MN Valley Business, September 2019 by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley September 2019

Pat Steffensmeier and his son Tony own Snell Power Sports, soon to be Mankato Power Sports. Photo by Pat Christman

Taking it outside

Businesses cater to hunters, anglers, recreation minded Also in this issue • SPANISH IMMERSION DAYCARE OPEN IN NORTH MANKATO • NICOLAI’S SIGNATURE HOT SAUCES • NICOLLET-BASED ONLINE AUCTION SERVICES

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MN Valley Business • SEPTEMBER 2019 • 1

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F E A T U R E S September 2019 • Volume 11, Issue 12

From side-by-sides with A/C and power steering, to fish locators interconnected with electric trolling motors, gear for the outdoor enthusiasts is more tech-rich all the time.

Nicolai Amende started experimenting with making hot sauce as a 7-year-old and now as a high school senior is continuing to expand his Nicolai Hot Sauce business.

Pamela Riquelme-Paredes has opened the first Spanish immersion daycare center in the region, helping young kids learn the language while doing their daily routines.

Jason and Kimberly Salisbury, who runs NPS Industrial Surplus in Nicollet, have launched Online Auction Services, utilizing the national K-Bid.com.

MN Valley Business • SEPTEMBER 2019 • 3

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SEPTEMBER 2019 • VOLUME 11, ISSUE 12 PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Harvey Mackay Dan Greenwood Dan Linehan PHOTOGRAPHERS Pat Christman Jackson Forderer 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 Sue Hammar DESIGNERS Christina Sankey CIRCULATION Justin Niles DIRECTOR For editorial inquiries, call Tim Krohn at 507-344-6383. For advertising, call 344-6364, or e-mail advertising@mankatofreepress.com. MN Valley Business is published by The Free Press Media monthly at 418 South 2nd Street Mankato MN 56001.

■ Local Business memos/ Company news.....................................5 ■ Business Commentary.........................7 ■ Business and Industry trends..........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 ............................34

From the editor

By Joe Spear

Non-essential goods show growth

t’s a good sign for an economy when businesses that don’t sell “essential” goods are doing well. This month’s cover story on the power sports business shows that there’s no shortage of folks who want to buy things that enhance their outdoor experience, though maybe are not essential things to buy. That shows there’s a good amount of disposable income in Mankato area households. And that makes sense to some degree. With the average wage at $26 per hour, there are plenty of households making good money. It also may be a continued reaction to less travel and more staying at home for family recreation and fun. With these kind of evolving industries, it’s always interesting to see the new features of some of these grown-up toys. ATVs supersized to multiple seat vehicles with heating, air conditioning and portable ice houses are surely meeting the imaginations of the outdoors people. The typical ATV owner, according to datamaster.org is male and 39 years old. The company says there are 1.2 million ATV owners in the U.S. And most own their own homes and have an annual household income of $65,000. They enjoy hunting and fishing and have farms and ranches. But the business is going high tech also. It turns on the economy and the weather, both of which have been volatile in recent years. Pat Steffensmeier who with his son owns Snell Power Sports sees the side-by-sides ATVs getting bigger and bigger. “Polaris came out with a unit with air conditioning on it. They’re getting better and better, like a mini pickup. They have better

4 • SEPTEMBER 2019 • MN Valley Business

suspensions, power steering,” Steffensmeier says. When selling to hunters, anglers and other outdoor enthusiasts, they know the business flows with the economy and, interestingly, the generational connections on the outdoors. “Critical for us is to keep the youth involved. With kids involved in their social activities and phones, how do you keep them interested in the outdoors?” said Judy Douglas, group vice president at Johnson Outdoors Mankato location. Mankato has the advantage of having not only retail sellers of outdoor equipment, but the city is also the hub of outdoor equipment manufacturing with longtime business Johnson Outdoors. Lee Gansen, owner of Dranttel Sales and Service in St. Peter, sees the weather as a driving force for sales. “It’s the economy and Mother Nature. When you get a late spring it’s amazing how it affects sales and ser vice. When it’s nice weather people get out and buy things. It’s very weather sensitive and economy sensitive.” Mother Nature and the economy are sure to be wild cards in the future of this business, but Mankato outdoor culture and family traditions seem to bode well for the future. The Mankato Johnson facility may be somewhat insulated from the ups and downs as the exclusive producer in the company of the Minn Kotas products. They diversify that line with a “entry level” transom motors for $100 to $200 at a contract manufacturer in Mexico. An interesting comment from Johnson’s Douglas suggests a competitive advantages for places like Mankato and Minnesota who have a highly educated and productive workforce.

“We want all our higher technology motors built here in Mankato,” Douglas said. Key she says to continued success: “One thing helping Johnson Outdoors and boating businesses is the health of the economy and the low interest rates.” And people like Steffensmeier seem bullish on the outdoors business. He purchased the former Rasmussen College building along Highway 14. “The old Rasmussen building is 24,000 square feet for the showroom and some office. We built an 11,000-square-foot service facility for the shop,” he said. “It’ll be easy in and out for people with trailers, easy access off the highway.” One thing is for certain about the Minnesota weather. It will always change and that may call for a new type outdoor vehicle for every season. Joe Spear is executive editor of Minnesota Valley Business. Contact him at jspear@mankatofreepress.com or 344-6382. Follow on Twitter @jfspear.

Local Business People/Company News ■

Nelson selected to board

Julie Nelson, a s s o c i a t e regional director of the Small B u s i n e s s Development Center - South Julie Nelson Central Region, has been selected to serve a three-year term on the board of the Better Business Bureau of Minnesota and North Dakota. BBB’s mission is to be the leader in advancing marketplace trust. With more than 7,300 locally Accredited Businesses, the Better Business Bureau of Minnesota and North Dakota is a not-for-profit organization, and a 21-member volunteer board of directors. The SBDC has been a regional strategic partner with the BBB for the past two years, supporting BBB outreach activities, holding educational presentations, providing office space and hosting a trained BBB intern who is available during scheduled hours. ■■■

Murra a top loan officer

Wayne Murra, of Mankato, was among six Bremer Bank loan officers were named a Minnesota Housing Top Producing Loan Officer for their loan production during the second half of 2018. Murra was named to the “platinum level.” Minnesota Housing supports and strengthens homeownership by partnering with local loan officers to provide affordable homebuyer loans. First-time and repeat homebuyers can access programs with fixed interest rates and downpayment loans up to $15,000.

Kelly, Partridge named Super Lawyers

Two Farrish Johnson Law Office attorneys, Scott V. Kelly and William S. Partridge, have been named “Super Lawyers” for 2019. This prestigious award from Super Lawyers, a Thomson Reuters business, recognizes them to be among the top 5% of all lawyers in Minnesota. They are trial lawyers practicing in personal injury litigation, business disputes and construction law, have received this distinction every year for the last 19 years. Additionally, three attorneys with Farrish Johnson Law Office, Daniel J. Bellig, Joseph A. Gangi and Amy E. Sauter, were recognized as “Rising Stars”. This distinction is given to the top 2.5% of lawyers in Minnesota who 40 or younger, or have been in practice for 10 years or less. ■■■

Two join CTS

Two new technology staff have been added to Computer Technology Solutions. N a t h a n Engelhardt comes to CTS from the St. Nathan Engelhardt Clair Public Schools IT department and has more than five years of experience. Drew Bear comes to us from Le Sueur Henderson Schools and has over 18 years of Drew Bear experience in information technology. ■■■

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MN Valley Business • SEPTEMBER 2019 • 5

Maschka attorneys honored

Jerry Maschka, Renee Rubish, Nick Frentz and Jed Chronic were named Super Lawyers and Nick Maxwell and Abbie Olson were named Rising Stars. They were selected in the following areas: Maschka, Rubish, Frentz, Chronic and Maxwell for Personal Injury Plaintiff Olson for Real Estate. Each year Super Lawyers selects attorneys using a patented multiphase selection process. Peer nominations and evaluations are combined with third party research. Each candidate is evaluated on 12 indicators of peer recognition and professional achievement. The selection process for the Rising Stars list is the same as the Super Lawyers selection process, with one exception: to be eligible for inclusion in Rising Stars, a candidate must be either 40 years old or younger or in practice for 10 years or less.

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Farrish attorneys promoted

Joseph Gangi and Amy Sauter have been promoted to shareholders of Farrish Johnson Law Office. Before joining the firm in 2013, Gangi was a law clerk for Chief Judge Matthew Johnson and Judge Terri Stoneburner at the Minnesota Court of Appeals. Sauter practiced in private law for six years in the St. Cloud area before joinomg Farrish in 2016.

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Business Commentary

By Harvey Mackay

Talk is cheap, but misunderstandings can be costly

new young worker at a construction site sat down to eat his lunch with the rest of the crew. As an older fellow opened his thermos to pour out coffee the young worker asks, “What’s that?” The older fellow says, “It’s a thermos bottle.” “What is it for?” the young worker asks. “It keeps hot liquids hot and cold liquids cold,” the older fellow said. The next day the young worker arrives at the construction site with his own thermos. The older fellow asks, “Whatcha got in your thermos?” “Two cups of HOT coffee and a glass of COLD ice tea.” “Communication does not begin with being understood, but with understanding others,” said W. Steven Brown, founder and chairman of the Fortune Group International. Avoiding misunderstandings is fundamental to a successful workplace, not to mention life in general. Getting along is largely dependent on your communication skills. If doing your job is important, you need to let people know what you’re doing, and you need to understand what they want from you. Curious though it may seem, good communication starts with listening, not talking. Expressing yourself is vital, but understanding what others are telling you allows you to make your arguments more persuasive. If you want your views to be respected, you must show equal respect when others express their opinions. Show that you understand their words and ideas, even if you disagree with them. A little empathy goes a long way. Not only is brevity the soul of wit, it is also a demonstration of respect for others’ time. Going on and on, even when you’re right, turns people off. Learn to make your points clearly and concisely, then let others respond. No one likes to be lectured to. Watch your tone. So much of two-way communication depends on both sides feeling like they are not in hostile territory. Even when two parties disagree, getting rude and personal is never acceptable. Never. Ever. Body language often speaks louder than words. Nonverbal communication sends a powerful message. Be aware of your hand gestures, eye contact, stance and tone of voice so you don’t undercut what you’re trying to say. And pay attention to the other party’s cues. Adjust your approach if necessary. With so much of our communication written rather than spoken in person, don’t ignore the impact of texts, tweets, emails, posts and letters. You would think that because you actually have to take the time

Mackay’s Moral: It is wiser to choose what you say than to say what you choose. to type and transmit, it would be easier to choose your words more carefully. Unfortunately, that is not the case. Messages committed to print are eternal, it seems, so it pays to read and reread what you are expressing before you hit the send button. How many times have people had to take down a post because it didn’t say what they meant? Can you or your business afford a misunderstanding? “Words have meaning beyond the obvious. Words have consequences beyond intention,” said John R. Dallas Jr., author of “We Need to Have a Word: Words of Wisdom, Courage and Patience for Work, Home and Everywhere.” Let that sink in for a minute. A simple combination of letters can change the course of progress. A poorly chosen phrase can end a working relationship – even if you didn’t mean quite what you said. In other words, think before you speak. The Chinese philosopher Confucius was once asked his views on the importance of good communications in getting things done. “What,” asked the questioner, “is the first thing to be done if good work is to be accomplished?” Confucius replied, “Getting the definitions right, using the right words.” He elaborated that “when words are improperly applied, issues are misunderstood. When issues are misunderstood, the wrong plans are devised. When the wrong plans are devised, wrong commands are given. When wrong commands are given, the wrong work is performed. When the wrong work is performed, organizations fail. When organizations fail, the people suffer.” And so he concluded, “the first thing is to achieve the proper naming of things.” Two men went into a diner and sat down at the counter. They ordered two sodas, took sandwiches out of their packs and started to eat them. The owner saw what was going on and approached the men. “You can’t eat your own sandwiches in here,” he complained. So the two men stopped, looked at each other and then swapped their sandwiches. Harvey Mackay is a Minnesota businessman, author and syndicated columnist. He has authored seven New York Times bestselling books

MN Valley Business • SEPTEMBER 2019 • 7

Lee Gansen alongside a fishing boat at Dranttel Sales and Service in St. Peter. The business is in its 53rd year. Photo by Jackson Forderer

High tech sporting

Technology revolutionizing hunting, fishing industry By Tim Krohn | Photos by Pat Christman and Jackson Forderer

unters will soon be heading to area marshes for duck hunting, or to the woods searching for deer. More and more of them are loading up their gear on side-bysides, two- to four-seat recreational vehicles.

Pat Steffensmeier, who with his son owns Snell Power Sports in Mankato, said the side-by-sides just keep getting bigger and better. “Polaris came out with a unit with air conditioning on it. They’re getting better and better, like a mini pickup. They have better

Cover Story

8 • SEPTEMBER 2019 • MN Valley Business

“Critical for us is to keep the youth involved. With kids involved in their social activities and phones, how do you keep them interested in the outdoors?” said Judy Douglas, group vice president at Johnson Outdoors Mankato location. suspensions, power steering.” Everyone in the business of serving hunters, anglers and other outdoor enthusiasts knows their fate flows with the tide of the overall economy. And their future relies on new generations of sportsmen. “Critical for us is to keep the youth involved. With kids involved in their social activities and phones, how do you keep them interested in the outdoors?” said Judy Douglas, group vice president at Johnson Outdoors Mankato location. Lee Gansen, owner of Dranttel Sales and Service in St. Peter, said the weather also plays a big role in their business. “It’s the economy and Mother Nature. When you get a late spring it’s amazing how it affects sales and service. When it’s nice weather people get out and buy things. It’s very weather sensitive and economy sensitive.”

Johnson Outdoors’ Judy Douglas is group vice president in Mankato. Photo by Pat Christman.

Johnson Outdoors

Wisconsin-based Johnson Outdoors has long had a big presence in Mankato. Their original facility on Madison Avenue long centered on Johnson fishing reels, along with assembling Minn Kota trolling motors. They built a new distribution facility in Eastwood Industrial Park and recently added a production facility there as their production output has more than doubled in recent years. “Our production is all under one roof now. It was split between there and the Madison Avenue building. We still use the Madison Avenue location for offices,” Douglas said. Production in Mankato focuses on

Scott Stauffer tests out a newly assembled Minn Kota Ulterra trolling motor at Johnson Outdoors’ Mankato plant.

MN Valley Business • SEPTEMBER 2019 • 9

Bryon Schultz works on a generator in the repair shop at Dranttel Sales and Service in St. Peter. Photo by Jackson Forderer Minn Kota trolling motors and Cannon Downriggers. “We have a full line of trolling motors from transom motors to bow mount, with multiple scissor mounts, cable steer, fresh water, salt water and more,” Douglas said. The Mankato facility is the only one in the U.S. making Minn Kotas. Douglas said they have one contract manufacturer in Mexico that makes their entry level transom motors that sell for $100-$200. “It’s a high volume, low technical motor. We want all our higher technology motors built here in Mankato.” The fishing division is by far the largest piece of Johnson Outdoors as far as sales and profitability. “One thing helping Johnson Outdoors and boating businesses is the health of the economy and the low interest rates.” She said the company’s growth has been fueled by innovation. “Our shallow water anchor line is emerging as an important product.” The battery-powered anchors use a telescoping rod that goes

down silently to as deep as 15 feet to hold a boat in place. “It’s a way to anchor in shallow water without taking a big anchor and throwing it over and spooking the fish.” Douglas said the big trend in the industry is the integration or connectivity between products. “Our products talk to each other. You can operate a trolling motor and anchor from you Humminbird fish finder. You can tell your fish finder ‘I want to go to this spot’ and the fish finder tells the trolling motor to take you there. And you can put yourself in a spot and lock the GPS system and the trolling motor will automatically keep you on that spot.”

Dranttel Sales & Ser vice

Gansen said they rarely sell just a boat, motor and trailer package anymore. Instead people want the boat outfitted with a variety of accessories. “They have one or two trolling motors, maybe a couple of fish locators, there’s a lot of accessorizing,” he said.

10 • SEPTEMBER 2019 • MN Valley Business

“The last five years have really gotten very technically advanced in the trolling motors and fish locators.” While they sell side-by-sides, ATVs and snowmobiles, watercraft remains the mainstay of the business. “Alumacraft keeps making the boats a little fancier all the time,” he said of the St. Peter-based boat maker. All Yamaha and Mercury boat motors are now four-stroke, lowmaintenance motors that boaters like. “They like the idling, smoothness, quietness. There are no carburetors on motors over 20 hp. It’s like your car, you get in, fire it up and you’re ready to go. The days of pushing and pulling knobs and levers are gone.” Gansen said their service work has been steady, but noted how seemingly small things can have a ripple effect on businesses like his. Many area lakes had wake restrictions on them because of high water this summer, with boaters only able to go slowly on lakes.

Tony Steffensmeier unfurls a ice house from the back of a Polaris side-by-side at Snell Power Sports. Photo by Pat Christman “The no-wake restrictions slowed things down some. If they don’t use their boats they don’t break them.” One thing Gansen is waiting to see is what the prices will be on products he sells next year. “It’ll be interesting to see what the pricing is in 2020 because of the trade wars and the tariffs and everything else.” John “Butch” and Carol Dranttel, started Dranttel Sales and Service on their family farm in 1966. At the time, Dranttel Sales and Service was more of a hobby dealership as Butch sold Scorpion snowmobiles out of a machine shed that had been converted into a shop and showroom. Butch expanded his operation at the farm when he took on the Yamaha snowmobile line in 1973. In 1977, Butch enlarged his business to include lawn and garden. ATVs were brought into the business during the early ‘80s. In 1981, Butch built their current facility on Old Minnesota Avenue in St. Peter. He expanded to motorcycles in 1982 and in 1983 and they took on Alumacraft boats and outboards. In 1985, Gansen began working for Butch part time for the first couple of years. Lee went full time after graduation from high school. He would later marry Jean, Butch’s daughter. In 2009, Lee and Jean purchased the business.

Power Sports

Pat Steffensmeier, was general manager of Snell Power Sports and he and his son Tony bought the business last year. They purchased the former Rasmussen College building along Highway 14 and are renovating it to move the business from the Snell

car dealership location. The business will be renamed Mankato Power Sports. “The old Rasmussen building is 24,000 square feet for the showroom and some office. We built an 11,000-square-foot service facility for the shop,” Pat said. “It’ll be easy in and out for people with trailers, easy access off the highway.” They hope to open in the new location Nov. 1. Tony Steffensmeier said side-by-sides are the core of their business. “We do 75 or so deals a month and half of those are side-by-sides. “They’ve become so versatile. With the right permit you can ride them on the county road and go into town. They have so many accessories, cabs and heat,” Tony said. “You can use them year around. With the snowmobilers or ATVers of the past, when we don’t get a lot of snow they trade for a side-by-side they can use all year.” Pat said side-by-sides start at about $9,500 and go up to $24,000 or more. People use them for deer hunting and ice fishing. They can have one unit and two to three people can be in them,” Pat said. Polaris makes a side-by-side with a pop-up tent in the back that’s growing in popularity with ice anglers. “It’s basically a fish house that pops out of the back of the bed. A two-man fish house. You drive out, drill your holes and flip it down like a Clam and it all folds back up in the bed of the utility vehicle,” Pat said. MV

MN Valley Business • SEPTEMBER 2019 • 11

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12 • SEPTEMBER 2019 • MN Valley Business

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MN Valley Business • SEPTEMBER 2019 • 13

Five of Nicolai Amende’s hot sauces, including his hottest sauce, the Knaak Attack in the middle.

The boy who would be the

“hot sauce king” Starting at 10, Amende growing his hot sauce business By Dan Greenwood Photos by Pat Christman

s a 7-year-old at the breakfast table a decade ago, Nicolai Amende watched with curiosity as his father routinely poured Tabasco sauce on his eggs every morning. One day he asked if he could try some and was immediately impressed with

14 • SEPTEMBER 2019 • MN Valley Business

the spicy flavor. A couple weeks later, Nicolai was brainstorming gift ideas for his father’s birthday when he had an epiphany. His dad loved hot sauce, and the ingredients were basic enough on the Tabasco sauce label.

Nicolai Amende started Nicolai Amende Signature Hot Sauces seven years ago. His hot sauces can be found at Hilltop Meat Market, Wooden Spoon, Blue Sky Mercantile, Welsh Heritage Farms, Cheese and Pie Mongers in St. Peter and the Yellow Barn. Why not pick some of the jalapenos from the family garden and give it a try himself? “I looked at the ingredients on the label and thought, ‘this looks easy to make, I’ll make hot sauce for my dad,’” Nicolai said. “I grabbed all the ingredients, threw them into a food processor and blended it.” The initial outcome was essentially pepper flakes

and seeds floating in vinegar. But he was determined to try it again. “Throughout the next three years I experimented with the recipes, sometimes it was too thick, other times it was too thin,” he said. “After many months of doing research on the internet and learning through trial and error, I finally developed the perfect recipe.”

MN Valley Business • SEPTEMBER 2019 • 15

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“My goal ever since day one was to become the hot sauce king of Minnesota,” he said. His mother, Svetlana Amende, made a deal with him. If he sold out his entire stock that first year, she would pay for next year’s pepper seedlings. Family and friends were his first customers, but word spread quickly and before long the peppers grown in the family garden couldn’t keep up with demand. “We outgrew our garden very fast,” Svetlana said. “Now Nicolai has contracted farmers. All the peppers are Minnesota grown without the use of chemicals.”

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16 • SEPTEMBER 2019 • MN Valley Business

In the fall of 2012, at 10 years old, he founded Nicolai’s Signature Hot Sauces out of his home. As demand grew, he received his commercial license to sell the product at trade fairs, craft shows and farmers markets. “You need to attend a class for acidic food preparation; you spend a whole week studying how to handle acidic foods,” Nicolai said. “You need to take and pass a test in order to be eligible for a certificate, pay for a license, and send your product to the lab to get it analyzed and have the proper nutrition facts ready.” Now going into his senior year at Mankato West High School, he produces over a thousand bottles of hot sauce every year at a commercial kitchen space in St. James. The Mankato teenager’s hot sauces are found at shops and restaurants throughout southern Minnesota, including Blue Skye Mercantile, the Dam Store, the Wooden Spoon, Hilltop Meat

Market and more recently, Minnesota’s Largest Candy Store, the big yellow barn north of Belle Plaine on Highway 169. “That’s my greatest accomplishment to date,” Nicolai said. He sells five varieties – from the very spicy Knaak Attack Garlic Habanero sauce, named after one of the farmers who grows peppers for him – to the milder Five Pepper Blend, the variety that started it all. Other sauces include a roasted chipotle blend, a chililime southwestern and Tsar Sauce, a nod to his Russian heritage. “I’m half Russian,” he said. “It’s based off of this Russian style hot sauce called Adjika – ideal for cabbage rolls and grilled lamb.” Minnesota State University business professor Yvonne Cariveau took notice, and invited him to speak to one of her business classes in 2014. “He was engaging, organized and hit many points that I wanted my students to hear... get mentors and nurture those relationships, get out in front of people and sell your idea or product with passion and keep moving forward despite any temporar y setbacks,” Cariveau said. He’s been a guest speaker at the university every semester since 2014, and Carivaeu said he’s been an active participant in learning about entrepreneurship and networking, frequenting events at MSU’s Center for Innovation and Entrepreneurship. While that enthusiasm and cultivating business connections are an asset, Nicolai said his recipes stand out from other brands because of a higher pulp to brine ratio, meaning he uses more peppers and less vinegar, a technique he says brings out the natural sweetness of the pepper. Looking ahead, he aims to expand the boutique shops that carry the product, and he hopes to partner with other businesses to expand his customer base. “My goal ever since day one was to become the hot sauce king of Minnesota,” he said. MV

DESIGN FOR EVERY

Architecture + Engineering + Environmental + Planning

ISGInc.com

MN Valley Business • SEPTEMBER 2019 • 17

Owner Pamela Riquelme-Paredes works with kids at her Spanish immersion daycare in North Mankato.

Spanish immersion New daycare integrates Spanish into daily routine By Dan Greenwood | Photos by Pat Christman

hen it comes to learning a second language, is just absolutely amazing,” Riquelme-Paredes said. young children have a distinct advantage. Riquleme-Paredes had gained experience working There are over 70 immersion programs in with kindergarteners as a paraprofessional with Minnesota intent on helping kids Mankato Public Schools, teaching become bilingual, and Spanish Spanish to home-schooled children makes up the bulk of those and raising her own. The programs. While most are in and combination of those experiences around the Twin Cities Metro Area, led to an epiphany of sorts and a PAMELA’S SPANISH there is now a local option for preconversation with friends: there IMMERSION school aged kids and toddlers at were plenty of daycare centers DAYCARE Pamela’s Spanish Immersion around Mankato, but none offered North Mankato Daycare, the only Spanish a Spanish immersion program. Facebook immersion daycare, let alone Why not be the first? immersion school, in the greater After gaining insight into the field Mankato area. by volunteering at existing daycare centers, she Owner Pamela Riquelme-Paredes, who was born in revamped the interior of her house and obtained her Chile but has spent her entire adult life in the United daycare license; opening Pamela’s Spanish Immersion States, saw an opportunity to expose kids to her first Daycare out of her North Mankato home in the fall of language at that crucial young age. 2018. She serves up to eight kids as young as eight “The development of the brain between zero and five months on up to five-years-old.

Profile

18 • SEPTEMBER 2019 • MN Valley Business

Young kids at Pamela Riquelme-Paredes’s daycare easily pick up Spanish. The kids come from English-speaking and bilingual homes. While some have experience with Spanish at home, others come the first day without speaking or understanding a word of Spanish. Once they arrive though, they learn quickly. The entire curriculum is in Spanish. Even children less than a year old are actively listening and retaining words before they speak. “The older ones may not say that much Spanish but they understand everything,” Riquelme-Paredes said. “When they respond in English, that’s fine, I respond in Spanish. They don’t speak to me fluently, but the fact is they have a complete understanding of everything. Literally it’s hands on, using the same words. That’s how quickly they pick things up.”

Daily experiences

Lauren Mendez-McConkey, of Mankato, has a fouryear-old son who attends Pamela’s Spanish Immersion Daycare. Her husband is originally from the Dominican Republic and is a native Spanish speaker, and MendezMcConkey has lived abroad in Spanish-speaking countries and has degrees in Spanish. While they speak both Spanish and English at home, her son’s grasp of English eclipsed his Spanish. They enrolled him in the Spanish immersion daycare to help him catch up. Part of what she appreciates about RiquelmeParedes’s approach to teaching is she incorporates everyday experiences and other subjects like science and the arts into learning Spanish. Each activity has a theme involving a different word that RiquelmeParedes repeats throughout the duration of a week or two until it’s ingrained in the children’s vocabulary. “Language can be presented in many different lights, and I think she’s presented it in a positive way that makes it fun,” Mendez-McConkey said. “She’s done a wonderful job of making it engaging, not just about the language itself but she’s doing Spanish in yoga and Spanish and cooking. She really makes it a part of their daily experience.”

What fascinates Mendez-McConkey the most is the ability of a four-year-old boy to understand the distinction between the two languages at such a young age. “What’s cool to see is his processing that there are two different sets of ways to communicate,” MendezMcConkey said. “He’s sorting out the difference where before it would be a mixture of Spanish and English and it would be all over the place.” Other kids come on the first day with virtually zero experience with another language, and that can lead to some confusion at first, although Riquelme-Paredes said the first aspects of a new language children pick up is the listening and understanding part; speaking comes later. She recalls an interaction with a boy from her day care and a young girl from a nearby daycare at a park just a block away where young children and their parents frequent. Riquelme-Paredes asked the boy if he knew where her gloves were in Spanish. The girl asked him what Riquelme-Paredes had just said and he translated for her. “It was so magical,” Riquelme-Paredes said. “He could switch his brain from English to Spanish but he didn’t even know he was doing it. The child didn’t even realize he was translating.” In less than a year, Mendez-McConkey said she and her husband have seen a big difference in their son’s growth and grasp of Spanish. What started out as a hybrid of both English and Spanish words has transformed into an understanding of using different languages in different contexts. “This definitely gives us a good foundation, one that would have easily slipped away if he wouldn’t have had this opportunity with Pamela,” Mendez-McConkey said. MV

MN Valley Business • SEPTEMBER 2019 • 19

Jason and Kimberly Salisbury, who run NPS Industrial Surplus in Nicollet, have launched Online Auction Services, utilizing the national K-Bid.com.

Sold!

Couple takes an unexpected plunge into online auctions By Dan Linehan Photos by Pat Christman

The business, which she operates with her f there’s one lesson that Kimberly husband, Jason, is called NPS Industrial Salisbur y has learned from selling Surplus, and they run it out of a Nicollet industrial and commercial equipment in warehouse a block from online auctions, it’s that their home. They people will buy anything. specialize in selling farm Components to an machiner y, industrial antiquated conveyor belt surplus and commercial system? Sold. Capacitors NPS INDUSTRIAL and other electronic equipment. They often SURPLUS components to 1950s work with people who Nicollet electronics? Sold. have a lot of stuff they’d 507-720-8089 Antique birthing chair? like to convert to cash. surplusmn.com Sold. It’s like an online estate “We didn’t ask what sale, and their pitch is that they were gonna use it for,” she says, a seller can fetch higher prices than they laughing. The more esoteric the item, it could by holding a live auction or sale. seems, the more likely it will sell. Earlier this year, they became an affiliate • SEPTEMBER 2019 • MN Valley Business

Feature

Left: Kimberly Salisbury goes through some of the stock on hand at their Nicollet business. Right: The business sells estates, farm machinery, industrial surplus and commercial equipment in online quctions. of the online auction site K-BID, which sells a variety of industrial, agricultural and personal property throughout the Midwest. Featured auctions at the time of this writing included the floor of a basketball court, dented or scratched appliances and everything inside a liquidated Elk River-based boot repair shop. As recently as a few years ago, Kimberly Salisbury spent most of her time on graphic design and Jason on electronics recycling. Neither could have predicted they’d end up in the online auction business. “We wouldn’t have planned it this way, but we wouldn’t have it any other way,” Salisbury says.

Taking the Plunge

When Salisbury left her design and marketing job at Taylor Corp in 2015 to pursue a career in freelance graphic design, she was anxious about leaving the safety of a steady job. “Oh my gosh, it was so scary,” she says. But she’d already started freelancing and had built up a client base. Meanwhile, her husband, Jason, had started a side business. He and a partner co-own Green Tech Recycling, and he learned that many recycled electrical components, like relays and circuit breakers, still worked. So he worked out a deal with a nearby scrapyard to acquire the items and found they sold reliably. He started an eBay store out of their garage, which progressed to storage space and then, last summer, to the 3,600-square-foot Nicollet warehouse. Kimberly Salisbury helped out

now and then, but focused on her freelance business and raising their two daughters. In 2017, she started to spend most of her work time at the auction business. To get an idea what exactly they do, consider a typical day.

An Online Estate Sale

Most mornings, the first order of business is shipping out the items that bidders won the night before. “You’d be amazed how many people order things at 4 o’ clock in the morning,” she says. Then they move onto new items to list, a task that could include photography, cataloguing and research. On this particular day, Kimberly and Jason are at a farm site preparing to hold an online auction for a family selling their father’s collection of antique cars and parts. “We’re up to our elbows in dirt and dust and rush and we’re loading up a trailer,” she says. They handle every part of the sale, including taking photos that put the items in the best light to insuring they work as advertised. Jason brings a mechanical aptitude to the team. If he doesn’t know what a particular item is, he probably knows someone who will. They take a commission off each sale depending on its value. For costlier items, it might be 15 percent; for less expensive items they go up to 40 percent. The commission is higher on smaller items because it can take more work to sell them, and they bring in less money.

Reaching the right potential buyers is the core of their pitch, so marketing the auction is important. They use Facebook and join online forums centered around a given topic. The auctions run online for a few weeks, but most of the action happens in the final hours and minutes. Watching the seconds tick down — and the prices tick up — may be the most exciting part of the business. “Oh my gosh, that is such a rush,” she says. “Things that you didn’t expect to go for a lot tend to go for more than you expect.” For example, a sign she bought for $10 ends up selling for $60. Other times, of course, she gets nervous about an item not selling for what they know it’s worth. “We do get nervous, but 99 percent of the time, it goes up to where we expect it to,” she says. Though Salisbury still does some graphic design work, most of her time is now spent with the online auction business. She says it’s gratifying work. “We’re working for ourselves and not a big corporation,” she says. Her advice to others who are leaving the safety of corporate life to strike out on their own is to be patient and not to expect success to come at once. And don’t let your expectations about your MV future limit it.

MN Valley Business • SEPTEMBER 2019 • 21

■

Business and Industry Trends

Energy Daily record for natural gas use set

The United States likely set a new daily record on Friday, July 19, of 44.5 billion cubic feet for natural gas consumption by electric power plants, according to S&P Global Platts. U.S. power sector natural gas consumption exceeded the previous record of 43.1 Bcf—set on July 16, 2018— on five days in July. Higher-thannormal temperatures and relatively low natural gas prices contributed to increased natural gas consumption by electric generators. Higher electricity demand for air conditioning during a heat wave from July 15 through July 22 drove the increased power generation, especially from natural gas-fired generators. Although the highest

temperatures occurred during the weekend, most states east of the Rocky Mountains experienced warmer-than-normal weather in the days leading up to the heat wave. In recent years, many natural gas-fired generators have come online throughout the country, especially in the PJM Interconnection, the regional transmission organization (RTO) responsible for managing wholesale electricity in 13 states.

Uranium production down

U.S. production of uranium concentrate (U3O8) in the second quarter of 2019 was 44,569 pounds, down 24% from the first quarter of 2019 and down 88% from the second quarter of 2018. During the second quarter of 2019, U.S. uranium was produced at four U.S. uranium facilities, the

22 • SEPTEMBER 2019 • MN Valley Business

same number as in the first quarter of 2019: Lost Creek Project, Nichols Ranch ISR Project, Ross CPP, and Smith Ranch-Highland Operation, all in Wyoming.

Renewables to increase

Renewables Generation and Capacity. Renewable generation provided 17% of total electricity generation in 2018, and the Energy Information Administration expects the share of generation from renewable sources to increase to 18% in 2019 and to 20% in 2020. Hydropower was 7% of total generation in 2018, and EIA forecasts that it will be about that share in 2019 and in 2020. Based on the most recent data reported to EIA, almost 6 GW of utility-scale solar photovoltaic (PV) capacity will be added in the

United States in 2019 and about 9 GW in 2020. Much of this new capacity is planned in the southeast United States, particularly Florida and the Carolinas, as well as Texas. The construction of new U.S. wind capacity through 2020 is strongly affected by the phase-out of the federal Production Tax Credit for wind, which began with projects under construction starting after December 2016. Such projects take several years to complete, and the last group of projects eligible for the full $24 per megawatthour tax credit will start to enter service in significant numbers in 2019. Congress has discussed extending the tax credits. If the tax credit is not extended, construction activity will likely taper off after 2020.

Electric costs up

U.S. retail electricity price for the residential sector averages 13.1 cents per kilowatthour in 2019, which is 1.5% higher than the average retail price in 2018. Forecast residential prices increase by an additional 1.1% in 2020. EIA expects commercial sector electricity prices to increase by 0.2% in 2019 and by 0.3% in 2020 and forecast industrial prices to decline by 1.2% this year and then rise by 1.3% in 2020.

Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2018 - 2019

1,022 1,168

1500 1200 900 600 300 0

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

Sales tax collections Mankato (In thousands)

- 2018 - 2019

600

$460,600

500

$451,079

400 300 200 100 0

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

Coal production down 9%

EIA forecasts that U.S. coal production will decline by 72 million short tons (MMst) (9%) in 2019. Coal supply is expected to decline across all regions of the United States in 2019. EIA forecasts production in the Appalachia region will decline by 7% this year as a result of falling export demand. Appalachia was the only U.S. region where production grew in 2018 as a result of strong export demand. EIA forecasts that interior and Western region production will decline by 6% and 12%, respectively, in 2019, primarily as a result of lower domestic consumption.

$67,134

70000

- 2018 - 2019

$42,911

52500 35000 17500 0

Source: City of Mankato

Mankato food and beverage tax - 2018 - 2019 175000 140000

$60,700 $65,684

105000 70000 35000 0

Source: City of Mankato

C. Sankey

MN Valley Business • SEPTEMBER 2019 • 23

■

Agricultural Outlook

By Kent Thiesse

Farmfest forums focus on key ag issues

ach year many key issues are discussed as part of the various feature forums at Farmfest. The 2019 farm show was held on August 6-8 in Redwood County, Minnesota. A variety of National and State agricultural leaders and policy makers, including the U.S. Secretary of Agriculture Sonny Perdue, attended Farmfest and discussed many of the current key issues affecting farm families and rural communities across Minnesota and the Midwest. Following are some of the main issues that were discussed during Farmfest this year: • Farm Financial Challenges --- Whether it was comments by Farmfest forum panel members or the farmers attending the event, the current tight margins and low profitability in farming was on everyone’s mind. Profit margins in crop production have been quite tight in recent years, and for many producers are at a negative level for the 2019 crop year. Crop production expenses and land rental rates have remained relatively high for many producers, while crop prices for corn, soybeans and wheat have remained below breakeven levels. For farm operators that may have below average crop yields in 2019, due to weather issues, the financial situation may be even more severe. The livestock sector is not faring much better from a profitability standpoint. Dairy farmers have been dealing with very low milk prices for the past several years, which has resulted in many dairy producers exiting the industry in the past couple of years. Cattle feedlot operators have also faced negative margins at most times during the past year or so. Hog producers were able to show a slight profit margin earlier in 2019, following a short-lived rapid price increase; however, the return to lower market prices in the Summer of 2019 has again created profit challenges for the hog industry. • Trade Agreements and Tariffs --- Most farm operators attending Farmfest expressed concern about the continuing “trade war” between the United States and China, as well as the associated tariffs. Shortly before Farmfest, the Trump administration announced added tariffs on a wide range of Chinese goods being imported into the U.S. China countered by announcing that they were restricting all U.S. ag imports into China. In the past year, added Chinese tariffs on ag imports from the U.S. has greatly lowered U.S. exports of soybeans, pork and other ag products to China,

24 • SEPTEMBER 2019 • MN Valley Business

resulting in lower commodity prices for crops and livestock products. The other trade issue that garnered considerable attention at Farmfest was passage of the United StatesMexico-Canada Agreement (USMCA) by the U.S. Congress. USMCA was agreed to by the leaders of the three nations earlier this year and has been approved by Mexico. USMCA would replace the current North American Free Trade Agreement (NAFTA) between the three countries, which has been beneficial for many agricultural products. Canada and Mexico, along with China, are the three largest trading partners for U.S. ag exports. USMCA now awaits approval by the U.S. Congress, which many ag leaders hope will occur later this year. Due to the ongoing trade issues with China and other countries, USDA has announced another round of market facilitation program (MFP) payments in 2019. The first round of MFP payments was made in 2018, based on actual farm-level crop production levels and a set price for various commodities. In 2019, the MFP payments will be based on planted crop acres by farm operators, regardless of the crop that was planted in 2019, with a set payment rate per acre. There is a minimal MFP payment per acre for 2019 crop acres that were prevented planted due to weather conditions, provided that an approved cover crop was planted. Producers should contact their local Farm Service Agency (FSA) office for more details or to enroll in the 2019 MFP program. • 2019 Weather Challenges --- Crop conditions and yield potential, following a challenging Spring planting season in 2019, were a frequent topic of discussion at Farmfest. Many areas of Minnesota and the Upper Midwest had corn and soybeans planted much later than normal this past Spring. Even though more favorable weather conditions in late July and early August have improved crop prospects in some areas, many concerns remain with the 2019 corn and soybean crop. Most crop experts agree that the Upper Midwest will need to avoid a frost until October and have some favorable growing conditions late in the growing season in order for the later planted crops to reach maturity. Most farm operators and agronomists expect highly variable corn and soybean yield levels in 2019. Most farm operators are thankful for the current Federal Crop Insurance program, which serves as a good risk management tool for crop producers in a

year such as 2019. The Federal government currently covers approximately 60 percent of the premium cost paid by farmers for most common levels of crop insurance coverage. Crop insurance has been a “financial lifesaver” in recent years, and will likely be one again in 2019, for crop producers in many areas of the U.S. that have suffered crop losses due to natural disasters and poor crop growing conditions. Farmers hope that the Federal government does not make substantial changes to current crop insurance program. • Future Trends for Renewable Energy --- Many farm operators, agriculture and rural community leaders, as well as investors in renewable energy plants, are concerned about government policies related to the development and use of renewable energy. Many States in the Upper Midwest have a very strong and well-established corn-based ethanol industry, which utilizes over 35 percent of the corn produced each year in the United States. In the past couple of years, the U.S. Environmental Protection Agency (EPA) has issued numerous waivers to gasoline refiners, which has reduced demand for ethanol and resulted in over-supply in some areas. 8 ethanol industry has also been concerned by the The slowness to implement E-15 as an ethanol fuel blend. 6

There has also been a growing biodiesel industry in 4 that utilizes a significant amount of soybeans the U.S. each year, which is very important at this time due to the 2 challenges in the soybean export markets. In addition to the direct benefits to farmers, renewable energy plants have 0become cornerstones in rural communities by J F M A M J J A S O N D providing jobs, adding to the local tax base, and enhancing the overall economic vitality of the communities. Even with all the economic, environmental, and community benefits of renewable energy, many special interest groups8 are calling for reductions or elimination of the Federal renewable fuel standards (RFS), and other 100 measures that would hurt the current renewable fuels 6 industry. Current Presidential candidates and some 85 members of Congress have not totally supported 4 70 and development for future growth of renewable research energy2 in the U.S. 55

• A 40 Better Functioning State Government --- Most 0 F residents M A M of JMinnesota J A S have O ideas N D on farmersJ and how 25 State Government can better serve families and J F M A M J J A S O N D industries in the State, including farm families and the agriculture industry. Governor Walz addressed a large audience at Farmfest, which was followed by a panel of ten State agency commissioners and deputy 100 commissioners. The State agency leaders discussed programs and efforts to work with farm businesses, 85 families and rural communities in a variety of ways. This included dealing with the economic challenges 70 currently being experienced by farm operators and 55 businesses, family health care challenges, and rural other issues affecting rural communities. Those in 40 attendance had numerous questions regarding specific State programs, as well as application methods 25 J F M of A various M J programs J A S and O services. N D or implementation Kent Thiesse is farm management analyst and senior vice president, MinnStar Bank, Lake Crystal. 507-381-7960); kent.thiesse@minnstarbank.com

Agriculture/ Agribusiness Corn prices — southern Minnesota

(dollars per bushel)

— 2018 — 2019

8 6

$3.96

2 0

$3.15

Source: USDA

Soybean prices — southern Minnesota — 2018 — 2019 8 20 100 16 6 85 12 470 8 255 4 40 0 0 J F M A M J J 25 J F M A M J J J F M A M J J Source: USDA

$8.10

$7.77 A S O N D A S O N D A S O N D

Iowa-Minnesota hog prices

$77.35

22 19 16

M M M

A M J A M J A M J

Milk prices

J J J

$75.58 A S O N D A S O N D A S O N D

Minimum prices, class 1 milk Dollars per hundredweight

— 2018 — 2019 25 22

$17.60

19 16 13 10

$15.48 J

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

185 pound carcass, negotiated price, weighted average

— 2018 — 2019

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

(dollars per bushel)

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 • SEPTEMBER 2019 • 25

13 10

Construction/Real Estate Residential building permits Mankato - 2018 - 2019 (in thousands) $4,090

Commercial building permits Mankato - 2018 - 2019 (in thousands) $5,698

$1,880,052

5000000

10000000

4000000

8000000

3000000

6000000

2000000

4000000

1000000 0

2000000 J

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

Existing home sales: Mankato region - 2018 - 2019 (in thousands) 274 300

268

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

250

$175,00 $190,000

200

240

150

180

100

120

0 J

Source: Realtors Association of Southern Minnesota

— 2018 — 2019

4.5 4.0

3.6% M

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

20 A

3.5

4.5%

- 2018 - 2019

5.0

Housing starts: Mankato/North Mankato

5.5

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

3.0

Source: City of Mankato

$9,266,246

12000000

10 S

Source: Freddie Mac

Read us online!

Source: Cities of Mankato/North Mankato

Trust our team to be there for your team when you need us most. www.schwickerts.com | 507-387-3101 | 330 Poplar St. Mankato, MN

26 • SEPTEMBER 2019 • MN Valley Business

UNIQUE BUILDING LOTS

AVAILABLE NOW

5 acre building site 4 miles S Cleveland 1 acre 2nd tier Maple Lane West Lake Jefferson. Private Lake access right across road. 2nd tier West Lake 285th Ave., Jefferson.

$50,000

1.8 acre building site on East Bay Dr Madison Lake.

1 acre Bld. Lake lot on Middle Jeffersons Cape Horn.

$65,000

$120,000

1 acre Lake Bld lot on West Lake Jefferson.

631st Ave. 3 miles NE Madison Lake 16 acre building site.

$175,000

$199,900

$57,000

Dan Christensen

507-317-9909

DYNAMIC AGENTS

Gas Prices 5

Gas prices-Mankato

— 2018 — 2019

54 43 $2.62

32 21 10 0

Gas prices-Minnesota

$2.46

$37.46

-10.6%

Ameriprise

$149.68

$133.40

-10.9%

Best Buy

$71.91

$68.80

-4.3%

Brookfield Property

$19.26

$19.13

-0.7%

Crown Cork & Seal

$61.74

$65.12

+5.4%

$5.17

$4.90

-5.2%

Fastenal

$31.06

$29.53

-4.9%

General Mills

$54.25

$52.79

-2.7%

Itron

$61.70

$66.75

+8.2%

Johnson Outdoors

$74.25

$60.20

-19.0%

$166.31

$165.32

-0.6%

Target

$85.89

$84.30

-1.9%

U.S. Bancorp

$53.10

$52.83

-0.5%

Winland

$1.10

$1.15

+4.5%

Xcel

$61.66

$60.72

-1.5%

21 M

$41.88

Consolidated Comm.

$2.52

Archer Daniels

$2.70

Percent change

Aug. 7

July 10

— 2018 — 2019

Stocks of local interest

0Source: GasBuddy.com J F M A

C. Sankey

MN Valley Business • SEPTEMBER 2019 • 27

Minnesota Business Updates

■

envelopes that are only as large as needed. And in addition to eliminating cardboard, foam peanuts, and inflatable cushioning bags for shipping many items, it also frees users from the tyranny of wrangling a tape gun. The roll is made out of three layers of different plastics that 3M developed, including a gray, internal adhesive layer that sticks to itself. There’s also a middle cushioning layer that is similar to bubble wrap to protect items during shipping, and a tougher outside layer that is tearand water-resistant.

■ 3M creates smarter packaging Despite repeatedly being called out for the practice, online stores like Amazon are still occasionally getting caught shipping tiny items in comically oversized boxes. It’s wasteful, it reduces the amount of cargo a truck can carry, and it inspired 3M to rededesign bubble wrap to greatly reduce the packaging needed to ship smaller items.

■ ADM looking to plant-based meats A slump in share prices, global food processing corporation Archer Daniels Midland has revealed that it is looking towards the plant-based meat market as a means to offset “challenging external conditions,” including issues surrounding Chinese Swine Fever. Recent months have seen major meat manufacturers and Big Food conglomerates including Tyson, Conagra and JBS, to name a handful, turn to vegetable products as a way to regain profits and rebuild share prices. There are various ways in which some vegans might view such developments, but ultimately it must be acknowledged

3M created Flex & Seal Shipping Rolls. The material is like a padded shipping envelope that comes deconstructed; requiring the shipper to do all of the assembly. But it allows for the creation of custom padded

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major June Industry 2018 2019 Construction Manufacturing Retail Services Total*

107 156 37 211 511

Local non-farm jobs Percent change ‘18-’19

63 141 59 218 454

132,247 130,808

139000

3500 2800

-46.1% -9.6% +59.5% +3.3% -5.9%

126000

2100 1400

113000

700

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.

100000

Minnesota initial unemployment claims June

- 2018 - 2019

Nine-county Mankato region

Minnesota Local non-farm jobs

Major Industry 139000 139000

2018

2019

Percent change ‘18-’19

Construction 126000 126000 Manufacturing Retail 113000 Services 113000 Total*

1,987 1,454 790 4,694 8,925

1,599 1,674 1,031 4,446 8,750

-19.5% +15.1% +30.5% -5.3% -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 • SEPTEMBER 2019 • MN Valley Business

(in thousands)

200000 150000 100000

2000 1400 1400

700 D

50000

700 0

- 2018 - 2019

3,042 4,679

8000 3500 3500 6000 2800 2800 4000 2100 2100

F M

M A A M

M J

J J

J A

A S

S O

O N

N D

that, whatever the motivation, a global move away from meat production and towards plant-based meat, is a positive one for vegan business, the animals, and the movement as a whole. “Fast-growing consumer trends such as plant-based proteins are creating long-term growth opportunities for our comprehensive portfolio of food and beverage solutions,” commented ADM, as reported by Market Watch.

■ Johnson earnings slip Johnson Outdoors Inc. reported earnings slipped 7.1 percent in the third quarter ended June 28 due to higher operating expenses and lower margins tied to tariffs. Revenues grew 3 percent. Total company net sales increased 3 percent to $176.3 million compared to $170.8 million in the previous year quarter. Total company operating profit during the quarter was $28.0 million compared to $32 million in the prior year’s quarter.

■ Target marks designer anniversary

139000

3500

2800 ■ Mild weather cuts Xcel profits Twenty years ago, Target enlisted Michael Graves to 126000 help it revamp its retail strategy, which was lagging Facing mild 2100 behind big box stores like Walmart. The architect, weather that kept known for his postmodern buildings, ended up designing 1400 air conditioners in 113000 more than 800 products over the course of 15 years, low gear, Xcel Energy’s profits fell 12% during the 700 spanning everything from toasters to toilet brushes. second quarter, well short of Wall Street forecasts. Graves might have been the first big-name designer to Minneapolis-based Xcel said it earned $238 million, 100000 0 J F M A M J J A S O N D J partner with the Minnesota-based retailer, but he was or 46 cents a share, down from $265 million or 52 cents far from the last. In 20 years’ time, Target has partnered a share, a year ago. Analysts polled by Zacks Equity with more than 175 designers on limited edition Research were on average expecting earnings of 53 collections of products. cents per share. To celebrate this anniversary, Target announced it’s Xcel said profits were dented by mild weather and 139000 3500 bringing back the best of its collaborations with the 3500 increased depreciation, interest and operating and 200000 8000 139000 Target Anniversary Collection, which will include select maintenance expenses. The number of “cooling degree 2800 pieces from 20 designers’ original lines. The collection 2800 days,” 6000 a measure of the average daily temperature above 150000 126000 will feature nearly 300 items from home goods to 126000 652100 degrees, were down 45% from normal during Xcel’s 2100 kitchenware to apparel. second 4000 100000 1400 quarter. 113000

113000

1400

700 2000

700

100000

100000 J F

J M

Employment/Unemployment

F M A A M J

M J

J A

J S

Local number of unemployed

4000 2100 1400 2000

A O

S N

O D

8000 6000

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

91,369 105,977

150000 100000 50000 0

M MJ

J JA

J JS

A AO

S N S

O D O

N N

D D

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

April

100000

0 F

J M

F M A A M J

M J

J A

2018

2019

2.6% 59,613 1,614

3.1% 59,965 1,909

J S

A O

S N

O D

Unemployment rates Counties, state, nation County/area

- 2018 - 2019

200000

F M A M AJ FA M

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

100000

2000 0 F F

0 0 J F JM

Mankato/North Mankato Metropolitan statistical area

150000

4000

700 0 J 0 J

D 0

200000

3,947 4,679

Minnesota number of unemployed

- 2018 - 2019

Nine-county Mankato region 8000 3500 6000 2800

50000

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

April 2018

April 2019

2.8% 3.0% 3.1% 3.0% 3.4% 2.3% 2.7% 3.8% 3.1% 2.3% 2.9% 4.2%

3.2% 3.2% 4.2% 3.5% 4.5% 2.9% 3.5% 4.0% 3.9% 2.7% 3.4% 3.8%

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

MN Valley Business • SEPTEMBER 2019 • 29

Sponsored by the Carl & Verna Schmidt Foundation

Avoid messing up a variable annuity

By Liz Weston | Nerdwallet

ariable annuities are complex insurance products — so complex that what people actually buy and what they think they’re buying may be quite different. Those misunderstandings can end up costing them, or their heirs, a lot of money. For the uninitiated: Variable annuities are insurance company contracts that allow people to invest money in a tax-deferred account for retirement. Returns can vary according to how the investments perform (that’s the “variable” in “variable annuity”). These contracts typically include death benefits guaranteeing your heirs will get the amount you’ve invested, and perhaps more. Many variable annuities also have living benefits, which guarantee the amount you can withdraw during your lifetime. All these guarantees come at a cost, which can make variable annuities expensive to own. Sales of variable annuities have slowed in recent years but were still estimated at about $100 billion in 2018. Since variable annuities have a lot of moving parts, and function differently from other investments, it’s easy for holders to make a costly mistake. Such as:

Accidentally disinheriting someone

Insurance companies have different policies about how money gets paid out when someone dies, and variable annuity owners need to understand what those are, says Edward Jastrem, a certified financial planner in Westwood, Massachusetts. For example, couples often own an annuity jointly, or name one spouse as the owner and the other as the “annuitant.” (The annuitant is the person whose life expectancy determines how much is paid out if the contract is “annuitized,” or turned into a stream of regular payments.) The couple often assumes any leftover money will be paid to the beneficiaries, typically the children, only after the second spouse dies. Some insurers do just that, but most pay the beneficiaries after the first death, disinheriting the surviving spouse.

30 • SEPTEMBER 2019 • MN Valley Business

Misunderstanding what an annuity is worth

The typical variable annuity has several values: what you get if you cash out (the account or cash-out value), what your heirs get if you die (the death benefit) and what you get if you convert the annuity into a stream of payments. This last amount typically is calculated using the “income base,” which is the most commonly misunderstood value, financial planners say. The income base is a kind of phantom number that grows over time by a guaranteed amount, defined in the contract. But annuity owners can tap this value only if they annuitize, or agree to start taking regular payments from the contract. People often mistake guarantees of future income for guaranteed increases in their account value, says Randy Bruns, a CFP in Naperville, Illinois. They’re shocked to discover their annuities aren’t worth as much if they want to cash out. “Buyers commit sizable chunks of their nest eggs to variable annuities thinking they’re getting all the upside of markets with a guaranteed return as a floor,” Bruns says. “In reality, that guaranteed floor provides no insurance to what you’ll receive if you cash out your contract.” The cash-out value can be quite different from the death benefit, as well. Cashing out or exchanging an annuity with a death benefit that’s substantially larger than the account value could result in heirs getting much less than they might otherwise.

Exchanging an older variable annuity

Living benefits on variable annuities purchased before the 2008 financial crisis could be quite generous, while today’s are often less so. Also, contributions to variable annuities before 1982 get more favorable tax treatment than later versions, thanks to a change in tax law. Owners of these older policies should be careful not to unwittingly exchange them for newer, less favorable ones without understanding what they may be giving up. The problem is that annuities are typically sold on commission, giving annuity salespeople an incentive to advise you to swap your current annuity for a new one, whether it’s in your best interest or not. MV

Sponsored by the Carl & Verna Schmidt Foundation

5 Steps to Reaching Financial Freedom

Lauren Schwahn | Nerdwallet

n a perfect world, nobody would have to worry about whether they have enough money to live the life they want. In reality, many of us do have that concern. When you reach the position of being financially free, you can live “without worrying about having enough income coming in or being able to pay for your lifestyle,” says Anna Sergunina, a certified financial planner with MainStreet Financial Planning Inc. in Burlingame, California.

Avoid spending more than you make. Ideally, you’ll spend 50% of your income on needs, 30% on wants and 20% on savings and debt. Cut back on expenses where you can. Canceling unnecessary subscriptions or refinancing an auto loan can free up more money in your budget. Contribute to savings. This includes retirement funds and, perhaps most importantly, an emergency fund to safeguard against unexpected repairs, medical bills and other expenses.

What is financial freedom?

Find a debt-payoff strategy

Financial freedom means having control over money and not letting it stand in the way of your decisions. Not to be confused with financial independence, which specifically concerns retirement or working only when you want to, financial freedom is about living comfortably and having choices. For you, it might mean being able to send your child to college, taking an annual trip or starting a business. Or, maybe it’s all of the above. The exact definition of financial freedom varies from person to person. Here’s what you can do to achieve financial freedom in your life.

Set clear goals

First, establish your financial goals. If you’re like most people, you’ll probably have a few. Some may be near term, like saving for a new car, and others long term, such as paying off a mortgage. “Identify what it is that you’re working so hard for,” Sergunina says. “If you say, ‘I want to buy a house in two years’ or ‘I want to retire in 10,’ what is that really going to take as far as money goes?”

Keep a budget

Now that you have financial goals in mind, work them into a monthly budgetalong with your recurring expenses. That way, you’ll know where your money is going and can measure progress over time. If you don’t plan to track every dollar, it’s important to at least follow a few core budgeting principles:

For many, debt is the biggest obstacle in the way of financial freedom. Effective strategies include the debt avalanche plan — paying off your debt with the highest interest rate first — and consolidating with a balance transfer credit card, which moves your debt to a card with a lower interest rate.

Examine your career path

Figure out how much money you’ll need to support your vision of financial freedom. Then, take a look at your current income and earning potential. Are you making enough? If not, do you see opportunities for a raise or promotion down the line? Depending on the answers to these questions, you might decide to make some adjustments. It could require additional education, some networking or experience to lay the foundation.

Know when to seek help

Despite your best efforts, it can be difficult to reach financial freedom on your own. If you follow the steps above and still feel overwhelmed, try finding support. A trusted friend, family member or financial advisor can point you in the right direction. Articles, books, blogs, apps and other tools can also help. Explore the options and resources available to you. MV

MN Valley Business • SEPTEMBER 2019 • 31

20TH ANNIVERSARY

RIBBON CUTTING

Amber Pietan Travel Agency, LLC 340 Pierce Avenue, North Mankato

Mankato Playhouse PO Box 2035, North Mankato

NEW LOCATION

NEW OWNERSHIP

NEW LOCATION

APX Construction Group 1020 Innovation Lane, Mankato

Cold Stone Creamery 1600 Warren Street, Suite 4, Mankato

Minnesota Valley Pet Hospital 1541 Adams Street, Mankato

NEW LOCATION

RIBBON CUTTING

Cups & Needles Acupuncture, LLC 75 Navaho Avenue, Suite 2, Mankato

Double Play Comics, Toys and Games 633 South Front Street, Mankato

Senneca Holdings 101 Power Drive, Mankato

NEW LOCATION

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Kinetic Spine and Sport 1219 Caledonia Street, Mankato

Mankato Pet Cremation 19049 Kodiak Lane, Mankato

Shawarmania Mediterranean Grill 251 Bunting Lane Suite 101, Mankato

EXPANSION PROJECT

NEW LOCATION

Marketplace Growth in Greater Mankato Madison East Center 1400 Madison Ave, Mankato

Vitality Chiropractic & Acupuncture 1400 South Riverfront Drive, Suite 2, Mankato

32 • SEPTEMBER 2019 • MN Valley Business

2019

2019 SPONSOR:

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JAN 8

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JUL 9

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AUG 6

240 Stadium Road, Mankato

WHY JOIN FEB 5

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Mayo Clinic Health System Courtyard by Marriott Hotel & Event Center NOV 5 1025 Marsh Street, Mankato 901 Raintree Road, Mankato Build your Brand; Dotson Iron Castings Exclusively Diamonds DEC 3 grow your business. 200 West Rock Street, Mankato 1601 Adams Street, Mankato Stand out and get It’s not just st WHO WHO you ou noticed! know, it’s who knows k 2019 July Business After Hours hosted by U.S. Bank YOU. Networking IS Powerful.

NETWORKING TW WORKING ORKING

BE IN THE KNOW

LEARNING

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

TALENT RETENTION

MEMBER EXCLUSIVE BENEFITS

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

REFERRALS

NOTE: Calendar magnets are available at the check in table at each Business After Hours event and they are available at our office We only refer member at 3 Civic Center Plaza, Suite 100. Also, a downloadable version is available at greatermankato.com/business-after-hours.

Keep your employees

businesses. Word of mouth

access to our member only events and programs.

member of GMG.

Business After Hours givesand representatives from Greater Mankato Growth member businesses at the Engaged or higher an opportunity to and directLevel referrals come engaged retained with get together with one another to exchange ideas and learn about each other’s businesses. greatermankato.com/events from being a valued

SHAPE YOUR CREDIBILITY Raise your reputation by COMMUNITY belonging. Research shows

NEWEST

Greater Mankato Growth Your investment helps us that businesses who belong continue to buildMembers the best to a chamber of commerce

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are more successful.

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MN Valley Business • SEPTEMBER 2019 • 33 greatermankato.com/join

moremankato.com We asked Andy Wilke, River Hills Mall...

Why Do You LOVE Living in Greater Mankato? How do you spend your leisure time? Andy: Our leisure time is largely driven by our young family with a two year old at home. We are spending a lot of time outdoors at the parks and on the trails. In fact, we purchased our home because it is right on the Sakatah Trail. Lately we visited Minneopa State Park to see the waterfalls and baby bison. Why do you live here? Andy: I was born and raised here but have lived in a couple of different states in the Midwest and the south. But I came back because there is something about Mankato with the good schools, small town feel, lack of the hustle and bustle of the Twin Cities and more or less has all of the things you could ever want from your hometown. It checks off all the boxes for me and my family, and it is a fun place to live.

Why do you think it is great to do business in Greater Mankato? Andy: We are unique in some respects that we literally do not have any competition within 70 miles of Mankato. So we serve a very large geographical area with 22 counties, 8,500 square miles and 200,000 people living in our trade area. This is a great place to do business because not only do we have the core shoppers in Mankato be we also attract those that come from 30-50 miles away. What do you think are the community’s greatest assets to attract talent? Andy: It goes back to the other reasons why we chose Mankato. It has all the things we need and not the stuff you get with living in a large metro. On a bad day my commute is eight minutes instead of seven so that is huge because it means more time for family and fun.

Find your “WHY” at moremankato.com/virtual-tours Thank you to River Hills Mall for supporting the More Mankato community campaign and for continuing to support everything Mankato!

Welcome Class of 2019-2020! DeAndre Adams JJ Akin Abby Bastian Ian Bjorgum Tim Braulick Rick Brennhofer DeAnna Burt Sara Carrigan Joel Chindvall Jenna Christensen Molly Fritz Ben Gossett Zach Graham Murphy Grotewold David Gullixson Karri Harvey Sean Hayes Shawn Huse Laura Jans Lisa Jasperson Ben Jensen Lance Jeppson

Boys & Girls Club Gustavus Adolphus College Brown & Brown Insurance of MN Ardent Mills BENCO Electric Kato Engineering, Inc. South Central College South Central WorkForce Council Harry Meyering Center Eide Bailly Jones Metal Inc. First National Bank MN Gislason & Hunter Carlson Tillisch Eye Clinic Pioneer Bank Blue Earth County City of Mankato Schwickert’s Tecta America Abdo, Eick & Meyers LLP Blethen Berens Dotson Iron Castings Pioneer Bank

34 • SEPTEMBER 2019 • MN Valley Business

Brandon Knish Nick Kreinbring Jeff Lang Tricia Lewis Nicholas Mack Heather MartiRock Crystal Olson Joseph O’Sullivan Sara Rienhardt Rhett Schwichtenberg Linda Smith Sturge Todd Stromswold Darcy Stueber Renee Tatge Heidi Thompson Mike Thompson Laura Thompson Roxie Timmerman April Van Genderen Clint Westphal Jolene Wilson Antonia Yenser

Profinium, Inc. Kato Engineering, Inc. Radio Mankato Mankato Area Foundation Courtyard by Marriott Consolidated Communications Visit Mankato MinnStar Bank Mankato Clinic Gislason & Hunter Walmart DC U.S. Bank Mankato Area Public Schools Bethany Lutheran College Capstone MN Valley Federal Credit Union United Prairie Bank Mayo Clinic Health System City of North Mankato MEI The Occasions Group Minnesota State University, Mankato

October 3, 9 am - 3 pm October 5, 9 am - 1 pm

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Each year the South Central Tour ofEXPOSURE Manufacturing Partnership invites all manufacturing businessesBuild fromyour across South Central Brand; NETWORKING TW WORKING ORKING Minnesota to participate in the Tourgrow of Manufacturing. your business.The event is similar to a “Parade of Homes” that Stand is FREE students, job seekers outtoand get It’s not just st WHO WHO you ou and the general public. Communitynoticed! members will be able to know, stop by it’s who knows k throughout the day for a self-guided tour or a guided tour ofYOU. any ofNetworking IS the participating manufacturers. Visit greatermankato.com/tour Powerful. for updates.

BE IN THE KNOW

LEARNING Sponsored by:

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

TALENT RETENTION

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

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.

SHAPE YOUR CREDIBILITY TUESDAY BUSINESS Raise your reputation by COMMUNITYAWARDS NOVEMBER 12 belonging. Research shows

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Your investment helps us and that businesses who belong continue to build the best to a chamber of commerce of environment for your This premier business are more successful. business and its employees. awards event is a time where

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Greater Mankato Growth, Visit Mankato, City Center Partnership & GreenSeam honor the outstanding businesses, professionals and organizations within the Greater Mankato community. Nominate a deserving business or individual at greatermankato.com/awards! greatermankato.com/join April 2018

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MN Valley Business • SEPTEMBER 2019 • 35 greatermankato.com/join

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ACA D E M I C P R O G RA M L AUNCHING FA L L 201 9

Agribusiness & Food Innovation Minor The Agribusiness & Food Innovation Program opens doors to careers in one of the nation’s largest industries. The AFI program develops students’ innovation skills within the agriculture and food industries as well as the knowledge of the business creation process. The core courses, plus an internship in an agribusiness or food company, is a wonderful compliment to many majors. Advantages of the Minnesota State University, Mankato AFI minor: • Gain broad knowledge of the agriculture and food industries • Development of business acumen • Increased innovative mindset • Exposure to numerous companies in agribusiness • Located in the GreenSeam – heart of agriculture

Ag Focused Real-World Experiences: • Big Ideas Challenge – prize money in the food and beverage division • Richard and Mary Schmitz Food Entrepreneurship Series • AgToday – a recognized student organization • Henze Ag Innovators Leadership Development Program • Numerous tours of agribusiness companies and class speakers • China Town Hall – focus on agriculture trade • Harvest Bowl

Contact Us: Dr. Shane Bowyer Agribusiness and Food Innovation Program Director Address: Morris Hall 250 Phone: 507-389-5347 Email: shane.bowyer@mnsu.edu

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 • SEPTEMBER 2019 • 37

LASTING RELIEF THROUGH BETTER BACK CARE.

Remember life without back pain? Restore your strong, healthy back and return to an active life through personalized back care at Mayo Clinic Health System in Mankato. From your first appointment, our back care experts evaluate you as a whole person, not just your injury. That allows us to provide exactly the care you need with your total recovery in mind. Don’t wait another day to rediscover life without back pain.

Call 507-246-1892 for an appointment. mayoclinichealthsystem.org/backpain

MN Valley Business • SEPTEMBER 2019 • 38