Mnvalley 5 16 by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley May 2016

Dr. Susan Pearson, chief medical officer, Mayo Clinic Health System. Photo by Pat Christman

Care close by

Area healthcare systems beef up local options Also in this issue • Permanent Cosmetics by Staci • Northflow, formerly National Independent Billing • Tom Lentz, Bremer Bank

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F E A T U R E S May 2016 • Volume 8, Issue 8

New Ulm Medical Center, Mankato Clinic and Mayo Clinic Health System have all been aiming toward offering more services and specialties close to home.

Staci Lowe says permanent cosmetic tattooing can just make life simpler or be a big benefit for those who have lost eyebrows or can’t easily apply makeup anymore.

Mike Borchert’s dad was president of Mankato Citizens Telephone and now Borchert has taken over a longtime subsidiary of the phone company, renaming it Northflow.

Tom Lentz always dedicated himself to non-profit work and has found a perfect fit of heading a business with a philanthropic focus as president of Bremer Bank.

MN Valley Business • may 2016 • 3

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may 2016 • VOLUME 8, ISSUE 8 PUBLISHER John Elchert EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Heidi Sampson Tonya Hobbie Nathan Nascimento PHOTOGRAPHERS Pat Christman Darren Gibbins COVER PHOTO Pat Christman PAGE DESIGNER Christina Sankey ADVERTISING Phil Seibel MANAGER ADVERTISING Theresa Haefner sales ADVERTISING ASSISTANT

Barb Wass

Sue Hammar ADVERTISING Christina Sankey DESIGNERS Denise Zernechel CIRCULATION DIRECTOR For editorial inquiries, call Tim Krohn at 507-344-6383. For advertising, call 344-6336, or e-mail mankatomag@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..........28 ■ Construction, real estate trends.....30 ■ Agriculture Outlook..........................32 ■ Agribusiness trends..........................33 ■ Minnesota Business updates............34 ■ Job trends.........................................34 ■ Retail trends.....................................29 ■ Gas trends........................................31 ■ Stocks...............................................31 ■ Greater Mankato Growth..................36 ■ Greater Mankato Growth Member Activities ...........................38

From the editor

By Joe Spear

Community barometers matter in business

reater Mankato business barometers repor ted exclusively in this magazine each month give a snapshot into how much is sold, how many are employed and how much money we all might make. But there is sometimes little notice given to what might be considered softer indicators of economic well-being that may be just as important as the hard and fast numbers. We might look at the infrastructure that supports business. Solid roads and efficient transportation systems have always been key to business success. Think of the Interstate Highway System. In this respect, the Greater Mankato area might have to be rated “needs improvement.” While city and county roads seem to be in relatively good shape, funding shortages remain. More counties are taking advantage of their ability to impose their own local sales taxes for roads. And the state of Minnesota has allowed state highways like 22 running mostly north and south through Mankato and roads like state highway 15 running through New Ulm to deteriorate to intolerable conditions in some places. And for decades, local leaders have pushed for a four-lane Highway 14 that would be a boon to business across the southern part of the state, and yet the waiting continues. It seems there is not a businessperson across the region who believes we shouldn’t spend more state money on roads, yet there are those in the Legislature who still believe it’s not a priority. To the credit of the civic leaders in this region, we’ve pushed to correct this deficit forcefully to the point where slowly but surely we’re improving this economic barometer. While we need better roads, we

4 • may 2016 • MN Valley Business

also need to expand the information super highway in our region through boosting the broadband infrastr ucture network. Again, the urban areas of Greater Mankato are doing just fine, but when we get to the rural areas, we see 50 percent broadband coverage, even less in some places. Again, slowly but surely, the Minnesota Legislature is moving on this, approving $10 million a year a few years ago to a broadband program. This year, the proposals are from $35 million to $100 million. Some area projects have been approved including projects near Blue Earth and New Ulm, but we’re still coming up short. Another softer measure of economic well-being centers around how much the nonprofit sector can achieve in many of its social responsibility goals and providing the infrastructure to support the human capital of the region. Corporate profits and wealth creation cannot exist for long without the working population feeling part of the success of not only the business but of the community. A community that has a wide gap in the distribution of wealth is weaker than one where a lot of boats are rising. Carpet | Tile & Stone | Hardwood | Laminate | Resilient | shawfloors.com Many of the Greater Mankato area nonprofits are strong and getting stronger. Many are expanding their mission, serving more people, connecting people in better and different ways. The Greater Mankato Area United Way exceeded its fundraising goal this year with over $2 million in donations. It has plans to grow that amount next year. Large nonprofits like the Mankato Family YMCA has grown to near 10,000 members. Nonprofits like MRCI WorkSource have expanded their reach in connecting their clients with disabilities with real world

AFTER BALL

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jobs in the region. Still, other nonprofits need more support. Partners for Affordable Housing is still looking to expand its facilities to meet the growing needs of the homeless, especially women and children. CADA has become an organization that has expanded its reach in not only support of those who suffer domestic abuse, but also educating the general public about the issues and bringing that once taboo social ill into the mainstream where it can get the support it needs. Business barometers and community barometers go hand in hand. Many businesses know that by their generous support of nonprofits, but it’s always good to keep an eye on how we’re building human capital. MV Joe Spear is executive editor of Minnesota Valley Business. Contact him at jspear@mankatofreepress.com or 344-6382. Follow him on Twitter @jfspear.

Local Business People/Company News

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Kim Allore joins The Land

Kim Allore has joined The Land sales staff as an advertising representative in the southern Minnesota territory. She has more than six year in Kim Allore advertising experience working for The Free Press, a sister publication of The Land. She also worked as an advertising representative for Home Magazine in Mankato. Allore and her husband, Eric, live in North Mankato. ■■■

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In addition to the MSP Airport, Land to Air Express now ers multiple daily trips from Mankato to Rochester and Southern MN destinations in between. Convenient Mankato shuttles are still available every day to and from the Minneapolis International Airport.

MHF joins Bolton & Menk

Bolton & Menk announced the addition of MHF Engineering of Jefferson, Iowa. As a consulting firm serving clients in west central Iowa since 1963, MHF has a histor y in municipal and agricultural drainage engineering, along with land surveying. The addition of MHF will allow the firm to grow and provide greater services to clients throughout Iowa. ■■■

Hemberger joins Knutson+Casey

P e t e r Hemberger has joined the Knutson+Casey law firm as an a s s o c i a t e a t t o r n e y. Hemberger previously worked as an Peter Hemberger attor ney at Gislason and Hunter in New Ulm before joining Knutson+Casey in March. He will continue to focus his practice on farm and business litigation representing individuals and businesses in Southern Minnesota. Hemberger also has extensive experience in representing individuals in public drainage proceedings and in private drainage disputes. Knutson+Casey now includes attorneys practicing in areas including personal injury, estate planning, farm succession planning, real estate transactions, family law, criminal defense, and commercial litigation.

U.S. Bank hires Courrier-Gieser

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U.S. Bank in Mankato hired Cathi Courrier-Gieser as executive administrative assistant and project manager supporting the Southern Minnesota/ LaCrosse Region. CourrierGieser has more than 15 years of administrative experience.

MN Valley Business • may 2016 • 5

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In her role, she is responsible for providing administrative support for a region of 12 banks and more than 200 employees. She is based in Mankato. ■■■

Schooff named to platinum circle

David Schooff of Coldwell B a n k e r Commercial Fisher Group has been named to the Platinum level of the Coldwell Banker Commercial David Schooff Circle of Distinction. The honor goes to the top ranking producers among all CBCaffiliated sales professionals based on their transaction revenue for 2015.

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Primrose a ‘Community of the Year’

Primrose Retirement Communities has named Primrose of Mankato one of its Retirement Communities of the Year. “The Mankato Primrose has continued to be one of our best performing communities,” said President BJ Schaefbauer in a statement. “More importantly, the staff there exemplify the high level of quality service we are proud to provide.” In addition to the title, Primrose of Mankato received a monetary award which will be shared among the employees. Primrose, at 1360 Adams Street, consists of 34 independent living apartments and 23 assisted living apartments. ■■■

MBW is Company of the Year

New Ulm-based MBW Co. has been selected as the 2016 Employee Owned Company of the Year by The ESOP Association’s Minnesota/Dakotas Chapter. MBW is a 100 percent

6 • may 2016 • MN Valley Business

employee-owned, founded in 1978. It provides support services to people with physical, cognitive, intellectual, and mental health support needs. The company is headed by Ric Nelson. The organization’s employee owners have a history of donating significant time and effort to support their community and state, and have garnered multiple awards over the years.

Since then, he has acquired over 150 accounts and helped get Chankaska’s distribution to nearly 300 accounts statewide in liquor stores, restaurants, hotels, resorts, golf courses and professional sport arenas. ■■■

U.S. Bank honors three

■■■

Chankaska adds sales manager

Nick Paterson will take over the Minnesota distribution sales manager role at Chankaska Creek Ranch & Winery. He oversees the other account executives and overall sales strategies for Minnesota. Chankaska plans to increase distribution locations, restaurant locations and bring new products to consumers. Paterson was hired at Chankaska in 2013 to begin the distribution of wines in Minnesota.

Bryan Sowers

Vicky Meyer

Andrea Hodges

Bryan Sowers, Mankato market president, has won the U.S. Bank Annual Pinnacle Award, the company’s h i g h e s t e m p l o y e e

achievement honor. Sowers is among a select group of top performing employees nationwide awarded for outstanding achievement and superior performance. This is Sowers’ sixth Pinnacle award. Andrea Hodges, deposits and payments relationship manager, has won the U.S. Bank Annual Treasur y Management Top Performer Award. Hodges is among a select group to win the award for outstanding achievement and superior performance. This is Hodges’ second Treasur y Management Top Performer award with U.S. Bank. Vicky Meyer, personal banker at the East Hickory Street office, has won U.S. Bank’s Annual Star of Excellence award. The award is for outstanding achievement and superior performance. Meyer resides in Mankato and is actively involved with Greater Mankato Growth and Greater Mankato Diversity Counsel.

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MN Valley Business • may 2016 • 7

■

Business Commentary

By Nathan Nascimento

Minnesota Health Insurance Deductibles Going Up

hat good is health insurance coverage if you can’t afford to actually use it? Unfortunately, that’s not a rhetorical question. It’s one facing thousands of Minnesotans who are required to purchase health insurance on the Affordable Care Act’s exchanges. As if rising premiums - which increased by an average of 47 percent in Minnesota this year - weren’t already hard enough, skyrocketing deductibles have rendered many plans “all but useless,” according to a recent report in The New York Times. And as a new analysis from my organization shows, it’s only getting worse. While premiums are what it costs to have insurance, deductibles are what it costs to use it. Especially for low- and middle-income families, these out-of-pocket costs are placing affordable health care further out of reach.

8 • may 2016 • MN Valley Business

My organization recently completed a new analysis of deductibles across the country, including Minnesota. Relying on data from the Robert Wood Johnson Foundation and the federal agency overseeing the Affordable Care Act, we calculated weighted average deductibles by enrollment across gold, silver, and bronze plans. Here’s the short version: It’s not good. All three metal categories increased by an average of $317 in Minnesota this year. Silver plans - which with 19,000 enrollees, are the most popular in the state - now have deductibles averaging $2,334, while bronze plan deductibles average $6,115. In other words, the 36,000 Minnesotans with bronze and silver plans will have to pay between $2,334 and $6,115 before their health insurance coverage kicks in. That’s not an option for many families. A December

survey by Bankrate.com found only 37 percent of Americans have the savings to pay for an unexpected expense of even $1,000. Others said they’d add it to credit cards, borrow from family or friends, or slash spending from other areas of their budget. What’s more is insurance premiums are increasing at the same time. A similar analysis by my organization found premiums for individual exchange plans increased by an average of 47 percent in Minnesota this year. So not only is it more expensive to purchase insurance, but it’s also more expensive to use it. And there’s the real rub of health insurance under the Affordable Care Act. Consumers have increasingly fewer options and control over how they spend their health care dollars. Instead, they’re forced to purchase insurance policies from government exchanges whose premiums they cannot afford, and whose deductibles limit their use. It’s important to note that higher premiums are not bad by themselves. Some Minnesotans may actually prefer high-deductible plans as a way to lower their premiums up front, or to assume more responsibility for their costs as they need it. But as we’re seeing, the Affordable Care Act is denying consumers those

choices - and forcing them to pay higher costs all the way around. While some may instinctively blame insurance companies for these rising costs - after all, they’re the ones mailing the bills - they’re losing money, too. UnitedHealth, one of the nation’s largest insurers, announced losses of nearly $1 billion in 2015 and 2016 on the exchanges. The outlook is so bad that they and other insurers are even considering leaving the exchanges altogether next year, which may result in millions of canceled plans. Rather, these higher costs are the result of a one-size-fits-all federal health care law that treats every patient as if they were the same. First it was millions of cancelled plans. Then it was - and still is - higher premiums. Now it’s sky-high deductibles making health insurance too expensive to use. It’s always something else with the Affordable Care Act. Unfortunately for Minnesotans, it’s higher costs, and fewer choices. MV

“So not only is it more expensive to purchase insurance, but it’s also more expensive to use it.”

Nathan Nascimento is director of state initiatives at Freedom Partners Chamber of Commerce.

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Randy Farrow, CEO of Mankato Clinic, by a city bus emblazoned with the clinic’s Thrive community wellness campaign sign.

Vital signs strong Regional health care services robust By Tim Krohn Photos by Pat Christman and Darren Gibbins

ever before has there been a broader and deeper level of health care available in southcentral Minnesota. The number of specialists has grown exponentially. From children who have difficulty eating to complex diabetes cases, specialized physicians and practitioners are available. And for highly complex cases and emergencies, such as strokes, expertise is available in local emergency rooms and clinics via a video link to outside specialists. “We’d like to neutralize geography. So whether you’re in New Ulm or South Minneapolis you can get the care you need closer to home,” said Toby Freier, president of New Ulm Medical Center, a part of Allina. At Mayo Clinic Health System in Mankato, capital improvements, added specialists and technology tied to Mayo Clinic are expanding services. “We’re trying to invest in our facilities in our region. It truly is a regional practice, not just Mankato,” said Dr. Susan Pearson, regional chief medical officer at Mayo. “We also do things so our Rochester colleagues

don’t have to actually come here — through telemedicine.” Mankato Clinic, celebrating its 100th anniversary, has had steady and strong growth in recent years, adding physicians and facilities, including the Wickersham campus and Children’s Health Center and upcoming construction of a new North Mankato clinic. Not only has the clinic been adding practitioners and specialties, it’s been giving extra attention to how the clinic interacts with patients. “We’re continuing to put a big focus on the patient experience and trying to create an exception experience for patients who choose us for their care,” said CEO Randy Farrow.

Cover Story

10 • may 2016 • MN Valley Business

Centur y of care

When eight doctors joined together to create the Mankato Clinic in 1916, it was one of a few of its kind in the nation. “We’ve had fun looking back at the history of the clinic and how it evolved,” Farrow said. “We started as

A child of a Mankato Clinic employee sits in a new diagnostic machine at the clinic’s pediatric feeding clinic, which helps diagnose and treat kids who have problems swallowing. one of the first group practices in the state. We’re kind of a unique model nowadays, being physician owned.” While the clinic, with 725 employees, has been remembering its roots, Farrow said the century mark gives them a chance to focus on the future. “We wanted to use it as an opportunity to look forward on how we can partner with the community and help people achieve optimal health, which is what we’re all about.” The Clinic created a community wellness initiative called Thrive: Eat, Move, Sleep, which promotes healthy eating, exercise and getting enough sleep. “We’ve gotten a lot better at being more proactive and doing better at getting people in for checkups when they need to. But it’s still based on caregiving for them. This initiative is aimed at keeping people more healthy so they don’t need our services so much,” he said. “Seventy percent of chronic disease, like Type 2 diabetes, is preventable if people are willing to make adjustments in diet and exercise — all those things that are hard to do.” He said they’re also focused on giving patients a better experience when they do have to come to the clinic. “We know that the way the staff interacts with patients has a huge impact on experience. Do they smile, introduce themselves, explain things well, listen well? All those thing you maybe don’t do all the time. So we’ve had training just to make sure we’re doing that consistently.” Like the other health care systems in the region, the clinic has been steadily adding more specialties in recent years. “We’ve added 19 new providers in a variety of specialties, physicians and advanced practice. Some of those are replacing people who retired but a lot of them are new positions.”

One area they’ve been able to grow dramatically is dermatology, a specialty in which it is notoriously hard to recruit because of a limited number of derm graduates. “We got fortunate, through connections from physicians here who knew people. We’ve hired four in derm in the past year, which is pretty unprecedented. Now we have seven dermatologists.” The clinic has dermatology at their Madison East office but have run out of room. They are working with River’s Edge in St. Peter to renovate and add dermatology offices there. The clinic also has added a Feeding Clinic for pediatric patients. “It’s for patients who, for a variety of reasons, have problems eating. We used to have to send them to the Twin Cities.” The clinic is open in conjunction with Pediatric Therapy Services. They are also in the midst of design plans for a new clinic to replace the one in upper North Mankato next year. “We want to plan and design it for the way care is being delivered now, because it really has changed, technology and working in teams — things that will influence the design,” Farrow said. “And we want to get some groups together see if we should be adding some services, things people might access if they’re closer by.” Final planning is also underway for a new physical therapy section at the clinic, which will be in the lower level of the Main Street clinic. “With the way health care is going, we’re more accountable for managing all aspects of patients’ care and keeping costs down. A lot of people can benefit from physical therapy and avoid more expensive surgeries or interventions. People with back problems and things like that.” Depending on the success of recruitment, they hope to have it open by the end of the year.

MN Valley Business • may 2016 • 11

Dr. Greg Kutcher, regional vice president at Mayo Clinic Health System in Mankato While many insurance companies already have moved to a pay-for-performance model that rewards health care providers who provide better outcomes for patients at a lower price, Medicare also is moving to that model. “Overall, it’s a positive thing for patients. It’s forced us to step back and realize the way we’ve done things in the past isn’t going to cut it in the future.” Changes include things like team approaches where a variety of caregivers work in a more coordinated way to manage people with chronic conditions. “The quality of outcomes and cost we have compared to other similar groups is very good.”

Bringing Mayo Clinic closer

Mayo Clinic Health System has a sprawling reach in southern Minnesota with hospitals or clinics in nearly 40 communities, anchored by the Mankato system and all tied to the Mayo Clinic in Rochester. “It’s a great place to be working. It’s a fun place and people truly do care about our patients and the community. It is bringing that Mayo Clinic experience closer to home,” said Dr. Susan Pearson, an ear, nose and throat specialist who is also chief medical officer of the region. Dr. Greg Kutcher, regional vice president, has worked in Mankato-North Mankato since 1984 and since 2007 has been in a top leadership role. He is transitioning out of that leadership. “It’s part of a normal Mayo model of transition in leadership. I’m staying and living in the community and working primarily with hospice patients,” Kutcher said. He said helping patients and their families at the end of life is an area of practice he’s grown to love. Since starting his career at Northridge in North

12 • may 2016 • MN Valley Business

Mankato, Kutcher has seen staggering growth of the Mayo brand in the region. “I’ve been a part of the growth and it’s been pretty gratifying.” Pearson said one of the biggest additions locally is orthopedics. “We’ve started our own orthopedics department and are working on getting specialists with different fellowship training that sets them apart — foot and ankle, sports, joints,” she said. They have hired two specialists and made offers to four more. “It’s getting the Mayo Clinic experience here in our town and having that specialized training that hasn’t been here before. We also have our Rochester colleagues helping us set that up,” Pearson said. “There are still plenty of people who need care and plenty who leave our region for care,” Kutcher said of orthopedics. Part of the orthopedic team is a plastic surgeon who is also a hand specialist and a pain specialist to help manage back and other pain that may not require surgery. Mayo also is starting a partnership with Hy-Vee to create an express care clinic at the store’s hilltop location. “It will be walk-in care for minor medical conditions,” Pearson said. “It’s our way of providing high-quality care at low cost.” Kutcher said the clinic staff will have access to all Mayo patients’ electronic medical records. “They can look up medications, X-rays, whatever, for anyone we’ve cared for.” While Mankato is the regional hub, Mayo has been investing throughout the health system, Pearson said. “In Fairmont there’s a $4.5 million ED (emergency department) expansion that’s almost done. They’re building a $1.6 million Gold Cross facility there that is

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Toby Freier, president of New Ulm Medical Center, a part of Allina. their largest ever. We put in $365,000 of new radiology and imaging technology so people can get things done closer to home without coming to Mankato,” she said. In Mankato, they’ve opened a Level 2 nursery, which allows them to treat premature babies here rather than in Rochester. And they are adding an MRI with total construction cost at more than $3 million. “With the MRI we have, we weren’t able to meet the volume and people were waiting too long,” Kutcher said. Pearson said many Mayo specialists from Rochester routinely visit Mankato to see patients, including for pediatric orthopedics, cardiology and neurology. “A lot of those ped sub-specialties are done here and we’re looking at expanding that more.” And telemedicine is used, particularly in emergencies, to get opinions from Rochester specialists. “We can call up a video and talk with our Rochester colleagues who can talk with the patient and can look at EKGs and things,” she said. “We have an iPad type thing for babies who in the past we would have sent to Rochester. Now a neonatal specialist in Rochester can look at our babies and see which ones should be transferred and which ones should stay here.” Another thing that will make care more seamless in the Mayo system is a years-long $1 billion revamping of Mayo’s medical records system. Launched next year it will put everyone on the identical system. “This really brings us together on information. We can do

14 • may 2016 • MN Valley Business

more proactive things, reaching out to patients for preventive care,” Kutcher said. He said it also will mean that when patients go to Rochester to see sub-specialists, any tests done in Mankato or elsewhere in the Mayo system won’t have to be done again because Rochester will easily be able to see all test results.

New Ulm’s ‘Triple Aim’

New Ulm Medical Center grew out of two local hospitals that merged to form Sioux Valley Hospital in 1980 and soon after became affiliated with Allina Health. The integrated hospital and clinic has about 40 providers and a staff of more than 600. “There’s the hospital, clinic, home care, hospice, an eye clinic, inpatient and out-patient mental health care, substance abuse care. From a rural health care standpoint, we have about as comprehensive a system of care as you’d find even in some large cities,” Freier said. “What’s nice is we have all the specialists, records and billing integrated under one roof.” Freier said the medical center focuses on a “Triple Aim” — better health outcomes, better patient experience and better affordability. The medical center has received accolades for its Heart of New Ulm program, a 10-year research-based study aimed at improving health and reducing heart disease in the city. “It’s been recognized as one of the best in the state and the country,” Freier said.

He said they also take part in the Medicare accountable care program which aims for good outcomes at lower costs. “Sometimes people don’t think that can be obtained in a rural healthcare setting, but it can.” He said New Ulm has been ranked in the top 100 for rural hospitals in the nation for many years and in the top 20 in cost for the last three years. The medical center has built a new birth center at a time when access to a birth center or OB unit is more difficult to find in rural areas. “People don’t want to travel an hour to have a baby.” Like other medical centers, they are also increasingly using video sessions to allow specialists from other major Allina facilities to assist in diagnosing and treating patients. “We have eight telehealth programs. We can bring the expertise and experience of Allina to our community.” Freier said they continue to add specialists and are expanding urgent care. A new medical oncologist will start this summer and an endocrinologist will come on board in two years. “We’ve been really successful with recruitment, more than at most rural facilities. We have 10 new physicians joining us in the next 30 months.” He said the community is one of the draws for physicians. “We have strong education and health care and a lot of amenities.” And he said the medical center gives physicians more autonomy to set their schedules so they can balance life and work. “We also have candidates that are drawn to where they sense innovation is happening. We’ve hit the sweet spot. We are in a smaller community and have the quality of life, but also a lot of innovation.” MV

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MN Valley Business • may 2016 • 15 4.95”x4.95”

MN Valley Business May 2016

Staci Lowe, of Permanent Cosmetics by Staci, administers lip tattooing on Rhonda Hennek.

Permanent beauty Tattoo makeup grows in popularity By Heidi Sampson Photos by Pat Christman

taci Lowe, owner of Permanent Cosmetics by Staci, has been a part of the beauty industry for nearly 22 years, operating as a colorist, stylist, cosmetic tattooist and make-up artist. Lowe’s interest in permanent cosmetics grew while attending a cosmetology tradeshow with a friend. Lowe’s friend decided to take the training offered by

permanent cosmetics, while Lowe went back to her cosmetology business. Meanwhile, Lowe’s mom and a few of Lowe’s friends began getting cosmetic tattooing. Lowe, who’d worked in cosmetology for eight years, saw the trend was taking hold but still wasn’t sure she wanted to jump into it. “My Mom encouraged me to become a

Cover Spotlight

16 • may 2016 • MN Valley Business

While eyebrow and eyeliner cosmetic work is the most popular, mucosal liner, lip liner, full lip and even beauty marks are also commonly sought part of permanent cosmetics,” Lowe said. “She would say, ‘sometimes in life we have to take chances.’ However, I was a single mom and I wasn’t sure I wanted to do this yet, but she kept encouraging me.” In 2002, Lowe took the Permanent Choices basic & advanced classes so that she could start offering permanent cosmetics to her clientele. Starting around 2004, a lot more people began coming to Lowe for assistance, as they had had their tattooing done elsewhere and needed corrective assistance to fix botch jobs from other cosmetic tattooists. In 2007, Lowe enrolled in the American Institute of Intradermal Cosmetics in Texas, where she began taking courses, learning everything about the trade, but more specifically, how to help those who needed corrective help. “Going to Texas was a great experience. I learned way more as far as corrective tattooing and how to help those who were coming through my doors seeking assistance. We can’t use body art pigments on the face. It doesn’t work that way. Colors will change over the years. However, I learned more about the pigments that were out there and how to give my customers the best look possible. Our color pigments are designed for makeup, so when they fade, they must fade correctly.”

Do your homework

Permanent Cosmetics by Staci, specializes in a variety of permanent cosmetic enhancements including eyebrows, eyeliner, mucosal liner, lip liner, full lip and

even beauty marks. She also specializes in corrective tattooing. Lowe is licensed with the state, complying with state standards and regulations. She said those interested in cosmetic tattooing should do some research. “I can’t stress how important it is for people to do their homework. Don’t look for a cheaper place. Less is not more, especially in this case and not when working with the face. It’s totally worth checking out the cosmetic tattoo artist to ensure quality.” She said people should ask how long the artist has been tattooing cosmetically, ask to call some of their clients and look at photos of their work. “I go to classes to help better myself and the quality of the work I provide my clients but not every cosmetic tattoo artist does that nor do they have to.” She has customers come from other states, driven by word of mouth. “In Colorado, you will see cosmetic tattooing on virtually every corner. One of my clients had gone to Colorado to visit her sister… she came to Minnesota to have hers done here and with me.”

Eyebrows, eyeliner most common

For those who are allergic to makeup, cosmetic tattooing may be the solution. The most common question Lowe gets is whether those who have cosmetic tattooing can get MRIs? With newer tattoo inks, the answer is yes. In the past, the tattoo inks had metals in them and there was a possibility of getting burns during

MN Valley Business • may 2016 • 17

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Lowe suggest people do their homework to ensure the person doing permanent cosmetic work have the experience and training necessary.

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18 • may 2016 • MN Valley Business

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an MRI. For Lowe, the biggest demand for cosmetic tattooing comes in the form of eyebrows and eyeliner. She said 85 percent of those who seek one or the other end up coming back to do the other. “I believe permanent cosmetics or facial tattooing is important for those who may have lost eyebrows as they’ve aged because eyebrows are so important to facial expression. But also those who can no longer apply makeup due to injuries, permanent disabilities or maybe they are paralyzed, burn or scar victims, or even those who no longer have a steady hand for applying makeup.” ‘This form of tattooing has the potential to add too or even simplify their life.’ Lowe can be contacted at: stacstyles@hotmail.com MV

MN Valley Business • may 2016 • 19

Mike Borchert, left, owner of Northflow Solutions with Scott Grill, general manager.

20 â&#x20AC;˘ may 2016 â&#x20AC;˘ MN Valley Business

Longtime company has new owner, focus National Independent Billing now Northflow By Tim Krohn | Photos by Pat Christman MANKATO — An old Mankato company that most have never heard of is under new ownership that’s eyeing expanding its reach. Northflow Solutions does billing for telecommunications companies around the U.S. and Canada, including Consolidated Communications customers in the region. “Billing has changed a lot in telecommunications. It used to just be local telephone service with some tolls. Now they’re into cable, high-speed Internet, land lines, wireless. We break that down and act as their billing utility for their customers,” said new owner Mike Borchert. A Mankato native who has spent most of his adult life in the Twin Cities, Borchert recently purchased the business that he has some long-ago ties to. The company was started as Computoservice Inc. in 1964 by a group of local phone companies. It later became a subsidiary of Mankato Citizens Telephone Co. (MCTC), which became HickoryTech and then Enventis before being sold two years ago to Consolidated Communications. “My father, Thomas, was president of MCTC and when it became Hickory Tech.” Borchert said. “I used to empty the trash cans down here in the summers when I was in high school. Forty years later here we are.” In 1988 Computoservice changed its name to National Independent Billing. Borchert moved to the Cities after graduating high school in 1979. In 1990 he started a payroll services company called PayDay of Minnesota, which he later sold to Wells Fargo. He said he’d been looking to buy Independent Billing for a few years. “When Enventis sold to Consolidated I reached out to them.” He said Consolidated, with offices around the U.S., decided the business didn’t fit with what they were doing and sold the business and building to him late last year. The building, at 215 East Hickory, is right across the alley from the side of Consolidated’s offices. The new Northflow Solutions name comes from all the rivers in the region that flow into the Minnesota River and then north to the Mississippi. Borchert said they have kept virtually all of the 31 employees, most of whom are programmers. “The average tenure here is 20 years. That’s one of the reasons I bought it — they’re very dedicated, loyal, smart people. We have a state-of-the-art system. We

own our own source code for our platform.” Northflow provides a variety of levels of services to companies. For some it uses its software to calculate the bills, print and mail them to the customers and collect the payments for the telecommunications company. For others it provides and updates the software programs or does things like send electronic billing information to customers. Dealing with sensitive customer information requires a lot of security of data, Borchert said. “There’s layers and layers of security in the system. Especially when we’re taking payments for customers. We work with a variety of companies for protection and we have our own encryptions.” He said the focus for the company is expanding its reach for new customers. He said that over the years Independent Billing went from seeking new customers to do billing for to more of an in-house service for HickoryTech and then Enventis. “They wanted the focus of the talent and resources to just be on them because they were getting heavily into broadband and television,” he said. “So they turned the spigot off on sales and marketing and we’re turning it back on, telling people we’re offering these services and are very, very good at it.” He said one thing won’t change for the company and its employees. “We plan to be as civic minded as HickoryTech was. Being involved in things like the United Way and Kiwanis is important to us.” One of Northflows longtime sales consultants is Scott Wojcik, who is the driving force behind the Kiwanis Holiday Lights display in Sibley Park. MV

Profile

MN Valley Business • may 2016 • 21

The Employment Outreach Collaboration was formed to connect employers and job seekers by developing tools, resources and leadership to promote working in greater Mankato. A wide variety members from business, education and government are members of the group. Each month in MN Valley Business the collaboration is running articles for employers and job seekers.

Get on the FastTrac Training for high demand jobs

astTRAC (Training Resources and Credentialing) is free college preparation and training to increase skills and prepare people for a career in high demand fields. Partners in FastTRAC include Adult Basic Education (ABE), South Central College, and Workforce Center partners. FastTRAC programing is designed to address the workforce shortages of three key industries in the Mankato region: healthcare, manufacturing, and transportation.

to obtain skills and expertise by participating in an ABE bridge course at SCC. Those who successfully complete the bridge courses have the opportunity to enroll into integrated instruction at SCC. The integrated instruction between SCC and ABE provides extra academic support. Learners completing integrated instruction receive a credential and may choose to go directly into employment or to complete a diploma or degree program at SCC. Workforce partners provide the “navigator” role assisting learners with career counseling, connection to resources, support services, and job search assistance. By aligning the resources and expertise of ABE, SCC, and Workforce Center partners the students enrolled in FastTRAC will receive the extra supports necessary to be successful. Contact ABE for specific class information or eligibility requirements for Fast TRAC: •Mankato Adult Basic Education www.mankatocer.com Lincoln Community Center, 110 Fulton Street Mankato. Phone: 507-3455222; Email: abe@isd77.k12. mn.us MV

New Talent Link

FastTRAC career pathways include:

Health Care: Learners attain a Certified Nursing Assistant credential and medical terminology credits which are required courses for pathways in community social services, health unit coordinator, LPN, medical assistant, medical lab technician, pharmacy technician, and registered nurse programs. Manufacturing: Learners attain industry recognized credentials for pathways in machining, mechatronics or welding. Transportation: Results in a Class A commercial truck driver License. FastTRAC participants are adult learners that want

Embracing diversity Tight workforce means expanding reach By Tonya Hobbie

rowing up in a small town in the Midwest, diversity was defined as how you looked or if you spoke a different language, but we certainly didn’t use that word to describe it. As I have grown into adulthood, I’ve become more aware of the changing environment in the world around us and the values, blessings, and challenges of a truly diverse culture.

22 • may 2016 • MN Valley Business

As the diversity chair for the Southern Minnesota Area Human Resource Association (SMAHRA), I have the opportunity to work with several organizations in our community on a common goal of helping to educate others on our changing workforce. On June 8 organizations from our community will partner to host a conference on the “Cultural and Societal Impact on Business and Communities.” The conference hopes to foster awareness of and appreciation for workplace diversity issues by bringing together a variety of resources from around our community. We will discuss the importance of diversity, diversity by the numbers, diversity in our community, and the cultural and societal impact on our business and community. With more than 34 languages spoken in Region 9,

an aging population where 65+ will outnumber the 0-14 age group, a growing veterans’ community, disabled workers looking for employment opportunities, and a growing refuge population, our hiring practices, training, and workforce schedules are being forced to change. We are in a tight market fighting for talent. Demand outweighs supply in several areas and industries. Flexible and mobile work environments are continuing to grow and be sought out by more employees. How does this changing landscape affect your work? What do you feel you need to change to stay effective? My goal, and the goal of SMAHRA, is to bring awareness to the greater area community and businesses so we have the information and resources needed to attract and retain a broad workforce. Together we can make Southern MN the best place to live and work. Partner with us, other business leaders, workplace diversity educators, and members of our community on June 8 to change our landscape and welcome diversity in Region 9. More information on this event can be found at www.smahra.org.

What is SMAHRA?

SMAHRA is a local, non-profit human resources organization, nationally affiliated with the Society for Human Resource Management. We have been active in Southern Minnesota for more than 20 years. SMAHRA is a professional organization that: • Offers tools to members and the HR community to serve as a strategic partner with business. • Assists members to be valued experts on human resources to support the business community. • Educates the community on human resources issues. •Ensures opportunities to network with others of similar interests. •Provides an economical resource to members. MV

Pathways to Healthcare, Manufacturing and Truck Driving Careers FREE college preparation courses to get you on the FastTRAC to a rewarding career in high-demand fields!

Looking to increase your skills and prepare yourself for a career in a high-wage field? FastTRAC Pathways to Careers is a FREE program that prepares students for college success. Enroll now and start working toward a better future. Brush up on your reading, math or computer skills while exploring exciting careers in healthcare, manufacturing and truck driving. Start your program today! Scholarship and additional support services available to help support college success. Call Mankato Area Adult Basic Education at (507) 345-5222 for more information and to see if you qualify. Ask about the FastTRAC Pathways!

www.southcentral.edu/fast

South Central College is a member of the Minnesota State Colleges and Universities System, an Equal Opportunity Employer and Ed

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MN Valley Business • may 2016 • 23

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MN Valley Business • may 2016 • 25

Tom Lentz was promoted to president of Bremer in Mankato in January.

Banking on the community Lentz, Bremer owners focus on giving back By Tim Krohn Photos by Darrin Gibbins

anker Tom Lentz says he was fortunate to have parents and then employers who valued charitable work. “My folks were always big on giving back and I was fortunate to work for employers who focused on giving back,” said Lentz, market president Mankato for Bremer Bank. Bremer has a rare corporate ownership structure that focuses on charity. The bank’s primary owner is the Otto Bremer Trust. While the bank and the trust are two distinct

entities, the bank’s profits aid the trust. When the bank pays dividends, the vast majority goes to the foundation and the foundation grants money in and around Bremer bank locations. “It’s really a neat thing. The bank is obviously a for-profit, tax-paying entity, but when you know your profits are going to nonprofits via the trust, it’s a good feeling.” The relationship encourages employee participation in the community. At Mankato,

Feature

26 • may 2016 • MN Valley Business

for example, on the first Friday of every month employees pack bags for the Backpack Food Program. When Bremer opened in Mankato in 2011, the trust did a detailed study of emerging needs in the area and chose to focus on youth programs and development. Lentz was born in Springfield where his dad was a teacher. He grew up in New Hope and has spent the past 20 years in Mankato. He’s on the finance committee of the Mankato Area Foundation and involved with the YMCA, among other things. The foundation has been reinvigorated in recent years under the leadership of Nancy Zallek and a board of longtime Mankato boosters. “Nancy and her team have really done a nice job of getting the foundation out in front of the community and raising awareness. They’ve really done a good job of reaching out to financial advisers in the community.” The foundation supports a wide variety of things and has donor-advised funds. “If a donor has the intent to do something but they don’t want to manage the money or set up a family foundation, they have the foundation oversee the charitable cause,” Lentz said. Lentz also works with the River Valley Foundation, an offshoot of the Rotary Club that was started to promote scholarships at East, West and Loyola schools. Their STRIVE program aims to motivate and provide scholarships to students with GPAs in the lower third of classes. He’s enjoyed watching the growth at the Mankato YMCA over the years. “The revamp of the Taylor aquatic center, the growth in the facility and membership over the years, the addition of the skate board park and the commitment to rebuild the park after the fire and all the programs the Y sponsors is really amazing,” Lentz said. “What really amazes me is if you talk to the staff there, there is an absolute passion for what they do in the community.” Lentz said he sees a strong group of leaders, particularly younger ones, who will keep the good work in the Mankato area going into the future. “When I look at the boards I’ve been on or come into contact with, I think there’s a lot of good participation across age ranges. And if you look at a lot of the nonprofits, there’s nice diversity among the staff and leadership — age ranges and ethnicity.” MV

Bremer used wealth for good Otto Bremer

tto Bremer came to Minnesota as a German immigrant in 1886. Speaking limited English at the start, he called the day he was hired in his first job in St. Paul “about the happiest moment in my life.” He soon moved on to a new job as bookkeeper for the National German American Bank. Over the next 36 years, he worked his way up to become the chairman of the American National Bank and a community leader involved in civic, financial and corporate life. He partnered with his brother Adolph in the ownership and management of the Jacob Schmidt Brewing Company and became an advisor to presidents Woodrow Wilson and Franklin D. Roosevelt. Bremer’s financial acumen ultimately made him the largest investor in bank stocks in the Midwest. Many of these investments were in independent rural banks, “countryside banks” as he called them. During the Great Depression, Bremer liquidated many of his personal assets to strengthen these banks and help them ride out hard times. His concern for those working to make their lives better, coupled with his commitment to the countryside banks, became the cornerstone of the Otto Bremer Trust. In creating OBT, Bremer sought to ensure the perpetuation of the Bremer banks and the ultimate return of his personal wealth to his “family” of communities. OBT has provided more than $485 million to Bremer communities since its founding.

MN Valley Business • may 2016 • 27

■

Business and Industry Trends

Economy

Energy

The Bureau of Economic Analysis reported that real GDP increased at an annual rate of 1 percent in the fourth quarter of 2015, up from the initial estimate of 0.7 percent. The increase in real GDP in the fourth quarter reflected positive contributions from personal consumption expenditures, residential fixed investment, and federal government spending. Forecast real GDP growth is 2.2 percent for 2016 and 2.8 percent in 2017. Real disposable income grows by 3 percent in both years.

The federal Energy Information Administration expects total renewables used in the electric power sector to increase by 8.7 percent in 2016 and by 6.5 percent in 2017. Forecast hydropower generation in the electric power sector increases by 5.4 percent in 2016 and by 2.8 percent in 2017. Renewables other than hydropower are projected to grow by 11.5 percent in 2016 and by 9.5 percent in 2017.

GDP better than thought

Renewables use up

Industrial output up in ’17

Natural gas beats coal

Total industrial production falls by 0.8 percent in 2016, but rises by 2.8 percent in 2017. Projected growth in nonfarm employment averages 1.6 percent in 2016 and 1 percent in 2017. Forecast private real fixed investment growth averages 3.8 percent and 5.6 percent in 2016 and 2017, respectively. Real consumption expenditures grow faster than real GDP in 2016, at 2.7 percent, and at 3 percent in 2017. Durable goods expenditures drive consumption spending in both years. Export growth is 1.9 percent and 5.3 percent over the same two years, while import growth is 3.1 percent in 2016 and 6.4 percent in 2017.

Natural gas is expected to fuel the largest share of electricity generation in 2016 at 33 percent, compared with 32 percent for coal. This would be the first time that natural gas provides more electricity generation than coal on an annual average basis. In 2017, natural gas and coal are both forecast to fuel 32 percent of electricity generation. For renewables, the forecast share of total electricity generation supplied by hydropower rises from 6 percent in 2016 to 7 percent in 2017, and the forecast share for other renewables increases from 8 percent in 2016 to 9 percent in 2017.

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28 • may 2016 • MN Valley Business

PLANNING

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Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2015 - 2016

571

1200

788

1000 800 600

Ethanol mostly unprofitable

The United States is the world’s largest ethanol producer and almost all of ethanol produced uses corn. America’s rapid increase in ethanol consumption was largely driven by the federal government’s Renewable Fuel Standard, a 2007 law that requires an increasing amount of alternative fuels to be blended into gasoline. At the time oil prices and gasoline usage were at record levels. When oil prices plunged so did the price of ethanol. Low corn prices have helped the profit margins of ethanol producers, but with gasoline consumption down, ethanol plants are generally unprofitable. The EPA forecasts ethanol supplies will exceed demand through next year, which will created a bigger inventory of ethanol. Ethanol production averaged an estimated 966,000 barrels per day in 2015, and is forecast to average slightly more than that level in both 2016 and 2017. Ethanol consumption averaged about 910,000 barrels per day in 2015, and is forecast to average more than 920,000 barrels a day in both 2016 and 2017. This level of consumption results in the ethanol share of the total gasoline pool averaging 10 percent in both 2016 and 2017. There is not expected to be a significant increases in E15 or E85 consumption.

400 200 0

Source: Sales tax figures, City of Mankato

Sales tax collections Mankato (In thousands)

600

- 2015 - 2016

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

$389 $403

500 400 300 200 100 0

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato - 2015 - 2016 70000

$38,712 $35,546

52500 35000 17500 0

Source: City of Mankato

To submit your company or employee news. e-mail to tkrohn@mankatofreepress.com Put “Business memo” in the subject line. Call or e-mail Associate Editor Tim Krohn at tkrohn@mankatofreepress.com or 344-6383 for questions.

Mankato food and beverage tax - 2015 - 2016 175000 140000

$62,106 $58,500

105000 70000 35000 0

Source: City of Mankato

C. Sankey

MN Valley Business • may 2016 • 29

Construction/Real Estate Residential building permits Mankato

Residential building permits North Mankato

18000

4000

13500

3000

- 2015 - 2016 (in thousands)

$1,784

9000

$2,275 $417

2000

$4,366

4500

1000

Source: City of Mankato

Source: City of North Mankato

Information based on Multiple Listing Service and may not reflect all sales

Existing home sales: Mankato region - 2015 - 2016 275

174

220

122

Median home sale price: Mankato region - 2015 - 2016 (in thousands) $135,500 150 $140,000 120 90

165

110

55 0

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

— 2015 — 2016 5.5

- 2015 - 2016 40

5.0

4.5

3.7%

4.0 3.5 J

Source: Freddie Mac

Source: Cities of Mankato/North Mankato

Commercial building permits Mankato

Commercial building permits North Mankato

- 2015 - 2016 (in thousands)

- 2015 - 2016 (in thousands) $10.5 4000 $26.5

$1,301

12000

3.6%

3.0

$3,096

10000

3000

8000

2000

6000 4000

1000

2000 0

Source: City of Mankato

30 • may 2016 • MN Valley Business

Source: City of North Mankato

C. Sankey

Gas Prices Gas prices-Mankato

— 2015 — 2016

COLDWELL BANKER COMMERCIAL NATIONAL AWARD WINNER

4 $2.22

3 2

$1.89

1 0

Gas prices-Minnesota

— 2015 — 2016

5 4 $2.16

3 2

$1.91

1 0

D C. Sankey

Source: GasBuddy.com

March 11

April 15

Percent change

Archer Daniels Ameriprise

$36.26

Best Buy Crown Cork & Seal Consolidated Comm. Fastenal General Growth General Mills Hutchinson Technology Itron Johnson Outdoors 3M Target

$34.11 $48.05 $23.82 $46.75 $28.60 $60.83 $3.70 $42.40 $22.49 $161.41 $82.09 $39.74 $31.00 $1.73 $40.48

$37.30 $96.42 $32.40

+2.9% +6.2% -5.0%

$51.14 $24.11 $45.81 $28.96 $62.45 $3.65 $40.06

+6.4% +1.2% -2.0% +1.3% +2.7% -1.4% -5.5% -4.6% +4.6% +0.6% +3.4%

Stocks of local interest

U.S. Bancorp Wells Financial Winland Xcel

$90.80

$21.46 $168.79 $82.61 $41.10 $35.25 $1.95 $40.83

+13.7% +12.7% +0.9%

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C. Sankey

MN Valley Business • may 2016 • 31

■

Agricultural Outlook

By Kent Thiesse

It was a strange, challenging year in agriculture

015 was a strange year, which featured record corn and soybean yields, dropping crop and livestock prices, and greatly reduced average net farm incomes in southern Minnesota. The Farm Business Management Summary for southern and west central Minnesota was recently released by the Farm Business Management instructors. This summary includes an analysis of the farm business records from farm businesses of all types and sizes in Southern and Western Minnesota. This annual farm business summary is probably one of the best gauges of the profitability and financial health.

Background data

A total of 1,287 farms from throughout southern and west central Minnesota were included. The average farm size was 683 acres. The top 20 percent net income farms averaged 1,084 acres, while the bottom 20 percent net income farms were also above the average at 930 acres. Nearly half of the farm operations were cash crop farms, 18 percent were single entity livestock operations, with the balance being various combinations of crop and livestock enterprises. Twenty seven percent of farms were under $250,000 in gross farm sales in 2015; 24 percent were between $250,000 and $500,000; 26 percent were between $500,000 and $1 million in gross sales; and 24 percent were above $1 million in gross sales. In 2015, the average farm business received $31,587 in government farm program payments, representing approximately 85 percent of the average net farm income, which compares to 4.9 percent in 2014. The larger farm program payments have resulted from lower crop prices in recent years. The average family living expense in 2015 was

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$62,829, which compared to $66,073 in 2014. The average non-farm Income in 2015 was $36,528, compared to $34,228 in 2014. In 2015, the average farm business spent $960,262 for farm business operating expenses, capital purchases, and family living expenses. Most of these dollars were spent in local communities across the region, helping support the area’s overall economy.

Net income off 61 percent

The average net farm income of $37,070, was a decline of 61 percent from the 2014 and was at the lowest level in more than a decade. Gross farm income declined by 9 percent from 2014 to 2015, and total farm cash expenses dropped by 7 percent. The 2015 gross income is comparable to 2011, but 2015 cash expenses are almost 10 percent higher. The net farm income is the return to labor and management, after crop and livestock inventory adjustments, capital adjustments, depreciation, etc. have been accounted for. This is the amount that remains for family living, non-farm capital purchases, income tax payments, and for principal payments on farm real estate and term loans. As usual, there was large variation in net farm income with top 20 percent profitability farms averaging a net farm income of $233,138, and the low 20 percent profitability farms averaging a negative net farm income of ($128,435). The average farm business in 2015 showed a decline in the profit margin and the current ratio, along with an increase in the debt-to-asset ratio, which are all signs of a much tighter farm economy. The farm term debt coverage ratio in 2015 dropped below 100 percent, which means that the average farm operation did not generate enough net farm income to cover the

5-year Farm Busisness Management Comparison

Farm Income Data

Gross Farm Sales Total Farm Cash Expense Ave. Net Farm Income Top 20% Net Farm Inc. Low 20% Net Farm Inc.

2011

2012

2013

2014

2015

$842,152 $665,646 $199,794 $567,905 $1,472

$900.988 $700,646 $272,544 $754,564 $14,456

$941,264 $741,773 $73,678 $312,360 ($98,582)

$925,932 $776,714 $96,337 $435,495 ($108,265)

$840,341 $724,501 $37,070 $233,138 ($128,435)

10.1% 179% 43% 133%

2.5% 164% 45% 77%

Financial Ratios

www.bolton-menk.com

Operating Profit Margin 24.7% Current Ratio 226% Farm Debt/Asset Ratio 43% Term Debt Coverage Ratio 294%

32 • may 2016 • MN Valley Business

28.5% 250% 42% 363%

7.4% 198% 40% 102%

principal and interest payments on existing real estate and term loans.

Agriculture/ Agribusiness

Caution flags ahead

Overall, net returns from both crop and livestock operations were negative for many producers in 2015, with average profitability levels that were much lower than in recent years; however, there was considerable variability in profit levels. Fortunately, the record 2015 crop yields, along with some large farm program payments, helped offset the low crop price levels in 2015. The overall average financial health of the FBM farm businesses remained fairly strong in 2015; however, there are some caution flags on the horizon, with the declining working capital, increased debt-toasset ratios, and the extremely tight term debt coverage ratios. Complete farm management results are available through the U of M Center for Farm Management FINBIN Program at: http://www.finbin.umn.edu/ MV

170 $4.53

164 $3.98

44 $11.47

50 $13.74

206 $3.54

$899.94 $864.21 $793.30 $5.30 $5.28 $3.85 ($14.16) ($51.26) ($55.26)

47 $12.62

47 $10.21

$3.53

6 4 2

$3.16

Source: USDA

Soybean prices — southern Minnesota

(dollars per bushel)

Crop Data --- Soybeans (Cash Rent Land) Yield/Acre Price/Bushel Direct & Ovhd. Costs/A. Cost/Bushel Net Return/Acre

(dollars per bushel)

— 2015 — 2016

Crop Data --- Corn (Cash Rent Land) Yield/Acre 171 177 Price/Bushel $5.68 $6.49 Direct & Ovhd. $736.36 $836.74 Costs/A. Cost/Bushel $4.31 $4.72 Net Return/Acre +$247.15 +$343.33

Corn prices — southern Minnesota

60 $8.63

$446.26 $506.22 $534.35 $532.59 $518.64 $10.16 $10.06 $11.36 $11.33 $8.63 +$87.37 +$205.20 +$78.07 +$4.29 +$6.99

$9.15

12 8

$8.45

4 0

Dairy Per Cow +$524.16 +$879.09 +$92.31 +$1,249.20 +$289.48 Beef Cow Per Cow +$127.61 +$88.27 ($48.71) +$340.23 +$117.23 Beef Finishing Per Cwt. +$16.25 +$4.40 +$10.30 +$57.76 ($46.01) Hog Finishing Per Cwt. +$7.57 +$1.46 +$0.84 +$15.03 ($0.43)

185 pound carcass, negotiated price, weighted average

— 2015 — 2016

100 90

$63.34

70 60 50

$59.20 A M J

Source: USDA

Milk prices

Minimum prices, class 1 milk Dollars per hundredweight

— 2015 — 2016 25

NOTES: Data based on the averages of over 1,200 farms in the Southern MN FBM program. Net Returns for crops and livestock are before labor & management charges. Crop net returns include crop insurance and farm program payments.

***Table was developed by Kent Thiesse, Farm Management Analyst***

$17.36

19 16

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

Iowa-Minnesota hog prices

Livestock Data --- Net Return

Source: USDA

$15.58 J

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 2016 • 33

Minnesota Business Updates

■

■ SMMPA earns EPA award The Environmental Protection Agency has recognized SMMPA (Southern Minnesota Municipal Power Association) and its 18 member municipal utilities with a 2016 Energy Star Partner of the Year – Energy Efficiency Program Delivery Award for their efforts to increase the adoption of energy-efficient products. SMMPA and its members are being honored for their active and successful promotion of Energy Star products to residential customers. SMMPA and its members also received Energy Star awards in 2003, 2004, and 2010 for their leadership in energy efficiency.

■ Supervalu going to cage-free eggs Grocery retailer and wholesaler Supervalu says it plans to switch to cage-free eggs in all its stores by 2025 or sooner. The Minnesota-based company said its decision reflects its commitment to improving animal welfare practices, but the transition will take time because of the limited supply of cage-free eggs. Supervalu includes more than 1,300 Save-A-Lot discount grocery stores nationwide. It also owns 200

traditional supermarkets, including Cub Foods, Farm Fresh, Hornbachers, Shoppers and Shop N’ Save. Other Minnesota-based companies with cage-free commitments include Target, General Mills and Schwan’s. Several other major food retailers nationwide are also making the switch.

■ Medtronics: Rule changes don’t affect us Medtronic Inc. said the Treasury Department’s new proposed tax regulations on inversion deals won’t have a material financial impact on the medical supply company, which moved its corporate address abroad in a deal last year. In January 2015, Medtronic closed a $43 billion acquisition of Ireland’s Covidien PLC, combining two of the world’s largest medical-supply companies. Medtronic, formerly based in Minneapolis, redomiciled in Ireland upon completion of the merger, part of a wave of controversial deals aimed at taking advantage of lower corporate-tax rates overseas. Medtronic said the acquisition “was undertaken for strategic reasons and has created a company that is positively impacting the lives of more patients, in more

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major March Industry ‘15 ‘16 Construction Manufacturing Retail Services Total*

258 158 32 190 638

Local non-farm jobs Percent change ‘14-’15

181 147 37 151 516

-29.8% -5.8% +15.6% -20.5% +19.1%

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.

Minnesota initial unemployment claims Major Industry Construction Manufacturing Retail Services Total*

March

128,015 128,595

133000 122000 111000 100000

Minnesota Local non-farm jobs

‘15

‘16

Percent change ‘14-’15

3,924 2,734 1,103 4,725 12,846

4,044 2,245 1,224 4,463 11,976

+3.1% -17.9% +11% -5.5% -4.1%

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.

34 • may 2016 • MN Valley Business

- 2015 - 2016

Nine-county Mankato region

(in thousands)

- 2015 - 2016

2,879 2,916

3000 2000 1000 0

ways and in more places around the world.” The Treasury Department imposed new tough new curbs on corporate inversions, making it harder for companies to move their tax addresses out of the U.S. and then shift profits to low-tax countries using a maneuver known as earnings stripping.

■ Louganis finally gets Wheaties box It’s been more than 30 years since Olympic diver, Greg Louganis, won his first gold medal. Now, he’s finally got a spot on the Wheaties box. According to the documentar y “Back on Board: Greg Louganis,” released last year, the diving champion didn’t make it on the Minnesota-based General Mills cereal box in the 80s because he didn’t fit the company’s standards for a “wholesome image.” That’s because the athlete is gay. “Homosexuality wasn’t going to fly on a wholesome Wheaties box,” Louganis wrote to the Huffington Post. Then in the 90s, he came out as HIV-positive. In the four-time Olympic gold medalist’s letter to the Post, Louganis said he didn’t have hard feelings for the company for not putting him on their cereal box. But it bothered some of his fans. The athlete says a woman from Chicago started a petition to get him on the front of a Wheaties box. It

received more than 40,000 signatures in just one month.

■ ADM expanding Brazil port Archer Daniels Midland said it has begun work on expanding its bulk grains terminal and silo space at Brazil’s port of Santos. Greg Morris, ADM’s head of processing, said the work will raise the company’s capacity to move grains through the terminal to 8 million tons from a current 6 million tons annually. The expansion and modernization is also expected to help reduce the trader’s emission of particulates of grain dust into the air around its terminal, which had prompted complaints from local businesses and residents. The expansion project is expected to be finished in 2017. ADM opened its terminal concession at Santos in 1997 and in 2015 extended its concession to operate the terminal at the port until 2037.

Employment/Unemployment Local number of unemployed

- 2015 - 2016

Nine-county Mankato region

(includes all of Blue Earth and Nicollet Counties)

6,291 6,368

8000

Mankato/North Mankato Metropolitan statistical area

6000

March

4000

Unemployment rate Number of non-farm jobs Number of unemployed

2000 0

2015

2016

3.3% 57,526 1,975

3.5% 58,661 2,147

Unemployment rates Counties, state, nation Minnesota number of unemployed 200000

- 2015 - 2016

135,243 139,593

150000 100000 50000 0

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

March 2015 3.5% 5.8% 5.4% 6.6% 4.8% 3.0% 5.5% 5.1% 5.9% 4.0% 4.4% 6.8%

March 2016 3.7% 5.5% 5.2% 6.6% 4.8% 3.3% 5.6% 5.6% 6.2% 4.0% 4.6% 5.1%

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

MN Valley Business • may 2016 • 35

HIGH-TECHSlow Moving Vehicles

GROWING our Economy

By: Sam Ziegler, Director of Project ABE

his time of year, on any Minnesota road or highway, you will likely drive up behind a large-taking-up-almosttwo-lanes, slow moving farm equipment. You think “How am I supposed to pass this thing and why does this gigantic, machine need to be on my road backing up traffic? I have places to go and people to see.” For some it no doubt can be frustrating. For others, it brings them down memory lane.They imagine sitting in the tractor with a parent or grandparent bouncing across a field, spending long hours learning about what it takes to be a farmer.

Greater Mankato Growth

Tractors are not much different than your vehicle. They have wheels (or tracks), a steering wheel, lights, motor, hitch, air conditioning and brakes. One of the clearest differences is the elevated view from inside that tractor cab along with the technology being utilized, which has the power to analyze data from every action it performs. Most of today’s tractors are connected to a minimum of three satellites at all times. They are communicating with WI-FI and have sensors that provide feedback on all their surroundings.

around creating a better environment for those little green “factories”. Some of today’s tractor components include: • Tires designed to reduce compaction and add traction • Global Positioning Systems (GPS) reduces overuse of seed or fertilizer, while using less fuel and pin-pointing planting accuracy within six inches or less • Drastic lighting improvements for safer operation • Computers and WI-FI control the planter with real-time data, allowing prescription planting and on-the-fly adjustments which maximize field conditions. • Wiring harnesses play a critical role in connecting sensors to the computers. With all those tools, farmers can accurately plant 140,000 seeds per acre with little to no overlap or wasted space; at an average speed of four (or more) miles per hour. Next time you’re behind a piece of farm equipment, use that time to reflect on your role and how these spring activities produce the little green “factories” which greatly impact our growing economy.

Who makes these components and where are they made? You might be surprised to know some of your friends, neighbors, or local businesses have a hand in building them. Mechanical and electrical engineers, iron foundries and plastic molding companies have spent countless hours building these parts. It’s not always obvious that businesses right here in Greater Mankato are so deeply and diversely rooted in agriculture. We should be proud of what our neighbors have built. Thanks to those of you who have had a role in helping produce some of the most efficent farms in the world. This time of year seeds are placed in the ground with a planter. The planter’s purpose is no different than it was 75 years ago when it was pulled with horses. It places little seeds at optimal depth and spacing; all to harvest sun, water and nutrients thus creating millions of little green “factories” across the landscape. Today, these tractors and planters are built solely

36 • may 2016 • MN Valley Business

View inside a tractor cab - the components that aid in planting little green “factories”.

NEW Sculptures coming to the City Center

MAY 14 On Saturday, May 14, an exhibit of 27 sculptures will be installed in the City Centers of Mankato and North Mankato, remaining in place until April, 2017. That afternoon, from 3 -5 pm, many of the artists will be standing by their sculptures for a special “Meet and Greet on the Street” event, which also will feature live music and a shuttle service. Since 2011, the CityArt Walking Sculpture Tour has brought more than $1.5 million in rotating public art to the City Center. Each year, residents and visitors vote on their

series

This monthly forum series brings together compelling speakers and business leaders to discuss timely and relevant political and policy issues over breakfast or lunch. Events are open to the public. The State of our Workforce Luncheon Forum Tuesday, May 17, 11:30 am – 1:00 pm South Central College Heritage Hall, 1920 Lee Blvd, North Mankato, MN

May’s Public Affairs Forum Luncheon features Dr. Steve Hine, one of Minnesota’s premier experts on the state of our workforce. As the Director of Labor Market Information Ofce at the Minnesota Department of Employment and Economic Development, Dr. Hine will provide his perspective on the current demographic trends shaping our state and the impact they will have on the labor force. Dr. Hine will also offer data about Blue Earth and Nicollet Counties, making this a must-attend event for employers trying to stay on top of a rapidly changing talent environment.

MARK YOUR CALENDARS! (more information to come)

• • •

June: Legislative Session Recap July: Keeping ‘Current’ on Minnesota’s Changing Power Landscape August: Top of the Class: Improving Education in Minnesota

MN Valley Business • may 2016 • 37

Greater Mankato Growth

F rum greater mankato

favorite; the winner of the “People’s Choice” award is purchased for permanent installation in the City Center. The CityArt program has added a total of 16 permanent works to our community’s collection, through the People’s Choice as well as through works purchased by fundraising campaigns or local businesses for the community. For more information on CityArt go to: cityartmankato.com. CityArt is a program of the City Center Partnership and Twin Rivers Council for the Arts to bring public art to our community.

Growth in Greater Mankato NEW BUSINESS

NEW BUSINESS

NEW PROGRAM

True Real Estate 112 South Riverfront Drive, Suite 122, Mankato truerealestatemankato.com

Envision Lab 227 East Main Street, Suite 200 Mankato envisionlab.co

South Central College Truck Driver Training Program 1920 Lee Boulevard North Mankato southcentral.edu

Cavalier Calls on the Newest Greater Mankato Growth Members

Greater Mankato Growth

AT&T 1854 Madison Avenue Mankato att.com

Graybar Electric 1600 North Riverfront Drive Mankato graybar.com

KingPins 1671 South 3rd Street Saint Peter kingpinsmn.com

Cavaliers Pappageorge Restaurant & Bar 1028 North Riverfront Drive Mankato pappageorge.net

38 â&#x20AC;˘ may 2016 â&#x20AC;˘ MN Valley Business

Thrivent Financial 150 Saint Andrews Court, Suite 520 Mankato thrivent.com

Presented By:

Greater Mankato Growth is proud to announce the 13th Annual Songs on the Lawn - featuring music, entertainment and local food Each Thursday in June, 11:00 am - 1:00 pm Civic Center Plaza, Mankato

Admission is FREE

Lunch/snacks will be sold by a variety of local vendors Parking available throughout the City Center #KatoSongs

June 2 - Holy Rocka Rollaz (Rockabilly, Early American) June 9 - Pour Me Band (Rock, Country, Alternative) June 16 - Barefoot Wino’s (Blues) June 23 - Captain Gravitone & String Theory Orchestra (Jazz, Blues, Rock,World) June 30 - Dollys (70s, 80s, 90s Country, Folk Americana)

2016 Sponsors:

Special thanks to: Verizon Wireless Center, City of Mankato, City of North Mankato and Mankato Family YMCA

greatermankato.com/songs-lawn

5:00 - 7:00 pm May 3 June 7 July 5 August 2 September 6 October 4 November 1 December 6

CCF Bank Chankaska Creek Ranch & Winery August Schell Brewing at Pub 500 MinnStar Bank Verizon Wireless Event Center Toppers Plus BankVista Eide Bailly

March Business After Hours hosted by Wow!Zone

May 18 June 15 July 20 August 17 September 21 October 19 November 9 December 21

Mankato Clinic Realtor Association of Southern MN City of Madison Lake Ridley, An Alltech Company Walmart Distribution Center Emergent Networks Mayo Clinic Health System School Sisters of Notre Dame Central Pacic Province

2016 Business Before Hours Sponsored by: March Business Before Hours hosted by Friesen’s Family Bakery & Bistro

Business After and Business Before Hours gives representatives from GMG member businesses at the Engaged Level or higher an opportunity to get together with one another to exchange ideas and learn about each other’s businesses. For more information on these and other member events, visit greatermankato.com/events.

MN Valley Business • may 2016 • 39

Greater Mankato Growth

2016 Business After Hours Sponsored by:

7:30 - 9:00 am

MAY: National “This” Week and National “That” Month By: Katie Adelman, Marketing & Communications Coordinator

ay is an exciting time for many more reasons than the weather getting warmer. There’s National Travel and Tourism Week, National Bike Week, National Bike Month, Preservation Month and Minnesota Museums Month! Here’s an exclusive look at each and how we’re celebrating locally.

Greater Mankato Growth

National Travel and Tourism Week (May 1 - 7):

Established in 1983, National Travel and Tourism Week showcases the power of the tourism industry. Throughout the week, industry professionals highlight the impact of travel and tourism in their markets and in the U.S. as a whole. Some promote through rallies and media outreach; others conduct attraction tours. As a special part of the 33rd annual National Travel and Tourism Week, Visit Mankato will recognize four outstanding ambassadors of Mankato for making our visitors feel welcome and who advocate and support travel and tourism in Greater Mankato. Follow us on social media for the award recipient announcements during National Travel and Tourism Week. #NTTW16

Two-for-One: go for a bike ride wearing period clothing during both National Bike Month and Preservation Month

National Bike Week (May 7 - 14) and National Bike Month:

Whether you bike to save time or ride to explore your community, National Bike Week and National Bike Month are opportunities to celebrate the many reasons we ride. Biking is not only an alternative mode of transportation, but it provides physical and mental benefits too. Local activities to celebrate National Bike Week and National Bike Month will be posted on the Greater Mankato Bike and Walk Advocates’ website katobikewalk.com. Included in those activities will be another installation of sponsored Rack & Roll bike racks throughout the community. The Rack & Roll initiative encourages businesses to improve their bike friendliness by adding attractive and artistic bike racks at their business and throughout the community. #BikeWeek or #BikeMonth 2015 Travel & Tourism Week Retail: Heather Fisher, Salvage Sisters

40 • may 2016 • MN Valley Business

Preservation Month:

Historic places get put in the spotlight during Preservation Month in May. This celebration was established in 1973, and today, local preservation groups, business and civic organizations and historical societies carry on the tradition. Preservation Month promotes “historic places for the purpose of instilling national and community pride, promoting heritage tourism and showing the social and economic benefits of historic preservation,” according to the National Park Service website. Just in time for Preservation Month, the Blue Earth County the Hubbard House opens for the season. Starting May 7 from 1 - 4 pm, visitors can take a step back in time and experience the Hubbard House as it was in 1905. Guided tours begin at the Carriage House and showcase what life was like for the Hubbard family. #ThisPlaceMatters

Minnesota Museums Month:

Hubbard House Photo by: Julie Thorleifson Muesing

History, art, science or whatever your interest, chances are there’s a museum in Minnesota for anyone. According to Explore Minnesota’s website, there are “more than 500 historical sites, art museums, zoos, gardens and science centers” throughout Minnesota to enjoy during the 31 days in May. That’s an average of 16 sites a day, and half of them could be seen in the Greater Mankato area. One of the local museums—the Children’s Museum of Southern Minnesota—will celebrate its first year in its current location with a birthday party (with free birthday

cake and a big birthday surprise) May 1. The Blue Earth County Historical Society will host a traveling exhibit entitled “When Home Won’t Let You Stay: Stories of Refugees” opening May 5. On May 12, there will be an Old Town Walking Tour from 4 - 7 pm. The tours are a partnership between the Historical Society and the City of Mankato Heritage Preservation Commission. #OnlyinMN

Visit Mankato, the local convention and visitor’s bureau, is an affiliate of Greater Mankato Growth, Inc. which also includes the regional chamber of commerce and economic development organization, Greater Mankato Growth and downtown development organization, City Center Partnership.

MN Valley Business • may 2016 • 41

Greater Mankato Growth

Children’s Museum of Southern Minnesota will celebrate it’s first birthday May 1

3rd Annual

SOUTHERN MINNESOTA BUSINESS SUMMIT

Evolving With Your Business

Tuesday June 7, 2016 | 8:00 a.m. â&#x20AC;&#x201C; 4:00 p.m. with social to follow Courtyard by Marriott | Mankato, MN TopiCs To iNCludE: 2016 Human Resources Topics Freud Prevention Dispute Resolution and Family Matters 1031 Exchange Update Buying a Business/The Life Cycle of a Business Real Estate Issues Cybersecurity, Risk and Liability REgisTRaTioN: $50 To register go to www.eidebailly.com/events click on June 7