Minnesota Valley Business by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley November 2021

Encore Consignment & Bridal Boutique owner Kim Stanton. Photo by Pat Christman

Holiday challenges Retailers face worker, inventory shortages Also in this issue • HAMM IT UP, VINTAGE BEER SIGN RESTORATION • CHRISTINA SORENSEN OF MANKATO FAMILY DENTAL • WINNERS FROM MANKATO MAGAZINE’S BEST OF 2021

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F E A T U R E S November 2021 • Volume 14, Issue 2

While consumer demand stays strong, retailers are challenged during the holiday shopping season by a shortage of workers and inventory.

Steve Miner took an interest in collecting beer cans and turned it into a business called Hamm it Up where he remodels vintage beer signs.

Some of the Best of 2021 winners from Mankato Magazine are featured, including Blethen Berens, Jerry’s ABRA Auto and Advanced Chiropractic.

Christina Sorensen comes from a long line of dentists and recently continued the family tradition by joining Mankato Family Dental.

MN Valley Business • NOVEMBER 2021 • 3

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NOVEMBER 2021 • VOLUME 14, ISSUE 2

By Joe Spear

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

■ Local Business memos/ Company news....................................5 ■ MRCI....................................................8 ■ Business Commentary........................9 ■ Business and Industry trends .........22 ■ Retail trends ....................................23 ■ Agriculture Outlook .........................24 ■ Agribusiness trends..........................25 ■ Construction, real estate trends ....26 ■ Gas trends .......................................27 ■ Stocks ..............................................27 ■ Minnesota Business updates...........28 ■ Job trends ........................................28 ■ Schmidt Foundation ........................30 ■ Greater Mankato Growth .................34 ■ Greater Mankato Growth Member Activities ...........................35

From the editor

Good metrics for local economy

Growth doesn’t just happen with scenery

he Mankato development scene continues to be on the rise with the announcement of a new entertainment complex and the pending opening of one of the larger farm/fleet stores in the country. Even better news is that developers are remodeling and renovating empty big box stores like the old Gander Mountain/ Gordmans and the old Shopko building. Bomgaars, a farm and ranch store that focuses on “what you need, when you need it” is reportedly aiming to be open by Black Friday. The Mankato store will be the largest of the company’s 101 stores at 117,000 square feet. Mankato developer Mike Drummer will be working with several partners and other businesses to re-develop the Shopko building into an “eatertainment complex” with a smaller sized hockey rink, golf simulation, axe throwing, pickleball and other recreational amenities. Anchoring that development will be Crooked Pint Ale House, an eating and drinking establishment with its headquarters in Chaska and 13 locations in Minnesota, Wisconsin, North Dakota, South Dakota and Arizona. The restaurants feature 30 craft beers and a wide-ranging menu. And the new entertainment complex may be a good fit for the long hoped-for east side YMCA, albeit a smaller but significant version. The YMCA had been planning a larger stand-alone project, but those plans were hampered by the pandemic and hefty decline in Y membership. But after suffering

4 • NOVEMBER 2021 • MN Valley Business

a near 50 percent decline in members, numbers are growing again. So what’s driving this optimism of developers? Most are seeing Mankato as a growing market, in both income and raw numbers. While our median household income comes in at around $63,000. Average weekly wages have grown nearly 13 percent from 2017 to 2020 while total wages have grown about 8 percent. We have an educated population that is also civically engaged. Some 95 percent have a high school or better education, and 40 percent have a bachelor’s degree or more. Another 90 percent voted in the last presidential election, and 85 percent have broadband internet service, according to the latest Census figures. Mankato has long been known to be a big retail trade center, and so it’s not hard to see Bomgaars and others looking for a piece of the pie. Retail sales per capita for Mankato are $17,000, compared to a statewide median of $10,000, Raw population growth is also moving in the right direction. The Mankato metropolitan statistical area, including all of Blue Earth and Nicollet counties, grew 7% from 2010 to 2020. But some cities actually grew more than that. Mankato grew 13% during that period and Eagle Lake grew a whopping 35%. Those Mankato rates of growth are better than Duluth (0.5%) and St. Cloud (5%), but lower than Rochester (14%) and Moorhead (17%). And then there’s housing. Downtown Mankato would see a 170 apartment unit increase if all

plans on the books come through. About 48 of those would be so-called “affordable housing.” And there are more plans close to approval. But amenities aren’t the only thing a region needs for growth. Duluth’s population growth has been anemic even though the region is rich with the scenery of Lake Superior, the North Shore and all that comes with that. A report by Minnesota Public Radio News on the slow growth in Duluth’s population highlights the shortage of good-paying jobs and an ample supply of housing. Duluth, the report notes, is somewhat landlocked by Lake Superior on the east and rural townships and cities on the west that leave little room for suburban-like development. Compare that to the development that has happened between Mankato and Eagle Lake over the last 20 years, where farmland has yielded to subdivisions. One analyst made that comparison saying Mankato and St. Cloud can buy farmland and plat a new housing subdivision pretty cheaply. Duluth’s rocky rugged topography makes that more difficult. And in the final analysis housing appears to be key. Housing experts say housing is a supply problem, meaning if you don’t have an ample supply of housing for people considering moving to the area, they won’t come. The dozens of apartment buildings constructed in Mankato the last few years look like an oversupply, but they seem to fill up quickly. Local developers may be getting that right given the growth in Mankato’s population.

Local Business People/Company News ■

Volk acquires Stencel Trucking

Volk Transfer has acquired Bob Stencel Trucking of Minnesota Lake. The purchase adds a new refrigeration (reefer) division to the company. Stencel Trucking has been in operation for 70 years and Volk is entering its 74th year. Bob Stencel bought the company from his father in 1976. Volk Transfer is also a family owned company, opening in 1948. ■■■

Krause named panelist

Pioneer Bank CEO David Krause was named a presenting panelist for Community Banking in the 21st Century Research and Policy Conference cosponsored by the Federal Reserve System, the Conference of State Bank Supervisors and the Federal Deposit Insurance Corp. The annual conference gives researchers, regulators, policymakers and community bankers an opportunity to debate and discuss the latest community banking research and share views on the opportunities and challenges facing the industry. Krause was selected for the Community Bank session on Paycheck Protection Program lending. Pioneer Bank originated over 1,700 loans with proceeds totaling over $108 million, impacting more than 11,000 jobs during the program.

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Jarraff joins Prinoth Group

Jarraff Industries is now part of the Prinoth Group. Jarraff, of St. Peter, produces specialized off-road equipment Prinoth is one of the world’s leading manufacturers of snow groomers, tracked vehicles and vegetation management vehicles and equipment. Jarraff Industries products are used for clearing and maintaining utility rights-of-way. Heidi Boyum, is president of the 42-year-old Jarraff Industries ■■■

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Kato Insurance joins North Risk Partners

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

father, has joined North Risk alongside eleven Kato team members. This expands North Risk’s team to over 420 insurance professionals across 31 locations in Minnesota, North Dakota, South Dakota, Iowa and Nebraska. North Risk Partners – Kato Insurance clients now have access to North Risk’s array of capabilities and insurance companies in the areas of commercial insurance, employee benefits and personal insurance. Additionally, those clients who are employers will now have access to the firm’s value-added services in the areas of human resources, health and safety, and more. Jon Michaletz and Matt Michaletz, sons of Scott who have worked at Kato for several years, have joined North Risk’s partner group.

ABRA has 30 years as Gold Class

Kato Insurance in Mankato joined North Risk Partners, one of the largest independent insurance broker and risk advisory firms in the Midwest. Scott Michaletz, owner of Kato Insurance since 1990 after purchasing the agency from his

ABRA Auto Body Repair of America has recognized ABRA Mankato for attaining 30 consecutive years in I-CAR’s Gold Class program. Achieving and maintaining I-CAR’s Gold Class designation means a business has met the industry’s standard for training

MN Valley Business • NOVEMBER 2021 • 5

that contributes to complete, safe and quality repairs. More than 8,600 shops throughout the country are currently recognized as Gold Class, with ABRA Mankato’s being the 10th in the country to hold that ranking for 30 consecutive years. “The unibody design had been gaining in popularity and there was lots of discussion in the industry on how to repair,” says Geralynn Kottschade, co-owner, ABRA Mankato. “When we earned our I-CAR certification, it not only helped get our team up to speed, but it also helped get us on the right path within the industry.” Owned by husband-and-wife duo, Geralynn and Jerr y Kottschade, ABRA Mankato was one of the earliest adopters of I-CAR training.

Bank of Zumbrota and Pine Island Bank, pending approval of the Federal Reserve Bank and the Minnesota Department of Commerce. The transaction is expected to close before the end of 2021. Frandsen said both banks’ commercial and agricultural customers will benefit from larger lending capabilities, strong treasur y management products, and SBA lending expertise. Retail customers will have access to additional mobile and online banking technologies. Frandsen Financial Corporation, founded in 1982, is a holding company with 35 fullservice community bank offices in Minnesota, North Dakota, and Wisconsin. Frandsen Bank & Trust currently has $2.6 billion in assets.

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Frandsen acquires banks

Frandsen Financial Corp. announced a purchase agreement with Zumbrota Agency, Inc. to purchase the

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Three join True Real Estate

MacKenzie Kearney, Kristine Jensen and Karen Toft have joined True Real Estate as real estate agents.

6 • NOVEMBER 2021 • MN Valley Business

Kearney has spent nearly a decade as a 911 dispatcher. Jensen received a marketing and communications degree from MSU and began her career in finance. Toft has been working in commercial real estate for the past three years.

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MN Valley Business • NOVEMBER 2021 • 7

Helping to Ease the Workforce Crunch

Jason Stuehrenberg

Jason Stuehrenberg is just one example of how the individuals MRCI serves can help ease the workforce crisis in our region. “I am thankful to MRCI because I have a job I love,” says Jason. “I am so thankful to have it.” Thankful because he lost his last job due to COVID restrictions, but he remained committed to continuing to work. That’s when he found employment at Cub Foods as an essential worker. It’s a job that really helps his natural talents shine through: all because he gets to work closely with people. “I love to help people when they need help finding something in the store. I am also a part of the Clean Team and take great pride in that,” he says. “I choose to work because I get to be around all different kinds of people and earn my own money. MRCI always helps me get ready for doing my best at my job.” His supervisors say Jason sets a good example for others to follow. “Jason reports to every shift with a smile under his mask. He is happy to load a customer’s water softener bags or clean up a broken jar of pickles. He keeps the cart room clean and full of shopping carts. When approached by a customer, Jason will stay with the customer until their question is resolved. Jason continues to be a great addition to the Cub Team!” says his supervisor at Cub Foods, Suzanne Pfeffer. MRCI has several person-centered programs to help those we serve find jobs they are passionate about and at the same time, help employers find reliable workers. To find out how MRCI can help you with your workforce needs, visit www.mymrci.org.

About MRCI

MRCI provides genuine opportunities for people with disabilities and disadvantages at home, at work and in the community. Please help us with that mission by volunteering of your time and talents! Please call 507-386-5600 to make a difference today!

8 • NOVEMBER 2021 • MN Valley Business

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Business Commentary

By Harvey Mackay

Don’t get worked up about being overworked B

ecause of a big project deadline, the employees had been asked to work double shifts for the next few days. “That’s it, I’m going home,” one employee said to his colleague. “But there are three more hours left in our shift,” the co-worker replied. “Well, I’m exhausted now. Come to think of it, I’ll take tomorrow off, too. Watch this,” the worker said as he grabbed a lampshade and covered his head with it and stood atop a ladder in the center of the room. The manager walked in, gasped, and said, “What on earth are you doing up there?” “Isn’t it obvious? I’m a lightbulb,” the worker replied. “Good grief,” the manager said. “You’ve worked so long you’ve gone mad. Come down from there, and then take the rest of the day off. While you’re at it, take tomorrow off, too.” The worker descended the ladder and began to walk away with the lampshade still on his head. His colleague decided to follow him out. “Just where do you think you’re going?” asked the manager. “I’m taking the rest of the day off, too,” the coworker replied. “I can’t work in the dark.” We’ve all felt overworked at some point in our lives. The 40-hour work week certainly isn’t standard in the United States. In fact, a U.S. Bureau of Labor Statistics chart indicates the average American works 44 hours a week. A Gallup poll I found listed it as 47 hours a week. Extra hours don’t necessarily translate to more productivity. In fact, you might even feel overworked if you work less than 40 hours a week. Feeling overworked can lead to exhaustion, stress, anxiety, irritability, burnout, lack of sleep, poor health, absenteeism, turnover, workplace conflicts … and psychiatric problems like thinking you’re a light bulb. I remember one time when I was making a speech, and I asked the audience for a show of hands if they felt overworked? Just about everyone raised their hand. WOW! I wasn’t expecting that. Employers are finding that productivity is up among staff who are working remotely these days. That trend looks like it will continue into the foreseeable future, especially if it means that employees are more satisfied with their jobs and work schedules.

Regardless of location, all of us have occasionally felt overworked and overwhelmed. Busy times at work, big projects with short deadlines, unfilled positions that leave the company short-staffed – these are common reasons for extra pressure. Getting more organized, adopting better time management practices and delegating small tasks to others are helpful strategies to combat burnout. Maybe a lot of bad habits have crept into your daily routine, such as visiting too much with co-workers, spending too much time on the Internet or doing personal tasks. Stop procrastinating. Do the things you don’t want to do first thing in the morning. Plan ahead and have a set daily, weekly and monthly schedule of the projects you need to tackle. Don’t be afraid to say no. Saying no is not the same as saying never. It’s an acknowledgement that you respect yourself as well as the person doing the asking. Believe me, it won’t stop them from asking again! Is everything you do necessary or is some of it just busy work? Strive to become more productive. Set boundaries. Be respectful of others’ time, and they should be respectful of yours. I realize not everyone can do all of these things all the time, and there will always be hectic days or weeks. But you can prepare for them and minimize their negative effects with the right attitude. But let’s not ignore the possibility that you are in a position where your job truly is too much for any one person. Wearing many hats or juggling a ridiculous number of responsibilities with little or no support is beyond being overworked. If your situation demands that you produce the work of two or more people – unless you actually own the business – you need to get your resume updated. Being taken advantage of can take a serious toll on your mental and physical health. Otherwise, you will be repeating this choice anonymous bit of sarcasm: “We the willing, led by the unknowing, are doing the impossible for the ungrateful. We have done so much with so little for so long, we are now qualified to do anything with nothing.”

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

MN Valley Business • NOVEMBER 2021 • 9

Kim Ruby of ARTifact says the holiday season brings in more customers who have visitors from out of town.

Happier holidays Retailers challenged, but optimistic By Tim Krohn | Photos by Pat Christman

s the holiday shopping season kicks off this month, stores aren’t facing forced closures, social distance requirements or a governmentordered mask policy. Yet the year is anything but back to normal. Despite fewer restrictions, many stores, including half of the top major chain stores, are continuing to offer curbside service after finding many customers appreciate the convenience. And while consumer demand is strong, retailers’ ability to serve customers is hampered by a severe worker shortage and supply chain disruptions. Robin Hanson, the new manager of River Hills Mall,

said their tenants are facing a worker shortage. “And the mall itself is, too. We still have to keep everything clean and secure in the mall.” Bruce Nustad, president of the Minnesota Retailers Association, said retailers going into the holidays have traditionally worried about two things: how to engage customers and determining what they will want. Not so much this year. “Now it’s more focused on will we get inventory and do we have enough workforce to take care of our customers’ needs.” Nustad said the worker shortage has led some stores to trim the number of hours they are open.

Cover Story

10 • NOVEMBER 2021 • MN Valley Business

Customers pick pieces they want to paint at ARTifact in Old Town Mankato.

Bruce Nustad, president of the Minnesota Retailers Association.

Kim Ruby checks on pottery she has fired in her kiln for customers.

For many of the small specialty shops in Mankato and North Mankato, the owners tend to shoulder much of the load for waiting on customers and aren’t so reliant on needing to hire a lot of extra help during the holidays. Still, even being short one worker in a small shop puts more burden

on the owner and maybe family members. Encore Consignment & Bridal Boutique and ARTifact paint your own pottery in Old Town Mankato are focused on continuing to claw back business hurt by the pandemic. Kim Ruby of ARTifact said her

customer numbers are coming back compared to last year when indoor painting parties were scant; but business is nonetheless lagging. “I’m hoping the birthday parties pick up more this winter when the weather gets cold again. Business is still down. I’m doing maybe 60% or 70% percent of

MN Valley Business • NOVEMBER 2021 • 11

Left: Kim Stanton of Encore says business is rebuilding as more people are comfortable being out. Right: Kim Stanton, owner of Encore Consignment & Bridal Boutique in Old Town, said her wedding dress sales helped her last year when clothing sales were down.

normal yet.” Kim Stanton of Encore said Old Town has more events planned this year, which should help bring people to the area and help push customer numbers higher after a tough 2020. “Thank heavens there are events and vendors going on a lot. People are excited to get back out and buy new things. I have the feeling people aren’t as afraid as they used to be.”

Extended Black Friday

A trend that began several years ago, then accelerated last year during the pandemic, is the stretching out the Black Friday shopping event. While Black Friday was traditionally the biggest shopping day of the year for most retailers, many started of fering Black Friday-type discounts starting a week or more before and after it. “Black Friday is still big, but you’re seeing the deal days spread out more,” Nustad said. “That really happened more last year to avoid having crowds in stores. You’ll see that again this year whether you’re a big retailer or a

small one.” At ARTifact, the holiday season from mid-November through Christmas has always been a busier time. “It picks up before the holidays. We get groups in who have people visiting from out of town,” Ruby said. She said local businesses also bring in groups of employees for a pottery painting team-building party. “It’s a fun team-building activity, something different. People get to see artistic skills of their colleagues that they maybe didn’t know about.” Ruby said the holiday boost is welcomed because her business tends to have a lull when school starts and sports and other activities ramp up. “Hopefully we’re on an upswing now with people feeling more confident going out.” While in-store parties are rebounding, Ruby continues to offer a service where people order pieces online and pick them up, along with paint, to do projects at home. They then drop them off for firing at the shop and pick up the finished piece.

12 • NOVEMBER 2021 • MN Valley Business

Robin Hanson is the new manager of River Hills Mall in Mankato. Hanson says that despite challenges to retail the mall is thriving.

Stanton’s Encore shop is a sort of an antidote to the hustle and bustle of the long Black Friday shopping events. “People come here for a break, to relax during the holiday shopping buzz.” Like most smaller stores in the city center, Encore also gets a good boost from the Shop Small event, held each year the Saturday

after Black Friday. “We always have a good turnout for that. The passport program they run helps, and people are excited to get out. It’s a big day.” Greater Mankato Growth is also sponsoring a Kato Local Holiday Experience for small businesses. Running from Nov. 19-28, it features a variety of promotions and events.

River Hills Mall

River Hills Mall is heading into the season under new ownership. This summer Kohan Retail Investment Group, based in New York state, bought River Hills from Brookfield Properties for $29.4 million. Kohan has been purchasing malls across the country, including the Burnsville Center, and has a portfolio of about 50 malls. Hanson recently started as the new manager of River Hills. A St. James native, she has 30 years experience in retail, including 14 years in management, most recently managing a mall in the Las Vegas area. She said River Hills will be more back to normal than last

year, including having Santa on hand to visit with kids and take pictures with kids and pets. Hanson said hours of individual stores inside the mall as well as the anchor stores will be on the mall’s website. As in recent years, many stores are not opening on Thanksgiving Day. She said all retailers have faced challenges from online shopping, but River Hills remains in a strong position. “The pandemic and Amazon have hurt retailers. Amazon was a big change, and then when COVID hit, even more people went toward Amazon.” But she said some new stores are coming into River Hills as well as added kiosks during the holidays. “This mall is doing quite well as a regional mall. (The new owners) will continue with the path it’s on and continue with the success it’s had. In the retail industry today, this mall is definitely thriving.” MV

MN Valley Business • NOVEMBER 2021 • 13

Steve Miner, CEO of Hamm it Up, can repair virtually any old beer sign.

Hamm it Up Winnebago man refurbishes vintage beer signs By Dan Greenwood Photos by Pat Christman

hile visiting his grandparents in “I was fascinated,” said Miner, who is St. Paul for a couple weeks in the now CEO of Hamm it Up, a Winnebagosummer when he was a kid, Steve based business devoted to renovating and Miner remembers repairing vintage beer nursing an orange pop signs. with his grandfather at When he was a young a local watering hole adult in the 1970s, Miner near the state took note of the HAMM IT UP fairgrounds and being elaborate artwork on the Steve Miner, Winnebago mesmerized with a cans of Schmidt Beer he Hamm’s Beer sign ibuyoldbeer.com/signsforsale.htm was enjoying with his depicting a camping coworkers after a long scene on the wall. workday. One can had “They said, ‘if you watch long enough, an animal, another had a muskie. Soon he the bear sticks it’s head out of that tent,’” discovered that each can of Schmidt beer Miner recalled. featured one of 21 full color images created The bear never did stick its head out, but by the company. the sign left a lasting impression on him Miner began asking friends, colleagues, that would lead to a lifetime of collecting and acquaintances for their used beer cans and renovating old beer memorabilia. to start a collection, and before long, he

Spotlight

14 • NOVEMBER 2021 • MN Valley Business

had acquired literally thousands of different beer cans. He discovered he wasn’t alone in this particular hobby; he soon joined a couple clubs made up of people who collected and traded beer cans. “I got to the point where I had probably 4,000 different cans, which got a little out of hand and I ran out of room,” Miner said. “So, I kept narrowing the collection down, and I ended up just collecting Minnesota brewed cans, like Hamm’s, Grain Belt, Schell’s, and Fitger’s.” But with the focus on Minnesota cans only, Miner began to get bored as he had collected nearly everything that he could. That’s when he thought back to the Hamm’s Beer sign that had such an impact on him when he was kid visiting his grandparents in St. Paul. When he couldn’t add more cans to his collection, he decided to sell his cans to a couple of guys in St. Louis, and he began exclusively collecting Hamm’s beer memorabilia and repairing vintage signs. With a career in the automotive industry, Miner was skilled at understanding how motors work, and some of the elaborate Hamm’s signs he came across were powered by motors and electricity, with signs that illuminated, flashed, and even had moving parts. “A lot of these signs were in a pretty harsh environment with smoke and grease, and are in rough shape when you get them,” Miner said. “I would take stuff apart to see how it worked.” As Miner developed a reputation for renovating and repairing old Hamm’s beer signs and other memorabilia, people began bringing him old signs that no longer worked that had been sitting in their basement for years, or a relic from a bar, and Miner was able to get them working again. “You’d buy these broken down, dirty signs that were not working,” Miner said. “I started making production parts for these signs. I started with the motors for the motion signs. Then a lot of cosmetic parts were also broken, or smoke stained. I tell people unless it’s a pile of molten plastic,

While he specializes in refurbishing old beer signs, Steve Miner also fixes up old pinball machines at his Winnebago shop. I can fix it.” One person came to him with a sign from a bar in a small town in Iowa that literally caught on fire, and even then, Miner was able to gather the required parts to restore it.

A national audience

“He quickly impressed on me his mechanical knowledge and honesty,” said Barry Travis, of St. Paul, who runs a website with Miner called ibuyoldbeer.com. It’s devoted entirely to acquiring, restoring, and admiring old beer memorabilia. “He’s very fluent in the repair and maintenance of those things and he sourced replacement parts,” Travis added. The two met 20 years ago when Miner purchased a stylized beer sign featuring a cowgirl with a horseshoe at the Steele County Free Fair in Owatonna. The two hit it off immediately and found common ground both personally and professionally. “I thought it would be a real win-win to get together with a guy of that caliber,” Travis said. “Everyone is looking for parts on the internet for these and he was just a perfect person you’d want to join super-powers with.” Their joint venture, of which Travis finds the parts and memorabilia, and Miner repairs them, has attracted inquiries from around the country, from Chicago, to Texas to Michigan, where Travis and Miner are outfitting a brewery and renovated historic paper mill slated to be completed in 2025 in the small town of Vicksburg, about two hours from Detroit.

“We get an unbelievable amount of activity through the website we created,” Miner said. “I have all my parts listed on there. He (Travis) finds them, I fix them, and we sell them. It’s a very good partnership and we just have an absolute blast doing it.” But there are plenty of beer memorabilia collectors in southern Minnesota too. So much so that each fall, Miner hosts a large gathering of collectors who showcase, buy, sell, and trade beer memorabilia in Winnebago, where Miner’s business is based. People came from as far as Montana for the last gathering in Winnebago. Miner just moved his shop to a new location earlier this year in downtown Winnebago. The larger building also allows him to work on another of his passions – renovating and restoring vintage jukeboxes. “I don’t really advertise doing these repairs, but now being on Main Street it’s pretty obvious,” Miner said. “It isn’t retail so to speak, but I’m here just about every day and I encourage people to come in and look around.” Recently retired from a career in the automotive industry, Miner is looking forward to spending more time on a hobby spanning decades that has morphed into a successful business with a national reach. “I can’t just sit around,” Miner said. “I’ve got to be doing something and this is the perfect thing to do in my retirement. It isn’t just a hobby, it’s a passion.” MV

MN Valley Business • NOVEMBER 2021 • 15

MN Valley Business is running some of the

“Best of 2021” businesses and people

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

FOOD & DRINK

PEOPLE

PERSONAL CARE

PROFESSIONAL SERVICES

BEST SHOPPING

Darrell Lowe, of Jerry’s Abra Auto Body, straightens a bent part of a truck.

BEST AUTO BODY SHOP JERRY’S ABRA AUTO BODY:

Following the Golden Rule

f there’s a reason Jerry’s Abra Auto Body repeatedly earns Mankato’s vote of confidence for its service, it’s likely because the business adheres to a charitable standard. “Basically, we use the Golden Rule,” said Geralynn “Geri” Kottschade, who has worked side by side with husband Jerry at their body shop at 1671 Madison Ave. since 1984. “We treat customers the way we would like to be treated, and we do everything we can to return vehicles to their pre-accident condition.” That’s a formula Jerry has

employed in his business from the start; he started his own shop in October 1971 and is anticipating the celebration of 50 years in auto body repair this fall. Today Jerry’s Abra Auto Body has 34 employees, including a few Kottschade relatives. “Our nephew Eric is the production/shop manager, and our daughter Laura is assistant operations manager,” Geri said. Both Geri and Jerry are past national chairs of the Automotive Service Association, which is a testament to their experience and professionalism.

16 • NOVEMBER 2021 • MN Valley Business

Educating customers is another goal at Jerry’s. “With technology, the repair process has become more complicated, so we try to help people understand that process as best we can and communicate with them throughout,” Geri said. Because there is, unfortunately, no shortage of crashes, Jerry’s actively encourages young people to consider post-secondary training for positions as painters and body technicians within the industry. “Accidents will happen,” Geri said, “and we’re here to help when they do. It’s when, not if, you’ll hit a deer.”

BEST LAW FIRM BLETHEN BERENS:

Serving southern Minnesota for more than 120 years

ilas Danielson is a partner at the Blethen Berens law firm in Mankato, 100 Warren St. There is also an office in New Ulm, 219 N. Broadway. In Mankato the firm has 14 lawyers and a total of 19 between the two offices. Although there is neither a Blethen nor a Berens involved in the firm, the name was kept, according to Danielson. “We’ve been around for 125 years.” Danielson credits their success to “top-notch attorneys and staff … and

Silas Danielson and Julia Ketcham Corbett with Blethen Berens. our connection to the community.” Many staff members volunteer in the community and serve on boards. Additionally, the firm offers a wide variety of legal services. “We do a lot of internal cross-referring to offer a full package of services within our firm.” Whether someone needs help

with agricultural law, business law, family law, or anything in between, someone within the firm specializes in it, he said. “In my view, it’s our people who make the difference, both attorneys and staff,” said Danielson, who has been with the firm for 27 years.

BEST CHIROPRACTIC SERVICE ADVANCED CHIROPRACTIC:

Years of experience

dvanced Chiropractic of Mankato prides itself on having an experienced team that knows how to listen. “I have two wonderful chiropractors working on either side of me,” said chiropractor Carol Walters. The others are Bradley Schaff and Nicolaas Dubbelde. “Between the three of us, we have about 50 years of experience as chiropractors,” Walters said. She thinks excellent customer service is also a part of what makes Advanced Chiropractic stand out. “We all listen to our patients and take the time to hear what they’re telling us so we can send them in the right direction for their health.”

From left, Dr. Brad Schaff, Dr. Carol Walters and Dr. Nicolaas Dubbelde. They see patients from “the bassinet to the grave.” The youngest patient Walters ever adjusted was a mere 4 days old. “The oldest patient I’ve had was 96, so we see young and old with everything in between.” During the pandemic, the office at 1712 James Drive, North Mankato, was open for emergency services only, but now that things are

returning to normal, the patients have returned for regular visits. “The past year was hard on everyone, both physically and emotionally. A lot of people were sedentary and did a lot of emotional eating. Now that we’re getting back to normal, we’re encouraging people to ease into getting physical again and try to find the joy in every single day.”

MN Valley Business • NOVEMBER 2021 • 17

Christina Sorensen joined Mankato Family Dental this year and comes from a family of dentists.

Sorensen practices balance at Mankato Family Dental Fourth-generation dentist joined in May By Jane Turpin Moore Photos by Pat Christman

have to be steady, focused and proceed with or Christina Sorensen, one of Mankato’s confidence in both.” newest dentists, life is all about achieving Already in her fourth year of practice, the balance. 33-year-old Sorensen is “I started in gymnastics indeed confident in her when I was four,” said the professional skills. Worthington native, “and I She joined the staff of was a four-year gymnast as an undergraduate CHRISTINA SORENSEN Mankato Family Dental in biology major at Gustavus. late May, having previously MANKATO FAMILY worked for three years at “In college gymnastics, I DENTAL Park Dental in St. Louis primarily did the balance beam and vault—and the 151 Saint Andrews Ct., Mankato Park. Sorensen, a 2010 mankatofamilydental.com beam does translate to graduate of Gustavus 507-345-4259 dentistr y because you Adolphus College, earned

Feature

18 • NOVEMBER 2021 • MN Valley Business

Christina Sorensen relates well to patients who are a little nervous about going to the dentist. her doctor of medical dentistry degree in 2018 at the Arizona School of Dentistry and Oral Health. “She couldn’t have come at a better time,” said Christopher Meehan of his new associate, mentioning that dentist Bruce Dumke recently retired from Mankato Family Dental. “Everything about Dr. Sorensen is a good fit with our practice—her disposition, her skill with patient care and her positive interactions with our staff and hygienists. “She’s great to work with in every facet.” Sorensen’s philosophy of care is reassuring, especially for anyone who doesn’t place dental checkups or procedures at the top of their “favorites” list. “I’m pretty gentle and have had a lot of patients comment to that effect,” said Sorensen. “I try to explain everything to my patients. I’ve seen quite a few anxious patients over time, so I let them know they’re not the only

ones who feel that way, and then I slowly walk them through everything and empathize with them.”

Cutting her teeth

Although it may seem like dentistr y comes naturally to Sorensen, she didn’t begin dental school until she was 26. “When I was in college, I knew I wanted to do something related to health care, but I wanted to do some career exploration first,” said Sorensen. With that mindset, Sorensen spent her first post-college year with an AmeriCorps literacy program in Bloomington. Her next stop was General Mills, where she worked in the Betty Crocker baking and packaging research and development department. A stint as a regulatory associate at Ecolab followed. By then, Sorensen had decided dentistry might be a good fit, but in the keenly competitive dental school application environment,

she wasn’t accepted on her first tr y. While polishing her application, and preceding her dental school matriculation, she worked at AppleTree Dental in Mounds View as a community care coordinator. “I’m really glad I had the experiences of being in the corporate world and seeing other ways you can use a science degree,” said Sorensen, recognizing her period of exploration afforded her more insight into where some of her patients are coming from.

Rooted in dentistr y

In fact, Sorensen has deep family dental roots; she is a fourthgeneration dentist. She is the eldest of three children—her two younger brothers are both employed in science and engineering positions — born to Grant Sorensen and Maureen McGuiggan Sorensen. The elder Sorensens, who grew up in Marshall and began their

MN Valley Business • NOVEMBER 2021 • 19

We’re local enough to care about every client and big enough to bring innovation along for the ride.

Bolton-Menk.com

20 • NOVEMBER 2021 • MN Valley Business

relationship as high school prom dates, are both graduates of the University of Minnesota School of Dentistry. They shared a practice for 36 years in Worthington and retired last spring. Her maternal great-grandfather, Charles Anthony McGuiggan, graduated from Marquette University’s dental school in 1915 and began his dental practice immediately thereafter in Minnesota Lake, a mere half hour south of Mankato. Service in World War I interrupted his career; when he returned from the French battlefields, he relocated to Marshall, where he practiced until about 1960. His son (Sorensen’s maternal grandfather), Charles Francis McGuiggan, earned his dental degree at the University of Minnesota School of Dentistry. He specialized in orthodontia and followed in his dad’s military footsteps, serving in both World War II and the Korean War before joining his father’s Marshall practice. “There was a point where we didn’t think the legacy would

continue because all the kids seemed to be going in different directions,” Maureen Sorensen said with a laugh. “We were very happy when Christina began discussing dental school. And yes, we always gave her pointers — whether she took them or not, we don’t know.” Sorensen admits that, as the eldest grandchild on her mother’s side, she felt a little pressure to carry on the family dental tradition. But she finds the profession personally fulfilling, just as her parents did, and she benefited professionally from growing up in a two-dentist household. “First, I’ve always been comfortable at the dentist myself, because it was either my mom or dad doing the exam,” said Sorensen. “And we [she and her brothers] spent a lot of time helping at their office; we cleaned bathrooms, mowed the lawn, helped process insurance forms, answered phones, worked at the front desk, did just about everything except dental procedures.” Observing her parents’ patient

interactions was also valuable and has informed some of her own patient care approach. “It definitely helps to know how the business side of a dental practice works,” said Sorensen. “You don’t learn all about that in dental school.”

Professional and personal

Sorensen is happily settling into the Mankato area, having purchased a house with her fiancé, Adam Macho, a 2004 New Ulm High School graduate and fellow Gustie. The couple are anticipating their wedding next spring. “Adam likes to cook a lot and I like to eat his food,” quipped Sorensen. The former gymnast balances that intake with a regular running habit. “I also ran cross country and track in high school, and now I typically run about four miles a day,” said Sorensen, mentioning she ran the Twin Cities 10-mile race in early October. She is eager to establish long term relationships with her patients and become more

involved in the greater Mankato community. “We love the fact she’s putting down roots here; that’s fantastic,” said Meehan. And Sorensen loves the combination of science and people. “When I was working at a computer or in a lab, I missed having regular interaction with people,” said Sorensen. “Dentistry is a good mix of patient care and science.” Ever a problem solver, Sorensen finds that aspect satisfying, too. “If someone has a chipped front tooth or a toothache, most of the time you can solve those with a procedure that day,” said Sorensen. “I remember being at the grocery store with my dad or mom when I was young and having people stop to say thanks for helping them,” she continued. “I saw the impact my parents had on their patients, and I’m proud to carry on this family tradition of dentistry.” MV

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jzimmerman@mankatofreepress.com MN Valley Business • NOVEMBER 2021 • 21

■

Business and Industry Trends

Energy U.S. gasoline exports hit record highs

Motor gasoline exports from the United States reached record highs in May, June, and July for

each of these months, according to the Energy Information Administration. Summer exports reflect a departure from the historical seasonality of gasoline exports because gasoline export levels are usually low during the summer.

In May, exports of motor gasoline (the combination of exports of finished motor gasoline and motor gasoline blending components) averaged 941,000 barrels per day (b/d), or 41% more than the five-year (2016– 2020) average for May. June exports averaged 935,000 b/d, exceeding its five-year average by 33%. In July, gasoline exports again averaged 935,000 b/d, exceeding the five-year average for July by 24%. Gasoline exports from the United States are typically highest in the winter and early spring, when domestic gasoline demand is lower and refinery operations continue at the summer and fall pace to meet seasonally higher distillate demand. For that reason, refineries produce more gasoline during the winter and early spring than U.S. consumption, and the extra production contributes to rebuilding seasonal inventories and to sending exports.

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During the summer, more domestic consumption often reduces the availability of gasoline for export, contributing to lower exports during that time of the year. Gasoline exports to Mexico were a major contributor to the increased summer exports this year.

Less natural gas for power

The share of electricity generation produced by natural gas in the United States will average 35% in 2021 and 34% in 2022, down from 39% in 2020. The reduction is tied to higher delivered natural gas prices for electricity generators, which we forecast will average $4.69/MMBtu in 2021 compared with $2.39/ MMBtu in 2020. The share of natural gas as a generation fuel will also decline through 2022 because of expected increases in generation from renewable sources. As a result, the forecast share of electricity generation from coal rises from 20% in 2020 to about 24% in both 2021 and 2022.

Renewables stay steady

New additions of solar and wind generating capacity are offset somewhat by reduced generation from hydropower this year, resulting in the forecast share of all renewables in U.S. electricity generation to average 20% in 2021, about the same as last year, before rising to 22% in 2022. The nuclear share of U.S. electricity generation declines from 21% in 2020 to 20% in 2021 and to 19% in 2022 as a result of retiring capacity at some nuclear power plants. Planned additions to U.S. wind and solar generating capacity in 2021 and 2022 will increase electricity generation from those sources. We estimate that the U.S. electric power sector added 14.7 gigawatts (GW) of new wind capacity in 2020. About 17.6 GW of new wind capacity will come online in 2021 and 6.3 GW in 2022. Utility-scale solar capacity rose by an estimated 10.5 GW in 2020. The added utility-scale solar capacity should be 15.9 GW for 2021 and 16.3 GW for 2022. Much of the capacity increase will be in Texas.

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

1,032 1,186

1200 900 600 300 0

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

Sales tax collections Mankato (In thousands)

- 2020 - 2021

600

$532,827

$471,000

500 400 300 200 100 0

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2020 - 2021

70000

$55,223

$38,599

52500 35000 17500 0

Source: City of Mankato

AMAZED

175000

advertising@mankatofreepress.com

70000

Call 507.344.6364

Mankato food and beverage tax - 2020 - 2021 140000 105000

$45,616 $65,388

35000 0

Source: City of Mankato

C. Sankey

MN Valley Business • NOVEMBER 2021 • 23

■

Agricultural Outlook

By Kent Thiesse

Land rental rate challenges for 2022

rriving at equitable land rental rates is always an ongoing challenge for farm operators and landlords alike and will likely be an even bigger challenge for the 2022 growing season. Many times, land rental rates for a coming crop year are based on the profitability in crop production in the previous year or two before. In some cases, this can present profitability challenges for farm operators, if grain prices drop or there are yield challenges. On the other hand, there can be extra profit for farm operators in years with above average yields and higher levels of crop prices. Many landlords reduced land rental rates from 2015-2018 and would like to return to higher rates. Approximately two-thirds of the farmland in the Upper Midwest is under some type of cash rental agreement. Based on farm business management land rental data compiled by the University of Minnesota, average rental rates from 2015 to 2019 declined by 1020 percent, after showing an average increase of 40-50 percent from 2010 to 2014. Based on the U of M data, 2020 average land rental rates in the region were steady to slightly higher. According to USDA Cash Rental Summary released in late August of 2021, average cash rental rates in most counties increased by 5-10 percent in 2021, as compared to average 2020 rental rates. Farm management analysts expect 2022 cash rental rates to show a fairly significant increase in most areas, compared to 2021 rental rates, given the current strong corn and soybean prices. The commodity prices for corn and soybeans in 2021 reached their highest levels since 2013, due to increased domestic usage and higher export levels of U.S. corn and soybeans and the associated decreases in the nation’s grain supplies. The final USDA national market year average (MYA) crop prices for the 20202021 marketing year were $4.45 per bushel for corn and $10.90 per bushel for soybeans. The MYA prices are the average farm-level prices, calculated from September 1 in the year of harvest, until August 31 of the following year. The MYA prices in other recent years for corn were $3.56/bu. in 2019-20, $3.61/bu. in 2018-19, $3.36/bu. in both 2017-18 and 2016-17, and $3.61/bu. in 2015-16. Recent MYA soybean prices were $8.57/bu. in 2019-20, $8.48/bu. in 2018-19, $9.33/bu. in 2017-18, and $9.47/bu. in 2016-17. USDA is estimating the 2021-22 MYA average prices at $5.45/bu. for corn and $12.90/bu. for soybeans (as of 10-01-21). Current cash corn prices for Fall delivery for the 2022 crop year are near $4.50-$4.80 per bushel at

24 • NOVEMBER 2021 • MN Valley Business

many locations in the Upper Midwest, while 2022 cash soybean prices are near $11.50-$12.00 per bushel. This is significantly lower than the current USDA projections for the 2021-22 marketing year (listed earlier). Most farm operators do not begin forward pricing their corn and soybean crop until the year’s production, so there has been very little forward pricing of the 2022 crop at this point. Many farm operators will have significantly higher crop input costs in 2022, as compared to 2021, and could face some challenging breakeven price levels next year if 2022 land rental rates are set at quite high levels. Based on Southern Minnesota Farm Business Management (FBM) records, the average total direct cost in 2020 for seed, fertilizer, chemicals, fuel, etc., excluding land rents, on cash rental corn acres was very near $425 per acre, and was near $225 per acre on cash rented soybean acres. The average direct expenses for 2021, excluding land rent, increased slightly for most farm operators, mainly due to slightly higher fertilizer, fuel and repair expenses. The 2020 FBM records showed an average of nearly $100 per acre on cash rented corn acres and $65 per acre on soybean acres for overhead expenses, which includes machinery costs, hired labor, insurance, and other ongoing expenses, but does not include any net return to the farm operator. Most farm management analysts expect total direct and overhead expenses for corn production to increase by 10-15 percent in 2022, with an increase of 5-10 percent for soybean production. Typically, Southern Minnesota farm operators use average yields between 180-200 bushels per acre for corn and 50-60 bushels per acre for soybeans for cash flow planning purposes. If the direct expenses for corn are $485 per acre, with overhead expenses of $115 per acre, and a land rental rate at $250 per acre, the total expenses, before any allocation for labor and management, would be $850 per acre. With a corn yield of 180 bushels per acre, the breakeven market price to cover the cost of production and land rent would be approximately $4.72 per bushel, which would drop to $4.25 per bushel with a corn yield of 200 bushels per acre. If a $50 per acre allocation for labor and management (family living expenses) is included, the corn price breakeven levels would rise to $5.00 per bushel with a 180 bushel per acre yield, and $4.50 per bushel with a 200 bushel per acre yield. Similarly, with soybeans, using direct expenses of $240 per acre, overhead expenses of $85 per acre, and

land rent of $250 per acre, total costs would be $575 per acre. The breakeven soybean price to cover the cost of production and land rent would be about $11.50 per bushel with a yield of 50 bushels per acre, which would decline to $9.58 per bushel with a yield of 60 bushels per acre. If a $50 per acre allocation is included for labor and management, the soybean breakeven price increases to $12.50 per bushel at a 50 bushel per acre yield, and $10.42 per bushel at a 60 bushel per acre yield. There can be a big difference in crop yields and expenses from farm-to-farm, which can cause breakeven prices to either increase or decrease, compared to the average. Based on 2020 FBM records for Southern Minnesota, the average breakeven price for corn on cash rented land, in order to cover direct expenses and overhead costs, was $3.58 per bushel, with a range of $3.08/bu. to $4.16/ bu. The 2020 FBM average breakeven price for soybeans was $8.32 per bushel, with a range of $7.23/ bu. to $10.03/bu. The 2020 FBM average yields were over 205 bushels per acre for corn, and nearly 60 bushels per acre for soybeans, which were above average. 8 Considerations for Flexible Cash Leases An alternative to a flat cash rental rate that may be 6 to “cash flow” would be for producers and difficult landlords to consider using a “flexible cash lease” rental 4agreement, which allows the final cash rental rate to vary as crop prices and/or yields vary, or as gross 2revenue per acre exceeds established targets. The use of a flexible cash rental lease is potentially fairer 0to both the landlord and the farm operator, J F M A M J J A S O N D depending on the situation, and how the flexible lease is set up. A “true” flexible cash lease allows for the landlord to receive additional land rental payments above a “base” land rental rate, if the actual crop yields and/or market prices, or the gross revenue per 8 acre, exceed established “base” figures. It would also allow125 for 6 the “base” rent to be adjusted downward, if the actual 105 crop yields and prices per acre fall below the established “base” figures. Most flexible leases 4 have been 85 modified in recent years, using a reasonable “base rental rate” that can “flex” upward 2 65 with an added rental payment to the landlord, if the “base”45crop yield and/or prices, or revenue per acre, 0 J F M A M J J A S O N D are exceeded. Flexible 25 leases can work well for newer or younger J F M A M J J A S O N D farm operators that may not be able to afford the higher cash rental rates for farmland. A flexible lease makes it easier for producers to utilize risk management tools such as crop revenue insurance 125and forward pricing of grain. A flexible lease, policies with a fair base rental rate, allows landlords the 105 of a solid base rental rate, while having the security opportunity to share in added profits when crop 85 prices and/or yields exceed expectations, such as occurred 65 in many areas in 2021. Flexible leases are a nice alternative for landlords that want to continue to 45 long-standing farm operators on multi-year work with rental 25 contracts, without setting cash rental rates too J the F current M A tenants. M J J A S O N D high to keep Utilizing “flexible cash lease agreements” between farm operators and landlords can be a good management strategy as an alternative to extremely

Agriculture/ Agribusiness Corn prices — southern Minnesota

(dollars per bushel)

— 2020 — 2021

$5.05

16 12

2 0

$3.16

Source: USDA

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

(dollars per bushel)

$12.01

8 65 2 $8.74 4 45 0 0 J F M A M J J A S O N D 25 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Iowa-Minnesota hog prices

185 pound carcass, negotiated price, weighted average

— 2020 — 2021

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

Milk prices

25 22 19

$70.11

$42.62 J A S O N D J A S O N D J A S O N D Minimum prices, class 1 milk Dollars per hundredweight

— 2020 — 2021 25 22

$16.89

19 16

$13.74

13 10

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

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

C. Sankey

MN Valley Business • NOVEMBER 2021 • 25

13 10

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

Commercial building permits Mankato - 2020 - 2021 (in millions)

$11,322,439

12000000

25000000

$7,047,865

10000000

20000000

8000000

15000000

6000000 4000000

10000000

2000000

5000000

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

- 2020 - 2021 (in thousands)

236 198

300

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

$217,445

300

$197,050

240

180

120

0 J

Source: Realtors Association of Southern Minnesota

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

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

Housing starts: Mankato/North Mankato

— 2020 — 2021

- 2020 - 2021

5.5

4.9

4.3

3.7

3.0%

3.1 2.5

$2,052,251

Source: City of Mankato

Existing home sales: Mankato region

$1,791,903

2.9% N

Source: Freddie Mac

8 D

Source: Cities of Mankato/North Mankato

Real Knowledge. Real Experience. Real Dedication. Real Results.

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Tim Lidstrom CCIM/Broker

100 Warren Street, Suite 708, Mankato, MN 56001

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507-625-4606

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26 • NOVEMBER 2021 • MN Valley Business

high straight cash rental rates; however, these agreements need to be fair and equitable to all parties. Landlords also need to be willing to adjust the “base” cash rental rates lower as necessary if crop margins become quite tight, as occurred from 2015-2019. It is extremely important that all aspects of a flexible land rental lease agreement be detailed in a written rental contract that is signed by all parties. The agreement should include the base rent and yield, price determination, as well as other provisions of a flex lease. Successful “flexible cash lease agreements”, just as any other long-term cash rental agreement, have always involved cooperation, trust, and good communication between the farm operator and the landlord. Kent Thiesse is farm management analyst and senior vice president, MinnStar Bank, Lake Crystal. 507-381-7960); kent.thiesse@ minnstarbank.com

Gas Prices 5

Gas prices-Mankato

— 2020 — 2021

54 43

$3.09

32 21 10 0

Gas prices-Minnesota

1.84

$64.07

+6.9%

Ameriprise

$273.07

$278.13

+1.9%

Best Buy

$116.15

$109.11

-6.0%

Brookfield Property

$26.33

$25.13

-4.6%

Crown Cork & Seal

$109.76

$103.08

-6.0% -1.6%

Fastenal

$55.74

$52.30

-6.2%

General Mills

$57.75

$61.77

+7.0%

Itron

$83.35

$72.58

-13.0%

Johnson Outdoors

$114.57

$108.04

-5.7%

$194.55

$176.71

-9.2%

Target

$246.05

$229.45

-6.7%

U.S. Bancorp

$57.20

$61.98

+8.4%

Winland

$5.25

$3.50

-33.3%

Xcel

$68.68

$62.41

-9.1%

$1.86

$59.90

$9.18

Archer Daniels

$9.33

$3.09

Percent change

Consolidated Comm.

Oct. 8

Sept. 1

— 2020 — 2021

Stocks of local interest

0Source: GasBuddy.com J F M A

C. Sankey

MN Valley Business • NOVEMBER 2021 • 27

■

Minnesota Business Updates

■ Half of retailers offer curbside 2020 was a year when shopping online and picking up curbside replaced shopping in stores for many retailers and their customers. Since the start of the pandemic there has been a rapid expansion of curbside pickup among the top retail chains. In early 2020 — just a few months after COVID-19 hit the U.S. — 6.6% of the top 1,000 chains offered curbside pickup. 8.1% did so by mid-2020. After that, the expansion of curbside pickup exploded. By early 2021, 51% of top retail chains offered curbside pickup. Best Buy launched curbside while customers were temporarily barred from entering its stores. But even since reopening stores, Best Buy has continued to build on its curbside and other options.

■ ADM moves beyond ag roots Archer Daniels Midland is moving beyond its agricultural roots, and for the multinational food processor and supplier, IT is proving a key ingredient for its transformation. For its first 110 years, ADM traded and processed agricultural products such as

oilseeds, beans, and corn, transforming them into oils, flours, and syrups, but around 2014, the company began a series of acquisitions in food technology, taking it into the production of more high-tech ingredients for human and animal nutrition. That move into specialty products is leading ADM to a massive updating of the company’s IT systems — and a standardization of its business processes around the world, according to CIO.com.

■ Target hiring fewer, paying staff more Target devised a novel way to partially get around the severe retail worker shortage during the holiday shopping season: Invest even more in the retailer’s current workforce. Target is hiring fewer workers this holiday season. But, it will provide 5 million more hours to its existing workforce at a total cost of $75 million. The company said it would have store leaders “check in” with existing workers to understand their scheduling preferences, and offer them opportunities to work more if interested. “Our strategy is only possible because of Target’s incredible team. We have worked to provide our team members with more consistent schedules, which means

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

163 401 163 619 1,346

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

140 174 109 311 734

-14.2% -56.6% -33.1% -50.0% -45.5%

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*

August 2020 2021 4,510 6,167 3,963 18,077 32,717

3,616 2,334 2,155 8,044 16,149

- 2020 - 2021

Nine-county Mankato region

125,889

139000

124,105

126000 113000 100000

Minnesota Local non-farm jobs

Percent change ‘20-’21 -19.8% -62.2% -45.6% -55.5% -50.6%

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.

28 • NOVEMBER 2021 • MN Valley Business

- 2020 - 2021

(in thousands)

2,890 2,947

3500 2800 2100 1400 700 0

more consistent paychecks and a more consistent way to manage their life,” Melissa Kremer, Target’s chief human resources officer said in a statement.

litigation in October awarded a U.S. Army veteran $8.2 million after finding that 3M’s Combat Arms Earplugs Version 2 caused him to suffer hearing loss and tinnitus.

■ 3M faces more major trials

■ General Mills sees inflation pressures

A federal judge overseeing thousands of lawsuits by military veterans who say they suffered hearing damage as a result of using defective earplugs sold by 3M Co has scheduled four more trials in the largest multidistrict litigation ever. U.S. District Judge M. Casey Rodgers in Pensacola, Florida, on Tuesday scheduled four more bellwether trials to take place from March to May. Those are in addition to seven other trials already scheduled through January. Rodgers will preside over that upcoming trial, but after that, other federal judges in Florida will oversee the bellwethers, or test trials used by parties in mass tort litigation to gauge the range of damages and define settlement options. 3M, which is represented by Kirkland & Ellis, in a statement said it was “confident in our case and are prepared to vigorously defend ourselves in all upcoming trials.” Rodgers has been pushing to try the cases at a rapid pace as part of her effort to manage a case that has ballooned to include more than 259,000 cases, the most that have ever been consolidated into a federal mass tort. Her orders came after a jury in the fourth trial in the

General Mills projected higher inflation ahead as the food giant grapples with growing labor, transport and supply-chain costs. The maker of Cheerios cereal and Betty Crocker cake mix is facing hundreds of disruptions across its operations, ranging from pricier raw ingredients to a shortage of truck drivers, which executives said will push up prices for supermarket customers over the months ahead. Higher costs and logistical problems are squeezing General Mills and other U.S. food companies, prompting them to cut their own costs and swelling consumers’ shopping bills, according to the Wall Street Journal Supply chain challenges are hampering General Mills’ ability to fulfill customer orders, executives said, with higher prices leading the company in recent months to raise prices across nearly all its grocery categories around the world.

Employment/Unemployment Local number of unemployed

- 2020 - 2021

Nine-county Mankato region

(includes all of Blue Earth and Nicollet Counties)

12000

7,700 3,951

10000

August

8000

Unemployment rate Number of non-farm jobs Number of unemployed

6000 4000 2000 0

Mankato/North Mankato Metropolitan statistical area

2020

2021

6.0% 58,626 3,727

3.0% 57,100 1,796

Unemployment rates Counties, state, nation County/area

Minnesota number of unemployed

- 2020 - 2021 223,097 102,067

300000 240000 180000 120000 60000 0

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

August 2020

August 2021

6.2% 4.6% 5.9% 6.1% 5.2% 5.6% 5.3% 6.0% 4.6% 8.2% 7.0% 10.0%

3.2% 2.7% 3.5% 3.0% 3.2% 2.8% 3.1% 3.4% 3.0% 3.5% 3.1% 4.8%

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

MN Valley Business • NOVEMBER 2021 • 29

Sponsored by the Carl & Verna Schmidt Foundation

Preparing for the costs of healthcare in retirement Kate Ashford | Nerdwallet

ealth care in retirement is a big-ticket item. Experts estimate that an average 65-year-old retired couple in 2021 would need about $300,000 in after-tax savings earmarked for health care costs in their post-work life, even with Medicare, according to Fidelity. The totals are daunting, but you can take steps to keep costs as low as possible with the right planning, good insurance choices and a healthy understanding of your conditions and coverage. Try these strategies — now and in retirement — to help control your health care bills.

Take advantage of an HSA

A health savings account allows you to put pretax money away for medical expenses. You can invest the funds, and both the principal and earnings are tax-free if you use them for eligible medical costs, today or in the future. This creates a powerful savings tool. To use an HSA, you must have a high-deductible health plan. If that kind of plan makes sense for you, experts recommend saving money to your HSA and leaving it untouched for as long as possible. In 2021, you can save up to $3,600 pre tax as a single person or up to $7,200 if you have family coverage. “These accounts are the most tax-efficient plans available,” says Sallie Mullins Thompson , a certified public accountant and certified financial planner in New York City. “The main thing you need to do is contribute to it religiously whenever you can.”

Make a plan for long-term care

A person turning 65 today has about a 70% chance of needing long-term care at some point, according to the Department of Health and Human Services. One of the best ways to approach this issue is to plan for it: How long do you intend to stay in your home? Where will you go when you can’t live there anymore? Who will help you with financial and health care decisions? “People don’t like talking about it because it’s uncomfortable thinking about getting old and people taking care of you,” says Carolyn McClanahan, a physician-turned-CFP in Jacksonville, Florida. But planning can help you prepare for a change in circumstances. This could mean buying a traditional long-term care insurance policy, which can cost thousands of dollars per year, according to the American Association for Long-Term Care Insurance. Or you might consider a hybrid insurance product that combines permanent life insurance with a long-term care rider. (You can use the benefit to pass money down to your heirs or — if

30 • NOVEMBER 2021 • MN Valley Business

you need it — you can tap it for long-term care expenses.) You could also self-insure by setting money aside annually for long-term care expenses. The important thing is to consider your options while you’re in your 50s or early 60s, before products get too expensive.

Get the right Medicare plan

Choosing the best Medicare policy once you turn 65 means finding one that includes your preferred doctors and your regular medications, helping you avoid high out-of-network and out-of-pocket costs. You’ll also need to consider whether you want access to all doctors who accept Medicare — as with an Original Medicare plan — or whether you want a plan that comes with extra benefits but a more limited provider network, such as a Medicare Advantage plan. One way to approach Medicare is to find an agent who can help you compare options. Find someone who’s certified to sell as many carriers as possible, meaning they’ll be able to present the full array of choices in your area, says Matt Chancey, a CFP in Tampa, Florida.

Ask questions

Be an active participant in your health care, no matter what life stage you’re in. When your medical provider orders tests, which can drive up your medical costs, make sure you understand why they’re being done. “Say to them, ‘What do you hope to learn from this, and is doing this going to change the treatment?’” McClanahan says. “It’s important to do that, because a lot of times, doctors order things rotely. It’s part of their protocol and they don’t stop and think, ‘Is it really needed in this case?’” The same goes for prescriptions. Ask your doctor whether there’s something less expensive you could take, or whether there are changes you could make that would help. “A lot of doctors won’t spend the time talking about lifestyle changes, so they throw pills at people,” McClanahan says. “You can avoid a lot of medications just by doing the right thing.”

Sponsored by the Carl & Verna Schmidt Foundation

Ways women can get an edge on building wealth By Erin El Issa | NerdWallet

omen are paid less than men and are more likely to leave the workforce to take care of loved ones, both of which negatively impact the amount of money they have to save and invest over the course of their lives. Despite this, just half of Americans (50%) believe women have disadvantages compared to men when it comes to long-term investing. The survey was conducted in July 2021 — in the midst of the pandemic that has only deepened women’s systemic and socialized disadvantages. Yet the fact remains that in order to invest and build wealth for the future, women need to contend with these hurdles. Below is advice for how to combat five investing disadvantages that disproportionately impact women.

Evaluate your risk tolerance

Around 1 in 6 Americans (16%) believe women being more risk averse than men is a long-term investing disadvantage, according to the NerdWallet survey. It’s important to consider and acknowledge your personal risk tolerance when choosing investments. But if you’re so risk-averse that you’re unlikely to hit your financial goals or you’re avoiding the stock market altogether, it’s probably time to reevaluate your strategy. Diversification is one effective way to reduce your risk while still growing your portfolio. You can diversify your portfolio not just by asset class — for instance, stocks and bonds — but also within asset classes. That could mean investing in companies of different industries and different sizes. If a specific company or industry underperforms, the rest of your portfolio may balance it out. Diversification doesn’t have to be complicated. Funds, like exchange-traded funds or mutual funds, are made up of a mix of investments, so you’re diversified within a single asset. Aim to find a balance between your tolerance for risk and your goals, and use diversification to make you more comfortable investing for your future.

Increase savings as you can

The survey shows that close to a quarter of Americans (23%) believe women earning less than men is a long-term investing disadvantage because they have less money to invest. As of 2018, women earned, on average, 82 cents for every dollar men earned. And this gap is significantly wider for many women of color. Inequality of earning means women often have to save a higher percentage of their income than men do. If you have a 401(k) through work, you may be able

to set up automatic incremental increases — for example, 1% each year. You can also choose to bump up your contributions as you get raises if you can continue living comfortably on your old take-home pay. But because part of the wage gap is due to the difference in jobs worked — oftentimes gender norms and expectations tend to encourage men and women to go into different industries — some women may not have enough income or earn the raises required to follow that advice. In that case, your best option may be to seek new job opportunities or fields. And if you have a partner with whom you split expenses, discuss contributing to the household proportionate to your income if that would give you more money to put away.

Keep investing during career interruptions

More than 1 in 5 Americans (21%) believe career interruptions associated with caregiving responsibilities are a long-term investing disadvantage women have compared to men, according to the survey. These interruptions have been magnified by the pandemic, as millions of women have left the workforce, many because of lack of day care or inperson schooling. But if family finances still allow, those who have a spouse with earned income don’t have to stop investing. A spousal IRA allows the non-earning spouse to contribute up to $6,000 a year (or $7,000 for those age 50 and older), as long as the couple files taxes jointly. If it’s not reasonable for you and your spouse to max out both your IRAs, you can split whatever money you would put in IRAs and contribute to each equally.

Seek out resources

Around 1 in 8 Americans (13%) believe women’s lack of investing knowledge is a disadvantage compared to men, survey results show. Finding free or cheap financial advice and resources is easier than ever, though it’s important to vet your sources to make sure they’re legitimate. Your bank or broker probably has financial tools and educational content, and you can also look for additional financial resources online or from a book in your local library. Fact-check resources that are new to you and be skeptical of any source that promises you a certain return on your investment if you follow their advice.

MN Valley Business • NOVEMBER 2021 • 31

T U E S DAY, N OV E M B E R 9 BUSINESS AWARDS

5:30 - 8:30 PM

and

HALL of FAME

Mayo Clinic Health System Event Center & Online

2021 Honorees Greater Mankato Growth Awards Hall of Fame: CARLSON-TILLISCH EYE CLINIC Business Legacy: MANKATO INDEPENDENT ORIGINALS Distinguished Business: BUMBELOU Entrepreneurial Business: BORGS HOMES REALTY Brian Fazio Business Education Partnership: SOUTH CENTRAL

COLLEGE, SOUTH CENTRAL SERVICE COOPERATIVE, LIME VALLEY ADVERTISING, OMG-OTTO MEDIA GROUP Hap Halligan Leadership: KYLE MROZEK Young Professional of the Year: NATE OLSEN

Greater Mankato Business Awards & Hall of Fame is a premier business event, as well as a time where Greater Mankato Growth, Inc.'s business units, Greater Mankato Growth, Visit Mankato, City Center Partnership, and GreenSeam honor outsanding businesses, professionals, and organizations within the Greater Mankato community.

Visit Mankato Awards

Bring it Home: ANTHONY FORD POND HOCKEY Hospitality: MANKATO MOONDOGS & ISG FIELD INVESTORS

City Center Partnership Awards

New Construction ($5m+): BRIDGE PLAZA New Construction ($2 - 5m): FRANDSEN BANK & TRUST Downtown Detail: SILOART Preservation Stewardship: MOULIN ROUGE HOUSE B&B Creative Placemaking: COFFEE HAG

GreenSeam Awards

Seamed in Success: DR. SHANE BOWYER Growing in the GreenSeam: CLEAN PLUS, INC.

greatermankato.com/awards 32 • NOVEMBER 2021 • MN Valley Business

Presented by

THANK YOU SPONSORS

2021 PRESENTING SPONSOR

IN KIND SPONSORS FRIENDS OF THE MANKATO MARATHON Buffalo Wild Wings, City of Mankato, Kiwanis, Kwik Trip, Knutson + Casey MAYBA Mankato Brewery, MSU, Mankato Center for Sport & Performance Psychology, North Links Golf Course, Pizza Ranch

Come network!

A wonderful opportunity to network with Greater Mankato Growth member businesses and their employees in an informal atmosphere. To get a taste of a Greater Mankato Growth membership, guests from the general public are welcome to attend one event!

NOV 16 DEC 7

Store It MN

2015 Bassett Drive, Mankato

United Prairie Bank

10 Firestone Drive, Suite 100, Mankato

DEC 14

Widseth

201 N Riverfront Drive, Suite 220, Mankato

greatermankato.com/bah MN Valley Business • NOVEMBER 2021 • 33

NEW LOCATION

Pioneer Bank 1450 Adams Street, Mankato, MN 56001

NEW BUSINESS

Moulin Rouge House B&B 811 S 2nd Street, Mankato, MN 56001

NEW OWNERSHIP

Union Market 615 S Front Street, Mankato, MN 56001

NEW OWNERSHIP

Wynn Nails 1633 Monks Avenue Suite 130, Mankato, MN 56001

NEW BUSINESS

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

NEW BUSINESS

Wave Consulting Mankato, MN

NEW BUSINESS

Swiss & Madison 920 Madison Avenue, Mankato, MN 56001

NEW AGRIBUSINESS LAB

South Central College 1920 Lee Boulevard, North Mankato, MN 56003

GRAND OPENING

Salient Financial 100 Warren Street, Suite 338, Mankato, MN 56001

GROUNDBREAKING

Web Construction, Edward Jones, and Community Bank St Andrews Drive, Mankato, MN 56001

NEW BUSINESS

Latitude 44 Plumbing & Heating 27684 Maple Lane, Madison Lake, MN 56063

NEW BUSINESS

The Visual Identity Vault 206 Downtown Plaza, Fairmont, MN 56031

Cork & Key 1630 Madison Avenue, Mankato, MN 56001

NEW LOCATION

IPS Solar Garden

Good Counsel 1401 N Victory Drive, Mankato, MN 56001

MetroNet

201 N Riverfront Drive Suite 110, Mankato, MN 56001

34 • NOVEMBER 2021 • MN Valley Business

Frandsen Bank & Trust 240 Belgrade Avenue, North Mankato, MN 56003

THURSDAY, DECEMBER 2

4 - 8 PM

Mayo Clinic Health System Event Center, Mankato

Join GreenSeam for conversations about key issues facing the rural economy and to brainstorm potential solutions. This premier annual reception and dinner is a great opportunity to network with public leaders and producers, manufacturers, educators, researchers, as well as many other attendees from the agricultural sector.

PURCHASE TICKETS TODAY: greenseam.org/forum21

Are you looking for unique items that you can only get from locally owned businesses? Do you want to ensure your spending stays local and creates a better community?

KatoLocal.com SPONSORED BY: POWERED BY:

Comprised of locally owned businesses in the Mankato and North Mankato area, KatoLocal is the perfect way to find businesses that are here to provide authentic, personalized service. Shopping and supporting local is more than just spending your hard-earned dollars, it's supporting childhood dreams, new business ventures, and businesses that have been contributing to our community for generations. Show our locals a little love this holiday season by shopping KatoLocal!

Have you ever used videos to share your why?

BUSINESS FOCUS

Share your story in a video format and put it in front of thousands of followers by signing up for the Greater Mankato Business Focus campaign, a one or two minute long video focused on a Greater Mankato Growth member business and available for a nominal fee.

greatermankato.com/business-focus MN Valley Business • NOVEMBER 2021 • 35

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The College of Business Center for Innovation & Entrepreneurship is facilitating regional events and coordinating this year’s Global Entrepreneurship Week line-up. This year’s focus is on ecosystem building and resiliency to support innovators and entrepreneurs that help create a strong and vibrant local economy. Events are hosted by the Center for Innovation & Entrepreneurship and Workforce Professional Education at Minnesota State University, Mankato, Women’s Center, Small Business Development Center, 1Million Cups Mankato, Region 9 Development Commission, Better Business Bureau of MN and ND, Junior Achievement, Greater Mankato Growth, Profinium Bank, City of Waseca, Mogwai Collaborative, Waseca Chamber and Lead4Minnesota.

NOVEMBER

SATURDAY, NOV 6 1:00 PM

Waseca New Business Challenge: Final Pitch Competition

Waseca Chamber & Lead for Minnesota

THURSDAY, NOV 11 8:45 AM

Junior Achievement Student Pitches

East Junior Achievement and Greater Mankato Growth 6:00 PM

Big Ideas Challenge Kick Off Center for Innovation & Entrepreneurship (CIE)

Follow the COB

MONDAY, NOV 8 8:30 AM

Making LinkedIn Work for your Small Business South Central SBDC 10:00 AM

CyberSecurity: Tips for Small Businesses Profinium Bank and Greater Mankato Growth 4:00 PM

Growing Local Food Growers

Region 9 Dev Commission 6:00 PM

Start Up Smart

South Central SBDC

FRIDAY, NOV 12 8:00 AM

TikTok for Business

South Central SBDC and Social Media Breakfast Mankato

TUESDAY, NOV 9 9:00 AM

Project Management Workforce Professional Education, Minnesota State Mankato 11:00 AM

LinkedIn for Your Consulting, Side Hustles and Professional Brand South Central SBDC

FRIDAY, NOV 12 10:00 AM

The Winning Combo: Amazing Customer Service + Online Reputation Management

Better Business Bureau of MN & ND 1:50 PM

Junior Achievement Student Pitches

WEDNESDAY, NOV 10 8:30 AM

1Million Cups 4th Anniversary

12:00 PM • ONLINE

Pivoting in a Pandemic

Mogwai Collaborative 7:00 PM

Women Entrepreneurs Lead (WE Lead) Women’s Center and CIE

RSVP for the events: cob.mnsu.edu/gew For more information on the national GEW: genglobal.org/gew For a full list of College of Business Events: cob.mnsu.edu/events More events may be happening, check our website and CIE Facebook page for more current information

West Junior Achievement and Greater Mankato Growth An Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling the College of Business at 507-389-5420 (V), 800-627-3529 or 711 (MRS/TTY). BUSC594AD_9-2021

MN Valley Business • NOVEMBER 2021 • 37

Solid. Agile. Versatile.

Bridge Plaza, Mankato MN AWARD OF EXCELLENCE WINNER | Greater Mankato Growth CityDesign Awards, New Construction over $5,000,000

ARCHITECTS

ENGINEERS

Mankato | 507-519-3700

SCIENTISTS

SURVEYORS

Rochester | 507-292-8743

Widseth.com

Also located in | Alexandria, Bemidji, Brainerd, Crookston, East Grand Forks, Forest Lake, Grand Forks MN Valley Business • NOVEMBER 2021 • 38

Minnesota Valley Business

Articles inside

■ Business and Industry trends

■ Schmidt Foundation

■ Local Business memos/ Company news

■ MRCI