MN Valley Business

The Definitive Business Journal for the Greater Minnesota River Valley

Architect Bryan Paulsen of ISG. Photo by Pat Chirstman

Design evolution Architects weave old and new

May 2020

Also in this issue • THE FEDERAL RESERVE RAVES ABOUT MANKATO • THE DESIGN ELEMENT • UNITED TEAM ELITE

The Free Press MEDIA

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We are here for you during these challenging times. Many of us are feeling a lack of control and unease about the current situation. We value you and what you bring to the community and want to help you in any way we can.

However, there is one thing we can control and that is our loyalty to you.

We will get through this together and emerge stronger than ever.

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MN Valley Business • MAY 2020 • 1

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F E A T U R E S May 2020 • Volume 12, Issue 8

10

As Mankato has grown, more outside architect firms have done work here and new technology and materials have emerged, the area’s designs have evolved.

14

Design Element owner Margot Weyhe says sometimes the only opportunity someone has to make a statement in a room is with a light fixture.

16

The Federal Reserve Bank of Minneapolis gives Mankato-North Mankato a glowing review in a recent article written by Ronald A. Wirtz.

18

For Paul Boettcher and Troy Russell, co-owners of United Team Elite, their business is all about teamwork—after all, it’s right there in the name.

MN Valley Business • MAY 2020 • 3

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MAY 2020 • VOLUME 12, ISSUE 8

By Joe Spear

PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Dan Greenwood Grace Brandt Harvey Mackay Ronal A. Wirtz 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 ■ MRCI....................................................8 ■ Business and Industry trends..........22 ■ Retail trends.....................................23 ■ Agriculture Outlook..........................24 ■ Agribusiness trends..........................25 ■ Construction, real estate trends.....26 ■ Gas trends........................................27 ■ Stocks...............................................27 ■ Minnesota Business updates............28 ■ Job trends.........................................28 ■ Schmidt Foundation.........................30 ■ Greater Mankato Growth..................32 ■ Greater Mankato Growth Member Activities ............................33

From the editor

Business faces unprecedented challenges with coronavirus

T

he world COVID-19 virus outbreak will stand in history as one of the great challenges to modern business and social and economic society.

But that’s little consolation for those of us who have to suffer through it. Let’s just say many won’t relish telling the grandkids about the Great Shutdown of 2020 in the annals of economic history.

Depression. Great Recession.

We’ve almost got that beat. Of course, unemployment during the Great Depression was 25 percent for a prolonged period of time. So far the U.S. is expected to have about 10 to 15 percent unemployment with the hope that as soon as we get a vaccine, or antibody test, we’ll be able to come roaring out of our shutdown.

But it’s clear some will not come roaring back. Many small businesses mandated to shut down may not be able to survive even two months without revenue.

A government loan program that will forgive all loans if you keep people on payroll seems tangled in bureaucracy so far. And the line will be long. If you’re not at the front of the line, waiting might not be an option.

The Great Shutdown of 2020 is unlike other economic storms of the past. This shutdown is rooted in our biological, not economic, world. That’s new. And with something new and unknown comes more risk.

Certainly, corporate boards and small business can assess the risk of economic downturns, but how does one assess the risk of a “biologic” event that could become so widespread the consumer is unable to consume.

Yes. We’re in new territory here.

There’s good news and bad news in the current scenario. Bad news comes when this is all over

4 • MAY 2020 • MN Valley Business

and the consumers don’t consume like they had in the past. That likely means less, not more, consumption. Of course, people might be so pent up in their never before experienced stay-at-home order, they could absolutely go consumer crazy when they’re let out.

We can only hope.

Other bad news: If this coronavirus sheltering comes and goes in waves related to the volume of cases that will certainly ripple through the economy for months and maybe years.

The good news: $2.2 trillion is coming to business and workers in the form of the largest stimulus bill in histor y. Government checks will be $1,200 per person.

Laid off workers will get unemployment checks that will be $600 per week bigger and they’ll also have their $1,200.

Other good news. There’s work on a vaccine that, while it will take some time, may come to fruition and be as effective as the flu vaccine. There’s talk about using a malaria drug that’s been around for 20 years for a medicinal approach to those who get sick.

But medical experts say there needs to be more testing.

Another positive: We seem to be ramping up our medical response, building hospital ICU beds, building “field” hospitals and ramping up production of things like masks and ventilators.

States that planned early, like Minnesota, appear to have enough of what we need when the peak hits.

By the time you read this, the peak may be over.

The hope is that we learn from this pandemic. We need health and biologic researchers traveling the world to find the hotspots or risk places for virus development.

Zoonotic researchers at the

University of Pennsylvania and elsewhere say viruses are more and more transferred from things like bats to livestock and poultry due to massive urbanization in Africa and Asia. The human and animal worlds are coming in proximity to each other too quickly, and the deadly viruses are being transferred too easily.

We need to also learn how to make our places of work and business systems more virus proof. Maybe we learned that half of our workforce can work from home and create less viral risk in the workplace.

We’ve learned that social distancing can have an impact on viral spread. Our lives and our businesses may depend on it now and in the future.

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

Follow on Twitter @jfspear.

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507.344.6364

advertising@mankatofreepress.com

Local Business People/Company News ■

Ludeman in Leaders Conference

Sander Ludeman has qualified for the Edward Jones Financial Leadership Conference.

He was among 800 advisors who qualified out of the firm’s more than 18,000 financial advisors in North America.

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Moffitt joins True

Rob Moffitt has joined True Real Estate as a real estate agent.

Moffitt owned a construction business and renovated several properties.

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Weichert staff honored

Weichert Realtors - Community Group announced their 2019 Office Award Winners. The agents were honored by the national franchise organization, based on achieving specified production requirements in gross commission income or units earned in 2019.

Honored for sales achievement were: Elyse Sorenson, Jackie Dawald and Stephanie Jacobson.

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Crystal Valley buys agronomy business

Cr ystal Valley cooperative acquired the conventional agronomy inputs business of Pipeline Foods, LLC, located in Hope.

Pipeline Foods, the first U.S.based supply chain solutions company focused exclusively on organic, non-GMO and regenerative food and feed, is expanding its value-added processing capability throughout the U.S. and Canada. Pipeline took possession of the conventional agronomy business as part of its acquisition of the specialty and organic corn and soy division of SunOpta, Inc. in 2019.

Ellingson elected state chair

Ben Ellingson, Mankato’s partner-in-charge at Eide Bailly, has been elected chair of the MN Society of CPAs. Ellingson has served on the board in other roles since 2015. His chair term will last for one year.

Ellingson has been providing public accounting services to Eide Bailly clients since 1999 in a wide variety of industries, including constr uction, manufacturing, and nonprofit organizations.

The MN Society of CPAs was founded in 1904 and holds the responsibility of ser ving the organization at large as well as representing CPA members across the state in public accounting, business, academia, and government.

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Attorney Hagen honored

Thomas K. Hagen has been named 2020 10 Best Criminal Law Firm for Client Satisfaction.

The American Institute of Criminal Law Attorneys is a thirdparty attorney rating organization that publishes an annual list of the Top 10 Criminal Law attorneys in each state. Attorneys who are selected One of the most significant aspects of the selection process involves attorneys’ relationships and reputation among his or her clients.

■■■

Rekstein honored

West Bend Mutual Insurance gave its Spirit of the Silver Lining Award to Tom Rekstein, president of Minnesota River Insurance Agency. The award honors West Bend agents and the nonprofit organizations they support for their dedication to delivering a silver lining to those in need.

Rekstein was presented the award for his work with Twin Valley Council, Boy Scouts of America. Additionally, West Bend MN Valley Business • MAY 2020 • 5

donated a $10,000 grant to the organization.

We Know Commercial Real Estate.

■■■ Steve Kibble has joined Weichert Realtors - Community Group in their Mankato office.

Weichert, located at 300 St. Andrews Drive Suite 110, is an independently owned and operated affiliate of Weichert Real Estate Affiliates.

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Mankato Ford sold

Mankato Ford has been sold to Harrison Corp., an Upper Midwest company that has until now focused on heavy-duty truck dealerships.

Harrison, which has a Harrison truck dealership in Mankato, has been in business for more than 20 years, starting in Waterloo, Iowa.

It expanded from three Iowa locations to eight during the last five years, acquiring stores in Fairmont, Faribault, Mankato and Marshall and building a new store in Mount Pleasant, Iowa.

■■■

Twin Cities firm joins ISG

Architects Rego + Youngquist of St. Louis Park has been acquired by ISG of Mankato. ARY provides design services in the education, civic and cultural, and healthcare markets.

ISG said the acquisition will significantly strengthen its presence in the Twin Cities.

■■■

MetroNet acquires Jaguar

MetroNet Holdings, the parent company of MetroNet, a 100% fiber optic communications provider, has acquired Jaguar Communications.

Jaguar has an extensive fiber network throughout southern Minnesota that ser ves both residential and commercial customers with fiber-based voice, video and high speed broadband services.

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6 • MAY 2020 • MN Valley Business

SAUK RAPIDS

GLENCOE

■

Business Commentary

By Harvey Mackay

Y

Make your bucket list the stor y of your life

ou might recall the popular movie “The Bucket List,” in which two terminally ill men escape from a cancer ward and head off on a road trip with a wish list of to-dos before they die. The movie is about blue-collar mechanic Carter Chambers (Morgan Freeman) and billionaire hospital magnate Edward Cole (Jack Nicholson) an unlikely pair who become friends as they undergo their respective treatments.

Carter begins writing a “bucket list,” of things to do before he “kicks the bucket.” After hearing he has less than a year, Carter wads it up and tosses it on the floor. Edward finds it the next morning and urges Carter to do everything on the list (plus a few others like skydiving) and offers to finance the trip.

I recently received an email from a loyal reader asking if I had a bucket list and if I might write a column on the importance of having such a list because “many seniors just live one day at a time with no long-term plan.”

Well I don’t want to be among that group, and I hope you don’t either, no matter what your age. As I like to say, don’t count the years, make the years count. I’m not ready to hang it up yet and doubt that I ever will be. I still have too much to live for. I was about to go on a round-the-world trip with my wife in late March and April, but the trip has since been cancelled due to the Coronavirus. One of my bucket list items was to visit as many countries as I could.

My good friend Lou Holtz told me that years ago he wrote down 107 things that he wanted to do in his life.

He wanted to go to the White House, be on “The Tonight Show” with Johnny Carson, see the Pope, win a college football national championship and coach at Notre Dame, make a hole-in-one in golf and a lot of other crazy, but achievable things.

Once he accomplished all 107 things, what did he do? He wrote down another 100 items, and he’s checking off the items on that list too.

Some people might get turned off by creating a bucket list, thinking it’s a little morbid or by creating a list that is too difficult to achieve. I disagree. I believe having a bucket list keeps you motivated and goaloriented. If nothing else, it makes you think about what you want to do in your life.

I remember a road trip with some friends years ago when we took turns describing our perfect day. The range of ideas was remarkable, and often not what we would have predicted from each other. Our slogan from that trip became “When was the last time you did something for the first time?”

I’m a big believer in writing myself little notes to remind me of my bucket-list items. For example, when I started out working as an envelope salesman, I dreamed of owning a factory. It became a reality for me at age 26. Another bucket list item for me was selling the number one envelope user in the Twin Cities, General Mills. I even put a note in my hat (back when men wore hats). It took a few years, but I knocked that one off too.

When I decided to write my first book, I put a note on my desk that said “Be a New York Times bestselling author.”

That happened with “Swim With the Sharks Without Being Eaten Alive.”

That feeling of accomplishment led me to author seven more books, including my latest from January 2020, “You Haven’t Hit Your Peak Yet!” That title came from a note on my bathroom mirror, reminding me that I still have mountains to conquer.

Having a bucket list drastically improves your life. It gives you a sense of purpose. I know it helps my time management because it makes me focus on my goals.

I become more productive and efficient.

A lot of times people are too busy plowing through their daily to-do lists and lose track of what they really want to experience. Creating a bucket list can happen at any time in your life – young or old. It’s never too late to create a list of things you want to achieve. And while no one can go back and make a brand new start, anyone can start from now and make a brand new ending.

Mackay’s Moral:

Make the rest of your life the

best of your life.

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

MN Valley Business • MAY 2020 • 7

Meet Gaylord

With help from MRCI, Gaylord was able to find a job at Martin Luther College in New Ulm.

G

aylord assists in the dining room and kitchen, filling a variety of roles.

His supervisor Julie says, “He’s always got a smile, the minute he comes in he’ll say “Good morning” and “How’s everyone today?” and he works really, really Gaylord says, “I like hard. Like he’s almost running which isn’t necessarily a thing you have to do. He never misses a day or working here. All the never sick, just works really hard, really fast, does a people are friendly and great job.”

Gaylord says, “Through MRCI, they helped me get I get along good with a job and she, Terry, my one on one, helped me. everybody. It helps better She’s good; they’re both nice.”\ than laying around at Julie says Gaylord inspires other employees and is good for the culture of the workplace. Plus, she adds, home that’s for sure.” the students love interacting with Gaylord. MRCI has always sent reliable workers to MLC. Julie says, “We could never do the job without them so they’ve been a great benefit to our company.”

To learn more about how MRCI can be a workforce solution for your business, please visit www.mymrci.org.

About MRCI

MRCI provides innovative and genuine opportunities for people with disabilities and disadvantages at home, at work and in the community. Annually empowering more than 5,000 individuals across Minnesota, MRCI was established in 1953. For more information, please visit our website at www.mymrci.org.

8 • MAY 2020 • MN Valley Business

BRIGHTER DAYS AHEAD When the storm clears, we will gather again. To hugs, to play, to laughter.

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9 • MAY 2020 • MN Valley Business

The Bridge Plaza building going up next to the Veterans Memorial Bridge in Mankato was designed by Widseth architects.

Old and new Mankato’s evolving architectural design

By Tim Krohn | Photos by Pat Christman

T

he explosive growth of the Mankato area is not just bringing more development but also is bringing more diverse architectural influences.

Longtime Mankato architect Br yan Paulsen has influenced countless designs and witnessed the ongoing evolution of architecture locally.

He said more firms from around or out of the state have done work in the area, adding varied influences on design.

“The community is continuing to progress and evolve as a regional center and there are more architectural influences coming into the community.

We’re starting to see more creative use of building materials. It’s a result of technology and the manufacturing process as there are more sustainable

materials entering the built environment” Paulsen said one example is window glazing that comes in a variety of coatings and patterns. “Things like bird glaze that has a fritted glazing pattern so birds can see the glass don’t fly into it. And you’re also seeing a certain fritting patterns used for shading.”

Paulsen believes the addition of more glass office buildings in recent years blends with past designs.

“I think it’s ver y compatible with existing architecture,” he said, adding that he knows some of the public may disagree.

More glass, he said, is good for employees and the environment.

“The daylight keeps you healthier and it also retains employees (for businesses) who want to come to work

Cover Story

10 • MAY 2020 • MN Valley Business

Steel workers have topped off the Bridge Plaza building going up next to Veterans Memorial Bridge in Mankato. ever yday in an lightfilled environment. And there’s a sustainability aspect, too. There are certain facades of buildings that allow you to do more glazing so you don’t have the heat gain or loss as with other facades and a reduction of artificial lighting.

“A lot of LEED projects we’ve done, there’s a certain percent of credits you get for daylight,” Paulsen said.

Stone elements

Architect Mark Cipos, who most recently worked on the design for the new Bridge Plaza building, said new materials have an impact but said architects also work to honor existing designs.

“There’s been a lot of change in the last 15 years or so in Mankato.

Architecturally you’ve seen a stylistic change to glass curtain walls, steel, aluminum, a lot of glass.

“But what’s nice is a lot of buildings that have gone up pay respect to the architectural history of using native limestone.

The new Eide Bailly building has Kasota stone woven in,” Cipos said.

He practiced in different areas of the country, from the East

Coast to Montana until joining ISG in Mankato in 2003. He worked there 10 years and then worked for Vetter Stone for four years as an architectural rep out East.

He joined the Widseth firm in 2017. Widseth has nine locations in Minnesota and recently opened in Mankato.

Cipos said their design for the Bridge Plaza building, going up next to the Veterans Memorial Bridge, is incorporating local Kasota stone into vertical portions of the building, including stair and elevator towers.

But they’re also bringing in another type of limestone. “It comes from Vetter but from their Alabama quarries. You’ll see a little different coloring. It’s a decidedly cooler color than local limestone, very modern looking.

It has silver veining referred to as ‘lightning strikes.’”

Cipos said his firm has been discussing how the pandemic will affect companies’ views on office space and design.

“Working from home may not be the most efficient but it works, and I think you may see more consideration of that. One of the things working from home does

not promote is the social aspect, being around people, building culture,” he said.

“The importance of faces-toface relationships, particularly with younger staff, is being able to sit down with them and work something out,” Cipos said.

Evolving standards

Paulsen, of ISG, said the dramatic change in available building products has cities and architects scrambling to ensure the design standards cities have written into local ordinances keeps pace.

“Cities are looking at rewriting their design standards to make them a little more progressive as far as materials and colors. Some cities have been slower to do it but Mankato and North Mankato have been good about responding,” Paulsen said.

He said what may seem like straight for ward language regulating designs often needs to be revisited. An example is “What’s considered ‘architectural metal panels’ and what’s considered ‘corrugated metal panels?’ “ Paulsen said building projects for private sector clients often MN Valley Business • MAY 2020 • 11

allow architects more freedom in creative designs.

“Private jobs projects let you get out of the box a little more where public. Public buildings, depending what type kind it is, they have a lot of public scrutiny and constituents looking over their shoulders as to how their tax dollars are being spent. We need to strike the balance of great thoughtful design with aesthetics.

Paulsen said the cornonavirus may delay some projects in the near term but said it will also affect design into the future.

“If you look back in history, disruptive events always drive innovation. I do think that this will increase the adoption of certain technologies, whether that’s the ability to work remotely or the ability to be mobile ourselves. At ISG we were already on the front end of the curve here. Our entire workspace is mobile, all of our people were mobile.”

Paulsen said they and clients have for some time been approaching of fice space dif ferently.

“There’s more transient work space. Office

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spaces aren’t as large as they once were and you have more flexibility with drop-in work centers and general collaboration space used by a new generation of employees. I think technology is going to change how we work.

With everyone working from home (during the pandemic), that will may affect how we work thing more into the future.”

He said that after coming out the other end of the current crisis, changes to how people work will affect designs even more.

“I do think it probably is hastening, or is at least requiring the adoption of some technology that didn’t exist, or that existed but maybe we hadn’t all embraced as heavily before. So the video conferencing, the network and cloud and computing power to do the kind of things we do remotely is being forced upon us now,” he said.

“At the same time, it’s illustrating for us all the value of when we can be face to face and in a room together. I think this will highlight two things. One, let’s work remotely when we need to such as this time and when it makes sense. And let’s be together and celebrate that and work hard together when we need to be together.”

Paulsen said he doesn’t envision the office building to go away. “I think in fact, it is in some ways even more important because you don’t actually have to be there anymore, but so then the reason to be there is going to be because you want to be there, you want and cherish and the camaraderie of your workmates.”

Paulsen started with the Kagermeier architecture firm in Mankato in 1982 and in 1995 started Paulsen Architects. His firm was then rolled into ISG in 2013.

He said opening your own firm today would be tough. “Clients want to simplify the delivery of services and have a one-stop shop rather than going to multiple firms and consultants for services.” MV

The recently completed Eide Bailly building in downtown Mankato was designed by ISG.

MN Valley Business • MAY 2020 • 13

Owner Margot Weyhe and lighting specialist Ian Laird of The Design Element.

‘Light is design’

The Design Element offers lighting and more

By Dan Greenwood Photos by Pat Christman

A

t Mankato’s Design Element, a making,” said Design Element owner quote painted in the lighting area Margot Weyhe. “Sometimes the only of the store reads, “light is design, opportunity you have to make a statement design is light.” in a room is with a light It’s a mantra to the fixture. I feel it’s a very important role lighting important aspect in plays in curating mood design.” and design – from a Along with lighting, DESIGN ELEMENT specific room all the the company operates 1711 Premier Drive, Mankato way up to an entire as a full-service design 507-345-8708 home. studio with a large Thedesignelement.net “It’s sculptural, it’s showroom containing artistic, it’s statement Facebook: The Design Element lamps, furnishings,

Cover Spotlight

14 • MAY 2020 • MN Valley Business

window treatments, flooring, wallpaper and pretty much anything else a new homeowner would need when designing an interior.

Weyhe, who has 30 years’ experience in the design industr y, founded the Design Element in 2009. Originally located on Madison Avenue in Mankato, Weyhe and her husband – a coowner of R. Henry Constr uction – teamed up with other businesses and built the Mankato Design Center on 1711 Premier Drive, a one-stop shop for all of the supplies and services one would need for a new Owner Margot Weyhe of The Design Element. home.

Along with those two businesses, the Design Center also houses the Cabinet Lab, a business Weyhe also partially owns, and Artisans, a business that provides exterior and interior home improvement supplies, design and installation services. Having cabinetry, lighting, construction and interior and exterior design all under one roof turned out to be a win-win situation for both the businesses and for customers.

“We always felt when we were working with clients that it would be nice to have a space with everything under one roof,” Weyhe said. “That was our concept. I think it’s a better experience for the customer.”

Since she opened the business, Weyhe said the Design Element has experienced steady and significant growth, which she attributes to their unique products and services.

“We can sell you the product, but it’s complimentary to have the design portion included,” Weyhe said.

“That’s not something you’re going to find elsewhere.

We have a showroom that I think is the best in southern Minnesota. We sell a lot of furnishings and I go to market every year and look for companies and products that are unique so we can stand out.”

The Design Element’s staff, which began with Weyhe and two designers, has now grown to five fulltime designers and two lighting specialists, licensed through the American Lighting Association.

The technical side to the job is what led Ian Laird to study and take the test to become a certified lighting specialist, a position he’s had at the Design Element for nearly nine years.

“What we do in the store is assist with creating lighting plans, figuring out what light works best,” Laird said. “We explain to the customer and to the

designers how the new lighting fixtures and lighting technology works.”

Over the past decade, trends have changed not just in lighting – where LED lighting has replaced incandescent and halogen light bulbs – but also with other elements of interior design. When Weyhe first opened the Design Element, homeowners gravitated to darker toned stained wood and oil-rubbed bronze.

That style evolved into a vintage industrial style and later a modern farmhouse design, which lately has put more emphasis on the “modern” part of the farmhouse.

“It’s still using some farmhouse elements, but a lot of light-stained wood or natural white oak is popular right now, with painted woodwork, light colors, natural stone, but not so heavy on the architectural detail,” Weyhe said.

She said interior designing is a creative process, but also includes elements of science and math.

“One thing people don’t realize about design is there is a lot of math, there’s a lot of engineering and drawing and drafting and paperwork,” she said. “But what I enjoy most is physically looking through the samples and coming up with concepts. I like to stage spaces or styles, but we all kind of have things we like best. It’s the creative process.”

Even though the company continues to evolve, from adding greater focus to furnishings and bringing in more products to the showroom to future projects with other companies, like R. Henry Construction, Weyhe said they’ll continue to do what they are known for “The focus continues to be design and to just be very service oriented,” she said. MV

MN Valley Business • MAY 2020 • 15

Focus on Mankato Minnesota’s smallest metro is booming

By Ronald A. Wirtz | Federal Reserve Bank of Minneapolis Editor’s note: The following story was written by the Federal Reserve Bank of Minneapolis, profiling the Mankato region.

T

he runt of the litter often has a chip on its shoulder.

Take Mankato, Minn., which is not exactly a small city, especially in the context of the rural expanse it sits atop of. But as a city of 43,000 people, and a region of about 100,000, it’s the smallest metro in Minnesota, and by a fair margin. But for the better part of two decades, it’s been punching above its weight in terms of growth.

“Mankato is booming,” said a local business contact.

Minneapolis Fed President Neel Kashkari visited the region in February to learn more about the city and regional economy. Local leaders described a growing economy with a natural connection to the farm sector that surrounds it, but also one that is diversifying and experiencing growth despite a tough ag economy for the better part of five years.

Early riser

Coming out of the recession, Mankato saw consistently strong growth compared with metros in Minnesota and across the Ninth District.

Part of that was due to being a regional center—the go-to place for shopping, entertainment, and business services—for a wide swath of rural counties. But it

16 • MAY 2020 • MN Valley Business

was also due to the strong connection the region has to agriculture, which was riding a wave of high commodity prices and a booming farm economy in the early part of the last decade.

The farm economy has since struggled with the onset and persistence of low commodity prices.

Kashkari came to Mankato in part to hear about farm concerns and answer questions from an audience of several hundred at the annual Ag Symposium hosted

by South Central College. Using an interactive survey, Kashkari polled the audience on a number of economic matters (Charts 1 and 2). Nearly two-thirds called the farm economy weak, with only 5 percent of attendees seeing growth over the previous year.

Farmers tend to be a hopeful group, and their outlook was better, but still not good, with 27 percent expressing optimism for the regional economy in 2020.

But that dour farm mood did not spill into sentiment for the overall economy, as almost three of four respondents at the Ag Symposium expressed optimism for the region’s economy in general this year. That’s likely because, farm economy aside, the underpinnings of the Mankato economy appear to be quite strong.

Most industry sectors, for example, have seen steady

and positive growth over the past few years, with construction and professional services seeing the strongest growth.

Commercial construction in Mankato has been active. Local residents widely agreed that various parts of the city—and especially downtown—are almost unrecognizable from only a decade ago, with new office and retail buildings, and a $30 million expansion to the city’s convention center anchoring downtown.

Although 2019 saw slower housing growth, residential development over the past decade has been robust. Multifamily construction has been particularly strong during the economic recovery. In a meeting with Kashkari and Mankato-area businesses, a developer noted that af fordable housing development lagged for years, but now the city was averaging 100 units of affordable housing a year.

“But we’re still short of the need,” given strong housing demand in the region, he added.

From 2010 to 2018, Blue Earth County is one of the few counties in the state that saw growth from natural increase (births minus deaths) along with net domestic and international migration, according to Census figures.

Strong housing demand, in turn, has been driven by steady population and employment growth in the region. Among the state’s metros, Mankato has either led or been among the leaders in overall growth since 2009 (Chart 3). Job growth has been robust in part because the region has managed to expand its labor force faster than most places in the state—and Ninth District, in fact—over the past decade.

From 2010 to 2018, Blue Earth County is one of the few counties in the state that saw growth from natural increase (births minus deaths) along with net domestic and international migration, according to Census figures.

But the region will likely need more migratory growth going forward if it hopes to continue its trajectory. That’s because natural increases in population have been trending lower statewide and nationwide. And while the region has seen diversity increase, it has

comparatively low shares of minority and foreign-born populations . The fact that it is growing in light of this fact is itself a bit of an anomaly.

Mankato = Fastest growing labor force

And despite comparatively strong labor force growth, it’s still not enough for local employers, who roundly complained to Kashkari about a lack of workers for available jobs. Mankato has lost a number of big-box stores over the past year or two—similar to regions across the country— yet local retailers “still struggle to find workers,” said one property manager.

Some employers are taking new approaches to labor tightness.

A Mankato manufacturing firm said it has become more open to hiring candidates it would not have considered in the past, taking on workers with skill decifits or other obstacles and investing in their development. The approach has about a 50-50 success rate in terms of developing and retaining productive workers.

“It’s expensive but very effective,” said the firm’s president. The company has almost 100 full-time equivalent workers, and “we do more work now than when the firm had 125 workers.”

Embracing, not leaving the farm

As Mankato grows, it still sees its future tied, at least in part, to agriculture.

That’s because the metro has become an economic nexus for the agricultural sector that dominates southern Minnesota and northern Iowa, a region that has some of the most productive farmland in the countr y.

Agriculture is the largest business industry segment within this region, with sales of more than $15 billion annually. The region is a major producer of corn, soybeans, and hogs, among other farm commodities. Minnesota ranks fourth in the United States in ethanol production, and most of this production is located in the region, with 11 ethanol plants and a total capacity of close to 1 billion gallons a year—roughly 8 percent

of total U.S. ethanol production.

Agriculture is the largest business industry segment within this region, with sales of more than $15 billion annually. The region is a major producer of corn, soybeans, and hogs, among other farm commodities.

That volume and sophistication of production has been a magnet for agribusiness, creating a natural industr y cluster of hundreds of agricultural businesses, including food processors and manufacturers, input suppliers, farm equipment and repair shops, finance and government entities, and research, education, and member organizations. As one source put it, a majority of businesses in the region are either part of ag’s value stream or indirectly impacted by it.

The development of this industry cluster has sprouted GreenSeam, a regional initiative seeded several years ago to expand and connect these agricultural assets and to position the region as a national and international leader in agricultural talent, innovation, education, and business development. It seeks to capitalize on the ag ecosystem already present to nurture the next generation of products, processes, and innovation that will spin out new companies and create new markets for existing ones.

This expansive view of agriculture helps the region embrace its agricultural roots and clear new pathways for economic growth beyond the boom-andbust cycles of on-farm income, adding value throughout the supply chain. “The way we define ag is that it begins with farmers, then continues through manufacturing, transportation, professional ser vices, and research,” said Sam Ziegler, GreenSeam’s director. “This makes for a ver y resilient industry.”

That sort of resilience and competiveness are just what you might expect from the fastgrowing runt of the litter. MV

MN Valley Business • MAY 2020 • 17

Paul Boettcher, left, and Troy Russell of United Team Elite

A winning team United Team Elite has grown quickly

By Grace Brandt Photos by Pat Christman

F

or Paul Boettcher and Troy Russell, coname, too, he added: United Team Elite was owners of United Team Elite, their formed out of two other companies, business is all about teamwork—after Nighthawk Graphics and Sports Warehouse. all, it’s right there in the Boettcher had started name.

Nighthawk Graphics, Their graphic design while Russell owned and company, founded in operated Spor ts 2015 and located on Warehouse. But as the UNITED TEAM ELITE Lookout Drive in North two business owners 1420 Lookout Drive, Mankato, provides a continued to do work North Mankato range of services, from together throughout the 507-720-3055 custom uniform designs years, they decided to www.unitedteamelite.com to screen printing to simplify things and embroider y. Much of Facebook page: United Team Elite combine their companies. their business comes from schools and “(The name) also came from two different sports teams—but there are many other companies forming one company, so we’re types of clients, too, Boettcher said. That’s united,” Boettcher said. where the broader idea of a “team” comes in.

Now, as United Team Elite, Boettcher and “A name like United Team Elite makes you Russell make a pretty good team, indeed. think of just [school] teams, but we consider any group of people who work together for a Drawing on experience Boettcher hails from Emmons, Minn., and common purpose a team,” he explained. earned a bachelor’s degree in art from There’s a second meaning behind the

Feature

18 • MAY 2020 • MN Valley Business

Winona State University. After marrying his wife, Susie, they moved to Arizona, where he worked in retail as a store manager for the largest office supply and furniture store in Phoenix.

Eventually, he and his wife decided to move back to Minnesota to be closer to her family. They both found jobs at the Taylor Corporation, with Boettcher running different printing presses and creating custom artwork. He worked there for 18 years and said the time was instrumental in helping him learn what to do when he struck out on his own.

“The product knowledge that I gained working there is really the basis for how I run things (at United Team Elite),” he said.

After leaving Taylor, Boettcher worked in a similar position for a short period before deciding to take the plunge and start his own graphic design business.

“I really always wanted to do it,” he said. “I hate to say that I just woke up one day and said ‘I’m going to do it,’ but it almost was like that. I thought, ‘I should have done it a long time ago, [so] I’m going to do it right now.’”

Boettcher formed Nighthawk Graphics in 2006, starting in his garage. He immediately began offering most of the services United Team Elite still offers today, such as screen printing, embroidery, heat press, custom artwork and more. A one-man operation, he also oversaw all the sales for the company.

About two years into his new venture, Boettcher met Troy Russell, who owned Sports Warehouse. Russell has lived in the Mankato area for most of his life and has been in the retail business for almost 30 years. He started when the River Hills Mall opened, running a retail store called Athletics North. In the late 1990s and early 2000s, he coowned a retail store called In the Game, and he also later ran a liquidation tent sales company. In 2007, he moved back to Mankato and partnered in a crop insurance business for 12 years, selling it in 2018.

In 2011, Russell started Sports Warehouse, selling apparel to

area teams, but he didn’t have anyone to produce his apparel.

“Based off my experience with In the Game, I knew that when I started Sports Warehouse in 2011, I wanted to control my own production,” he said.

The two business owners met through a mutual work contact and began working together.

Gradually, they moved into one location, running their separate businesses side by side, until the two of them decided to make things easier and just combine the two companies into one.

“After about four or five years of working together in that capacity, we thought, ‘Well, why don’t we just do this together?’” Boettcher recalled. “Because he was a really good sales guy and I had all the production and art background.

We actually make a pretty good team.”

Teaming up

Once Boettcher and Russell decided to form United Team Elite in 2014, they relocated from their former building on River Front to their current space on Lookout Drive in North Mankato.

The building they bought was an open warehouse that had been used to park trucks before, and Boettcher designed an entirely new interior for it. They did most of the renovations themselves.

“We did a lot of sweat equity in this building,” Boettcher said.

Since 2015, the business has grown exponentially. They currently have 20 employees, with plans to hire two more production positions in the near future, and they also make use of 10 outside salespeople.

Meanwhile, they work with clients from all across the country.

They’ve shipped products to locations such as Hawaii, California, Texas and even Canada. This is possible thanks to par tnerships with larger organizations that can offer a wider coverage area.

“Our niche is offering quickerthan-industry average turn time and working with larger organizations with multiple locations,” Russell said.

In fact, Boettcher said that United Team Elite has been going up against some national

companies, such as BSN Sports, one of the largest sports apparel companies in the country.

“As we grow, we take on a whole new set of competition,” Boettcher said. “We’ve gone up against BSN a couple times and actually beat them out for the bids. I think most of it would be our customer service, and our websites and systems we have in place. Also, I’m not going to lie— my artwork has a lot to do with it.

A lot of companies like us don’t have artists to pull off the things that we do.”

On top of their game

According to Boettcher, there is “a lot more” to running a sports apparel business than people think. Everything is done inhouse, from the design element to the final printing. Sometimes, a customer will come with an idea of what they want, or even a ready-made logo, such as when a school or company approaches them. Other times, Boettcher starts entirely from scratch.

“You think someone comes in and wants shirts, and you print shirts, but actually, here, we get so many orders that we have to be really ef ficient,” Boettcher explained. “We have to have systems in place for everything that we do so things aren’t missed, so we do things on time and in a timely manner.”

While there used to be “slow times” in January and July, he said that isn’t the case anymore.

“That’s really unusual for people in our industry, but we don’t have them,” he said. “It just goes from super busy to out-ofcontrol busy.”

He added that a huge part of their business is a focus on excellent customer service.

“Without customer ser vice, you’ll never get anywhere,” he said. “And that’s why we excel in our market place right now. You come in the door, you’re going to get a friendly smile, we’re going to talk to you, and we’re going to make you feel like you’re important.”

When it comes to the equipment they need to do their job, Boettcher said they’re lucky in that most of what they use will last for years with proper

MN Valley Business • MAY 2020 • 19

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Troy puts a shirt on one of United Team Elite’s automated screen printing machines.

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maintenance. However, the one thing that needs constant updating is their computers.

“Everything now is computerbased,” he said, “and as years go on, the computers get slower. I just got another new one because my computer couldn’t handle the art programs that I was doing anymore.”

Changing and growing

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While United Team Elite has been offering the same services since it began, just on an everexpanding scale, Boettcher said a growing trend in his industry is the emphasis on promotional products.

“We have literally thousands of vendors we work with for promotional products,” he said.

“That part of the business has been growing. We used to just dabble in it, but now it’s an important part of our business. I think people are using promotional stuff more than they used to.”

Meanwhile, Russell said one challenge their business faces is a lack of available employees.

“Our potential growth is slowed by a lack of available skilled labor force,” he said. “Sales growth opportunities are unlimited, but producing the decorated product is the challenge. The companies that continue to grow and embrace technology will have the best chance of success in the future.”

He added that he and Boettcher are working on several initiatives

to become more efficient, such as upgrading their p r o d u c t i o n While United Team Elite has processes and taken on many interesting jobs tooling so that they throughout the years, Boettcher can produce more said his favorites have been units each week. ones that allow him and his The co-owners employees to help in the also opened a community. Last summer, they second location in worked with a local radio station Cumberland, on a fundraiser for veterans to Wisconsin. Russell’s be able to get to their medical father used to have a appointments, and they’ve also trucking company in worked with groups to raise the area and had an funds for medical patients and unused warehouse other causes. and parking lot.

“The things that really hit Boettcher designed home to us are the things where a new layout, and Russell’s sister we can help people,” he said. and her husband run it.

“We’re really proud of where “It was always our business we live, and we’re proud of the plan to grow through satellite people here, and we want to be locations, but it wasn’t our able to give back whenever we intention to open our first one can. It’s probably a small thing, three-plus hours away,” Russell but if we can print some t-shirts said. “Initially, it was a major really cheap for somebody who adjustment, but similar to all can sell them for twice the price aspects of our business, we keep and raise money for someone changing and improving.” who has to pay their medical The business duo plans to open bills, [we want to do it]. Have more satellite locations, according we done some cool things here to Russell, saying the hope is to and there? Yeah, but it’s just eventually have up to eight stores. stuff. Helping people is a way He added that they’re also bigger deal for me.” working on creating more “At the end of the day, it’s just strategic partnerships that will apparel,” Russell agreed. “Our expand the company’s footprint business philosophy is based on the West Coast and on striving to do the right thing. southeastern United States.

We try to treat our customers “We are implementing many how Artfully we wantcrafted to be treated.

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Business and Industry Trends ■

Energy Crude’s crash

On March 9, Brent crude oil front-month futures prices fell below $35 per barrel, a 24% daily decline and the second largest daily price decline on record.

Prices fell following the March 6 meeting between members of the Organization of the Petroleum Exporting Countries OPEC and its partner countries, which ended without an agreement on production levels amid market expectations for declining global oil demand growth in the coming months.

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22 • MAY 2020 • MN Valley Business

Low consumption

The Energy Information Administration expects global petroleum and liquid fuels demand will rise by less than 0.4 million barrels per day in 2020 and by 1.7 million b/d in 2021. Lower global oil demand growth for 2020 reflects a reduced assumption for global economic growth along with reduced expected travel globally because of the 2019 novel coronavirus disease (COVID-19).

Natural gas price to rise

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

1,033 962

In February, the Henry Hub natural gas spot price averaged $1.91 per million British thermal units (MMBtu). Warmer-than-normal temperatures in February reduced demand for space heating and put downward pressure on prices. EIA forecasts that prices will begin to rise in the second quarter of 2020 as U.S. natural gas production declines and natural gas use for power generation increases the demand for natural gas.

EIA expects prices to average $2.22/MMBtu in the third quarter of 2020.

1200

Gas-fired power steady

Sales tax collections Mankato

EIA expects the annual share of U.S. utility-scale electricity generation from natural gas-fired power plants will remain relatively steady; it was 37% in 2019, and EIA forecasts it will average 39% in 2020 and 37% in 2021.

Coal’s forecast share of electricity generation falls from 24% in 2019 to 21% in both 2020 and 2021.

Renewables to rise

900 600 300 0

600

A

M

J

J

A

S

O

N

D

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

Excludes most clothing, grocery store sales.

- 2019 - 2020

400 300 200 100

Less coal

52500

After decreasing by 2.8% in 2019, EIA forecasts that energy-related carbon dioxide (CO2) emissions will decrease by 2.2% in 2020 and by 0.4% in 2021.

Declining emissions in 2020 reflect forecast declines in total U.S. energy consumption because of energy efficiency and weather effects, particularly as a result of warmer-than-normal temperatures in January and February. A forecast return to normal temperatures in 2021 results in a slowing decline in emissions. Energyrelated CO2 emissions are sensitive to changes in weather, economic growth, energy prices, and fuel mix.

M

$395,506 $385,729

500

70000

CO2 to fall

F

(In thousands)

Electricity generation from renewable energy sources rises from a share of 17% last year to 19% in 2020 and to 21% in 2021. The increase in the renewables share is the result of additions to wind and solar generating capacity.

The nuclear share of generation averaged 20% in 2019 and is expected to remain about the same in 2020 and 2021.

EIA forecasts that U.S. coal production will total 573 million short tons (MMst) in 2020, down 17% from 2019.

Lower production reflects declining demand for coal in the electric power sector and lower demand for U.S. exports.

EIA expects that U.S. coal production will stabilize in 2021 as export demand rises and U.S. power sector demand for coal increases slightly because natural gas prices increase.

J

Source: Sales tax figures, City of Mankato

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

$46,586 $38,260

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

$58,058 $60,521

105000 70000 35000 0

J

F

M

Source: City of Mankato

A

M

J

J

A

S

O

N

D

C. Sankey

MN Valley Business • MAY 2020 • 23

■

Agricultural Outlook

By Kent Thiesse

D

Coronavirus impacts the agriculture industr y

aily updates and strategies to deal with the coronavirus (COVID-19) have dominated the national, state and local news for the past couple of months. The virus is affecting nearly every country in the world, all parts of the United States, including local communities in Southern Minnesota.

Most families in the region have felt some impact from COVID-19, either by knowing someone that has the virus or through the health prevention methods and “social distancing” being required to battle the spread of the virus. Nearly every business and individual have realized the economic impacts from the coronavirus outbreak.

The agriculture industry, rural communities, and farm families have not been immune from the impacts of COVID-19. Farm families and rural communities have been impacted just like families in other areas of the country. Schools, churches, and businesses have been closed in rural communities, with many businesses in rural communities feeling the economic hardship that has been caused by widespread coronavirus outbreak. Rural schools have been doing e-leaning through the internet; however, this is a challenge in several areas where some families lack adequate broadband service to allow the E-learning. Rural communities in some areas are also concerned about limited hospital beds and available medical services.

Back in January and early February, there were a lot of positive signals in the grain markets, with the Phase 1 trade agreement with China and other positive trade news. Both corn and soybean markets seemed to stabilize and show some upside price potential. However, by late February, concerns over the coronavirus increased and kept getting worse into March and early April, resulting in a major downturn in the grain markets. December corn futures on the Chicago Board of Trade (CBOT), which are the underlying contract for 2020 harvest prices for corn, declined from near $4.00 per bushel in early February to near $3.40 per bushel by early April.

To make matters worse for corn prices, ethanol production and profitability is being challenged by the low U.S. oil prices and reduced fuel usage. Some ethanol plants have reduced or suspended production, due to the low profit margins and reduced demand for ethanol. The demand for ethanol is not likely to increase in coming months, and U.S. fuel consumption in the Spring and Summer months is expected to be far below normal in 2020 due to the

24 • MAY 2020 • MN Valley Business

impacts of COVID-19. About 5.4 billion bushels of corn per year is utilized for ethanol production, which represents 35-40 percent of the typical annual U.S. corn production.

As a result of the downturn in ethanol production and demand, the basis level between CBOT corn futures prices and local cash corn prices in Southern Minnesota widened from near 10 cents per bushel in January to 40-50 cents per bushel by late March. The combination of the decline in the CBOT corn futures and the rapid widening of basis levels resulted in cash corn prices in Southern Minnesota dropping by 70-80 cents per bushel in just a few weeks. In some cases, farmers can not even find an ethanol plant or grain elevator to take their corn. Based on the March 31 USDA Grain Stocks Report, there were approximately 4.4 billion bushels of corn stored on the farm in the U.S., much of which is likely not priced and needs to be sold before the 2020 harvest season. Both the cash corn price and the harvest price for the Fall of 2020 had dropped to below $3.00 per bushel at most locations in the region. This is well below the cost of production for nearly all producers.

Similar to corn, CBOT November soybean futures dropped from near $9.70 per bushel in early January to below $8.50 per bushel in late March. Local cash soybean prices for the Fall of 2020 dropped to below $8.00 per bushel at many locations, with most producers having a breakeven price of $8.50-$9.00 per bushel. For many far operators, dealing with 2020 corn and soybean prices that are below breakeven levels for production costs comes on the heels of a couple of very difficult weather and profit years in 2018 and 2019.

The livestock industry has been hit especially hard by rapid price declines in recent weeks as the coronavirus concerns have grown. The impact on the hog industry in the region has been quite severe in the past couple of months. June lean hog futures on the Chicago Mercantile Exchange (CME) dropped from near $90 per hundredweight (cwt.) at the beginning of 2020 to below $60 per cwt. by early April. That price drop represents about $50-$60 per hog marketed and has resulted in large losses for many producers. In addition, some packers and pork processors have placed restrictions on how many hogs can be marketed. The Southern Minnesota hog industry is likely facing huge financial losses in 2020, which will ripple through the local economy.

The cattle industry has also had a very negative

financial impact from the COVID-19 outbreak. June CME cattle futures were near $120 per cwt. in mid-tolate January, which provided some of the best profit opportunities in cattle feeding in over a year.

However, June futures prices dropped dramatically in February and March to below $90 per cwt. This price decline equates to losses of $300 to $400 per head in the market value of the cattle being sold by feedlot operators. Boxed beef cutout values jumped significantly for a period in mid-March; however, most of that gain has gone to the packers and processors for beef products that were in inventory, rather than to beef producers.

As of early April, there were reports of milk being dumped (destroyed) in Wisconsin and other States, due to dairy producers being unable to deliver the milk to processing plants. Some of the dairy plants are very specific to the types of cheese and other dairy products that are produced in those plants. The markets for those products disappeared with the “stay at home” orders that closed or restricted restaurants and fast food establishments in Minnesota and other States. In addition, the dairy industry has been severely impacted by the school 8 across the U.S., which has nearly eliminated closings the use of dairy products through the school lunch 6 program.

The result of the reduced consumption of dairy products was a decline of 30-35 percent in farm4 level milk prices in just a few weeks, which will likely result in negative profit margins for most dairy producers in 2020.

2 On March 27 President Trump signed the Caronavirus Aid, Relief and Economic Security 0 M law, A following M J Junanimous A S Opassage N D (CARES)J ActF into by both the U.S House and Senate. The CARES Act authorizes up to $2.2 trillion in aid and financial assistance to deal with the health and economic impacts 8 from the COVID-19 virus pandemic in the United States. This is one of the largest and most 100 comprehensive financial bills ever passed by 6 Congress.

The legislation will impact nearly every 85 citizen4of the U.S. and most aspects of the U.S. economy 70 in some shape or manner, including farm families, rural communities, and the U.S. agriculture 552 A large majority of families are receiving a industry. small amount of direct financial aid through the 40 CARES0 Act. J F M A M J J A S O N D Overall, the CARES Act provides approximately 25 J for F United M A States M J Department J A S ofO N D $48.9 billion Agriculture (USDA) programs. $14 billion is allocated as additional funding authority for the USDA Commodity Credit Corporation (CCC). The CCC funds100 were used to make the 2018 and 2019 market facilitation program (MFP) payments to specific crop 85 and livestock producers, as well as to fund other USDA70programs. The aid package also authorized an additional $9.5 billion that is targeted toward dairy and livestock producers, fruit and vegetable growers, 55 and fresh food markets. Many farm organizations are hoping40that USDA will authorize aid payments to farmers and ranchers to offset some of the lost 25 M toACOVID-19.

M J JIt appears A S that O Nthe D income in J2020F due need for financial assistance to farmers will be just as great or even greater in 2020 as it was in 2018 and 2019.

Agriculture/ Agribusiness Corn prices — southern Minnesota

(dollars per bushel)

— 2019 — 2020

20

8 6

16

$3.33

12

4

8

2 0

4

$2.87

J

F

M

A

M

J

J

A

S

O

N

D

0

J

Source: USDA

Soybean prices — southern Minnesota — 2019 — 2020 8 20 100 16 6 85 12 470 8 255 4 40 0 0 J F M A 25 J F M A J F M A Source: USDA

(dollars per bushel)

$8.14

$8.07 M J J A S O N D M J J A S O N D M J J A S O N D

Iowa-Minnesota hog prices

185 pound carcass, negotiated price, weighted average

— 2019 — 2020

20 100 25 16 $76.26 85 22 12 70 19 8 55 16 4 40 13 0 J F M A $39.12 M J 25 10 J F M A M J J F M A M J Source: USDA

Milk prices

2020 25 2019 22 19 16 13

J J J

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

$16.61

19 16 13 10

$13.95 J

F

M

A

M

J

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

J

A

S

O

N

D

Source: USDA. Based on federal milk orders.

Corn and soybean prices are for rail delivery points in Southern Minnesota.

Milk prices are for Upper Midwest points.

C. Sankey

MN Valley Business • MAY 2020 • 25

10

J

Construction/Real Estate Residential building permits Mankato

Commercial building permits Mankato

50000

60000

- 2019 - 2020 (in millions)

- 2019 - 2020 (in millions)

$564,990

40000

$531,173

30000

20000

20000

10000

10000

0

J

F

M

A

M

J

J

A

S

O

N

0

D

Source: City of Mankato

J

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

- 2018 - 2019 (in thousands)

180

M

A

M

J

J

A

S

O

N

D

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

250

300 240

F

Source: City of Mankato

Existing home sales: Mankato region

122

200

87

150

$178,600 $169,900

100

120

50

60

0 J

F

M

A

M

J

J

A

S

O

N

D

Source: Realtors Association of Southern Minnesota

J

F

M

A

M

J

J

A

S

O

N

D

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

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

Housing starts: Mankato/North Mankato

— 2019 — 2020

- 2019 - 2020

5.5

30

5.0

4.3%

4.5

24 18

4.0

3.4%

2

12

3.5 3.0

$2,164

40000

30000

0

$531,175

50000

0

6 J

F

M

A

M

J

J

A

S

Source: Freddie Mac

O

N

D

0

J

F

M

A

M

J

J

A

S

O

N

D

Source: Cities of Mankato/North Mankato

Real challenges require real solutions.

Read us online!

WE DELIVER.

Bolton-Menk.com

26 • MAY 2020 • MN Valley Business

As we deal with all the concerns and negatives related to coronavirus, there are some positives for the agriculture industry. Fuel prices for farm operations have declined considerably in recent weeks due to the sharp reduction in U.S. and world oil prices, which should help lower 2020 crop input expenses. In response to the rapid drop in the stock market and the major downturn in the U.S. economy, the Federal Reserve has lowered the Fed fund rate and the prime interest

rate. The result has been to make lower interest rates available to farmers for both short-term and long-term ag financing. The lower interest rates also provide an opportunity for farm operators to refinance some existing long-term debt at lower interest rates than they are currently paying, as well as to have lower interest rates on their farm operating loans for 2020.

All U.S. residents should appreciate the work and extra effort being provided by everyone that is involved in the

production, processing, transporting and retail distribution of food and other agricultural products, which are provided to us throughout the year, as well as in this time of crisis. In addition, during these challenging times of dealing with the coronavirus, please appreciate all the extra efforts that farm families and others in rural communities do as nurses, EMT’s, volunteer firefighters, and other important roles to maintain our health services during this COVID-19 crisis.

St. Joseph the Worker Parish House Renovation

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

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

Construction Management General Contracting Design-Build www.webconmankato.com 507.387.1667 | 300 St. Andrews Dr. St. 200 | Mankato

Gas Prices 5

Gas prices-Mankato

— 2019 — 2020

54 43

$2.51

32 21 10 0

J

F

M

A

J

F

M

A

$1.85

$35.96

+0.6%

Ameriprise

$111.06

$114.05

+2.7%

Best Buy

$67.56

$66.53

-1.5%

Brookfield Property

$15.29

$13.46

-12.0%

Crown Cork & Seal

$54.65

$60.61

+11.0%

O

N

D

Consolidated Comm.

$5.72

$5.56

-2.8%

M

J

J

A

S

O

N

D

Fastenal

$31.52

$32.37

+2.7%

General Mills

$54.89

$56.81

+3.5%

Itron

$67.83

$60.41

-11.0%

Johnson Outdoors

$58.38

$61.10

+4.7%

3M

$145.86

$145.92

+0.4%

Target

$105.82

$103.76

-1.9%

U.S. Bancorp

$36.56

$36.61

+0.1%

Winland

$1.04

$0.63

-39.4%

Xcel

$68.75

$64.82

-5.7%

— 2019 — 2020

$1.59

M

$35.77

S

32

F

Archer Daniels

A

$2.59

J

Percent change

J

54

10

April 13

J

5

21

March 9

M

Gas prices-Minnesota

43

Stocks of local interest

A

M

J

J

A

S

O

N

0Source: GasBuddy.com J F M A

M

J

J

A

S

O

N

D

C. Sankey

D

C. Sankey

MN Valley Business • MAY 2020 • 27

Minnesota Business Updates

■

because the companies’ purchases had exceeded the volume of their export contracts by more than 10%, and that they would be required to sell off their surpluses.

Smaller domestic exporters in Ivory Coast, the world’s biggest cocoa producer, have said they are at risk of default because they cannot compete with the higher prices multinational companies are paying for beans.

A Cargill spokeswoman said its plants were continuing to receive beans. Multinational cocoa exporters agreed in late February to sell their domestic counterparts 60,000 of the 150,000 tonnes the Ivorian companies said they need to avoid default, but no agreement has been reached on additional sales.

■ Target sought after website More consumers flocked to the web sites of Target, Home Depot and Best Buy than any other retailer sites recently, in their eagerness for products needed for the coronavirus sheltering-in lifestyle.

The top 15 retail web sites, based on highest site traffic and in descending order, were those operated by Target; Home Depot; Best Buy; Kohl’s; Macy’s; Walgreens; J.C. Penney; CVS; Gap; Gamestop; Nordstrom; Ulta; Poshmark; Victoria’s Secret, and Sephora.

The rankings reflect consumer shopping priorities to cope with COVID-19, which would be food and health products that could be purchased at Target; cleaning and home repair products at Home Depot, and electronic and tech accessories at Best Buy, for teleconferencing, working via computer and watching television.

■ ADM reducing CO2 Archer Daniels Midland announced a new plan to reduce its absolute greenhouse gas emissions by 25% and its energy intensity by 15% by 2035.

The new goals follow on ADM’s original “15×20” plan, unveiled in 2011, in which the company committed to per-unit improvements in energy use, greenhouse gas emissions, water and waste to landfill by 2020. After meeting those goals ahead of schedule, ADM engaged WSP Global, an engineering professional services firms, to conduct an in-depth feasibility study to help shape a new set of commitments

■ Cocoa beans delayed Ivory Coast’s cocoa board has temporarily suspended Cargill and some other traders from buying new beans, claiming they have already exceeded their contracted exports for this season.

Coffee and Cocoa Council chief executive Yves Brahima Kone told reporters the board had acted

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

232 120 41 123 516

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

2,125 165 39 92 521

Construction 126000 126000 Manufacturing Retail 113000 Services 113000 Total*

5,153 1,653 870 3,430 11,106

126000

1400 700

100000

J

F

M

A

M

J

J

A

S

Minnesota Local non-farm jobs 8000 3500 3500 6000 2800 2800 4000 2100 2100

O

N

D

150000 100000

D

N

D

0

50000

700 0

J

0

J

200000

1,960 2,993

2000 1400 1400

700

0

- 2019 - 2020

(in thousands)

-2.5% -1.6% +12.5% -5.2% -2.0%

Services consist of administration, educational, health care and social 100000 assistance, food andJ otherF miscellaneous services.

M A M J J A S O 100000 J don’t F equal M total A because M Jsome Jcategories A not S listed.

O N *Categories

28 • MAY 2020 • MN Valley Business

2100

113000

Percent change ‘19-’20

5,025 1,626 979 3,251 10,881

3500

126,962

2800

-3.0% -13.7% -4.9% -25.2% +1.0%

Minnesota initial unemployment claims February 2019 2020

128,477

139000

Services consist of administration, educational, health care and social assistance, food and other miscellaneous services. *Categories don’t equal total because some categories not listed.

Major Industry 139000 139000

- 2019 - 2020

Nine-county Mankato region

J

F

J

F

F M

M

A

M

J

J

A

S

O

N

D

M A A M

M J

J J

J A

A S

S O

O N

N D

D

0

J

F

O

O

to combat climate change. WSP’s study identified several pathways toward success, including: • Purchasing renewable electricity; • Increasing use of biomass fuels; • Transportation fleet changes; and • Equipment changes in some locations.

ADM’s new goals are one element of a wide-ranging plan to pave the way on sustainability.

■ Itron signs smart city deal According to a recent release, Itron, a company helping utilities and cities manage energy and water, has signed a contract with the City of Stockholm to deploy its smart city central management software, Streetlight.Vision.

With the goal of becoming the world´s smartest city in 2040, the City of Stockholm reportedly developed a strategy for a smart and connected city, and one of its first use cases is streetlight management. To meet this use case and achieve its goals, Stockholm’s traffic department will utilize Itron to manage streetlights, improve energy efficiency and optimize system performance.

Streetlight.Vision (SLV) is a smart city central management 139000 software application designed to deliver 139000 advanced asset management, analytics and control capabilities and is reportedly in use in more than 500 126000 communities, 126000 113000

113000

■ Brookfield eyes COVID pressures Brookfield Property Partners, owners of River Hills Mall in Mankato, released an update for shareholders about the potential impact of the COVID-19 coronavirus outbreak on its portfolio.

Brookfield Property has $200 billion worth of assets under management and owns and operates more than 450 million square feet in properties primarily across office, retail, multifamily, and hospitality.

Office space made up nearly 70% of the company’s 139000 3500 net income in 2019. According to the company’s latest 2800 statement, 93% of the portfolio is under long-term 126000 So even if tenants face difficulties in coming leases.

2100 months because of coronavirus-related operational restrictions, Brookfield says it’s well capitalized and that 1400 113000 the company’s own debt in the segment has a comfortable 700 average maturity of five years.

Brookfield’s core retail portfolio could take the biggest 100000 0 F M malls A M and J restaurants J A S are O limiting N D J hit, as it Jcomprises operations or shutting down. The situation has only magnified the so-called retail apocalypse, and as Brookfield just said, could have “severe consequences” for several of its tenants.

3500 Brookfield tried to convince shareholders about its 200000 8000 3500 financial standing, with access to roughly $6 billion in 2800 credit lines and cash in hand and the backing 150000 2800 undrawn 6000 of 2100 parent Brookfield Asset Management, which itself 2100 boasts a strong balance sheet.

1400 700

100000

100000 J F

J M

M J

J A

J S

4000 2100 1400 2000

N

D

A O

S N

O D

8000 5,909

5,423

200000

J F M A M M A M J J M A M J J

J A A

J S S

A S O N O N D O N D

100000 50000 D

0

J

F

0 0 J F JM

J

F M A M AJ FA M

M MJ

J JA

M

A

M

J

J

A

S

O

N

D

J JS

A AO

S N S

O D O

N N

D D

(includes all of Blue Earth and Nicollet Counties) 200000 150000

February

100000

D

0

J

0 F

J M

F M A A M J

M J

J A

2019

2020

3.2% 59,685 1,998

2.8% 61,305 1,789

J S

A O

S N

O D

N

D

Unemployment rates Counties, state, nation County/area

- 2019 - 2020

121,431 113,334

150000

50000

Unemployment rate Number of non-farm jobs 50000 50000 Number of unemployed

100000

2000 0 F F

700 2000

Mankato/North Mankato Metropolitan statistical area

150000

4000

700 0 J 0 J

D 0

200000

Minnesota number of unemployed

N

N

- 2019 - 2020

Nine-county Mankato region

6000

100000

Employment/Unemployment

F M A A M J

Local number of unemployed 8000 3500 6000 2800

4000 1400

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

February 2019

February 2020

2.8% 3.8% 4.7% 5.6% 3.5% 2.5% 4.1% 3.9% 4.3% 3.4% 3.9% 4.1%

2.9% 4.8% 5.3% 6.5% 3.9% 2.6% 4.9% 5.1% 4.6% 3.1% 3.6% 3.8%

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

MN Valley Business • MAY 2020 • 29

0

J

Sponsored by the Carl & Verna Schmidt Foundation

Tax traps that side hustlers should avoid

By Liz Weston | Nerdwallet

M

Not paying taxes as you earn

illions of Americans earn extra money outside their regular jobs — as ride-hailing drivers, Airbnb hosts, eBay sellers and freelancers of all kinds. Their side hustle income may help make ends meet, but it also can create tax traps.

Side gigs usually count as self-employment, which triggers different rules, additional tax forms and plenty of confusion for people accustomed to filing as employees, tax experts say.

The first time people file with a side gig, they’re often shocked by how much tax they owe, says Mackey McNeill, a CPA and personal finance specialist in Bellevue, Kentucky.

“It’s like, ‘How could I owe this much tax on this little bit of income?’” says McNeill, who is also a member of the American Institute of Certified Public Accountants’ Consumer Financial Education Advocates.

Side gigs also offer tax advantages, including more ways to save for retirement and the ability to deduct legitimate business expenses. Sadly, many side hustlers miss these opportunities because they don’t know what they don’t know.

Here are some key mistakes:

Employees usually have income taxes withheld from their paychecks throughout the year. Typically that’s not the case with side hustle income. Waiting until it’s time to file a tax return to pay the taxes can trigger not just a big tax bill, but penalties as well. The IRS wants people to pay taxes as they earn money, through withholding or estimated quarterly tax payments.

Most taxpayers can avoid penalties if, through withholding and estimated payments, they pay in at least 90% of the current year’s tax bill or 100% of the previous year’s tax amount.

Even those who dodge a penalty likely will still owe taxes on net self-employment income, however. (Net self-employment income is what’s earned from the side gig, minus deductible expenses and retirement plan contributions.)

McNeill suggests putting aside 25% to 30% of any side hustle income to cover the tax bill, since people who work for themselves usually have to pay a 15.3% self-employment tax to cover Social Security and Medicare contributions in addition to regular income taxes.

Keeping lousy records

Ignoring retirement savings

The self-employed can deduct business expenditures such as mileage, advertising, supplies, internet and other services they use to support their businesses.

But those deductions need to be tracked and documented to survive an audit, McNeill says.

“Keep records as you go along rather than try to figure it out after the fact,” McNeill says.

Mileage tracking apps such as MileIQ and Hurdlr can help, as can expense management apps such as Expensify and Shoeboxed.

Ideally, side hustlers would open a separate checking account for their extracurricular income and expenses.

Having a credit card just for the business can be a good idea as well. But a credit card statement isn’t enough to prove a legitimate business expense in an audit — the IRS wants to see the receipt as well, McNeill says. Tax pros recommend scanning or photographing paper receipts, since they can fade or be lost over time.

And speaking of tax pros, consider hiring one, especially if this is your first time working for yourself.

A good CPA or enrolled agent can help you find deductions while keeping you out of trouble with the IRS.

30 • MAY 2020 • MN Valley Business

Tucking away some side gig income for retirement can help make your future more comfortable while reducing your tax bill today. Two good options for side hustlers are a SEP IRA and a solo 401(k). A simplified employee pension individual retirement account is easy to set up and allows people to contribute up to 25% of net self-employment income, to a maximum of $57,000 in 2020. A solo 401(k) has the same $57,000 cap, but it allows contributions up to 100% of net selfemployment income. Solo 401(k)s involve a bit more paperwork, and the contribution limit is per person, so contributions to an employer’s 401(k) or other retirement plan count against the cap.

McNeill has one final caution: Make sure your side gig is actually worth your time. Some people discover they’re making less than minimum wage after paying taxes and other expenses, such as fees to an online freelancing platform. Review what you’ve cleared against the time involved to determine whether the extra hours are worthwhile.

“If you’re going to do it, do it right,” McNeill says.

“Make sure you’re going to make money.” MV

Sponsored by the Carl & Verna Schmidt Foundation

Retired or nearly there?

How to weather a market downturn

By Liz Weston | Nerdwallet bad stock market is unsettling for any investor. Pay off debt For retirees and near-retirees, though, bad Reducing expenses trims the amount that retirees must markets can be dangerous. Stock market losses take from their portfolios during bad markets. That’s why early in retirement can significantly increase your Melissa Sotudeh, a certified financial planner in Rockville, chances of running short of money. But there are ways Maryland, recommends paying off debt before retirement. to mitigate the risk. Financial planners say the following She also suggests clients maximize Social Security actions can help make your money last. checks. Benefits increase by about 5% to 8% for each year people put off starting Social Security after age 62.

Be Diversified When the stock market is booming, investors can be (Benefits max out at age 70.) The more guaranteed tempted to “let it ride” rather than regularly rebalancing income people have, the less they may have to lean on back to a target mix of stocks, bonds and cash. Not their portfolios.

A

rebalancing, though, means those investors probably have way too much of their portfolios in stocks when a downturn hits.

The right asset allocation depends on your income needs and risk tolerance, among other factors, but many financial planners recommend retirees keep a few years’ worth of withdrawals in safer investments to mitigate the urge to sell when stocks fall.

Certified financial planner Lawrence Heller of Melville, New York, uses the “bucket” strategy to avoid selling in down markets. Heller typically has clients keep one to three years’ worth of expenses in cash, plus seven to nine years’ worth in bonds, giving them 10 years before they would have to sell any stocks.

“That should be enough time to ride out a correction,” Heller says.

Near-retirees who use target-date funds or computerized robo-advisors to invest for retirement don’t have to worry about regular rebalancing — that’s done automatically. But they may want to consider switching to a more conservative mix if stocks make up over half of their portfolios.

Start withdrawing less

Historically, retirees could minimize the risk of running out of money by withdrawing 4% of their portfolios in the first year of retirement and increasing the withdrawal amount by the inflation rate each year after that. This approach, pioneered by financial planner and researcher Bill Bengen, became known as the “4% rule.”

Some researchers worry that the rule might not work in extended periods of low returns. One alternative is to start withdrawals at about 3%.

Another approach is to forgo inflation adjustments in bad years. Derek Tharp, a researcher with financial planning site Kitces.com, found that retirees could start at an initial 4.5% withdrawal rate if they were willing to trim their spending by 3% — which is equivalent to the average inflation adjustment — after years when their portfolios lost money.

“You don’t actually cut your spending. You just don’t increase it for inflation,” says certified financial planner Michael Kitces.

Look at Guaranteed Income

Ideally, retirees would have enough guaranteed income from Social Security and pensions to cover all of their basic expenses, such as housing, food, utilities, transportation, taxes and insurance, says Wade Pfau, professor of retirement income at the American College of Financial Services. If they don’t, they may be able to create more guaranteed income using fixed annuities or reverse mortgages, says Pfau, author of “Safety-First Retirement Planning: An Integrated Approach for a Worry-Free Retirement.”

Fixed income annuities allow buyers to pay a lump sum to an insurance company, typically in exchange for monthly payments that can last a lifetime. Reverse mortgages give people age 62 and older access to their equity through lump sums, lines of credit or monthly payments, and the borrowed money doesn’t have to be paid back until the owner sells, dies or moves out.

Covering expenses with guaranteed income actually can free retirees to take more risk with their investment portfolios, which over time can give them better returns and more money to spend or leave to their kids, Pfau says.

“They’ll be able to invest more aggressively and still sleep at night because they don’t need that money to fund their day-to-day retirement expenses,” he says.

Consult an Expert

A survey released in 2020 by the Schwab Center for Financial Research found that among near-retirees — people within five years of retirement — 72% worry they’ll outlive their money and 57% feel overwhelmed about determining how much they can spend. Yet most people don’t consult financial planners to make sure their investment, withdrawal and Social Security claiming strategies make sense.

Getting that second opinion, preferably from a fiduciary advisor committed to your best interests, is critical.

Advisors use powerful software as well as knowledge gained from guiding many clients though retirement, says Rob Williams, the research center’s vice president of financial planning, retirement income and wealth management.

“We’ve done this thousands of times,” says Williams.

“You only get one chance at it.” MV

MN Valley Business • MAY 2020 • 31

Celebrating Expansion & Development of Businesses

NEW LOCATION

NEW LEADERSHIP

Shopko Optical 1701 Madison Avenue, Mankato

Minnesota River Builders Association 217 Warren Street, Suite 2, Mankato

NEW RESIDENTIAL HOME

RENOVATION

Harry Meyering Center 109 Homestead Road, Mankato

Mount Olive Lutheran School 1123 Marsh Street, Mankato

Country Financial countryfinancial.com

Welcoming New Greater Mankato Growth Members

Check out the Greater Mankato Growth Blog!

Business resources, insights and development.

Information on public affairs impacting our community.

GMG Members can submit guest blogs by emailing them to media@greatermankato.com.

greatermankatoblog.com 32 • MAY 2020 • MN Valley Business

2020

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MN Valley Business • MAY 2020 • 33 greatermankato.com/join

moremankato.com We asked Sheri Sargent, Chief of Staff and Sara Gilbert Frederick, Senior Director of Integrated Marketing at Minnesota State University, Mankato...

Why Do You LOVE Living in Greater Mankato?

How do you spend your leisure time?

Sheri: Sibley Park is always a family favorite, with the animals and the play area that's there. My daughters are in softball so we also enjoy the outdoor facilities.

Sara: There's also a lot of support for collaboration within the university and across the system. So we have an opportunity to be a part of something that makes an impact in the community and around the state.

Why do you live here?

Sheri: My husband is a farmer so we are tied to the area.

We live in the rural area, but there are a lot of opportunities when you come into town which is only 15 minutes from where we live. So, we get the best of both worlds!

What makes Minnesota State University, Mankato a great place to go to school?

Sheri: Even though we're the second largest university in the state, we're not so large that students feel overwhelmed or lost in the shuffle. And, likewise, Mankato is a larger town, but it's not so big that you lose that community feel.

Why do you work for Minnesota State University, Mankato?

Sheri: I started working here kind of by chance. I continue to work here because I really believe in the values that we have at the university. It's large and diverse. There's always something new and exciting on campus to attend, to be involved in, or to learn about.

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

Sara: We like to say it's a great place to work because you get the amenities of a big city but still have that small town feel. It's also a great place to raise a family with good education and healthcare options.

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

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34 • MAY 2020 • MN Valley Business

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BE IN THE KNOW

LEARNING

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

TALENT RETENTION

Keep your employees engaged and retained with access to our member only events and programs.

MEMBER EXCLUSIVE BENEFITS

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

REFERRALS We only refer member businesses. Word of mouth and direct referrals come from being a valued member of GMG.

Focus Group Hosts:SHAPE YOUR CREDIBILITY Raise your reputation by COMMUNITY belonging.

Research shows

Faribault Area ChamberYour of Commerce - Faribault, MN investment helps us that businesses who belong continue to build the best Development Corporation of Austin - Austin, MN to a chamber of commerce environment for your Fairmont Economic Development - Fairmont, MN business and its employees. are more successful.

Marshall Economic Development Authority - Marshall, MN Greater Mankato Growth - Mankato, MN

The First Ever MN State of Agriculture Survey Report!

For the first time in the State of Minnesota, GreenSeam and numerous volunteers, partners and residents have helped to conduct and launch the Minnesota State of Ag Report. greatermankato.com/join The State of Ag Report is a comprehensive survey of Minnesota’s agribusinesses and related businesses. It April 2018 reveals the perceptions and opinions on the economy and other major issues impacting ag businesses, with an emphasis on education and talent attraction and retention. GreenSeam needs business leaders, human resources professionals and executive level professionals to provide their expertise and insights.

Read it now at greenseam.org/media/report/ MN Valley Business • MAY 2020 • 35 greatermankato.com/join

World-class & local:

EXPERIENCE FIVE OF MARRIOTT’S TOP SPAS IN ONE STATE: ALABAMA After a round of golf, enjoy a relaxing massage or body treatment at a great

at Montgomery, the Spa at Ross Bridge in Hoover and the Spa at the Battle

Marriott spa. In North America, five of the top Marriott and Renaissance

House in Mobile are always highly ranked for pampering their guests. All

spas are found on Alabama’s RTJ Spa Trail. For guest satisfaction, the Spa

five of these spas are part of the RTJ Resort Collection and feature innovate

at the Marriott Shoals in Florence and the Spa at the Grand Hotel in Pt. Clear

treatments inspired by Southern Hospitality. Clearly great golf and spas

are consistently ranked in Marriott’s top 10. For Renaissance Hotels, the Spa

work well together in Alabama. Come experience them for yourself.

FLORENCE · HOOVER · MONTGOMERY · MOBILE · POINT CLEAR The

Resort Collection on Alabama’s Robert Trent Jones Golf Trail · rtjresorts.com/spacard

The clear business school choice for real-world learning ACADEMIC PROGRAMS

REAL-WORLD EXPERIENCES

When you enroll in Minnesota State Mankato’s College of Business, you open the door to an abundance of possible career paths—including some you may not even know about. You will gain experience in all of our focus areas through the shared business curriculum, which integrates pieces of each major.

The College of Business at Minnesota State Mankato is committed to creating opportunities for its students to develop their own big ideas and to use real-world thinking to make those ideas possible. Our curriculum is designed to include hands-on application of the most forward thinking content whenever possible. We’ve also created student clubs, activities and events to enhance your educational experience.

Accounting

• Master of Accounting (MAcc) • Graduate Certificate in Taxation • Bachelor of Science in Accounting • Minor in Accounting

Analytics

• Certificate in Business Analytics

Bachelor of Business Administration – MavBiz Online

• Fully Online Degree Completion Program

Business Administration

• Master of Business Administration (MBA) • Minor in Business Administration

Business Law

• Minor in Business Law

Entrepreneurship & Innovation

• Minor in Entrepreneurship & Innovation • Minor in Agribusiness & Food Innovation

Finance

• Bachelor of Science in Finance • Certificate in Business Analytics • Certificate in Financial Planning • Minor in Financial Planning • Minor in Actuarial Science (housed in Math Dept.)

International Business

• Bachelor of Science in International Business • Minor in International Business

Management

• Bachelor of Science in Management • Minor in Human Resources • Emphasis in Human Resources • Emphasis in Business Management

Student Organizations

• More than 15 to choose from

United Prairie Bank Integrated Business Experience Big Ideas Challenge VITA (Volunteer Income Tax Assistance) Study Abroad and Away Opportunities • New York Study Tour • Belize Fair Trade Study Abroad • The European Experience

Maverick Student Investment Fund Diversity Case Competition Richard and Mary Schmitz Food Entrepreneur Lecture Series Daryl and Karyl Henze Student Ag Innovators Program Stangler Internship Initiative Wall Street Journal Program Meet the Firms Event Executive Lecture Series Global Entrepreneurship Week Women Entrepreneurship Week Student Pop-up Stores Student Engagement Fair

Marketing

• Bachelor of Science in Marketing • Minor in Marketing

LEARN MORE AT COB.MNSU.EDU

An Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling the College of Business at 507-389-5020 (V), 800-627-3529 or 711 (MRS/TTY).

MN Valley Business • MAY 2020 • 37

CARING FOR OUR COMMUNITY.

Mayo Clinic Health System is committed to supporting the health and well-being of our community by bringing innovative care options to our patients. From the convenience and comfort of home, patients can use Patient Online Services to connect with their provider, view lab results, manage prescriptions and receive online care for many common conditions.

Learn more at mayoclinichealthsystem.org/patient-online-services.

MN Valley Business • MAY 2020 • 38