Minnesota Valley Business

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REALTORS

Photos by Pat Christman

FEATURES

May 2023 • Volume 15, Issue 8

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MN Valley Business honors 10 of the top Realtors in the area, who share some common traits that make them great at what they do, including hard work, knowledge of the market and being attentive to their clients’ needs.

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At Hope and Faith Floral Studio and Gifts, 23 West Main Street, Madelia, owner Ryan Visher said May is one of his store’s busiest months. He operates the business with chief floral designer Jen Kjelshus.

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The new Infusion Baking Company & Cafe on Lake Crystal’s Main Street is drawing fans who say owner Faye Nelson has a gift for making delicious baked goods including her crowd-favorite caramel pecan rolls.

MAGAZINE EDITOR Tim Krohn

DESIGNER Christina Sankey

COPY EDITOR Kathy Vos

CONTRIBUTING WRITERS Tim Krohn

Kent Thiesse

Harvey Mackay

Jane Turpin Moore

Nell Musolf

PHOTOGRAPHER Pat Christman

COVER PHOTO Pat Christman

ADVERTISING Sales Danny Creel

Jennifer Flowers

Jordan Greer-Friesz

Josh Zimmerman

Theresa Haefner

Tim Keech

ADVERTISING ASSISTANT Barb Wass

ADVERTISING

Christina Sankey

PUBLISHER Steve Jameson

EXECUTIVE EDITOR Joe Spear

n From the editor

By Joe Spear

Uncertainty winning the battle of predictability

Our economics professors warned us about the dangers of prediction even though their supply and demand charts worked out perfectly every time and arrived at a place of “equilibrium” where the world was perfect and Dorothy and Toto landed back in Kansas.

Well we’re not in Kansas anymore.

Billion dollar bank failures. Technology that aims to eliminate hard currency. Unpredictable predictors of weather and the higher risk of growing food. Off the chart migrations of bugs and people and pandemics where “when” is the operative word rather than “if.”

And on top of all that, rationality has been abducted by social media.

Welcome to the new world order in business.

In microeconomics they taught the simple cause and effect of price and demand. If more bread is demanded, the price will go up. The upper level courses dealt with caveats. The bread calculus is crippled if the big discount store makes the price of bread their loss leader.

That is the lesson of ceteris paribus, a Greek word that means “all other things being equal.”

The price of bread can go up if demand increases only if all other things remain equal.

And that is where the nuances began. Simple supply and demand doesn’t work when all other things are “not equal.” The big discount store defies the demand curve by making the prices of bread cheaper to lure the customers into their store to buy other things and gain more profit.

The lesson of ceteris paribus today is that the only thing that seems predictable today are there are more nuances, a higher

degree of complex nuances and our limited ability to quantify or measure those differences across many business models.

That things can be uncertain is no revelation to anyone who has to navigate today’s business world, but we might do well to rely less on cause and effect to a degree that can be risky and unhealthy to the bottom line.

Predictability was the next lesson. We can take the unpredictable nature of supply and demand in a given market if we collect data and put it through a regression equation that measures the influence of Action A - the number of times bread is discounted - by the Outcome Bthe price.

At this point we may get a beautiful computer generated calculation that says the price of bread goes up 10 cents the less it is sold at a discount. And your regression equation will tell you 75-80% of the price of bread can be explained by the rate of discounting.

What about the other 20 to 25% of the explanation? You’re on your own. And yes, we increasingly feel more on our own in the business world with the complexity of the real world around us.

And the unpredictable variables seem to be rising. Inflation. Interest rates. Environmental impact of all the things that keep us alive and healthy. Climate change. Water scarcity. All are daunting.

But there have been these kinds of problems in the past. Remember stagflation? Gone. Acid rain? Gone. Industrial dumping in rivers. Not allowed. Monopolies? Broken up in about 12 years from 1900 to 1912 where almost everyone running was on the “progressive ticket” headed

by Theodore Roosevelt, who, also by the way, gave us the beauty of national parks.

But monopolies seem to have emerged again, with little or no antitrust enforcement by the federal government.

Electric vehicles are becoming our solution to greenhouse gasses and climate change, as is solar energy. These are technologies many esteemed business leaders simply said would not work or were too expensive just a few years ago.

But someone has figured out how to make it work because they took the lesson that almost nothing is ceteris paribus and discounting bread raises all boats and reaps dividends.

n Local Business People/ Company News

Schmidtke completes training

Tiffany Schmidtke of Weichert Realtors Community Group in Mankato has completed the Weichert Real Estate Affiliates Fast Track training program. The training helps bring new and existing affiliated agents up to speed on the latest information, resources and technology available to real estate professionals.

Program participants learn best practices to get started in the real estate industry, find sellers, capture a buyer’s attention and list properties to sell quickly.

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Moore name director of sales

Courtyard by Marriott Hotel & Event Center in Mankato announced Brooke Moore is the new Director of Sales, where she will oversee sales and marketing efforts.

In 2019 she was Complex Sales and Event Manager, earning certifications such as Marriott Certified Meeting and Wedding Planner.

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Weichert agents honored Weichert Community Group agents were honored by the national franchise organization for their outstanding real estate performance in 2022.

Stephanie Jacobson and Jackie Dawald Abr were honored for sales achievement based on gross commission income or units closed.

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ISG turns 50

ISG turns 50 years old in 2023.

The firm of over 500 multidisciplinary professionals, ranging from architects and designers to engineers, technologists, marketers, and

project managers, now spans four states across the upper Midwest with 11 offices.

Throughout the year the company will host a series of local events to show appreciation for the communities, clients, partners, and employee owners who have supported them since 1973.

The company started with an idea in a family basement in Mankato, after which Gene Isakson and Ken Surprenant founded the firm.

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Lime Valley honored

Lime Valley Advertising of Mankato received three Service Industry Advertising Awards for communication excellence. This is the nineteenth year that the SIAA has recognized Lime Valley’s creative accomplishments in advertising.

The SIAA is a national competition that honors service industry providers for their contribution to marketing and advertising.

Lime Valley received awards for the following:

Gold Award — Midwest Dairy, Dairy Promotion Update Redesign

Gold Award – KSMQ Public TV, Capital Campaign Casebook Design

Silver Award — CADA, 2021 Annual Report Design

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

n Business Commentary

By Harvey Mackay

Pale ink is better than the most retentive memory

Ihave often wondered if people are born with a photographic memory, or does it take time to develop?

While it’s said that one advantage of having a poor memory is that you find all jokes funny, memory for many is no laughing matter. It’s serious stuff and can help you a great deal in business and in life. National Memory Day is every March 21.

As the world has developed, people have had to remember more with each passing generation. “Memory is the mother of all wisdom,” said Aeschylus, the ancient Greek who is often described as the father of tragedy.

You don’t have a poor memory. You either have a trained memory or an untrained memory. If your memory is a concern for you, the good news is that memory can be improved. You can learn to remember anything if you practice some retention techniques.

Studies show that 20 percent remember by hearing, so say things out loud. Forty percent remember by seeing, and the other 40 percent by doing, so write things down to prove to yourself that you know it.

But this isn’t anything new. Confucius said 2,500 years ago: “What I hear, I forget. What I see, I remember. What I do, I understand.”

Like most people, I forget 50 percent of what I hear within hours, so I have adopted many techniques to help me remember.

I can’t put it any better than Samuel Johnson, the English writer and poet, who said, “The true art of memory is the art of attention.” Rule number one: pay attention. If you are distracted when you are learning a new name or fact, you have to focus on the person or information in front of you.

How many times have I preached: Pale ink is better than the most retentive memory? Write things down, and just as important, remember where you put the information. I am constantly writing myself notes and leaving them where I can find them.

I also read my notes aloud because I’ve found that if I repeat the name or number, I will be able to pull the item to be remembered up from my subconscious and reinforce my memory. Repetition aids retention. I say things three times, so it is firmly fixed in my mind.

Name association is another tool I use. When I

meet someone and want to remember their name, I associate names with famous people. For example, if I meet a Michael, I think of Michael Jordan, Michael Jackson, Michael Douglas and so on. It also helps if I have a close friend with the same first name. Last names present a different challenge.

Remembering is easier when what we are trying to memorize or store away in our minds is related to something we already know. That’s why many memory methods urge us to try to associate something new with something we know very well.

Visualization is yet another tool. Anything you can visualize is always easier to remember. In memory training you are constantly associating or linking or connecting one thought with another. This quadruples your retention.

There are other ways that you can improve your memory other than these tricks I use. First, get plenty of rest and exercise. I’ve found that socializing and eating the right foods also helps. Anything you can do to reduce stress and minimize distractions is a benefit. The main thing is to keep your brain active. Exercise your brain so your memory doesn’t get flabby.

Remembering names, numbers and facts all comes down to desire. You must control the mind and make it do what you want it to do. Take time to realize the value of what you are trying to remember and reinforce it by reminding yourself that this memory can enrich your life.

Stop me if you’ve heard this one – or remember it – but here’s my favorite memory joke.

The Memory Card walks into a bar, spots a piano, sits down and starts playing some incredible music. After several songs, mostly original, the Memory Card gets up and the bar goes wild with cheers and applause.

The bar owner was so impressed that he ran up to the Memory Card and said, “Buddy, you were INCREDIBLE! If you come back tomorrow, I’ll split the night’s till with you!”

“No can do...” says the Memory Card. “I’m limited to one gig!”

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

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- Nelson Mandela

Brady was starting to lose hope in finding a job within the Mankato community. It wasn’t until he started working with Hannah Bo Dean from MRCI, that his hope was restored.

“Olive Garden general manger Courtney Apfelbacher and I designed a position for Brady,” explains Hannah. “Brady has a medical condition that made it difficult for Brady to find a job. Olive Garden was so kind to make Brady their professional silverware roller and he loves it. It also keeps him out of harm’s way with his medical condition. I am so proud of him,” says Hannah.

Courtney Apfelbacher says she hasn’t questioned even once, the choice to create an opportunity for Brady.

“Brady is an absolute joy to have in the restaurant.  His smile every morning is such a great thing to be welcomed by.  He makes it a point to say “Good Morning” to each team member he passes through the restaurant.  He is always so excited to tell everyone about his upcoming vacations or what he bought at the mall that week!  Brady is always so proud of the job that he does for us and he is always asking for new tasks or how he can help in other ways once his work for the morning is done.  We enjoy Brady around Olive Garden because he is an amazing human who loves to socialize and do a good job at his work!” she says.

Brady is thriving with his new understanding of the word “possible”. Thanks to Olive Garden he now knows it’s what he CAN do that matters.

“I love working at Olive Garden. Everyone is really nice and I don’t like missing days. I wish I could work more!” he says. “I really love making money because I have been saving up to go to Germany. I want to buy some t-shirts in Germany so people know I’ve been there.”

About MRCI

MRCI provides genuine opportunities for people with disabilities and disadvantages at home, at work and in the community. To become an employment partner, or for more information, please call 507-386-5600.

“It always seems impossible, until it’s done.”

Workplace Wellness: Pain treatment offers relief and hope

Research shows that up to 84 percent of Americans will experience low back pain at some point in their lives. Sometimes low back pain can be frequent, returning often, or become chronic which means the pain persists for 3 months or more.

According to the Health Policy Institute, 16 million American adults live with chronic back pain. Even in jobs that are not physically demanding, back pain is debilitating, leading to missed workdays and unproductive workdays. Back pain is also the leading cause of disability worldwide.

At the Mankato Clinic Pain Management Center, we understand that back pain impacts people’s lives in so many ways – their family, career, relationships, home, health, sleep, physical activity – everything.

Common causes of lower back pain are excessive physical efforts such as twisting and lifting improperly, pushing, turning, holding and carrying. For those who work at desks or on production lines, improper ergonomics and posture along with repetitive motions can cause pain.

Many people suffer from neck pain. Usually, neck pain is musclerelated. Muscle tension, cramps and strains can all cause discomfort. You may have heard of “tech neck,” which is pain that comes from holding one’s neck still for long periods while using phones, tablets and computers. The result is neck and shoulder pain, stiffness, soreness and even

headaches.

Neck and back pain can also be caused by compression of the spinal nerves. Herniated discs, osteoarthritis and spinal fractures can press against the nerves and reduce the space around the spinal nerves.

People with chronic back or neck pain can benefit from pain management treatments. Pain specialists strive to limit or avoid patient dependence on medications, including opioids, and extreme surgeries.

Treating chronic pain begins with a very thorough history, physical exam and diagnostic imaging studies to pinpoint the cause of the pain. Each patient is unique and what works for one patient may not work for another patient even if the pain is coming from the same place.

Once we identify the root of the pain, we recommend an individualized treatment plan based on many factors including age, condition, medical history and previous treatments. We usually begin with non-invasive treatments, such as physical therapy, activity modification and non-opioid medications. If these treatments do not relieve pain, there is a wide range of minimally invasive therapies such as cortisone injection therapy.

Many patients find relief from low back pain with these injections. With fluoroscopy/x-ray guidance, injections are precisely placed in the pain origin.

Ifechi Anyadioha, MD Mankato Clinic Pain Management Center Madison

East Center, Mankato 507-625-7246

Some insurance plans require a referral. Talk with your primary care provider about the Pain Management Center.

Treating pain takes an all-in approach. A treatment plan may also include behavioral health therapy, physical therapy, occupational therapy, alternative medicine such as massage therapy, lifestyle changes and medication management.

When chronic pain is not addressed or managed, it can progress and become permanent, hard to control and quite disabling. Early treatment is key. Pain management helps people restore function, relieve pain and renew hope.

Top Realtors

Champions of connecting buyers and sellers

By Tim Krohn | Photos by Pat Christman

There are a lot of different measurements for what makes a top Realtor.

But those real estate agents who have a trackrecord of success have many things in common.

This month, Minnesota Valley Business features 10 of the best Realtors in the region.

“My opinion is that our business is built on relationships and not just transactions,” said another top Realtor.

Cover Story

There is no way to make a definitive list of the “best,” but those featured here all have the respect of other agents in the business, as well as from past clients who have seen them at work.

The agents featured all have decades of experience, with some approaching 50 years of longevity in the business.

And all cite similar qualities they believe have made them good Realtors.

“Enjoying what I do and enjoying helping customers with buying and selling real estate,” said one.

“As a Broker/Realtor, I connect and relate to many people from all walks of life and where they are in their journey,” another said.

Realtors have seen many changes in their industry, but all say the wave of new technologies is the biggest.

While they once had to wait weeks to get a printed list of homes newly listed, the information is now available instantly. And buyers and sellers have access to huge amounts of information they can use when listing their home or looking at homes for sale.

But all also agree one element is required to be a long-term success in real estate:

“I think you do what you love,” one Realtor said in summing up the passion the agents have for their job. MV

Sonja Zoet

The Zoet Group – True Real Estate

How many years in the business: 13

Q: Give us a little bio of yourself, how and when and why you got into real estate?

I started in real estate in South Florida in the early 2000s. I transitioned from a career in higher education student recruitment and retention. The two fields seem vastly different but actually have significant commonalities. Both professions allow for big conversations - future aspirations, goals and dreams.

Q: What have been the biggest changes in the business that you’ve seen over the years:

Technology has evolved so much in the past 10 years in regard to real estate platforms, social media, CRM systems, use of AI etc. Real estate professionals need to stay on top of advancements in order to provide the most value to their clients, and proficient understanding of the marketplace. Additionally, consumers - home buyers and sellers - are more educated than ever.

Secondly the rise of the team structure within a brokerage has become more common than not in recent years.

Q: What do you think are the secrets to your success?

My education background and my focus on agent mentoring is the secret to my success. I It’s clear to me that mentoring provides opportunity for collaboration, which in turn provides massive added value to clients. Our team The Zoet Group - True Real Estate is based on these fundamentals.

Q: How have higher prices, rising interest and low stock changed the landscape and how you approach your job?

I always reiterate to buyers that no matter what the interest rate is, the main point is to stay within the comfortable range for monthly payment. When interest rates are higher then of course an accessible price range would be lower. With rising prices buyers are expanding their search geographically to include adjacent towns with lower average home prices.

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

It’s important to understand that not all agents are equal regarding the guidance they can provide. I would recommend speaking with multiple agents to understand contrasting experience, industry knowledge, availability, work ethic, and creative ideas regarding approach.

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

I find that buyers underestimate the cost of ongoing expenses relating to home ownership. Some expenses are ongoing and some are unpredictable, so this needs to be kept in mind when making a decision. Sellers overestimate the value improvement projects will have on their home valuation. It’s a great idea to consult with your preferred agent to understand how significantly certain projects will ultimately impact home value. The ratio is most typically dollar to dollar.

Q: What would people be surprised to know about you?

People seem surprised that I grew up here but lived away for 25 years. During my time away I lived in different states (Florida and the Carolinas) and different countries (Japan and India). I love to travel in general and am always up for an adventure.

Jason Beal

JBeal Real Estate Group

How many years in the business: 25 Years

Q: Give us a little bio of yourself, how and when and why you got into real estate?

I was born and raised in the Mankato area, I went to MSU and received a degree in Corporate Finance. A friend of mine introduced me to real estate and I have never looked back! I started JBeal Real Estate Group in the spring of 2002 and my father was my first agent. I knew then that I loved working with a variety of people everyday.

Q: What have been the biggest changes in the business that you’ve seen over the years: When I first started with real estate there was a lot of face to face interaction with the clients. We used to have house pictures developed at the photo stores and purchase agreements were only 1 page! Now there is a lot of information readily available on the internet and the process has become very electronic.

Q: What do you think are the secrets to your success?

I think that my secret is being a good listener and hearing what the client’s needs are. I am very educated in the real estate process as well as construction. I can really help people understand a home and what benefits or challenges may exist. I want them to be happy with the transaction.

Q: How have higher prices, rising interest and low stock changed the landscape and how you approach your job?

I have been selling for long enough that I have seen a variety of highs and lows in the real estate market. The real estate market is always changing. I pride myself in being educated on what is happening in the present and relay that to my client and their needs for buying or selling. Honest communication is essential!

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

There are a lot of people that have entered the real estate industry over the last few years. I think that buyers and sellers need to make sure the agent understands what they need and are able to assist them correctly through the process. Have they sold a property like this before? What is their experience? How do they market properties? How do they communicate (text, email,

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

One of the mistakes buyers make is formulating an opinion about a property without seeing it in person. Buyers tend to get hung up on new and pretty and sometimes that is not the best investment strategy. A house is a home but over time it is also an investment. I also think that sellers should take more time getting a property ready to show.

Q: What would people be surprised to know about you?

Most people may not know that I am serving my 5th term as the President of the Realtors Association of Southern Minnesota. I have been on the board for almost 21 years. This is due to my love of all things real estate related. I am a very family oriented person that works with my father Jim and my wife Shannon who are 2 wonderful agents. I like to get dirty with projects and swinging the hammer. In the early years, I wanted to know the trades and everything I could about how a house was built so I worked as a mason, framer, drywaller, did some mudding and taping, and shingling just to see how it was all done.

Judy Conroy

Remax Dynamic Agents in St. Peter/Mankato

How many years in the business: 22

Q: Give us a little bio of yourself, how and when and why you got into real estate? I have spent most of my life in St. Peter where I raised two children and now have two grandchildren who are also growing up in St. Peter. It was a bit by accident that I got into the real estate world as I took a basic real estate class in college and after it was done the instructor informed us that the hours would qualify for participants to take the state license exam. I found real estate intriguing and interesting so I went on to complete all the other classes and became a realtor and it’s been one of the best, most rewarding decisions I’ve ever made.

Q: What have been the biggest changes in the business that you’ve seen over the years:

I’ve seen many changes in the real estate industry but one of the biggest has been the advanced technology. Realtors used to have to wait about two weeks for the new MLS books to come out with all the new area listings....now we get them instantly. Where we used to have to call other agents to set up showings, now it’s all done electronically. It’s now amazing how you can be so much more productive and efficient

Q: What do you think are the secrets to your success?

I don’t think there are any big secrets to success. I think you do what you love, treat everyone fairly and honestly and be an advocate for your client every step of the way. Return calls, when you don’t know something, ask, and remember we are working for our clients and they deserve our absolute best.

Q: How have higher prices, rising interest, and low stock changed the landscape, and how do you approach your job?

Over my career I have seen so many market changes. Now with fluctuating interest rates and the low inventory of properties on the market, I feel I approach my job as I always have...putting clients first and making sure to communicate in a timely manner. If you delay in contacting a client about a new listing they could lose out as properties are still selling quickly. If you delay and interest rates rise before you get everything together it can cost your client a lot more in a monthly payment

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

Buyers and sellers should feel 100% comfortable with the agent they choose to work with and no questions should be off limits. Buyers should find out the experience of the agent and what areas they feel comfortable showing properties in. Sellers would also want to ask the level of experience and how will the agent determine the best listing price and what will they do to market the property and negotiate with all parties to achieve the best results.

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

I think sometimes people think the whole process of buying or selling a home is a lot easier than it is. There’s so much more than just looking at houses. For example, you have to make sure all the proper disclosures and paperwork are filled out properly, coordinate with appraisers, inspectors, lenders,and title companies. Buyers today need to prepare themselves that the process may take longer and they may lose out on a few properties due to the low inventory. However, my experience has taught me everything works out for the best in the end.....buyers do find the perfect house for them!

Q: What would people be surprised to know about you?

People may be surprised to know that prior to being in real estate I was at KRBI Radio (now The River 105.5) for over 20 years. Responsibilities grew over time and included writing and recording commercials, doing on air shifts, remote broadcasts, along with management responsibilities and selling advertising. It was a great career and I feel it was a great help when I decided to go into real estate.

Dick Norland

Midwest Realty & Mort. Co.

How many years in the business: 51

Q: Give us a little bio of yourself, how and when and why you got into real estate?

My father founded Midwest Realty & Mort. Co. and was a real estate broker. I have always had an interest in real estate and obtained a real estate license at a young age joining Midwest Realty & Mort. Co.

Q: What have been the biggest changes in the business that you’ve seen over the years:

When I started in real estate, there was very little cooperation among real estate companies.The forming of a multiple listing service really changed things with sharing information between real estate companies. More forms are used today. Technology has changed the way we work. The internet provides much more information for the public. It is more important than ever to have professional help when buying and selling a home.

Q: What do you think are the secrets to your success?

Enjoying what I do and enjoying helping customers with buying and selling real estate. I work hard to provide them excellent service. I strive to provide personalized advice for my buyers and sellers.

Q: How have higher prices, rising interest and low stock changed the landscape and how you approach your job?

The market is still dealing with multiple offers on some properties due to less inventory. Homebuyers need to make decisions more quickly. Interest rates are still historically reasonable, but higher than a year ago.

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

Homebuyers should ask what can make my offer to purchase more appealing for a home seller.

A home seller should also be asking what can I do to make my home more appealing to a homebuyer. A home seller also needs to price their home properly. A properly priced home will attract more showings and more potential bids. Another question would be, what makes you different from other Realtors?

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

Many are not prepared. Buyers need to be pre approved on financing and realistic on what they can afford. When making an offer, ask your Realtor to assist you in making your offer more attractive for a home seller. Sellers need to prepare their homes for sale, taking care of repairs, cleaning, removing clutter, etc. Sellers also need to be realistic on their asking price.

Q: What would people be surprised to know about you?

I obtained my real estate license at the age of 16. I enjoy family, genealogy, visiting historical homes, presidential libraries and National Parks.

Candee Deichman

CENTURY 21 Atwood

How many years in the business: 9

Q: Give us a little bio of yourself, how and when and why you got into real estate?

I was born and raised in Randolph, WI and moved to MN in 1987. I’ve been happily married to my husband, Mark Deichman, for 24 years, and we have three amazing boys named Carter, Carson, and Corbin, ages 22, 20, and 15. In my free time, I love being active and enjoy hiking, biking, playing pickleball, kayaking, and spending time at the cabin.

Real estate has always been a part of my life, as my husband is a custom home builder. Once my boys went back to school in 2014, I decided to pursue my real estate license and haven’t looked back since.

Q: What have been the biggest changes in the business that you’ve seen over the years:

One of the most significant changes has been the rise of online real estate marketplaces. Platforms such as Zillow, Redfin, and Realtor.com, have revolutionized the way people buy and sell properties. Buyers and sellers can now easily access information about properties which has really revolutionized the real estate industry.

Another big change that I’ve seen is the shift towards smaller and more sustainable homes.

In addition, I’ve seen a lot of interest in homes with energy-efficient features, such as solar panels, smart thermostats, and energy-saving appliances.

Q: What do you think are the secrets to your success?

First and foremost, it takes a lot of hard work, dedication, and a strong work ethic to make it in this industry. I’m always willing to go above and beyond for my clients to ensure that their real estate goals are met.

Communication and networking are also essential skills for real estate agents. I prioritize building trust with my clients and providing them with valuable guidance and support throughout the buying or selling process.

Being adaptable and able to pivot my strategies as needed has also been important in my success as a real estate agent.

Above all, I’m passionate about the work I do as a real estate agent.

Q: How have higher prices, rising interest and low stock changed the landscape and how you approach your job?

One of the most important aspects of my career in the current market is educating potential clients about the local real estate market. I make sure to provide them with the most current and accurate information about the state of the market, as well as how it compares to national trends.

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

Buyers and sellers should be asking about the local market conditions, the agent’s experience, and track record, and how many homes they’ve sold in the price range the client needs. It’s important to interview or at least ask questions about an agent before working with them. Communication is key in any real estate transaction.

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

Examples for buyers include underestimating the time to find the right property, not factoring in all costs, and focusing too much on aesthetics. For sellers, mistakes include overpricing, failing to disclose issues, and not preparing the home for sale.

Q: What would people be surprised to know about you?

I was an arm wrestling champion in my younger years, I even have trophies to prove it!

Rebecca Thate

RE/MAX Advantage Plus

How many years in the business: 20

Q: Give us a little bio of yourself, how and when and why you got into real estate?

I am the proud mother of 2 children. I love great food, golf, sunshine, music and traveling. I was in my mid-twenties when I decided to venture out on my own in the business world. I was working as a designer helping my dad’s start-up at the time. During a visit from family from Austin, TX, I learned from my aunt that all of these skills and interests come together in Real Estate. It took time for me to save up the courage and finances to go out on my own but it was the best decision I made. I love what I do.

Q: What have been the biggest changes in the business that you’ve seen over the years:

The biggest change I’ve noticed over the years has been in the technologies available to market participants and the impact of this technology upon buyer and seller psychology. The sophistication of the tools, the quality and quantity of data, and the availability of records are now at the fingertips of consumers. When a prospective buyer enters a property or home it is now their “second’’ showing. The first showing now occurs online when making the decision to schedule an appointment. The occasional “drive by and see the sign” encounters still occur but with less frequency. Also, the process of making offers and the overall administration has shifted a fair bit. Most of it is now electronic - right down to the signatures. The second biggest shift has been in the psychology of the seller and buyer. Consumers think differently now about properties precisely because the viewing of properties is different than it was twenty years ago.

Q: What do you think are the secrets to your success?

My keys are developing strong relationships and listening to each client. Buying and selling a home is more often than not a stressful time. Significant amounts of money is changing hands. It is important to understand motivations, needs, and non-negotiables in such circumstances.

Q: How have higher prices, rising interest, and low stock changed the landscape and how you approach your job?

Depending on the market situation and client, more aggressive approaches and terms, more patience, some pivoting, and increased creativity are necessary.

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

What is happening in the market? How will it impact their goals? What time lines should they expect? What challenges can be forecast? What solutions can they propose to such foreseeable challenges? What is the total cost of sale? Which terms are flexible?

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

Buyers and sellers tend to be under-educated on financing options and different loan Buyers and sellers can also be unprepared for the varying predictable challenges that will likely arise. Having creative options for flexibility and pre-established pivot strategies is a secret weapon in the buying and selling of a home.

There is a great deal of information available to buyers and sellers. Not all information is equal. The most common research errors I’ve noticed tend to result from non specified searches and faulty comps with their local market.

Q: What would people be surprised to know about you?

I am an adventurer. When I was seventeen, I had enough credits to graduate early, so I moved to Venezuela. A former youth group volunteer was looking for a teacher’s assistant in art and photography, so I went to work for her. I lived in Venezuela for four months in a small village in the mountains.

Jen True

True Real Estate

How many years in the business: 22

Q: Give us a little bio of yourself, how and when and why you got into real estate? Born and raised in the Mankato area. Being home with my two sons was a top priority for me when they were young, so for 6 years, I chose to stay home and became a licensed daycare provider. From there, I thought real estate would offer us flexibility, but little did I realize it was quite the opposite back then. I had to be in the office in the morning and afternoons to get business for the nights and weekends. It was definitely a juggling act but after a while, things began to click.

Q: What have been the biggest changes in the business that you’ve seen over the years:

Technology. Virtual tours for clients via zoom and facetime. During the pandemic, many homes were sold without the client setting foot in the property until the closing date. With so much work done remotely and virtually, many brick-andmortar real estate offices are downsizing and offering flex workstations. Private agent offices are becoming less common as agents often meet their clients in person for showings but draft the paperwork online.

Q: What do you think are the secrets to your success?

Mindset and perseverance. I make decisions quickly and go with my gut, and I take every opportunity to learn from the mistakes I’ve made when I didn’t listen to my gut. Finding a mentor as well as being a mentor. As a Broker/Realtor, I connect and relate to many people from all walks of life and where they are in their journey. Always help others and teach them what I know and I try to be open-minded to change and growth.

Q: How have higher prices, rising interest, and low stock changed the landscape, and how do you approach your job?

In today’s market, many buyers are unprepared for how challenging it can be to win the chosen offer. I use the word chosen because it doesn’t always come down to the highest price, as there are many facets to the offer. The need to be aggressive in pricing and negotiating is an understatement. Period.

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

How experienced are you in negotiating multiple offers? Are you a full-time or part-time agent? What is your marketing platform? Do you think professional photography is important? The answer should be YES!

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

They need to visit with their lender and have their financing all ready to go at a moment’s notice. Thanks to the media and the internet, I have found that buyers and sellers are ready now more than ever when coming into the process. The clients I work with are prepared because I do not sugarcoat this market and what it takes to win in this market. You’ve got to get creative and be aggressive.

Q: What would people be surprised to know about you?

I’ve ridden horses since I could walk. I can yodel and carry a tune.

Karla Van Eman

Broker/owner American Way Realty

Years in business: 47 years

Q. Bio and when and why you got into real estate?

I grew up on a farm in St. James where I learned the value of hard work and organization. I graduated from MSU with a BA in elementary education. I taught elementary grades in Good Thunder. When enrollment dropped, I obtained my real estate license. Being a woman in real estate was fairly uncommon at the time, so I am proud to say I was the first woman President of our local Realtors

Q. What have been the biggest changes in the business that you’ve seen over the years?

The biggest changes involve technology, the internet and social media. When I started in real estate we didn’t even have cell phones! I was one of the first agents to have a car phone mounted in my vehicle. The Multiple Listing Service came into play and changed how the agents were able to cooperate with each other. Then came all the internet sites where the public had access to much more information about properties for sale.

Q. What do you think are the secrets to your success?

I sincerely enjoy helping people with their housing needs by providing guidance and expertise in the real estate market. I am very blessed to work with agents in my office who are always willing to help out if needed and our staff is superior in customer service. My goal is always to make each client feel like they are the most important client I have.

Q. How have higher prices, rising interest and low stock changed the landscape and how you approach your job?

A home purchase is still one of the best investments you can make, so if you are ready, don’t wait for interest rates to drop. We actually have very reasonable interest rates right now considering that there have been times when interest rates were in the high teens. Supply and demand drives the prices and with the relatively low inventory on the market right now I find it really important to be sure my buyers are as prepared as possible to make an offer when they find a home that suits most of their needs. Sellers need to be aware of their competition and not price their homes too high.

Q. What are some of the key questions to ask real estate agents?

Since purchasing a home is most people’s biggest investment, people need to feel comfortable and trust their agent and have an agent who is super organized and can handle the details of the transaction and reduce some of the stress that goes along with moving. People should feel free to ask for references; ask about the agent’s experience; ask the agent if they have had additional training and accreditation beyond just having a real estate license; ask the agent how they will communicate with you - text, talk, email - and how often; ask if the agent will help you find information about previous sales.

Q. What things are buyers and sellers unprepared for or mistakes they make coming into the process?

For sellers, the biggest mistake is not being prepared for showings and overpricing their property. For buyers, mistakes include unrealistic expectations, not having a decent credit score, and not being properly pre-approved.

Q. What would people be surprised to know about you?

I used to help my father with our quarter horses and I raced competitively in stake and barrel racing. I also lived in Okinawa, Japan for 2 years and worked on a US air base where I managed a catering service - luckily, I did not do any of the cooking!

Mary Lyons Weller

Coldwell Banker River Valley, REALTORS

How many years in the business: 32

Q: Give us a little bio of yourself, how and when and why you got into real estate?

In 1990 I started my career in a small office with Paul Butzer as the broker & 2 other part time agents. At that time, I was working 3 jobs while also raising a family. Even while balancing work and family, I was instrumental in transforming “Butzer Realty’’ from 3 agents to as many as 25 agents. I quickly learned that real estate was the perfect fit for me because of my work ethic and I knew a lot of people as I came from a large family all born & raised in Mankato. I have endless amounts of energy & have always worked hard at anything I set my mind to!

Q: What have been the biggest changes in the business that you’ve seen over the years:

Technology (by far) has been the best thing that could have ever happened to the way real estate is transferred from one owner to another!

Q: What do you think are the secrets to your success?

The way in which I interact with my clients – they get & deserve every bit of my attention. I am a simple, small-town gal, but I’ve always been a people person. I believe that my strong work ethic & willingness to go the extra mile are evident in my production, year over year.

Q: How have higher prices, rising interest and low stock changed the landscape and how you approach your job?

Over the years, the price of homes has continued to increase, but it still proves to be a very lucrative investment to make for many. The interest rates are all relative as historically we are still seeing some of the lowest housing rates in the market.

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

SELLERS – “What offering strategy do you recommend?”

BUYERS – “Is this home well priced for our current market conditions?”

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

I think the biggest mistake is not listening to the expertise & guidance from their real estate agent.

SELLERS need to take the necessary time preparing all areas of their home prior to listing & to look at their home from a buyers perspective, viewing the home for the first time.

BUYERS need to be prepared & aligned with a reputable financer with full preapproval in place prior to making an offer on a home. There is a lot of competition out there, many of which are cash buyers these days!

Q: What would people be surprised to know about you?

The majority of agents typically move at least once, if not twice, to different offices over the course of their career. I started with Butzer Realty in 1990 & have never switched. It was in 2004 when I purchased the Coldwell Banker franchise with Karla Haley Malone & changed the name to Coldwell Banker Welcome Home Realty. On Dec. 1 of this last year we merged our company with the Olson family & are now part of a much larger Coldwell Banker affiliateColdwell Banker River Valley, REALTORS.

Dan Wingert

NuStar Realty

How many years in the business: 50 years

Q: Give us a little bio of yourself, how and when and why you got into real estate?

Chuck Atwood of Atwood Realty hired me. I was a teacher at the time. I was interested in helping people find their home and the challenge of getting them their home.

Q: What have been the biggest changes in the business that you’ve seen over the years: The number of agents in the marketplace.

Q: What do you think are the secrets to your success? It’s a secret!

Q: How have higher prices, rising interest and low stock changed the landscape and how you approach your job? What we are going through right now is the normal eb and flow of the real estate market.

Q: What are some of the key questions buyers and sellers should be asking real estate agents?

I think buyers should ask questions about lenders, title companies, home inspectors, and insurance options. Sellers should ask what realtors recommend they do to put their home in the best place to be sold. Things like staging, painting touch ups, lawn work, and decluttering.

Q: What things are buyers and sellers unprepared for or mistakes they make coming into the process?

Buyers should be pre-approved by their lender first. Buyers should also take their time, get their options together, and not rush into anything. I also recommend they do not write “buyer love letters” about the home to a seller.

Q: What would people be surprised to know about you? I was a band teacher and driver’s ed instructor.

Hope and Faith

Floral

By Nell Musolf

With the much-welcomed arrival of spring, not only has warmer weather finally come back to our area, but also the time to start celebrating.

May marks a month of special events including Mother’s Day, proms, the start of the summer wedding season and college graduations.

Many people acknowledge those events by sending flowers. No one knows

that better than the people who work at floral shops.

At Hope and Faith Floral Studio and Gifts, 23 West Main Street, Madelia, owner Ryan Visher said May is one of his store’s busiest months.

HOPE & FAITH

FLORAL & GIFTS

23 West Main Street, Madelia 507-642-8967

hopeandfaithfloral.com Facebook: Hope & Faith Floral & Gifts.

“Hands down Mother’s Day is our busiest holiday. Valentine’s Day is also busy, but generally speaking people have only one sweetheart. Moms tend to have several kids

Ryan Visher owner of Faith and Hope Floral & Gifts, with chief floral designer Jen Kjelshus keep especially busy in May.

Photos by Pat Christman

which means more flowers are being sent.”

May is also prom time for area high school students. While prom used to mean a relatively simple corsage, the world has changed. Visher and his chief floral designer, Jen Kjelshus, said that young people attending proms these days are very aware of what is fashionable for the big night and very specific about how they want to look.

“It’s not only flowers, but also the jewelry they wear as well,” Kjelshus said. “The girls want things to match their dresses — flowers, bracelets — everything has to be just right. A lot of the parents get involved too and they enjoy it as much as their daughters.”

Fortunately Hope and Faith offers a wide variety of accessories to help make prom night shine. Customers can browse among necklaces, hair accessories, bracelets and other sparklers to enhance their outfit. And if all that shopping makes a shopper hungry, they can get something to satisfy their sweet tooth before heading home.

Upon entering the store, a large, loaded candy counter greets customers. It is there in the bake shop section where one can find treats such as muffins, cookies, fudge as well as 18 flavors of the Italian ice cream, gelato.

“This month our bench will return to outside our store,” Visher said. “It’s painted to look like a cow. We call it Mrs.

Moodelia and people like to sit on her and enjoy an ice cream while watching what’s happening on Main Street.”

Hope and Faith Floral and Gift Shop has come back strong after the 2016 fire that destroyed it and many other stores on Madelia’s Main Street. Visher said the fact that the community has worked together to rebuild is one of the main reasons the downtown is

Jen Kjelshus helsp customer Christ Arduser with a flower order.

thriving, possibly even more than prior to the fire.

A destination

“I think Madelia is becoming a destination community,” Visher said. “So many people come to eat at La Plaza Fiesta and not just from Madelia but from the towns around us and really from everywhere. We’ve also reopened the movie theater down the street. Most of our businesses are owned by local people and that makes a big difference. We’re invested in the community, and it shows. We are a very supportive community, and we care about each other. That also shows.”

Visher, who in addition to owning Hope and Faith serves as Madelia’s fire chief, opened his first floral shop in the Milwaukee area and named it after his two daughters using their middle names, Sidney Hope and Riley Faith. Visher returned to his hometown 18 years ago to be closer to his parents and decided to move his floral store along with him, keeping the name the same.

Kjelshus joined him nine years ago. Kjelshus previously worked as a hairstylist, a profession not as far removed from floral design as one might think.

“Flowers or hair — they’re both creative endeavors. I like to make sure arrangements look good before leaving the store. I was the same way with hairstyles,” Kjelshus said.

Since Hope and Faith sells

items ranging from jewelry to candles to women’s clothing, items typically sought more by women than men, Kjelshus assists Visher on buying trips, primarily to Minneapolis but also to places like Atlanta, searching for items they feel their customers will like.

“That is where I really count on Jen,” Visher said. “I don’t know what women want to wear or what they’ll like. Jen does. We offer clothes in all sizes and thanks to Jen they’re flattering and comfortable. The same with gift items. Jen knows what women like and what they want to buy.”

Visher tries to buy Minnesotamade products to sell in his store whenever possible. The store recently added an engraver to give gifts a one of a kind panache.

As the floral designer and merchandiser, Kjelshus likes the variety her job offers. “Every day is different. It all depends on what kind of merchandise arrives and then we have to figure out what to do with it. It makes my life interesting.”

The store gets most of its flowers from Len Busch Roses, a wholesaler floral dealer based in Plymouth, Minnesota. Len Busch Roses has an environmentally friendly greenhouse that keeps an amazing number of flowers blooming year-round, not an easy feat in the Upper Midwest.

“I like to say our flowers are 3,000 miles fresher since we get them from Len Busch which is a lot closer than South America

Spring events, including Mother’s Day and graduations, bring a lot of people into the flower shop.

where many places get flowers from,” Visher said.

Hope and Faith Floral and Gifts was enjoying being back on its feet when March 2020 hit and everything shut down once again.

“Selling tomato plants kept us going during Covid,” Visher said. “We sold them through five different websites. It was a tough time for businesses everywhere, but we kept at it and made it through. Now I think everyone is hoping for a nice long stretch of quiet where nothing happens.”

Lindsey Rice is one of the nine employees working for Hope and Floral. She’s been with the store for about a year. Seeing customers come in and find a treasure is a highlight of working at the store for her.

“I love it when people come in and are looking for a gift or something for themselves and leave with a smile on their faces. I really do think we have something for everyone. We have flowers and birthday gifts and wedding gifts — people can find a present here for every occasion,” Rice said.

Infusion Baking

Bringing sweetness back

By Jane Turpin Moore

Photos by Pat Christman

Walk into Infusion Baking Company for a delectable cream cheesefrosted cinnamon roll or chocolatetopped donut; you might just stay for the hot beef commercial.

And why not pick up a strawberry cheesecake muffin for the road? After all, everything proprietress Faye Nelson concocts is decidedly delicious. If you’re like most customers who’ve tried Lake Crystal’s newest bakery/cafe, you’ll soon be addicted to Nelson’s edible fare.

manager for Monarch Healthcare Management in the small community roughly 12 miles west of Mankato on Highway 60.

“I’ve tried a number of things—and they’re all good—but you can never go wrong with the caramel rolls.”

118 S. Main St., Lake Crystal Tues.-Fri. 7 a.m. to 6 p.m., Sat. 8 a.m. to 2 p.m. 507-726-2060

infusionbakingco@gmail.com

On a recent weekday noon hour, the busy R.N. and mother of four stopped at Infusion to grab a fresh chicken caesar wrap, a pink Starburst-flavored Lotus tea and a cowboy cookie to boot.

“Her caramel rolls are to die for,” attested Jill Antony, a local resident and clinical nurse

“The Lotus teas are light and refreshing and provide a nice little healthy pop of energy,” said Antony, complimenting the

Faye Nelson opened Infusion Baking Co. & Cafe in Lake Crystal in January.

fruity caffeine-infused sparkling tea Nelson stocks.

Of course, coffee is always available to accompany Infusion Baking’s wide variety of mouthwatering baked goods.

New business, old favorites

Since opening Infusion Baking Company and Cafe on Lake Crystal’s Main Street at the start of January, Nelson has been baking and brewing as quickly as she can to keep up with a steady stream of customers.

“People were hungry for this,” said Nelson on a brief break from the dough.

“There isn’t another (freestanding) bakery in town and only a few other restaurants, so the demand has been hot — but Lake Crystal can be a harder market, where a lot of businesses don’t seem to make it long-term.”

Nelson, 48, has a slight head start. Having operated as a licensed cottage food producer since 2017 under the name “Desserts by Faye,” Nelson — a completely confident cook and caterer with three decades of food experience under her chef’s hat

— had become so busy with orders for cakes, pastries and more that opening a dedicated bakery and cafe seemed like a wise choice for her and her family, which includes her husband Jason and their two children.

“It wasn’t our home kitchen anymore; it was a work kitchen,” she laughed. “I had no more room at home.”

Basically, Nelson was cooking up a storm 40 hours a week while maintaining her full-time job as kitchen manager at North Mankato’s Birchwood Cottages. Taking the plunge to open Infusion seemed less intimidating since she’d already been balancing 80 hour work-weeks.

A year of planning accelerated once Nelson secured a rental contract for the space at 118 S. Main St. that most recently housed an Herbalife Nutrition business and, in earlier incarnations, a cafe and pizza place.

“This has been a long-time dream of mine,” said Nelson of Infusion Baking Company. “I could have told you 15 or 20 years ago what my ideal cafe would look like—something like a ‘50s

diner, with a black-and-white floor, red-and-white tile, chrome and seats at the bar.”

Though the building in which Infusion Baking Company functions doesn’t perfectly resemble Nelson’s vision, the food certainly does.

Food “to die for”

Much more a worker than a talker, Nelson nevertheless easily rattles off a tantalizing list of the food she’s offering at Infusion each Tuesday through Saturday.

Cakes, cupcakes, truffles, cookies and desserts, plus a rotating line of lunch and dinner options, all make the cut.

“Cinnamon rolls—including cream-cheese frosted, caramel and caramel pecan—are guaranteed daily,” said Nelson. “Those are my best sellers and always sell out.

“And I usually have donuts — maybe sugar, chocolate-frosted and some glazed — and there are always cookies in different flavors (think chocolate chip, peanut butter, cowboy, sugar, M & M — “too many to list”).

“A newer one is my coffee cake cookie; I can’t make those very

Carmel pecan rolls are one of the items offered daily and they always sell out.

often because I’d eat them all.”

Nelson has produced various desserts and pies—including strawberry cream cheese, banana cream and French silk, all of which were quickly snapped up by salivating customers.

Her berry-filled kolaches and turnovers have also proved

popular, and chocolate Irish cream cake around St. Patrick’s Day was another easy hit.

Scones — from scratch, natch — are often in stock, with an “endless list” of flavor combinations including, but not limited to, orange creme, maple pecan and white chocolate

raspberry.

“I might dabble in savory scones, too — like bacon and cheddar ones for breakfast, or any other time,” Nelson confided.

A cold case containing wraps, salads, croissant sandwiches, pasta salads and cold drinks are handy for lunch or on-the-go dinner pickups. Or settle in at one of the 32 available seats to enjoy a slow-cooked roast beef or hot turkey commercial (the rotating lunch special each Thursday), a grilled burger, chicken Kiev, chicken strips, breakfast sandwich or chicken Alfredo.

“She keeps trying new things and wants to expand,” says Jason Nelson, his wife’s enthusiastic taste-tester and possibly the biggest fan of her hot beef commercial.

“If I ate all her food, I’d blow up like a balloon. She’s always been a good cook — and I’m not a big sweets guy, which is good because if I were, I’d be in trouble.”

The Nelson family moved to Lake Crystal in 1998. Jason vouches for his wife’s admirable work ethic.

Infusion Baking Co. & Cafe is at 118 S. Main St. in Lake Crystal.

“She’s putting in lots of hours, but this has been a dream of hers for a long time,” he said.

Nelson’s formal employment in the food industry began when she was a 13-year-old server at a now-defunct drive-in, “Me and Mama’s,” in her native Sleepy Eye. She transitioned to cooking there by age 16 and the rest is history.

“And I cooked a lot with my grandma when I was growing up,” said Nelson, who was a big sister to two younger brothers. “It just comes naturally to me.”

Infusion Baking Company is drawing customers from not only Lake Crystal but also Mankato, Garden City, Vernon Center, Amboy and spots further afield like Sleepy Eye and LeSueur.

“I’m getting people from all over,” said Nelson, who regularly posts specials and tempting photos on Infusion Baking Company’s Facebook page.

But Infusion’s bread and butter will likely be faithful local customers like Antony.

“Our community is still getting used to having her here,” said

Antony, who frequents Infusion at least twice weekly and passes around Nelson’s goodies at her workplace to spread the sweet word.

Antony also praises Nelson’s responsiveness to customer requests; she offers low-carb and Keto diet accommodations when asked and makes a mean meat-

and-cheese tray, Antony mentions.

“You can tell everything is homemade and yes, with four busy kids I have definitely picked up food there for supper,” Antony continued.

“Infusion Baking Company is a great asset for Lake Crystal,” she added. “Nothing beats a smalltown bakery.” MV

Faye Nelson makes certain items every day and mixes them with a changing selection of baked goods.

n Business and Industry Trends

assume various uptake levels of the tax credits project up to 274 GW more solar capacity by 2050 than there would be without the law.

Under the IRA, qualifying clean energy projects can receive additional bonus tax credits stacked on top of a base tax credit value if they satisfy certain requirements. A qualifying solar project can choose either a credit for the investment in clean energy, called an investment tax credit or a production tax credit.

Energy

Inflation Reduction Act’s effects on energy

In 2050, we project that total U.S. solar capacity, which includes both utility-scale solar and rooftop solar in the commercial and residential sectors, could range from 532 gigawatts to 1,399 GW.

In our annual outlook for 2023, we presented 16 scenarios that project long-term energy trends in the U.S. through 2050.

We looked at the Inflation Reduction Act and focused on 4 of the 16 cases that vary the amount of tax credits that clean energy technologies receive under the Act. In one case without the IRA, solar capacity reaches 726 GW by 2050. Three separate cases that

For instance, we assume in the AEO2023 Reference case that owners of solar projects in the electric power sector prefer the PTC, which has a base value of $5 per megawatt hour for the first 10 years of electricity sales. The value is five times higher for projects that receive a bonus credit for meeting labor requirements. Other bonus credits raise the credit value even higher if projects are built

domestically or are located in the IRA’s definition of energy communities.

Warm start to year

Preliminary data from the National Oceanic and Atmospheric Administration for January and February indicate the first two months of 2023 may be close to the warmest on record for that period in data going back to 1895. The mild weather was concentrated in the eastern part of the United States.

Natural gas use down

We expect U.S natural gas consumption to average 99.1 billion cubic feet per day (Bcf/d) in the first quarter of 2023, down 5% from 1Q22. The decline in consumption is the result of very mild temperatures that have reduced demand for space heating. The largest decline is in residential and commercial consumption, which we expect will be 11% less in 1Q23 than in 1Q22.

Electric prices dropping

Our forecast indicates that wholesale electricity prices fall in 2023. The decline in price reflects the forecast drop in natural gas prices from 2022 to 2023. Natural gas is the most-used fuel for power generation in the United States. In addition, increasing electricity generation from renewable sources contributes to lower power prices.

Fuel use up

We expect global liquid fuels consumption to increase by 1.5 million barrels per day (b/d) in 2023 from 2022 and by an additional 1.8 million b/d in 2024. China is the main driver of growth in 2023 as the country shifts away from its zero-COVID policy, a shift that will increase travel. Growth in 2024 is more evenly distributed among countries as global GDP growth accelerates from 2.0% in 2023 to 3.2% in 2024.

Oil production falling

Our previous forecast of oil production in Russia included a steep decline in the coming months resulting from the EU’s ban on seaborne petroleum products from Russia that began Feb. 5. Russia recently announced a crude oil production cut of 0.5 million b/d for March, and we expect declines to be more than that, with Russia’s production falling by 0.7 million b/d in March. Despite the declines in March, recent petroleum exports from Russia have outpaced expectations, and we have revised our oil production forecast for Russia upwards by 0.4 million b/d in 2023. Overall, we expect global oil and liquid fuels production will average 101.5 million b/d in 2023, up 1.6 million b/d from 2022.

n Agricultural Outlook

By Kent Thiesse

Questions and answers about the new Farm Bill

The 2023 crop year will be the final year for the current Farm Bill, which is set to expire on Sept. 30, unless there is an extension. A Farm Bill is one of the most comprehensive pieces of legislation that is passed by Congress, with programs ranging from farm commodity programs to food and nutrition programs, from conservation programs to rural development programs, and several more. In many cases, finalizing a Farm Bill can be quite controversial, both along political party lines and geographical differences, with members of Congress wanting to protect the farm, food, conservation, and economic interests of their State.

When Congress went on its Easter break in early April, it seemed like we were at “halftime” in the Farm Bill debate. Both the U.S. House and U.S. Senate have been holding hearings related to the new Farm Bill, and most farm organizations and other interest groups have weighed in on their ideas and proposals for the next Farm Bill. However, at this point, there has not been a formalized Farm Bill put forward by either body of Congress.

What is a Farm Bill and why is it so important?

When most people hear of a “Farm Bill”, they think of the commodity programs and payments that affect crop producers. Some people may be aware that crop insurance and conservation programs are included under the Farm Bill, and some are knowledgeable that Supplemental Nutrition Assistance Program (SNAP) and food stamps are part of the Farm Bill legislation. However, very few people outside of government officials and policy experts are aware that the Farm Bill also covers funding for rural fire trucks and ambulances, export promotion, international food aid, forestry programs, agriculture research and extension education at land-grant universities, and school lunch programs. The current Farm Bill passed in 2018 was over 1,000 pages in length, and contains 12 separate Titles, which cover a multitude of programs that are administered by USDA.

What are the key issues in the Farm Bill for farm organizations and commodity groups?

Most crop producers and ag lenders will highlight a sound working crop insurance program as the “centerpiece” for a solid risk management plan in a farm operation. Most crop insurance premiums are subsidized at a rate of 60-65 percent by the federal

government, as part of the Farm Bill. Some members of Congress and some organizations are calling for some changes and modifications to the current Federal Crop Insurance program, while most farm organizations are lobbying to keep the current program. Many farm organizations would like to see a continuation of current crop commodity programs, offering a choice between the county revenue based “Ag Risk Coverage” (ARC-CO) program, or the price-only “Price Loss Coverage” (PLC) program, for corn, soybeans, wheat, and other eligible commodity crops. Some commodity groups are pushing for increased crop reference (guaranteed) prices in the next Farm Bill, given the current higher crop input costs. The dairy margin protection program and sugar support programs are also included under the commodity title of the Farm Bill.

What role does the SNAP program play in passing a Farm Bill?

The Nutrition Title, which includes the SNAP program (food stamps), the Women, Infants and Children (WIC) nutrition program, and school lunch program, will probably be debated more than any other Title during Farm Bill hearings in 2023. The Nutrition Title will account for over 80 percent of annual federal spending allocated under the next Farm Bill and affects every Congressional District in the U.S. Several billion dollars were added to the Nutrition Title budget base as part of COVID relief legislation and the 2022 Inflation Reduction Act. Some members of Congress would like to separate the Nutrition Title from the Farm Bill; however, most agriculture policy experts warn that funding for ag commodity programs and crop insurance could become much more difficult if the SNAP program and the other nutrition programs are removed from the Farm Bill.

What role will “Climate Change” initiatives have on the new Farm Bill?

Climate change and carbon sequestration have definitely been part of Congressional Farm Bill discussions to this point and will likely be referenced in the final version of a new Farm Bill. Most farm organizations would like to see these “climate-smart” initiatives be implemented on a voluntary basis through existing programs such as the Environmental Quality Incentives Program (EQIP) and the Conservation Stewardship Program (CSP). However other groups and some members of Congress would like these initiatives to become requirements in the next Farm Bill in order to receive federal benefits through crop

insurance and commodity programs.

What is the “CBO Baseline” and what role does that play in passing a new Farm Bill ?

Three times each year the Congressional Budget Office (CBO) releases projections for federal spending on Farm Bill-related programs, with those estimates for the current federal fiscal year (ends on 9-30-23) plus the next ten years though the 2032-33 fiscal year. The current CBO estimates were released in February of this year and are being used to set budget parameters for the new Farm Bill. Increasing funding in specific titles in the Farm Bill beyond the CBO baseline can be quite difficult for Congress, unless there are budget reductions in some other aspects of the Farm Bill. Some members of Congress would like to reduce the estimated overall federal budget outlay over the next 10 years for the Farm Bill, below the CBA baseline projections.

What is the estimated cost of the new Farm Bill ?

The current CBO baseline estimate for Federal budget expenditures over the next ten years (2024-2033) is $1.5 trillion, or an average of $150 billion per year, which would be the first trillion dollar Farm bill in history. The projected baseline budget is 65 percent higher than when the last Farm Bill was passed in 2018, which had an estimated 10-year CBO baseline of $860 billion, or an average $86 billion per year.

What is the projected breakdown of spending in the new Farm Bill ?

The current CBO estimate for expenditures over the next ten years (2024-2033) for the various titles in the Farm Bill are as follows:

n Nutrition T itle -- $1.2 trillion (82% of total) or $120 billion per year; (76% of total in 2018).

n Crop Insurance Title -- $97.1 billion (7% of total) or $9.71 billion per year; ((9% of total in 2018).

n Commodity T itle -- $61.8 billion (4% of total) or $6.18 billion per year; (7% of total in 2018).

n Conser vation Title -- $57.5 billion (4% of total) or$5.75 billion per year; (7% of total in 2018).

(Note --- An additional $34.7 billion (2%) was allocated to conservation programs as part of the 2022 Inflation Reduction Act.)

n All Other T itles --- $19.5 billion (less than 1% of total) or $1.95 billion per year; (1% of total in 2018)

What if a new Farm Bill is not passed this year ?

If no agreement can be reached on a new Farm Bill by the end of 2023, an alternative may be a one-year extension of the current Farm Bill for 2024 to allow continuation of the programs under the current Farm Bill. This would maintain programs that may be discontinued without a new Farm Bill, or an extension of the current Farm Bill. This would also allow time for Congress to work out differences between various versions of a new Farm Bill. There have been one-year extensions in the past prior to final passage of recent Farm Bills.

What is the likelihood of passing a new Farm Bill in 2023 ?

The Congressional Agriculture Committee leadership in both the U.S. Senate and U.S. House has been very committed to having a new Farm Bill completed by the

Agriculture/ Agribusiness

and soybean prices are for rail delivery points in Southern Minnesota. Milk prices are for Upper Midwest points.

Sankey

prices — southern Minnesota

(dollars per bushel) 2022

Construction/Real Estate

end of 2023, with very little talk of an extension to the current Farm Bill. There are still a lot of hurdles to clear before a new Farm Bill is finalized and approved by both houses of Congress, and ultimately is sent to President Biden for final approval. This will likely need to happen by the end of 2023 or very early in 2024, in order for the new legislation to be implemented for the 2024 crop year. Ultimately, there will likely be a compromise reached, and a new 5-year Farm Bill will be passed. However, given the political division that currently exists in Congress, a one-year extension of the current Farm Bill is certainly a possibility by the end of 2023.

Gas Prices

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

n Minnesota Business Updates

n Fortune honors General Mills

Fortune has recognized General Mills as one of its “America’s Most Innovative Companies.” The multinational food manufacturer ranks No. 1 in its industry and No. 79 overall. General Mills is one of more than 15,000 companies that Fortune and market research and data company Statista has reviewed and one of 300 U.S.-based companies to be recognized on the list. Shortly after the announcement, General Mills revealed its latest environmental innovation initiatives across all its brands as part of the company’s commitment to advance regenerative agriculture. One such initiative is Grow for Good, which helps consumers learn about and support the farmer-led regenerative agriculture movement. General Mills also said it has formed strategic partnerships with the likes of American Farmland Trust and Rodale Institute to advance regenerative agriculture techniques across key regions in California and the Northern Great Plains.

n CHS reports strong earnings

CHS agribusiness cooperative in the United States, announced a strong second-quarter net income of $292.3 million for the fiscal year 2023. This figure is a significant

increase from last year’s $219.0 million net income during the same period.

Additionally, the company’s revenue for the second quarter of the fiscal year 2023 has increased to $292.3 million, compared to the $219 million recorded in the same period last year. The net income and revenue surge is attributed to the current robust energy market conditions.

Looking back at the previous fiscal year, CHS Inc. reported a net loss of $38.2 million and revenues of $8.3 billion for the second quarter of 2021. However, during the same fiscal year 2022, the company bounced back with a net income of $219.0 million and revenues of $10.3 billion.

The growth can be attributed to the strong global demand for grain and oilseed commodities and the global market’s volatility.

n Best Buy expands recycling

Best Buy announced that it’s extending its gadget recycling program to include a new mail-in option. The retailer will now sell you a box for your used electronics that you can ship back for recycling, saving a trip to the store. Best Buy says it’s recycled 2.7 billion pounds of electronics and appliances through its existing programs, describing itself as the US’ “largest retail collector of e-waste.”

claims

The program lets you order a box in one of two sizes: a $23 small (9 x 5 x 3 inches) one for e-waste weighing up to six lbs and a $30 medium (18 x 14 x 4 inches) one supporting up to 15 lbs. After receiving it, you can pack in as many (approved) devices as you can fit, as long as they stay under the weight limits. Then, you can either take them to a UPS drop-off point or schedule a UPS pickup.

The program is an extension of Best Buy’s free in-store recycling program, launched in 2009.

n Can 3M stop toxic chemicals?

Although 3M has said it plans to stop making toxic chemicals that have polluted around the world, the U.S. Department of Defense is so reliant upon them the company may not have a choice.

Minnesota Democratic Rep. Betty McCollum, ranking member of the U.S. House Defense Appropriations Subcommittee, said until alternatives are found, the chemicals will need to continue to be used in microelectronic production, which has “national security implications,” the Minnesota Reformer reports. And she suggested the federal government could require 3M to continue making the chemicals for essential uses under tightly controlled regulation, but she hopes that’s not necessary.

Semiconductors are used in thousands of products such as computers, smartphones, vehicles, appliances and medical equipment. They’re also used in military and national security technologies — including aircraft

control systems and safety equipment — and drones, radar and command and control systems.

n Xcel leak spurs debate

The leak of contaminated water from Xcel Energy’s nuclear power plant in Monticello hasn’t exactly changed a lot of minds as the Minnesota Legislature debates the future of nuclear’s role in a carbon-free electric grid.

But it has become part of the debate among lawmakers — and perhaps served to reinforce existing views — on a $300,000 bill to study emerging nuclear technology in a state where new plants are currently banned. A study has the support of Gov. Tim Walz, but the idea has divided Democrats who control the House and Senate.

Nuclear has long been controversial among Democrats, many of whom argue that new plants are too expensive and carry pollution risk. But there has been a small, yet increasingly influential, contingent of DFLers pushing to relax Minnesota’s stance toward the energy source because it can provide steady carbon-free power when the state has asked utilities to be emissions-free by 2040.

Most Americans want to retire early - here’s how to do it

By Erin El Isse | NerdWallet

Retiring at 57 is achievable without drastic budget cuts. Here’s how you can pull it off. According to a new NerdWallet survey, Americans who aren’t yet retired but plan to retire say they plan to leave full-time work at age 57, on average. That still qualifies as early -- it’s a decade before the full Social Security retirement age of 67 -- but it’s achievable without making punishing cuts to your budget. Here are steps you can take to hand in your notice 10 years early.

Save more

The earlier you want to retire, the more you need to save. For traditional retirement, experts generally recommend saving 10% to 15% of your pre-tax earnings. For example, let’s say you’re 22 and you make $40,000 a year. If you save 10% of your income, get a 6% average annual return on your investments and want to retire at age 67, you could leave the workforce with around $1.13 million. That’s likely enough, assuming you spend 70% of your pre-retirement income annually in retirement and have a life expectancy of 85. (All of this is according to NerdWallet’s retirement calculator, which assumes 2% salary increases per year, 3% annual inflation and a 5% investment return once retired.)

But let’s say you want to leave work at age 57. With all the same assumptions in place, you’d only have around $570,000 when you retire, which isn’t enough to cover your expenses without drastically reducing your lifestyle during those later years. According to the calculator, to have enough to retire at 57, you’d need to save more than double -- roughly 22% of your pre-tax income each year. That’s a significant difference, but if you plan on retiring early, spending less and saving earlier in your career is especially critical because it gives your money more time to grow.

Know your number

According to the survey, more than 1 in 5 Americans (22%) say they don’t know much they will need to retire comfortably. Replacing 70% of your pre-retirement income is a common rule of thumb, but you can customize that for your circumstances. For instance, you likely don’t need as much if you pay off your mortgage before leaving the workforce. Or you might need more if you have a long bucket list of travel on your retirement agenda. So play around with a retirement calculator or work with a financial advisor to find a retirement goal that works for you.

Allocate accordingly

It’s often recommended that you shift your investments to become more conservative as you approach retirement age. But retiring early means you’ll spend more time in retirement, which generally calls for a more aggressive portfolio -you need the money you’ve invested to continue to grow. While you technically could retire with an all-stock portfolio, it’s generally considered safer to keep a mix of assets -- stocks, bonds and cash -so your retirement plans aren’t thwarted by a market downturn.

Understand withdrawal rules

Because retirement accounts are often taxadvantaged, they typically have rules about when you can withdraw your funds. For example, if you take your money out of a 401(k) before age 59 1/2 , you may pay a tax penalty for doing so (though there are exceptions). Likewise, Social Security isn’t available until age 62, and you’ll take a hit for drawing on your benefits before age 67.

For those retiring early, it may be a good idea to use a variety of accounts to save for retirement, including a Roth IRA and a taxable investment account.

Inflation and life insurance: Will your payout be enough?

By Georgia Rose | NerdWallet

It can be hard to know how much life insurance you need, especially when inflation keeps driving up the cost of living. Gas, housing, eggs: they are much more expensive than 20 years ago. If you buy a policy with today’s prices in mind, it might not provide enough for your family to buy groceries or pay the rent in the future.

We may be unable to avoid inflation, but we can prepare for it. Learning to factor in the economy to your coverage can help you stay better prepared for the future.

Calculate for inflation

The primary purpose of life insurance is to provide a safety net for anyone who relies on you financially. For example, if your salary covers the mortgage, utility bills and school fees, a life insurance policy can cover those expenses if you die. Calculating how much life insurance you need may include multiplying your salary by a certain number of years, adding up your debts and considering all the daily expenses you currently cover.

While these calculations are necessary, they don’t account for inflation. When you buy coverage through an agent or broker, they may factor in inflation for you. But if you purchase coverage online, you may have to factor this in yourself.

A simple way to do this is to use historical averages. For example, the average annual inflation rate for the 20 years prior to the pandemic (2000 to 2019) was roughly 2%, according to data collected by the Federal Reserve Bank of Minneapolis.

But inflation does not always climb at a steady rate. For example, the consumer price index, which tracks the average cost of goods and services, soared 6% over the past year. So if you factored in a rate of 2% when calculating your coverage, the current rate would feel like a huge gap, says Tanya Frias, chief financial planning officer at Freeman Capital, a financial planning firm.

One way to combat this is to use an inflation rate that is realistic to your needs, Frias says. Your policy type, policy length and financial obligations can help you build a custom plan. For example, planning for 6% annual inflation may not be realistic for a policy that you expect to last 30 years, but it may be practical for short-term coverage that could pay out in the next few years.

Think about the types of expenses you want the policy to cover. Some costs, like fixed mortgage payments, aren’t as heavily affected by inflation, while others, like groceries and utilities, can change significantly over time. Speak with an agent or fee-only

life insurance advisor to find the right rate for your situation.

Consider a cost-of-living rider

“There are riders available to help insure against external factors like inflation,” says Lauren Wybar, a senior wealth advisor with Vanguard Personal Advisor Services. Specifically, a cost-of-living rider increases the death benefit in step with the consumer price index, a marker for inflation. As a result, your premiums will increase alongside any increases made to the coverage amount. However, not all companies offer inflation riders and the cost may differ among insurers.

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To download the new Greater Mankato Biking & Hiking Guide, visit www.visitmankatomn.com

May is National Bike Month, promoted by the League of American Bicyclists and celebrated in communities throughout the United States. Established in 1956, National Bike Month is a chance to showcase the many benefits of bicycling and encourage more people to give biking a try.

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2023 business after hours series presented by

SAVE THE DATE

NEEL KASHKARI

LUNCHEON WITH WEDNESDAY, JULY 12 SKY ONE ELEVEN, MANKATO

Join us for a luncheon with Neel Kashkari, President of the Federal Reserve Bank of Minneapolis and one of the nation's most influential economic policy makers. President Kashkari will share his thoughts on the current state of our economy and what it means for the greater Mankato region. Time will be reserved for Q&A.

This event is part of Greater Mankato Growth's Advocacy Forum Series, which brings together compelling speakers and business leaders to discuss timely and relevant economic, political, and policy issues that affect our region.

To take advantage of sponsorship opportunities, please contact Liz Sharp: lsharp@greatermankato.com | 507.385.6641

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For over 40 years, the Greater Mankato Leadership Institute has been the premier comprehensive leadership training program with a community focus available to Greater Mankato Growth members at Engaged or higher levels.

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