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Corn and soybean yields vary around the Mankato region but are generally as good or better than expected. But the drought continues to cause concern.

Mankato native Tom Yezzi has become a major player in the bioscience industry, recently opening a Nu-Tek Peptone manufacturing plant.

Justin Keech opened PickerUppers in New Ulm focused on cleaning garbage out of homes and has grown and added a Dumpster drop-off service.

Some of the businesses featured in the Mankato Magazine’s “Best of Mankato” competition are featured.

Kent Thiesse Dean Swanson Jane Turpin Moore Dan Greenwood

COVER

Jordan Greer-Friesz Josh Zimmerman Theresa Haefner Tim Keech

Wass

■ From the editor

By Joe Spear

Google knows Mankato business

to appreciate Google

it comes to business.

WhenyouGoogle “Mankato,Minnesota + business” you’re supposedly getting things that arethemostsearchedforterms about Mankato business. Some of the resultsaresurprisingwhileothers answer questions for people moving to the area, like: How much snow do we get?

The first few search items are from theGreaterMankatoGrowth (greatermankato.com)websiteand include a Mankato business directory and a list of Mankato’s top employers.

As of 2022, Taylor Corp. continued to bethetopemployerwith2,200 employees, but it was followed closely byMayoClinicHealthSystemat 1,871.MinnesotaStateUniversity was third at 1,600.

There was a considerable drop off in the number of employees for fourth place Mankato Clinic at 751. Gustavus Adolphus College came in at 580, and Blue Earth County came in at 475, Kato Engineering at 434 and Walmart Distribution Center at 420. Johnson Outdoors was next at 360 and MRCI at 316.

So out of the top 10 employers, five were either government or nonprofits. Out of 9,019 total employees in the top 10, almost 5,000 worked for either government or a nonprofit.

MinnesotaDepartmentof EmploymentandEconomic Development data reflect the same trend overall for regional employment andwages.Allgovernment employmentmakesup15%ofthe workforce in Blue Earth and Nicollet counties. But with government wages

think college professors, St. Peter regional treatment facility guards and counselors higherthanprivate sectorwages,governmentwages make up 22% of all wages in the two counties.

Thisdatacomesintoplaywhen politicians call for cutting government. While one can argue about the extent

governmentshouldbeemploying people, the facts suggest government cuts would hurt Mankato more than most places as it has a high percentage ofjobsandwagesrelatedto government.

The next thing that comes up on a Google search is a list of best places to work, a list compiled by a company called Zippia. The company says it “hand curated a list of companies to workforheadquarteredinand around the Mankato area using data on salaries, company financial health and employee diversity.”

That list puts Capstone Press as the No. 1 bestcompanytoworkfor, Hubbard Feeds as No. 2 and Monarch Healthcare as No. 3.

AndGooglesearchesthenoffer other things or questions people ask about Mankato including: “What is Mankato famous for.”

The answer to that comes from the city of Mankato’s website: “The City ofMankatoisrenownedforgreat parks and trails. Rivers, lakes, ravines, bluffs, natural prairies and forested areas offer breathtaking landscapes and provide a scenic backdrop for an area steeped in historic significance.”

And then Google gets to the really importantquestion:“Howmuch snow does Mankato get?”

Andtheanswer:“Mankato, Minnesota gets 32 inches of rain, on average, per year. The U.S. average is 38 inches of rain per year. Mankato averages 43 inches of snow per year. The U.S. average is 28 inches of snow per year.”

Yes, we can agree Google has too much power and can control searches in marketing and elsewhere, but we takeGooglesearchesforgranted thesedays.Backinthegumshoe reportingdays,thiskindof informationwouldhavetaken a couple hours to look up at the library.

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

Waseca bank rebrands as Keen

First National Bank of Waseca hasrebrandedandwillnow operateasKeenBank.The changeeliminatesconfusionin themarketplacesurrounding multiplebanksnamedFirst National, according to CEO and Director Bernie Gaytko.

Thebankismorethan100 years old. The bank is not being

sold and the board of directors and staff remain the same.

■ ■

Ades, Trost join True Real Estate

TrueRealEstateannounced Trish Ades and Mandi Trost have joinedTrueRealEstateasthe newest real estate agents.

Adesandherhusband,Ron,

relocated to Casper, Wyoming in 2012, where she began her real estatecareer.Theyrecently movedbacktosouthcentral Minnesota.

TrostgrewupinSaintPaul, with a previousdegreeinthe medicalfield.Hercareer ultimatelyledhertosouthern Minnesota, and she now resides in Saint Clair.

■ ■ Compeer names CEO

Compeer Financial, a FarmCredit cooperative basedinthe UpperMidwest, announcedJase Wagnerhas been named the nextpresident andchief executive officer.

Wagner will officially assume the role on Jan. 1, 2023.

CurrentPresidentandCEO Rod Hebrink is set to retire in January.

Wagner,whomovesintothe rolefromhispositionaschief financial officer at Compeer, has more than 20 years of experience in the financial services industry, including13yearswithinthe FarmCreditSystem.Within Compeer,Wagnerpreviously served as the vice president of capitalmanagementand managingdirectorofthe organization’sAgri-Access division. Prior to joining Compeer Financial,heservedasvice presidentofAlliedCapital, a middlemarketjuniorcapital provider in New York, and as vice president at Deephaven Capital, a multi-billion dollar multi-strategy hedge fund.

■ ■

Bolton & Menk help SCC with new lab

In four years, students at South Central College in North Mankato shouldhave a newhigh-tech learning lab to help prepare them

Jase Wagner

for jobs in civil engineering, architectural drafting and GIS.

Bolton & Menk, which has long hired SCC grads, will donate money and in-kind support to help build the new lab.

The Bolton & Menk Infrastructure Solutions Lab willprovideahigh-techlearningenvironmentfor studentsinvariousprograms,includingcivil engineeringtechnology,geographicinformation systems, and architectural drafting and design.

The college will seek additional funding from the state university system as it puts together its request for bonding money from the state Legislature.

■

Gullixson earns diploma

David Gullixson, of Pioneer Bank, wasawarded a diplomafromthe Graduate School of Banking at the UniversityofWisconsin-Madison. Gullixson also received a Certificate ofExecutiveLeadershipfromthe Wisconsin School of Business Center forProfessionalandExecutive Developmentforcompletingthe GSB leadership curriculum.

GSB is sponsored and governed by theCentralStatesConferenceof BankersAssociationsinpartnershipwiththe University of Wisconsin-Madison. It was established in 1945 to provide bankers with an opportunity for

advanced study and research in banking, economics and leadership.

■

Gaytko elected to bank board

The Independent Community Bankers of America announced that Bernie Gaytko, President and CEO of Keen Bank was elected to the ICBA Federal Delegate Board.ICBAisthenation’svoiceforcommunity banks.

■ Consolidated honored by United Way

ConsolidatedCommunicationswasrecently recognized as Large Company of the Year by the GreaterMankatoAreaUnited Way forits2022 campaign efforts.

The company and its employees pledged more than $47,000tosupportUnited Way organizationsin communities across Minnesota in 2022.

“We appreciateConsolidatedCommunications’ ongoing support of United Way through its corporate gift, employee rallies and volunteer efforts, and were happy to recognize them as our 2022 Large Company of the Year,” Greater Mankato Area United Way CEO Barb Kaus said in a statement.

David Gullixson

■ Business Commentary

By Dean Swanson

Common cyberthreats facing small businesses

Cybersecurity for small businesses has become a major concern for small business CEOs and a serious threat to their operation. Some 76% of cyberattacks occur at businesses with under 100 employees. Cybercriminals know small businesses tend to be easy targets, and that accessing a small business’s computer networks often gives them entrée to client and vendor networks, too.

While digital transformation offers many benefits, it also comes with many challenges.

In this column I will give suggestions on this topic and share some information from a resource that SCORE and one of its content partners, Trend MICRO, created on this topic.

For starters I suggest that you first become aware of the three most common cyberthreats. Cyberthreats grow more sophisticated every year. Here’s what to watch out for.

Ransomware: Hackers get into your system and hold your data hostage until you pay a ransom. If you don’t pay, your business is out of commission. Ransomware cost companies $11.5 billion in 2019. That’s expected to rise to $17 billion in 2020 and $20 billion in 2021. Cybercrooks use various techniques to blend in, including:

n Obfuscation: Cybercriminals use obfuscation to conceal information such as files to be downloaded, sites to be visited, etc.

n Critical System: Attacks on critical infrastructure.

n Legitimate Software: Malicious files often coming from software downloaded from URLs that were not whitelisted.

n Distribution Model: Popular websites housing malicious files. The digital extortion of businesses will continue. The value will be in ransoming Industrial IoT (IIoT). Attackers are discussing on underground forums how to monetize IoT infections.

n Business Email Compromise: BEC are scams targeting companies that conduct wire transfers and have suppliers abroad. Since 2016 over $9 billion has been lost to business email scams. Email accounts of executives or high-level employees are either spoofed or compromised through keyloggers or phishing attacks to do fraudulent transfers.

According to the FBI, there are 5 types of BEC scams:

1 - The Bogus Invoice Scheme: Attackers pretend to be foreign suppliers requesting fund transfers for payments to an account owned by fraudsters.

2 - CEO Fraud: Attackers posing as the company CEO or other executive send an email to employees in finance, requesting them to transfer money to the account they control.

3 - Account Compromise: An employee’s email account is hacked and used to request invoice payments to vendors listed in their email contacts. Payments are then sent to fraudulent bank accounts.

4 - Attorney Impersonation: Attackers pretend to be from the law firm supposedly in charge of crucial and confidential matters. These requests often are done via email or phone, at the end of the business day.

5 - Data Theft: Employees in HR and bookkeeping are targeted to obtain personally identifiable information or tax statements of employees and executives. Such data can be used for future attacks.

Because these scams do not have any malicious links or attachments, they can evade traditional solutions. Employee training and awareness can help enterprises spot this type of scam.

According to the FBI, there has already been an increase in BEC frauds targeting municipalities purchasing personal protective equipment (PPE) in the fight against COVID-19. Most of the recent BEC attacks were targeted at financial institutions or banks.

Cryptocurrency mining: These hackers don’t care about your data. They just want to get into your computer system and use its resources to mine cryptocurrency. These attacks target tablets, smartphones, routers, printers and IoT devices— any device with computing capabilities they can leverage.

In conclusion, you need to be aware of these common threats and create ways to protect your business.

Dean L. Swanson is a volunteer certified SCORE mentor and former SCORE chapter chair, district director, and regional vice president for the north west region. For information on the local Mankato area SCORE chapter: scmnscore.org

Packing in Value

Deb thrives at V-Tek a mutual success

Feeling valued and accepted is something many of us may take for granted in our lives. It’s something Deb was missing, until V-Tek gave her a chance. Working with a specialist from MRCI to land the job, Deb has blossomed and is thriving.

“I am so appreciative of the support I got from Becky and MRCI! She helped me find a great job at V-Tek. They are a wonderful employer who makes me feel valued and accepted. I am proud that I am now a contributing member of society!” says Deb.

Deb has kept her job going for almost a year now, a great accomplishment for her. In turn, she has been a great addition for V-Tek.

“Debhasbeenanabsolutedelighttohave working in the Packaging Services Department. We are happy to hear she still loves being here and is planning to continue working with us. I have no concerns or issues with Deb or her work at this time. I think she is a great addition to our team and we look forward to working with her,” says her supervisor Adam Canaday.

About MRCI

MRCIprovidesgenuine opportunitiesforpeoplewith disabilities and disadvantages at home,atworkandinthe community. To becomean employmentpartner,orfor moreinformation,pleasecall 507-386-5600.

Workplace Wellness: It’s not too late for flu and COVID vaccines

With many employees working on site and in person again, our workplaces are buzzing with people and activity. Influenza and COVID viruses thrive indoors where people are working, meeting, eating and talking together.

According to the Centers for Disease Control and Prevention, the flu costs businesses about $10.4 billion in direct costs for hospitalization and outpatient visits for adults. Then there’s lost productivity. The U.S. Chamber Foundation estimates American workers miss 111 million workdays.

Most flu shots are given in October, but November is still a great time to get the flu shot and COVID booster. It takes about two weeks after receiving the vaccine for your body to build up the antibodies to protect you against the viruses. Both vaccines can help reduce your odds of getting sick. If you do get infected, chances are your illness will be less severe and you’ll feel better more quickly.

In addition to protecting you, vaccination also helps protect others who may be more vulnerable to respiratory viruses such as elderly people. When more people are vaccinated, COVID and flu viruses have less opportunities to mutate and infect us.

The influenza vaccine is updated every year to match the strains expected to circulate. This season, we also have an updated COVID bivalent booster to offer protection against the original strain of COVID-19 and the Omicron subvarients. For your

convenience, it’s safe to get the COVID and flu vaccines at the same time.

Getting vaccinated can help reduce absences and doctor visits. That means you will have more PTO for vacations and things you enjoy. Vaccination can also keep you from spreading viruses to your coworkers. When a coworker is out sick, you may need to cover two jobs. Getting vaccinated is a good business decision.

Flu and COVID vaccines and boosters are free and widely available at local pharmacies and clinics. COVID boosters are covered by insurance or government assistance and flu shots are available at no cost with most insurance plans. Encourage employees to get vaccinated in newsletters, emails and posters in breakrooms and high-traffic areas.

Many people face barriers to getting vaccinated. According to the CDC, flu vaccination coverage was 16 percent lower for Black adults and 17 percent lower for Hispanic adults compared with white adults. Employers can help employees get vaccinated at a nearby pharmacy or clinic.

Another option is hosting a workplace vaccination clinic to get employees vaccinated. Set a goal to show employees that vaccination matters and try to improve rates every year. The Society of Human Resources Management reports that many employers offer incentives for employees who stay up-to-date on vaccinations. Incentives may include a credit toward out-of-pocket expenses or a gift card for well-being services.

Mankato Clinic Occupational

By Claire Patterson RN Occupational Medicine Mankato Clinic

Medicine offers on-site flu vaccinations. Employers are billed for the number of shots given. Your insurance company is not billed.

You can also reach out to local pharmacies for options on getting your employees vaccinated. Many pharmacies offer workplace vaccine clinics, vouchers and extended hours.

To learn more about hosting a vaccination clinic at your workplace, visit www.cdc.gov/flu/business/ promoting-vaccines-workplace.htm

November is also a good time to give ourselves and our staff permission to stay home when sick. It’s the best course of action for ourselves, our coworkers and customers.

Stay healthy.

To learn more about Occupational Medicine, visit mankatoclinic.com/ occupational-medicine

Not just farms

Ag education, careers growing

By Tim Krohn | Photos by Pat Christman

Sincebeforestatehood,farmershavebeen

working the rich soils of south-central Minnesota.

Thegrainsandlivestockproducedinthe Mankato region continue to provide a majoreconomicbenefitand southern Minnesota is one of the leaders in Minnesota and U.S. ag production.

saidtheagdominanceintheareapromptedthe university a fewyearsagotostartagribusiness programs.

Cover Story

As farms have grown and flourished so has the agribusiness sector in and around Mankato. Soybean oilcrushing,foodprocessing,agtechnology companies, ag banking and many more are attracted to and growing steadily in the local area.

Shane Bowyer, director of the AgriBusiness & Food Innovation Program at Minnesota State University,

“We have a lot of alumni in the agribusiness world who wanted us to do more.”

The program, in MSU’s business department, got up and running last year. There is alsoanewAgriculturalSciencesprograminthe college of science, engineering and technology.

Bowyer said that while the programs are young, the university’s goal is to create a school of ag. “We want to let students know they don’t have to go out of state to get an ag degree. We want to get to a point where we don’t just have a few majors, but really partner with

Shane Bowyer, director of the AgriBusiness & Food Innovation Program at Minnesota State University, talks with students before they tour the Jack Links plant in Mankato.

industries.”

WhiletheUniversityof Minnesota has a school of ag and SouthwestMinnesotaState University in Marshall has a small program, many students seek a school of ag out of state.

“SouthDakotaState,Iowa State, U of M and River Falls have them. We’re right in the middle of all those, in ag country,” Bowyer said.

A good harvest

WhilesouthernMinnesota wentintothefallin a deep drought, the harvest, while varied based on location, was good and croppricesremainedrelatively strong.

AsMapletonareafarmerPat Duncansonwasharvestingin October, he said it was apparent someareaswereblessedwith timely rains over the summer and some weren’t.

“It’s location, location, location. Ifyou’reintheneighborhoods where the rain was just right, the yields are very good.”

Kent Thiesse, farm management analystandvicepresidentat MinnStar Bank in Lake Crystal, said he was impressed with the corn and soybean yields he was hearingabout,butsaidsome areas got more timely rains over the summer.

“Some areas only had 8 to 10

While varied based on rainfall over the summer, farmers in the area were generally happy with yields.

inchesfromMay 1 through Septemberandthey’restill gettingaverageyields. You get intocentralandsouthernBlue Earth County and down to Iowa, they picked up 15 to 20 inches of rainfall in that period so it was highly variable.”

ButinnorthernNicollet County, and to the north and west of there, they didn’t see as much rainandsawmorevariationin yields.

Duncansonsaidhebelieves that farming practices his family hasbeeninvolvedininrecent yearsisalsoproducingbetter yields, while protecting the soil and water.

“We’re happy to see some of our soil resiliency practices are continuingtopayoff.Reduced tillage, and almost no till in some cases, and cover crops on some farms,” Duncanson said.

“That’s just an overall shift in our farming practice — much less intensive tillage.”

Supply-chain snags

The biggest story for farmers thepastyearwassupply-chain issuesandDuncansonexpects they will continue.

“We’vegottenusedtothe supply issues. There’s almost an expectation that things like parts or anything will be delayed. That’s a fundamental shift. We used to get things the next day or two routinely but not anymore.

“Sometimeswe’restartingto getmorethingsin a timely manner,butthere’sjustan apprehension that we don’t know how the supply chain is going to work.”

Prices hold up

Thiessesaidcropprices, although lower than early in the summer, were still strong as the harvest was in full swing.

Duncansonsaidthatafter RussiainvadedUkrainein February grain prices shot up but thentherewasaprettysevere drop in early summer. Since then, withreportsofloweryields nationwide, prices regained about half of what was lost in the early summer.

Corn sold locally out of the field atabout$6.50perbusheland soybeans at about $13 a bushel.

Mapleton farmer Pat Duncanson inspects a field during the summer growing season.

are nice numbers,” he said.

Hog prices the past year have beenrelativelygood,but Duncanson said the higher price ofcornusedtofeedhogshas made it an “OK” year for hogs.

for the first time in a long time, there has been almost no new construction of hog facilities.

higherinterestratesmeans

Duncanson said. “But things will change. It’s not doom and gloom.”

Ag education a focus

Bowyersaidtheagribusiness and food innovation major in the businessdepartmentandthe agricultural sciences major out of thecollegeofengineeringand technology are new, but he sees a lot of growth and potential.

“It’s starting to pick up and it’s exciting. We’re just continuing to putittogethertoshowwedo have ag.”

Bowyer said there are a lot of well-payingandvarieddegrees related to ag, but students and their parents may not know about them.

“We have to work at showing all the potential and good jobs there are. We havealotofstudents from rural areas but farms are getting fewer. We have a lot of studentsfromtheTwinCities who think ag and think farms and farm labor.

“So we were intentional about our name — ag innovation and food innovation — because then students can see how it funnels into a lot of different industries.”

Hesaidagribusinessdegrees workintoavarietyofcareers, including ag lending, marketing, accounting,cropinsurance, implementmanufacturingand more.

On the ag science site, careers includeagronomy,soiland nutrient analysis, food processing andavarietyofothersciencebased ag careers. MV

Tom Yezzi

Mankato native a bioscience leader

By Jane Turpin Moore

Thomas“Tom” Yezzi, a 1983 graduate ofMankatoWestHighSchool,is making an oversized impact in the national pharmaceutical and vaccine market.

As CEO and founder ofMinnetonka-based Nu-TekBioSciences, LLC,Yezziandhis 14-year-oldcompany kicked off production in late October at the only U.S.-owneddedicated animal-freepeptone manufacturingplant. Peptones are vital food for cells used in industrial fermentations and the production of pharmaceuticals and vaccines.

Situated on the north edge of Austin, Minnesota,theexpansive$46million, 56,000-square-footbio-manufacturing

facility currently employs 20 people, with the expectation of an increase to 35 by next year, and was constructed from start to finish within 14 months spanningJune2021to August2022.Inall, 10,000cubicyardsof dirtweremovedto make way for the plant, which includes a 95-foot tower, over 625 pieces of precastconcreteand seven miles of stainless steel piping.

Suchspeedand efficiency are remarkable for a project of that magnitude in a post-COVID world; it wasthevision,advanceplanningand successful partnerships Yezzi and his team leveraged that made it possible.

“I’ve had many people express disbelief

Tom Yezzi, a 1983 Mankato West High School alumnus, is the CEO and founder of Nu-Tek BioSciences.

Photos courtesy Tom Yezzi

thatwewereonscheduleand accomplished it in 14 months, but I say, ‘Come and look,’” said Yezzi.

Dignitariesincluding MinnesotaU.S.SenatorsAmy KlobucharandTinaSmith accepted Yezzi’s offer and visited in the week leading up to an Aug. 26ribbon-cuttingandgrand opening event that welcomed an enthusiasticcrowdofNu-Tek employees, project stakeholders, Austincityanddevelopment officials and Yezzi’s friends and family.

“I’m the most blessed person heretoday,”Yezzibeamed, crediting his wife Sue, daughters AlyssaandKate,fatherRonof Mankato and sister Lisa with their presence and ongoing support.

ButitwasYezzi’sbusiness, scientific, technical and relational acumen that were most celebrated that day, though he rapidly and firmlydeflectedpersonal accolades in order to commend hisbroadteamofNu-Tek employees,communitypartners

and construction professionals.

“Tom’svisionandintegrity have attracted a first-class group of people to run this facility,” said John Garry, president and CEO of the Development Corporation of Austin.

“In my very first meeting with Tom,Ilearnedhewasavery smart, enthusiastic and persuasive guy.”

AddedAustinMayorSteve King,“TheNu-Tekplantis absolutelytransformativefor Austin. We are thankful for what Nu-Tekmeanstoourcity, recognizingithas a global influenceandwillmake a worldwide impact.”

Scientific building blocks

Despite the technical nature of Yezzi’swork,non-scientistsfind hisstraightforward,patient explanations of intricate processes surprisingly understandable.

That’s probably due to Yezzi being an unusual combination of scientist and people-person—not

a duet of traits commonly found in science-oriented individuals.

“I’mprettyextrovertedfora scientist,” said Yezzi.

His dad, Ron Yezzi, 84, confirms that characteristic.

“Tom was outgoing and active from the start,” said Ron Yezzi. “He’s good with people, and he’s steady, calm and determined to figurethingsout.Herespects others and has a way of bringing out people’s better sides.”

Yezzi’sabilitytoconfidently outlinethedetailsrequiredto buildandoperatethepeptone plant from start to finish figured into the willingness of friends and business contacts to invest in NuTek’senterprise.Remarkably, Nu-Tek accomplished the Austin projectwithoutrequiringany funding from venture capital or private equity firms.

Whatsealedthedealwas Yezzi’soverallsystem knowledge—fromthebuilding designandengineeringtothe productoutcome—developed

Nu-Tek’s $46 million peptone plant rests on the north edge of Austin. The 56,000-square-foot facility was built with over 625 pieces of precast concrete and seven miles of stainless steel piping. Eighty-five percent of the project was awarded to Minnesota companies, including ISG of Mankato.

with years of experience on the groundinallaspectsofbiomanufacturing.

“It’s not often there’s a founder whounderstandsthescience behindtheprocessesandthe engineeringoftheequipment,” said Yezzi. “I can wear a lot of different hats—technical, quality, manufacturing—sowedidn’t have to hire all of that when we started the company.

“But we were able to pick really good senior people for the roles I couldn’t do.”

Indeed, Yezzi himself sketched out the initial plan for the plant in 2018, and the final product looks a lot like his first draft.

“Someonefoundthatsketch, framed it and the Nu-Tek team presented it to me at the grand opening,” said Yezzi.

“Let me be clear: It took a ton of good people to make this happen.”

Austin was strategically chosen asNu-Tek’speptone manufacturingsite.Locatedon I-90, it’s roughly a half-hour drive from medical industry giant Mayo Clinic and has a ready workforce plus two area feeder colleges — RiverlandCommunityCollege andUniversityofMinnesota Rochester.

Thesignificanceof a U.S.ownedcompanyproducing peptones is evident, given what was learned during the pandemic abouttheinternationalsupply chain and the vital role vaccines play in maintaining both human and economic health.

Two of Nu-Tek’s global industry competitors(ofonly a handful globally)havemanufacturing plantswithintheU.S.:anIrish company has plants in New York andRochester,and a Dutch companyproducesprotein hydrolysatesinNewYork. Additionally,peptone manufacturingis a secondary business for them.

“From a nationalsecurity perspective, we recognize that those facilities are foreign-owned and that there is a finite supply of these materials in the U.S.,” said Yezzi. “National security can be affectedwhenwehavetorely solely on foreign-owned sources.”

Nu-Tek’s business vision is an end-to-endpharmaceutical manufacturingcampus.That model begins with raw materials and ends with a finished product, all at the same site. The Austin plantisthefirststepinthis process.

“When COVID hit, it became apparent this was the model we needed, so our vision was spoton,” said Yezzi. “If we could have executed the plan and had it in place prior to the pandemic, we would have been Ground Zero in theworldformakingthose vaccines.”

Still,Nu-Tek’sforesightand advanceplanningmovedthe peptone plant along expeditiously.

Even before all their financing was in place, Nut-Tek’s executive team(includingYezzi,chief financialofficerKentMcCoy,

Sen. Amy Klobuchar tours Nu-Tek’s peptone plant with CEO and founder Tom Yezzi, a Mankato native.

directorofmanufacturing Marcello Bermea, chief business officer Chris Wiedel, director of qualityGarrettTisdelland directoroffinanceandhuman resources Anna Schiltz) opted to pay for the facility’s engineering, which moved things along when the money side was a go.

“We saved a year,” said Yezzi. “Itwas a riskworthtaking because we stayed ahead of the inflation curve, got out in front of the shortages, had delivery dates for 94% of the equipment before October 2021 and avoided a lot of priceincreasesanddelivery delays.”

Laying the groundwork

YezzigrewupinMankato, attending Roosevelt Elementary, Lincoln Junior High School and MankatoWestHighSchool, where he was a four-year member of the boys’ gymnastics team.

He went on to earn bachelor’s andmaster’sdegreesinfood scienceattheUniversityof Minnesota, but his scientific bent revealed itself early.

“Iwasalwaysinterestedin science,”saidYezzi.“Igotmy firstmicroscopeinthirdgrade from a MankatoStatebiology professorwhoalsosold microscopes.”

As a sixthgrader,Yezzi’s sciencefair projectinvolved microbiology.Herelishedhis junior high life science class with Tom Tonneson and high school instructionwithchemistry teacherPaulHerzbergand biology teacher John Behrends.

“Really, I haveasmuch background in chemistry as I do in microbiology,” said Yezzi.

Nearthestartofhis undergraduate days at the U of M, Yezzi was hired in the food scienceandnutritionpilotlab, wheresmall-scaleingredient processing took place.

“That’s where I discovered the intersection of pure science with appliedscience.Thiswasthe perfectfitforme,”hesaid.“I wasn’t as interested in the pure sciences and basic research as I was in the application of science in manufacturing.

“Ifound I reallylovedthe manufacturingandapplication sides.”

Hiscareerevolvedfrom researchanddevelopmentto employment with the dairy and soyproteincompanyProtient, which exposed him to even more facets of the business.

“Eventually I madethe transition from the science aspect to the executive levels of company

growthandmanagement,” explained Yezzi.

Hegainedhispositivityand fearlessnessfromhisparents, among other mentors.

“My mother Daria was born in Italy,andmydad’sfatherwas borninItaly,”saidYezzi.“My parents—andmymother

especially—exhibited a lotof resilience.

“She immigrated to the United States after World War II and told us that growing up in a country during a warwasn’teasy;she hated war. And then coming to a new country without knowing the languageandbeingtreated differently because of that made heranextremelyresilient person.”

Yezzi adopted as his own the mantra, “Today is the first day of therestofyourlife”after Behrends used it as one of his “positive mental attitude quotes of the day,” Yezzi recalled.

“I still think about that a lot,” he said.

Growing up without the benefit ofcommandingheight(Yezzi saysheclocksinat5’3)also shapedYezzi’sattitudeand determination.

“Thereweredefinitelytimes when that was challenging,” Yezzi said, “but I never let it get in the way of anything.

“I like to say I manage big ideas and big things by working with greatpeople,”headded,

Sen. Tina Smith tours Nu-Tek BioScience’s peptone manufacturing plant with Tom Yezzi, center, and other Nu-Tek executives.

mentioninghewaspartof Protient’sexecutiveteamyears agothatgrewthecompany’s

from zero to over $100 million in just five years.

EvenwithNu-Tek’sAustin peptone plant in its infancy, Yezzi is already anticipating its future expansion.

“We will grow it, that’s not even a doubt,” said Yezzi. “We’re going through a marketassessment right now to see what the next stepis,butwe’lldefinitelybe expanding in Austin.”

At Nu-Tek’s late-August grand opening,Yezzi addressed the crowd with an endearing blend of confidence, humor and humility.

“How does a guy, a little over fivefeettall,ofmodestmeans, fromMankato,gethere,”he asked rhetorically.

“Surround yourself with really, reallygoodpeopleandtreat everybody at all times with dignity and respect,” he answered.

That’s a formulaforsuccess evennon-scientistscaneasily follow. MV

Justin Keech says his Picker-Uppers business keeps growing. He started by going into homes to clear junk and since has expanded into delivering Dumpsters to people to fill themselves.

Business keeps picking up

Picker-Uppers junk removal keeps growing

By Dan Greenwood

Photos by Pat Christman

About15 years ago, Justin Keech, a New Ulm native, moved out to the Seattle areaandwashiredby1-800-GOTJUNK, a Canadian companyoffering

commercial junk removal

Workinginteams,he and his co-workers spent theirworkdayscleaning out houses. It wasn’t too longafterhemovedto Washingtonwhenhe

came up with an idea that clicked immediately.

Feature

“It was a light bulb,” Keech said. “It’s kind of easy in a way – you just literally grab somethingandputitin the truck. We were doing thebidding wewere doingallofitand I thought, “I can do this and take all of theprofit insteadofgettingthis hourly rate and I just went for it.”

He saw an opportunity in his hometown of New

Ulm,whichatthetimehad Dumpster rentals but not a fullfledged junk removal service.

“Therewasnoonethatdid junk-removal in the area,” he said. “Dumpsters were the only other thing.”

Keech decided to call his new business the Picker-Uppers and had already begun working on a logobeforehemovedbackto Minnesota in 2009.

Heacquired a solid-waste hauler license for Brown and Blue Earth counties and registered his businessundertheMinnesota ElectronicActasanofficial E-wastecollector,bringingold TVs and computers to a company in Mankato to be recycled.

To get the word out, he printed out flyers to post at gas stations or anywhereelsewherehecould put a flyer up to advertise his new business. He sent letters out to real estate agents in the area as well, but a feature story about his business in the New Ulm Journal ledto a significantuptickin business, serving communities in a 30-mile radius around New Ulm.

At first, it was just Keech and his brother working together, and he developed an effective system oforganizingeverythingfrom couchesandbedstosmaller items into the truck to help his customers save money.

“Just to save on cost for people, I will stack it in the truck,” Keech said. “If you have a couch I’ll put thecouchdownfirst,we’llflip something on it, or I’ll dump all the small stuff on the couch with a mattress on top. It’s basically a game of Tetris.”

Along with summer clean-outs for private residences, real estate agents and landlords also became regularcustomers.Sue Rothmeier, a New Ulm-based real estate agent who also happens to be Keech’s mother, said before Keech opened his business, they hadlimitedoptionsforjunk removal.

“Youjusthadtohaulitand dumpityourself,”Rothmeier said.

“It’s been growing every year,” shesaidofKeech’sbusiness. “Youalwaysheargoodthings. You justmentionthePicker Uppers and they (customers) will give him praises because he’ll go

outofhisway.He’svery considerate – he never blinks an eye – he just goes in and gets it done.”

When the pandemic hit in 2020, Keech took it as an opportunity to adapt his business during a time whensocialdistancingandthe spreadofCOVID-19madeit difficulttocontinuehisfullservice junk removal and cleanupof feringsinsidepeople’s houses.

“Icouldn’t go intopeople’s houses for a while – everybody kept their distance so I was doing a lot of pickups outside which I learned I candomyselfvery easily,” he said.

While he continues to offer fullservicejunkremovalservices, the pandemic compelled him to focus more on Dumpster rentals so customers could fill them up at their own pace.

Hetook a drivedownto Missouritolookat a couple trucksandnearlytwodozen Dumpstersforsale.Hecame back with 18 new Dumpsters in two sizes, 10- and 20-cubic-yards, along with a truck intended for thespecificpurposeofhauling them.

“The nice thing about this setup it’s actually a hook lift,” Keech said. “So, I don’t even need to get out of the truck. It’s got a hook arm in the back that grabs the front of the dumpster, and it pulls it right up. It’s got rolls on the

truck that the bottom will grind onandthebackhastwobig wheels that it rolls on and pulls it up.”

When he got back to Minnesota from Missouri, Keech put up a Facebookpostannouncingthe transition to Dmpster rentals as his primary focus. That post soon accumulated over 5,000 views.

Rothmeier said the Dumpster offeringsareneededtomeet demand,especiallyinthe summer, when people are moving in or out of homes.

“Now with this new Dumpster portion of it, too – so many people have so much stuff where it’s just easier to go through it themselves and to dispose of it than trying to do it all in one day,” she said. “So, it’s good to have the Dumpsters therefortheresidentsbutit’s goodforcommercialand everything else because there’s just not enough Dumpsters to go around.”

Whilehestartedwith18 Dumpsters, Keech sees plenty of opportunityforgrowthas Dumpsterrentalcompaniesin theregionscrambleto accommodatecustomers’ demand.

“I would love to be running 100 Dumpsters,” said Keech. “There arecompaniesoutthereandI know of one that is two months out if you want to rent a Dumpster from them, so there’s definitely room (for expansion).” MV

Picker-Uppers delivers Dumpsters to people who can then take their time filling them. The business also will go into homes to clean junk out.

“Best of 2022”

businesses and people featured in Mankato Magazine.

Sota Sisters aims to suit everyone

AmberBannerman got her online marketplace up and running just before COVID-19 struck, but her brick-and-mortar store Sota Sisters in North Mankato is still a hub for savvy shoppers.

“We have a variety of boutique brands,” owner Bannerman said. “I go to market at least a couple of times a year to the bigger markets like those in Vegas and Dallas. Part of what I do is discover new brands when I’m at market so that’s always changing.”

At Nolabelle, variety is key

Nolabelle

Kitchen + Bar was honored in three categories: first in Vegetarian options, first in Signature Cocktail Joint and second in Place to Get Breakfast. Owner Alexa Swindell said Nolabelle aims to offer something for everyone.

“We serve vegetarian and carnivores alike,” she said. “We think it’s important to have a variety.”

One of their most popular vegetarian entrees is their handmade black bean burger, paired with walnuts and basmati rice. Their Skillet Cavatappi is another signature vegan dish, made with vegan cheese.

“We soak cashews overnight so they are plump, juicy and soft,” Swindell said.

When it comes to their cocktails, Swindell said Nolabelle offers an all-inclusive list of 10 to 15 specialty drinks, with unique ingredients such as tzatziki sauce and elderflower spritz.

“We just like to keep our drinks fresh and new and maybe highlight seasonal ingredients.”

For breakfast offerings, the chicken and waffle dish takes the prize, with a fresh Belgian waffle stuffed with cheddar cheese and paired with “super juicy” handbattered buttermilk chicken, topped with housemade honey. Not only does it hit all of the

taste buds, but it also unleashes both spicy and savory flavors.

The restaurant gets 75 percent of its ingredients from local sources within the five-state area, ranging from honey, maple syrup and pork from Minnesota, cheese from Wisconsin and specialty bacon from North Dakota.

“I think that we bring some different flavor profiles to an already amazing culinary

Sota Sisters strives to stock a variety of clothing that appeals to all ages, she said. “From young to old, teenagers to grandmothers, we have styles to suit everyone,” Bannerman said.

Located at 1754 Suite 104 Commerce Drive in North Mankato, Sota Sisters opened 2½ years ago. The store has 3,000 Facebook followers who closely follow the store’s posts.

“We’re open seven days a week at our physical store location,” Bannerman said. “Hours vary upon the day. The best way to find out our hours is to Google us or check our Facebook or Instagram. We also have a website, which is www. sotasistersboutique.com.”

Sota Sisters ships anywhere in the U.S. for $7 and does a live Facebook video every Friday at 10 a.m. showing off the store’s new arrivals.

“A lot of people say they really like that. They can see what’s new, and then they come into the shop for those items or they order them online.”

BEST FAMILY PHYSICIAN/ PRIMARY CARE PROVIDER: BONNIE STEEL

Heading up a team effort

BonnieSteel has been working in health care in Mankato for 35 years.

And there’s no place else she’d rather be.

Steel says she loves the fact that, as a nurse practitioner, she sees patients from all walks of life and all in the town where she grew up.

“Mankato is just such a great community,” she said. “It is the right size and it has a lot to do, but you still know people when you go to the store. There’s farming people and there’s city people — it’s a good blend that way.”

grow. Years ago, she said, she worked in the hospital’s birth center. Today, some of those babies she helped into the world come to her in her role as nurse practitioner.

Despite winning the Best of Mankato award in the Family Physician/Primary Care Provider category, Steel is quick to give credit to Mayo Clinic Health System and the nurses who help her care for patients.

A mimosa sampler at Nolabelle Kitchen. experience in Mankato,” Swindell said. “Its unique flavors combine to produce fresh and amazing dishes.”

Working at Mayo Clinic Health System’s Eastridge location, she said, put her in contact with a lot of folks from surrounding communities, such as Janesville, St. Clair or Mapleton.

“I like the people here.”

Serving Mankato for 35 years in several capacities has allowed her to see families

“I have a couple of amazing nurses that really make it a better experience for the patients,” she said. “That’s part of it. It’s not just me seeing them. It’s the schedulers when you come in and register and then the nurses that room them all of that creates the whole experience.”

Bonnie Steel of Mayo Clinic Health System.

■ Business and Industry Trends Energy

China processed less crude in Q2 of 2022

In the second quarter of 2022, China processed the least crude oil since the first quarter of 2020, whentheCOVID-19pandemic hadthestrongesteffecton China’seconomicactivity, accordingtotheEnergy Information Administration. The resurgenceofCOVID-19cases sinceMarch2022andChina’s policyoflocalizedmobility restrictionsexplainChina’s reduceddemandforpetroleum products, and as a result, reduced refineryactivity,inthesecond quarter of 2022.

Inadditiontodecreased domestic demand, lower export quotasforfinishedpetroleum products, beginning around the secondhalfof2021,have contributed to reduced demand for crude oil processing in China. BecauseChinahasbeen processing less crude oil, it has also been importing less crude oil for processing. China’s crude oil imports peaked in late 2020 and early 2021 before decreasing as a resultoflowerdomestic demand and higher global crude oil prices.

China’s crude oil imports were particularly low in June and July 2022. In June, China’s crude oil imports decreased to 8.8 million barrels per day, the least since July 2018. Imports remained at 8.8 million b/d in July, down 2.0 million b/d from May of this year, but increased to 9.5 million b/d in August.

Despite China’s total crude oil importsdecreasing in recent months, China’s crude oil imports from Russia have increased from 8%(slightlylessthan400,000

in

to as much as 21% (2.0 million

20% in June

share of China’s

19% in July.

Natural gas prices to fall

expect the Henry Hub price to average about $9/MMBtu in 4Q22 and then fall to an average of about $6/MMBtu in 2023 as U.S. natural gas production rises.

U.S. natural gas inventories ended August at 2.7 trillion cubic feet (Tcf), which was 12% below the fiveyear average. We forecast that inventories will end the injection season (April through October) at more than 3.4 Tcf, which would be 7% below the five-year average.

Electric sales to rise

We expectU.S.salesofelectricitytoultimate customers to rise by 2.6% in 2022, mostly because of more economic activity but also because of slightly hotter summer weather than last year in much of the country. We forecast U.S. sales of electricity to fall by 0.4% in 2023.

Renewables to increase

The largest increases in U.S. electricity generation come from renewable energy sources, mostly solar and wind.

We expect renewable sources will provide 22% of U.S. generation in 2022 and 24% in 2023, up from 20% in 2021.

Coal use falling

Natural gas fuels 37% of U.S. electricity generation in 2022, a share similar to 2021, and we forecast it to fall to 36% in 2023. Coal-fired electricity generation in our forecast provides 21% of the U.S. total in 2022 and 19% in 2023. Growing generation from renewable sources limits growth in natural gas generation while coal’s generationsharedeclinesduetotheexpected retirement of coal-fired capacity.

Electricity prices to rise

We forecast the U.S. residential price of electricity will average 14.8 cents per kilowatt hour in 2022, up 7.5% from 2021. Higher retail electricity prices largely reflect an increase in wholesale power prices driven by rising natural gas prices.

CO2 increasing, then falling

We expectenergy-relatedcarbondioxide(CO2) emissions in the United States to increase by 1.7% in 2022 and then to decrease 1.8% back to around 2021 levels in 2023.

■ Agricultural Outlook

By Kent Thiesse

Rising farm input costs continue into 2023

Crop

producers in Southern Minnesota had some very good profit years in 2020 and 2021 and will likely have another strong profit year in 2022. The higher levels of net farm income in recent years are the result of above averagecropyields,strongcommodityprices,and manageable crop expenses. However, as we end the current year, inflation and rapidly rising crop input costs for 2023 willlikelyincreasecropbreakevencosts,whichcould potentially result in much lower net farm income levels for the 2023 crop year.

Almost every crop input expense for crop production will increase in 2023 compared to expense levels in 2022 and other recent years. Much of the focus has been in higher fertilizercostsforcorn;however,inputcostsarealso expected to be significantly higher for seed, crop chemicals, diesel fuel, propane, repairs, custom work, and labor. About the only input not expected to a show major increase is crop insuranceexpense.Interestexpense,machinery depreciation and other overhead costs are also likely to increase in 2023.

Many types of fertilizer products are now at record price levels,whichislikelytohave a bigimpactoncorn breakeven levels and could encourage more soybean acres

next year. Most fertilizer products have doubled in price from 2021 levels, with some nitrogen products almost three timeshigherthan2021levels.Therapidincreasein fertilizer costs is being driven by high global demand, very tight supplies of many fertilizer ingredients, and by shipping issues at U.S. Ports. Fertilizer expense typically accounted for about one-third of a corn farmers crop input costs (20132021); however, in 2022 the fertilizer cost will likely be 35-40 percent of total input costs and may rise to 45 percent or higher in 2023.

An average corn fertilizer program in Southern Minnesota is expected to cost $300 per acre or more in 2023, without any supplemental manure applications. This compares to documented fertilizer expenses of $142 per acre in 2021 and $126 per acre in 2020, based on South Central College (SCC) Farm Business Management (FBM) data. In addition to increases in fertilizer costs and some other crop input costs, most farmers will also likely face increases in land rental rates in 2023. Most experts expect 2023 cash rental rates in the Upper Midwest to increase by 10 percent or more, meaning that rental rates that were $250 to $275 per acre in 2022 will likely be $275 to over $325 per acre in 2023.

The combination of significantly higher crop input costs

2023.

input expenses and average overhead expenses, together with a land rental rate of $275 per acre and a targeted return to the farm operator of $50 per acre, the breakeven price to cover direct and overhead expenses for corn in 2022 would be approximately $5.25-$5.50 per bushel, using a 2023 corn yield of 200 bushels per acre. If the cash rental rate increases to $325 per acre, the breakeven price jumps to about $5.50 to $6.00perbushel.Thiscomparestoestimatedbreakeven levels near $4.00 per bushel in 2021 and near $5.00 per bushel in 2022. The estimated 2023 breakeven soybean price for most producers to cover the cost of production in will likely be in the $12.50 to $13.00 per bushel range at yield of 60 bushels per acre.

Based on the monthly World Supply and Demand (WASDE) Report in September, USDA is estimating the U.S. average corn price for the 2022-23 year (2022 crop) at $6.75 per bushel and the average 2022-23 soybean price at $14.35 per bushel. Local crop price bids in South Central Minnesota in early October of 2022 for the Fall of 2023 at local ethanol and processing plants were near $5.75 per bushel for corn and $13.10 per bushel for soybeans (2023 crop year). Many farm operators are quite optimistic about crop prices going into 2023; however, commodity prices have been highly volatile in the past couple of years.

The data in the adjoining chart is based on actual data from theSCCFarmBusinessManagementprogramandthe University of Minnesota FINBIN program on cash rented corn acres in the Southern third of Minnesota (2013-2021). The chart also includes corn estimates for 2022 and projections for the 2023 crop year. The chart takes the average corn direct inputcosts,cashrentcosts,andoverheadexpensesand divides those expenses by the average corn selling price for the year to arrive at how many bushels of corn it took to cover the various expenses, as well as the bushels need to cover all expenses. The net return over all costs would be the farm operator’s “net return to labor and management”. The chart did not include income from crop insurance or government far m program payments into the “bushels needed” calculations; however, that data is included in the “net return over all costs” figure listed at the end of the chart, which accounts for some of the variation in “net return” that is not reflected in the yield, price, and expense data.

Based on the FBM data, there was a negative “net return” over all expenses each year from 2013-2018, with less bushels produced than were needed to cover all crop expenses in some years. The farm profits in 2019 were generated by relativelyhighlevelsofcropinsuranceandgovernment payments. From 2020 to 2022, corn producers in Southern Minnesota have benefitted from favorable corn yields and strong commodity prices, together with manageable expenses, to achieve some very solid profit levels. As we look ahead to the 2023 crop year, we are anticipating much higher input costs, increased land rental rates and slightly higher overhead expenses. Based on an average corn price of $6.00 per bushel for the 2023 crop, we are estimating that it will take a corn production level of 184 bushels per acre to cover all expenses, which increases to 221 bushels per acre at a corn price of $5.00 per bushel. By comparison, it took only 149 bushels of corn in 2021 and 145 bushels in 2020 to cover all expenses.

MinnStar Bank, Lake Crystal.

Minnesota Business Updates

■ Retailers oppose Xcel charger plan

A coalition of retailersand chargingstation companies is objecting to a proposal by Xcel Energy to install hundreds of high-speed public charging stations across its Minnesota territory.

Xcel Energy asked state regulators for permission to spend $170 million on a rapid expansion of charging infrastructure to help the state meet its goal of electrifying 20% of light duty vehicles by 2030.

The utility said “range anxiety” will remain a barrier to that goal until drivers have enough charging options — it projects a need for 8,300 public fast-charging ports statewide by the end of the decade.

Fewer than 100 exist today.

Gas station and convenience store owners, EV charging companies, and conservative and free-market groups say Xcel Energy’s ability to use ratepayer money for the rollout would give itanunfairadvantageinwhat’sexpected nationally to be a nearly $50 billion a year market by the end of the decade.

Mills backs Grubmarket

the just-completed

which said the deal gives it a

market capitalization.

Mike Xu said Grubmarket is already

It’s made more than 60 M&A deals in the past

■ Johnson focuses on conservation

Outdoors and the National Wildlife Federation,

advance natural resource conservation

the Clean Earth Challenge.

call on tens of millions of individuals,

students, teachers, environmentalists and leaders to get outdoors and take simple conservation actions to help

come,”

Johnson-Leipold,

Outdoors, said in a statement.

clean up

■ Judge rules against 3M

CEO of

The two chemicalswereusedtomakeaqueousfilmforming foam (AFFF), which was primarily used at airports and military bases throughout the United States.

In seeking a dismissal of the cases, 3M is among the defendants that have argued they’re not liable for damages. They claim they made the firefighting materials to meet the government’s specifications.

Numerous factual disputes between the plaintiffs and 3M “make disposition of the issue of government contractor immunity by summary judgment inappropriate,” the judge ruled,addingthatthedisputes“require a fullfactual presentation at trial and a resolution by a final jury verdict.”

■ Stockholders demand less plastic

At a General Mills’ annual meeting, a majority of the company’s shareholders voted to pass a resolution to push the company to reduce plastic use and waste.

federal judge in South Carolina

“forever

The decision may mean that the cases will go before a jury to decide if 3M is immune to legal claims.

3M is among the companies facing lawsuits nationwide over alleged contamination from perfluorooctane sulfonate and perfluorooctanoic acid (PFOS/PFOA). The substances have been dubbed “forever chemicals” because they’re slow to break down in the environment and human tissue.

General Mills is the parent company of well-known brands suchasBettyCrocker,CheeriosandNatureValley. The company has set goals to increase recycling and reuse of its plastics. The company’s vision, however, fails to include a plastic reduction goal. It states: “Our packaging ambition is that all General Mills brands will design 100% of packaging to be recyclable or reusable by 2030.”

Shareholders called on the company to include a goal to reduce plastic use. Specifically, the resolution asked General Mills to issue a report on “how the company can increase the scale, pace, and rigor of its sustainable packaging efforts by reducing its absolute plastic packaging use.”

Hard times never last: Plan your financial recovery

Hal Bundrick | NerdWallet

Itfeelsasthoughwe’refacingahardtimeof

extremes. Floods classified as 1,000-year events on top of record heat. Prices are rising due to the worst bout of inflation in four decades. A lingering global pandemic that still impacts daily life.

Many of us are in urgent need of a financial fix. Cash is low, and costs are high.

Solet’sduckintoaquietcornerandstartthe healing process.

Mute the mania

First, let’s consider the noise we’re facing. Tragic global events are a smartphone notification away. Our social networks are relentless. Humans have never been bombarded with so much instant information — viral or otherwise.

It’s OK to mute the mania. Reduce or eliminate those news alerts. Set some screen time limits on your most distracting apps. Allocate some phone-free time blocks in your day.

Instead,prioritizeyourpersonalsituationand current needs rather than bearing the weight of the multitude of planetary problems. You can get to those later.

In the meantime, here are a few ways to regain your financial sanity.

Examine recent spending

First, take a hard look at your cash flow. Money in. Money out. The quickest way to build financial security and your peace of mind — is to have a nice chunk of cash left over every month. To do that, you’ve got to know where your money is going first.

Sofar,inflationiscostingusanextra$1,000a month. That’s a national average, but no wonder we’re allfeelingalittlestretchedrightnow,right?Like everyone else, I’ve been cutting extra expenses to try and get some of that money back:

n I cut a couple of software subscriptions I could do without.

n Then, I nixedTVsubscriptionsandleased equipment fees that I didn’t need. (I can always churnthestreamingservicesbyrenewingone subscriptionwhilecancelinganotherwhen a provider launches a show or two I’m interested in.)

n I stopped ordering so much meal delivery and cut back on dining out. Extra benefit: lost a few pounds.

n Istucktoashoppinglistatthegrocerystore instead of walking every aisle and grabbing a bunch of stuff I didn’t need.

n I’ll also call every credit card provider I have and ask for a lower interest rate. I don’t plan to be

carrying any balances with them, but it’s a good time to ask for a rate break. And having lower rates is useful if I should need to rely on credit cards in an emergency.

Going line by line over every expenditure I made recently, I found enough to save a few hundred bucks every month. It felt good. Little financial behavior modifications can recharge your spirit.

I’m also hoarding that extra cash and then some.

Don’t skew your view

“Mortgage rates are the highest they’ve been since 2009.” “Nasdaq records its first five-week losing streak since 2012.”

Those kinds of headlines can distort our perspectives. “Stocks slide to the lowest since March 2021,” a headlinepublishedaboutfourmonthsagosaid. Steppingbacktoseethebiggerpictureofstock markethistory,that’sjustablinkofaneye.But modern news-by-the-minute media is training us to think in tiny time steps.

I saw another headline that said, “Why ThisStock is soaring today.” And the next day: “Why TheSameStock tumbled today.” That’s short-fuse news.

True perspective requires a view longer than simply when something happened last.

Remember, this is just another life cycle

A lot of things we worry about have been higher or lower.

“I wish we had bought a house when mortgage rates were3%.”OrboughtBitcoinwhenitwas$300. Remember when gas was under $3? Under a dollar?

Thisstuffcanboilthejuicesinyourdigestive system if you let it.

Itgoestheotherway,too.Maybeyoubought Bitcoin near $69,000 late last year. Now it’s close to $20,000. Ouch.

If you think mortgage rates are high at 6%, remember that perspective thing. The average rate for a 30-year mortgage over the last nearly five decades is just under 8%.

Peoplestillboughthouseswhenmoneywas expensive. Ask someone who bought a house when rates were in the teens. I did. In years past, I’ve had double-digit interest rate mortgages. But when rates fell, I refinanced or bought another home with a lower mortgage rate.

When and why you might want to open a CD

By Spencer Tierney | NerdWallet

Theyear 2022 has not been kind to our wallets. But amid rising prices (i.e., inflation) there’s at leastoneperk:Savingsaccountrateshave increased, including on certificates of deposit.

Some CDs have returns upward of 3% right now, but likeanybankaccount,theydon’tworkforevery financial situation. Let’s see if CDs make sense for you.

CDs that hold money, not music

If you came to this article thinking of a CD as a compact disc for music, I apologize — but good luck with your old-school music collection.

In banking, a CD refers to a certificate of deposit, which is a type of savings account that has a fixed term and fixed interest rate. You add money, wait for the CD’s term — usually three months to five years to end, and get your money back with interest.

The main places to open CDs are banks and credit unions, which are banks’ not-for-profit counterparts. Credit unions tend to call CDs “share certificates.” Brokerages also offer CDs, but the process is more complicated and requires an investment account.

CDs: The good, the bad, the penalty

The good

Here’s the biggest reason to consider CDs: They can offer the highest guaranteed returns for a bank account. And current CD rates are some of the highest in a decade, based on NerdWallet analysis of Fed data and its own data. When the Federal Reserve raises its rate, as it has multiple times in 2022, banks usually raise their savings and CD yields.

Handsdown,thebestratesareatonline-only institutions. At the time of writing, you can find rates for one-year CDs above 2.3% annual percentage yield, three-year CDs above 2.7% APY and five-year CDs above 3% APY. The national average CD rates, in contrast, are below 0.70%, which is still better than the national average of 0.13% on regular savings accounts.

Take this scenario: Put $10,000 into a CD at 3% for a five-yearterm,andyou’llearnaround$1,600in interest. Try that same amount and time frame but in a savings account with a 0.13% rate, and you’ll earn about $65. I’d choose the first option.

Unlike some checking or savings accounts, CDs don’thavemonthlyfeesorminimumbalance requirements other than a minimum amount to open. High-yield CDs have minimums that range from $0 to $10,000.

The bad

CDs are the bank account equivalent of a lockbox. In exchange for high rates, you give up access to funds.

If you need to cash out a CD early, well, it might hurt. You mustwithdrawallthemoneyinone transaction and almost always pay a penalty that can cost several months’ to a year’s worth of interest you earned — or would’ve earned. A bank can dip into your original amount to cover a penalty. Unlike other bankaccounts,though,CDsonlyhavethisone potential cost, and you can avoid it by waiting for a CD to mature.

When would CDs work best for me?

CDshavemorespecificusecasesthanyour everyday checking and savings accounts. Ask yourself any of these questions before deciding to open one.

1. Do I need more distance from some savings?

Say you come into an inheritance or other type of windfall; or you’ve built up savings for years; or, you’re like my parents who — as I grew up — put some savings in a share certificate to keep it out of reach. Whatever the reason, a CD is built to keep you from being tempted to spend those funds.

2. Do I have savings earmarked for a big purchase?

Ifyouhaveasumintendedforacarordown payment on a home in the next few years, a CD helps you set aside the funds until you’re ready.

3. Do I want to protect some wealth outside of investments?

CDsprovideshort-termsafety,notlong-term growth. Funds are federally insured as they are in other bank accounts, meaning your funds get returned to you even if a bank goes bankrupt. CDs also don’t have the risk of fluctuation in value as in the stock market.

•

APPLICATIONS OPEN FOR $900,000 IN DEVELOPMENT/REDEVELOPMENT GRANTS

Greater Mankato Growth was awarded $1.9 million in funds that can cover 30% of the cost of development/redevelopment projects in Blue Earth/Nicollet Counties. These include the Mankato-North Mankato City Center, US Hwy 169/MN 60, and US Hwy 14 corridors.

million is expected to be granted to first-round applicants with $900,000 available to applicants who apply before December 31, 2022.

• Applicants

WHY JOIN GREATER MANKATO

•

funds between $1,500 and $15,000 are especially encouraged to apply as some funds have been set aside for lower dollar grant requests.

EXPOSURE

at the

Code below.

supported, in part, by State of Minnesota through a grant from the Minnesota Department of Employment

Economic Development (DEED), the state’s principal economic development agency.

IN THE KNOW

MEMBER

Mayo Clinic Health System Event Center, Mankato

This premium event connects public leaders and a wide range of attendees from the agricultural sector, such as producers, manufacturers, educators, researches, and more. Rural Forum presents a great opportunity for conversations about key issues facing the rural economy, as well as brainstorming potential solutions. GreenSeam is looking to reach more than 250 business and industry leaders.

sponsorship opportunities, please reach to Liz Sharp at lsharp@greatermankato.com.

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GOLF,

DIGEST EXECUTIVES KNOW GREAT GOLF and have named Renaissance Ross Bridge Golf Resort & Spa and Auburn Marriott Opelika Hotel at Grand National two of their newest Editors' Choice Winners, along with Pebble Beach, The Greenbrier, Pinehurst and 65 other North American locations. When you need to step away from the office for a great golf getaway or an off-site meeting, plan your visit to Alabama’s Robert Trent Jones Golf Trail. The best part about the Trail is you don’t have to break the bank to play world-class golf.

Play where the champions play on Alabama's Robert Trent Jones Golf Trail. To book your next outing, call 800.949.4444 today and visit rtjgolf.com to learn more.