Minnesota Valley Business ~~ June 2020

The Definitive Business Journal for the Greater Minnesota River Valley June 2020

Thomas Rekstein put solar on his insurance building in Mankato.

Photo by Pat Christman

Burning bright Businesses embrace solar power

Also in this issue • HER HAPPY PLACE IN ST. PETER • THE FAIR TRADE MOVEMENT IN MANKATO • RASMUSSEN COLLEGE IN MANKATO

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F E A T U R E S June 2020 • Volume 12, Issue 9

8

Solar energy continues to grow in the region as the cost of solar equipment continues to fall and federal tax credits and utility incentives reduce costs.

12

Rasmussen College is in its new location in Madison East Center but many of its students take advantage of the college’s online learning.

14

The public has embraced fair trade coffee and other items as the Mankato Fair Trade Town Initiative continues to spread the word.

16

When Lisa Eide opened Her Happy Place in downtown St. Peter she envisioned a place where people could enjoy their shopping experience.

MN Valley Business • JUNE 2020 • 3

■

JUNE 2020 • VOLUME 12, ISSUE 9

By Joe Spear

PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Dan Greenwood Katie Roiger Harvey Mackay PHOTOGRAPHERS Pat Christman COVER PHOTO Pat Christman PAGE DESIGNER Christina Sankey ADVERTISING Danny Creel Sales Joan Streit Jordan Greer-Friesz Josh Zimmerman Marianne Carlson Theresa Haefner ADVERTISING Barb Wass ASSISTANT ADVERTISING 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 ■ Business Commentary.........................7 ■ Business and Industry trends..........18 ■ Retail trends.....................................19 ■ Agriculture Outlook..........................20 ■ Agribusiness trends..........................21 ■ Construction, real estate trends.....22 ■ Gas trends........................................23 ■ Stocks...............................................23 ■ Minnesota Business updates............24 ■ Job trends.........................................24 ■ Schmidt Foundation.........................26 ■ Greater Mankato Growth..................28 ■ Greater Mankato Growth Member Activities ............................29

From the editor

Doing business in a post COVID-19 world: Unprecedented change

T

housands of business people across Minnesota have for the last few months been working with economic development and employment experts to come up with the future of how businesses will look in a coronavirus world.

Gov. Tim Walz and economic development commissioner Steve Grove have often detailed in their near daily press conferences that business will look different, not only in the COVID-19 crisis moment, but also in a coronavirus future.

Obviously the risks of doing business have changed. Selling one’s products or services in a virus-risky world fundamentally changes ever ything from business structure, management of buildings and people and customer contact.

And where once business counted its cash, buildings, good will and customer base as assets, it must now invest in public health as an asset to be protected.

The stakes are high. U.S. unemployment will likely rival that of the Great Depression at near 25 percent. The difference is the Depression lasted more than year, whereas the crisis part of COVID-19, with any luck, will pass in a year. But the fundament risk of a virus-laden world may be with us for some time.

And while some businesses may indeed come back, a certain number will not. Already, we’ve heard of longtime businesses just calling it quits due to the prolonged shutdown COVID-19 so far requires. And experts and practical business people know the customer will not automatically fire up their credit cards and hit their favorite bar/restaurant

4 • JUNE 2020 • MN Valley Business

when we find treatment or contain cases.

Many know that customers will have a new reality in their buying habits. Some may never feel safe enough to enter crowded places again. And if they have underlying health risks, we know the danger is even more severe.

We’re not going to be able to flip the switch and go back to the normal of early March, when we readied our celebrations for the Final Four and St. Patrick’s Day. So what will the new reality look like?

Smart people are trying to figure that out. Temporar y measures are obvious. Stores and businesses have implemented COVID-spread protection techniques from wearing masks, cleaning frequently, testing employees, and re-arranging the storefront and manufacturing floor.

The food service and hospitality industries seems like they will face some of the biggest changes.

Some 300,000 Minnesotans work in the industr y that must fundamentally change how it delivers a meal or a hotel room.

The industr y relies on a strategy where large groups of people get together and socialize, buy dinner and drinks for each other and generally create a revenue stream en masse. So the foundation of that business -- the way to develop a market -- has become more risky now.

The marketing messages also must change. Dramatically. Hot Food, cold beer, good times suggest a crowd. Now, the message has to be more safe, quiet and quaint. It’s hard to know how anyone develops an affinity for going out with that marketing

message. But it may be the new normal.

And unfortunately, some of the same old problems for a business slowdown exist. Unemployment usually means less spending on the part of the unemployed person.

But that is where this economic downturn may differ. How significant that will be is yet to be seen. It’s true that some workers on unemployment who made up to $40,000 a year or even a little more, will be made whole by an unemployment payment system put on steroids with the addition money added in by the federal government.

But it won’t go on forever.

And while the Payroll Protection Plan had its share of glitches, never before have businesses been given forgivable loans if they can keep people employed.

Some non-essential businesses that shut down transformed themselves into an essential business making personal protective equipment for the health care industry.

It’s not all gloom and doom.

Also different: The vast health care, drug company and research industry is working at a breakneck speed to solve the problem.

There’s fierce competition to do this among companies worldwide and there will be a big payday in the end courtesy of state and federal governments and health care providers who make money providing medicine and a cure.

Employment during the Great Depression took years to rebound.

The current employment may come back faster, especially when a vaccine is developed and marketed.

But the consumer psyche may be altered forever.

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

Follow on Twitter @jfspear.

Local Business People/Company News ■

Gregory Thoen honored

Gregory Thoen

G r e g o r y Thoen, a private wealth advisor with Ameriprise Financial in Mankato, was named to the list of “Financial Times 400 Top F i n a n c i a l Advisers” published by the

Financial Times.

The annual list recognizes outstanding financial advisors who represent the highest levels of ethical standards, professionalism and success in the business.

Thoen was chosen based on assets under management, asset growth rate, years of experience, advanced industry credentials, online accessibility, and compliance records.

Stilson joins True

Sara Stilson has joined True Real Estate as the newest real estate agent.

Stilson is a graduate of the Carlson School of Management from the University of Sara Stilson Minnesota. Prior to joining True Real Estate, she lived in Colorado for 17 years where she built a career managing a sales team in corporate America. Upon moving back, Stilson and a partner purchased Salvage Sisters — a small business in Mankato’s Old Town on Riverfront Drive.

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Business Commentary

By Harvey Mackay

F

Enhance your life during tough times

or so many of us working from home, the days seem to take on an eerie similarity regardless of how much we actually accomplish. I can barely remember the last time I put on a suit and tie!

On my reading pile was an article on easy ways to enhance your day. It got me thinking about simple ways to improve my own life and outlook. Clearly, these times are not business as usual, but we need to stay sharp so that when we do start returning to our routines, we are ready to roll. I’ve picked out a few items that intrigued me especially.

You don’t have to make drastic changes to improve your days and life. Take it one step at a time.

The list starts by advising people to re-evaluate their sleeping habits. Get to bed early and wake up early to get the day started. I find that most days I don’t need to set an alarm because my body wakes me up naturally. I used to worry that I would miss something if I slept more than a few hours. Now that I know better, I don’t feel guilty about getting more rest.

Pace yourself. There will always be busy times that you can’t avoid, but when possible, keep them to a minimum, so you can stay level-headed with less stress.

Learn to say no without feeling guilty. I love when people are willing to take on extra tasks when necessary. However, I do not love when their work is substandard or their usual responsibilities suffer because they are buried and on overload. Know when to say no.

When things do get hectic, find a quiet place you can go to think and get the maximum amount of work done. Smart phones and social media can overwhelm us to distraction. To be more productive you need to put limits on all these interruptions. I have a window of time every afternoon when I ask people to call me back. Time management is crucial.

Organize your life, which means cleaning up your office and home workspace. If you are working from home, you likely have less space to spread out. An orderly space saves time and frustration.

I try to do two things every day that I need to do but have been dreading. Get them out of the way in the

morning so I can face the rest of the day fresh. We all procrastinate on items we would rather not deal with, but the longer we put them off, the more difficult they become.

Make a prioritized list. I live and die by my lists!

Plan what you want/need to achieve for the day and concentrate on completing that list. Allow some time for last-minute emergencies. Before the day is out, plan your next day.

Keep track of your goals.

Goals give you more than a reason to get up in the morning; they are an incentive to keep you going all day. Goals tend to tap the deeper resources and draw the best out of life.

Achieving goals produces significant accomplishments.

Limit the time you spend with negative people or those who drag you down. I surround myself with positive people that encourage me and lift me up, and for whom I can do the same.

Look for the good in other people. One of my alltime favorite aphorisms is: “A pat on the back accomplishes more than a slap in the face.” Right now, especially, whatever we can do to lift each other up will elevate us all. Sometimes a little encouragement is all it takes to keep another person going.

Read more, whether it be the newspaper, a website or a good book. What an opportunity to tackle that stack of books you’ve been meaning to enjoy! If you have children at home, and have become a “substitute teacher,” model great habits by reading with them or to them.

Now that we’ve all binge-watched old episodes of TV shows into oblivion, check out the fascinating courses and podcasts that will broaden your horizons. Take advantage of the empty hours when you would have been at a movie, sporting event or traveling and use that time to learn something new.

Finally, don’t expect others to make your life better.

These challenging times will pass, and we’ll be playing catch-up for a while. Make the best of these days to prepare for the best tomorrows.

Mackay’s Moral:

Tough times don’t

last; tough people do.

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

MN Valley Business • JUNE 2020 • 7

All Energy Solar has installed many solar systems in the Mankato region.

Shining bright Solar power continues growth

By Tim Krohn | Photos by Pat Christman

T

homas Rekstein no longer minds looking at the electric bill for his Great River Insurance business on North Riverfront Drive.

“My electric bill used to be $4,500 annually, now it’s down to $1,200 a year.”

Rekstein, who had 38 solar panels installed on the roof and awnings of his building, said the investment was well worth it.

“It’s been great. I’d recommend it to anyone.”

Solar power continues to grow throughout the region and state, helped by federal and state incentives and by desire to lower electric costs and reduce reliance on coal and natural gas.

Mike Allen, CEO and co-founder of All Energy Solar, said their work in Minnesota and surrounding states has grown rapidly in recent years.

“If you’re going to pay your electric bill, you’re going to pay it the rest of your life — it’s like renting

Cover Story

8 • JUNE 2020 • MN Valley Business

Some of the solar panels on the Great River Insurance building are mounted on the awnings. electricity. If you take control and buy your solar system, after that loan payment, you’re done and you don’t have to pay any more,” Allen said.

Joel Hanif, community development planner for the Region Nine Development Commission, hopes to help spur even more interest in solar by getting the region qualified as a SolSmart designated region.

“There’s no guaranteed funding that comes with it, but it might make Region Nine competitive for other solar programs if there are grants down the line if we show we did the legwork.”

Hanif said the SolSmart designation also creates more public awareness and education about the benefits of solar power.

Leigh Pomeroy, of Mankato, has been a longtime proponent of renewable energy and is a member of the Southcentral Minnesota Clean Energy Council.

He said federal tax credits are scheduled to sunset unless Congress reauthorizes them.

“They’re slowly phasing out the tax credits. Congress has extended them in the past in a bipartisan manner. I think the prices on solar are dropping so much it may not make much difference (if the credits expire).

“If they took the subsidies off fossil fuels, it would really help.

Our taxes are going to screwing up the atmosphere,” Pomeroy said.

All Solar

Based in St. Paul, All Energy Solar has done numerous commercial and residential installations in the Mankato region.

Allen said most commercial and residential installations are roof mounts, but that if people have room on the ground, they may install the panels there.

“A majority of people put it on their roof. It’s an existing space.

The roof sits there and gets pounded by the sun every day and people realize they have valuable, money-making space just above their head that’s doing nothing.”

Allen said that so far the coronavirus pandemic hasn’t deeply impacted their business.

“I’m happy to say we’ve had very, very few cancellations. I think it shows the value of what solar does for the consumer. It’s sometimes viewed as a luxury good, but it’s really an essential good. Everyone needs electricity and today when everyone is concentrating on saving every penny, what’s better than keeping an eye on the cost of your electricity?”

His company is doing no-

Mike Allen, CEO and co-founder of All Energy Solar. contact work, where employees don’t enter someones home or business. He said they use satellite imaging to view properties and can do much of the work they need to without entering a customer’s home. “At some point we will need to come inside, but we can do that down the road.”

While they’ve enjoyed years of growth, Allen knows things will slow down this year due to the pandemic. But he said the growth of solar will continue.

He said he urges people who’ve considered solar to look into it soon to take advantage of the

MN Valley Business • JUNE 2020 • 9

A rooftop solar array installed by All Energy Solar. federal tax credits, which are numerous solar programs declining each year. available on both residential and “The federal tax credit is 26% commercial solar. right now. Last year it was 30%.

He said the cost of installing a Next year it will fall to 22%, and in solar system has fallen from 30% 2022 it goes away for residential to 50% in recent years, due to the and goes to 10% for commercial drop in equipment costs including properties.” the panels, inverters and racking Allen said there are ways that equipment. people can lock in this year’s 26% Allen said most people take a tax credit even if they don’t 10-year loan to pay for their solar actually build the solar system projects. “A solar system is until next year or beyond. warrantied for 25 years and will He said state level incentives last longer than that.” also are significant.

“Utilities in the state offer net Free money metering. It doesn’t sound sexy Rekstein spent $65,000 for the but it’s a really strong incentive. It 38-panel solar system on his says that if you don’t use some of insurance building, installed in 2016. “My payback period is eight the electricity from your system, years. After that it’s all free the utility will buy it back from money.” you at the same or similar rate “In April, May and June, I you pay for electricity. That’s the actually get a check back from biggest incentive in the state.”

Xcel because there is sun shining Allen said Xcel also has

10 • JUNE 2020 • MN Valley Business

and I’m not using much air conditioning. Then July and August there’s usually a zero bill.

Then my bill goes up in the winter when there’s not as much sun.”

Rekstein said there were some pitches on his roof that prevented him from having all the panels installed there, so some were placed on the awnings of the building.

“They are steel awnings, so they were strong enough to hold them.”

His installation was done by Zinniel Electric, a solar panel installation company based in Sleepy Eye. “My system is connected through a computer system to Zinniel’s office, so they they monitor the panels and make sure everything is working. I don’t have to do anything.”

Rekstein said that if he had extra space, he probably would have put the solar panels on the ground. “The ones on the ground you can get them to rotate with the sun, so they’re even more efficient.”

One drawback to roof mounts is that if a roof needs to be shingled or other roof work done the panels have to be removed and then put back up.

But Allen and Rekstein said that many commercial buildings have steel roofs.

“If you have a metal roof, it should last 50 years and barring any storms you shouldn’t have to deal with your roof again,” Rekstein said.

SolSmart

Hanif is new to the Region Nine Development Commission and to the state, having come from Georgia.

He heard about the SolSmar t program when someone from the Great Plains Institute spoke at a Southcentral Minnesota Clean Joel Hanif Energy meeting he attended.

“The SolSmart designation is from the Department of Energy and it shows your community, or in our case region, is solar ready and open for solar business,

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including information available to Mankato Airport Renovation the public about financing options and information about solar in general and information about codes in different municipalities.”

Hanif said he thinks there are ample opportunities for solar growth, but he notes some opposition has grown against larger solar gardens in some areas.

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CARPET • RUGS • HARDWOOD • andersontuftex.com Pushback to them has generally CARPET • RUGS HARDWOOD • andersontuftex.com CARPET • RUGS • • HARDWOOD • andersontuftex.com come from neighbors who live near an electric substation. That’s because companies building the CARPET • RUGS • HARDWOOD • andersontuftex.com solar gardens like to place them close to the substations so they don’t have to run long power lines from the solar gardens to the substation. That has led to a clustering of solar gardens in 1107 Cross St. 110 some areas and more opposition North Mankato 1107 St. 1107 Cross Cross St. from neighbors.

507.625.3089 No North Mankato Mankato North www.rickwaycarpet.com 50 507.625.3089 507.625.3089 More arrays www.ric There are about 7,500 solar www.rickwaycarpet.com www.rickwaycarpet.com arrays in Minnesota with 1,000 of those installed in about the last year.

The Legislature in 2013 mandated that big utilities generate 1.5% of their power from the sun by 2020. The state already has exceeded that goal with more than 2% of its power now coming from solar.

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Pomeroy said solar gardens are a good alternative for many people who want to get renewable energy.

“For people who don’t have the money or maybe the right property to install solar, the community solar gardens are a good option. But you have to be sure you are signing up with a good one. There have been some fly-by-night operations.”

While Pomeroy said there have been some bad players in the solar industry, it’s becoming less of a problem.

“The shysters are falling out and we’ve learned a lot more about solar.” MV

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MN Valley Business • JUNE 2020 • 11

Rasmussen College medical assiting student Stacy Vanderwerf shows high school students how to remove medical staples during a career day at the college earlier this year.

Moving online

Rasmussen embraces technology

By Katie Roiger Photos by Pat Christman

F

rom the World Wide Web to Google, Dean of the Mankato campus. Wenkel, flip phones to the Apple corporation, who began her career with Rasmussen 35 the last few decades have seen years ago as a typing and shorthand unimaginable changes teacher, shared that one in technological of the college’s most developments.

This recent innovations was thrills the faculty and to move the campus staff of Mankato’s from its former location RASMUSSEN Rasmussen College. on St. Andrews’ Drive to COLLEGE Rather than stick with its current spot at the 1400 Madison Ave., Mankato past methods and Madison East Center.

507-625-6556 traditions, the college “At first, I think people hopes to catapult its kind of scratched their rasmussen.edu students into a bright heads,” Wenkel future by being ahead of remembered.

“They the times. were thinking retail space when they What does being forward-thinking look thought of Madison East, but when you like for the Rasmussen of 2020? look at how it’s being used now as a lot of “Well, we don’t teach shorthand health-care related businesses that are in anymore!” joked Donna Wenkel, Academic there, it really fit nicely for us to assume

Cover Spotlight

12 • JUNE 2020 • MN Valley Business

Rasmussen College nursing instructor Tiffany Hewitt watches as high school student Hali Christofferson draws saline solution into a needle at Rasmussen College earlier this year. some of that space as well,” she said.

“It is set up in a way that we’re utilizing our space more efficiently,” agreed Mankato’s Campus Director Kathy Sanger. Rasmussen’s campus within Madison East Centr contains faculty and staff offices as well as classrooms and labs for nursing and medical assisting students.

“It’s a great location and convenient for our students to get to,” Sanger said. “We’ve enjoyed it.”

Rasmussen’s Mankato-based classes are primarily offered in online format, with the exception of its popular nursing program. Over half of the college’s 600-plus students are enrolled in Practical Nursing (LPN), Associate Degree Nursing (RN), and Bachelor of Science and Nursing (BSN) programs. These classes normally involve a significant amount of inperson training.

“We’ve had students who do an externship for medical assisting and they go over to Advanced Pain Management, for example, which is down the hall!”

Wenkel laughed.

The main reason for the campus’s switch in locations is due to recent years’ emphasis on online learning.

When Rasmussen opened at their previous St. Andrews Drive location, the college’s business, justice studies, science, technology and nursing courses were all taught in physical classrooms. In the decade or so that followed, each of these disciplines except for nursing gradually switched to virtual lessons in order to better accommodate the students.

“We are one of the few schools that meet the students where they are in life,” said Joan Rich, vice president of Rasmussen’s school of nursing. The average age of Rasmussen students hovers around 26, and several scholars are family breadwinners or working parents for whom a typical class schedule isn’t possible or practical.

“We want students to have that flexibility in their schedule, but most of our online classes have that opportunity for what we call live class sessions,” Wenkel said. “We offer it through WebEx, and if students can’t come to that, then we record them so that students can listen to the recording later.”

This approach is meant to ensure that each attendee has access to his or her teacher, as well as camaraderie with the rest of the class. The college also uses a 24/7 technological hotline service based in Chicago.

“They’re the kindest, calmest people,” said Rich of Rasmussen’s technological support professionals.

“They help our students, and they help our faculty if there’s any glitches. They can take over your computer and see what’s going on.”

“Our whole entire library system is set up online, and our tutoring service is set up online,” Sanger added. “They (the students) are never left alone, and they don’t do it on their own.”

While the nursing program is the only Rasmussen track to have physical classrooms, nursing students still use a significant amount of technology in their training. Some nursing classes are taught online, and in recent months the college has paired with the American Testing Institute to utilize a virtual simulation clinical course called Real Life.

“They use live patients and there’s a variety of virtual simulation scenarios within the repertoire,” Rich said. “Our students have to make decisions on what they’re going to do next. They get to critically think.”

During the onset of COVID-19, nursing faculty chose Real Life to temporarily replace the students’ on-the-ground clinical studies. The Minnesota Board of Nursing allows schools to use up to 50% of virtual learning in their courses, and Rich is confident that Real Life will be an excellent alternative to hands-on learning.

“It’s the goal of the college that we continue to educate safe, competent nurses,” Rich said, citing a recent study by the National State Board of Nursing that found no significant difference in competency between nurses who had received on-site training only, and those who had an up to 50 percent mix of on-site and virtual simulation learning.

“Their scores are fabulous,” Rich said regarding her students. “You can feel good, Mankatoites!”

Besides Real Life, Rasmussen also offers virtual labs for nursing students, as well as a program called Board Vitals that helps graduates prepare for their board exams. Rasmussen alumni can use Board Vitals for up to six months after their graduation – a feature that may come in handy if testing is delayed by personal schedule conflicts, or even the recent virus outbreak.

Rasmussen’s directors also encourage students to look outside their disciplines and get involved in their community. In the past year, several faculty members and scholars have been active in local causes including Junior Achievement, the Rotary Club, the Kiwanis Club, and Greater Mankato Growth.

“We love the Mankato community; it’s important for us to give back,” said Sanger. “We encourage it. That is one thing that I am super proud of.”

Looking ahead, Rasmussen’s decision-makers anticipate several other groundbreaking changes, most notably the addition of several masters programs to their roster of degrees. In 2021, faculty anticipate a name change from Rasmussen College to Rasmussen University in recognition of the campus’s dedication to serving students in all areas of education.

“We’re meeting the demands of our students,” said Sanger. “I love that. I feel that I’m a part of their dreams and it’s exciting.”

MV

MN Valley Business • JUNE 2020 • 13

Katie Aho, co-owner of River Rock Coffee, traveled to Chiapas, Mexico to meet the farmers who supply her and others with fair trade coffee.

In demand Fair trade coffee embraced

W

By Dan Greenwood | Photos submitted by Katie Aho

hen Clay Sharkey and Eric Poppler – coowners of Mankato-based Beans Coffee Company – began selling their roasted organic coffee beans at the Mankato Farmers Market in 2013 – they were surprised to learn that interest in fair-trade coffee easily eclipsed the organic label.

“We thought people would be more conscious of the organic element,” Sharkey said. “We were completely wrong. We would get 15 questions about whether it’s fair trade to one question about whether it was organic. Fair trade is important to people in Mankato.”

The local coffee roasters, who began experimenting with roasting green coffee beans in a popcorn maker, have become one of most recognized fair-trade brands in the Mankato area, with all but one of the coffee varieties they roast coming from small, farming collectives in Guatemala, Mexico, Sumatra and Peru.

14 • JUNE 2020 • MN Valley Business

Local businesses are discovering that fair trade products are proving to be a sound business decision, as more and more customers want assurance that the people who grow or make those products are given a fair price.

“There’s a growing awareness on a lot of different fronts right now,” said Jane Dow, co-chair of the Mankato Area Fair Trade Town Initiative. “It’s making a difference as far as companies stepping forward and buying more fair trade. About 60% of consumers nationwide are aware of what fair trade is and understand the symbol and how to look for it.”

MAFFTI, a Mankato-based organization formed in 2009 to promote fair trade products and encourage local businesses to carry them, played a role in Mankato becoming a fair trade town in 2011. It’s joined by over 2,000 fair trade cities worldwide, and 45

Left: A farmer showing Katie Aho, co-owner of River Rock Coffee in Mankato and St. Peter, how to select ripe fruit. Right: Colombian farmers dry coffee beans that supply places like River Rock Coffee in Mankato and St. Peter. in the United States, including San Francisco, Chicago and Boston.

Fair trade towns and cities make a commitment to promoting fair trade products in local stores and organizations, while educating the public about the benefits of fair trade products. Dow said Beans Coffee Company has been especially successful in raising awareness.

“They have made big inroads in the community with fair trade coffee,” Dow said. “They’ve been able to sell coffee to a lot of businesses around town.”

Their coffee can now be found at Hy-Vee, a variety of offices and over a half-dozen churches, many who are discovering the fair trade movement coincides with their mission of social justice.

All of the independent coffee shops in town offer fair trade coffee, including Neutral Groundz in North Mankato, and the Fillin’ Station, Coffee Hag and Tandem Bagels in Mankato.

Katie Aho, Manager of Operations and Co-Owner for River Rock Coffee, with locations in St. Peter and Mankato, said they began sourcing their coffee through Viroqua, Wisconsin-based Kickapoo Coffee Roastery eight years ago. All of the coffee they purchase is fair trade.

“They keep a really transparent supply-chain, and they don’t work with a middleman,” Aho said.

Aho said Kickapoo is part of a collective made up of 23 coffee roasters in the United States, who work directly with small coffee farmers in places like Mexico and Colombia. They pay the farmers upfront and pay above the market-price required to be designated fair trade in the U.S. In 2018, Aho travelled to Chiapas, Mexico and

Colombia to meet with the very farmers whose coffee ends up in the cups of her customers in Mankato and St. Peter. Those farmers are well aware of Mankato, Aho said. A plaque with MAFTTI’s name was displayed at one of the farms in Chiapas.

“We come back with even more gratitude for the product that we get to work with and we get to be the last people to share that story before it’s passed off to the customer,” Aho said.

Dow said coffee is just one of a growing list of fair trade items that range from tea and soap to clothing.

She said the number of local stores and businesses carrying fair trade products has tripled in the Mankato area since 2013, and the number of available products has doubled.

It’s also growing among institutions. There are nine area churches committed to offering fair trade products. Gustavus Adolphus in St. Peter was the first fair trade college in Minnesota and Minnesota State University will soon join them.

And it’s been good for business too. Starkey’s first order of free trade green coffee beans from Café Imports, a Minneapolis-based wholesaler, was 25 pounds. Their most recent order was 1700 pounds.

“We knowingly purchase coffee at a premium price because of the value that it adds to society as a whole,” Sharkey said. “We’ve had people that as soon as we said it was fair trade, their whole demeanor completely warmed up. It is something that is important to people, especially around Mankato, and it does impact their buying decisions.” MV

MN Valley Business • JUNE 2020 • 15

Lisa Eide buys from a wide variety of sources for Her Happy Place store.

Below: Lisa Eide first had a storefront in Jordan before settling in St. Peter.

Make ’em happy Her Happy Place aims for fun

By Katie Roiger Photos submitted by HHP

W

hen Lisa Eide decided to found a two stepchildren graduated, Eide decided women’s boutique and lifestyle that she wanted a new challenge. store, she had a specific goal in “I was ready to venture out and do my own mind that wasn’t profitthing,” Eide said. She had driven. played with the idea of “I said I needed a place starting her own boutique to be happy and be for years, but knew that in myself,” Eide explained. order to bring her dream HER HAPPY PLACE “It has evolved to include to life, she would have to 217 S. Minnesota Ave. everyone else. Our goal is make some thrifty St. Peter to make everyone happier. choices. Rather than take 507-931-0008 It’s not to sell a certain out a loan, Eide started by herhappyplaceshop.com number of jeans.” selling repurposed Facebook: Her Happy Place As her husband’s furniture out of her home partner in their lawn care and reinvesting the profits and snow removal company, Eide logged 28 back into her business. With time and years of firsthand experience in running a dedication, she was able to open a physical small business. Once her four children and storefront in Jordan. She eventually settled

Feature

16 • JUNE 2020 • MN Valley Business

on St. Peter area her long-term location.

I got to know the community and it was very quaint and friendly and a little old fashioned,” Eide said.

“People are still really connected and friendly.”

This suited Eide and her business model perfectly.

Eide wanted her customers to experience something exceptional that didn’t just center around commerce.

Ideally, she hoped that they would find a community by visiting her store.

“I would describe it as more of a social place than a place of selling,” Eide said. The aptly-named Her Happy Place carries a wide selection of home décor, women’s fashion, accessories, and gifts.

Customer service is especially important.

“When the customer comes in the door, why did they come in the door?” is the question Eide tells her employees to ask themselves. “Why are they out shopping today, what are they truly looking to get out of their day?”

In Eide’s perspective, putting herself in the customer’s shoes is the best way to ensure that they will enjoy their time in Her Happy Place and leave satisfied.

“If you’re friendly and welcoming, it’s pretty easy to help them out,” Eide said.

Andrea Kenyon, an employee at Her Happy Place since October 2019, said she loves seeing the smiles on customers’ faces when they find that perfect item.

“We ask the people what they need, what they’re looking for, and we also point out all the fun things we have that you can’t find in other boutiques,” Kenyon said. “I think everybody should come see us at least once. If they have suggestions, let Lisa or the employees know because we’re always happy to listen.”

Special events

Eide takes the commitment to friendliness and hospitality a step farther with weekly events. Prior to the COIVD-19 restrictions, she hired a bartender and caterer every Saturday, and provided free refreshments to shoppers.

The reward for Eide’s extra effort has been a supportive and invested community. Eide’s visitors tend to be repeat customers after their first experience.

“I know that I’ve made a lot of relationships in this,” Eide said. “We get to know more about them: their favorite style of jeans, how they live in their house, how they celebrate. Truly, my customers are my friends – it’s fun to have 300 friends!”

Her Happy Place provides Eide with an outlet for her natural purchasing talent.

“I love digging for a deal,” Eide admitted. “I like the creativity part of it. My whole business is based off of me being a good shopper.” While some boutiques opt to work exclusively with a few wholesalers, Eide prefers partnering directly with warehouses in order to snag bargains.

“My customers say I have Target prices on boutique items,” Eide said.

Eide frequently makes special orders if customers are searching for something specific, but also monitors the trends in Europe and on the coasts.

“Sometimes I introduce things that we’re not quite ready for to let people know they’re coming,” Eide

Lisa Eide outside Her Happy Place in downtown St. Peter. said. When knotted shirts became the rage, she brought them into her store – but with one modification.

“If you’ve had four children, you can’t do that!” Eide said of the midriff-baring style. “I introduced lower knotted shirts that have been very popular.”

Currently, Eide is featuring a variety of loungewear and cozy-yet-polished clothing pieces for her stay-athome clients.

“I call it ‘mullet fashion’: Business up top, party on the bottom!” Eide laughed. “Everyone’s online, and they’re wearing sweatpants and joggers. I’ve jumped on that because that’s what people are looking for.”

Although Eide follows current styles, her goal is still to make Her Happy Place more than just another trendy storefront. She stocks favorite staples like leggings and tank tops, but tries to preserve exclusivity by only carrying new fashion pieces.

“What I love is we still have that boutique feel,” said Eide. “I don’t reorder other than basics. When it’s gone, it’s gone.”

Once Coronavirus precautions have become unnecessary, Eide hopes to go back to hosting her catered Saturdays and visiting with her customers.

Until then, she is doing her best to provide her trademark level of customer service with online sales and personalized help.

“I feel like I’ve found my spot,” Eide said. “Come check it out! I think you’ll like it.” MV

MN Valley Business • JUNE 2020 • 17

BANKING THE WAY IT SHOULD BE

At your service. On your side.

Business and Industry Trends ■

Energy U.S. energy-related CO2 fell 2.8%

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18 • JUNE 2020 • MN Valley Business

GLENCOE

FARGO

U.S. energy-related carbon dioxide (CO2) emissions declined by 2.8% in 2019 to 5,130 million metric tons, according to the U.S. Energy Information Administration. CO2 emissions had increased by 2.9% in 2018, the only annual increase in the past five years.

Because of continuing trends in how much energy the U.S economy uses and how much CO2 that energy use generates, energy-related CO2 emissions in 2019 fell more than energy consumption, which declined by 0.9% in 2019, and gross domestic product, which increased by 2.3% in 2019.

The changes in U.S. energyrelated CO2 emissions in 2019 offset the increase in 2018. The increase in 2018 was largely caused by increased use of energy as a result of weather. Overall, U.S. energy-related CO2 emissions have fallen 15% from their peak of 6,003 MMmt in 2007.

In 2019, CO2 emissions from petroleum fuels—nearly half of which are associated with motor gasoline consumption—fell by 0.8%, and CO2 emissions from the use of natural gas increased by 3.3%. CO2 emissions from coal fell by 14.6%, the largest annual percentage drop in any fuel’s CO2 emissions in EIA’s annual CO2 data series dating back to 1973.

The United States now emits less CO2 from coal than from motor gasoline.

Nearly all of the change in CO2 emissions in 2019 arose in the electric power sector. CO2 emissions from the residential and commercial sectors (associated with natural gas and

distillate fuel oil consumption, for example) were nearly unchanged from 2018, and the increase in industrial sector CO2 emissions (+8 MMmt) partially offset a decrease in transportation sector CO2 emissions (-13 MMmt).

Minn. renewables grew in 2019

Minnesota’s renewable-energy industry grew in 2019 and coal burning and carbon emissions declined, according to data released by Bloomberg New Energy Finance for the Business Council for Sustainable Energy.

“This report shows the significant progress Minnesota is making as we transition to a clean energy economy,” Gregg Mast, chief executive of Clean Energy Economy Minnesota, said in a statement.

“This report also emphasizes the fact that wind and solar are the cheapest forms of new power generation in the market,” he said.

The Minnesota Energy Factsheet, a supplement to the Sustainable Energy in America Factbook, found that last year:

Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2019 - 2020 1500

833 637

1200 900 600 300 0

J

F

M

• Nearly half of Minnesota’s power came from zerocarbon sources. Meanwhile, coal’s contribution slipped from 38% in 2018 to 32% in 2019.

• Renewables accounted for 84% of new electricity generation capacity added since 2010, totaling 3.4 gigawatts.

• Over the last decade, Minnesota has boosted “energy productivity” by 22%. Power consumption is up 2%, while state economic output rose 24%, proving it takes less energy, thanks partly to energy-saving software and technology.

Even without the federal production tax credit, new wind farms are cheaper than new combined-cycle natural gas plants on a dollars-per-megawatt basis in Minnesota, according to the report. With the production tax credit and investment tax credit, wind and solar technologies are the cheapest types of new electricity generation in the state.

Meanwhile, the American Council for an EnergyEfficient Economy has ranked Minnesota eighth of the 50 states for overall energy-efficiency programs.

That is best in the Midwest.

“The data shows that Minnesota is leading the way with an energy transformation that lowers costs and improves efficiency,” Lisa Jacobson, president of the Business Council for Sustainable Energy told the Star Tribune.

M

J

J

A

S

O

N

D

Includes restaurants, bars, telecommunications and general merchandise store sales.

Excludes most clothing, grocery store sales.

Sales tax collections Mankato (In thousands)

• The state had a 14% reduction in electricity-sector carbon emissions due to decreased coal usage and greater reliance on renewables and natural gas.

Emissions have fallen 37% since 2005 and 27% since 2010.

A

Source: Sales tax figures, City of Mankato

- 2019 - 2020

600

$347,685 $386,391

500 400 300 200 100 0

J

F

M

A

M

J

J

A

S

O

N

D

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2019 - 2020

70000

$53,379 $17,319

52500 35000 17500 0

J

F

M

A

M

J

J

A

S

O

N

D

Source: City of Mankato

Mankato food and beverage tax - 2019 - 2020 175000 140000

$53,101 $63, 561

105000 70000 35000 0

J

F

M

Source: City of Mankato

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N

D

C. Sankey

MN Valley Business • JUNE 2020 • 19

■

Agricultural Outlook

By Kent Thiesse

A

U.S. Food system being challenged

sk many non-farm elementary-age children where food comes from and the response might be …… “from the grocery store”.

Actually, in some portions of the United States, you may get a similar response from many adults as well.

The reality is that for two or three generations, U. S. citizens have not had to worry much about food, as there has always been an ample supply of safe, nutritious and low-cost food available. However, the impacts of the coronavirus outbreak in the past few months has brought a new awareness and appreciation with regards to understanding how food is produced, processed, and distributed in the United States.

Daily updates on closures of meat processing plants due to COVID-19 outbreaks became a regular occurrence in late April and early May. At other processing plants, production levels declined due to employee absences by workers that had health concerns related to coronavirus. For several days the U.S. meat processing industry was only operating at 50-60 percent of capacity. Normally, over 450,000 head of market hogs are processed each day in the U.S., so when daily processing levels dropped by 40 percent, there was quickly a backlog of market hogs.

This resulted in the necessity to euthanize hundreds of thousands of market hogs in the past few weeks.

The U.S. hog industry is a “fine-tuned” system where hogs move from one stage to the next in a fairly tight timeframe, leaving little room for serious backups. Sows and gilts (mother hogs) are bred on the farm and less than four months later they produce a litter of 10-12 pigs. These pigs then go to a nursery unit, then to a finishing barn, and are marketed at 5-6 months of age at a market weight of 275-300 pounds. The integrated hog production systems need to keep the hogs moving through the various stages of production and do not have the capacity to keep extra market hogs for very long.

There have also been reductions in processing capacity for beef cattle. However, unlike with hogs there is a little more flexibility to hold cattle a bit longer before going to market by adjusting feed rations, provided there is feedlot space. However, there is a limit to this process, as the cattle get heavier and less valuable as time goes on.

At the same time producers are forced to dispose of animals due to reductions at processing plants, there is a shortage of food at many grocery stores and retail outlets, as well as in food banks. Farmers are selling as many animals as they can directly to

20 • JUNE 2020 • MN Valley Business

consumers to be processed at local locker plants; however, many of these locker plants are now booked until late 2019 or early 2020. Producers would gladly donate some of the meat products to food banks, but the food banks have no way to process the market animals. The plant closures and backup of market-ready animals has also impacted turkey and chicken producers, again resulting in thousands of birds being euthanized.

Some dairy producers have been forced to dump milk and egg producers to destroy eggs due to reduced market demand for certain products. Over half of the normal demand for certain dairy and egg products was for restaurants and the food service industry, as well as for the school lunch program.

Most of the food service industry was either shut down or greatly reduced for two months and most schools closed in mid-March for the rest of the year.

Consumer demand at grocery stores increased to absorb a small percentage of the lost demand; however, overall demand for many dairy products and eggs have been down considerably from earlier in 2020.

There has been severe financial hardship on livestock and dairy producers since the outbreak of COVID-19 in early March. Market hog prices declined by over 40 percent from late January until mid-April, resulting in some producers losing $30-$40 per head for every hog marketed. Hog prices had rebounded slightly by mid-May for producers that could find processing plants that would take their hogs. Fed cattle prices also declined by 30-40% in the same time period, resulting in losses of $300 per head or more for some cattle feeders. As of Mid-May, there was not any indemnity payments for producers that had to euthanize any livestock or dump any milk.

Some USDA emergency ag assistance payments were made available to farm operators in mid-May, with payments expected by early June. However, these payments are likely to fall far short of the financial losses incurred by many livestock producers. Estimates place to financial losses to U.S. cattle producers at over $13 billion and at about $6 billion to U.S. hog producers.

Post-pandemic changes

Since we are still battling the devastating impacts of COVID-19, it is difficult to make many long-term assumptions regarding future impacts to the meat and dairy industry; however, here are a few possible changes that could occur in the U.S. food system in

the post-caronavirus years: • Producers are going to be much more aware of how their meat and dairy products are marketed and how market prices are established. Producers in contract production are likely to spend much more time reviewing and understanding the provisions in a contract. The Federal government is likely to investigate how prices are established in the food industry from the producer to the processor to the retail level, which could result in some changes for the future.

• Meat processing plants will likely become more automated with robotics and other technology.

The COVID-19 outbreaks at several meat processing plants in recent months heightened the awareness of how labor intensive many of the meat processing plants are. Many newer processing plants were already more highly automated, with less employees required, to meet the same production output. This trend toward more automation at processing plants is now likely to move at a much faster pace, not only due to coronavirus, but also due to labor shortages in the 8 processing industry. food • In the 6 short-term, consumers are likely to reverse the trend of the past several decades, resulting in an 4increased percentage of food being purchased at grocery stores and eaten at home, as compared food 2 consumed in restaurants and fast-food establishments. It will take time to see if that trend continues on a longer-term basis. Consumers will 0 M for A food M than J JtheyA have S been O N D likely Jpay Fmore paying in recent years, and there may be fewer choices of some types of food available in some locations.

Agriculture/ Agribusiness Corn prices — southern Minnesota

20

8 6

8

2 0

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O

N

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

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

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0

J

Source: USDA

Soybean prices — southern Minnesota

(dollars per bushel)

— 2019 — 2020 8 20 100 16 6 85 $7.99 12 470 8 255 $7.18 4 40 0 0 J F M A M J J A S O N D 25 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Iowa-Minnesota hog prices

185 pound carcass, negotiated price, weighted average

— 2019 — 2020

Milk prices

M

4

$2.78

Livestock and dairy producers have been at the epicenter of the financial hardship and mental stress that has 100 resulted from the coronavirus outbreak. The economic recovery from this devastating setback, which85 could take years, is likely to be slow and challenging. However, for livestock and dairy 70 that do survive these challenges and are producers willing55to have some flexibility to make some adjustments, there will likely be some profitable days in the 40 future.

F

12

4

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

J

16

$3.28

• The8trend in the growth of direct farm-toconsumer food production and sales that has been 100 increasing for several years and is likely to 6 increase at a much greater rate in the next few 85 years.

4 Smaller farm operators will look for more 70 reliable market outlets to sell their meat and dairy products, while consumers will want a dependable 2 55 source for safe and healthy food. However, there still400will continue to be a large segment of the F that M is A produced M J Jin larger-scale A S O N D nation’sJ food livestock and dairy farms and processed to be 25 J F M A M J J A S O N D distributed to larger retail food stores.

25

(dollars per bushel)

— 2019 — 2020

2020 25 2019 22

$82.89

19 16

A M $51.71 J J A M J J A M J J

M M M

13

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

Minimum prices, class 1 milk Dollars per hundredweight

— 2019 — 2020 25 22

$16.38

19 16 13 10

$13.87 J

F

20 252020 16 2019 22 12 19 8 16 4 13 0 J 10 J

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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 • JUNE 2020 • 21

10

J

Construction/Real Estate Residential building permits Mankato

Commercial building permits Mankato

60000

60000

50000

50000

40000

40000

30000

30000

20000

20000

10000

10000

- 2019 - 2020 (in millions) $4,503,667 $5,486,963

0

J

F

M

A

M

J

J

- 2019 - 2020 (in millions)

A

S

O

N

J

F

M

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

- 2019 - 2020 (in thousands)

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S

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N

D

- 2019 - 2020 (in thousands)

$164,900 $177,900

200

104 123

180

M

Median home sale price: Mankato region 250

300 240

A

Source: City of Mankato

Existing home sales: Mankato region

150 100

120

50

60

0 J

F

M

A

M

J

J

A

S

O

N

J

D

Source: Realtors Association of Southern Minnesota

F

M

A

J

J

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S

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N

D

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

Housing starts: Mankato/North Mankato

— 2019 — 2020

- 2019 - 2020

5.5

26

40

5.0

35

32

4.1%

4.5

M

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

24

4.0

3.4%

3.5 3.0

$3,563,731

0

D

Source: City of Mankato

0

$1,277,939

16 8

J

F

M

A

M

J

J

A

S

O

Source: Freddie Mac

N

D

0

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F

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A

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D

Source: Cities of Mankato/North Mankato

We drive the same roads, drink the same water, and

LIVE IN THE SAME COMMUNITIES AS YOU.

Read us online!

Bolton-Menk.com

22 • JUNE 2020 • MN Valley Business

Gas Prices 5

Gas prices-Mankato

— 2019 — 2020

54 43

$2.62

32 21 10 0

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F

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A

M

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F

M

A

M

$1.69

$35.50

-1.3%

Ameriprise

$114.05

$124.09

+8.8%

Best Buy

$66.53

$78.77

+18.4%

Brookfield Property

$13.46

$13.60

+1.0%

Crown Cork & Seal

$60.61

$61.60

+1.6%

N

D

Consolidated Comm.

$5.56

$5.55

-0.2%

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J

A

S

O

N

D

Fastenal

$32.37

$39.41

+21.7%

General Mills

$56.81

$60.67

+6.8%

Itron

$60.41

61.25

+1.4%

Johnson Outdoors

$61.10

$68.27

+11.7%

3M

$145.92

$146.42

+0.3%

Target

$103.76

$119.65

+15.3%

U.S. Bancorp

$36.61

$33.52

-8.4%

Winland

$0.63

$0.69

+9.5%

Xcel

$64.82

$59.84

-7.7%

— 2019 — 2020

$1.69

M

$35.96

O

32

F

Archer Daniels

S

$2.69

J

Percent change

A

54

10

May 11

J

5

21

April 13

J

Gas prices-Minnesota

43

Stocks of local interest

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0Source: GasBuddy.com J F M A

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C. Sankey

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C. Sankey

MN Valley Business • JUNE 2020 • 23

Minnesota Business Updates

■

Sales processed through the company’s ecommerce site, Fastenal.com, hit a new record for the website as they reached 10% of total sales for the first time in March, CEO Dan Florness said on an April 14 conference call with investment analysts. For the full first quarter ended March 31, Florness added that sales on Fastenal. com were nearly 10% of total sales, or more than $130 million.

But when factoring in other sales that Fastenal also considers ecommerce, including sales through its internet-connected vending machines at customer locations and vendor-managed inventory programs, Fastenal figures ecommerce sales are now at 35% of total sales, or $478.45 million, in the first quarter.

■ Consolidated moves to profit Consolidated Communications reported a sharply higher net profit, thanks to continued debt reduction and cost structure improvements, as well as revenue growth within data-transport and broadband services.

CEO Bob Udell said the year started strongly and that the company is effectively managing the substantial increase in service orders and bandwidth upgrades.

Revenues for the quarter fell 3.8 percent from the year before to $325.7 million but the net profit rose to $15.6 million from a loss of $7.2 million. Adjusted EBITDA went higher to $131.6 million from $130.3 million and the total net debt to last 12-month adjusted EBITDA ratio improved to 4.23x, with the company devoting almost all of its free cash flow towards $43 million in debt reduction for the quarter.

■ General Mills demand jumps The COVID-19 pandemic has driven the U.S. economy into a swift, steep downturn, damaging thousands of businesses and pushing 30 million people out of their jobs. But for Golden Valleybased General Mills, it has led to skyrocketing demand for its products and an extreme test for 40,000 workers around the world.

“Now is a time when people are depending on us more than ever,” Jeff Harmening, the company’s chief

■ Fastenal soars Fastenal Co., a w h o l e s a l e distributor of industrial and construction supplies, reported solid first-quarter increases of more than 20% in ecommerce. Plus, overall safety product sales helped drive a 4.4% increase in total sales to $1.37 billion.

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major March Industry 2019 2020 Construction Manufacturing Retail Services Total*

176 149 39 132 496

Local non-farm jobs Percent change ‘19-’20

660 1,735 1,213 5,514 9,122

3500

126,963

2800

+275.0% +1.064% +3.010% +4.077% +1,740%

126000

2100 1400

113000

700 100000

Minnesota initial unemployment claims

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Minnesota Local non-farm jobs

Major Industry 139000 139000

2019

2020

Percent change ‘19-’20

Construction 126000 126000 Manufacturing Retail 113000 Services 113000 Total*

3,688 1,575 867 3,613 9,293

17,499 22,333 32,203 152,902 224,936

+375.0% +1,317% +3,614% +4,132% +5,960%

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24 • JUNE 2020 • MN Valley Business

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executive, told the Star Tribune.

In North America, where it makes most of its $17 billion in annual sales, General Mills’ factories have been running flat out for months. The company’s Progresso soups, Gold Medal flours and Betty Crocker and Pillsbury baking mixes at times have sold out in stores. Cereals like Cheerios and Lucky Charms are selling at multiples of their normal levels.

By case volume, production is running 10 to 20% higher at each of its 26 domestic plants.

■ Oak Park eyes Xcel site Xcel Energy Inc. plans to shut down its Allen S. King power plant in Oak Park Heights in 2028. After that the 170-acre site could become almost anything, and local officials have begun laying the groundwork for its future.

The Pioneer Press reports the City Council has formed a committee to explore possibilities for the site, which is located on the banks of the St. Croix River, just north of Andersen Corp. in Bayport. The panel includes representatives from state and local government, the 139000Club and St. Croix River Association, as well as Sierra from Xcel, Andersen and Union Pacific Railroad.

Xcel will still own the land after it shutters the plant.

126000 The company announced the shutdown last year (along with a separate plant in Becker) as part of a plan to exit coal power and rely more on renewable energy sources.

113000

■ ADM beats estimates Archer Daniels Midland Co. reported higher first-quarter earnings on gains in its nutrition unit and its business buying and processing soybeans and other seeds.

ADM reported earnings of $391 million, or 69 cents a share, up from $233 million, or 41 cents a share, a year earlier. The company said earnings after adjustments rose to 64 cents a share, while analysts polled by FactSet predicted 55 cents a share on that metric.

Revenue fell short of expectations, dropping to $14.97 139000 139000 from $15.3 billion in the first quarter last year. billion Amid the Covid-19 pandemic, the company is 126000around the globe with very minimal “operating 126000 disruptions,” said Chief Executive Juan Luciano.

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

MN Valley Business • JUNE 2020 • 25

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Sponsored by the Carl & Verna Schmidt Foundation

Start thinking bankruptcy now, not later

I

By Liz Weston | Nerdwallet

f you’ve lost your job or struggle to pay your debt, you may need to file for bankruptcy. If that’s the case, you should ignore some common financial advice and start thinking defensively.

The coronavirus pandemic that upended the economy is also expected to send unprecedented numbers of people and businesses to bankruptcy court. Millions are out of work, and economic disruptions could continue until a vaccine is widely available, something that may be more than a year away.

“I am gearing up for having a tsunami of new cases,” says Jenny Doling, a bankruptcy attorney in Palm Desert, California, who serves on the American Bankruptcy Institute’s Chapter 13 Advisor y Committee. “I think there will be a whole lot more people filing than what anyone’s ever seen before.”

If bankruptcy may be in your future, here’s what you need to know now.

Don’t wait to talk to an attorney People are usually advised to solve their debt problems on their own, if they can, or to consult a credit counselor, with bankruptcy as a last resort. But the people who come out of bankruptcy in the best shape tend to be the ones who got expert advice early, Doling says. You can get referrals from the National Association of Consumer Bankruptcy Attorneys, and the first meeting is typically free.

“If you even think that there’s a possibility that you’re going to be in debt trouble, or you’re not able to pay something, go get a free consultation before you make any kind of financial move,” Doling says.

That doesn’t mean you should rush to file, however, says John Rao, staff attorney for the National Consumer Law Center. Your situation could improve, or things could get much worse. Since Chapter 7 liquidation bankruptcies can only be filed every eight years, you’d want to file when you can erase the maximum amount of debt.

Don’t touch your retirement money

This is one piece of advice that predates the pandemic: It’s never been a good idea to raid your retirement funds. It’s a particularly bad idea if bankruptcy might be in your future.

The new coronavirus hardship withdrawals allow people to take up to $100,000 from their 401(k)s or individual retirement accounts without penalty or 26 • JUNE 2020 • MN Valley Business

mandatory withholding. The withdrawals are taxable, but people who can pay the money back within three years can amend their tax returns to get those taxes refunded.

But few people in financial crisis now will be able to pay the money back, Doling predicts. More important, money in retirement funds is typically protected from creditors and so should not be used to pay debt that could be erased in bankruptcy, such as credit cards and medical bills.

Don’t let cash pile up

A cash buffer is important, but money in bank accounts can be seized to pay creditors. Your attorney will advise you about where to put extra cash. One option may be a Roth IRA. Any amount you contribute can be withdrawn tax-free at any time, and in the meantime it’s protected from creditors.

Don’t sell stuff

People are often advised to sell unneeded possessions to pay down what they owe. If bankruptcy’s in your future, though, check with an attorney first since the sale may be unnecessary or may be needed more later.

“After the bankruptcy, if you needed it to pay your rent, you could sell it,” Doling says.

Also, don’t give away assets, because a bankruptcy trustee — the person administering your bankruptcy case — could sue the recipient to get them back, says Kate Nicholson, a bankruptcy attorney in Cambridge, Massachusetts.

Don’t pass up forbearance options

Because of the crisis, many lenders are allowing borrowers to skip some payments. The usual advice is to take advantage of such forbearance only if you really need to, since the debt will still have to be repaid.

But credit card debt and most other unsecured debt would be erased in a Chapter 7 bankruptcy, which is the type most consumers file. Secured debt, such as mortgages and car loans, usually isn’t erased, but forbearance could help you save money for other necessities, including food, utilities — and paying your bankruptcy attorney. (A Chapter 7 filing typically costs about $1,500, with Chapter 13 filings running $3,000 and up.) “(Forbearance) is a great wait-and-see approach so that you’re not (paying) out-of-pocket right now,” Doling says. “You can see what’s going to happen with your job, with your spouse’s job, your situation.” MV

Sponsored by the Carl & Verna Schmidt Foundation

Make a financial recovery kit to rally faster after disaster

S

By Sean Pyles | NerdWallet

o far, 2020 has been a year of disruption for many Americans. Finances and lives have been upended by the mental, physical and economic impacts of the coronavirus pandemic. And now, another threat looms: storm and wildfire season.

Colorado State University predicts that we’ll have an “above average” Atlantic hurricane season, which begins in June. Tornado season has already begun and brought the deadliest outbreak in six years with a cluster of storms in mid-April. And the U.S. Forest Service says what once was a four-month wildfire season now stretches to six or eight months.

While you’re sticking close to home, take time to prepare your financial records and learn where to turn for help if natural disaster strikes.

Prepare for the worst

By preparing your important documents during a period of calm, you can get a jump-start on your recovery if a disaster hits.

“The sooner you start taking action, the better your outcome will be,” says Kate Bulger, director of business development at Money Management International, a nonprofit credit counseling agency.

“There is no benefit to waiting — ever.”

You can prepare thoroughly by using the Emergency Financial First Aid Kit as a guide. The kit was created by the Federal Emergency Management Agency and nonprofit Operation HOPE. It provides checklists and forms you’ll use to gather important materials, such as: n Household information: These details will help you prove identity and apply for FEMA disaster assistance. n Financial and legal documents: These also can help with applying for assistance and reestablishing financial accounts. n Medical information: Having these details will help your family get proper medical care. n Contacts: This ensures you have a way to reach important personal, financial and service provider contacts, such as insurance agents and benefits providers.

The information to gather is extensive, but you’ll be glad you did so if an emergency hits. And if you get tripped up along the way, Operation HOPE provides help at 888-388-4673.

Once you’ve pulled information together, make digital and physical copies to keep in secure locations.

Store physical documents securely, such as in a

fireproof and waterproof safe or safe deposit box; upload digital copies to secure cloud storage for remote access.

When disaster hits, know where to turn

No single governmental or nonprofit organization will be the key to your recovery; instead, you’ll likely have to tap several different sources.

“When you’re talking about trying to come back whole from losing your home, job or any kind of natural disaster, it’s really going to take a variety of sources to get you whole,” says Regine Webster, vice president at the nonprofit Center for Disaster Philanthropy. She recommends making use of aid from federal agencies, but notes that you’ll need assistance from other sources, too: “It’s going to be a quilt that comes together to help make you whole.”

Here are a few sources of aid in a disaster: n Government: FEMA and the Small Business Administration are two go-to government resources that offer aid and often work in conjunction with each other. Those who apply for FEMA assistance are often required to also apply for an SBA loan.

That’s right — even if you’re not a small-business owner, SBA loans are available to you, since this agency is the federal government’s primary source of funds for long-term rebuilding of private property damaged by disaster. You’re not obligated to accept the loan if you qualify, but you need to be mindful of these technicalities. n Direct assistance: This is the assistance typically provided by nonprofits, including the Red Cross. A free program called Project Porchlight, from Money Management International, can provide custom recovery plans and can help you maintain good standing with your creditors. n Community groups: Social media, such as Facebook and Nextdoor, can provide up-to-date information about local aid.

Be mindful of deadlines

Disasters can unfold in an instant; recovery can take months or years. To get through the hard moments, focus on long-term recovery goals. Develop a system to stay on top of deadlines for aid applications and pursue ways to rebound from any disaster-related debt you may accumulate.

“You’re going to have setbacks, and it can be hard,” says Bulger. “Just try to keep that momentum up.

Continue to apply for help and work on your recovery.

That momentum makes the difference between getting through recovery in a reasonable time frame and having the hardship linger.” MV

MN Valley Business • JUNE 2020 • 27

How Greater Mankato Growth, Inc. is Supporting Our Business Community During COVID-19 Created a COVID-19 Business Resources webpage filled with information regarding federal, state and local legislation, and blog posts with deeper insight and explanation of the Governor's Executive Orders and other aid programs. There is also a "Back to Business" toolkit to inform businesses on best practices for re-opening. Additionally, the page includes community resources and public health info to keep our members informed and prepared. >> greatermankato.com or for Agriculture-specific info >> greenseam.org (Homepage) Launched multiple social media campaigns to support and promote businesses during this uncertain time. We created a Facebook Group, "Greater Mankato Area Take Out, Delivery & Business Options" where any business in our area can share their updates to the community.

Visit Mankato launched a 12-day campaign to promote our community safely that included gift card giveaways to local establishments and published community promotion videos to raise awareness of what our community still has to offer during this time of change. Our next campaign, "Kato Coming Soon" will promote what the community has to look forward to as businesses start to re-open.

Created our own resources for the community through community partnerships like an interactive map of business options with the City of Mankato, populated from a livingspreadsheet with showing local business' info and offerings during this time. We've also been hosting informative webinars and virtual discussions with knowledgeable presenters to further inform and explain government programs and best practices. Another important part of our work is advocating for our business community with government leadership including conveying their concerns to the MN Chamber of Commerce and with Governor Walz himself.

Q1. 2020 Report Now Available!

greatermankato.com/publications 28 • JUNE 2020 • MN Valley Business

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Agriculture Presses on in Uncertain Times Dan Lemke, Spirited Communications on behalf of GreenSeam

A

dapting to conditions outside of their control is nothing new for people involved in agriculture.

Weather conditions, market uncertainty and government actions alter farm management decisions on a regular basis. Global pandemics, though, are uncharted territory.

“This is more disruptive than anything we could have possibly imagined,” says JoDee Haala, Director of Public Affairs for Sleepy Eye-based Christensen Farms.

The onset of the COVID-19 outbreak and resulting disruptions have impacted nearly every U.S. citizen.

Agriculture, deemed an essential industry, is not immune from those challenges. However, farmers and agribusinesses are committed to providing food for the nation and beyond, so they press on with spring field work and livestock care despite unprecedented challenges.

“If a time like this doesn’t prove to people that agriculture and feeding the world is our foundation and is extremely important, then I don’t know what would,” says Ashley Leivermann, Chief Human Resources Officer for Crystal Valley Cooperative. “I’m proud of the industry from the standpoint that it is resilient. Whatever the challenge is, we’ll adapt. We don’t have the option to not get the crop in the ground. We don’t have the option not to feed animals, because people and animals need to eat. It doesn’t matter there’s a COVID-19 outbreak going on or not, they need to eat.”

Minnesota’s livestock sector, an economic strength across southern Minnesota and northern Iowa because of prolific hog production, is facing drastic disruptions. Hog processing facilities in Minnesota, Iowa and South Dakota are shuttered because of COVID-19 outbreaks among plant workers. Markets for processed pork products like bacon are also in disarray because restaurants and food service venues are closed or offer takeout options only.

processing and no place to keep them.

Livestock producers are well versed in animal health management and animal agriculture leaders put an emphasis on keeping cattle, hogs, turkeys or chickens healthy. While farm worker safety is also a priority, dealing with a human disease that is disrupting the food chain is new territory.

“We’ve had to deal with animal diseases in the past, but when you have a disease that potentially impairs your workforce, that’s a different kettle of fish that requires many different actions on the part of players in the industry to figure out how to continue to operate,” explains Christensen Farms Vice President, Gary Koch.

“We’re in uncharted waters here.”

Soldiering On Despite stay at home orders and social distancing guidelines, agriculture activities press on in the adjusted reality. Farmers are diligently planting crops and livestock operators remain committed to feeding and caring for their animals. The coronavirus may be a new challenge, but dealing with adversity is part of the fabric of farming.

“So, not only is it a lack of a place to go with processed product, it’s also a lack of a place to go with live animals that are ready to enter the food supply chain,” Haala says. “The situation is unfathomable, especially when the need for safe, nutritious affordable food has never been greater.”

“The reality is that people need to eat, and there is no place in the world that has the geographic characteristics that southern Minnesota and the Midwest has,” Haala says. “There is absolutely no place better in the world to be growing food, both the crops that go on to feed people but also feed animals to supply the protein. What makes people get up and do that every single day? I think it’s just in their bones and it’s the fabric of who they are.”

Some hog farmers are faced with the need to try to find willing processors to take their animals in an already taxed system. The other unthinkable option is to cull otherwise healthy animals because there’s no place to take them for

Farmers are adapting to new safety practices, as are employers and employees in all aspects of agribusiness.

From factory workers and livestock managers, to sales representatives and fertilizer applicators, businesses are

30 • JUNE 2020 • MN Valley Business

striving to ensure worker safety. (Continued on next page) Healthy workers are stepping up to do their jobs to produce healthy food.

chain traffic jam, agriculture remains strong. Farmers are in the process of planting another crop, confident in the fact they’ll harvest a crop this fall.

“My opinion is that folks recognize what they do is important,” Koch contends. “This is an essential industry and we have the noble purpose of feeding the world.

Quite frankly, I think that is a motivating factor for people and it causes them to want to continue to come to work.

You’ve got a bunch of committed people in this essential industry who are trying to figure out how to keep the wheels on the car, and keep producing food so that the American people can have the assurance that that food will still be there every day. That’s the battle going on right now.”

“These times have not stopped this hope or motivation to plant new seeds,” Ziegler contends. “This industry is the foundation of our economy for as long as Minnesota and Iowa have been states. Looking into the future, it will remain to be the foundation of our economy. In times like this, agriculture remains a bright star and I am proud to have my career in agriculture.”

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Build your Brand; grow your business.

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Gain access cces to Member Exclusive help industry,” Ziegler “Agriculture has alwaysContent been a to humble grow your says. “Just because we business. are now labeled as essential does not change the passion people in this industry have.

There is a passion to produce cleaner energy such as ethanol. There is a passion to raise animals to nourish families near and far. There is a passion to care for the soil and work with whatever Mother Nature throws at yourfor employees us. There is aKeep passion finding solutions to grow more and retained nourish food.engaged Right now, more than with ever there is a passion access to our member to not let fellow Americans down byonly keeping food on your events and programs. table.

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“Agriculture is a pretty resilient industry,” Leivermann says. “Agriculture is regularly being faced with challenges that we need to figure out how to adapt and overcome.

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MN Valley Business • JUNE 2020 • 31 greatermankato.com/join

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BIG IDEAS CHALLENGE FINDS SUCCESS IN AN ONLINE FORMAT

T

he April 14, College of Business Big Ideas Challenge was one of many events around the world that transitioned to an online platform during this unprecedented time. That didn’t discourage community support for these young entrepreneurs. In fact, it was the largest Big Ideas Challenge attendance since its 2015 inception. Over 225 attendees logged in to support and vote for six entrepreneurial companies.

Lead sponsor of the event, Craig and Pat Lloyd of Lloyd Companies, were able to serve as judges from their Florida home this year. Craig is a ’72 alumnus of Minnesota State Mankato. Craig Martin was a judge from his home in Washington DC and several of the firstround judges were able to participate this year remotely. One first round judge and alumnus, from California, had never seen the final presentations and was so excited to be able to be part of the finale.

With moving this large-scale event to an online platform, every effort was made to make the event accessible – from captioning of all videos to an ASL interpreter for the event. It was educational for the community and students to see the accessibility efforts along with the entrepreneurship.

Congratulations Big Idea Challenge Winners Logan Sendle a Business Administration major, of LakeShore Potential, won First Place for $5000 and People’s Choice for an additional $2000. Logan has the opportunity to be part of the Minnesota Cup as a semi-finalist in the Youth Division and will compete for a $30,000 top prize in September, 2020.

For the first time in the Big Ideas Challenge history, the secondplace award went to two finalists. The judges determined that both finalists, Hearing Glasses and Csizmadia Lawn Care would be awarded the $2500 prize.

Agriculture/Food/Beverage Division prize of $3000, sponsored by All American Foods, was won by Jared Klingenberg of Downed Duck.

Our finalists are studying a wide variety of subjects, from Psychology, to Business Administration and Engineering. They range from freshmen to graduate students. Half of the finalist projects were new inventions and half were entrepreneurial ventures with a twist.

If not for the can-do attitude of our mentors, judges and finalists, this would not have been possible. When we asked them if they were up for going online with Big Ideas this year, they were resilient and up for anything – true entrepreneurs!

– Yvonne Cariveau, CIE Director

Congratulations to all finalist and winners! To learn more about the Big Ideas Challenge visit: cob.mnsu.edu/bic Follow the CIE

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_05-2020

MN Valley Business • JUNE 2020 • 33

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MN Valley Business • JUNE 2020 • 34