Minnesota Valley Business

Digital Dash Pandemic hastened online upgrades Also in this issue • TREE AND TURF HOME CARE • HAND SANIMALS • STORAGE LOUNGE OF MANKATO

June 2021

The Definitive Business Journal for the Greater Minnesota River Valley

Jenna Odegard, owner of Bumbelou. Photo by Pat Christman

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MN Valley Business • JUNE 2021 • 1

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F E A T U R E S June 2021 • Volume 13, Issue 9

8

When the pandemic created a rush of online shopping, businesses rushed to upgrade their digital presence and beef up e-commerce capabilities.

12

Doug Smithson, of Tree and Turf Home Care, has found a niche doing preventive care to save trees from the emerald ash borer.

16

Chris and Ashleigh Harder dreamed up Hand Sanimals to help kids remember to sanitize their hands at the onset of COVID-19.

18

At Mankato’s Storage Lounge, the lobby has the feel of a hotel, complete with a coffee bar, sofas and cushy chairs arranged around a fireplace.

MN Valley Business • JUNE 2021 • 3

■

JUNE 2021 • VOLUME 13, ISSUE 9

By Joe Spear

PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn COPY EDITOR Kathy Vos CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Dan Greenwood Harvey Mackay Katie Roiger Robb Murray PHOTOGRAPHERS Pat Christman COVER PHOTO Pat Christman PAGE DESIGNER Christina Sankey ADVERTISING Danny Creel Sales Jordan Greer-Friesz Josh Zimmerman Theresa Haefner Tim Keech ADVERTISING Barb Wass ASSISTANT ADVERTISING Christina Sankey DESIGNERS CIRCULATION Justin Niles DIRECTOR For editorial inquiries, call Tim Krohn at 507-344-6383.

For advertising, call 344-6364, or e-mail advertising@mankatofreepress.com.

MN Valley Business is published by The Free Press Media monthly at 418 South 2nd Street Mankato MN 56001.

■ Local Business memos/ Company news....................................5 ■ MRCI....................................................6 ■ 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

Statistics can lie, but truth comes with ceteris paribus

J

une seems an appropriate time for my annual ceteris paribus festival.

You haven’t heard of that one?

It’s the event that celebrates the beauty of economic theory and allows us to lift our glass knowing the end of the world can be put into a demand/supply curve, but it hasn’t proven true.

Yet. Ceteris paribus, for those of you who are few years beyond your Economics 101, means simply “all other things being equal.” It’s one of the great caveats of all time. It’s the phrase that has protected economists through the ages from being accountable for their wrong predictions. A retirement plan as it were.

We learned to measure our economic cause and effect equations, called regression equations, with the caveat. Factor A may influence 80 percent of the change in Factor B at the 95 percent confidence level ceteris paribus – if all other things remain equal.

Merriam Webster gives us a good definition of the Latin term: “if all other relevant things, factors, or elements remain unaltered.”

Use of the word in a sentence by the Oxford Language dictionary helps clarify: “Shorter hours of labor will, ceteris paribus, reduce the volume of output.”

But ceteris paribus has become an afterthought in today’s business and economics journalism and especially among the economically challenged punditry. Columnists left and right will draw conclusions about economics that are shrouded in political rhetoric but not economic reality.

If you’re a conservative you may believe raising the minimum

4 • JUNE 2021 • MN Valley Business

wage to $15 an hours will result in the reduction of jobs, and income and taxes etcetera. If you’re someone who believes workers need to make a decent living wage, you’re favoring $15 an hour and don’t believe it will really hurt the number of jobs or the economy.

But our ceteris paribus in these arguments calls for all things that might be relevant to the minimum wage to be held constant for us to get a real idea of how raising the minimum wage might affect jobs.

Let’s start with demand and prices for goods. If a company produces widgets that are suddenly in great demand, the company will likely hire workers at whatever wage helps draw workers, to make more product to help make more profit, even if it’s over $15 an hour.

If $15 an hour is so bad for jobs, why are some companies like Target, Amazon and Costco doing it voluntarily?

Another premise floating around in the news is that if corporate taxes are raised, companies will simply pass the increase on to workers in the form of lower wages or consumers in the form of higher prices.

But our ceteris paribus equation raises the question about just how many things we can keep equal in the world of labor rates and prices of hundreds of thousands of consumer goods.

Yes, corporations may raise prices, but what if their competitor, a savvy discount house for example, doesn’t raise prices because they’re looking to gain a customer base, gain market share and get an advantage over their competitors?

The same with labor markets.

Can companies keep wages low

to help pay their taxes when there’s a shortage of workers demanding higher and higher pay?

Amazon has built an empire on making sure things are never ceteris paribus. The company is always changing, and that may be why the company remains difficult to compete against.

I’ve always thought business was more of a liberal art than a science. Production functions and regression equations may soothe the board room, but they often cannot be considered in isolation as a business model.

Businesspeople have to be creative, think on their feet -- and on their head -- and be ready to consider things will never be held constant or equal.

My master’s degree in economics hasn’t brought me great wealth, as you can observe, but it did teach me that things are always changing and are almost never ceteris paribus.

Having run and failed at small business 30 years ago, I’ve learned from the school of hard knocks, though my degree carries the signature of esteemed smart people who made a lot of money signing embossed pieces of paper.

My fallback from complicated equations and Latin wisdom words has always been: In business, find out what works.

Do more of it. Find out what doesn’t work. Do less of it.

And if that doesn’t work, explain it away by ceteris paribus.

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 ■

Forbes joins True

Kelsey Forbes has joined True Real Estate as the newest real estate agent.

Forbes has spent years traveling both nationally and inter nationally Kelsey Forbes for the military and decided to build her life in southern Minnesota.

■■■

Wingert joins Hertz

Charles “Chuck” Wingert has merged his business, Wingert Realty & Land Ser vices in Mankato, with Hertz Farm Management.

The Mankato office adds to Hertz Farm Management’s footprint that covers more than a dozen Midwestern locations. The new Mankato office will expand its services to include farmland sales and auctions, valuations, appraisals, and farm management.

Founded in 1976, Wingert has served farmland owners across southern Minnesota and northern Iowa. Wingert’s staff includes Darrell Hylen, Rick Hauge, Geoff Mead, Adam Knewtson, Nick Meixell, Sara Strande, and Andrea Thomas. The Wingert staff will work with current Hertz staffers Justin Bahr, Jen Haler, Leon

Carlson, Michele Schroeder, and Terry Dean in the Mankato-based office.

Hertz Farm Management was formed in 1946. With 15 offices throughout the Midwest, Hertz manages over 2,800 farms consisting of more than 625,000 acres.

■■■

ISG acquires Milwaukee firm

ISG expanded into the Milwaukee area through the acquisition of Golden Industrial Refrigeration of Milwaukee. The strategic addition of refrigeration design allows ISG to provide a greater breadth of services to its existing clients nationwide and expand its geographical footprint to better support clients in southeast Wisconsin.

As a refrigeration engineering firm that focuses on large-scale refrigeration, the GIR addition brings more services to new and existing ISG clients. Refrigeration engineering is an especially valuable service for food and industrial clients, ISG will utilize this experience to solidify its expertise in this space as well as expand services for sports and rec clients in ice arena projects.

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MN Valley Business • JUNE 2021 • 5

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eah loves going to work every day, something she couldn’t say three months ago, when COVID left her wondering about her future.

“I would go to MRCI every day,” says Leah. “When they had to close I didn’t know what I would do every day.”

MRCI found a way to put meaning into Leah’s day, she enrolled in the Track to Success program. Track to Success is an eight-week program that combines classroom instruction on soft skills such as communication and customer service, with on-the-job training at a variety of community work sites.

Leah did her on-the-job training at Tractor Supply in Mankato and after graduating from the course, interviewed for a permanent position there. She got the job on the spot!

“I love my job at Tractor Supply,” says Leah. “When they got a shipment of little chicks in, I just knew it was the place for me!”

For Tractor Supply, it meant finding a quality employee in a tight market for work force.

The partnership between MRCI and Tractor Supply is a rewarding one for all involved.

About MRCI

MRCI provides genuine opportunities for people with disabilities and disadvantages at home, at work and in the community. Please help us with that mission by volunteering of your time and talents! Please call 507-386-5600 to make a difference today!

6 • JUNE 2021 • MN Valley Business

■

Business Commentary

By Harvey Mackay

T

Don’t let incompetence become your Titanic

he Titanic was state-of-the-art. No expense had been spared to make sure that it would be unsinkable. The officers were unconcerned by their inability to get accurate information on possible hazards which might lie in its course.

The ship had two lookouts on its masts, but they had no binoculars. The crew could see far enough ahead to react to danger, but unbelievably they had no way to get that information to the captain if they did see a problem approaching.

And we all know what happened.

The unsinkable ocean liner went to her death, along with most of her passengers on her maiden voyage – the victim of a disastrous collision with an iceberg.

Disasters like this can happen in business also if we aren’t careful to make sure vital intelligence doesn’t get swallowed up by internal bureaucracy and inattention to detail.

Most of you have probably heard of the Peter Principle, a management concept developed by Dr. Laurence Peter. It observes people in a hierarchy “rise to a level of incompetence.” They don’t start out as incompetent, but rather are promoted until they reach a level of respective incompetence.

An obvious solution to the Peter Principle is for companies to provide training for employees before they receive a promotion to ensure they are qualified for the job for which they are being promoted.

For example, I’ve seen many outstanding sales representatives promoted to sales manager when they don’t have any experience developing business plans, setting sales quotas and sales plans, analyzing data, mentoring a sales force, hiring and firing and so on.

Besides a lack of training, there are numerous other factors resulting in incompetence in the workplace, such as sheer laziness, poor communication and lack of people skills.

People are lazy for a variety of reasons from Covid fatigue to reliance on technology. People become sloppy in checking their work and thus make multiple mistakes.

They show up late for work and often don’t look professional when they do. Waiting until the last minute to get assignments done can also be a sign of laziness.

The most basic yet crucial leadership skill is communication, yet many people struggle with giving clear instructions. To make communication really work, we have to make sure the people we’re talking with understand what we are saying as well as we do.

Communication requires both effective sending and receiving. To avoid a breakdown in communications, break down your message so that everyone can understand it.

From time to time, it’s a good idea to re-evaluate your performance in these fundamental areas: speaking, listening, writing, leading meetings and resolving conflict. Talk is cheap, but misunderstandings can be costly.

Communication ranks high among top people skills, but incompetent people also lack social skills like patience, politeness, sympathy and teamwork. They are often rude, overbearing, hot-headed, tactless and have trouble getting along with others.

Many companies have had to reduce costs, which puts a heavy burden on otherwise competent employees by spreading them too thin. Where possible, managers should consider outsourcing or hiring contractors to take away some of the burden. Those costs will be money wellspent.

Other companies hire people and expect too much, too soon. Hiring is much more than filling an open position. Not everyone hits the ground running. People grow at various speeds. Help them prove their competence by setting clear, achievable goals. If they fail, the fault may lie more in the hiring process than the employee’s lack of skills.

Incompetence in one area doesn’t necessarily carry over. We all have strengths and weaknesses. The balance between the two often determines the perception of competence. Build on your strengths but don’t ignore your weaknesses.

Let’s face it, everyone has had an incompetent moment or two or three in their lifetime. That includes me. When I was starting my envelope manufacturing company many years ago, I worked many long, long days. One night when I got home late again, my very pregnant wife Carol Ann, told me that the light in the hallway wasn’t working. I flipped the switch and sure enough, no light. I thought there was a short in the switch or something, so I called our electrician.

He fixed the problem early the next morning, handed me the bill and said, “This is the first time I’ve ever made a house call to change a light bulb!”

Mackay’s Moral:

The time to right the ship is before incompetence becomes impossible.

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

MN Valley Business • JUNE 2021 • 7

Cory Wendt, lead web developer at Lime Valley Advertising. Photo courtesy of Lime Valley.

Online pivot Pandemic hastened upgrades

O

By Tim Krohn | Photos by Pat Christman

ne benefit of the pandemic is that it compelled businesses to pay more attention to their online presence, whether they were starting with virtually none or already had a fullbodied website.

“It showed us the value of having a good website and keeping up with it,” said Jenna Odegard, owner of Bumbelou baby and child boutique in Old Town Mankato and New Ulm. “It’s a huge undertaking for a small business to keep a website strong.”

Cory Wendt, lead web developer at Lime Valley Advertising in Mankato, saw a rush of clients seeking help during the pandemic.

“It definitely made people think of their websites 8 • JUNE 2021 • MN Valley Business

more than they did in the past. We’ve had some clients who create a website and then kind of forget about it.”

Gina Moorhead had recently taken ownership of Union Market boutique in downtown Mankato when COVID-19 hit. The sudden shutdown led her to quickly focus more on her digital presence and e-commerce, an effort she is still working on.

“Doing e-commerce is really a big project to undertake, and I wasn’t sure how I was going to figure out my inventory and shipping. I’m still working on the e-commerce end of it. It’s a different point of contact with customers.”

Cover Story

brings.”

While the live sales generate some income, there have been more important benefits to the live sales.

“We have customers coming in and saying, ‘I saw that new thing you showed on Facebook.’”

They’ve also long used Instagram, including video. “It’s a behind-the-scenes tool — things happening with our coworkers, new things coming in. We place as much marketing value on Instagram as we do on Facebook.

They are similar but Instagram feels a little more personalized and closer to our customers. We have more one-on-one discussions.”

Odegard believes TikTok will grow in importance for business.

“It’s a powerful tool. It’s very entertainment based, but I think there’s a lot of marketing power there as well.”

Bumbelou has used online tools to build their online presence and e-commerce. “It’s easy to teach yourself, and so many of the platforms now are very user friendly.”

She remembers owning a different business in 2005 and having to build a website. “I hired a firm to build a website and it cost $15,000 and took four months to build. Now I can build a website of equal quality in four hours at no cost.”

Brian Siu is intern web developer at Lime Valley Advertising.

A new approach

Gabi Rolloff prepares an online order for shipment at Bumbelou. The shop expanded and organized is shipping area as web orders increased during the pandemic.

Multi-prong approach

Odegard said Bumbelou was in a strong position going into the pandemic because they had a robust website and were accustomed to shipping worldwide.

The biggest challenge was the increased demand that came online during the pandemic.

“We added curbside pickup to our website so all our local customers could still shop with us and pick things up.

“We had to build new, larger shipping stations, have more shipping supplies, train staff on software to streamline things. We were already doing it but we got really good at it,” Odegard said.

“It was a hard year for everyone but I focus on the positive. It got a lot of people to get used to buying on our website who maybe didn’t shop online before. Now that we’re open again, I think those people who were using online to shop for the first time are comfortable with it.”

Bumbelou also relies heavily on social media. They host a sale on Facebook Live at 1 p.m every Tuesday and Thursday. “We show new things we have and discount some of the last items we have left.

It’s been a great tool to show people what we’re getting in and talk about the product, talk about the fabrics and what each brand

Wendt said more people flocking to online shopping — be it for shopping, buying groceries or ordering takeout — made businesses face a new landscape.

“It’s changing the way they do business. It’s not just an online presence but also sales.”

She said clients who were already doing e-commerce had a head start, but still had work to do as online sales ramped up.

“A lot of it was making sure their content online was up to date. That was really big. Making sure it was accurate and up to date.”

Wendt said that with a host of online options available now, setting up e-commerce is considerably easier and less expensive than it was even a few years ago.

“It’s more deciding what you’re going to sell online, (calculating)

MN Valley Business • JUNE 2021 • 9

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shipping costs, getting a payment system set up. Especially if they haven’t done online shopping before, there’s a big learning curve.”

As a full-service agency, Lime Valley has a range of clients large and small, primarily in agriculture, manufacturing, education, retail, the service industry and nonprofits.

While many of them sell products online, some clients had other challenges when in-person events were shut down.

“A big thing we experienced was clients who had in-person conventions each year, either going to them or hosting them. We had one client who suddenly had to figure out how to have their convention online,” Wendt said. “It went really well for them and they got great feedback and it really grew them as an organization. It was one of those turning lemons into lemonade things.”

Lime Valley also focuses on helping clients optimize the speed of their websites. “If a site takes too long to load, the number of people who will stick around really drops.”

Beyond setting up e-commerce, businesses needed to boost their online marketing and search engine optimization to attract and keep customers.

“We have a person who is a Google Partner who’s done a lot of training with Google. She helps work with the initial targeting campaign. It can cost (a business) a couple of dollars a day up to whatever you want to go up to,” Wendt said.

“You can hyper-focus on who you want to target in those campaigns. If you want people in Mankato or New Ulm or the Twin Cities, you can target on an age range and a lot of other specific niches.”

While websites and Google are a mainstay of marketing and selling, the ever-growing number of social media platforms all play a role.

“All social media has been important for quite a while, but during the pandemic, that ramped up a lot. Facebook advertising is a big one to get people engaged,” Wendt said.

“For our non-retail customers, it can be harder to get their customers engaged. Social media

Gina Moorhead, of Union Market in downtown Mankato, continues to improve her online presence. works good for that. If people are into horse riding, we can advertise horse feed supplements on sites they visit. It’s difficult to target people like that otherwise.”

A host of details

Moorhead uses a variety of tools, including Shopify and Square, for her ecommerce and payment platform and has relied on friends with shops in the Twin Cities who’ve helped her navigate the many details of selling online.

“You need to let your customers know you’re online. You need to have your shipping all set up. You have to look at your online orders first thing when you come in in the morning and pull that inventory before you open your doors.”

She’s also learned more about taking better photos of her inventory. “You have to take professional pictures and have everything match (the online description). You need to have the same lighting (for each photo) or it looks off on your site.”

Moorhead has beefed up their “About Us” page, adding more bio information and more background

Gina Moorhead checks her online orders each morning so she can pull items that have been sold before she opens her doors. on who they are and their ethics, such as ensuring their products are from local producers or that outside wholesalers have a strong giveback ethos.

Union Market also has started more “story sales” on Instagram and Facebook.

While her online presence is still

developing, Moorhead said she will continue to improve on it.

“We’ll focus on building e-commerce. I’m going to beef up our events section so people can come in an learn how to crochet, or illustrate or garden, or take great photos for their website.”

MV

MN Valley Business • JUNE 2021 • 11

Doug Smithson injects a chemical called Tree-Age (pronounced “triage”) into the trunk of an ash tree in upper North Mankato.

Tree & Turf Chemis-TREE Business offers defense against emerald ash borer

By Robb Murray Photos by Robb Murray

O

n a quiet street in upper North upward to the tree’s canopy.

Mankato, Doug Smithson works Then comes the critical part. Like a methodically with chemicals, nurse giving a COVID shot, Smithson fills needles and plugs. a giant needle with a After carefully substance that could drilling more than a save this tree’s life. One dozen holes into the by one he inserts the trunk of a 30-foot ash needle into each plug.

TREE AND TURF tree, he taps small Around the tree he goes HOME CARE plastic cylinders, until the towering ash 117 Woodhill Trail, Mankato “plugs,” about half and tree has enough 507-920-8123 inch long, into the substance, he hopes, to holes. do the job.

Treeandturfhomecare.com “I think that looks If all goes well, this pretty good,” he says, tree will never die the surveying the drilled holes and gazing way millions across the nation have: slowly

Spotlight

12 • JUNE 2021 • MN Valley Business

at the hands of a ravenous insect known as the emerald ash borer.

Smithson owns a company called Tree and Turf Home Care, and in the seven years he’s been in business, he’s found a nice niche as the guy you call when you’re worried about your ash tree.

He’s in the prevention business.

His goal is to help you keep your ash tree for as long as you want it. And the evidence is fairly solid that Smithson is likely to get a lot busier before he gets bored.

So far, the emerald ash borer hasn’t done to Minnesota what it did to Michigan. At least not yet.

In Michigan — the insect’s apparent first stop in the U.S. after hitching a ride from China — the emerald ash borer has claimed more than 40 million ash trees. And while no other state’s “death” toll comes close to Michigan’s, the insect’s area of influence is expanding. In the eastern two-thirds of the lower 48, nearly every state has cases of ash trees being killed by the emerald ash borer.

In Minnesota, home to more ash trees than any other state (more than a billion), the stakes are high.

“Once (emerald ash borer) has killed these trees, there is a concern that the wet forest habitat may change over to grass, cattails, and shrubs, threatening the plants and animals that rely on black ash and forest habitats,” the Minnesota Department of Natural Resources’ website says.

“Minnesota cities also have an abundance of ash, making up 60% of the trees in some communities.

Emerald ash borer will continue to strain city budgets as more and more communities are challenged with removing large numbers of trees killed by emerald ash borer.”

Prevention is key

Smithson grew up on a farm where his parents ingrained in him a love of farm culture and a reverence for the land.

When it was time to head off to college, he chose to study marketing. But not just any marketing.

Agriculture marketing for industr y giant Monsanto. And when he retired

Doug Smithson, owner of Tree and Turf Home Care in Mankato, specializes in preventing trees from succumbing to emerald ash borer. He’s shown here preparing to inject an ash tree with insecticide. from Monsanto, he decided he wanted to stay busy. That’s when he launched his company, Tree and Turf Home Care.

“When I retired I had a lot of knowledge when it comes to plants,” Smithson says. “And so with the transition from corn and soybeans to trees, you may think it’s a wide gap but it’s not; they get insects, they get diseases, and all of them are very similar.

And the products they use are somewhat similar, too. So the transition was pretty easy that way.”

He specializes in trees and lawns showing signs of disease.

But his focus, as his company website suggests, is staying a step ahead of emerald ash borer.

“That’s what 99% of my business is, the preventive piece, where people say ‘Hey, that tree has been there for 35 years and it means a lot to me and it’s an emotional part of our landscape.’

So then I’ll go ahead and treat that and it’s very effective.”

Smithson uses a proprietary system manufactured by a company called ArborJet. After the injection of ArborJet’s environmentally friendly insecticide, the tree’s natural system of pulling water and

MN Valley Business • JUNE 2021 • 13

Trees treated with the ArborJet system must be retreated every two years. Smithson tracks each tree and documents how much insecticide, based on diameter, the tree will need. nutrients from the ground and distributing them throughout the structure of the tree (called xylem) does the rest.

Injections last about two years.

Deploying this system takes about 20 minutes per tree.

Certifications

Smithson isn’t a licensed arborist. He says he thought about pursuing that credential but decided against it when he learned it would require him to get higher up into a tree than he wanted. But he doesn’t need to be a licensed arborist to provide preventative measures for ash trees.

One thing he does have to have, however, is a license to handle pesticide. The state issues such credentials and requires all

purveyors of pesticide services to get recertified ever y two years.

He also obtained a tree inspector license from the Depar tment of Natural Resources. He says he didn’t need it, but in doing so he availed himself to myriad educational resources and opportunities that made him better at his job.

His business also has to be insured.

With all those logistical hurdles cleared, he was able to get busy getting rid of those little green pests.

Giving tree

One of the biggest drivers of Smithson’s business, he says, is the emotional connection people have to trees. In many cases,

14 • JUNE 2021 • MN Valley Business

people are taking action to save not just a tree, but a tree under which they played as a kid, or that provided shade for a firstdate picnic. Trees become a part of our lives. They grow with our families.

Losing them can be heartbreaking. Which is why people take drastic measures to save them.

Smithson gets calls like that often.

“I had a guy from Tennessee call me early on when I started doing this,” Smithson recalled.

“He lives in Tennessee, and he has a little farm in western Minnesota. And he said, ‘I don’t live there anymore but I come back once or twice a year to just be back where I grew up. There’s three ash trees in the front yard.

My mother planted those trees and there’s a certain amount of attachment to them. I don’t want those trees to die.’ So I’ve been treating those trees for emerald ash borer. And it was all about the emotion of that tree. So there is a lot of that going on.”

Smithson found that sentiment closer to home, too.

Linda Johnson hired Smithson to treat the giant ash tree in the front yard of her Mankato home.

Growing up in Iowa, she watched another tree scourge do great damage.

“Back in Clear Lake, Iowa, we had beautiful tall elm trees in our yard. And of course, because a Dutch Elm, we lost them all,” she said. “With the ash beetle, unless we do something I think the tree is doomed just the way that the elm trees were because of Dutch Elm. So if there’s anything at all that I could do to prolong the health and the life of the tree, we want to do that.”

So far in south-central Minnesota, Nobles, Brown, Martin, Cottonwood, Blue Earth, Sibley, Rice and Steele counties have all had trees killed by emerald ash borer. In total, 27 Minnesota counties have seen the pest, and all of them are under “quarantine,” meaning no wood (which usually manifests as firewood) can be transported in or out of those counties. MV

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jzimmerman@mankatofreepress.com MN Valley Business • JUNE 2021 • 15

Chris and Ashleigh Harder used some extra home time during the pandemic to launch a line of kids’ hand sanitizers called Hand Sanimals.

Hand Sanimals

Couple develops kids’ sanitizing helper during pandemic

By Katie Roiger

H

ere’s to the creative ones who can look at activities like visiting playgrounds and spending time something incredibly depressing – say, a with other children became fraught with uncertainty. certain worldwide superbug that spreads Some kind of teaching method was necessary, other from person-to-person contact and than a simple reminder to soap shuts down whole countries at a and scrub. time – and say, “How can we inject “He’s just kind of at that age a dose of fun to this difficult where he gets some things but situation? not everything,” Chris said. “She HAND SANIMALS Mask-wearing and social (his sister) was just trying to Handsanimals.com distancing might be here for the figure out, ‘How do we navigate long haul, so imaginative minds this?’” look for things that will boost moods and provide The conversation came just at the moment when much-needed smiles. Having clean hands is one of the Harders were casting around for a side gig. As those things. Cute, fluffy animals with adorable leads at the North Mankato-based Fun.com, a names is another. company dedicated to spreading whimsy through Chris and Ashleigh Harder dreamed up Hand pop culture products, they also wanted a way to Sanimals to help a family member stay healthy via express their creativity through a home business. good hygiene. At the onset of COVID-19, their five“Everybody was looking for something to do,” said year-old nephew was struggling to remember to Chris. “We were just like, ‘Well, we should work on wash his hands. During a conversation, his mother, something while we’re staying inside all the time.’”

Chris’s sister, shared some of their struggles. Simple The husband and wife duo put their heads together

Profile

16 • JUNE 2021 • MN Valley Business

some friends’ children to test them out.

“To me it’s an older thing, but for a lot of kids, (the slap bracelet) was their first one and they love it,” said Chris. “We got lots of really good feedback right away.”

Understanding kids

Cooper Jansen, son of Andi and Tony Jansen, shows off one of the Hand Sanimals.

Chase Jansen applies some sanitizer from a Hand Sanimal. He is the son of Andi and Tony Jansen. and came up with a winning idea: Wearable, stuffed “pets’’ that could hold a small bottle of hand sanitizer. A longtime product developer, Ashleigh drew up the sketch for their first Hand Sanimal in a matter of days.

“We just wanted something cute and colorful,” Ashleigh said.

She and Chris chose to offer eight of their favorite animals as plushy hygiene aids in their newly-developed product line.

Each one has a special name and a story description that can be found on the Hand Sanimals website.

To get kids to enjoy sanitizing their hands, the Harders said that they knew they had to make the experience playful. Their

whimsical animals, along with the bright colors and cute descriptions, are geared toward encouraging kids of all ages to practice good hygiene – especially the ages that most need a gentle nudge.

Whether you choose Frankie the Fox, Champ the Dino, or Luna the Narwhal, every Hand Sanimal comes with a snap bracelet in a corresponding color. The Sanimal slides on the bracelet for easy wear, but it can also be removed and clipped to a backpack or bag. Thanks to their contacts in the product design world, the Harders were able to create prototypes of their stuffed sanitizer buddies. They gave them to their nephew as well as

Ashleigh said that the couple’s background in kids’ product development was instrumental to understanding what their young test subjects wanted and tweaking their accessory line accordingly.

“It’s like trying to hit a moving target,” she said with a laugh.

“It’s a lot of fun!”

For the Harders, having an enjoyable yet functional product is all about the details. The Hand Sanimals logo is a paw print that trails off into a stream of bubbles – a reminder regarding the accessories’ purpose of keeping kids safe and clean. The animals’ paws are also embroidered with bright blue prints to reinforce the message.

Currently, Hand Sanimals are available for purchase mainly through the product website.

Ashleigh and Chris ship each order out of their home.

“If I had a dream, it would be to get them into a Target,” Chris said. “We really hope that we can get them into stores internationally.”

Although the Harders will move to Florida during the summer of 2021 to partner with Disney in creating products for resorts, they said they plan to continue their business indefinitely. While the pandemic lingers, Hand Sanimals provide a way to make happy memories during an uncertain present – and even when social distancing becomes a thing of the past, clean hands are always a good idea.

“We wanted to make them practical, but also make them very friendly,” Chris said. “It’s kind of a reminder to try to keep tidy: Always wash your hands if you can, and if you can’t, the Hand Sanimal is there for you.”

MV

MN Valley Business • JUNE 2021 • 17

Eric Weiss is manager of the Storage Lounge in Mankato.

Climate control Storage Lounge offers amenities

By Dan Greenwood Photos by Pat Christman

A

t Mankato’s Storage Lounge, the lobby 12 years,” Erickson said. “We just keep has the feel of a hotel, complete with a getting more stuff. We don’t want to get rid of coffee bar, sofas and cushy chairs it and we have sentimental items. It’s a arranged around a growing trend.” fireplace, and a “You can eliminate conference room for damage to items that renters to utilize. you’re storing, especially It’s part of a growing in Minnesota,” he said.

STORAGE LOUNGE trend that owners Kristina The ideas for some of 1721 Premier Drive, Mankato Larson and Dirk Erickson those extra perks were Storagelounge.com say is on the rise as people inspired by touring other 507-788-8824 look for more secure facilities around the options, like climateregion to see how different controlled facilities to facilities operate, said store furniture and other valuables in Erickson. between moves or during times of transition.

“We came up with the name Storage “Over time, the need for climate control Lounge initially – we knew it would be a storage has steadily increased over the last storage facility, and then we had to come up

Feature

18 • JUNE 2021 • MN Valley Business

Storage Lounge Manager Eric Weiss helps a customer in the office and lounge of the facility. with what Storage Lounge means to us,” he said. “We kind of melded everything together from a lot of the different facilities that we saw and added a little bit more.”

The climate-controlled facility isn’t just about maintaining temperature, it’s also intended to keep humidity levels under control, especially during Minnesota’s hot and humid summers.

When you come back weeks, months or a year later your stuff is going to be exactly the way you left it,” Larson said. “So just with the awareness of what climate control is, people are searching more for it because they know their stuff is going to be safe.

Especially with photos and antiques, that’s really important to put your items that are more vulnerable to those climate changes in climate control.”

Erickson and Larson had plenty of experience as owners and managers of townhomes in the Rochester area before transitioning to commercial and outer residential properties, so it wasn’t much of a stretch to invest in self-storage.

They say their mission has

always been to be there for people in need. Whether it was a place to live or providing a secure place to store everything from furniture to motorcycles, their goal is to ensure that their customers experience a smooth transition as they go through life changes.

“You don’t really think about self-storage until you need it for whatever is happening in your life, whether it’s college, life changes like divorce or a death; or the happy times of remodeling your home or transitioning when your home isn’t ready yet,” Larson said.

Growing city

They had initially considered opening a self-storage facility in Rochester, where both Erickson and Larson are based. It wasn’t until Larson’s son moved to Mankato to go to college when they saw an opportunity to meet the needs of a city that continues to grow as an economic powerhouse in the region.

“Mankato is growing,” Erickson said. “I graduated from Gustavus in 2003, so I saw that Mankato has changed a lot since then and it’s always growing. You do the

research on Mankato and it’s one of the fastest growing cities in Minnesota.

The two found the perfect location at 1721 Premier Drive in Mankato, conveniently located near big box stores like Menards and Home Depot. The three floor, 100,000-square-foot facility has 750 units that range from 25 to 300 square feet.

“We have a nice, clean facility,” Larson said. “We have convenience of our carts and elevators right there when you go into our covered loading bay. So, it provides easy moving, whether it’s spring, winter, summer or fall, rain, sun, hot, or cold, we’ve got you covered.”

Even though they are still based in Rochester, the two have come to love Mankato and want their business to be a part of the larger community. That means holding special community events and raising money for good causes.

“In our one year that we’ve been doing this we love to give back to the community through the Backpack Food Program,” Larson said. We did a holiday lights drive thru experience and we donated all of our proceeds to

MN Valley Business • JUNE 2021 • 19

Storage Lounge has an enclosed loading and unloading area. The facility has climate controlled storage units.

20 • JUNE 2021 • MN Valley Business

the Salvation Army, the Food Shelf and Toys for Tots. That’s so rewarding when you can give back.”

The two say creating an ambient atmosphere and constructing the building to maximize efficiency and ease for renters as they load and unload their belongings has been their goal from day one.

“Moving is not the most fun thing to do always, so it’s creating a very efficient way for people to go store and make the experience nice and easy is how we laid out the facility and the functionality of it,” Erickson said.

For Larson, the most satisfying part of the job is always being there for customers and meeting their unique needs.

“When people reach out to you, they need you and we want to make the best experience for them,” she said. “You make friends and create relationships along the way. I encourage people to just stop in randomly, even if they aren’t in need of storage. We have a lounge area and a coffee bar – just come in, say hello and check us out.” MV

MN Valley Business • JUNE 2021 • 21

■

Business and Industry Trends

Cold snap triggers natural gas production drop

In February 2021, a record-breaking cold snap hit the Lower 48 states. Extreme winter weather caused natural gas production freeze-offs and higher electricity prices, especially in the top energyconsuming state, Texas.

The cold snap affected natural gas production and industrial sector consumption the most, which had the largest monthly declines on record, while residential sector consumption reached a record high.

U.S. natural gas production in February 2021— measured by gross withdrawals—averaged 104.8 billion cubic feet per day (Bcf/d), an 8.1 Bcf/d (7%) decrease from January, the largest monthly decline on record. Decreased natural gas production in Texas accounted for most of the overall decline.

From February 8 to 17, natural gas production in Texas fell by more than 10 Bcf/d. The decline in natural gas production was mostly a result of freezeoffs, when water and other liquids in natural gas wells freeze at the wellhead or in natural gas gathering lines and block the flow. Texas natural gas production infrastructure is more susceptible to the effects of extremely cold weather because it is not winterized to the same extent as natural gas production infrastructure in colder, northern areas of the Lower 48 states.

Wind, solar increasing

The Energy Information Administration forecasts that planned additions to generating capacity from wind and solar energy in 2021 and 2022 will contribute to increasing electricity generation from those sources.

We estimate that the U.S. electric power sector added 14.5 gigawatts (GW) of new wind capacity in 2020. We expect 16.1 GW of new capacity will be added in 2021 and 5.8 GW in 2022.

U.S. utility-scale solar capacity rose by an estimated 10.4 GW in 2020. Our forecast for added utility-scale solar capacity is 15.8 GW in 2021 and 14.9 GW in 2022.

In addition, about 5 GW of small-scale solar (projects with less than 1 megawatt of capacity) are added annually over the 2021–22 STEO forecast.

Let’s knock one out of the park.

Solid.

A Agile.

Versatile.

22 • JUNE 2021 • MN Valley Business

Widseth.com Mankato: 507-519-3700

Est. 1975

Tink Larson Community Field, Waseca MN

CO2 levels to increase

EIA estimates that U.S. energy-related carbon dioxide (CO2) emissions decreased by 11% in 2020.

This decline in emissions was the result of less energy consumption related to the economic contraction resulting from the COVID-19 pandemic.

In 2021, we forecast energy-related CO2 emissions will increase by about 5% from the 2020 level as economic activity increases and leads to rising energy use. We also expect energy-related CO2 emissions to rise in 2022, but by a slower rate of 2%. We forecast that after declining by 19% in 2020, coal-related CO2 emissions will rise by 13% in 2021 and by 4% in 2022.

Summer gas prices higher

For the 2021 summer driving season (April– September), the EIA forecasts U.S. regular gasoline retail prices will average $2.78 per gallon (gal), up from an average of $2.07/gal last summer.

Higher forecast gasoline prices reflect higher forecast crude oil prices, higher wholesale gasoline refining margins, and higher U.S. consumption of motor gasoline.

For all of 2021, we expect U.S. retail prices of regular-grade gasoline to average $2.66/gal and retail prices for all grades to average $2.78/gal, which would result in the average U.S. household spending about $480 (31%) more on motor fuel in 2021 compared with 2020.

Gas consumption to rise

EIA expects U.S. gasoline consumption to rise in response to growing levels of GDP and employment.

In addition, as COVID-19 vaccines are more widely distributed, we expect that driving will increase, causing gasoline consumption to rise. We forecast that U.S. gasoline consumption in 2021 will average 8.6 million barrels per day (b/d), which is up from consumption in 2020 of 8.0 million b/d but down from consumption in 2019 of 9.3 million b/d.

Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2020 - 2021 1500

1,039 906

1200 900 600 300 0

J

F

M

A

M

J

J

A

S

O

N

D

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)

600

- 2020 - 2021

$385,729

500

$442,877

400 300 200 100 0

J

F

M

A

M

J

J

A

S

O

N

D

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2020 - 2021

70000

$46,395 $21,442

52500 35000 17500 0

J

F

M

A

M

J

J

A

S

O

N

D

Source: City of Mankato

AMAZED

175000

advertising@mankatofreepress.com

70000

Call 507.344.6364

Mankato food and beverage tax - 2020 - 2021 140000 105000

$60,521 $48,423

35000 0

J

F

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Source: City of Mankato

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C. Sankey

MN Valley Business • JUNE 2021 • 23

■

Agricultural Outlook

By Kent Thiesse

“C

The role of CRP in carbon sequestration

arbon sequestration” is a common topic these days in the halls of Congress, at USDA, in farm organizations, and among farmers and ranchers. One federal conservation program that has been around for over 35 years and has assisted with carbon sequestration is the Conservation Reserve Program (CRP). The CRP program was established in December of 1985 as part of the 1985 Farm Bill. The initial goal of CRP was to reduce soil erosion on highly erodible cropland and to help curb the overproduction of farm commodities. Secondary objectives of CRP included improving water quality, fostering wildlife habitat, and providing income support to farmers, and as time passed enhancing carbon sequestration.

Histor y of the CRP Program

USDA began enrolling crop acres into the CRP program in 1986. CRP has been the largest and most important conservation program in the United States since that time, making major contributions to national efforts to improve water and air quality, prevent soil erosion, protect environmentally sensitive land, and enhance wildlife populations.

Following initiation of the program, CRP acreage quickly rose to over 30 million acres by 1990, and then increased even more, to around 35 million acres by 1993-1995, before dropping off slightly following the 1996 “Freedom-to-Farm” Farm Bill. CRP acres then began to increase again in the late 1990’s, reaching a peak of 36.8 million acres in 2007.

During a 15-year period from 2007 to 2021, CRP acreage declined by nearly 16 million acres or 43 percent, with approximately 20.8 million acres currently enrolled in CRP. The reduction in CRP acres has been due to high crop prices, strong farm income levels, and mandated reductions in maximum CRP acreage by legislation. The 2007 Farm Bill reduced the maximum CRP acreage from 37 million acres down to 32 million acres, and the 2014 Farm Bill reduced the maximum CRP acreage even further, down to a maximum level of 24 million acres. The 2018 Farm Bill established a gradual increase in maximum CRP acres up to 25 million acres in 2021, 25.5 million acres in 2022 and 27 million acres in 2023.

Approximately 70 percent of the CRP acres are seeded to native grasses, 11 percent of the acres are in wetland restoration, 7 percent are planted to trees, 7 percent are in riparian buffers, and 5 percent of the acres have other conservation practices installed.

24 • JUNE 2021 • MN Valley Business

Since 2002, the total annual federal outlay to fund the CRP program has stayed fairly steady ranging from just under $1.8 billion in 2002 to a high of just over $1.9 billion in 2018. The total cost of the CRP program for the current fiscal year is estimated at about $1.8 billion, which is a small percentage of total federal spending authorized by the 2018 Farm Bill.

Current CRP Enrollment

As of March 31, 2021, there were a total of just under 20.8 million acres enrolled in the CRP program, which is over 4 million acres below the maximum of 25 million acres for 2021 that was included in the last Farm Bill. Of the total CRP acres, approximately 11.3 million acres are enrolled under a General CRP contract, 6.3 million acres in Continuous CRP, just under 1.9 million acres enrolled in the grassland program, and the balance of the acres in CREP, wetlands and other special CRP initiatives. Forty-six percent of the Continuous CRP and CREP acres are enrolled in the Clean Lakes, Estuaries and Rivers (CLEAR) program.

There are eight States that have over 1 million acres currently enrolled in CRP as of March, 2021, mainly in the Upper Midwest and Plains regions.

CRP acres enrolled in these States include Texas (2.4 million), Kansas (1.8 million), Iowa (1.7 million), Colorado (1.6 million), South Dakota (1.4 million), Nebraska (1.3 million), North Dakota (1.2 million), and Minnesota (just over 1 million acres). CRP acreage in most of these States has dropped considerably in recent years.

The U.S. average CRP rental rate is $83 per acre, including an average of $54 per acre for land under a General CRP contract, $137 per acres for Continuous CRP land, and $180 per acre for land enrolled in CREP. In Minnesota, the average CRP rental rate is $140 per acre, which includes $88 per acre for General CRP contracts and $163 per acre for Continuous CRP acres. Iowa has an overall CRP rental average of $229 per acre, with $166 per acre for General CRP and $254 per acre for Continuous CRP. Average CRP rental rates in other States include Illinois at $202 per acre, Indiana at $192 per acre, Wisconsin at $159 per acre, South Dakota at $75 per acre, Nebraska at $58 per acre, North Dakota at $52 per acre, and Montana at $29 per acre.

Given the current challenge to get more acres enrolled into the CRP program, one concern is the rather large number of CRP contract acres that will be expiring in the next few years. CRP contracts will

expire on about 3 million acres in the U.S. on September 30, 2021, along with approximately 4 million acres in 2022 and 2 million acres in 2023. A total of 9 million acres, or 43 percent of the total CRP acres, will have contracts expiring in the next three years. Keeping those acres in CRP could be a challenge if farm profitability stays strong and land rental rates increase.

New CRP Initiatives

In mid-April, in order to address the declining CRP enrollment rate in recent years and to more fully utilize CRP as a tool to enhance carbon sequestration, USDA announced that it will be reopening CRP signup in 2021 with higher payment rates, new incentives, and a more targeted focus. The 2018 Farm Bill that was passed by Congress limited maximum CRP annual rental rates to 85 percent of established county average rental rates for a given county for land signed up under a General CRP contract and to 90 percent of the average rate for land signed up under a Continuous CRP contract. One way that USDA can circumvent the reduced CRP rental rates is to offer sign-up incentives to implement certain 8 and to cover CRP establishment expenses. practices In mid-May, USDA Secretary Tom Vilsack 6 announced that agriculture producers in the “Prairie Pothole” region can now enroll in the Soil Health and 4 Protection Program (SHIPP), which is a pilot Income program being offered under the CRP program. The SHIPP2 program is a short-term CRP option to plant cover vegetation on less productive agricultural lands,0while improving soil health and enhancing J F M A The M SHIPP J J program A S takes O N D carbon sequestration. farmland out of crop production, while still allowing livestock producers to utilize the land for having and grazing. States that are eligible for the SHIPP program 8 include Minnesota, Iowa, Montana, North and South Dakota. The SHIPP sign-up runs through July 125 16, 6 2021.

105

Summar y 4

The85CRP program has a long and successful history of preventing soil erosion, improving water 2 65 quality, enhancing wildlife habitat, and aiding in carbon sequestration. While it may seem quite logical 45 0 expansion of the CRP program to reach to utilize J F M A M J J A S O N D further 25 goals related to carbon sequestration, there J F obstacles M A M J J A S those O N D could be some in accomplishing goals. Commodity prices for corn and soybeans are their highest levels in 8 or 9 years and farm profit levels have improved considerably in the past couple of years, 125 which is also resulting in higher land rental rates in many areas. This may make it difficult to 105 farmers and landowners to take farmland convince out of production to enroll in the CRP program, 85 unless there are some added financial incentives.

Increasing CRP annual rental rates back to 65 comparable farm land rental rates in a given area is likely 45 to face some “kickback” by some members of Congress and by farm organizations. The reduction 25 J maximum F M A CRP M Jrental J rates A SthatO were N D factors in the put in place due to CRP competing with farmers that were trying to rent farm land for crop production, especially younger beginning farm operators. This

Agriculture/ Agribusiness Corn prices — southern Minnesota

(dollars per bushel)

— 2020 — 2021

20

8

$7.34

6

16 12

4

8

2 0

4

$2.87

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A

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0

J

Source: USDA

Soybean prices — southern Minnesota — 2020 — 2021 8 20 125 16 6 105 12 4 85

(dollars per bushel)

$15.92

8 65 2 $8.14 4 45 0 0 J F M A M J J A S O N D 25 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Iowa-Minnesota hog prices

185 pound carcass, negotiated price, weighted average

— 2020 — 2021

20 125 25 16 $121.37 105 22 12 85 19 8 $39.12 65 16 4 45 13 0 J F M A M J 25 10 J F M A M J J F M A M J Source: USDA

Milk prices

25 22 19 16 13

J A S O N D J A S O N D J A S O N D Minimum prices, class 1 milk Dollars per hundredweight

— 2020 — 2021 25 22

$16.84

19 16 13 10

$15.56 J

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J

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

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Source: USDA. Based on federal milk orders.

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

Milk prices are for Upper Midwest points.

C. Sankey

MN Valley Business • JUNE 2021 • 25

10

J

J

Construction/Real Estate Residential building permits Mankato

Commercial building permits Mankato

- 2020 - 2021 (in millions)

8000000 7000000 6000000 5000000 4000000 3000000 2000000 1000000 0

- 2020 - 2021 (in millions)

$5,486,963 $7,178,812

20000000 15000000 10000000 5000000 J

F

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A

M

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N

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

- 2020 - 2021 (in thousands) 300

123 124

180

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D

Median home sale price: Mankato region - 2020 - 2021 (in thousands) $177,900 300 $192,000 240 180 120

120

60

60

0 J

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A

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S

O

N

D

Source: Realtors Association of Southern Minnesota

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A

M

J

J

A

S

— 2020 — 2021

- 2020 - 2021 40

4.9

D

35

32

3.4%

3.7

N

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

Housing starts: Mankato/North Mankato

5.5

4.3

O

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

18

24 16

3.1 2.5

J

Source: City of Mankato

Existing home sales: Mankato region

240

0

D

Source: City of Mankato

0

$13,043 $22,658,385

25000000

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F

M

A

M

2.9% J J

8 A

S

O

Source: Freddie Mac

Read us online!

26 • JUNE 2021 • MN Valley Business

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Source: Cities of Mankato/North Mankato

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CRP rental rate reduction had bipartisan support in Congress during the development of the 2018 Farm Bill. Hopefully, USDA and Congress kind find a workable solution to the CRP rental rate situation, as the CRP program does seem to be a sensible approach toward further enhancement of carbon sequestration efforts in many areas of the U.S. For more information on the current CRP enrollment, expiring CRP acres, rental rates, etc., landowners and farmers should contact their local USDA Farm Service Agency (FSA) office or refer to the USDA CRP web site at: http://www.fsa.usda.gov/crp

Visit a banker at First National Bank Minnesota to talk about your goals and how we can help. Your community banking partner since 1857.

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

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

www.fnbmn.bank

Gas Prices 5

Gas prices-Mankato

— 2020 — 2021

54 43

$2.70

32 21 10 0

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A

M

1.69

$67.63

+15.4%

Ameriprise

$245.67

$264.10

+7.5%

Best Buy

$121.79

$125.79

+3.4%

Brookfield Property

$22.51

$21.70

-3.6%

Crown Cork & Seal

$105.54

$112.61

+6.7%

N

D

Consolidated Comm.

$6.57

$8.34

+27.0%

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Fastenal

$50.71

$53.75

+6.0%

General Mills

$60.97

$63.83

+4.8%

Itron

$90.05

$85.10

-5.5%

Johnson Outdoors

$154.09

$133.46

-13.4%

3M

$197.33

$207.33

+5.0%

Target

$205.10

$214.03

+4.4%

U.S. Bancorp

$57.58

$61.17

+6.2%

Winland

$6.10

$6.0

-1.6%

Xcel

$67.91

$72.59

+6.9%

— 2020 — 2021

$1.69

M

$58.59

O

32

F

Archer Daniels

S

2.67

J

Percent change

A

54

10

May 10

J

5

21

April 12

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Gas prices-Minnesota

43

Stocks of local interest

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0Source: GasBuddy.com J F M A

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C. Sankey

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C. Sankey

MN Valley Business • JUNE 2021 • 27

■

Minnesota Business Updates

■ Xcel goes big on solar

the strong levels of demand fueled by the pandemic and the increased interest in outdoor activities,” CEO Helen Johnson-Leipold said in a statement.

Key contributing factors to the results were: n Continued high demand across all product lines in Minn Kota and Humminbird propelled a 19.5% increase in fishing revenue. n Watercraft recreation and camping sales rose significantly due to strong demand across all product categories. n Ongoing pandemic-related global travel restrictions and lockdowns in various countries led to the unfavorable year-over-year revenue comparison in diving.

Minneapolis-based Xcel Energy unveiled plans to build the state’s largest solar project adjacent to the Sherco power plant in Becker. Company officials said the $575 million investment in clean energy infrastructure would create nearly 900 union jobs during construction.

Xcel plans to retire all its coal plants in the region, including Sherco, within the next decade.

The site will produce enough energy to power 100,000 Upper Midwest homes annually.

The new plant would share the existing transmission infrastructure at the Sherco plant.

■ Best Buy tries membership

■ U.S. Bank to do crypto custody

Best Buy is testing out a new membership program, called Best Buy Beta, to provide customers with exclusive pricing, free standard shipping and delivery, and other benefits.

The program will cost up to $199.99.

Minneapolis-based U.S. Bank is taking a big step into the bitcoin business.

In addition to its recent investment in crypto infrastructure firm Securrency, U.S. Bank said it will offer a new cryptocurrency custody product in partnership with an unnamed sub-custodian.

The process of selecting a crypto custody provider was greatly accelerated when last year the Office of the Comptroller of Currency (OCC) announced the authorization of cryptocurrency custody for national banks.

■ Johnson profits soar Outdoor recreation company Johnson Outdoors announced total company net sales in the second quarter surged 26% year over year to $206.2 million, versus $163.1 million in the prior year fiscal quarter.

“Through the second fiscal quarter, our results reflect

Employment/Unemployment Initial unemployment claims Nine-county Mankato region Major March Industry 2020 2021 Construction Manufacturing Retail Services Total*

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

Local non-farm jobs Percent change ‘20-’21

263 313 167 620 1,363

Construction

126000 126000 Manufacturing

Retail 113000 Services 113000 Total*

March 5,025 1,626 979 152,902 160,532

2021

126000

1400 700

100000

J

F

M

A

M

J

J

A

S

Minnesota Local non-farm jobs

+80.0% +198.0% +330.0% -88.6% -78.0%

8000 2800 2800 6000 2100 2100 4000 1400 1400 2000

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

700 D

N

D

0

J

N

D

0

J

300000

2,948 2,867

240000 180000 120000 60000

700 0 0

O

- 2020 - 2021

(in thousands)

12000 3500 3500 10000

28 • JUNE 2021 • MN Valley Business

2100

113000

Percent change ‘20-’21

9,036 4,840 4,205 17,405 35,486

3500

122,399

2800

-60.2% -82.0% -86.2% -88.8% -85.1%

Minnesota initial unemployment claims 2020

126,963

139000

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

Major Industry 139000 139000

- 2020 - 2021

Nine-county Mankato region

J

F

J

F

F M

M

A

M

J

J

A

S

O

N

D

M A A M

M J

J J

J A

A S

S O

O N

N D

D

0

J

corn, dairy, fiber packaging, oats, sugar beets, sugarcane, palm oil, vanilla and wheat). As recently as fiscal 2018, only 32% of General Mills’ vanilla and 74% of its wheat was sustainably sourced.

According to General Mills, the 10 priority ingredients account for 40% of the company’s annual raw material purchases.

■ ADM’s big sales growth Impressive year-over-year earnings and sales growth during the first quarter of fiscal 2021 has executives at ADM even more optimistic than they were at the beginning of the year.

That optimism stems from “clear, favorable demand trends” for many of the company’s products, according to a statement from CEO Juan Luciano.

Earnings ended March 31 totaled $689 million, equal to $1.22 per share on the common stock, up 76% from $391 million, or 69¢ per share, in the same period a year ago.

Revenues for the first quarter surged 26%, climbing to $18.89 billion from $14.97 billion.

Operating profit in the Ag Services and Oilseeds segment increased 84% in the first quarter of fiscal 2021, climbing to $777 million from $422 million. Ag services profit rose 27% during the quarter to $209 million, while crushing profit soared to $382 million from $70 million.

■ Fastenal buys Winona land

Fastenal may have secured all the parking its new 400-to-600-employee office building in downtown 139000 will need. With a series of downtown land 3500 Winona purchases, Fastenal Vice President for Real Estate Dana 2800 Johnson said the company will be able to create 600 126000 2100 parking spaces, according to the Winona Post.

Fastenal has all but acquired the entire block at 150 1400 Huff 113000Street, which Johnson said might be used for parking. Across the street, contractors are expected to 700 demolish the former YMCA in the near future, clearing 100000 0 the site Jto be F repurposed M A M for J Jparking, A S according O N D to J Fastenal.

Last week, Fastenal purchased four properties at 150 ■ General Mills boasts Huff Street — the vacant block just west of the bridge sustainability landing and one block south of the company’s new office 139000 3500— for a combined $198,250. MnDOT offered the General Mills achieved sustainably sourcing on 100% 12000 139000 first to their former owners, a combination of 300000 of its top 10 priority ingredients and advanced 3500 properties 2800 landlords and homeowners, who then resold the parcels regenerative agriculture practices on farmland in 2020, 2800 10000 240000 126000 to Fastenal. according to its Global Responsibility Report.

2100 8000 126000 180000 Among General Mills top achievements in 2020 was 2100 6000 1400 the company’s ability to reach its goal of sustainably 113000 120000 sourcing 100% of its top 10 priority ingredients (cocoa, 1400 4000 113000 700

100000 100000 J F

J M

M J

J A

J S

D

A O

S N

O D

5,619 5,986

180000 120000 60000 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

118,543 136,004

240000 180000 120000 60000 0

J

F

M

A

M

J

J

A

S

O

N

D

J JA

J JS

A AO

S N S

O D O

N N

D D

D

0

(includes all of Blue Earth and Nicollet Counties) 300000 240000

March 180000 Unemployment rate 120000 Number of non-farm jobs Number of unemployed

60000 J

0 F

J M

F M A A M J

M J

J A

2020

2021

2.8% 60,967 1,761

3.8% 58,048 2,297

J S

A O

S N

O D

N

D

Unemployment rates Counties, state, nation County/area

- 2020 - 2021

M MJ

Mankato/North Mankato Metropolitan statistical area

240000

300000

D

D 0

300000

Minnesota number of unemployed

N

N

- 2020 - 2021

Nine-county Mankato region

N

60000

Employment/Unemployment

F M A A M J

Local number of unemployed 12000 12000 3500 10000 10000 8000 2800 8000 6000 6000 2100 4000 4000 1400 2000 2000 700 0 0 J F 0 J F

700 2000 0 0 J F M A J F JM FA M M AJ

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

March 2020

March 2021

2.9% 4.5% 4.9% 5.8% 3.7% 2.6% 4.4% 4.9% 4.2% 3.1% 4.5% 4.5%

3.9% 4.8% 5.2% 6.8% 4.3% 3.6% 5.3% 6.0% 4.5% 4.3% 4.5% 6.2%

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

MN Valley Business • JUNE 2021 • 29

0

J

Sponsored by the Carl & Verna Schmidt Foundation

If strangers offers student loan forgiveness, hang up

S

Nerdwallet

tudent loan scammers have a brand-new hook: “Biden student loan forgiveness” or “stimulus forgiveness.”

Behind the pitch is the same old fraudster playbook, one that persuades federal student loan borrowers to pay for services they could get for free or to share personal account information in exchange for forgiveness.

The extended pause on federal student loan payments and revived talk in Congress of debt forgiveness make such deceptions easier to believe.

“Debt relief scams proliferate when there is a large amount of financial suffering or a lot of confusion, and we have both going on right now,” says Persis Yu, a staff attorney at the National Consumer Law Center and director of its Student Loan Borrower Assistance Project.

To be clear, there is no new broad-based loan forgiveness program available beyond the existing, often difficult-to-get options, such as Public Service Loan Forgiveness or Borrower Defense to Repayment.

There’s also no application or fee necessary to receive the federal student loan payment pause that’s been in effect since March 13, 2020, and will continue through Sept. 30, 2021.

About that ‘stimulus forgiveness’

It’s safe to dismiss any out-of-the-blue offer to discharge debt, consolidate loans or alter your repayment plan as a scam.

“There isn’t a person or entity on the planet who can get you a better deal on your student loan or access a program that you can’t get yourself by working directly with your servicer,” says Betsy Mayotte, president and founder of the Institute of Student Loan Advisors.

Mayotte says she’s seen an uptick in complaints from borrowers about “Biden relief” and COVID-19 relief student loan scams.

In one instance, a borrower sent Mayotte the transcript of a fraudulent voicemail making an enticing offer: “It looks like your student loan has been flagged eligible for the recent stimulus forgiveness and relief legislation, however, your application needs to be completed.”

The caller sounded legit (she provided a name and an agent ID number) and expressed urgency to call back on a “dedicated eligibility line.” Then the caller further emphasized time sensitivity, saying the discharge would be first come, first served.

“What’s interesting is that this number came in as a D.C. number, which I’m sure just adds credibility to

30 • JUNE 2021 • MN Valley Business

their scam,” Mayotte says.

Borrowers should continue to be on guard as student loan scams proliferate, largely due to the “whack-a-mole” effect: As soon as one company is shut down, another pops up in its place, says Michelle Grajales, staff attorney with the Federal Trade Commission’s Bureau of Consumer Protection.

Red flags to watch for

The maxim “If it sounds too good to be true, it is” goes hand in hand with spotting scams.

But the most effective ones often mix fact and fiction, Grajales says. Tactics like using of-the-moment phrases or claiming to work for the federal government make false promises more appealing to financially vulnerable people.

“They’ve heard something about loan forgiveness,” Grajales says. “They’ve heard something about the CARES Act. Scammers try to sound legitimate by throwing in words that are very much in the public ear.”

The basic structure of student loan scams has remained the same for years, Yu says: Companies promise some kind of forgiveness in a short period of time, charge and pocket a large upfront fee, then get access to a borrower’s account to consolidate their debt and enroll them in an income-driven repayment plan.

Experts say it’s critical to avoid handing over cash upfront or your Federal Student Aid identification information, or FSA ID, which allows fraudsters to When in doubt, contact your servicer directly using a phone number on its website — not a number given to you by a third party. MV

Sponsored by the Carl & Verna Schmidt Foundation

How to fill in your financial blind spots K

By Bev O’Shea | NerdWallet

nowing enough about money to cover your bills is a start, but it’s not enough financial literacy to provide long-term security. Most of us eventually wonder what else we should be doing — and whether what we don’t know could hurt us.

“When you have a blind spot, you don’t realize until something blindsides you,” says Mark DiGiovanni, a certified financial planner in Grayson, Georgia .

Identifying the gaps

Self-assessments as well as personal finance books and websites can help shine a light on what you don’t know.

Accredited financial counselor Bret Anderson of Morrison, Colorado, has spent much of his career helping incarcerated veterans get back on their feet and has also advised high-wealth clients. He says five things frequently predict who will manage money successfully.

Two habits — saving and investing — are crucial, he says. Good money managers also: n Know how credit works. n Have a plan to build wealth and pay off debt. n Know what passive income is and how to create it.

If anything on that list is unfamiliar to you, that suggests a starting point for research. “There are plenty of resources just a Google search away,” says Heather Winston, assistant director of advice and financial planning at Principal Financial Group.

Nail the basics, keep learning

Before you add complexities, be sure you are: n Saving. It’s an essential habit. n Budgeting. If you don’t have a formal budget, check online for help creating one . n Planning for emergencies. You can’t prevent unexpected expenses. But an emergency fund, excellent credit, insurance — or all of those — can keep them from devastating your finances.

Next, protect your money and access to credit.

Here’s how: CHECK YOUR CREDIT SCORES AND REPORTS, Anderson suggests. Lenders and potential landlords or employers may see those, so it’s smart to know what’s there. In addition, a big swing in your score or an account on your credit reports you don’t recognize could suggest identity theft.

Many personal finance sites and credit card issuers provide access to free credit scores.

KEEP YOUR IDENTIFYING INFORMATION SAFE and practice good cyber hygiene. That means

avoiding public Wi-Fi, being careful about what you post on social media, not opening email attachments or links you weren’t expecting, and using strong passwords. Consider freezing your credit — and that of your child — to reduce the likelihood that you’ll be victims of identity theft . Setting alerts on your credit card accounts can also let you know when they’re used.

LEARN TO RECOGNIZE SCAMS. Scammers try to create a sense of urgency so that you pay first and think later. They know how to make phone, email or text communications seem real. Pause before acting, independently confirm the contact information and initiate communication yourself. And remember that no one legit asks for payment by gift card or prepaid debit card.

SET GOALS FOR YOURSELF and remember that those are individual. “One of the most critical lessons to learn is to stay focused on your needs, not on what someone who doesn’t know you, your goals or your life is saying,” Winston says. Consider working with a fee-only, fiduciary financial planner or a financial coach for help with identifying your own goals and path.

AVOID OVERCONFIDENCE. If you’ve had some success investing in a bull market, for example, you might not be an investing genius. Feedback from a professional may help you decide whether you were smart or just lucky, DiGiovanni says.

Learn as needed

You don’t need to become a walking financial encyclopedia. There are things you may never need to know or that you can learn when they become relevant. Examples include: n Financial consequences of big life changes, such as marriage, divorce, parenthood or retirement. n Refinancing a mortgage. n Rent vs. buy decisions. MV

MN Valley Business • JUNE 2021 • 31

G R E AT E R M A N K ATO L E A D E R S H I P I N S T I T U T E

Class 2020-2021

Congrats!

Chet Anderson, Community Bank Collin Bennett, Knutson Construction Kenny Elliott, Dotson Iron Castings Mike Fischer, City of North Mankato Jessica Garlow, Consolidated Communications Brett Gauer, United Prairie Bank Nicole Goebel, Gustavus Adolphus College Lillie Herbst, Feeding Our Communities Partners Wade Johnson, Mayo Clinic Health System Jared Koch, Blethen Berens Heather Lee, MinnStar Bank N.A. Judi Leibbrand, Harry Meyering Center Brian Luepke, Navitor Specialty Products John Lustig, Mankato Area Public Schools Tyler Resner, First National Bank MN Rebecca Rosier, Greater Mankato Growth Sergio Salgado, Bethany Lutheran College Ryan Vesey, Greater Mankato Growth Gwenn Wolters, South Central Service Cooperative

F

or nearly 40 years, the Greater Mankato Leadership Institute has been the premier leadership development training program in the area.

Connect with individuals from different backgrounds and levels of experience in this nine-month program designed to strengthen relationships and build leadership skills applicable to personal, professional, and community settings. The program consists of one to two all-day sessions each month from September to May, typically scheduled for the third Wednesday of the month. Greater Mankato Leadership Institute is exclusively available to Greater Mankato Growth Members. Class size is limited to 45 participants.

Application deadline for the 2021/2022 class: June 15, 2021

greatermankato.com/leadership

32 • JUNE 2021 • MN Valley Business

Meet the

Board of Governors

V

isit Mankato, LLC is governed by a 17-member board of governors made up of a precise composition of stakeholders representing the tourism industry and marketplace. These professionals volunteer their leadership and expertise as they guide Visit Mankato on its mission to lead the development of the visitor economy in Greater Mankato.

WHY JOIN EXPOSURE

Build your Brand; grow your business.

Stand out and get noticed!

Andy Wilke Chair River Hills Mall

Trisha Duncan Vice Chair Xcel Energy

GREATER MANKATO GROWTH?

NETWORKING TW WORKING ORKING

Alec Pfeffer Secretary/Treasurer ISG

It’s not just st WHO WHO you ou know, it’s who knows k YOU. Networking IS Nate Newhouse Matt Atwood Powerful.

At-Large At-Large

BE IN THE KNOW

Atwood Companies

Massad Group

LEARNING

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

TALENT Gerry Burke RETENTION Lori Benike

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

MEMBER EXCLUSIVE BENEFITS

Jason Ceminsky PRO TRAIN Aviation Holiday Inn Keep your employees Scheels Express & Suites engaged and retained with

access to our member only events and programs.

David Anderson Country Inn & Suites by Radisson

REFERRALS

We only refer member Kaaren Grabianowski Dain Fisher John Nelson businesses.

Word Minnesota Riverof mouth Bent River Outfitter Mount Kato Ski and direct Association referrals come Builders Area from being a valued member of GMG.

SHAPE YOUR CREDIBILITY Raise your reputation by COMMUNITY belonging.

Research shows

Mitzi Roberts Dance Express

Your investment helps us continue to build the best environment for your business and its employees.

Beth Rohrich SPX Sports/Quality 1-Hr Foto

Susan Arntz Ex-Officio City of Mankato

that businesses who belong to a chamber of commerce are more successful.

JO Guck Bailey Ex-Officio

SignPro/JGBailey Media & Communications

Join today!

Eric Jones Ex-Officio

Mayo Clinic Health System Event Center

Seize a Business Focus Opportunity greatermankato.com/join Sign up and record a 60-90 second April 2018

BUSINESS FOCUS

video format featuring a Greater Mankato Growth member. Available to all members on a first come, first served basis, for a nominal fee.

greatermankato.com/business-focus

MN Valley Business • JUNE 2021 • 33 greatermankato.com/join

GROUNDBREAKING

NEW LOCATION

Dotson Iron Castings 200 W Rock Street, Mankato, MN 56001

GROUNDBREAKING

Pantheon Computers 209 S 2nd Street #314, Mankato, MN 56001

NEW LOCATION

The Travel Center 210th Lane, Mankato, MN 56001

MRCI 1750 Energy Drive, Mankato, MN 56001

Stay tuned to our social media and website for information on upcoming events. greatermankato.com/bah

Dust off your golf clubs and register for the 2021 Greater Mankato on the Green Golf Tournament!

Monday, July 12, 2021 | Mankato Golf Club | Tee Times Start at 9 am

greatermankato.com/golf

Registration deadline: July 5

18th Annual Summer Commencement Returns 11:00 am - 1:00 pm Civic Center Plaza in Mankato June 3 June 10 June 17 June 24

Presented by

Jeremy Poland Band Mark Joseph & The American Soul Irie Minds Chemistry Set

Gather in the City Center to enjoy live music and local food. The event is free of charge and free parking is available.

greatermankato.com/songs 34 • JUNE 2021 • MN Valley Business

ELEVATING OUR REGION AS THE WORLD-CLASS FOOD AND AGRIBUSINESS EPICENTER GreenSeam is not only a region that spans across southern Minnesota and northern Iowa, but also a nonprofit organization dedicated to strategically building and connecting the region’s extensive agricultural business assets to the world by enhancing collaboration EXPOSURE and investment with public and private Build your Brand; sector partners. grow your business.

WHY JOIN Stand out and get

We are committed to the long-term noticed! prosperity of southern Minnesota and northern Iowa by strengthening collaborations and partnerships, growing businesses and their LEARNING workforces, as well as the Gainthey access ccescall to home.

Member communities

GREATER MANKATO GROWTH?

BUSINESS NETWORKING TW WORKING ORKING DEVELOPMENT It’s not just st WHO WHO you ou know, it’s who knows k YOU. Networking IS Powerful.

BE IN WORKFORCE & TALENT THE KNOW DEVELOPMENT

Exclusive Content to help grow your business.

MEMBER BRANDING & To find out how GreenSeam can help EXCLUSIVE TALENT PROMOTION support thegrowth of your idea, business, BENEFITS or workforce contact: RETENTION CO N N ECT WIT H US

Keep your employees

Sam Ziegler, Director engaged and retained with access to our member only sziegler@greenseam.org | 507.385.6672 events and programs.

Garrett Lieffring, Program Manager glieffring@greenseam.org | SHAPE 507.385.6649 YOUR

COMMUNITY

Your investment helps us continue to build the best environment for your business and its employees.

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.

greenseam.org

CREDIBILITY

Raise your reputation by belonging. Research shows that businesses who belong to a chamber of commerce are more successful.

Check out the Greater Mankato Growth Blog!

Blog posts are written by staff and our member businesses on topics ranging from business insights, economic development, public affairs, topical issues and more!

greatermankato.com/join greatermankatoblog.com April 2018

Massad Real Estate 100 Warren Street, Suite 308, Mankato, MN 56001

MN Valley Business • JUNE 2021 • 35 greatermankato.com/join

READY FOR YOUR ARRIVAL Gathering with loved ones means more than ever. Laugh, hug, play and relax. The eight hotels and resorts along Alabama’s Robert Trent Jones Golf Trail offer legendary locations to safely reconnect. From the shores of the Tennessee River to Mobile Bay, come experience world-class hospitality in picturesque settings. Plunge into resort pools. Relax in luxury spas.

Play RTJ golf. Enjoy farm-to-table cuisine. We are open and will be here waiting for you.

Visit rtjresorts.com.

GRADUATE AND CERTIFICATE PROGRAMS PERFECT FOR WORKING ADULTS Are you looking for a graduate program that will advance both your business and management knowledge?

Minnesota State University, Mankato College of Business is an accredited member of AACSB International, which represents the highest standard of achievement for business schools, worldwide.

CERTIFICATE IN BUSINESS ANALYTICS:

A Certification in Business Analytics will enhance your ability to analyze and support data-driven business decisions. Only 17 credits are required for completion of this program.

CERTIFICATE IN FINANCIAL PLANNING*:

This certification will prepare you for a career in developing comprehensive strategies and will require you to complete six different courses within a period of 12 months. Classes are taught online once a week for three hours and are nine weeks long.

MASTER OF ACCOUNTING (MACC)*:

Offered fully online, the Master of Accounting Program offers students the necessary hours to become a licensed Certified Public Accountant (CPA). This 12-month program, creates value for both new graduates and anyone seeking to shift gears and pursue a career in accounting.

MASTER OF BUSINESS ADMINISTRATION (MBA)*:

The Master of Business Administration program offers personalized guidance and knowledge in managerial skills, real world experience, business ethics and leadership. Courses are offered fully online through both synchronous and asynchronous delivery. This program can be finished in 2 years.

GRADUATE CERTIFICATE IN TAXATION*:

The Graduate Certificate in Taxation (GCT) program is designed for students and professionals who want a solid foundation of knowledge of the tax field. Five different courses are required for completion.

BUSINESS LEADERSHIP GRADUATE CERTIFICATE*:

The Business Leadership Graduate Certificate focuses on both understanding and practicing the skills critical to effective performance as a leader in any organization. This certificate is fully online and can lead you to a full MBA.

*Fully online program

For more information, visit: 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 507-389-5420 (V), 800-627-3529 or 711 (MRS/ TTY). BUSC594AD_04-2021

MN Valley Business • JUNE 2021 • 37

MN Valley Business • JUNE 2021 • 38