glared at him and asked why he was still there. “You told all the idiots to go, sir,” the player replied, “and

8 • MAY 2018 • MN Valley Business

there sure seems to be a lot of them. But I am not an idiot.” Confident? You bet. And smart enough to coach that team someday.

Take care of customers and they’ll take care of you A man who had lived an exemplary life died and was given a preview of heaven and hell. In heaven, people were peaceful and serene and smiling. In hell he was given a stretch limo, the best of food and drink and an endless list of parties. He chose hell. As soon as he walked through the gates, the devil began flogging him with a whip and he was thrown into a fiery chasm. “Wait!” he said. “Yesterday I was treated like a king, and now this. Why?” “Ah,” said the devil. “Yesterday you were a prospect. Today you’re a customer.”

If you’re not in it to win it, you’ve already lost Determination is what keeps us hammering away. It’s like the young high school sophomore who was doing his best to land a job for the summer and the interview wasn’t going so well. “Look here,” said the office manager, “aren’t you the same young man who was in here a week ago?” “Yes, sir,” said the applicant. “I thought so. And didn’t I tell you then that I wanted an older person?” “Yes, sir,” said the young man. “That’s why I’m back. I’m older now.”

Ever y sur vival kit should include a sense of humor

Albert Einstein’s driver used to sit at the back of the hall during each of his lectures. After a period of time, the driver said to the famous scientist, “Boss, I’ve heard you give that speech so many times … I could give it in my sleep.” So at the next lecture, Einstein and the driver switched places, with Einstein sitting in the back, dressed in the driver’s uniform. The driver gave the lecture flawlessly. At the end of the lecture, a member of the audience asked a detailed scientific question. Without missing a beat, the “lecturer” replied, “Well, the answer to that question is so simple, I’m going to let my chauffeur who is sitting in the back answer it.” Harvey Mackay is a Minnesota businessman, author and syndicated columnist. He has authored seven New York Times bestselling books

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The interior of the MVAC building in Mankato was designed to harvest light to send deep into the building, while keeping out heat. Photo by Brunton Architects

Light Green

Sustainability doesn’t have to break the bank By Tim Krohn | Photos by Jackson Forderer

all it what you want - sustainability, going green, energy efficiency – but more and more businesses are interested. It’s good for the environment, is good for a businesses’ brand and it offers long term savings. “Some don’t care, but more clients are informed about it now. They’ve done a lot of homework and have ideas about what they want to do and how to do it,” said Staci Flemming of ISG in Mankato. Architect Corey Brunton says that when the green movement began 15 or 20 years ago, clients were

intrigued but often worried about exorbitant up-front costs and having to build new or completely renovate “I started to use the term ‘light green” that would describe sensible design methodologies that don’t cost a lot of money.” While going green can mean many things, including using recycled materials and sustainable materials, many businesses target energy costs. Philip Lipetzky, of Green Energy Products in Springfield, said they continue to do a lot of solar arrays, particularly on farms, but also do a lot of

Cover Story

10 • MAY 2018 • MN Valley Business

The St. Peter High School, designed by ISG, features exposed ceilings rather than drop-down tiled ceilings and concrete flooring rather than carpet. Plenty of natural light floods the rooms. ISG photo electrical retrofits for commercial and industrial buildings. “There’s lower hanging fruit with energy - motors, lighting. And if you can improve your consumption and you do want solar, you can have a smaller solar project.” Clean energy proponents say it not only helps the environment and saves on energy costs but is one of the better job-building industries in the state. In declaring Clean Energy Business Day recently, Gov. Mark Dayton touted the growth in the industry and its potential to drive the future economy. “Clean energy businesses employ 57,351 Minnesotans, as of 2016, with wages 42 percent higher than the statewide average,” he said.

Green on the inside

Flemming has 25 years of experience as an interior designer. She worked by Bryan Paulsen at Paulsen Architects. She, Paulsen and others from the firm moved to ISG when they bought Paulsen five years ago. ISG, headquartered at 115 East Hickory in Mankato, has eight offices in four states. She said she became immersed in sustainability about 2001 when the LEED (Leadership in Energy and Environmental Design) certification was developed by the U.S. Green Building Council. “The (Blue Earth County) Justice Center was one of the first we did and was one of first LEED certified buildings in the area. It’s a little more paperwork and more expense to get LEED.” Flemming says some clients have no interest in delving into

sustainability, but simply want building designs that are the most cost effective and efficient for them. But more and more clients are looking for ways to be energy efficient and sustainable. “We just tr y to think sustainability from the get go. What are we putting in the building, using best practices. Not everyone can afford all of it. Electrical and HVAC and things can get expensive.” But she said there are many things businesses can do without breaking the bank. “It can be as simple as getting a recycling program into your building. If you’re looking at a retrofit you can look at changing out lights to LED fixtures, there are some rebates on that.” Flemming said minimizing finishes during renovation may be one of the biggest green thing

MN Valley Business • MAY 2018 • 11

someone can do. “No carpet but finished concrete floors – the industrial look. There are no-inlay tile ceilings. Using low-VOC paints.” And she said those who do want carpet or other flooring types can find ones that have recycled content. “Where things are sourced is important. Things can be certified as coming from sustainable forests that are well managed. You have data that says this came from this forest and new trees were planted. FSC (Forest Sustainability Council) certifies wood products,” she said. And she said whether renovating or building new, people should think about the life cycle of a product. “Like carpet in commercial spaces, is it five or 10 years and it has to be replaced or maybe there’s something else that might be more costly up front but you don’t have to replace it.”

Light Green focus

Brunton formed Brunton Architects & Engineers in 2007, with offices at 225 Belgrade Avenue in North Mankato. He said clients are more interested in sustainability, but many don’t want the added costs and hassles of trying to build to LEED certification. “They don’t want a LEED plaque on the wall. They just want to be good stewards. That’s when we start talking to them about light green.” “Things like recycling when you’re building or rebuilding don’t cost you extra,” he said. “And if you can buy materials from within 500 miles of your location that’s important – you don’t need to ship it from Florida.” He said LED lighting has become a major and affordable step for businesses or homeowners. “If you asked me 10 years ago I’d say it was 10 to 30 percent more to do LED, today it doesn’t cost you more.” While the price of LED bulbs may still be more than the old bulbs, the electrical saving and infrastructure savings are greater. “You can reduce the size of your electrical service.” Brunton also points to using

building materials with recycled content in them, adding energy efficient windows, more insulation and more water efficiency as ways to cut costs, save energy and be more sustainable. Flemming and Brunton also champion the use of natural light

to offset the need for more lighting. Br unton designed the renovation of the former Johnson Outdoors warehouse at 706 North Victory Drive for use as the new offices and thrift store for MVAC. “It was a warehouse with no

This interior conference room, designed by Brunton, pulls in natural light, reducing the need for artificial lighting. Brunton Architets photo

“They don’t want a LEED plaque on the wall. They just want to be good stewards.” Corey Brunton MN Valley Business • MAY 2018 • 13

A farm solar array installed by Green Energy Products

interior walls.” He said they used “light harvesting” and “borrowed light” extensively in the design. Photovoltaic windows bounces light to a white ceiling and sends the light deep into the building. Glass doors and walls in interior hallways allows borrowed light from outside to move deep into the building. He said shading strategies are also integrated to allow the collection of light but not the added heat in the summer. He said some efforts, such as photovoltaic panels on rooftops, do have a sizable up-front cost but pay off quickly. “In my office they paid for themselves in three years. They provide 60 percent of our office (electricity). My meter runs backwards on weekends.”

Electrical revolution

Program finances energy efficiency with no up-front costs If you’re a business owner and thinking of adding high-efficiency lighting or maybe solar panels, a program being offered through many area county offices can line you up with a low interest loan and some expertise. “It’s not for residential, but for commercial, industrial, apartments, farms,” said Mandy Landkamer, Nicollet County Property Services director. “It’s a pretty neat program.” The county board approved hosting the program, called PACE (PropertyAssessed Clean Energy), about a year ago. Most counties in the region have also adopted the program, which is run through the Port Authority of St. Paul. She said business owners can contact their county PACE coordinator, who will tell them about the program and connect them with the Port Authority. If a project is approved, the county does an assignment of the liens Landkamer said interest rates on the financing have been 4.5 percent. Repayment is spread over 10 years. The financing is repaid as a separate item on the county property tax assessment, with the county sending the money to the Port Authority. Property owners benefit because there is no up-front cost for them and the credit requirements are less than for a traditional loan because the assessment would follow the property if it is sold to a new owner. Building improvements include solar arrays, HVAC upgrades, insulation, LED lighting, condensing boilers, digital controls and other energy and water conservation measures. Landkamer said she’s seen projects in other counties that include things like LED lighting and new hood vents and controls in a restaurant. Most projects in the rural areas have been solar arrays. Landkamer said they’ve so far approved one project, a 16kw groundmounted solar array on farmland in West Newton Township. “The annual electricity offset for them in the first year alone will be $2,775,” she said of the project. More information at: cleanenergyresourceteams.org/pace 14 • MAY 2018 • MN Valley Business

Lipetzky’s dad, Tim, has long operated L&S Electric in Springfield and they launched Green Energy Products as a sister business in 2008, concentrating on selling and installing solar panels. “Ag producers are our largest customers. In Minnesota they can go up to 40kw, we do a lot of those.” He said there are still good rebates available for commercial business owners who want to install solar arrays. But the subsidies are set to taper off in coming years. Through the end of next year there is a 30 percent rebate, then 26 percent through 2022 and then it falls to 10 percent. Lipetzky said solar panels have improved and gotten cheaper. “Panels were in the 17 percent efficiency range and now they’re over 22 percent. And prices have come down pretty drastically.” He said in recent years they have been doing a lot of work for larger companies installing big solar arrays in the region. “There’s a lot of electrical work to do on them.” They also do a lot of retrofitting of lighting in buildings and installing LED systems in new construction. “There’s more interest in going from energy efficient fluorescent to LED. There is 30 to 50 percent energy savings with LED. We’ve seen 65 percent reductions. And

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Employees at ISG in downtown Mankato are reflected in the glass that encloses a conference room. The glass lets in light and because it is modular it can be reused if it needs to be moved to a different space. the lifetime maintenance is lower.” And he said for those thinking of adding solar now or in the future will save on that if they put in LED bulbs. “We’ve done jobs where their consumption was way over what a 40kw (solar) system would handle but after they did lighting the 40kw would cover them and then some.” MV

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MN Valley Business • MAY 2018 • 15

Often hidden beneath leaves and brush, Morels pop up on the landscape for a few short weeks in May, and area mushroom hunters canvas southern Minnesota to find them. Photo by Amanda Dyslin

Golden nuggets

Few foragers certified to sell morels; black market thrives By Amanda Dyslin

ndy Prange told his grandpa, who was and demand. Every spring when the ground in his 80s, to get his shoes on. Prange hits about 55 degrees, there are only a few had something pretty cool to show weeks when morels spring up and grow in him and his dad. wooded areas. They can’t He walked them about be grown commercially, 100 yards behind his which makes them like parents’ house, and there, gold to be found in the under a single tree, was wild for just a short period ST. PETER 12 pounds of morel of time. FOOD CO-OP mushrooms, shooting up On top of that, most from the ground in all morel-covered land is 228 W Mulberry St, their spongy splendor. private. So unless you St Peter, MN 56082 “Big score, motherknow somebody, you’re Hours: Daily 7 a.m. - 9 p.m. load,” said Prange, who stuck competing with the 507-934-4800 has more than 20 years of masses at public places morel mushroom foraging like Rasmussen Woods. experience and averages about 50 to 70 The St. Peter Food Co-op & Deli is one of pounds per season. few places that sell morels retail in the area. Prange, it seems, is like most morel Stephanie Thull, produce manager, said she hunters in southern Minnesota. He looked at typically buys them at $20 per pound, and that score and saw tasty food and enough to depending upon the availability, she buys share. anywhere from 50 to 150 pounds per year to Others, however, might have seen dollar sell. signs, what with the annual black market The trouble is, it can be hard to find that is springing up as we speak at about $50 anyone to sell her the things, she said. Last per pound (Craigslist and various online year the co-op didn’t have any because no forums), as well as the above-board market one came forward to sell. for those with the proper certification to sell The co-op requires that sellers have their wild mushrooms. Certified folks selling wild mushroom certification on file at the commercially garner about $20 per pound in store, and not many people have been the area. certified. The Minnesota Food Code The hefty price has to do with availability (Minnesota Rules, Chapter 4626) requires

Cover Spotlight

16 • MAY 2018 • MN Valley Business

Andy Prange averages about 50 to 70 pounds of Morels per season. Prange said Morels grow slowly over several weeks, so leaving a small Morel untouched can mean that it will have grown much taller and fuller the next time you hunt (assuming your location is secret and someone else won’t have gotten there first). Submitted photo that all mushrooms sold and publicly ser ved have to be obtained from a mushroom identification expert. “The Minnesota Food Code defines a mushroom identification expert as someone whose knowledge of mushroom species has been ‘verified and approved by the regulator y authority through the successful completion of a wild mushroom identification course provided by either an accredited college or university or a mycological society.’” According to a “Harvesting and Selling Wild Mushrooms in Minnesota” fact sheet put together by the Minnesota Department of Agriculture, the Minnesota Department of Health, and University of Minnesota Extension. “I always try to encourage people that are (foraging) to get that certification,” Thull said. “I would love to sell them here. People did ask for them last year, and we weren’t able to get any.” Having lived in the area his whole life, Shane M. Sellner has been foraging for 40 years, and he got certified in 2015. He sold some that first year for about $40 per pound, but mostly, he said, he took the day-long University of Wisconsin-Extension course for educational purposes. “We used to go out with garbage

bags. We had a 50-gallon barrel, and we’d put them all in there, and all the neighbors would take all they wanted,” Sellner said. A barrel full of morels these days is worth thousands of dollars, but Sellner said people have to remember the work and time involved in finding the things. “If you figure out what you’re making per hour, it’s a lot of work,” he said. “I work. I don’t have time to be in the woods every day.” Sellner has run into many people who are sellers when he’s out foraging. There are people who start down south and follow the morels up north as the ground continues to warm further northward. “The last couple of years I have run into a couple of people in parks on public land that have the back end of their trucks full of coolers,” Sellner said. “I hope they’re not over-harvesting, but if that’s what they want to do with their time, I think that’s great they’re able to utilize a resource.” Sellner is well aware of people who sell the morels without being certified. He said buyers should use caution because the seller may be identifying the mushrooms incorrectly (and some mushrooms are dangerous to consume); they may be picking them from someone else’s private

property; and they may be picking them from land where chemicals and other hazardous materials have leached into the soil and mushrooms. There’s a whole ethical side to morel hunting, Sellner said. People should not be trespassing, and it sometimes is illegal to hunt on public land, so foragers need to do their due diligence. Sellner said he’s glad he got certified. He was curious about the legality and distribution, and he also wanted to learn how to identify even more species of mushrooms. “That’s really what I gained out of it. There are a lot of morel hunters around here. But there’s another seven months out of the year when there’s actually better mushrooms out there,” he said, citing ramps and fiddlehead ferns as examples. Already in March, Sellner was gearing up for another season of foraging. “I’ll be out in the woods starting as soon as the snow’s gone looking for ramps,” he said. “I’ll be in the woods starting then and kind of keeping my eyes open for everything by the end of April.” As for Prange, he’s had people ask him to sell morels before. But he just doesn’t see dollar signs in his hobby. “I have been tempted at times,” he said. “I guess I don’t really feel the need to profit off of it. They’re just so hard to find.” Sarah Haayer, Friesen’s Family Bakery & Bistro chef, said she doesn’t buy morels for the restaurant because they’re too valuable. “That’s my equivalent of buying lobster,” she said. But last year she was blessed by a big donation by Brian Turensky that she used in a Farm to Table event. “He is a super hunter,” Haayer said. “He gave us $200 or $300 worth of morels.” MV For more information about certification, call the Minnesota Department of Agriculture Dairy and Food Inspection Division at 651-201-6027 or visit the Minnesota Mycological Society at minnesotamycologicalsociety.org.

MN Valley Business • MAY 2018 • 17

Matt Mader of Mader Insulation spray foam insulates an apartment in North Mankato. Mader said he has been in the insulation business for five years. Photo by Jackson Forderer

Well insulated Home project turns into business By Amanda Dyslin Photos by Jackson Forderer

att Mader’s toddler is pretty proud family business. to wear his tiny blue T-shirt with Then there’s the 26-acre property that his dad’s company logo. the Mader family is buying in rural “This is my dad’s Kilkenny, with an old work shirt,” Oliver says, farmhouse that they pointing to the Mader hope to tear down and Insulation logo. build anew. It has the The same logo in a outbuildings that Mader much larger size can be needs now for his MADER seen out the back patio growing business that INSULATION windows of Maders’ started from scratch – 316 Common Street, Waterville home on the from a Craigslist Waterville side of a big white purchase. 507-661-0559 commercial tr uck. “Yeah, that was just, maderinsulation.com Other signs of the what, four years ago,” success of Mader’s said Mader, 30. young company are more subtle. Visitors might not realize the The business of family full house renovations that have taken Mader, who grew up in rural Waterville, place in their Common Street home, or that got his associate’s in carpentry and cabinetthe white pickup parked outside is a newer making at South Central College, purchase made possible thanks to the graduating in 2007. When the recession

Feature

18 • MAY 2018 • MN Valley Business

Matt Mader bought equipment to do an insulation job at his home and soon realized he could turn it into a business hit, he couldn’t find a construction job, so he went to work in the Mader family business at Minnesota Valley Pumping. Mader’s grandfather started the business 35 years ago, and his dad, Ken Mader, and his two brothers, Kevin Mader and Dave Mader, ran the business when he came aboard to help with the busy seasons for emptying hog barns and dairy pits and pumping fertilizer. Beginning in 2007, he worked there for eight years, while also taking side construction jobs. “I always thought that would be what I would do,” Mader said. “But then I kind of just fell into this.” Mader and his wife, Gina Mader, who was pregnant with their first child, bought their

Common Street fixer-upper in 2013 with the plans of renovating the upstairs bedroom area before baby Abigal was born. But they ran into a major problem: bats. An infestation of bats. The upstairs was inhabitable due to guano and other issues. After researching fixes, Mader learned that spray foam insulation was the best way to keep bats from re-entering the home. He got a quote of $4,500 to have a professional come in and do the job, but being pretty handy himself, Mader decided he’d rather do the job. “I learned it’s not a good idea to do. You’re manufacturing plastic in someone’s home. It’s not a DIY project,” he said. Mader and his wife discussed it, and they decided to buy a $7,500

spray foam machine off Craigslist with the plan to do the insulation job and then sell the equipment for what they paid. “We spent our last dollar on that machine,” Gina said. The couple also took out a loan for the portable machine. “It took forever just to do our house,” Mader said. The machine and all the chemicals ended up costing far more than hiring a professional. But when the Maders’ family members, friends and acquaintances heard they had the machine, they started hiring him to do their own insulation jobs. That’s when Mader started dedicating time to research and learning the trade. He watched videos, read a lot of industry information and had professionals come watch and make sure he was doing it correctly. “We had thought we’d sell it and be ahead, and then people kept calling, and all of a sudden I was bidding new houses,” Mader said. Mader’s business grew quickly. He was able to quit working for his dad after the fall of 2014. “Matt just knows a lot of people, and a lot of people know Matt is a reliable person and hard worker,” Gina said. Just six months after buying the machine off Craigslist he had a legitimate business going as Mader Insulation. “I was six months pregnant with Abigal, but I trusted him,” Gina said. “I know that he’s smart, and I trusted it was a calculated risk.” From his research, Mader knew the spray foam insulation business was stable. About 50 years ago spray foam took off due in part to the roofing industry when it became clear that commercial roofs were lasting a lot longer in homes with spray foam, he said. Spray foam also boomed with the move toward energy efficiency. Homes in Texas, for example, saw a marked difference in cooling efficiency. “You can spray it on concrete, rock, stucco. It increases the structural strength by up to 300 percent,” he said. “It’s like rebuilding a wall with foam.” Mader’s background in

MN Valley Business • MAY 2018 • 19

constr uction and carpentr y helped a great deal with his spray foam jobs. On his Facebook page he posts about factors that affect his work. In January he posted a photo of a basement with a wet concrete wall where the foam was to sprayed. “When the insulation was removed a few days ago it was warm outside, 40 degrees (and) warm inside. The block was dry at that point. Insulation is removed, and the block warms up some, enough to take the frost out of the ground and melt snow next to the house. That is why the concrete is wet,” he wrote. Knowing that the maximum substrate moisture content for spray foam application is 18 percent, he had to tell the homeowner that he couldn’t spray with a 35 percent moisture level. “What would your spray foam contractor do?” Mader wrote at the end of his post.

From the ground up

Gina said Mader’s meticulous nature and strong work ethic have helped with word of mouth. For the most part, the Maders have relied on that, as well as Facebook and Craigslist advertising, to grow the business. They’ve also done radio ads, starring little Abigal. So far, all the reviews on Facebook have been 5 stars. Andrew Stankey wrote, “Matt came and sprayed my house today, and I’ll tell you what, couldn’t have asked for a better person to come do it. Good, hardworking guy. Took his time, did a great job, and did a final walk through after he was done to make sure everything was good to go.” Gina says Mader’s honesty goes a long way with clients, too. “It helps when you know how buildings are put together and what needs to be insulated and what doesn’t,” Mader said. “I’ve seen people insulate walls that

Matt Mader of Mader Insulation uses a spray foam gun to insulate an apartment room in North Mankato. Mader said the insulation is made up of a polyurethane spray, that expands immediately after being dispensed from the spray gun. Photo by Jackson Forderer have absolutely no need to be insulated.” A while after establishing his business, Mader had his eye on a spray foam insulation truck to replace the portable unit he had originally bought, which he had listed for sale on Craigslist. He had a job up North to spray a bear hunting cabin, and it just so happened that someone in the area answered his ad to buy the portable unit. “So the guy came and watched me spray with it, I did the job, the guy bought it, and I came home without any equipment,” said Mader, who recouped the $7,500 he originally paid and was able to buy the spray foam truck he currently drives to jobs. The rig can hold eight barrels of chemicals. He uses it to spray all kinds of structures, including fish houses, sheds, commercial buildings, residential new construction and remodels. “I’m starting to do some roofing, too,” he said. Mader is planning soon to add an employee and hopes to add several more down the line, as well as an additional spray foam rig. That way two guys can be in each truck working at a couple of different jobs at the same time. For now, the business is just

20 • MAY 2018 • MN Valley Business

Mader, and he travels all around the region doing jobs. Mader works for hours a day in a full body suit and respirator, methodically spraying foam in a quiet space, usually without anyone else around. But he doesn’t get bored, he said. “I like it. You’re always adjusting temperatures and pressure to make the foam better,” he said. “To me it’s a challenge to make the smoothest foam I can.” “And you like seeing the progression,” Gina said. Mader said his spraying technique came with time. “The first jobs I did looked bad and were over full. It took extra time and material to trim the foam where it needed to be,” he said. Looking back, Mader said it wasn’t wise to assume he could spray his own home without the proper knowledge and training. He’d never recommend a person do the job on their own working with such dangerous chemicals. “It is hazardous, and you can really mess up an entire house if you don’t know what you’re doing,” he said. MV For more information, search for @maderinsulationllc on Facebook or call 507-661-0559.

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418 south second street, mankato mn www.mankatofreepress.com MN Valley Business • MAY 2018 • 21

Bill Vihstadt and his son Matthew say many of the most popular items they rent haven’t changed since Bill’s aunt and uncle opened the store in 1968.

A to Z:

50 years of renting Need a pallet jack? Popcorn machine? They got it

By Dan Greenwood | Photos by Pat Christman

or Bill and Matthew Vihstadt, business and aunt and uncle that started it,” Bill said. “I am forever family go hand in hand. Bill has owned A to Z grateful to them.” Rental Center in Mankato for nearly half a While they still have some relics in their warehouse, century. He and his late wife Bill says wear and tear means Ruthann, who died last June, having to replace inventor y operated it for most of those years. constantly. Their son Matthew moved back “Unfortunately most items don’t to Mankato after college to work in last forever,” Bill said. “We buy A TO Z RENTAL the family business. The location most of the items direct. Very hasn’t changed since then, and seldom do we go through CENTER many of the items they currently distributors.” 1428 North Riverfront rent were popular in 1968, when He jokes that his son Matthew Drive, Mankato Bills Aunt and Uncle opened the was involved “since he was 507-388-1677 company. Bill bought it three years conceived.” When Matthew was a Hours: Monday-Friday: 7:30-5:30 later and still appreciates their role kid, it was a chance to bond with Saturday: 7:30-3:30 in making the business a success. his Dad and he learned the business Sunday: 9:30-1:30 “I was very fortunate to have an over the years. He said that when

Profile

22 • MAY 2018 • MN Valley Business

The late Ruthann Vihstadt, who died last June, was the longtime co-owner of A-Z Rental along with her husband Bill. Bill and their son Matthew now run the business. he finished college with a Political Science degree, he had to decide whether to go on to graduate school or work for his Dad. The shop features a wide variety of construction equipment and tools, but also popcorn machines for parties, weddings, and grand openings. Matthew says a customer will walk in expecting to reserve tables and chairs for a graduation party. They turn around and see the popcorn machine and say “Whoa. I could use that!” He says that while they have to replace worn down equipment, some has stood the test of time. “Some of the most profitable things are the things that have been around forever,” Matthew said. “I could probably pull out an electric drill that was dated 1968 or some of the old tables. It’s heavy duty wood; you can’t just go up to Sam’s Club and buy an 80 dollar table and expect it’s going to last 50 years.” They say advertising in the newspaper and on television, word of mouth, and a tremendous and loyal customer base have led to their success. What people choose to rent varies with the time of year, with outdoor construction work slowing to a near halt by winter. That’s when customers show up with indoor projects in mind. On this particular March day, they rented out several floor sanders. “I think people sit at home and watch the DIY network and decide to tackle a project.” The staff give people demonstrations on how to use the machinery. “A few of us here have brought enough of this home that we’ve taken on some of the projects ourselves in our own houses,” Matthew said.

Hectic springs

At their summer peak they have more than 20 employees, mostly kids taking a break from school or college. Graduation time is the busiest. The adjacent warehouse has hundreds of tables and chairs waiting to be hauled out for commencements; one of their biggest customers is Gustavus Adolphus College in St. Peter. Graduation parties and commencements are short-term rentals, but they may not see other items for months at a time. Sometimes they’ll go out into the field to check up on the equipment, bring it back to the warehouse and repair before returning it to a customer. They have mechanics on site to repair the wide variety of machinery they have. Sometimes, a customer needs equipment or machinery for so long they just opt to buy it outright. “We’re technically a general rental so we have party, construction, homeowner and lawn and garden,” Matthew said. “You can’t just focus on one thing. With our inventory we could just be a party rental store, but there’s times of the year where a lot of the party times die out and other things pick back up.” As he reflects on the past half century in the business, Bill says the strength of Mankato and the region has led to their longevity. “It’s been a long 50 years, but the community has been wonderful,” Bill said. “We started the same year as GM Contracting from Lake Crystal and WEB Construction from Mankato. They’ve been around for 50 years and they’re still our good customers. The community has been good to us.” MV

MN Valley Business • MAY 2018 • 23

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Business and Industry Trends of the 2017 total. Commercial sector electricity retail sales made up slightly less than 37 percent of the total in 2017, and the industrial sector made up about 26 percent. With few exceptions, air conditioning and other cooling equipment is powered by electricity, so warmer weather in summer months often results in greater use of air conditioning and higher retail electricity sales. Cooling degree days, an indicator of coolingrelated energy demand, were 9 percent lower in 2017. Electricity use also increases in colder weather. Heating degree days, an indicator of heating-related energy demand, were 1 percent lower in 2017.

Energy Electric sales fall by biggest amount since recession

Crude production likely to be record

U.S. retail electricity sales fell by 80 billion kilowatthours (kWh) in 2017, the largest drop since the economic recession in 2009. The 2 percent decrease in 2017 reflects lower retail sales in the residential, commercial, and industrial sectors and is largely attributable to milder weather. Total electricity retail sales in 2017 were 3,682 billion kWh, nearly identical to the levels seen more than a decade before, in 2006. The residential sector buys the most electricity from the grid, accounting for slightly more than 37 percent

Annual average U.S. crude oil production reached 9.3 million barrels per day in 2017, an increase of 5 percent from 2016 levels. In November 2017, monthly U.S. crude oil production reached 10.07 million b/d, the highest monthly level of crude oil production in U.S. history. Production has increased significantly over the past 10 years, driven mainly by production from tight rock formations using horizontal drilling and hydraulic fracturing. Production should continue to grow in 2018 and 2019, averaging 10.7 million b/d and 11.3 million

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24 • MAY 2018 • MN Valley Business

b/d, respectively. Texas continues to produce more crude oil than any other state or region of the United States.

Retail/Consumer Spending

Coal output falling

EIA forecasts coal production to decline by almost 5 percent to 736 million short tons in 2018 and then increase by 1 percent in 2019. Lower expected global demand for U.S. coal exports (down 17 percent in 2018 and another 5 percent in 2019) and lower forecasts of coal use in the electric power sector (down 5 percent in 2018) contribute to the forecast of lower coal production.

Vehicle Sales Mankato — Number of vehicles sold - 2016 - 2017 1500

917 701

1200 900 600

Wind power keeps growing

In 2017 wind generated on average 697,000 megawatthours per day. That’s expected to rise to 722,000 MWh/d in 2018 and to 778,000 MWh/d in 2019. Conventional hydropower is projected to generate 747,000 MWh/d in 2019, which would make it the first year that wind generation exceeds hydropower generation.

Solar’s future bright

Total solar electricity generation averaged an estimated 211,000 MWh/d in 2017. EIA projects that it will reach 246,000 MWh/d in 2018 and 294,000 MWh/d in 2019.

300 0

After declining by 0.6 percent in 2017, energyrelated carbon dioxide (CO2) emissions are estimated to increase by 1 percent this year and by another 0.8 percent next year. Energy-related CO2 emissions are sensitive to changes in weather, economic growth, and energy prices.

Natural gas output up

U.S. dry natural gas production averaged 73.6 billion cubic feet per day (Bcf/d) in 2017. It should rise to an average 81.7 Bcf/d in 2018, establishing a new record. That level would be 8.1 Bcf/d higher than the 2017 level and the highest annual average growth on record. Natural gas production will also increase in 2019, with forecast growth of 1.0 Bcf/d.

Includes restaurants, bars, telecommunications and general merchandise store sales. Excludes most clothing, grocery store sales. $428

Sales tax collections Mankato (In thousands)

- 2016 - 2017

600

$419

500 400 300 200 100 0

CO2 emission increase

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2016 - 2017 $32,300 $27,978

70000 52500 35000 17500 0

Source: City of Mankato

Mankato food and beverage tax - 2016 - 2017 175000 140000

$60,900 $58,935

105000 70000 35000 0

Source: City of Mankato

C. Sankey

MN Valley Business • MAY 2018 • 25

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Agricultural Outlook

By Kent Thiesse

China tariffs are of major concern for U.S. farmers

hen the calendar turns to April, most farm operators focus on spring planting for the coming crop year, a look for favorable opportunities to market their anticipated production. Things are a bit different in 2018, as a more pressing matter to the future of many farm operations might be what’s happening with the increasing rhetoric and threats surrounding potential tariffs on goods and services that are traded between the United States and China. Most items that the U.S. imports from China that would be affected by the added tariffs are not related to agriculture; however, the tariffs that China would impose on imports from the U.S. are largely related to agricultural products. In late March, President Trump announced tarif fs on approximately $60 billion worth of Chinese products currently being imported into the U.S., citing a negative trade balance and “China’s theft of U.S. intellectual property” as the primary reason. Included on the initial list of products were tariffs on Chinese steel and aluminum being imported into the U.S. China responded with a list of 128 U.S. products that would face tariffs when being imported into China. This included a 25 percent tariff increase on U.S. pork products, and a 15 percent tariff increase on fresh fruit, dried fruit and nuts, wine, steel pipes, and other products originating from the U.S. This initial action was followed by further trade tensions between the U.S. and China in the first week of April, with President Trump calling for additional tariffs on Chinese goods and

26 • MAY 2018 • MN Valley Business

services entering the U.S. China then responded by threatening to impose a 25 percent tariff increase on a wide range of U.S. agricultural products that are imported by China, including soybeans, corn, sorghum, wheat, cotton, beef, and other ag products. President Trump then responded by asking for consideration of an additional $100 billion in tariffs on Chinese products entering the U.S. While most global ag trade experts say it is too early to label this situation as a “trade war,” the escalating threats and potential retaliations between China and the U.S. are certainly a major concern in both countries. The U.S. agriculture industry is particularly concerned with the economic impacts of continued trade tensions with China, especially crop and livestock producers in the Midwest. While the U.S. has a large overall trade deficit with China and other countries, trade on agricultural products is one area where the U.S. has had a trade surplus. For the past few decades, China has had a rapidly growing economy, and financial conditions for mainstream residents has improved over time. As that has occurred, the Chinese people have changed their diets to eat more protein, which has resulted in China importing more agricultural products from the U.S. and other countries. The potential Chinese tariff on U.S. soybeans could have one of the biggest financial impacts on U.S. farmers. Currently, The U.S. exports about half of the annual soybean production, with China accounting for about 60 percent of the total U.S. soybean exports. Nearly one-third of annual U.S. soybean production is exported

to China, with those exports totaling nearly $14 billion in 2017. China also accounts for about 80 percent of U.S. sorghum exports, as well as smaller amounts of corn and wheat. China does import some ethanol and DDG’s from the U.S., which could be affected by the added tariffs. Soybean producers worry about the potential negative market price impacts if China were to actually implement the proposed additional 25 percent tariff on the import of U.S. soybeans. Some grain trading experts point out that the timing of these threats toward U.S. soybean imports into China are favorable to the Chinese, because China usually imports a higher percentage of soybeans from South America during the spring and summer months. Soybean imports from the U.S. into China usually increase in the fall, when the U.S. soybean harvest occurs. Most of the soybeans imported into China are processed into soybean meal, which is fed to livestock. Many experts do not feel that China can source enough soybeans from South America and other parts of the World to meet their annual demand for soybeans without importing some U.S. soybeans. USDA is currently estimating soybean ending stocks at the end of the 2017-18 marketing year to be over 500 million bushels, which would be at the highest level in over a decade. Any significant reduction in soybean exports to China or other countries in the next year would likely cause those carr yover estimates to increase, which would put more pressure on soybean market prices. Of course, the level of planted soybean acres

in the U.S. in 2018, along with the national average yield this year, will also impact the soybean supply and ending carryover level. According to the National Pork Producers Council, China was the third highest export destination for U.S. pork, trailing only Canada and Mexico. U.S. pork exports to China totaled approximately $1.1 billion in 2017; however, U.S. pork exports to China have been declining in recent years, due to China’s increased domestic hog production, and more Chinese pork imports from the European Union. Hog prices have declined since the announcement of the additional Chinese tariffs on U.S. pork; however, the downturn in pork prices since early in 2018 has also been caused by rising hog numbers and increased pork supplies in the U.S. What is frustrating for many farm operators is that soybean production has been more profitable than raising corn in the past couple of years, and soybeans are projected to be more profitable again in 2018. According to farm business management data for Western and Southern Minnesota, soybeans showed an average profit of $28.11 per acre in 2017 and $84.82 per acre in 2016, as compared to negative average profit margins for corn of ($36.75) per acre in 2017 and 8 per acre in 2016. Hog producers also showed ($55.36) positive profit margins in 2017 and 2016. According to 6 the farm management data, combination crop and hog farms had the highest average net farm income level in 2017. 4 Retired farm operators, or those that have been around 2 for since 1980’s, will remember the 1980 embargo that was placed on U.S. grain being exported to the Soviet0 Union by President Jimmy Carter, in response to J invasion F M Aof Afghanistan. M J J A S time, O Nthe D the Russian At the U.S. exported a significant amount of wheat to the Soviet Union. The impacts of that embargo resulted in the Chicago Board of Trade being closed for two days, and all grain 8 markets were down the limit for a few days after that. It 100 took 6 several years for the U.S. grain markets to recover 85 from the 1980 Russian grain embargo, and the U.S. farm 4 economy in the early 18980’s was plunged into the worst recession since the Great Depression of the 70 1930’s. The Soviet Union began sourcing their grain 552 from South America, and ramped up domestic imports production in the Ukraine. Meanwhile, U.S. farm 400 organizations, J F commodity M A M Jgroups, J A and S ag O industry N D leaders, 25 together with National and State government J F spent M the A past M Jseveral J A S Orebuilding N D officials, have decades a robust export market for agricultural products with China and other counties. A full-fledged “trade war” between the U.S. and China would100likely have a serious economic impact on both countries. Farm operators, agricultural suppliers, and rural 85 communities in the Midwest would likely be especially 70 hard-hit economically by a “trade-war” with China. Fortunately, thus far it has mainly been threats, and trade 55 negotiations between the two countries are continuing. The agriculture industry is hoping that a 40 agreement can be reached before the situation workable escalates further into a “trade war” with China. 25 J

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

Agriculture/ Agribusiness Corn prices — southern Minnesota

(dollars per bushel)

— 2017 — 2018

20 16

$3.40

2 0

$3.18

Source: USDA

Soybean prices — southern Minnesota

(dollars per bushel)

— 2017 — 2018 8 20 100 16 6 85 $9.55 12 470 8 255 $8.62 4 40 0 0 J F M A M J J A S O N D 25 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Iowa-Minnesota hog prices

185 pound carcass, negotiated price, weighted average

— 2017 — 2018

20 100 25 16 85 $57.95 22 12 70 19 8 55 16 4 40 13 0 J F $45.76 M A 25 10 J F M A J F M A Source: USDA

25 22 19 16 13

M J M J M J

Milk prices

J J J

A S O N D A S O N D A S O N D

Minimum prices, class 1 milk Dollars per hundredweight

— 2017 — 2018 25 22

$18.48

19 16 13 10

$13.88 J

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

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

C. Sankey

MN Valley Business • MAY 2018 • 27

Construction/Real Estate Residential building permits Mankato

Commercial building permits Mankato

- 2016 - 2017 (in thousands)

$996 $1,109

18000

12000 10000

13500

4000

4500

2000

Source: City of Mankato

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

Existing home sales: Mankato region - 2016 - 2017 (in thousands)

Median home sale price: Mankato region - 2016 - 2017 (in thousands)

250

300

132 143

240

$163,500

200

$143,000

150

180

100

120

0 J

Source: Realtors Association of Southern Minnesota

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

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

Housing starts: Mankato/North Mankato

— 2016 — 2017

- 2017 - 2018

5.5

5.0

4.5

4.1%

4.0

3.5 3.0

$2,227

6000

9000

$3,992

8000

4.1% J

10 D

Source: Freddie Mac

Source: Cities of Mankato/North Mankato

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28 • MAY 2018 • MN Valley Business

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Gas Prices

Gas prices-Mankato

— 2017 — 2018

54 43 $2.46

32 21 10 0

$2.30

Gas prices-Minnesota

Let us help you define the great outdoors

— 2017 — 2018

5 54 $2.52

43 32

$2.31

21 10

C. Sankey

Source: GasBuddy.com

Stocks of local interest

March 13

April 9

Percent change

Archer Daniels

$44.24

$44.60

+0.8%

Ameriprise

$158.91

$143.37

-9.8%

Best Buy

$71.52

$70.78

-1.0%

Crown Cork & Seal

$51.34

$49.77

-3.0%

Consolidated Comm.

$11.83

$11.77

-0.5%

Fastenal

$57.76

54.45

-5.7%

General Growth

$21.43

$20.19

-5.8%

General Mills

$51.99

$45.07

-13.3%

Itron

$76.50

$69.30

-9.4%

Johnson Outdoors

$67.39

$63.49

-5.8%

$237.57

215.32

-9.4%

Target

$71.17

$72.86

+2.5%

U.S. Bancorp

$54.15

$51.11

-5.6%

Winland

$1.36

$1.59

17.0%

Xcel

$43.51

$45.39

+4.3% C. Sankey

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MN Valley Business • MAY 2018 • 29

Minnesota Business Updates

■

shipping costs as a major problem. Higher fuel costs and a trucker shortage have driven up expenses across industries.

■ Marco expanding territory In a move to expand its reach to the Detroit market, St. Cloud-based printer, copier and IT services provider Marco has acquired Governor Business Solutions, a copy and print business headquartered in Dearborn, Michigan, according to Twin Cities Business. Prior to the deal, Marco did not have offices in Michigan. The company’s 48 offices had been concentrated in the Midwest between Rapid City, South Dakota and Green Bay, Wisconsin. “Our acquisition strategy is to buy similar companies in locations where Marco doesn’t already have a presence,’ Marco chief executive Jeff Gau said in a statement.

■ HourCar expanding in Twin Cities Twin Cities-based HourCar, which rents cars by the hour, is planning a number of moves hoping to rev up its service. By mid-2020, the St. Paul-based nonprofit plans to field an all-electric fleet and to offer pickups and dropoffs at dozens more Twin Cities locations, according to Minnesota Public Radio. HourCar also hopes to increase its fleet from 60 cars now to at least 100. And one-way rentals will be allowed. Xcel Energy is providing HourCar with startup funding and technical help. HourCar has over 2,300 members. They pay a monthly or annual fee plus hourly — and sometimes mileage — charges. Members used HourCar vehicles for 81,000 hours last year.

■ General Mills hurt by trucker shortage General Mills Inc. is being squeezed by shipping costs and other expenses, leaving profit margins at their thinnest in years. The maker of Cheerios cereal and Hamburger Helper lowered its full-year profit forecast, citing higher freight and commodity expenses. Operational costs have also risen as the company grapples with an industrywide grocery price war. General Mills is the latest company to cite higher

■ Midwest Business Index surges A business conditions index for nine Midwestern and Plains states surged again in March. A report said it’s a sign of continued improvement in

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major February Industry 2017 2018 Construction Manufacturing Retail Services Total*

162 173 45 110 490

Local non-farm jobs Percent change ‘17-’18

220 139 41 131 531

Construction 122000 122000 Manufacturing Retail 111000 Services 111000 Total*

4,056 1,668 893 3,168 9,785

122000

1400 700

100000

Minnesota Local non-farm jobs (in thousands)

8000 3500 3500 6000 2800 2800 4000 2100 2100

+19.4% -8.5% +10.5% +15.8% +12.6%

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

30 • MAY 2018 • MN Valley Business

2100

111000

Percent change ‘17-’18

4,842 1,527 985 3,667 11,021

3500

130,686

2800

+35.8% -19.7% -8.9% +19.0% +8.4%

Minnesota initial unemployment claims February 2017 2018

125,965

133000

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 133000 133000

- 2017 - 2018

Nine-county Mankato region

- 2017 - 2018

2,857 2,985

2000 1400 1400

700

700 0 J F M A M J J A S O N D 0 J F M A M J J A S O N D J F M A M J J A S O N D

200000 150000 100000 50000 0

regional economic conditions. The Mid-America Business Conditions Index hit 62.1, compared with 59.7 a month earlier. The January figure was 57.3. Twenty percent of the business supply managers who participated in the survey “reported rapidly expanding healthy economic growth in their area, while only 4 percent reported an economic downturn in their area,” Creighton University economist Ernie Goss, who oversees the survey, said in a statement. The survey results are compiled into a collection of indexes ranging from zero to 100. Survey organizers say any score above 50 suggests growth in that factor. A score below that suggests decline. The survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota. Minnesota’s overall index rose to 61.0 from 57.6 a month earlier. The North Dakota index sank below growth neutral to a low of 42.5. The index for South Dakota rocketed to a regional high 67.4. Iowa’s overall index jumped to 64.7.

■ Electrolux closure slams 133000 133000 St. Cloud

analysis by the School of Public Affairs Research Institute at St. Cloud State in conjunction with University of Minnesota Extension Service. “The impact in the St. Cloud area is significant,” King Banaian, dean of School of Public Affairs at St. Cloud State told the newspaper. Electrolux said it will close the plant and consolidate upright freezer production in South Carolina. The St. Cloud plant employs an estimated 860 workers.

■ ADM, Bunge talks end

3500

An estimated 1,800 jobs, $102 million in labor 2800 122000 income 122000 and $670 million in economic output are expected to be lost in St. Cloud due to the planned 2100 closure 111000 of the Electrolux plant next year. 1400 111000 The St. Cloud Times said the estimates come from an

700

100000

100000 J F

J M

M J

J A

J S

1400 2000

A O

S N

O D

8000 6,728 5,910 6000

200000

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

100000 50000 D

F M A M AJ FA M

M MJ

J JA

J JS

A AO

S N S

O D O

N N

D D

(includes all of Blue Earth and Nicollet Counties) 200000 150000

February

100000

0 F

J M

F M A A M J

M J

J A

2017

2018

3.8% 58,275 2,333

3.1% 61,273 1,963

J S

A O

S N

O D

Unemployment rates Counties, state, nation County/area

- 2017 - 2018

142,467 120,117

150000

0 0 J F JM

Unemployment rate Number of non-farm jobs 50000 50000 Number of unemployed

100000

2000 0 F F

50000

Mankato/North Mankato Metropolitan statistical area

150000

4000

700 0 J 0 J

D 0

200000

Minnesota number of unemployed

- 2017 - 2018

Nine-county Mankato region

4000 2100

2000

Employment/Unemployment

F M A A M J

Local number of unemployed 8000 3500 6000 2800

Talks surrounding Archer Daniels Midland’s takeover 3500 133000 of Bunge Ltd. have halted, jeopardizing a merger that 2800 would have created one of the world’s largest agricultural 122000 companies. 2100 Prior to the breakdown, discussions were moving at a snail’s pace as the two companies considered how to 1400 111000 avoid antitrust issues, according to The Wall Street 700 Journal. It is unknown if the talks will resume. 100000 0 J F MChicago-based A M J JADM A contacted S O NBunge D In earlyJ 2018, regarding a takeover. The move would have pushed ADM further into South American grain markets and aided its soybean-processing business. The stalled talks may force leaders of the White 3500 New York-based Bunge to search for a different Plains, 8000 200000 buyer 2800as the agricultural sector struggles with an excess of 6000 crops across the globe. Early this year, Bunge reported 150000 2100its net income had fallen in 2017 from $745 that million to $160 million. 4000 100000 1400 ADM’s stumble could make way for mining company Glencore, which last year offered to buy Bunge. 700

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

February 2017

February 2018

4.0% 5.6% 6.6% 7.6% 4.6% 3.6% 5.9% 5.8% 6.1% 4.2% 4.5% 4.0%

3.2% 5.1% 5.1% 6.8% 4.1% 2.9% 5.9% 5.9% 5.1% 3.3% 3.9% 4.1%

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

Minnesota unemployment MN Valleyinitial Business • MAY 2018 claims • 31

Sponsored by the Carl & Verna Schmidt Foundation

Just how bountiful is daily tax-loss har vesting? By Associated Press

eading automated financial advisers — often called “robo-advisers” — such as Wealthfront and Betterment tout daily tax-loss harvesting as a way to significantly increase your returns. But independent research suggests the technique has less effect than claimed and may be more of a gimmick than a true advantage for investors.

TAX-LOSS HARVESTING EXPLAINED

Tax-loss harvesting is a perfectly legal technique for reducing your tax liability. If you’ve sold an investment at a loss this year, you can use that to offset capital gains elsewhere in your portfolio. Or, if you didn’t book any gains, you can use the loss to offset your ordinary income — declaring the maximum-allowed capital loss of $3,000 could mean a savings of several hundred dollars on your taxes. But an investor who harvests a loss today might be raising her taxes in the future. Because loss harvesting only defers taxes — it doesn’t eliminate them. “It is the equivalent of getting an interest-free loan from the federal government,” Michael Kitces, director of research at wealth manager Pinnacle Advisory, has written. “The benefit of tax deferral is simply the value of the growth that can be generated on that temporary loan.”

CLAIMS VS. INDEPENDENT RESEARCH

While much loss harvesting is done manually at year-end, robo-advisers harvest losses automatically, perhaps daily. Robo-advisers tout significant benefits. Wealthfront figured that it increased annual performance between 0.73 and 2.6 percent from 2012 to 2017, while Betterment estimates that it can deliver a 0.77 percent increase. But those figures are vastly overstated and the reputed gains are based on flawed

32 • MAY 2018 • MN Valley Business

math, says one critic of the robo-advisers. “Wealthfront’s calculation ignores two things: It ignores that these taxes are deferred and must be paid later, and that the maximum write-off for any one year is $3,000,” says Michael Edesess, mathematician and chief investment strategist at Compendium Finance, an investment adviser. “Betterment’s number is better but still exaggerated.” Wealthfront’s formula also assumes the investor can take the full value of a loss on her taxes. Investors can offset capital gains elsewhere, up to a net capital loss of $3,000 annually. But Wealthfront assumes that the investor is taking the full value of the loss, says Edesess. “To figure the value of loss harvesting properly, you have to run a long-term calculation, across someone’s lifetime,” says Edesess. “The real effect is between 0.15 percent and 0.25 percent annually.” That’s much smaller than what the robo-advisers have advertised. Even these lower figures could move downward based on changes to future capital gains tax rates. Where future tax rates go is anyone’s guess, but the numbers touted by leading robo-advisers are not even close. “They’re nothing more than a marketing gimmick,” says Edesess.

TAX-LOSS HARVESTING CAN STILL BE VALUABLE

While it’s not always a no-brainer, tax-loss harvesting can still provide benefits. The higher your tax rate, the better the benefit, so big beneficiaries include investors in high-tax states such as California and New York. However, the biggest winners are those individuals who take a tax break today and never sell their investment, deferring capital gains forever. For those who’ll need to spend their nest egg in retirement, though, the taxman will get his cut, only later. MV

Sponsored by the Carl & Verna Schmidt Foundation

Mutual fund performance is gender neutral By Associated Press

hy is just one of every 10 managers at the helm of U.S. mutual funds a woman? Many reasons may be behind the disparity, but researchers at Morningstar say they have disqualified one as a possibility: performance. After measuring how 11,272 funds have fared since 2003, the researchers found no big, statistically significant difference in performance between those led by men, women or teams of mixed genders. Madison Sargis, senior quantitative analyst at Morningstar and the lead author of the report, recently talked about the numbers. Answers have been edited for length and clarity. Before you began this study, did you have any guesses on what the data would show? My initial hypothesis was that we wouldn’t see too many differences, on a pure peer-relative performance. I had read research about women producing better risk-adjusted outcomes and having lower portfolio turnover. I had also read some research that said men suffer from an over-confidence bias. Some of the findings do align with that prior research. If you look at the financial crisis, that’s really where we see the mixed-gender and women teams outperforming. Your paper highlights how bond funds run by women did better than those run by men during the financial crisis, from 2007 to 2009, when risky investments were the hardest-hit. Was the same true for other types of funds? It was also in stocks, but more muted. So, do you think the stereotype that female investors tend to take less risk than their male counterparts holds water? That argument, we see, correlates to some of our data in the performance study.

There were also other periods where male managers were the better performers, but the overall gap doesn’t seem to be that significant between the two genders. When you look at average results, the difference isn’t big. Depending on the portfolio, it can be one or two basis points (equal to one- or two-hundredths of a percentage point), which isn’t all that different from zero. Did anything surprise you as you went through the data? When we were looking at the overview of the fund industry, going back to the 90s, women have entered and exited in approximately equal numbers. But you can see huge growth in the number of men in the industry. That’s something I hadn’t seen in the data before. In the introduction to your paper, you start with an acknowledgement that even looking at manager performance by gender is a polarizing topic. What did you mean by that exactly? I’ve written a little about this topic before, such as looking at the types of roles that women and men have had in the industry. Women were more likely to manage passive index funds than active ones, or socially responsible funds, that kind of thing. Some of the feedback that we got to that was: “Why does this matter?” For us, we just hadn’t dug deep into it. Morningstar had never done a performance study of this nature before. We had done it by rating but not by gender. We wanted to see if it does matter and if there were differences. MV

MN Valley Business • MAY 2018 • 33

LEADERSHIP LEADERSHIPTraining Training with withaaCOMMUNITY COMMUNITYFocus Focus For Formore morethan than30 30years, years,the theGreater GreaterMankato MankatoLeadership LeadershipInstitute Institutehas hasprovided providedthe thearea’s area’sonly only comprehensive comprehensiveleadership leadershiptraining trainingprogram programwith withaacommunity communityfocus. focus.This Thisnine-month nine-monthprogram program consists consistsofof1111day-long day-longsessions sessionsbetween betweenSeptember Septemberand andMay. May.Each Eachyear yearthe thecurriculum curriculumisisupdated updatedtoto ensure ensuregraduates graduatesare arewell wellprepared preparedtotoserve serveasasleaders leadersinintheir theirworkplace workplaceand andour ourcommunity. community.

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As a member of Greater Mankato Growth you are joining more than 1,000 other businesses to accomplish what no one business could ever do alone.

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36 • MAY 2018 • MN Valley Business

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INFLUENCERS:

A Growing Marketing Strategy RIDDLE THIS: Who has the power to influence others’ opinions or purchase decisions based on their authority, knowledge or relationships? You might be surprised to learn the answer includes everyday people like you and me.

any types of influencers exist in today’s marketing world. Those who come to mind are ones who infiltrate our lives through TV, radio and social media. Think actress Jennifer Garner promoting Capital One credit cards. While big-name celebrities are just one type, influencers of all levels, including macro and micro, are capturing the attention—and budgets—of marketers. In 2017, 63 percent of marketers increased their spending for influencers, according to Bloglovin.com research. While we may wish we had the funds to hire celebrities to endorse our products, brands or business, the majority of successful influencer marketing (at least 90 percent) comes from micro influencers: everyday people who have built up a substantial website and social media following. This level of influencer provides the best combination of reach, engagement and conversion. For example, according to the St. Paul Business Journal, Explore Minnesota incorporated micro influencers into its 2018 Super Bowl Live promotion ‘Sota Pop, an indoor art installation series featuring iconic Minnesotathemed backdrops. In a 40 percent of 10-day span, 36,000 people users made visited the exhibit and captured their experience a purchase via social media for the as a result world to see, garnering more than 12.5 million from an social media impressions influencer’s and 7,500 Facebook, Twitter and Instagram tweet followers for Minnesota. As more people are turning to and trusting online reviews and personal recommendations, influencers provide an almost silver bullet in marketing: authentic, organic third-party promotion. Consumers are more likely to act on the trustworthy recommendations of passionate, real-life influencers. For instance, in 2016 Twitter research showed approximately 40 percent of users made a purchase as a result from an influencer’s tweet. What’s more, Bloglovin research shows 53 percent of micro influencers never pay to promote a post. This leads to word of mouth generating more than twice the sales of marketing, according McKinsey and Company research. It’s cheaper and it reaps a nice return on investment. When it comes to selling

38 • MAY 2018 • MN Valley Business

By Katie Adelman, Marketing and Communications Coordinator

a product or service, businesses are seeing a profit of $6.50 for every $1 spent on influencer marketing, according to a 2015 survey by promotion management website Tomoson, tomoson.com.

Businesses are seeing a profit of $6.50 for every $1 spent on influencer marketing

However, the influencer needs to fit the brand, its budget and its audience. Like the other 63 percent of marketers, Visit Mankato is increasing its influencer marketing and will host more travel writers to experience Mankato in the coming months. The intent is to utilize the micro influencers to connect new and future visitors with Mankato as a destination abounding in outdoor adventure and cultural and artistic enrichment. Working with influencers is mutually beneficial: influencers provide more authentic content in which his or her audience is interested, while brands and businesses extend and engage its audience with a strong return on investment. Numbers are one aspect of utilizing influencers and depend largely on the brand’s intention. Factor in emotion to the brand, awareness and organic communication, and the results are highly valuable. A recent Star Tribune article raved about Mankato’s local bakeries. The day after the article was published, Friesen’s Family Bakery & Bistro and Tandem Bagels both reported an increase in customers and sales. How’s that for an organic (and delicious) call to action! Working with influencers doesn’t need to break the bank but it should be part of your marketing budget. Partner with Visit Mankato to work with influencers to provide publicity for your business, as well as promote Greater Mankato as a destination, by contacting Danielle at 507-385-6662 or at dduffey@visitmankatomn.com.

Starting June 7 11:00 am - 1:00 pm

Civic Center Plaza, Mankato

ADMISSION IS FREE PRESENTED BY:

WHY JOIN

GREATER MANKATO GROWTH?

Greater Mankato Growth is proud to announce the 15th Annual Songs on the Lawn featuring music, entertainment and local food.

June 7, 2018 June 14, 2018 June 21, 2018

2018 SPONSORS:

EXPOSURE Jeremy Poland Band (Rock/Pop/Country) Build your Brand; grow your business. Kind Country (Blue Grass) Stand out and get noticed!

Porchlights (Art Folk)

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

June 28, 2018 Murphy Brothers (Classic Rock & Blues Rock)

LEARNING

BE IN THE KNOW

Members of Radio Mankato

Gain access cces to Member Receive our member only Exclusive help Special thanks Content to: City oftoMankato, Children’s Museum of Southern Minnesota, KTV and Mankato Family emails making you the firstYMCA to grow your business. know the latest news.

TALENT RETENTION

MEMBER EXCLUSIVE REFERRALS Mankato Downtown Kiwanis & CityArt BENEFITS We only refer member

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

All You Can Eat

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

SHAPE YOUR CREDIBILITY PANCAKE BREAKFAST COMMUNITY with 2018 CityArt Artists Raise your reputation by belonging. Research shows that businesses who belong to a chamber of commerce are more successful.

Your investment helps us continue to build the best environment for your businessSA and its employees. MAY SATURDAY,

12, 8 - 10:30 am

$8 ADULTS • $4 AGES 6-12 • FREE 5 & UNDER THE LOOSE MOOSE SALOON & CONFERENCE CENTER TH

11 S. Front Street, Mankato 119 Fre Free Parking in the Civic Center Parking Ramp

Menu M

mankatokiwanis.org

BL BLUEBERRY PANCAKES • PANCAKES • HAM EGGS • FRUIT SALAD • COFFEE • ORANGE JUICE EG

Activities A

greatermankato.com/join April 2018

• Meet the 2018 CityArt Walking Sculpture Tour Artists • Indulge in “Arty” Pancakes created by CityArt artists at the Pancake Maker Space • Free guided tours of the new sculptures, (9:30, 10:00, 10:30 am) • Kids Activities

cityartmankato.com

MN Valley Business • MAY 2018 • 39 greatermankato.com/join

» C OME JU DGE

for Yourself.

GOLFERS FROM AROUND THE WORLD COME TO CHALLENGE THE JUDGE and the two other golf courses in Prattville at RTJ Capitol Hill. Bring your clubs and come take on Judge hole number 1, voted the favorite hole on the Trail. Complete your day in luxury at the Marriott and enjoy dining, firepits and guest rooms overlooking the Senator golf course. With the Marriott’s 20,000 square feet of meeting space, 96 guest rooms and luxurious Presidential Cottage combined with three world-class golf courses, business and pleasure can definitely interact in Prattville.

THE ROBERT TRENT JONES GOLF TRAIL AT CAPITOL HILL offers three magnificent 18-hole championship golf courses. The Marriott Prattville is part of the Resort Collection on Alabama’s Robert Trent Jones Golf Trail. Visit www.rtjgolf.com or call 800.949.4444 to learn more.

Minnesota State University, Mankato College of Business

MN Valley Business â&#x20AC;˘ MAY 2018 â&#x20AC;˘ 41

GET HEALTHY, STAY HEALTHY.

From treatment of serious medical conditions to wellness activities for you and your family, our experts in Mankato are here to deliver exactly the care you need.

Mayo Clinic Health System in Mankato Visit mayoclinichealthsystem.org/mankato to learn more.

MN Valley Business â&#x20AC;˘ MAY 2018 â&#x20AC;˘ 42