Minnesota Valley Business by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley September 2021

Sue Rynda, Le Sueur County Human Services department head. Photo by Pat Christman

New way forward Work from home now common Also in this issue • FROGGY’S COTTON CANDY BAR • 207 CURIOSITIES IN LE SUEUR • MANKATO MAGAZINE BEST OF 2021 WINNERS

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F E A T U R E S September 2021 • Volume 13, Issue 12

More employees seek flexible work schedules and more offices are providing part-time or full-time work from home options moving forward.

Steve and Erin Thaemert offer all manner of unique curiosities and oddities at their 207 Curiosities shop on Le Sueur’s Main Street.

Some of the Best of 2021 winners from Mankato Magazine are featured: Nolabelle Kitchen + Bar, Lola’s food truck and Dr. Katie Smentek.

Robin Seger of Le Sueur is drawing a growing number of fans locally and from out of town to her sugary wonderland, Froggy’s Cotton Candy Bar.

MN Valley Business • SEPTEMBER 2021 • 3

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SEPTEMBER 2021 • VOLUME 13, ISSUE 12

By Joe Spear

PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn COPY EDITOR Kathy Vos CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Dean Swanson Katie Roiger PHOTOGRAPHER 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....................................................8 ■ Business Commentary........................9 ■ 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

COVID still risk factor in booming economy

hen Prohibition ended, the song “Happy Days Are Here Again” became popular. People were drunk, literally, with happiness as the moonshine came out of the woods and cirrhosis of the liver became a growth industry. The 1929 song with music by Milton Ager and lyrics by Jack Yellen was created in 1929 and by happenstance became the theme song for the first election of President Franklin Roosevelt in 1932. It was modified later to “Happy Days Are Beer Again” after the repeal of Prohibition in 1933. The song comes to mind with signals ever ywhere that the economy is doing great. It would be a big hill to climb to beat last month’s rosy picture, but now that Congress seems able to pass things like the $1 trillion infrastructure bill, other great, or at least sensible, things seem possible. There’s a record number of jobs being filled even as openings abound and wages are rising. The Infrastructure Investment and Jobs Act will put out $65 billion alone to the broadband industry. Highway 14 will benefit from the funding as the road from Nicollet to New Ulm will be expanded to four lanes with the help of federal funds. The bipartisanship, if it holds up -- and that’s a big if -- would hopefully bring agreement to key economic issues like immigration, health care cost reform and fair taxation policies. There’s actually a chance some student loan debt would be forgiven. All those things coming together would create a pretty robust economic boom. Some economists were

4 • SEPTEMBER 2021 • MN Valley Business

worr ying about inflation returning, but more recent reports suggest the 4-5 percent annual rate may be an anomaly. Of course the worker shortage is probably the biggest threat to the local and national economy right now. A recent Free Press story shows how protracted the problem has become. It is causing some retail establishments and eating and drinking places to close early or close on Mondays, one of the least busy days. Wages in entry level jobs moving to $15 per hour will push other skilled work wages up. Companies will be forced to automate or do more with less. Of course, many are waiting for the extra $300 per week in unemployment compensation to go away after Labor Day with the thinking that there will be more incentive to work. And in Mankato, some 16,000 college students will be back by midAugust boosting the size of the potential labor pool. Gross Domestic Product hit historic highs at 13 percent in the second quarter of 2021. For all of 2020, GDP was down 3.5 percent from the year before. Of course, the robust GDP growth this year can be partially attributed to the negative growth last year. But surprisingly, average weekly wages were rising as early as the fourth quarter last year for Blue Earth and Nicollet counties, according to the Bureau of Labor Statistics. Nicollet County’s average weekly wage in the fourth quarter of 2020 was $888, compared to $816 in the first quarter and $827 in the prepandemic first quarter of 2019. In Blue Earth County, the fourth quarter 2020 average

weekly wage was $1,028, up from first quarter 2020 of $857 and pre-pandemic first quarter of 2019 when it was $826. And finally the resurgence of the delta variation of the coronavirus will be the wild card going forward. In places where vaccination rates are low, the hospitals are again filling up. In some places in Florida, hospitals were putting elective surgeries on hold. That’s a big economic hit to an industry that provides millions of well-paying jobs. And we shouldn’t bet on another safety net like the Payroll Protection Plan, especially not when vaccines are readily available. A recent report in the Star Tribune in mid-August suggested though COVID cases were on the rise from the delta variant, deaths were not rising at a similar rate. And we should not forget the economic damage the death of 618,000 U.S. consumers can bring. How we handle the continued scourge and spread of COVID and its variants may be the biggest economic risk we face while the rest of the economic engines continue to gain speed. 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 ■

Compeer’s Greenwood honored

Mark Greenwood, chief diversified markets officer at Compeer Financial, was awarded the first annual Larry Graham Pork Legacy Award. The award honors a pork industry leader who demonstrates excellence in industry knowledge-sharing, skill enhancement, giving back and serving the industry through education and collaboration. Greenwood has worked at Compeer since 1997. As a knowledgeable leader within the Farm Credit system, he has given presentations in the United States, South America, Europe and Canada on economic issues in the protein sector. He was born and raised on a farm in southern Minnesota and has been involved in agriculture for his entire business career. ■■■

MSU coach Blue joins ISG

Darren Blue, from Minnesota State University, Mankato’s Men’s Hockey, has joined ISG as a development strategist with the sports + recreation business unit. “Through my experience as a coach at various levels, I have had a behind the scenes look into the difference a well-designed and finished facility can make in the day-to-day attitudes of all users including athletes, coaches, support staff, and spectators” Blue said in a statement.

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Blue will support firm-wide growth initiatives by working with sports and recreation clients across the Midwest. ■■■

Gislason attorneys named Super Lawyers

Three attorneys from Gislason & Hunter were selected to the 2021 Minnesota Super Lawyers list including Matthew Berger, Dustan Cross and Michael Dove. No more than five percent of the lawyers in each state are selected by Super Lawyers. In addition, Attorney Kaitlin Pals has been selected to the 2021 Rising Star list. No more than two and a half percent of the lawyers in the state were selected. Eligibility includes 40 years of age or younger or practicing for 10 years or less. Super Lawyers, part of Thomson Reuters, is a rating service of outstanding lawyers who have attained a high degree of peer recognition and professional achievement. The annual selections are made using a patented multiphase process that includes a statewide survey of lawyers, an independent research evaluation of candidates and peer reviews by practice area. ■■■

Soybean annual report honored

For the second time in three years, the yearly highlights f r o m Minnesota’s s o y b e a n checkof f p r o g r a m e a r n e d national agri-marketing honors. Ag Management Solutions, the Mankato-based company that oversees the Minnesota Soybean Research & Promotion Council, earned a first-place award for the

MN Valley Business • SEPTEMBER 2021 • 5

council’s 2019 annual report at the 2021 National Agri-Marketing Association awards ceremony. The Council was recognized for its comic-book themed 2019 annual report, which featured the year’s checkoff projects and investments in research, trade and value-added products. The council also won in 2019, and has been nominated for four straight years. ■■■

Glik’s open at River Hills

A Glick’s boutique has opened at River Hills Mall in Mankato featuring women’s fashion, footwear and accessories. Since the first Glik’s store opened in 1897, five generations of the Glik family have built a retail company that now encompasses over 60 stores in 11 states. Brands include: Thread & Supply, KanCan, Hey Dude, Roxy, Elan, Love Stitch, Everly, Free People, Billabong and more.

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Seeing Beyond the Disability

It’s What a Person Can Do That Matters One thing Lily Poss has always seen clearly: she wanted to work and earn her own money. With help from MRCI and State Services for the Blind, Lily is now seeing her vision of working in a job she loves, out in the community, become reality. A reality made possible because of people who could see beyond her disability. Lily now works with MRCI Employment Coordinator Becky Willett. “Lily is very independent and loves to work hard!” says Becky. “When I met her, she was eager to get into the workforce. One of MRCI’s employment partners, Country Inn and Suites in Mankato, had an amazing opportunity for her. An opportunity she seized from the get-go!” Country Inn and Suites was in need of a laundry attendant, a job Lily wanted to pursue. Becky arranged for a job tryout to make sure it was a good fit for Lily and the employer. “With the job tryout, she brought in her additional resources from State Services for the Blind, to help learn the laundry room and become familiar with the area,” explains Becky. “But once she was comfortable with the area she went straight to work. Country Inn and Suites was so happy with her work, they brought Lily on to their team permanently and things are going great so far!” Lily says she is thankful for opportunities that have come her way from MRCI, SBB and Country Inn and Suites. “It may not seem like a job suited for everyone,” explains Lily. “I am a laundry attendant so it is my job to clean the laundry, fold it, and put it away once it’s folded. What I like about the job is the people are friendly, it gives me exercise, and it’s something I am good at. It also helps me get out of the house.” For more information on MRCI programming or if you interested in becoming an employment partner, visit www.mymrci.org. Lily Poss

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!

8 • SEPTEMBER 2021 • MN Valley Business

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Business Commentary

By Dean Swanson

Plan For Your Slow Season In Business

hen is the “slow season” for your business, and how do you plan for it in advance? That question is one that many small businesses have to grapple with and should plan for. The answer really depends on what kind of business you have, but the key “take-away” from this column is “how do you plan for it?” To help business leaders plan for the “slow season,” Brett Farmiloe, Founder & CEO of Markitors, a digital marketing company that connects small businesses to customers through organic search. He asked small business owners and business professionals this question for their best tips and shared them on SCORE’s website recently as one of our content partners. They provided some good ideas and I share some of them with readers today.

Get Approvals Before Big Trips

Summer can be a slow time for our business because we have so many of our high-end clients go on extended vacations. Before clients leave on trips, we ensure that we have designs approved and furniture ordered to make sure there isn’t too much pending while they are away. We set lots of design meetings in the spring to plan for the slower summer months. Because working with a client to design a luxury custom home spans the time of several months, we try to plan accordingly! - Alisha Taylor, Alisha Taylor Interiors Plan to Offer Season Specials. Although the weather in Sedona is beautiful year-round, we still tend to see a slow down towards the end of the year when it gets a little chilly. We plan for it by offering different types of retreats and specials during that time of the year! It is perfect for individuals or couples looking to travel around the holidays and allows for some new experiences internally as well. - Gregory Drambour, Sedona Retreats

Test Out New Strategies

Seasonality is a huge factor for us. The hospitality industry ebbs and flows at different times, depending on what city you’re talking about. For example, in Phoenix, business slows down when the weather heats up. In New York, the slowdown happens in the cold winter months. Fortunately, when one city is slow another one is busy as hospitality is never 100% dormant. While breaking into a new city isn’t feasible for every small business during a slow season, testing new strategies in your current market is. Take advantage of the slower flow of business to take a look at your existing processes, pinpoint opportunities for improvement, and use the slower months to build new things. - Zack McCarty, Qwick

Focus on Client Retention

After the summer season burns out into fall, we typically experience a lull in business. We plan for this by leaning into customer retention. The ability to retain and expand existing customers helps us when we can’t depend on significant new business during slow seasons. We look into data and find customers who can potentially expand their contract with. - Nik Sharma, Sharma Brands

Set Aside Funds and Stay Active

The slow season of our business (residential real estate investing) is the winter months, specifically December through February. We plan in advance by capitalizing on the active, fast-paced months for the rest of the year. We set aside the same percentage of money from every transaction even in the months when our income is much higher than the slow season. We have also found that our slow season for making money is a great time to capitalize on growing our business. Many people in our industry take time off around the holidays, but we choose to work a few hours per day to network and keep our website and socials active. This sets us up for success once the slow season passes. - Andy Kolodgie, The House Guys Build Relationships. If you often refuse lunch invitations from colleagues, now is the time to agree. When you are not busy, you can connect by eating lunch and drinking coffee together. By establishing friendship in this way, you can accumulate your contacts and prepare for more cooperation in the future. - Abby Ha, WellPCB

Pivot Your Client Focus

Our slow season normally comes after tax season ends. For the first three weeks or so after individuals and businesses have filed their taxes and submitted their returns, we hardly get any new clients. To effectively plan for this, we pivot our services to other possible clientele outside of our main target audience--coaching businesses. For instance, we offer our services to schools and nonprofit organizations during and shortly after tax season. In exchange for a small, heavily discounted commission, we develop and implement highly effective marketing strategies/campaigns for local schools and nonprofit organizations. We also provide career guidance services to the students in these academic institutions and the communities that the NGOs serve. By pivoting our services, we are still getting paid, albeit much less, and we are increasing our brand’s visibility in niche market segments. - Sai Blackbyrn, Coach Foundation

Dean L. Swanson is a volunteer certified SCORE mentor and former SCORE chapter chair, district director, and regional vice president for the north west region. For information on the local Mankato area SCORE chapter: scmnscore.org MN Valley Business • SEPTEMBER 2021 • 9

Alana Theobald works in a cramped Le Sueur County Human Services office in Le Center.

More flexibility Remote working gaining popularity By Tim Krohn | Photos by Pat Christman

s was the case for many offices, last year’s sudden move to send many people home to work was a stunner for the Le Sueur County Human Services Department. “When we started (remote), it was like pulling off the Band-Aid. We were forced to do it,” said department head Sue Rynda. “We were considered essential employees but the governor asked that anyone who could work from home should.” While having employees working out of the office was an upheaval of tradition, the county learned that it worked and could help alleviate a space crunch. While the County Board is still studying if and how to allow ongoing work-from-home schedules for some employees, County Commissioner Steve Rohlfing said he and other commissioners see

benefits to it. “We know people can work from home and be efficient, and the department heads have checks and balances. And you look at brick-and-mortar costs now, do you need as much of that?” Human Services offices are now in the lower level of the County Government Center, which is the old Courthouse. “We’re packed in like sardines,” Rynda said of her staff. “We have space issues here.” The county has been looking at remodeling the government center and at the need for more space. Rohlfing and Rynda said having more staff working remotely could save taxpayers money on renovating and expanding offices.

Cover Story

10 • SEPTEMBER 2021 • MN Valley Business

Jeff Lang, a principal at CliftonLarsonAllen, says some employees have asked to work from home but most want to return to the office.

A sea change

The pandemic caused a similar change of thought for a lot of businesses. “I think locally there’s just a lot more flexibility,” said Jessica Beyer, president and CEO of Greater Mankato Growth. “It depends on the industry sector, obviously manufacturing has some different needs. But even there they are looking at office staff (working remotely).” Beyer said ever yone was immersed in intense lessons in remote work because of the pandemic. She said GMG will continue to have more Zoom meetings for its staff while also meeting in person. But she expects there will be challenges for businesses moving forward, especially for large businesses. “It’s a challenge if you manage hundreds of people. How do you make sure they’re productive and you’re flexible for them?” While remote working is becoming much more common,

Jessica Beyer, President and CEO of Greater Mankato Growth. many employees and businesses still find more benefit in being in the office. Jeff Lang, a principal at CliftonLarsonAllen in Bridge Plaza in downtown Mankato, said they have given approval to a handful of employees who asked to continue working from

home, part or full time. “There are various reasons we think it’s important for people to be in the office — client interaction, training, building team culture. It’s hard to build a culture when you’re not in the office.” While he said the firm understands why remote working fits some employees better, the majority of its 30-40 employees want to be in the office. “They enjoy their teammates, the camaraderie and the sharing of information is important to them.” While most businesses had expected to be fully open to employees who wanted to get back in the office, many are now slowing down on the comeback as the COVID delta variant causes new surge worries. “Effective June 1 we’ve encouraged people to get back in the office, but we haven’t mandated it,” Lang said. “At this point, like a lot of people, we’re waiting to see what’s going to

MN Valley Business • SEPTEMBER 2021 • 11

Monie Kahlow works at her desk at CliftonLarsenAllen. happen with the variant.”

Driven by employees

More workers are seeking flexible work schedules, whether working remotely part or full time. That is sometimes causing clashes between employees and managers at some companies who are reluctant to allow working from home. But surveys and news articles suggest expectations of flexibility by employees is trumping any management reluctance. As a Business Insider headline put it: “In the war over work from home, WFH is winning.” In a sur vey by consultant Grant Thornton of more than 1,500 American workers, 79% said they wanted flexibility and 40% said they would look for another job if they were forced to be at their desks full time. Other sur veys are finding similar reluctance by many workers to work full time in offices. In the current climate of worker shortages in virtually 12 • SEPTEMBER 2021 • MN Valley

every sector across the United States, those workers have more pull as companies work to improve benefits and find ways to attract and keep employees.

Lots of learning

Rynda said Human Services staff and the county have learned a lot, but there are still plenty of things to work through if remote working is to be a permanent fixture moving forward. “I always say don’t let a crisis go by without learning from it.” The first thing was to ensure employees had the technology they needed to work from home and to be comfortable with it. “I can’t say enough good things about our IT department. They had a lot of old computers stored away and were rigging up a lot of things and ensuring employees could get into our system securely.” Online security was a key factor as the department works with a number of clients with a range of sensitive information. She said the county had a few

Business

years ago moved to an online records management system, which made remote work easier. And all employees were issued a county cellphone so they could communicate with clients without using their personal phones. Employees can access client and state system records without leaving any of the information on a computer in their homes. The department also uses a secure Zoom medical system so employees can meet virtually with clients. “I applaud our County Board because they supported us prepandemic to invest in an electronic document system and convert to laptops for our social workers who are out in the field a lot and just a lot of other technology upgrades.” Rynda said that of their 61 fulltime employees, four are interested in working full time from home while 31 are interested in working from home part of the week. MV

Human Services department head Sue Rynda sits in her new office after giving up her original office so more employees could work in the office.

MN Valley Business • SEPTEMBER 2021 • 13

After initially opening a curiosities shop in Henderson, Steve Thaemert opened in the current location in Le Sueur

Curious indeed

Le Sueur shop offers host of oddities

By Katie Roiger Photos by Pat Christman

Several years ago, the TV and video content he words “curiosities” and “oddities” creator founded a magazine called Rat Rod, can have a thousand applications, from which was devoted to home built hot rods the way your coworker only wears red and the enthusiasts who ties on Thursdays to created and owned them. your mother-in-law’s It turned out that the dopotato and prune salad. it-yourself, one-of-a-kind, For Steve Thaemert of collectable nature of Le Sueur, the words mean something to be THE 207 CURIOSITIES homemade hot rods 207 S. Main St., Le Sueur paired well with the enjoyed and displayed, 763-639-9539 curiosity and oddity like a shadow box with Facebook: vintage movie tickets or a community, which also the 207 curiosities gorilla hand cast. celebrates the unique, Thaemert’s entry into ar tistic, retro, and the world of curiosities happened accidentally. salvaged.

Spotlight

14 • SEPTEMBER 2021 • MN Valley Business

The 207 Curiosities shop is named after the street number it is located on on Le Sueur’s Main Street. Although both “curiosity” and “oddity” can refer to similar categories of memorabilia and art, the categories have some slight differences. “Oddities are a little bit darker,” Thaemert said. “There’s a lot of taxidermy and macabre and things like bones. Curiosities are more historic. There are more knickknack things, a little more art and handcrafted stuff and conversation pieces.” Well and truly hooked by the weird and wonderful, Thaemert began publishing a second magazine called Curiosities. Around 2017, he took his interest a step further by opening a curiosities gift shop inside the Roadhaus bar and grill in Henderson. His friend Jake Crooks, a musician and fellow curiosities enthusiast who first connected with Thaemert through Rat Rod, was eager to help. “Every wild idea I have he goes with, and every wild idea he has, I go with,” Crooks said, laughing. Although local and tourist interest was high, the first location opened by Steve and his wife Erin was short-lived. In 2018, the

Minnesota River overflowed its banks, flooding access roads and temporarily making the town inaccessible. The city later took measures to prevent future flooding, but the lack of traffic hurt the curiosities shop, which was dependent on out-of-town visitors and Henderson’s weekly roll-in car shows. Space constraints were also posing some difficulties. Thaemert described their area inside the Roadhaus as “gorgeous,” but also said that it was very small, with no work area. “Maybe a curiosity shop next to a salad bar wasn’t the best idea,” Crooks said.

Move to Le Sueur

Despite the challenges, Thaemert wasn’t ready to give up one the idea of a curiosities gift shop. In early 2021, he and Erin stumbled upon a vacancy in Le Sueur that seemed just right for rekindling their dream. “This town is an up-and-coming tourist town,” said Thaemert about his decision to switch locations. After signing a lease, the couple

named their new shop 207 Curiosities after the building’s street number and set to work painting the walls with zany murals and tracking down merchandise. One of Thaemert’s favorite things about curiosities is the creativeness they involve. Some of the 207’s stock is unearthed from flea markets and vintage sales, but a significant portion is handcrafted by individual artists. Both Thaemert and his wife make oneof-a-kind pieces for the 207’s sales floor. “There’s a workshop at the store and we’re in there producing things as much as possible,” Thaemert said. “We might take an antique and turn it into something new. That’s what makes it fun – you can create something and put it out in the store, and someone will take it home and it becomes a part of their life. It’s pretty awesome.” Crooks’ merchandise can also be found on the 207’s display shelves. He created wrist pockets, which are leather or fabric wristbands that can adhere to leather jackets with snaps and have storage pockets deep enough to hold a

MN Valley Business • SEPTEMBER 2021 • 15

A large image of Prince hangs on a wall at 207 Curiosities in Le Sueur.

16 • SEPTEMBER 2021 • MN Valley Business

credit card or money. “I make all of my own clothes,” Crooks said about getting started in wristband-making. “It’s not like Little House on the Prairie where you make your own sundress – I modify thrift store finds to look kind of Mad Max. I had this one type of cool spike bracelet that I would make all the time, and then I made a bracelet with a pocket and everyone asked me where I got it.” When the new location opened on June 5, 2021, Thaemert said that he knew he wanted the 207 Curiosities to have something for everyone, from snappy dressers looking for a unique accessory, to nostalgia buffs hoping to discover classic movie memorabilia, to younger kids excited by cool aliens and funny posters. “There’s a lot of stuff to look at,” he said. “It’s just a fun place.” As another way of creating traffic and giving his community something fun to do on a weekend, Thaemert has scheduled a rotating mix of comedians and musicians who perform a few times a month. Crooks has also performed in his friend’s store and said he enjoyed seeing the foot traffic marvel at the store’s displays. “You feel like a kid again,” he said. Overall, the visitors’ excitement is what Thaemert likes best. “You can have a dollar in your pocket and walk out with something fun, which is really important to us,” Thaemert said. “It’s not a cash-grab type of business, it’s about trying to create an experience. People come in and have a big smile on their face and they leave with a big smile, and that’s how I gauge our success.” MV

The 207 Curiosities shop offers a wide variety of unique oddities and curiosities, including old movie related items.

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MN Valley Business is running some of the

“Best of 2021” businesses and people

featured in Mankato Magazine. The winners of the annual awards are chosen by Free Press Media readers. The complete list of winners was in the July issue of Mankato Magazine. ENTERTAINMENT EXPERIENCE

FOOD & DRINK

PERSONAL CARE

PEOPLE

PROFESSIONAL SERVICES

BEST SHOPPING

BEST VEGETARIAN, FINE DINING, SIGNATURE COCKTAIL JOINT NOLABELLE KITCHEN + BAR:

Savory dishes, unique cocktails

N A mimosa flight at Nolabelle.

olabelle Kitchen + Bar’s owner, Alexa Swindell Prosser, took three years of diligent planning to open up the fine dining restaurant at 520 S. Front St. The business finally did in July 2020, featuring a rustic American menu. Who knew that after three years of hard work that the restaurant would have a start date

BEST FOOD TRUCK LOLA’S FOOD TRUCK:

Keeping customers on their toes

ola’s American Bistro, hailing from New Ulm, wheels in its eclectic menu to Mankato every Wednesday and Friday at the Hub, 512 N. Riverfront Drive. It’s the rotating menu that keeps customers craving for more, said owner Lacey Lueth. “It’s just a different experience for people,” Lueth said. “It’s fun — it’s not like you’re sitting in a restaurant for food. … and the staff is having a good time as well, that really comes through in what they do.”

18 • SEPTEMBER 2021 • MN Valley Business

when a global pandemic was going to hit? “It was frustrating, of course, it was frustrating for everyone,” Prosser said. But when the opportunity came to open doors, Nolabelle pressed on and made sure patrons and staff could enjoy the evening safely by following all the rules and regulations. And Prosser is glad they did. Nolabelle offers a distinct menu with hardy and savory items, and food lovers can know that the dishes they serve come from local sources from the Midwest — North and South Dakota, Iowa, Wisconsin and, of course, Minnesota. “We use fresh products from our local producers,” Prosser said. The farm-to-table restaurant offers a variety of dishes including many vegetarian options such as waffle nuggets, goat cheese balls or dinner items like the roasted veggie lasagnette and the for lunch, a veggie gyro. Other items include pastas, salads and soups, sandwiches and dessert, such as local churned ice cream. For happy hour, customers can try colorful speciality mimosa and cocktail flights. “To be recognized by your community is such a wonderful feeling,” Prosser said. “It’s justification for the hard work that we do, and we’re doing something that people like, and that makes us really proud.”

Over the last seven years, certain menu items remain crowd favorites such as the Hot Mess — roast beef topped with rosemary fries, green onions, cheese sauce, gouda and gravy. “And then the buffalo chicken mac and cheese, Bahn-Mi tacos and then of course, rosemary garlic fries,” Lueth said. Inspiration for menu items comes from things Lueth tried or seen and tried to make their own versions of it. Lola’s Food Truck is thrilled to have been awarded the Best Food Truck in Mankato. “Our base home is New Ulm but the truck made a name for itself in Mankato,” Lueth said. “We have always been very welcomed there and I think (the award) is exciting coming from New Ulm and winning something that isn’t in our home area, though I think the home is Mankato for the truck.”

Mankato Clinic pediatrician Dr. Katie Smentek

BEST PEDIATRICIAN DR. KATIE SMENTEK:

Empathy is key

ankato Clinic’s Dr. Katie Smentek loves to interact with young people every day from babies to teenagers. “I think pediatrics is a lot of puzzle solving,” Smentek said. “It keeps it interesting and different every day.” For Smentek, she believes that to be a good pediatrician is to have empathy and put yourself in another parent’s position. “While I know that a certain medical problem might not be a problem from a physical or doctor’s standpoint, when you’re a parent of a child who is sick, that’s a big deal for you.” A phrase she’s kept close to her is when a mentor in college said: “Patients don’t care how much you know until they know how much you care.” “I have really tried to root my practice in that concept and I think when you start there it makes

everything easier.” Knowing how to communicate with various ages and having a keen sense of curiosity help, too. “I like that it’s a field that I’m always learning, especially the last year with COVID and new pieces of information coming out every day and keeping up with what I needed to know to take care of people that best I can.” But what Smentek appreciates the most is Mankato’s “amazing group of pediatricians.” The city of Mankato and the Mankato Clinic is fortunate to have pediatricians in the area, she said. “While I’m honored to get this award, any pediatrician in our community or that I work with is just as deserving and just as amazing,” she said. “The strong group of pediatricians is not typical in every community.”

MN Valley Business • SEPTEMBER 2021 • 19

Robin Seger of Froggy’s Cotton Candy Bar in Le Sueur has a growing following.

Sweet success Froggy’s cotton candy draws a following By Katie Roiger Photos by Pat Christman

e all know the soft pink color and the way to opening Froggy’s Cotton Candy nostalgic, sticky-sweet taste of Bar, a sugary wonderland for the young traditional cotton candy. A staple at and young at heart. fairs, festivals, and even “During COVID, we some extra-special couldn’t find anyone fullbir thday par ties, a time (to sell cotton childhood just isn’t candy),” Seger said. Far complete without that from giving up in FROGGY’S COTTON melt-in-your-mouth disappointment, Seger CANDY BAR cloudlike confection. But decided to try making 111 N. Main St., Le Sueur what if cotton candy the treat herself. With 507-665-0023 wasn’t just for kids – and the help of a purchased froggyscottoncandybar.com what if it came in machine, she and her Facebook: hundreds of exciting family brought 10 cotton Froggy’s Cotton Candy Bar flavors like birthday candy flavors to the cake, Mexican hot farmers market in order chocolate, apple pie, peach limeade or black to gauge the community’s interest. They licorice? instantly sold out. What’s more, once the That’s the question that took Robin Seger market ended for the season, they found of Le Sueur from researching cotton candy themselves booked for private and holiday vendors for her town’s farmers market all parties until the end of November. • SEPTEMBER 2021 • MN Valley Business

Feature

“People kept asking me, ‘When the market is over, how can we get your cotton candy?’” Seger said. “I didn’t want people coming to my house, so we started searching for a (store) location and things kind of fell into place.” Seger found an open building on Nor th Main Street and s t a r t e d renovations in October with the goal of opening Emmett Zwick, 5, enjoys cotton candy at Froggy’s Cotton Candy Bar in Le Sueur. Januar y 1st. Community subscription service that ships Growing following support for the new venture was candy-lovers the month’s cotton “I don’t think I’ve had a flavor high, to say the least. candy special as well as one that I don’t like,” Wheeler said. “We kept having people surprise flavor. “My daughter likes the banana stopping and asking if we were Since its grand opening, flavor, and my son really likes open yet, so we opened Froggy’s has expanded its anything (Seger) colors green.” December 19th instead of merchandise to include other Wheeler first heard about January first,” said Seger with a fair favorites and sweet treats. Froggy’s through a friend who laugh. “We weren’t even fully Visitors can expect freshhad visited the sweet shop with operational the way I wanted to squeezed lemonade and funnel her children and posted about it be but we could operate the cakes, mini donuts, ice cream on Facebook. During her first cotton candy machine for and shaved ice. For her regulars visit, Wheeler said that she was customers!” who enjoy stopping by in the struck by Seger’s warm and One of Froggy’s biggest draws morning to chat with friends, friendly welcome to every visitor is the texture and flavor of the Seger offers hot and iced coffee and impressed by the size of the made-to-order cotton candy. as well as a selection of daily treats. Traditional cotton candy tends to pastries. “The cotton candy is huge!” leave tiny cr ystals of sugar The customers can’t seem to she said. “Compared to state fair behind, creating a grainyget enough – and Seger can’t get or county fair candy, it’s probably mouthfeel. At Froggy’s, the enough of her customers. She either double or triple the size.” cotton candy melts away entirely, said that she loves watching the Aided by a happy atmosphere leaving only a sweet aftertaste smiles on people’s faces as they and quality desserts and snacks, behind. try a new flavor and seeing a Froggy’s is fast becoming a hot Thanks to some tasty first-time customer become a destination for locals and out-ofexperimentation, Seger and her weekly visitor. town visitors. In terms of future family discovered that almost “One of my favorite memories plans, Seger said that she and any non-milk-based hard candy is of a customer that comes in her husband like to think big. can be used as the building block once a month or so with her two “My dream is someday to be for their cotton candy. The adorable little kids,” Seger said. as busy as the candy store realization opened the door to “Once, after we had just won an (Minnesota’s Largest Candy countless varieties. international award for the best Store in Jordan),” she said. “We’re up to 130 flavors of Midwest gourmet sweet shop, Holiday parties, new and cotton candy and we probably they found a pink frog that said, delicious offerings, and visits have 70 more in the works,” ‘You’re #1!” and brought it to from crowd favorites like Santa Seger said. Most varieties are me.” Claus and Captain Jack Sparrow available upon request at their Maggie Wheeler is a regular are all in the works. “My goal is storefront, although some are Froggy’s customer who loves its really just to bring smiles to the only available seasonally. Seger cotton candy as much as her kids and give them something also dreamed up Froggy’s Cotton kids do. MV they don’t expect.” Candy Club, a monthly

MN Valley Business • SEPTEMBER 2021 • 21

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Energy

Covid recession lasted just 2 months

The Covid-19 recession is in the books as one of the deepest — but also the shortest — in U.S. history, the official documenter of economic cycles said. According to the National Bureau of Economic Research, the contraction lasted just two months, from February 2020 to the following April. Though the drop featured a staggering 31.4% GDP plunge in the second quarter of the pandemic-scarred year, it also saw a massive snapback the following period, with previously unheard of policy stimulus boosting output by 33.4%. “In determining that a trough occurred in April 2020, the committee did not conclude that the economy has returned to operating at normal capacity,” the NBER said. “The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession associated with the February 2020 peak.” Conventionally, a recession is defined as two consecutive quarters of negative GDP growth.

Gas prices high

Mankato | Amboy | Eagle Lake | Vernon Center | cbfg.net 22 • SEPTEMBER 2021 • MN Valley Business

U.S. regular gasoline retail prices averaged $3.14 per gallon in July, the highest monthly average price since October 2014. Recent gasoline price increases reflect rising crude oil prices and rising wholesale gasoline margins, amid relatively low gasoline inventories. We expect that prices will average $3.12/gal in August before falling to $2.82/gal, on average, in 4Q21. The expected drop in retail gasoline prices reflects our forecast that gasoline margins will

decline from elevated levels, as is typical in the United States during the second half of the year.

Retail/Consumer Spending

OPEC agrees to production increases

OPEC+, which includes most members of OPEC and several non-OPEC members (including Russia), agreed to increase monthly crude oil production starting in August. On July 19, after the new OPEC+ agreement was made public, the price of Brent crude oil fell 7% from the previous day to $69 per barrel. Since then, the price of Brent crude oil has been rising, reaching $76/b on July 30. In early July, members of OPEC+ had adjourned without reaching a new crude oil production agreement, and front-month futures prices for Brent crude oil rose to $77/b on July 5, the highest price since October 2018. OPEC+ negotiations stalled because of disagreements between Saudi Arabia and the United Arab Emirates on the baseline levels that the members’ production cuts should be measured against. In the deal announced on July 18, OPEC+ members agreed to increase production by 400,000 barrels per day each month starting in August. This agreement is in addition to production increases that already took place through July 2021, including the full reversal of Saudi Arabia’s voluntary production cut of an additional 1 million b/d. Our latest estimates indicate that total OPEC+ production averaged 40.6 million b/d in July, up from 39.6 million b/d in January.

Natural gas prices up

In July, the natural gas spot price at Henry Hub averaged $3.84 per million British thermal units, which is up from the June average of $3.26/MMBtu. We expect the Henry Hub spot price will average $3.71/MMBtu in 3Q21 and $3.42/MMBtu for all of 2021, which is up from the 2020 average of $2.03/ MMBtu. Higher natural gas prices this year primarily reflect two factors: growth in liquefied natural gas exports and rising domestic natural gas consumption for sectors other than electric power. In 2022, we expect the Henry Hub price will average $3.08/MMBtu amid rising U.S. natural gas production.

CO2 back on rise

We estimate that U.S. energy-related carbon dioxide (CO2) emissions decreased by 11% in 2020 as a result of less energy consumption related to reduced economic activity and responses to COVID-19. For 2021, we forecast energy-related CO2 emissions will increase about 7% 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, 1%. We forecast that after declining by 19% in 2020, coal-related CO2 emissions will rise by 17% in 2021 and then decrease by 7% in 2022. Short-term changes in energy related CO2 can be affected by temperature. A recent STEO supplement examines these dynamics.

Vehicle Sales Mankato — Number of vehicles sold 1,112 1,145

1500

- 2020 - 2021

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)

- 2020 - 2021 $429,123

600

$509,034

500 400 300 200 100 0

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2020 - 2021

70000

$22,479 $50,821

52500 35000 17500 0

Source: City of Mankato

Mankato food and beverage tax - 2020 - 2021 175000 140000 105000

$39,428 $67,721

70000 35000 0

Source: City of Mankato

C. Sankey

MN Valley Business • SEPTEMBER 2021 • 23

■

Agricultural Outlook

By Kent Thiesse

Key ag issues discussed at Farmfest O ver the past few years, Farmfest has been a major event for discussing key issues affecting farm families, the ag industry and rural communities in Minnesota and the Midwest. Many of these same issues will likely frame the discussions on ag and rural policy issues in Washington, DC in the next few years. Farmfest is held in early August and brings together elected officials and appointed officials together with National and State ag leaders to analyze these key issues and offer perspectives on solutions and future legislation. Following are some of the main issues that were discussed during the 2021 Farmfest forums:

Impacts of the Drought

Nearly all of the forums at Farmfest centered around the impact of the drought on crop and livestock producers. Based on the “U.S. Drought Monitor’’ in early August, over 75 percent of Minnesota was categorized to be in either the “extreme drought” (D3) or “severe drought” (D2) category, with only the Southeast quarter of the State being largely spared from these conditions. Nearly all of North and South Dakota were at some level of drought, with over two-thirds of North Dakota and a large area of North Central South Dakota in either “extreme drought” (D3) or “exceptional drought” (D4). Areas that are in extreme or exceptional drought are likely seeing significant crop loss and extremely limited forage production, as well as longer term effects on lakes, rivers, streams, and groundwater supplies. The weekly USDA Crop Report released on August 2 listed the condition rating of the corn in the U.S. at 64 percent “good- to-excellent”; however, the higherlevel crop rating in Minnesota was only at 36 percent, which is the lowest in many years. The early August crop report listed 60 percent of the U.S. soybean crop as “good-to-excellent”, with Minnesota again well below that average at only 34 percent in the higher categories. The only major crop producing States with lower “good-to-excellent” ratings for corn and soybeans than Minnesota were North and South Dakota. Throughout the Summer of 2021, drought conditions have intensified in most of the Northern Plains and Northwest Corn Belt States. Livestock producers in those areas are being especially hard-hit by the extended drought conditions with exhausted pastures and depleted feed supplies. Many beef cattle producers are being forced to reduce their herd sizes due to limited pasture and hay resources. USDA has 24 • SEPTEMBER 2021 • MN Valley Business

announced the potential for emergency haying and grazing on land enrolled in the Conservation Reserve Program (CRP) in areas of Minnesota that are in the most severe drought. Livestock producers should check with their local FSA office regarding eligibility, enrollment details, and requirements for emergency haying and grazing of CRP acres. USDA also has other programs available to assist livestock producers. Eligibility requirements and details on all USDA drought assistance programs are available at local FSA offices. Details and updates the USDA drought programs can also be found at: https://www.fsa.usda.gov/programs-and-services/ disaster-assistance-program/index

Grain Markets and Rising Input Costs

One of the major discussion items at Farmfest was the trends in the grain and livestock markets in the coming months. Crop production expenses and land rental rates have risen sharply in the past six months, which has some producers and analysts concerned about profit margins as we look ahead to 2022. Prior to 2020, profit margins in crop and livestock production had been quite tight in recent years, which put many farm operations at the brink of financial disaster by the end of 2019. Fortunately, a combination of one-time government aid programs, together with the strongest grain prices in several years, allowed farmers to rebound financially in 2020, which is a trend that has continued into 2021.

Carbon Sequestration and Carbon Credits

Carbon sequestration, carbon credits, and potential legislation to address climate change garnered considerable discussion during the Farmfest forums by elected officials, ag leaders, and experts in the carbon industry. One quote of note was: “the carbon market is like the wild, wild west”, meaning there is no clear-cut path as to where the U.S. or the ag industry is headed related to the carbon market. There was considerable discussion regarding opportunities for crop and livestock producers to participate and benefit from carbon credits; however, it was very unclear how those carbon credits will be valued or traded. It was also very uncertain as to what practices will qualify for carbon credits that have value and whether producers that have already adopted carbon-friendly practices will be eligible for any compensation. The “bottom-line” from the Farmfest forums was that it is probably better to “walk before you run” when it comes to make major

changes in a farming operation strictly targeted toward gaining value from the emerging carbon market.

Agriculture/ Agribusiness

U.S. Energy Policy

There was considerable discussion at Farmfest as to how climate change legislative proposals, such as the “Green New Deal” or further implementation of the “California Fuel Standards” might impact agriculture industry and future development of biofuels. On one hand, farm organizations and commodity groups point to the climate benefits of expanding the use of biofuels by moving toward E-15 blends of ethanol and higher levels of biodiesel. On the other hand, many special interest groups are calling for reductions or elimination of the federal renewable fuel standards (RFS) and other measures that would hurt the renewable fuels industry, while calling for additional resources into expanding electric powered vehicles, as well as wind and solar energy. Many States in the Upper Midwest, including Minnesota, have a wellestablished corn-based ethanol industry, which utilizes over 35 percent of the corn produced each year in the United States. In addition to the direct benefits to 8 renewable energy plants have become farmers, cornerstones in rural communities by providing jobs, adding6 to the local tax base, and enhancing the overall economic vitality of the communities. 4

Livestock Related Issues

There 2 were many issues affecting the livestock industry that surfaced during Farmfest. The pork industry 0 is being challenged by the implementation of J F12”,Mwhich A would M J restrict J A aS O N D “Proposition significant amount of the pork being produced in the Midwest from being sold in California. Pork producers also want to keep export markets open for U.S. pork and are concerned with the outbreak of African swine 8 fever disease in the Dominican Republic and ongoing 125 challenges with PRRS disease. Beef producers are 6 very105 concerned with the worsening drought situation in many cow/calf production areas of the U.S., as well 4 as monitoring the Department of Justice investigations 85 into the beef processing industry. Dairy farmers have 2 65 seen some improvement in profit levels during the past year; however, the long-term trend in the dairy 45 0 is for continued tight profit margins. This will industry J F M A M J J A S O N D likely25 result in a continued trend of smaller dairy F MtheAindustry M J in Jthe AnextS few O years. N D producersJ exiting

The Next Farm Bill

The current Farm Bill expires on September 30, 2023,125 so congressional discussions on the next Farm Bill will likely begin later this year and continue into 2022.105 It will be interesting how issues like providing adequate “safety nets” for crop and livestock 85 producers, climate change, and social issues affect the Farm 65 Bill discussion. Some key questions relative to development of the next Farm Bill that surfaced at 45 include: Farmfest n Will crop insurance continue to be protected as a 25 J F risk M management A M J JtoolA forSfarmers? O N D corner-stone n Will crop producers still have farm program choices (PLC and ARC-CO)? n Will carbon sequestration efforts be linked in the

Corn prices — southern Minnesota

(dollars per bushel)

— 2020 — 2021

$6.26

2 0

$3.59

Source: USDA

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

(dollars per bushel)

$13.30

8 65 2 $8.33 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 16 105 22 12 85 19 8 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

$113.60

$31.1

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

$16.83

19 16

$12.99

13 10

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

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 2021 • 25

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)

$3,038,490 $5,249,060

25000000 20000000

5000000 J

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

Existing home sales: Mankato region - 2020 - 2021 (in thousands) 263 251

300

Median home sale price: Mankato region - 2020 - 2021 (in thousands)

$190,000 $234,000

300 240

240

180

120

0 J

Source: Realtors Association of Southern Minnesota

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

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

Housing starts: Mankato/North Mankato

— 2020 — 2021

- 2020 - 2021

5.5

4.9

4.3

3.7

2.9%

3.1 2.5

$6,357,890

10000000

Source: City of Mankato

$10,296,543

15000000

2.8% S O

8 N

Source: Freddie Mac

Read us online!

Source: Cities of Mankato/North Mankato

CONSTRUCTION MANAGEMENT GENERAL CONTRACTING DESIGN-BUILD (507) 387-1667

WEBCONMANKATO.COM

26 • SEPTEMBER 2021 • MN Valley Business

commodity title of the next Farm Bill? n Will there be a move to further expand CRP acres as part of carbon sequestration? n Will there be discussion of having targeted set-aside acres related to carbon sequestration? n Will enhanced risk management tools be added for livestock producers?

BUILDING PROJECTS + PARTNERSHIPS THAT LAST General Contractor Architecture + Engineering

There are numerous other issues and programs that impact Greater Minnesota in a variety of ways that surfaced during the Farmfest forums including rural health care, labor shortages, expansion of broadband coverage, and infrastructure needs. Congress is likely to make some key policy decisions in the coming years.

Field Services Construction Management Real Estate + Brokerage Maintenance

507.625.2634

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

ricecompanies.com

Gas Prices 5

Gas prices-Mankato

— 2020 — 2021

54 43

$3.04

32 21 10 0

Gas prices-Minnesota

1.89

Percent change

Archer Daniels

$59.30

$58.89

-0.7%

Ameriprise

$247.27

$257.01

+4.0%

Best Buy

$111.84

$113.22

+1.2%

Brookfield Property

$18.86

$25.80

+36.8%

Crown Cork & Seal

$102.17

$97.72

-4.4%

$8.72

$8.34

-4.4%

Fastenal

$51.67

$55.78

+8.0%

General Mills

$59.67

$57.61

-3.5%

Itron

$96.80

$97.31

+0.5%

Johnson Outdoors

$117.43

$115.60

-1.6%

$195.40

$197.64

+1.1%

Target

$243.83

$260.91

+7.0%

U.S. Bancorp

$55.75

$55.37

-0.7%

Winland

$4.30

$3.40

-21.0%

Xcel

$66.41

$68.95

+3.8%

$1.89

Aug. 4

Consolidated Comm.

July 6

$3.01

Stocks of local interest

builder.

— 2020 — 2021

Your local

Mankato // Sauk Rapids // Glencoe // Fargo

0Source: GasBuddy.com J F M A

C. Sankey

MN Valley Business • SEPTEMBER 2021 • 27

■

Minnesota Business Updates

■ 3M sees strong profits, sales

end-markets is definitely real, and fueling improving sales for Fastenal, but that was expected and the company is having to deal with some ongoing challenges in supply and staffing, as well as comp headwinds from the fading of pandemic-driven demand for safety and sanitation products. Revenue fell slightly in the second quarter (to $1.51B), which management also noted was 10% above the Q2’19 level. That was basically in-line with expectations. Fastener sales rose more than 28% (to $507M), while safety-related sales declined almost 39%. With manufacturing activity picking up again, Fastenal is also seeing improving momentum in its vending and on-site operations.

3M posted strong second quarter profits and sales well above expectations, but the company warned investors about rising costs in its supply chain. Also, 3M noted that its COVID-fueled respirator production has peaked and sales are now falling, the Star Tribune reports.. The Maplewood-based manufacturer of everything from sandpaper to computer coolant earned $1.52 billion, or $2.59 a share, in April through June. That’s up 15% from a year ago. Stock analysts on average were forecasting per-share earnings of $2.26 and sales of $8.55 billion. 3M’s second quarter sales tallied $8.9 billion, up from $7.18 billion. It was the company’s third consecutive solid quarter as it continues to recover from the economic pain inflicted in 2020 by the coronavirus pandemic. As the world economy continues to bounce back, manufacturers like 3M are grappling with rising prices for raw materials and transportation as well as a global dearth of semiconductors.

■ General Mills buys pet food business General Mills has announced that it has completed the acquisition of Tyson Foods’ pet treats business for $1.2 billion in cash. The business, which includes the Nudges, Top Chews and True Chews brands, is the leader in natural meat treats for pets. “This acquisition represents an important step as we reshape our portfolio for growth, in line with our Accelerate strategy,” said General Mills chairman and chief executive officer Jeff Harmening. Tyson Foods’ pet treats portfolio generated more than

■ Fastenal beats expectations Fastenal’s recent quarter was modestly better than expected, but not to an extent that it really changes the long-term story. The ongoing recovery in manufacturing

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

241 1,047 344 1,632 3,264

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

103 179 90 372 744

Construction

126000 126000 Manufacturing

Retail 113000 Services 113000 Total*

June 6,330 15,925 8,281 43,626 74,162

2021 3,004 2,739 2,478 10,932 19,153

3500

128,662

2800

-57.3% -82.9% -73.8% -77.2% -77.0%

126000

2100 1400

113000

700 100000

Minnesota initial unemployment claims 2020

128,017

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

Minnesota Local non-farm jobs 12000 3500 3500 10000

-52.5% -82.8% -70.1% -75.0% -74.2%

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

28 • SEPTEMBER 2021 • MN Valley Business

700 D

300000

2,868 3,051

240000 180000 120000 60000

700 0 0

- 2020 - 2021

(in thousands)

Percent change ‘20-’21

F M

M A A M

M J

J J

J A

A S

S O

O N

N D

According to Javelin Strategy & Research, Citigroup and U.S. Bank are the only two of the top 25 U.S. banks offering video connections to retail banking customers. (Citi Client Connect, Citi’s video service, exists nationwide.) The Minneapolis bank has put a few twists on its version of video banking, which customers can use from home or wherever they want to do their banking. It added the functionality to its co-browse feature, which has spiked in popularity during the pandemic, in April, and made video available as a scheduled appointment, in addition to in-person and phone appointments, in 139000 May.

$240 million in net sales in the 12 months ended April 3. As part of the acquisition, General Mills also acquired a manufacturing facility in Independence, Iowa.

■ Xcel shrinks solar rebates Xcel Energy is proposing to shrink the size of its popular small-scale solar rebates in Minnesota in order to extend the incentive to more customers. The utility’s Solar Rewards program has typically been funded year-round, but a recent increase in applications tapped out its annual $10 million budget in April. The state Legislature recently renewed funding through 2024. Now, Xcel is asking for changes aimed at making that money go further. Starting next year, residential rebates would be reduced from 7 cents to 4 cents per kilowatthour. Commercial rebates would be halved from 6 cents to 3 cents. The utility also proposes to increase the share of money set aside for low-income customers from 20% to 30% of funding going forward. Solar installers and advocates have generally agreed with Xcel’s proposal.

3500 2800

■126000 ADM beats expectations

2100

Archer Daniels Midland (ADM) 1400 came out with quarterly earnings 113000 of $1.33 per share, beating the 700 Zacks Consensus Estimate of 100000 0 J F M A$1.01 M per J share. J A This S compares O N D to J earnings of $0.85 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 3500 31.68%. 139000 ■ U.S. Bank expands video tools 139000 3500 12000 ADM posted revenues of $22.93 billion for the quarter 300000 2800 June 2021, surpassing the Zacks Consensus U.S. Bancorp is augmenting its communication tools ended 10000 240000 for customers 126000 with a technology that is pervasive among 2800 Estimate by 26%. This compares to year-ago revenues of 2100 8000 billion. 126000 consumers in their personal and professional lives but 2100 $16.28 180000 still rarely used by large banks to talk to customers: 6000 1400 120000 1400 video. 113000 4000 113000

700

100000 100000 J F

J M

M J

J A

J S

A O

S N

O D

9,617 5,243

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

267,680 133,562

240000 180000 120000 60000 0

J JA

J JS

A AO

S N S

O D O

N N

D D

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

June 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

7.3% 58,249 4,620

4.0% 57,118 2,370

J S

A O

S N

O D

Unemployment rates Counties, state, nation County/area

- 2020 - 2021

M MJ

Mankato/North Mankato Metropolitan statistical area

240000

300000

D 0

300000

Minnesota number of unemployed

- 2020 - 2021

Nine-county Mankato region

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.

June 2020

June 2021

7.7% 6.0% 7.5% 7.5% 5.1% 6.7% 6.2% 7.9% 6.2% 9.2% 8.8% 11.2%

4.1% 3.6% 4.8% 3.8% 4.9% 3.7% 3.9% 4.8% 3.8% 4.5% 4.4% 6.1%

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

MN Valley Business • SEPTEMBER 2021 • 29

Sponsored by the Carl & Verna Schmidt Foundation

The Worst Investment Tips on TikTok By Chris Davis o-it-yourself is fine when the stakes are low; everything you need to know about patching drywall is on TikTok. But what about when the stakes are high? Would you rewire your home after watching a few TikTok videos? Probably not, and the same logic goes for financial advice. Below, experts weigh in on the worst investment advice they’ve seen recently on TikTok and other social media.

The FIRE movement is for ever yone

FIRE stands for “financial independence, retire early,” and given how the movement has spread on social media, the acronym is apt. Chris Woods, a certified financial planner and founder of LifePoint Financial Group in Alexandria, Virginia, says that many of the core tenets of the FIRE movement are great: They focus on lowering your expenses, saving heavily, putting money into diversified index funds and generating multiple streams of income to help you retire early, which may all be sound financial decisions. The problem is, everyone’s financial situation is different. Financial planners spend a lot of time upfront learning as much as they can about someone’s unique financial standing before making any recommendations. And for some, he says, the FIRE movement may be an appropriate goal. But it’s not for everyone, and sound bites from social media influencers can’t take your personal situation “So many people will do what these influencers are saying, even if it’s not the appropriate thing for them,” Woods says. “That’s one of my big overarching disappointments or gripes with the influencers out there. Because a lot of times, they’re talking about this stuff without context.”

Forget about 401(k)s and IRAs

There’s a thought out there that boring, longestablished wealth-building strategies, such as funding retirement accounts like 401(k)s and IRAs, are outdated. “This is all so faulty and so bad I don’t know where to start,” says Tiffany Kent, a CFP and portfolio manager at Wealth Engagement LLC in Atlanta. into consideration.Kent says that to stand out on social media, someone can’t just talk about typical retirement accounts over and over again, no matter how proven they are. Boring doesn’t inspire viewers to smash that “like” button. Instead, they talk up new, complicated — and at times confusing — products, simply to stand out from the crowd. Sometimes the ideas are a bit contrarian, other times they’re outright outlandish. But this approach, Kent says, is absolutely the wrong way to get financial advice.

30 • SEPTEMBER 2021 • MN Valley Business

| NerdWallet

Precious metals are the best long-term play

Gene McManus, a CFP, certified public accountant and managing partner at AP Wealth Management in Augusta, Georgia, said by email that he’s seen claims that precious metals IRAs (which invest in gold and silver instead of stocks and bonds) are a better choice than typical IRAs. He said acolytes of the strategy argue that precious metals IRAs better protect your money from things like inflation, global supply shortages or a collapse of the financial markets. But McManus disagrees. “The long-term history and performance of gold and silver do not indicate that they are a rewarding asset class,” he said. “There are short-term periods that they might outperform the S&P 500, but over the long term, they don’t make sense to own, especially exclusively or overweight in a portfolio.”

Hundreds of thousands of people can’t be wrong

It’s true that there’s power in numbers. However, it’s equally fair to say that mob mentality, echo chambers and hype can get in the way of rational decision making. Anthony Trias, a CFP and principal at Stonebridge Financial Group in San Rafael, California, says he’s worked with clients who are investing in stocks they’ve heard mentioned on social media — no matter how staggering the claims of future potential — because of how many people were talking them up. “There are going to be 300,000 people on social media saying one thing,” Trias says. “But prudent investors block out the noise, do their due diligence and look at who they’re actually listening to.” Trias also echoes Woods’ concerns. Validating investment ideas based on social media hype is problematic, he says, because investment decisions should be highly tailored to you and your needs — and that’s just not possible on social media.

Cr yptocurrency will absolutely go to the moon

All the rocket emoji in the world couldn’t give a valueless cryptocurrency long-term staying power, no matter who’s pumping it. Clayton Moore, founder and CEO at crypto-payment system NetCents Technology, said by email that while engaging platforms like TikTok have been instrumental in spreading the word about cryptocurrencies, they’ve also become breeding grounds for fraud. “You’ve got to watch out for the crypto influencer who’s just in it for a quick buck,” he said. “The classic pump and dump.” “If it is too good to be true, 99% of the time, it is,” Moore said. MV

Sponsored by the Carl & Verna Schmidt Foundation

Micro-Investing: A Great First Step, But Don’t Stop There

By Chris Davis | NerdWallet

t’s easy to think of micro-investing — the act of investing tiny amounts at a time, equivalent to putting spare change in the stock market — as a universally good thing. But is it enough for long-term financial goals? Platforms that feature micro-investing have been praised for allowing people to safely and responsibly start investing, no matter how little they know about the stock market. Micro-investing is also a good strategy for people who don’t have much money to invest, and it can help them learn more about savings, compounding growth and long-term returns, Jody D’Agostini, a certified financial planner with Equitable Advisors, said in an email interview. “These small amounts accumulated over time can make a difference,” said D’Agostini, who’s based in Morristown, New Jersey. This is because of compounding interest, in which you earn a return on your initial investment, but also on the growth. Through compound returns, the longer you’re invested, the more time your money has to compound. And, D’Agostini said, starting that compounding effect before you have much income can be an incentive to continue investing as your income starts to grow. While micro-investing platforms may be best for investors who don’t have much money to put into a 401(k) or an IRA, anyone could benefit from using them, says Brian Walsh, a CFP with Walsh & Nicholson Financial Group in Wayne, Pennsylvania. “I think it’s a brilliant idea. It’s really creative and a good way to get investors dipping their toes into the world of investing,” Walsh says. But while micro-investing has a lot going for it, it alone may not be enough.

How does it work?

The idea is to round up purchases, often to the nearest dollar, and use that spare change to slowly build up savings in a diversified portfolio of exchangetraded funds. Investment apps Acorns and Stash have made this incredibly easy, offering a debit card that does the roundup investing for you and offering investment guidance along the way. This is a widely recommended strategy; making regular investment contributions over time (known as dollar-cost averaging) can help investors stick to their investment plan and avoid trying to time the market. And any app that encourages healthy saving and investment habits should be celebrated. The problem is, investing 45 cents here and 27 cents there may not be enough. The problem is, investing 45 cents here and 27 cents there may not be enough. Let’s say 25-year-old Sarah

uses roundups that average out to $1.50 per day. Sarah will hardly miss the dimes and quarters leaving her bank account and going into her investment account, yet that will result in a monthly contribution of about $45. After 20 years at a return of 7%, that savings could potentially grow to about $23,500 by the time she’s 45. Not bad for just collecting coins in a virtual piggy bank.

But how to save for retirement?

According to a 2020 study from Vanguard, the average 401(k) balance for investors aged 35 to 44 years old was $72,578. Unfortunately, Sarah’s micro-investing strategy leaves her savings about 68% below this average. And there are other issues with micro-investing to consider, too. At this point, Sarah’s retirement savings is based on spending, not saving. How much would Sarah have at 45 had she invested some of that spending, instead? What’s more, if Sarah is only using a taxable brokerage account, she’s missing out on some major tax benefits of a retirement account, such as an IRA or a 401(k).

What can I use in addition to roundups to stay on track?

Let’s imagine Sarah wasn’t using a micro-investing platform, and instead committed to contributing $100 per month to a tax-advantaged IRA. After 20 years at 7% growth, that would lead to savings of about $52,000. This is quite a bit more than the micro-investing strategy, but still falls short of Vanguard’s average. But what if these two strategies were executed in tandem? If Sarah was able to put that $100 in her IRA each month while investing $45 in leftover change, she’d theoretically have about $75,000 after 20 years — slightly above the average for her age group. What’s important to understand is that as innovative and creative as roundup investing is, it alone won’t get you to retirement, Walsh says. So what are the other pieces of the pie? Once you have more income or savings capacity, she said, “you might want to move to a more robust investment platform that can provide more education, guidance and financial planning.” As a next step beyond micro-investing apps, D’Agostini and Walsh both recommended contributing to your employer’s 401(k), if it offers one. And if your employer offers a match, it’s wise to contribute at least enough to earn that match if you can afford to. If your company doesn’t have a 401(k), the next step to consider would be opening an IRA. MV

MN Valley Business • SEPTEMBER 2021 • 31

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

Accounting • • • •

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

AgriBusiness

• Bachelor of Science in AgriBusiness & Food Innovation • Minor in AgriBusiness & Food Innovation

Analytics

• Certificate in Business Analytics

Business Administration • • • •

Bachelor of Business Administration - MavBiz Online (BBA*) Master of Business Administration (MBA*) Business Leadership, Graduate Certificate* Minor in Business Administration

Business Law

• Minor in Business Law

Finance • • • • •

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

International Business

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

Management & Entrepreneurship

• Bachelor of Science in Management • Emphasis in Business Management • Emphasis in Human Resource Management • Bachelor of Science in AgriBusiness & Food Innovation • Minor in AgriBusiness & Food Innovation • Minor in Entrpreneurship & Innovation • Minor in Human Resources

Marketing

• Bachelor of Science in Marketing • Minor in Marketing

For more information visit cob.mnsu.edu

*Fully online programs

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_08/21

MN Valley Business • SEPTEMBER 2021 • 37

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Mankato | Bridge Plaza, Suite 220 | (507) 519-3700 | Widseth.com Our Mankato team provides client-driven services that create value and inspire greatness—our core purpose. They’re backed by Widseth’s 200+ professionals from across Minnesota and North Dakota. Pictured (l–r): Danica Holmseth, Intern; Tara Rohman, Technical Designer; Kevin Donnay, President; Dana Hlebichuck, Architect; Eric Lennartson, Marketing Specialist; George Jordan, Business Development Specialist; Staci Flemming, Interior Designer; Vanessa Hines, Civil Engineer; Mark Cipos, Architect; and Joe Breiter, Director of Business Development. MN Valley Business • SEPTEMBER 2021 • 38