MN Valley Business Journal

The Definitive Business Journal for the Greater Minnesota River Valley October 2019

Ryan Sieberg in his hemp field south of Madison Lake. Photo

by Pat Christman

Tough row to hoe Farmers hit by multiple pressures Also in this issue • MEGAN SCHNITKER’S LAKOTA MADE • JOHNSON FURNITURE & MATTRESS • THE GOLDEN BUBBLE IN WELLS

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MN Valley Business • OCTOBER 2019 • 1

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F E A T U R E S October 2019 • Volume 11, Issue 1

8

Farmers and agribusiness have had a tumultuous year as ethanol policy, trade wars, low commodity prices and a tough growing season have combined to create headwinds.

16

Megan Schnitker grew up in a traditional Lakota culture near the Rosebud Reservation and has used her knowledge to create Lakota Made plant-based products.

20

Todd Johnson has taken the 48-year-old Johnson Furniture & Mattress to its next evolution, adding an outlet center in his building across from the main store.

22

Ann and Jeff Erickson have revitalized the Golden Bubble in Wells that was once a popular eating and dancing establishment owned by Jeff’s grandparents.

MN Valley Business • OCTOBER 2019 • 3

■

OCTOBER 2019 • VOLUME 11, ISSUE 1 PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Harvey Mackay Dan Linehan Dan Greenwood PHOTOGRAPHERS Pat Christman Jackson Forderer COVER PHOTO Pat Christman PAGE DESIGNER Christina Sankey ADVERTISING Danny Creel Sales Joan Streit 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........................7 ■ Business and Industry trends .........26 ■ Retail trends ....................................27 ■ Agriculture Outlook .........................28

From the editor

By Joe Spear

Reaping what you sow, trade and the farm economy stability

T

he old adage that one will reap what one sows does not appear to be working out for farmers this year.

In June 2018, southern Minnesota soybean prices were $9.40 per bushel before the soybean tariffs were set to be imposed by China.

A year later after tariffs have been in place and exports declined 66 percent, prices are $7.93 per bushel. That’s a price decline of almost 16 percent.

But collectively, soybean farmers in Region Nine counties surrounding Mankato lost nearly $81 million. Wow. And corn is not much better.

Prices have fallen 12 percent since President Donald Trump started provided waivers to oil companies to exempt them from blending ethanol.

The 31 waivers Trump has approved has translated into 300 million bushels of lost corn demand.

And farmers will tell you their expenses have not gone down.

As our cover story details this month, farmers face rising costs of healthcare. Out of pocket costs can be $20,000 to $40,000 per year.

And land prices are declining.

About six years ago land sold for $8,000 to $8,400 an acre, according

to Terri Jensen, an accredited land consultant with Realtors Land Institute. Recently selling prices have been in the $7,000 range.

There are inklings of this crashing of the farm economy in the Mankato retail sector as auto sales are soft at about a 1 percent gain from last year.

It’s hard to imagine any more farm economy indicators going south. Except, of course, maybe farmer optimism Says Gary Wertish, president of Minnesota Farmers Union: “The big thing is the trade war with China. There’s a lot of nervousness of when that will get settled.

Farmers are just trying to find a way to survive and hoping that gets settled.”

Fortunately, farmers tend to be an entrepreneurial bunch. The ethanol industry was built mostly be farmer co-ops, individual farmers working together to build demand for their crops.

The ethanol waivers that favor the oil industry are a good example of how government kills private entrepreneurial activity.

So farmers now look again to diversity into growing hemp, which can be turned into what appears to be a growing product to reduce pain in CBD oil.

■ Agribusiness trends.........................29

Lost value of area soybean crop since tariffs

■ Construction, real estate trends ....30

County

■ Gas trends .......................................31 ■ Stocks ..............................................31 ■ Minnesota Business updates...........32 ■ Job trends ........................................32 ■ Schmidt Foundation ........................34 ■ Greater Mankato Growth .................36 ■ Greater Mankato Growth Member Activities ...........................38

Blue Earth Brown Faribault Le Sueur Martin Nicollet Waseca Watonwan Total

4 • OCTOBER 2019 • MN Valley Business

Million bushels har vested 9.1 6.7 9.7 4.3 8.1 4.9 5.3 5.5

Loss (Millions of dollars) $13.7 $10.1 $14.6 $6.5 $12.2 $7.4 $7.95 $8.25

53.6

$80.7

Madison Lake farmer Ryan Sieberg planted 20 acres of hemp this year.

“The biggest question is profitability,” he says. “It’s a completely new crop and we don’t know what or how it’s yielding.

We just hope it pays for all the work going into it.”

Mankato businessman Matt Little, co-owner Midwest Hemp Farms in Waseca, will take hemp from 44 farmers who planted 700 acres of hemp.

“It’s an emerging industry, every day changes. It’s a crazy ride,” Little said.

Farming plays a large role in the Mankato regional economy.

In the case of some counties, farming drives 10 percent to 20 percent of the economy.

Farmers didn’t ask for a trade war. They sowed with good faith, but their return on that faith investment has so far reaped few rewards.

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 ■

Crystal Valley hires Lund as VP

Crystal Valley Co-op hired Doug Lund as the new vice president of energy.

He works out of the Lake Cr ystal office.

Lund is originally from Doug Lund Montevideo and earned his B.S. Degree from Minnesota State University in Mankato.

He began his energy career as a certified energy specialist with CHS (previously Cenex).

In 1996 he became the GM of Community Cooperative Oil Association Since 2012 Lund served as operations manager and Sales & marketing manager for the Energy Division of United Far mers Cooperative, headquartered in Winthrop.

■■■

Sanford joins GMG

Lucy Sanford, a recent graduate of Minnesota State University, joined Greater Mankato Growth as the marketing and communications coordinator.

Sanford earned a bachelor’s degree in mass media. While there, she was involved in the university’s chapter of the Public Relations Student Society of America and became the social media director during her senior year.

She was also a Marketing and Communications Intern at the local nonprofit, Feeding Our Communities Partners.

■■■

Pioneer open in St. Peter

Pioneer Bank opened their eighth location, located in the former Nicollet County Bank building at 220 S Third Street in St. Peter. A merger with Nicollet

County Bank was announced in February.

■■■

United Prairie a Preferred Lender

United Prairie Bank recently received the Certificate of Designation through the Farm Service Agency Preferred Lender Program.

One of the main advantages of being a Preferred Lender is a quicker response from the FSA on agricultural loan applications, along with having to provide the FSA with less documentation.

Lenders with Preferred status have broad authority in making and servicing FSA guaranteed loans and can utilize their own under writing and ser vicing policies.

■■■

Fisher rejoins Coldwell

After taking time off from commercial real estate agency work, Dain Fisher has returned to Coldwell Banker Commercial Fisher Group’s sales team. Fisher will shepherd development projects for the company.

Fisher took the past year off to focus on several projects in downtown Mankato, including the Hub Food Truck Park which expanded to include a farmer’s market every Thursday and the Mogwai Collaborative.

■■■

Waseca U-Haul rated in top 2%

U-Haul International named one of their newest U-Haul dealers, Waseca County Rental Center as one of the Top 100 Neighborhood Dealers for July 2019. The award goes to fewer than 2% of rental centers, out of 21,000 dealers in the US, as well as 10 Canadian Providences.

MN Valley Business • OCTOBER 2019 • 5

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■

Business Commentary

By Harvey Mackay

Nothing ruins truth like stretching it

C

harles finally made partner and propped his feet on the desk in his new corner office. He was dreaming of all the perks that accompanied his promotion when a knock on the door snapped him out of his reverie.

He picked up the phone so he would look busy as a young staffer came into the room. “I’ll be with you in a minute,” Charles mouthed to the employee, before engaging in a mock phone conversation.

“Yes, I know the congressman quite well. We go sailing with the governor every other week,” he said. He glanced over at the employee standing near his desk.

“One more minute,” he whispered before returning to the phone call.

“I’d be happy to introduce you,” he continued. “In fact, if you’re free next Wednesday, we’re having lunch. Great. Wednesday it is,” he said as he hung up the phone.

“Thanks for being so patient,” Charles said to the young staffer.

“Now how can I help you?”

The employee blushed and said, “I’m here to connect your phone.”

Try to tap dance out of that one!

I am convinced that often, the hardest language to speak is the truth. Sometimes it’s easier to tell an embellished truth, or a half-truth, or a little white lie to save face or spare others’ feelings. But eventually, when the truth comes out, there are consequences.

Ron Ashkenas, co-author of the “Harvard Business Review Leader’s Handbook,” explains that there are three fundamental concerns that cause people to be less than completely truthful.

First, the impact of truth on yourself. “It’s human nature to want people to think well of us, particularly those who have influence over our lives and careers,” he wrote. “At the same time, we all make mistakes, so we create justifications and excuses – many of which are at best half-truths.”

Next, the impact of truth on others. “One way to gain others’ approval is to avoid pointing out things that may damage their self-image,” he continued.

Finally, the impact of truth on business success. “To be successful almost every organization needs to sell – be it a product, a service, a story or a promise. But much of that selling is done without truthful disclosure of what it will take to fulfill the sale,” he maintained.

“The wiser course in many cases is to limit the truth and figure out how to ‘deliver’ later.”

While his first two points are recognizable to most of us, I find his third concern very troubling. As a lifelong salesman and businessman, I cringe to think that a sale based on partial truth would be okay in any forum.

I certainly wouldn’t appreciate a supplier promising me a product without knowing exactly what I would be receiving, and I absolutely do not want a reputation that I didn’t deliver what I promised and then some.

But I understand that some businesses operate that way, and do so at their own peril. Customers find out quickly that promises made and kept are worth their weight in gold. A tarnished reputation is mighty difficult to polish.

I constantly preach that trust is the most important word in business. Of course, the most important part of establishing trust is being truthful – all the time, even when the truth is painful.

If we are not upfront with our customers at MackayMitchell Envelope Company as soon as a problem arises, whether it’s a supplier issue, equipment breakdown or a mistake with an order, we deserve to lose that customer. And I really, really hate to lose a customer. I’d rather lose money than lose a customer.

The good news is if we can find a way to fix a problem – and we usually do – our customers appreciate our honesty and efforts to turn lemons into lemonade. But that only happens when we tell the truth.

Abraham Lincoln once said of a man who was attacking him, “He’s the biggest liar in Washington.”

Honest Abe said the man reminded him of an old fisherman who had the reputation for stretching the truth. The fisherman bought a pair of scales and insisted on weighing every fish he caught in the presence of witnesses.

One day a doctor borrowed the fisherman’s scales to weigh a new-born baby. The baby weighed 47 pounds.

Now that’s what I call a whopper!

Mackay’s Moral: Even when the truth hurts,

it’s more painful to hurt your reputation.

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

MN Valley Business • OCTOBER 2019 • 7

Hemp plants nearing maturity on Ryan Sieberg’s farm.

Turbulent times Agriculture gyrates from multiple pressures

By Tim Krohn | Photos by Pat Christman

F

arming had a year rich with twists and turns, from rain-delayed planting and tariffs to low commodity prices and an uncertain harvest outcome.

Gar y Wertish, president of Minnesota Farmers Union, said uncertainty is weighing on farmers.

“The big thing is the trade war with China.

“There’s a lot of nervousness of when that will get settled. Farmers are just trying to find a way to survive and hoping that gets settled.”

Terri Jensen, an accredited land consultant with

Realtors Land Institute, said farm land for sale dried up at the start of the year but ticked up later.

“The year started slow and not very optimistic from people who own land. What we’re seeing now is a little more optimism in the market and those who were sitting on the fence are looking at selling.”

Sam Ziegler, head of GreenSeam, said his group is trying to get a better handle on the exact state of agribusiness in south central Minnesota during these uncertain times.

Cover Story

8 • OCTOBER 2019 • MN Valley Business

Gary Wertish

Sam Zeigler

“We’re doing a State of Agriculture survey, like the State of Manufacturing report,” he said.

“We’re trying to get something to measure and track. The problem is what the state tracks, a lot of businesses they track aren’t listed as ag but they do a lot of ag-related business.”

With commodity prices low, more farmers are looking to alternative crops, especially hemp, used in the CBD oil market.

Ryan Sieberg, a corn and soybean farmer south of Madison Lake, planted 20 acres of hemp this year.

“The biggest question is profitability. It’s a completely new crop and we don’t know what or how it’s yielding.

We just hope it pays for all the work going into it.”

Matt Little, co-owner Midwest Hemp Farms in Waseca, will take in the hemp coming from 44 farmers they have contracted with.

The farmers planted 700 acres of hemp.

“It’s an emerging industr y, every day changes. It’s a crazy ride,” Little said.

Terri Jensen

But Little hopes that by next year the California group will have finished a 100,000 square foot facility attached to the Midwest Hemp facility in Waseca, operating under the name Midwest Extraction Services.

“We’re doing an equity swap, so they’ll own part of our company and we’ll own part of theirs,” Little said.

“They geek out on the chemist end of it and we geek out on the farming end of it.”

He said that when Midwest Extraction is up and running it could add 200 to 300 jobs.

Midwest Hemp built two custom planters to plant hemp for farmers they’re contracting with and they bought several harvesters.

“It’s essentially a co-op, kind of like the sugar beet farmer did.

Farmers got together and grew collectively to be able to compete.”

He said many of the farmers hired migrant workers to do weeding in the hemp fields, as chemicals can’t be used in the organic crops.

“It’s hard to find labor,” he said.

Sieberg and family members have hoed the weeds from their 20 acres by hand.

“It’s very labor intensive. We used a three-row cultivator between the rows until the plants got too big and we’ve hoed the entire fields eight or nine times.”

He ordered 35,000 seeds and hemp “clones” to plant last spring. The clones are clippings from a mother plant that grow roots and are planted. “The clones are two or three weeks ahead of the plants from seed.”

Sieberg said the hemp plants didn’t like the extra rain received this year. “The root stability wasn’t as good as we wanted to see and we lost some in the wind.”

The price he gets for his crop is based on poundage and he’s had no way to guess how well his hemp will produce.

“There’s a lot of questions that won’t be answered until the end of the first year.”

“They geek out on the chemist

end of it and we

Hemp mania

geek out on the

Since the last Farm Bill cleared the way for farmers to again legally grow hemp, the emerging industry has exploded.

CBD oil, extracted from hemp plants and used by people to ease a variety of ailments, has exploded in sales in the last couple of years.

Little and his partners opened Midwest Hemp Farms and set up the infrastructure to extract the oil, which does not contain the ingredient in cannabis that makes people high.

They are based in part of the former Brown Printing plant in Waseca.

To formulate the finished oil they teamed up with a California business.

“You need level six clean rooms that we don’t have.

We send them the refined oil and they have the chemists and people to put it in the end product.”

farming end of it.

MN Valley Business • OCTOBER 2019 • 9

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Jensen said that while listings of farm land have seen an increase as the year went on, demand still far outstrips the offerings.

“People were calling looking to buy this spring and there was nothing listed in some counties. I was calling people asking if they were considering selling,” she said.

“I had a farmer who has a son coming into the business so he needs maybe another 2,000 to 2,500 acres, which is about what it takes per person if you want to be successful and not work off the farm. But there was no inventory.”

She said that at the peak, in 2012-13, Blue Earth County had about 45 farmland sales each year, with land selling for $8,000 to $8,400 per acre.

More recently land has sold for about $7,000 and she estimates there will be about 40 farmland transactions in Blue Earth County by the end of the year.

Jensen said low interest rates are helping fuel some of the demand as is “1031” buyers.

Section 1031 of the IRS code allows investors who sell valuable land for things like commercial or residential development to defer capital gains taxes by purchasing farmland or other vacant land.

She said uncertainty in the stock market has also led some investors to buy farmland rather than invest in the market.

GreenSeam

Ziegler said the survey they sent to those in agribusiness asked a variety of questions about issues affecting their business, from government regulations and policy to workforce housing and the labor pool.

They also surveyed college students to see how they view ag careers.

GreenSeam is part of Greater Mankato Growth and aims to assist existing agribusinesses and attract more.

Ziegler said he’s heartened to see more ag teachers being added into area high schools.

“Mankato hasn’t had one in 25 years and now has one. JWP didn’t have one and now does.

Waseca added a second one and Lake Crystal added a second one.

Ryan Sieberg is growing hemp plants this year. They are used in making CBD oil.

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“We need to try things that make a difference and help. It’s time to stop criticizing everything and time to work together.”

St. Peter and Maple River, they’ve had two for a number of years.”

Minnesota State University also has added an ag-related minor.

And South Central College has a variety of ag-related courses.

He said the MSU engineering department for the first time took part in a competition where students built an operational minitractor from scratch.

Part of GreenSeam’s effort is to get the message out to high

school and college students that there are a wide variety of careers in agribusiness.

“We’re trying to figure how to get out more and highlight our really cool, innovative agribusiness, technology, manufacturing and other careers,” Ziegler said.

Farmers’ uncertainty

Wertish said that beyond tariffs, low commodity prices and an uncertain harvest after this rainy year, the loss of ethanol markets is a huge concern for farmers.

The Trump administration has given waivers to more oil refineries allowing them to not blend ethanol into the gasoline the refine. The 31 waivers the administration approved has translate into 300 million bushels of lost corn demand.

“The refinery waivers are a big concern because it’s taken away a lot of corn in the fuel system.”

He said that will add more downward pressure on corn prices as there is already a global abundance of corn.

The other big issue for farmers

is health care.

“The high cost of health care is just not sustainable. They’re struggling to survive and the high cost of health care is really hurting farmers and anyone in the individual (health insurance) market,” Wertish said.

“We’d like something to happen at the federal level but that’s so paralyzed they can’t do anything, so we encourage the state to do

something. The state is more flexible so they can try things and adjust them.

“One of the highest cause of bankruptcies is the health care costs, for farmers or other consumers,” he said.

“We need to try things that make a difference and help. It’s time to stop criticizing everything and time to work together.” MV

MN Valley Business • OCTOBER 2019 • 13

What may seem like ordinary flowers in Megan Schnitker’s garden are used in her various products.

Schnitker, who is Lakota, uses various plants to make her products, from soaps and shampoo to sunscreen and medicinal teas.

Mahkato Revitalization Schnitker expands the knowledge of Lakota culture

By Dan Greenwood Photos by Jackson Forderer

A

“I grew up traditionally in Lakota s a child growing up in the small Culture,” Schnitker said. “My mom and rural community of Milks Camp by dad grew up in it.” the Rosebud Reservation in South Her mother ran a Dakota, Megan cultural-based recovery Schnitker’s parents program ever since she provided a wealth of can remember, knowledge about integrating Lakota traditional Lakota LAKOTA MADE culture. As a maker of culture with drug, Facebook natural medicines and a alcohol and violence 605-840-1510 prevention.

When teacher of the natural history of the Lakota mahkatorevitalizationproject.org Schnitker found herself people, she frequently in recover y after attended family and community events led overcoming an addiction as a young-adult, by her father, a hereditary chief originally she began working there, helping design from nearby Pine Ridge. the curriculums for after-school programs

Cover Spotlight

14 • OCTOBER 2019 • MN Valley Business

teaching kids about coming-of-age ceremonies. They brought in elders who were well-educated in the traditions and history of the Lakota people.

The only thing missing from the curriculum at the recovery non-profit was the incorporation of natural medicines found in the upper Midwest that had been used for centuries by her ancestors. So Schnitker took a class on native plants and their medicinal uses at Sente Gleska University in Mission, South Dakota.

That was 13 years ago. Ever since she’s been on a lifelong mission of research, accumulating knowledge from elders and sharing what she learned with people throughout the Midwest; making teas, soaps and salves from native plants with medicinal properties passed down generation after generation.

“I love to teach and make things at the same time,” Schnitker said. “All the classes I teach are basically hands-on.”

Expanding her reach

Four years ago, Schnitker’s uncle, Dave Brave Heart, an organizer for Mankato’s annual Wacipi, or powwow, held every year at Land of Memories Park in Mankato, invited her to come to Mankato to lead presentations on medicinal plants to 5th, 6th and 7th graders.

She met her husband-to-be here and has lived in Mankato ever since, teaching classes at places like Rock Bend Alternative Learning Center in St. Peter and the Blue Earth County Historical Society.

Schnitker has travelled as far as Omaha to lead classes on traditional Lakota culture and frequently makes trips back to South Dakota to interview Lakota elders about those traditions. She volunteers her time for some classes, others on a sliding fee-scale, and the gas money and lodging was beginning to add up.

Then her husband Ethan said, “Why don’t you just sell what you make?” As a stay-at-home mom it made perfect sense. Their home, designed as a duplex, had an extra kitchen where she could experiment with different recipes. In 2018, she founded the Mahkato Revitalization Project, with the ultimate goal of making children’s books about traditional plants funded through the soaps, salves and teas she makes.

“I have all these plants mapped out but nobody really has the old stories that go with them and how people came to use them a long time ago in our culture,” she said. “Lakota Made helps fund that with gas and travel, materials, and meeting with elders.”

She said the ingredients are easy to find and easily overlooked, but their value is immeasurable.

“There are natural plants that come from my backyard basically,” she said. “I make teas, tinctures, soaps, medicinal salves, and tonics from natural medicines.”

The ingredients range from wild plantain, yarrow, and white willow bark to jewelweed, echinacea and mint. Some have pain-relieving properties while others are used to treat poison ivy and stinging nettle, a plant that causes an itchy rash if touched, but that surprisingly can be made into an antioxidant-rich tea.

Schnitker said it also makes a great side dish when boiled and infused with butter, salt and pepper, as a substitute for spinach.

The Lakota-made products she sells, along with the

Top: Megan Schnitker pours out infused oil into a pot while extracting flowers as she made a medicinal pain salve for her business Lakota Made in her home in Mankato. Schnitker said that growing up in Lakota culture helped her learn about the various uses of plants that she uses in her products, but she also did 10 years of research. Bottom: Megan breaks open a stem of a jewel weed plant, which is a natural antidote to poison ivy, in her garden outside of her house. establishment of the non-profit Mahkato Revitalization Project, have led to more opportunities for teaching and also helped her narrow down the scope of what she hopes to accomplish in the long run.

“One of the biggest things I want to do with the Mahkato Revitalization Project is to get these books going for kids in Lakota and Dakota languages,” she said. “There’s not a lot of native herbalists. In order for us to preserve that, I want to write these books.

There’s a few people who have put stuff down into books but there’s not a lot of children’s books and that’s where the culture needs to be taught – for the younger generation.”

While she primarily sells her products online, a visit to Vagabond Village led owner Natalie Pierson to suggest she sell her products there. On display since June, Pierson said there’s been a great deal of interest from customers. Starting in October, Schnitker will be offering classes at Vagabond Village as well.

“She’s going to offer a class once a week; a five dollar drop in,” Pierson said. “She’s going to be teaching about the different types of plants; how to locate them, what they look like, their purposes and then talk a little bit about her process.”

Along with the children’s books on the horizon, Schnitker said her long-term goal is to establish a cultural center in Mankato and has been scouting out locations.

“That’s the big dream,” she said.

MV

MN Valley Business • OCTOBER 2019 • 15

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Todd Johnson of Johnson Furniture in the new clearance area of the store.

Johnson Furniture

evolves 48-year-old store adds outlet center

By Dan Greenwood | Photos by Pat Christman

H

Second Street. ome décor and furniture customers at Johnson “They want our quality furniture but they want a Furniture and Mattress in downtown Mankato deal on it,” Johnson said. “This is an opportunity now now have more options when it comes to that we can take advantage of shopping on a budget. At the factory closeouts, our overstock beginning of the year, owner Todd but also the factory has some Johnson and his staff made big overstock.” renovations to the building across Johnson said just because the street, which houses the JOHNSON FURNITURE mattress store in front and now customers will find discounts of 40 & MATTRESS features an outlet center in back. to 80 percent for furniture at the 126 E Cherry St., Mankato Johnson said customers often ask outlet store doesn’t mean they are 507-345-3223 about items on clearance, which in skimping on quality. jfmankato.com the past had been marked “It’s not scratch and dent, this is sporadically throughout the three first rate furniture,” Johnson said. floors in the main store at 126 East Cherry Street.

“You don’t come in here and go, ‘okay I can see there’s Now everything on clearance can be found behind no knobs on the chest,’ that isn’t what it is. It’s Johnson Mattress across the street at 429 South overstock – factory closeout.”

Profile

18 • OCTOBER 2019 • MN Valley Business

Various home decor items for sale in the clearance area of Johnson Furniture.

Like his own father, Earl Johnson – who established the store in 1971 on Front Street before moving to the new location in 1974 – and his sons after him – Todd Johnson worked at his father’s store in high school making deliveries. Earl Johnson learned about the business through Todd Johnson’s grandfather, who also owned a furniture store in town. They’ve delivered furniture as far as Grand Marais, on Lake Superior’s north shore. And smaller items like pillows are mailed to faraway places like Denver, Colorado.

Former bus depot

Looking at the interior today, it’s hard to believe the building that houses the mattress and outlet center was once a bus depot before the family acquired it back in 1993. Johnson pointed at the ceilings and surrounding areas to demonstrate how much renovation was required. There was a ticket counter where travelers could buy a coffee or sandwich in front, with a garage to store the buses in back.

“It gave us a parking lot, more furniture to sell and then a clearance center,” Johnson said. “It made sense to brand it as three stores, one location.”

In 2005 they purchased Town and Country Interiors on Broad Street, replacing the original clearance center to focus on a home design area, featuring model rooms divided by cubicles. At the beginning of 2019, they renovated again, opening the space up to make room for outlet furniture. Remnants of the home design area, with a special focus on carpeting, are now located on the second floor of the original building.

Todd Johnson’s son, Matt Johnson, returned to work full-time at the store in 2012 after earning a business degree at the University of St. Thomas in St. Paul. He said they rang in the New Year with two months of renovations for both buildings to add space.

“We started on it and then had a construction crew come in and demo the bigger stuff,” Matt Johnson said. “They did that across the street too. Upstairs – where the carpet is – that used to be all room settings

and a bunch of walls, and they knocked down half the walls to have a wider open area for the dining room and the carpet area.”

With road construction blocking off the street in June, the family decided to have a soft opening. But they gave a bigger announcement, along with a radio advertising campaign right before the school year began. Todd Johnson said the busiest times of year start around Labor Day and last into November. When the weather cools off, people start thinking about spending more time indoors, and that leads to purchasing new carpet or furniture before the holidays.

“With the new outlet, this is going to give people the opportunity to come in and say, ‘I want to help my son out and daughter-in-law and we need a few things,’ ” Todd Johnson said. “This gives somebody an opportunity now to come and say, ‘you know, we just don’t want to spend a lot.’ They don’t have to go somewhere else now, they can come here.”

Todd Johnson said their niche has always been focused on quality, and the outlet center allows them to stay true to that philosophy while continuing to sell well-established brand names like Lazy Boy, Craftmaster and Flexsteel at discount prices.

“Those are well known, quality manufacturers that we’ve been with for years,” Todd Johnson said.

“There’s a market for that low-end furniture – we just don’t want to do it. When you buy better quality, there’s a real good chance you’re not going to have problems down the road.”

Johnson attributes the store’s 48 years in business to keeping a close eye on what the customers want, along with treating them with respect and honesty.

“We do this seven days a week,” Todd Johnson said.

“We want them to see what we offer from price to service to selection. My dad always said it this way; ‘if you’re competitively priced, you have a nice selection and you take care of people, you’ll stay in business.’ ” MV

MN Valley Business • OCTOBER 2019 • 19

20 • OCTOBER 2019 • MN Valley Business

Left: Jeff Erickson, owner of the Golden Bubble, in rural Wells.

Erickson is the grandson of the original owner of the event space.

Top: Old photos on display at the entrance into the Golden Bubble.

A Golden Opportunity Grandson of founders re-opens Golden Bubble near Wells

By Dan Linehan Photos by Jackson Forderer

I

n its heyday in the 1960s and ‘70s, the But the Golden Bubble has been reborn.

Golden Bubble just south of Wells was a Ann and Jeff Erickson, a grandson of the happening place. People came from all Kruegers, in early 2018 bought and renovated over, and they brought the Golden Bubble. By itchy feet. There were August 10, hundreds of wedding dances, polka people danced the night waltzes, Sunday dances. away during the Bubble’s Harr y and Marge grand re-opening.

GOLDEN BUBBLE Krueger had purchased “The dancing started at 11575 Highway 22, Wells the steakhouse in 1962 8 o’ clock and didn’t end 507-391-5044 and built the dance hall until 12:15,” Jeff Erickson goldenbubblemn.com the following year. Several says. “They never quit, it decades and a few owners was great.” later, in 2005, the dance Even if people no longer floor fell silent and the business went from dance every Sunday, Erickson is hoping disrepair to ignominy. meetings, weddings and other events can Burglars used it to hawk stolen wares and keep the Bubble floating. Nostalgia for the cooked meth in the nearby house. Faribault dance hall of old has been a big draw.

County took over the property and considered tearing it down.

MN Valley Business • OCTOBER 2019 • 21

Feature

The Golden Bubble, an event space in rural Wells, has a capacity of 550 people. Owner Jeff Erickson said that he hopes to primarily host wedding dances.

A steakhouse, then a dance hall

The business opened in 1955 as just a steakhouse. Erickson is not sure why it was named the Golden Bubble; the building is neither spherical nor yellow. He’s not sure but believes the steakhouse was originally named the Bubble or the Golden Bubble after Champagne bubbles.

The Kruegers, Erickson’s grandparents, purchased the steakhouse in 1963 and added on the dance hall in 1964.

Erickson remembers visiting the Bubble as a child when his

mother would help out there on the weekends. In 1980, four years after the Kruegers sold the business, the wooden ballroom was destroyed by fire and rebuilt as a steel beam structure.

Demand for dances and other events slowly dried up, and after the later owners sold the business and retired, in 2005, it was used as storage. But it had further to fall.

The Bubble pops

By 2007, the Golden Bubble was filled with hundreds of antiques. But this was no normal

22 • OCTOBER 2019 • MN Valley Business

collector; these were stolen goods. And methamphetamines were being cooked in the nearby home, leading to its condemnation.

As a result of its use in criminal enterprise, the house and the bubble fell into the county’s hands.

In another way, though, the Bubble’s decline wasn’t caused by meth or burglary, but something more fundamental: We had stopped dancing together. Recent decades have seen a decline in clubs and social gatherings of all types.

According to a 2018 story in the

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Faribault County Register, the Bubble’s previous owner retired in 2005 amid a declining customer base “as interest in public dances and other social gatherings declined.”

Had the Bubble remained a profitable event space, it seems unlikely that it would have been converted into a warehouse for stolen goods.

But Erickson hopes public interest in dancing is being rekindled.

“I’d sure like to think it’s kinda coming back,” he says.

Meanwhile, the Golden Bubble’s glory days were kept alive in the memory of Erickson’s

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near Freeborn, decided to resurrect the Bubble.

First, he had to convince the county that he was serious.

Blowing a new Bubble

When Erickson first came to the Faribault County Board to discuss purchasing the Bubble, in late 2017, he started talking with Commissioner Tom Warmka.

Even though the county faced a major demolition bill, Warmka knew rebuilding the Bubble would be a tough job.

“I tried to talk him out of it, was my first Jeff Erickson, owner of the Golden Bubble, said that his grandfather would put out ashtrays when he owned inclination,” Warmka the event space but those ashtrays would be stolen. Over the years the logo changed, but the original logo said. His skepticism shown here, is now being used by Erickson. was warranted; this wasn’t the first time someone had come to the board family. we’d talk about how it used to be with grand plans for the old “It was a topic during family a hopping place back in the day,” building. Previous ideas for the discussions … they all see it he says. So he and his wife, Ann, property included a truck stop falling back into disrepair and who live about 15 minutes away,

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“The community has been unbelievably supportive,” Erickson says.

“They lost something in 2005 and nobody put it back together until now.” and a construction yard.

But as Warmka and Erickson got to talking, the commissioner quickly came around.

“I automatically got on board,” he says. “I could feel the enthusiasm in his voice.”

Warmka convinced the rest of the County Board that Erickson was serious. They agreed to sell it to him for a low price, which isn’t an unusual incentive when the County Board wants to unload a property like this one.

“When it hits tax forfeiture and you have no prospects and it’s deteriorating by the day and you’re facing a demolition, you’re willing to negotiate the price very low,” Warmka says. The former meth house was burned down to help train firefighters.

For his part, Erickson wasn’t worried about rebuilding the Golden Bubble. He’s a heavy equipment operator for the Freeborn County Highway Department and has worked construction his whole life. He rebuilt the 40-by-60-foot dance floor on top of the existing foundation. The new Bubble seats about 550 people.

The business side of the project — writing a business plan, marketing the site and managing

expenses — was more daunting to Erickson.

Fortunately, his daughter, Madison, had recently graduated with a degree in business and communications. In addition to her day job, Madison has been taking pictures and helping spread the word about the Golden Bubble on social media.

For the most part, they’re keeping it simple. They won’t make food on site, but have a room for catering. It will only be open for events, and he’s broadening his market beyond

dancers.

Many rural schools in the region have been closed and need a place to have a reunion. A handful of musical shows are also coming up. On the afternoon of Sunday, Sept. 29, Leon Olson will play polka, and on the evening of Oct. 12, Bob & the Beachcombers will play ‘50s and ‘60s rock.

“The community has been unbelievably suppor tive,” Erickson says. “They lost something in 2005 and nobody put it back together until now.”

MV

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MN Valley Business • OCTOBER 2019 • 25

Business and Industry Trends ■

Energy Industrial sector largest energy consumer

WE’RE MOVING!

Our same commitment to service, now in a new location. The Eide Bailly Center, located in the heart of downtown Mankato, will open this fall. You’ll find us at this new location starting in December. We are proud to continue to serve the Mankato community and provide the resources you need to stay ahead.

The industrial sector is the largest energy end-use sector by consumption in the world, accounting for about 55% of world delivered energy in 2018, according to the International Energy Agency.

In the industrial sector, the nonmetallic minerals industry is one of the largest energy users, accounting for 10% of global industrial sector energy use. The nonmetallic minerals industry uses a large amount of process heat (primarily in ovens and kilns), which links the industry to the global energy system.

Nonmetallic mineral products take basic natural materials, such as lime, and turn them into essential building materials, such as cement, which is used to make concrete and mortar. Many of these products are heavy and fragile—such as glass—and do not lend themselves to longdistance transport. For low value products often sold in bulk, such as cement, production is also heavily localized.

Nonmetallic minerals use primarily coal, natural gas, and petroleum coke as energy sources for heat and as electricity for conveyors. The nonmetallic minerals industry is one of the top users of petroleum coke. The construction industr y is the largest user of nonmetallic mineral products, accounting for nearly 1.2 trillion dollars’ worth of material.

Crude production up

The Energy Information Administration forecasts that U.S. crude oil production will average 12.2 million barrels per day in

26 • OCTOBER 2019 • MN Valley Business

2019, up by 1.2 million from the 2018 level. Forecast crude oil production then rises by 1.0 million b/d in 2020 to an annual average of 13.2 million b/d.

The slowing rate of crude oil production growth reflects relatively flat crude oil price levels and slowing growth in well-level productivity.

Natural gas production up

EIA forecasts that U.S. dry natural gas production will average 91.4 billion cubic feet per day (Bcf/d) in 2019, up 8.0 Bcf/d from 2018. EIA expects monthly average natural gas production to grow in late 2019 and then decline slightly during the first quarter of 2020 as the lagged effect of low prices in the second half of 2019.

Lower electric costs

The forecast is for generally lower wholesale electricity prices in 2019 compared with 2018. The lower forecast prices reflect lower natural gas fuel costs. In the first half of 2019, the average U.S. cost of natural gas delivered to power generators was 9% lower than the same period in 2018.

CO2 rates declining

After rising by 2.7% in 2018, U.S. energy-related carbon dioxide (CO2) emissions will decline by 2.5% in 2019 and by 1.0% in 2020.

In 2019, EIA forecasts that space cooling demand (as measured in cooling degree days) will be lower than in 2018, when it was 13% higher than the previous 10-year (2008–17) average.

In addition, EIA expects U.S. CO2 emissions in 2019 to decline because the forecast share of electricity generated from natural gas and renewables is increasing while the forecast share generated from coal, which is a more carbon-intensive energy source, is decreasing.

Coal use down

EIA forecasts that U.S. coal production in the second half of 2019 will be 328 million short tons (MMst), or 59 MMst (15%) less than in the second half of 2018. EIA expects that coal exports will continue to fall during the projection period as international demand for U.S. coal is dampened by high Atlantic freight costs in the near term and increased uncertainty in the metallurgical coal market in the longer term.

More renewables

Electric power sector generation from renewables other than hydropower — principally wind and solar — will grow from 409 billion kilowatthours (kWh) in 2019 to 467 billion kWh in 2020.

Texas accounts for 19% of the U.S. nonhydro renewables generation in 2019 and 21% in 2020.

California has a share of 15% in 2019 and 14% in 2020.

Regionally, the Midwest and Central power regions each have shares in the 16% to 17% range of the U.S. generation total from renewables other than hydropower.

Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2018 - 2019

1,022 1,168

1500 1200 900 600 300 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)

- 2018 - 2019

600

$460,600

500

$451,079

400 300 200 100 0

J

F

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A

M

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A

S

O

N

D

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato $67,134

70000

- 2018 - 2019

$42,911

52500 35000 17500 0

J

F

M

A

M

J

J

A

S

O

N

D

Source: City of Mankato

Mankato food and beverage tax - 2018 - 2019 175000 140000

$60,700 $65,684

105000 70000 35000 0

J

F

M

Source: City of Mankato

A

M

J

J

A

S

O

N

D

C. Sankey

MN Valley Business • OCTOBER 2019 • 27

■

Agricultural Outlook

By Kent Thiesse

D

Reflecting on 50 years at the State Fair

uring the 2019 Minnesota State Fair in late August, I was fortunate enough to be honored for 50 years of involvement in the State Fair.

My involvement began as a 4-H member, when I participated by showing Angus breeding heifers, giving beef project demonstrations, and as a member of a State Champion general livestock judging team from Pope County.

Starting in my college years, and later during my early years as a University of Minnesota Extension Educator, I served in various volunteer roles for the State Fair livestock shows. For the past 40 years, I have served as the overall coordinator of the State Fair 4-H beef show.

In my role as coordinator of the 4-H beef show, I have given leadership to the planning, organizing details, and evaluating for the Show, which has over 600 4-H youth and their families participating each year. This role also involves coordinating the roles and responsibilities for the nearly 100 volunteers from throughout Minnesota that help the make the 4-H Beef Show a success every year. The 4-H beef show championship event, which is held each year on the first Friday of the State Fair, usually attracts an audience that exceeds 2,000 people. The 4-H beef show at the State Fair is now regarded as one of the top youth beef shows in the U.S. I have also served on the State Fair Purple Ribbon 4-H Auction Committee for 35 years, including as the Finance Chair of the 4-H Auction Committee for the past 30 years. The State Fair 4-H Auction, which began in 1980, has grown from a total premium of near $30,000 in the early years to over $750,000 in 2019.

This year 106 4-H livestock project members received premiums on their purple ribbon market beef, swine, sheep, and goat projects. Twenty percent of the 4-H Auction premiums go into a “4-H Animal Science Enhancement Fund”, which is used primarily to fund youth livestock educational programs through the 4-H and FFA programs in Minnesota. This fund has also helped fund the “4-H Auction Scholarship Fund”, which has provided nearly 400 scholarships to outstanding 4-H Junior Leaders since 1995, totaling over $550,000.

As I look back on over 50 years of participation in the MN State Fair, it is interesting to reflect on what has changed over the years, and what traditions have continued through the years. New food choices have come and gone over the years; however, traditional favorites like pronto pups, french fries, dairy barn malts, and “Sweet Martha’s” chocolate chip cookies have stood the “test of time” over the years and remain

28 • OCTOBER 2019 • MN Valley Business

in 2019. While “Machinery Hill” and car races on Labor Day have disappeared in past years, features like the “Giant Slide”, the “Old Ye Mill”, the “Sky Ride”, and the “Space Needle” have survived. Many new food, beverage, and entertainment venues have been added at the State Fair over the years.

In recent years, over 2 million people have attended the Minnesota State Fair, mostly from urban backgrounds with little or no knowledge of the agriculture industry. Over the years, the focus of many of the ag-related commercial exhibits and displays have been re-designed to target educational efforts about farming and the ag industry to an urban audience. This includes the displays and activities in traditional buildings like the “Ag and Horticulture” building and the “Dairy Industries” building. The State’s two major farm organizations, MN Farm Bureau and MN Farmers Union, have also developed more “hands-on” activities in their exhibit areas that target education and awareness about the agriculture industry for the urban fair-goers.

The “Miracle of Birth” building was added as a State Fair venue shortly after the year 2000, and is now one of the most popular and highest attended exhibits at the State Fair. Other special education programs in the livestock barns include the “Moo Booth”, the “Oink Booth” and the “Baa booth”, all of which have been enhanced and expanded, and are now very popular exhibits at the State Fair. Many of these innovative ideas have been copied and adapted by other State Fairs and livestock shows across the U.S. Even though the Minnesota State Fair is located in the heart of a major urban area, it still remains a “topnotch” agricultural event. The State Fair is home to some of the premier open class and youth livestock shows in the nation. In an era when livestock and horse shows are declining at many State Fairs throughout the country, the livestock and horse shows at the Minnesota State Fair continue grow and prosper with barns that are at capacity in most years.

The State Fair management has been very intentional in committing the necessary resources to help the various State Fair livestock shows to continue to thrive and be successful.

Horse Shows are a big part of the 12-day run of the Minnesota State Fair, attracting horse exhibitors from throughout the U.S. The draft horse show, featuring the 2, 4, 6 and 8 horse hitches, is regarded as one of the best shows in the nation. Horse facilities at the State Fairgrounds are high quality and have seen several improvements in recent years. A new equine educational exhibit called “EquiMania” was added to

the State Fair in 2013. This exhibit focused on horse anatomy, nutrition, behavior, care, welfare, safety, careers, and much more, which is highly educational for both horse show exhibitors and the State Fair attendees.

The high quality 4-H livestock shows at the Minnesota State Fair feature nearly 3,000 youth exhibitors each year, exhibiting in various livestock species, making it one of the largest youth livestock shows in the nation.

The Minnesota State Fair is unique from 4-H livestock shows at other State Fairs, in that each 4-H exhibitor can only bring one animal to the State Fair. Most State Fairs allow 4-H members to enter multiple animals and to exhibit in more than one species. Minnesota is also unique in that 4-H members must qualify for the State Fair by “earning a trip” at their respective County Fair, which is not the case in most other States.

The Minnesota State Fair 4-H youth livestock leaders are continually trying to improve the State Fair livestock shows, in order to enhance the exhibiting and educational experience for the 4-H exhibitors. The 4-H livestock show coordinators work closely with the State Fair staff to be effective and efficient in organizing and conducting the State Fair 4-H livestock shows, remembering that it is the 4-H livestock exhibitors and their families that have 8helped make the State Fair the truly great event that it is. In recent years, the State Fair has re-designed stalls 6and pens in many of the livestock buildings to make them more “user-friendly”, as well as to improve 4 the fair-going experience for the large number of people that attend the State Fair each year.

2 Probably the most rewarding part of being in a leadership role for the Minnesota State Fair 4-H Beef Show0for the past 40 years, as well as my role with the J F M A M J J A S O N D 4-H Auction, has been watching the growth and achievement of the many youth that have been involved in the 4-H livestock program. Many of these 4-H youth have went on to very successful careers in college and the agriculture industry. Some have started their own 8 herd or flock of livestock, and many of the 4-H exhibitors have100 become highly motivated youth livestock leaders 6 following 85 their 4-H careers. The 4-H livestock program has contributed to the education and leadership 4 70 development for tens of thousands of young people across2Minnesota over the years.

55 changes and innovations have taken place at the Many Minnesota State Fair over the decades; however, the 400 J and F objectives M A M of Jthe JState A Fair S remain O N solid, D core values especially for youth development programs such as 4-H 25 J F M A M J J A S O N D and FFA. Many lifetime friendships and relationships, both personal and business-wise, originated at the Minnesota State Fair. My guess is that we go through the coming decades, there will be more changes at the State Fair, 100 but that the 4-H and FFA programs, as well as the agriculture industry, will continue to be a major part of 85 the Minnesota State Fair.

Agriculture/ Agribusiness Corn prices — southern Minnesota

6

0

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D

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

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

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S

— 2018 — 2019 8 20 100 16 6 85 12 470 8 255 4 40 0 0 J F M A M J J A 25 J F M A M J J A J F M A M J J A Source: USDA

Iowa-Minnesota hog prices

4

O

N

D

0

J

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

$8.18

$7.93 S O N D S O N D S O N D

22 19 16

M M M

A M J A M J A M J

J J J

$48.92 A S O N D A S O N D A S O N D

Minimum prices, class 1 milk Dollars per hundredweight

— 2018 — 2019 25 22

$17.60

$15.20 J

F

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

25

$54.75

Milk prices

10

(dollars per bushel)

185 pound carcass, negotiated price, weighted average

— 2018 — 2019

13

M

J

Soybean prices — southern Minnesota

40

A

$3.27

Source: USDA

16

M

12 8

2

55

F

16

$3.52

4

19

J

20

8

70

25

(dollars per bushel)

— 2018 — 2019

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 • OCTOBER 2019 • 29

13 10

J

J

Construction/Real Estate Residential building permits Mankato

Commercial building permits Mankato

- 2018 - 2019 (in thousands)

$2,718

5000000

- 2018 - 2019 (in thousands)

$4,368,482

8000000

3000000

6000000

2000000

4000000

1000000

2000000 J

F

M

A

M

J

J

A

S

O

N

J

F

M

A

M

J

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O

N

D

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

Existing home sales: Mankato region - 2018 - 2019 (in thousands)

227

218

300

Median home sale price: Mankato region - 2018 - 2019 (in thousands)

250

$180,000 $192,000

200

240

150

180

100

120

50

60

0 J

F

M

A

M

J

J

A

S

O

N

D

Source: Realtors Association of Southern Minnesota

J

F

M

A

M

J

J

— 2018 — 2019

40

4.5 4.0

12

20

3.5% A

M

J

J

A

S

10 O

N

Source: Freddie Mac

D

0

J

F

M

A

M

J

J

A

S

O

N

D

Source: Cities of Mankato/North Mankato

We Know Commercial Real Estate.

150 Kingswood Drive

Read us online!

D

14

30

M

N

50

4.6%

3.5

O

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

- 2018 - 2019

5.0

F

S

Housing starts: Mankato/North Mankato

5.5

J

A

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

3.0

0

D

Source: City of Mankato

0

$4,673,843

10000000

4000000

0

$17,848

12000000

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Gas prices-Mankato

— 2018 — 2019

54 43 $2.61

32 21 10 0

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Gas prices-Minnesota

$2.39

Sept. 10

Percent change

Archer Daniels

$37.46

$40.29

+7.5%

Ameriprise

$133.40

$144.63

+8.4%

Best Buy

$68.80

$69.02

+0.3%

Brookfield Property

$19.13

$18.45

-3.6%

Crown Cork & Seal

$65.12

$63.30

-2.8%

$5.07

+3.5%

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Fastenal

$29.53

$32.79

+11.0%

General Mills

$52.79

$54.53

+3.3%

Itron

$66.75

$72.38

+8.4%

Johnson Outdoors

$60.20

$57.97

-3.7%

3M

$165.32

$168.86

+2.1%

Target

$84.30

$108.83

+29.0%

U.S. Bancorp

$52.83

$55.86

+5.7%

Winland

$1.15

$1.11

-3.5%

Xcel

$60.72

$62.99

+3.7%

21 M

Aug. 7

$4.90

$2.49

F

Stocks of local interest

Consolidated Comm.

$2.69

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[507] 345-8708 - WWW.THEDESIGNELEMENT.NET

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MN Valley Business • OCTOBER 2019 • 31

■

Minnesota Business Updates ethanol unit and is looking for a buyer.

ADM cited lackluster ethanol sales as a factor in disappointing second-quarter results. And ADM warned that steep tariffs on ethanol risks crippling the industry and ADM’s earnings.

“If we don’t see a resumption of significant agricultural trade with China, particularly ethanol … it would be difficult to achieve adjusted earnings per share in 2019 similar to 2018,” CFO Ray Young said.

■ Cargill family’s big payday Agribusiness giant Cargill Inc. paid its family owners $643 million in dividends in the most recent fiscal year — the company’s biggest payout since 2010 — after posting a two-year run of strong profits.

Bloomberg reports on the windfall for the 125 Cargill and MacMillan members who control the Minnetonkabased company, which works out to about $5 million per person on average. The total was up from $551 million the year before and is the highest since 2010, when Cargill paid out a record $728 million.

Cargill calculates its payouts based on two-year profits. In the most recent two-year period, it record total profit of $5.66 billion, its best performance in a decade.

■ Xcel pushing EV charging Xcel Energy is seeking approval from Colorado Public Utilities Commission to invest in expansion of its electric-vehicle charging infrastructure.

The objective is to promote usage of more electric vehicle in Colorado and Denver. The extension of electric vehicle charging infrastructure will encourage Uber Technologies Inc UBER, Lyft Inc LYFT and other taxi services to deploy electric vehicles. The project also promotes usage of electric buses for public transportation.

Xcel is the first utility in the United States to announce a target of 80% carbon reduction by 2030 from 2005 level. The company is trying to promote the use of EVs, which are more eco-friendly than fossil fuel-driven vehicles, by developing more charging stations.

■ ADM down on ethanol Chicago-based ADM is increasingly eager to exit the ethanol business.

And the company warns that president Trump’s tariffs threaten to destroy the ethanol industry.

Crain’s Chicago Business reports that ADM is planning to spin off its

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major July Industry 2018 2019 Construction Manufacturing Retail Services Total*

67 161 39 171 438

Local non-farm jobs Percent change ‘18-’19

132 163 36 120 451

132,532 130,830

139000 126000

2100 1400

113000

700 100000

Minnesota initial unemployment claims

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Minnesota Local non-farm jobs

Major Industry 139000 139000

2018

2019

Percent change ‘18-’19

Construction 126000 126000 Manufacturing Retail 113000 Services 113000 Total*

2,545 1,998 888 3,567 8,998

2,711 2,310 869 3,650 9,540

+6.5% +15.6% -2.1% +2.3% +6.0%

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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

32 • OCTOBER 2019 • MN Valley Business

3500 2800

+97.0% +1.2% -7.7% -29.8% +3.0%

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.

July

- 2018 - 2019

Nine-county Mankato region

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of-package and side panel labeling lists “all truthful and required objective facts about its products,” he wrote.

■ 3M’s problems grow 3M’s pollution problems are rising nationwide. An estimated 35 federal bills take aim at 3M Co.’s chemical pollution, and 41 states have complained that it’s in their groundwater, the Pioneer Press reports.

Wall Street analysts have downgraded 3M’s stock, citing potential legal liabilities of up to $6 billion.

3M, they fear, is about to be injured by its own creation.

“From a legal standpoint, this is like an octopus — lots of arms, lots of outcomes, lots of issues to decide,” said Nick Heymann, an analyst with the advisory firm William Blair & Co. The chemicals, found in groundwater around the world and millions of consumer products, seem to be in many places. And so does the potential legal liability.

■ Bancorp ups its tech U.S. Bancorp completed the acquisition of Talech, a Palo Alto-based software company, thus taking another step toward digital banking, which has become essential in the technology-driven environment. Financial terms of the deal remain undisclosed.

139000 Talech works to simplify operations for small- and medium-sized businesses. It focuses on turning 126000 operational tasks, like order management, inventory and staff reporting, customer management, business insights and payments processing, into a single, united 113000 point-of-sale system.

U.S. Bancorp has made a number of bank acquisitions over the past several years. These acquisitions, combined 100000 J F Min innovative A M J product J A enhancements, S O N D with investments services and people, have helped the company diversify digitally.

■ General Mills wins A federal judge in California dismissed a class-action lawsuit accusing General Mills of falsely advertising its 139000 cereals as healthy when they 139000 contain high levels of sugar that can126000 contribute to heart disease and Type 2 diabetes.

126000 The case was filed three years ago.

Judge Jeffrey White’s Aug. 13 order said the plaintiffs “cannot113000 plausibly claim to be misled” about the sugar 113000 of their cereal purchases. The company’s frontcontent 100000

100000 J F

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Mankato/North Mankato Metropolitan statistical area (includes all of Blue Earth and Nicollet Counties) 200000 150000

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100000

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2018

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2.3% 59,905 1,407

2.9% 59,298 1,788

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Unemployment rates Counties, state, nation County/area

- 2018 - 2019

2100

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0

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4000 2100

2800

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F M A A M J

Local number of unemployed 8000 3500 6000 2800

3500 8000 2800 6000 2100

3500

3500

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

July 2018

July 2019

2.4% 2.8% 2.7% 2.8% 3.0% 2.1% 2.3% 3.3% 3.1% 2.3% 2.7% 4.1%

3.0% 3.2% 4.0% 3.3% 5.4% 2.8% 3.1% 3.7% 3.9% 3.1% 3.3% 4.0%

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

MN Valley Business • OCTOBER 2019 • 33

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Sponsored by the Carl & Verna Schmidt Foundation

What millennials get wrong about Social Security

By Liz Weston | Associated Press

F

ew issues unite millennials like the future of Social Security. Over whelmingly, they’re convinced it doesn’t have one.

A recent Transamerica survey found that 80% of millennials, defined in the survey as people born between 1979 and 2000, worry that Social Security won’t be around when they need it. That’s not surprising — for years, they’ve heard that Social Security is about to “run out of money.”

The language doesn’t match the reality. Social Security benefits come from two sources: taxes collected from current workers’ paychecks and a trust fund of specially issued U.S. Treasury securities. This trust fund is scheduled to be depleted in 203 4, but the system will still collect hundreds of billions in payroll taxes and send out hundreds of billions in benefit checks. If Congress doesn’t intervene, the system can still pay 77% of projected benefits.

In any case, chances are good Congress will intervene, as it did in 1977 and 1983, to strengthen Social Security’s finances. Social Security is an enormously popular program with bipartisan support and influential lobbies, including the immensely powerful AARP, looking out for it.

Still, millennials who believe Social Security won’t be there for them could make bad choices about their retirement savings. The worst outcome would be if they didn’t save at all, convinced retirement was hopeless. But any of the following myths could cause problems.

I can save enough without Social Security

Good luck with that.

Currently, the average Social Security benefit is just under $1,500 a month. You would need to save $400,000 to generate a similar amount. (That’s assuming you use the financial planners’ “4% rule,” which recommends taking no more than 4% of the portfolio in the first year of retirement and adjusting it for inflation after that.)

And that may be underestimating the value of Social Security. The Urban Institute estimates that many average-income single adults retiring between 2015 and 2020 will receive about $500,000 in benefits from the system while couples will receive roughly $1 million. Millennials, meanwhile, are projected to receive twice as much: about $1 million for an averageincome single adult and $2 million for a couple.

Trying to save enough to replace 100% of your expected Social Security benefit might well be

34 • OCTOBER 2019 • MN Valley Business

impossible, and could cause you to stint on other important goals such as saving for a child’s education or even having a little fun once in a while.

A more realistic yet still cautious approach would be to assume you’ll get 70% to 80% of what your Social Security statement projects, says Bill Meyer, founder of Social Security Solutions, a software tool for Social Security claiming strategies.

“Somewhere between a 20% to 30% reduction seems like the worst-case scenario to me,” Meyer says.

I can ignore my Social Security account

Your future Social Security check will be based on your 35 highest-earning years. To get what you’re owed, however, your earnings need to be reported accurately and that doesn’t always happen. Employers may not report the correct information to Social Security, or may not report your earnings at all. You can correct those errors if you catch them in time.

Fixes could be difficult decades from now, when the employer may have gone out of business and needed documents may be unavailable.

Millennials may be more exposed to errors than previous generations because they tend to change jobs more, Meyer says. That makes it important for them to check their earnings records, which they can do by creating an account on the Social Security Administration’s website.

“Every two to three years, you should log on and make sure that your earnings are reflected correctly,” Hayes says.

If it’s available, I’ll grab it as soon as I can

Millions of Americans make this mistake every year, locking in permanently reduced payments and potentially costing themselves up to $250,000 in lost benefits by claiming too early. But Congress is highly unlikely to cut benefits for those in retirement or close to retirement age, Meyer notes.

Instead, there likely will continue to be incentives for delaying your Social Security claim. Currently, benefits increase by about 7% to 8% for each year you wait to apply after age 62 until benefits max out at 70.

Working an additional few years also can compensate for low- or no-earning years earlier in millennials’ careers, when incomes may have been depressed by recession or gig-to-gig work.

“A higher-earnings year can replace a lower one,” Meyer says. “You can fill in those gaps.” MV

Sponsored by the Carl & Verna Schmidt Foundation

Where’d all the stocks go?

Nasdaq’s CEO on shrinking market

T

By Stan Choe | AP Business Writer

he stock market is a much less crowded party than it used to be.

In the late 90s, when a bevy of hot dot-com companies were rushing to sell their shares on public markets, investors had more than 7,500 U.S. stocks to choose from. The dot-com bust culled many of those stocks, though, and the number has continued to shrink steadily, now down more than half from its 1998 peak.

That’s doing a disservice to the typical investor, says Adena Friedman, chief executive officer of Nasdaq, who spoke recently with The Associated Press about how it can make income inequality worse. She also touched on how trading markets are striving to open up to the world, even as politicians push for more insularity. The conversation has been edited for clarity and length.

Q: What’s behind the shrinking number of stocks?

A: Companies are taking a lot longer and waiting to go public. A big part of the reason is that there are other sources of capital that they can use to drive growth in their companies. Private capital is just incredibly abundant and readily available, and there are early-stage investors who are willing to take a lot of risk to get into these growth companies.

So they have more choice. Then the rules of the government made it possible for them to have more shareholders as a private company than they used to.

They weren’t forced into the public market based on just having too many shareholders. They’re going to wait until they feel like they’re mature enough to handle the disclosure obligations and the scrutiny associated with going public.

Q: And that’s a bad thing?

A: The net result is that a lot of what I call average investors — people who are saving for their retirement, who are saving for their education or their kids’ education — those investors don’t get the chance to invest in those companies early in their life. They miss out on the growth and the opportunity that those companies provide.

And that, I think, is what we really have to pay a lot of attention to as a society: making it more attractive

for companies to go public and making it so more investors have a chance to invest in that growth.

We always say markets are the most democratic part of the capital market system — any person can come in and invest $100 and find a company that they really want to buy or an ETF or any sort of any investment, and they all have equal access to the markets. That’s not the case for private companies. It’s really reserved for the wealthier parts of society.

Q: Do all these recent high-profile IPOs, like Lyft’s and Uber’s, mean the trend is shifting?

A: We do have companies that are coming out and going public. We had 189 IPOs last year. We’ve had almost 100 IPOs this year. So we know that we’re giving investors access to some great companies, but some of them — a lot of the bigger tech companies — are later in their life cycles. So they’ve already gone through a big growth wave before the public investors get a chance to invest in them.

Q: A lot of IPOs recently have been for money-losing companies, and critics say it’s reminiscent of the dot-com bubble.

Is there such a thing as too many IPOs?

A: No. Nasdaq was formed in 1971, and we founded our listings business on one premise: We wanted younger companies to be able to tap the public market. So before Nasdaq was created, you had to already be successful before you could actually get public investors to help grow your company. You had to be profitable, and you had to have a record of profitability, and that held back thousands of companies from being able to use the public markets to grow their companies so that they could become profitable.

I can name some really interesting companies — Intel, Applied Materials, Comcast and Paccar — those four companies went public in our first class of listings, and all of them are in the Nasdaq 100 today. They were not profitable companies, but they were building scalable profitable companies that were changing the world.

MV

MN Valley Business • OCTOBER 2019 • 35

NEW LOCATION

NEW OWNERSHIP

Beltone Hearing Care Center 1400 Madison Avenue, Suite 626, Mankato

Graif Clothing 900 North Riverfront Drive, Mankato

NEW BUSINESS & LOCATION

NEW LOCATION

NEW LOCATION

J Fre Consulting LLC 100 Warren Street, Suite 300, Mankato

Mankato Mediator 100 Warren Street, Suite 300, Mankato

Midwest IT Systems, Inc. 1600 Madison Avenue, Suite 103, Mankato

NEW BUSINESS

NEW BUSINESS

NEW OWNERSHIP

Nupa Mediterrean Grill 2041 Blazing Star Drive, Mankato

Old Town Garage 502 North 2ⁿ Street, Mankato

Rice Companies, Inc. 901 Summit Avenue, Mankato

NEW BUSINESS

NEW BUSINESS

NEW BUSINESS

River Rock Coffee Bar 607 South Front Street, Mankato

Ruby Ride Mankato, MN

Summit Power Sweeping, LLC 602 West 2ⁿ Street, Mankato

NEWEST

Blue Skye Mercantile blueskyemercantile.com

Bumbelou bumbelou.com

MinnStar Bank minnstarbank.com

West Bank westbankstrong.com

Greater Mankato Growth Members

36 • OCTOBER 2019 • MN Valley Business

2019

2019 SPONSOR:

5 - 7 PM

JAN 8 FEB 5

AmericInn Hotel & Conference Center

JUL 9

U.S. Bank

Laurels Edge Assisted Living

AUG 6

Pantheon Computers

240 Stadium Road, Mankato 77 Stadium Road, Mankato

BankVista

APR 2

1 Civic Center Plaza, Mankato

1501 Adams Street, Mankato

SEPT 3

Mankato Clinic - North Mankato Family Medicine

Carlson-Tillisch Eye Clinic

OCT 1

Hilton Garden Inn

WHY JOIN* MAR 5

115 East Hickory Street, Suite 200, Mankato

120 North Broad Street, Mankato

GREATER MANKATO GROWTH? 1575 Lookout Drive, North Mankato

20 Civic Center Plaza, Mankato

MAY 7

Courtyard by Marriott Hotel & Event Center NOV 5

Mayo Clinic Health System

JUN 4

Dotson Iron Castings

Exclusively Diamonds

901 Raintree Road, Mankato

EXPOSURE

200 West Rock Street, Mankato Build your Brand;

2019 August

DEC 3

1025 Marsh Street, Mankato

1601 Adams Street, Mankato NETWORKING TW WORKING ORKING

grow your business.

Business by Stand out After and getHours hosted It’s not just st WHO WPantheon HO you ou noticed! know, it’s who knows k YOU. Networking IS Powerful.

BE IN THE KNOW

LEARNING

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

TALENT RETENTION

Computers

MEMBER EXCLUSIVE BENEFITS

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

REFERRALS

NOTE: Calendar magnets are available at the check in table at each Business After Hours event and they are available at our office at 3 Civic Center Plaza, Suite 100. Also, a downloadable version is available at greatermankato.com/business-after-hours.

We only refer member businesses.

Word mouth Keep your employees from Greater Mankato Growth member businesses at the Business After Hours gives representatives Engaged Level or of higher an opportunity to and direct referrals come get together with one another to exchange ideas and learn about each other’s businesses. greatermankato.com/events engaged and retained with from being a valued access to our member only member of GMG. events and programs.

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

BUSINESS AWARDS

and

HALL of FAME

Presented by:

that businesses NOVEMBER 12 who belong to a chamber of commerce 2019 are more successful.

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

This premier business awards event is a time where Greater Mankato Growth, Visit Mankato, City Center Partnership & GreenSeam honor the outstanding businesses, professionals and organizations within the Greater Mankato community.

Register to attend at greatermankato.com/awards.

greatermankato.com/join April 2018

MN Valley Business • OCTOBER 2019 • 37 greatermankato.com/join

moremankato.com We asked Laura Bowman and James Hebl, of Mayo Clinic Health System...

Why Do You LOVE Living in Greater Mankato?

How do you spend your leisure time?

Dr. Hebl: I think a key benefit to living in Mankato and the surrounding communities is the outdoor activities that are available, in particular biking, hiking, water sports and lake activities. I grew up with that here and continued that tradition with my own family.

Why do you live here?

Laura: There is a lot to do here and it is so easy to get around. You can get from one side of the community to the other in 15 minutes. Even my commute from the lake is 15 minutes. I could be paddle boarding in the morning on the lake and then at the hospital for work in a short time. You can’t do that in the larger cities.

Why do you work for this company?

Laura: I think for me personally and for a lot of our employees, Mayo Clinic offers a broad set of opportunities that employees can always be seeking while still remaining in the community.

Why do you think it is great to do business in Greater Mankato?

Dr. Hebl: The diversity of the business sector is what is so vibrant and refreshing in this community and I think it’s what is so appealing to many businesses. The breadth of what we have available is what makes it attractive and has allowed us to grow and prosper when many other communities have not.

What do you think are the community’s greatest assets to attract talent?

Laura: During our provider tours, we always highlight our education system, community amenities such as the Children’s Museum and Civic Center, our outdoor parks and recreation and entertainment from music to college D1 and D2 sports. I would also add that there are a lot of job opportunities here and of course great health care.

Dr. Hebl: The University and the college town atmosphere it creates is great. The diversity of the community adds a lot, especially with the international students that come for a higher education here.

Find your “WHY” at moremankato.com/virtual-tours Thank you to Mayo Clinic Health System for being an early adopter and supporting the More Mankato community campaign and for continuing to support everything Mankato!

The GreenSeam team traveled to Gilfillan Estate in Redwood Falls for the 2019 IDEAg Minnesota Farmfest.

Within the three day event, we heard from key elected officials on Ag issues including public policy, trade and the farm economy. We were able to talk with some of them personally, too! At the GreenSeam booth, we utilized this time to inform people about our mission and distribute our Minnesota State of Ag Survey.

The GreenSeam team with Senator Nick Frentz, MN Gov. Tim Walz and Lt. Gov. Peggy Flanagan.

Part of the GreenSeam team with MN DEED Comissioner Steve Grove.

Sam Ziegler, Director of GreenSeam with MN Governor Tim Walz.

Are you part of an industry related to Ag? Help us tell the real story of our region’s Agribusiness.

Take the Minnesota State of Ag Survey at greenseam.org/survey 38 • OCTOBER 2019 • MN Valley Business

37TH ANNUAL

RURAL December 5, FORUM 2019 SAVE THE DATE:

Greater Mankato Growth Members,

THANK YOU for your support!

WHY JOIN EXPOSURE

Build your Brand; grow your business.

Stand out and get noticed!

GREATER MANKATO GROWTH?

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

Mission Statement BE the IN economic Greater Mankato Growth exists to support and promote THE KNOW growth and vitality of our members and the regional marketplace.

LEARNING Gain access cces to Member Exclusive Core ValuesContent to help grow your business.

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

The needs of the members MEMBER are best met by growing the regional marketplace. We accomplish this by being: EXCLUSIVE

TALENT CatalystsRETENTION

Initiating action for economic growth Keep your employees beneficial to our members and engaged and retained with congruent with our regional desire access to our member only and culture.

REFERRALS

BENEFITS Stewards

Using our resources efficiently and effectively and wisely leveraging our strengths.

events and programs.

Approachable

We only refer member & Inclusive Collaborative Cultivating and of sustaining businesses.

Word mouth while encouraging and relationships, direct referrals come mobilization fromthe being a valuedof our marketplace member of GMG.assets to enhance growth.

SHAPE YOUR CREDIBILITY Innovative Ethical Embracing change Raise and your reputation byCommunicating openly and COMMUNITY belonging. Research shows

Being visable and accessible and creating a friendly, vibrant and Your investment promoting progressive solutions. honestly and taking responsibility for helps us that businesses who belong respectful environment. our actions in all of our business continue to build the best to a chamber of commerce practices. environment for your

business and its employees.

are more successful.

Strategic Direction and Focus Greater Mankato Growth, Inc. exists to intentionally develop the regional center by promoting, supporting and serving as a catalyst for economic development through: business growth and development; talent growth, retention and attraction; regional livability and advocacy of the marketplace.

Greater Mankato Growth, Inc. includes four business units: Greater Mankato Growth, thegreatermankato.com/join regional chamber of April 2018 commerce and economic developemt organization, Visit Mankato, which focuses on visitor attraction and servicing, the City Center Partnership, which focuses on development in the City Center and GreenSeam, which focuses to build on existingag business prominence across southern Minnesota – northern Iowa maximizing a growing economic marketplace in order to be the premier ag business epicenter in the United States.

MN Valley Business • OCTOBER 2019 • 39 greatermankato.com/join

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1Million Cups Mankato to Celebrate 2nd Anniversary College of Business alumna to present her startup

A

n active, energetic start up community is key to a vibrant economy because start-ups hire, renovate spaces, create new products and services and provide opportunities for young people. 1Million Cups Mankato is contributing to the regional startup community from a grassroots level. It is organized by a team of volunteers that recruit, coach and assist entrepreneurs in presenting their business to an audience comprised of community members, business people, and area students. That team has helped to form a connective tissue between a variety of local efforts in helping entrepreneurs be successful.

Mankato’s 1Million Cups is unique in that there are student presenters from Minnesota State Mankato regularly. This allows young entrepreneurs a chance to present their ideas in a supportive atmosphere, helps them grow their presentation skills and provides them with an opportunity to network with other startups. The monthly meetings are also hosted at the University’s Center for Innovation and Entrepreneurship.

Marisa Milton

1 Million Cups Mankato is working. Connections made from the 1Million Cups model has opened doors for many presenters.

• Maggie Knier presented her business, 2True Headbands, in December to 1MC and went on to win the Big Ideas Challenge in April. Not only did she receive a cash prize but was also entered into the MN Cup competition.

• Matt Wilner, from Data Noir, presented in May and he credits the connections made from that event with getting him several clients and helping launch another business.

• Coconut Whisk, a vegan baking mix company asked to meet Dan and Angie Bastian, founders of Boomchickapop, at the end of their 1MC presentation and they got that introduction within two weeks.

• John Ruprecht, from Cubic 3D, was offered a 6-month lease in a co-working space at no cost after his presentation. He is still in that space, operating his business and now paying for his own rent.

1 Million Cups will be celebrating two years in Mankato on November 6th at the Center for Innovation & Entrepreneurship. The event will include a presentation by a Minnesota State Mankato alumna, Marisa Milton, presenting her business, TopKnott, a platform she created to help customers find the perfect hair stylist. Past presenters will also share experiences and what has happened as a result of presenting at 1 Million Cups.

EVENT DETAILS: Hear From Marisa Milton of TopKnott Wednesday, November 6, 8:30-9:30am Center for Innovation and Entrepreneurship 424 N Riverfront Drive, Suite 210 Free and open to the public.

Coffee and a light breakfast will be served.

Founded by the Kauffman Foundation, 1 Million Cups is based on the notion that entrepreneurs’ network and discover solutions over a million cups of coffee. At the monthly meetings, early-stage startups present their companies to an audience of mentors, advisers and other entrepreneurs.

Each founder presents for six minutes, followed by a 20-minute question-and-answer session with the audience.

Follow the COB

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LASTING RELIEF THROUGH BETTER BACK CARE.

Remember life without back pain? Restore your strong, healthy back and return to an active life through personalized back care at Mayo Clinic Health System in Mankato. From your first appointment, our back care experts evaluate you as a whole person, not just your injury. That allows us to provide exactly the care you need with your total recovery in mind. Don’t wait another day to rediscover life without back pain.

Call 507-246-1892 for an appointment. mayoclinichealthsystem.org/backpain

MN Valley Business • OCTOBER 2019 • 42