Minnesota Valley Business by Free Press Media

Olivia Lawrence at Pub 500. Photo by Pat Christman The Free Press MEDIA September 2022business MINNESOTA VALLEY Also in this issue Sweet Haven Tonics of New Ulm Past & “BestofAntiquesPresent&GiftsWasecaOf”winners in Mankato MagazineStudentsfeatured spendingemployment,fuel TOWNCOLLEGE

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MN Valley Business • SEPTEMBER 2022 • 3 FEATURES September 2022 • Volume 14, Issue 12 Leah Treleven offers a variety of cocktail and mocktail recipes at her Sweet Haven Tonics business in downtown New Ulm. 22 Businesses honored as “Best Of” by Mankato Magazine are featured: Mankato Motors, Plumb-Rite Plumbing and Indian Island Winery. 20 Sandi Prange, who’s owned Past & Present Antiques & Gifts in Waseca for 25 years, has an eye for finding the kinds of things customers want. 16 The annual fall return of college students to the Mankato area provides a rich pool of employees and a big financial boost for area businesses. 12

The analysis needs a good dose of ceteris paribus, that Latin phrase that means we should consider all factors and moderate inclinations to inflate our fears. Ceteris paribus means “all other things being equal.”

4 • SEPTEMBER 2022 • MN Valley Business PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear MAGAZINE EDITOR Tim Krohn COPY EDITOR Kathy Vos CONTRIBUTINGWRITERS Tim DeanDanaJaneKentKrohnThiesseTurpinMooreMeliusSwanson PHOTOGRAPHER Pat Christman COVER PHOTO Pat Christman DESIGNER Christina Sankey ADVERTISINGSales Danny TimTheresaJoshJordanJenniferCreelFlowersGreer-FrieszZimmermanHaefnerKeech ADVERTISINGASSISTANT Barb Wass ADVERTISINGDESIGNERS Christina Sankey CIRCULATIONDIRECTOR Justin Niles SEPTEMBER 2022 • VOLUME 14, ISSUE 12 MN Valley Business is published by The Free Press Media monthly at 418 South 2nd Street Mankato MN 56001. For editorial inquiries, call Tim Krohn at 507-344-6383. For advertising, call 344-6364, or advertising@mankatofreepress.com.e-mail Predicting economic future no simple task ■ Local Business memos/ Company news 5 ■ Business Commentary 8 ■ MRCI................................................. 10 ■ Mankato Clinic 11 ■ Business and Industry trends ......... 26 ■ Retail trends 27 ■ Agriculture Outlook 28 ■ Agribusiness trends. ........................ 29 ■ Construction, real estate trends 30 ■ Gas trends ....................................... 31 ■ Stocks .............................................. 31 ■ Minnesota Business updates 32 ■ Job trends ........................................ 32 ■ Schmidt Foundation 34 ■ Greater Mankato Growth ................. 36 ■ Greater Mankato Growth Member Activities 37 ■ From the editor By Joe Spear We’re in uncharted economic territory it seems in our ability to predict what might happen next with the economy, recession or economic growth.

our

It’s a useful framework to consider in analysis of economic indicators. We can say recession might be caused by the Federal Reserve Bank raising interest rates, making autos and anything bought on credit more expensive. But we have to apply the “all other things being equal” here.

The central bank doesn’t operate in a vacuum. The economy is influenced by dozens of factors, with interest rates beingAndone.economists are dealing with factors never before experienced: like how a pandemic might affect future buying decisions of consumers.

An insightful analysis by the Associated Press on the conflicting factors of the current economy shows the new factors might even create more uncertainty about what might happen next. At the time of this writing in early August, there were positive and negative indicators. Inflation was up in the 8-9% range, the Fed was raising interest rates, home sales were down, but consumers were still spending at a rapid rate, the job market was booming and wages were rising. Business were making record profits –including the oil companies as gas prices soared for consumers. That’s how U.S. capitalism works.

What to make of it? Politicians running for office, see plenty of political hay to be made especially if you’re running against the democratic administration running the country. Does the 8-9% inflation have anything to do with, for example, the average weekly wage in Mankato going from $25 to $30 an hour in the last year? The medical industry and the higher education industries are driving those wage increases, but so are the construction and manufacturing industries.Bonuses are offered. Pay is raised. McDonald’s workers start at $17 per hour with thousands of dollars to help pay for college. It doesn’t seem like business is in the Economicdoldrums.growth has been negative for the first and second quarters, declining 1.6% in the first quarter and declining about 0.9% in second quarter, compared to growth that was running at 6.9% in the fourth quarter of 2021, near record highs. The informal economic definition of a recession is two quarters in a row of negative economic growth. But the most widely accepted definition comes from the National Bureau of Economic Research through its Business Cycling Dating Committee, which measures a broad range of factors. Its definition of a recession is: “a significant decline in economic activity that is spread across the economy and that lasts more than a few months.” It doesn’t seem we’re there yet. Joe Spear is executive editor of Minnesota Valley Business. Contact him at jspear@mankatofreepress.com or 344-6382. Follow on Twitter @jfspear.

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Synergy HomeCare opens Synergy HomeCare, the nation’s fastest growing in-home care franchise, has a new location in TheMankato.company is led by Clinton Broviak, who grew up in southern Minnesota and Graduated from Minnesota State University with a degree in Headquarteredfinance. at 100 Warren Street, the company serves southern Minnesota towns in Blue Earth, Rice, Sibley, Nicollet, and LeSueur counties.

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Capstone names new CEO North Mankato-based Capstone, a publisher and education technology provider of children’s content for schools and home, has named Randi Economou as its new CEO. She fills the interim role that principal and owner Bob Coughlan held over the past year and a half as a new chief executive was sought.Before joining Capstone, Economou was the area vice president of the West at Renaissance, where she led the growth strategy to achieve over $180 million in annual revenue. Prior to her tenure at Renaissance, she held a variety of leadership positions within TeachMaster Technologies, PLATO Learning, and myON.

Synergy HomeCare of Mankato provides clients with a variety of non-medical care options, from companion care to personal care to specialized care for people with chronic health conditions or recovering from illness or surgery. ■ Thielges promoted at Eide Bailly Heather Thielges, a partner at CPA and business advisory firm Eide Bailly, is the new market leader for the firm’s Mankato office.Thielges will be responsible for strategic growth of the Mankato office, fostering the firm culture and staff development, and ensuring client service remains a priority.Themarket leader role will replace the partner-in-charge role, which was most recently held by Ben Ellingson. Ellingson will become national assurance leader for Eide Bailly.

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MN Valley Business • SEPTEMBER 2022 • 5 ■ Local Business People/Company News

Leitch joins Widseth Kaeko Leitch has joined Widseth as a vice president and manager of the firm’s Mankato office. Leitch will oversee efforts to performance,efficiency,operationaloptimize and staff development to align with objectives laid out in the firm’s strategic plan. Leitch is licensed in both mechanical and electrical engineering. Leitch founded and operated Abacus Engineering in Mankato and Minneapolis for nine years before merging with another firm. Chankaska top wedding venue Chankaska Creek Ranch, Winery and Distillery won Best Winery Venue by MN Bride Magazine’s Best of 2022. Chankaska was also a finalist for the Best Southern MN Venue. This is Chankaska’s second year in a row being a finalist for both Best Winery Venue and Best Southern MN Venue Mankato SERVPRO honored SERVPRO of Mankato/ Owatonna received the Millionaire’s Bronze award at a nationalKennethevent.L.Green of SERVPRO of Mankato/Owatonna was among 58 SERVPRO entrepreneurs who surpassed a million dollars in revenue for the first time in the past business year.The business focuses on fire and water cleanup and restoration, mold mitigation, and remediation services to home and business owners. ■ Forcier joins True Audrey Forcier has joined True Real Estate as a real estate agent. She grew up on a farm in Glencoe and worked as an insurance agent. ■ Beavens to lead 40 Square Amanda Beavens has been named the executive director of 40 Square Cooperative Solutions. 40 Square works with Minnesota farm families, agribusinesses, ag trade associations and cooperatives to access health plans.” Beavens, an alum of Minnesota State Mankato, arrives at 40 Square with more than 20 years of experience managing senior care facilities throughout south central Minnesota, most recently as the housing director at Ecumen Pathstone Living. ■ Gislason attorneys named Super Lawyers Four attorneys from Gislason & Hunter have been selected to the 2022 Minnesota Super Lawyers list including Matthew C. Berger, Dustan J. Cross, Michael S. Dove and Andrew M. Tatge. No more than five percent of the lawyers in each state are selected by Super Lawyers. In addition, Attorney Dean M. Zimmerli has been selected to the 2022 Rising Star list.

Kaeko Leitch

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The Minnesota Corn Growers Association announced that Harold Wolle has been elected first vice president of the National Corn Growers Association for 2022-23.Wolle grows corn and soybeans in Madelia with his son, Matt. He has served on the MCGA Board of Directors since 2012 and is past chairman of the Watonwan Farm Service/Central Farm Service Coop Board and the Corn Plus Coop Board. At the national level, Wolle serves as NCGA board liaison to the Risk Management and Transportation Action Team, chairs the NCGA’s Finance Committee and is the board liaison to the Congressional Sportsmen’s Caucus.

ALL ON ONE LEVEL TO KEEP YOU HOME

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Monarch Healthcare Management has acquired long term care facilities Lake Shore Inn and assisted living apartments Latham Place in Waseca, long run by the Madel family. Monarch Healthcare Management currently operates a portfolio of 31 skilled nursing facilities and 14 assisted living locations. United Prairie Bank honored

The Independent Community Bankers of America ranked United Prairie Bank as 14th in the nation in the Ag lending category of its Thepeers.ICBA created these rankings based on a lender score out of 100 for each community bank based on FDIC data from 2021. The score combines the average of the bank’s percentile rank for lending concentration and for loan growth over the past year in the lending category and adjusted the score for loan charge offs. United Prairie Bank received a score of 89.86 out of 100. ■ Wolle promoted on national corn board

6 • SEPTEMBER 2022 • MN Valley Business Monarch acquires facilities

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MN Valley Business • SEPTEMBER 2022 • 7 DID YOU KNOW? Get connected to your customers today! You can appear in front of customers in their homes, while they watch Your TV video spot can appear on popular streaming services like Amazon Fire Stick and more with OTT/CTV services! DID YOU KNOW? jzimmerman@mankatofreepress.com Digital Advertising 507.344.6322Director Get connected to your customers today! and more with OTT/CTV services! jzimmerman@mankatofreepress.com DID YOU KNOW? Get connected to your customers today! You can appear in front of customers in their homes, while they watch TV. Your TV video spot can appear on popular streaming services like Roku, Apple TV, Amazon Fire Stick and more with OTT/CTV services! jzimmerman@mankatofreepress.com DID YOU KNOW? Josh Zimmerman Digital Advertising 507.344.6322Director Get connected to your customers today! You can appear in front of customers in their homes, while they watch TV. Your TV video spot can appear on popular streaming services like Roku, Apple TV, Amazon Fire Stick and more with OTT/CTV services! You can appear in front of customers in their homes, while they watch TV? Your video can appear on live TV or popular streaming services like Roku, Apple TV, Amazon Fire Stick & More with our OTT/CTV services!•Geographically Targeted • Demographically Targeted • Behavioral Targeted Josh Zimmerman Digital Advertising 507.344.6322Director Get connected to your customers today! in their homes, while they watch TV. Your TV video spot can appear on popular streaming services like Roku, Apple TV, Amazon Fire Stick and more with OTT/CTV services!

Shopping Channels: The most obvious shift in consumer buying behavior is where they’re shopping. Brick-and-mortar is not dead, and in fact, in-store shopping has experienced a bit of a comeback this year as house-bound consumers more fully enter the marketplace. The National Retail Federation (NRF) predicts overall retail sales will top $4.86 trillion this year, up between 6%-8%. But e-commerce sales will lead to that growth, likely increasing between 11% and 13%. Mobile commerce (m-commerce), a subset of e-commerce, measures sales made on smartphones and tablets. Insider Intelligence reports that m-commerce sales hit $359.32 billion last year, up 15.2% from 2020. And they predict that by 2025 those revenues should more than double, reaching $728.28 billion, accounting for 44.2% of e-commerce sales in theYourU.S.retail website needs to be top-notch and optimized for e-commerce and mobile sales if you’re a retailer.

Rieva Lesonsky, one of SCORE’s content partners, is president and CEO of GrowBiz Media. She wrote a piece last week that is a good reminder for small business CEOs and gives some excellent examples of tips for keeping aligned with your customers’ thoughts; here are some of what you need to know.

A report from Accenture, Why Shopping’s Set for a Social Revolution, says it expects global social commerce sales to grow from $492 billion in 2021 to $1.2 trillion by 2025. Sales driven by millennials & Gen Z (responsible for 62% of those sales) give social commerce a 17% share of the e-commerce market (up from 10%). Recommerce: is the sales of used merchandise, and it’s growing rapidly, led by sales of used clothing. According to Chain Store Age, secondhand apparel, shoes & accessories is already a $36 billion market. It will likely reach $77 billion in the next four years. There is anticipation that the growth of recommerce will be 11 times faster than firsthand retail clothing sales. Consumers are more likely to shop at businesses that let them trade their old clothes for store credit (43%) and offer secondhand clothing alongside new merchandise (34%). But recommerce is not just about clothing. In 2020, the home category emerged as the fastest-growing resale segment. Zillow reports that sales of secondhand furnishings and décor are strong. Statista projects that the furniture resale market will increase 70% from 2018 to 2025. And a report from Chairish says they project recommerce revenues to grow 127% by 2027. Recommerce, like most retail these days, is powered by millennials and Gen Zers—31% of whom say the pandemic increased their interest in buying used, vintage, or antique furniture—particularly online.

■ Business Commentary By Dean Swanson

8 • SEPTEMBER 2022 • MN Valley Business

behaviors.Ishareher

The International Council of Shopping Centers says more than 50% of adult shoppers use BOPIS, and 67% of those added additional items to their carConsumersts. like to Click and Collect because they don’t have to wait for items to be delivered; they’re in shopping behavior

A recent QuickBooks Commerce Small Business Shopping Report showed that: 48% of consumers stopped shopping at a store they visited before the pandemic because the company didn’t have an online store 53% considered using a business but changed their minds because they did not have a website.

Social Shopping: Social media is another channel consumers are turning to more. Social commerce— buying products directly from social media platforms is quickly growing. Influence Central reports that 45% of consumers were “open to making holiday purchases directly from within a social media platfor m” last holiday season. Their top social channels of choice were Instagram and Facebook.

As if the last few years haven’t been tumultuous enough for small business owners, you must also adapt to new consumer buying behaviors. Impacted by the stillraging COVID-19 global pandemic, inflation, and lifestyle stages, today’s consumers have changed where and how they buy. And unless you pivot with them, you will lose their business.

BOPIS: “BOPIS”, or buy online, pick up in-store, is part of the Click and Collect phenomenon, which saw sales grow from $22 billion in 2018 to over $83 billion in 2021. About 75% of online shoppers used BOPIS or curbside pickup at least once in 2021. Retailers like Click and Collect for several reasons: n You can monetize your existing retail footprint n It requires fewer resources than delivering merchandise n It’s less reliant on 3rd-party providers n You can launch a Click and Collect option quickly using existing resources

Keep up with changes

and Gen

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 not paying for shipping. It’s very convenient for busy shoppers.

over 65 were the fastest-growing category of e-commerce shoppers.

consumer

Social Purpose: The pandemic reminded consumers how vital small businesses are to their cities and towns. More people say they’re motivated to support generations radically changed the last few boomers Z’ers. The Washington Post reported that consumers That your website needs to be appealing and accessible to older eyes, and you must offer Click and Collect Generationoptions.Z,who range in age from teens to early 20s, contribute about $830 billion to the U.S. economy. They’re a financially-conscious generation and are price-sensitive. So to attract these shoppers, you’ll want to offer deals Z the only group to Influence and Adtaxi’s

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Data, Digital Trends & the Reopening report, online shoppers want: n free shipping (96%) n a free & easy return policy (93%) n loyalty rewards (74%) n Most (92%) expect some type of discount, help.behaviors?thesevalue,consciouslymonths.days/weeksdecisions—whatlongertoday’syourpotentialsurewhichbusinessesmorenearlyThatwellOverall,shippingpercentage-offparticularlyandfreepromotions.thesereportsbodeforsmallbusinessowners.QuickBooksreportsayshalfofconsumersarenowlikelytotrynewthanpre-pandemic,meansyouneedtomakeyou’rereachingthesecustomersthroughmarketingefforts.Remembertobepatient;consumersaretakingtomakepurchasingusedtotakecannowtakeBuyersthinkmoreaboutsustainability,quality,andtimeliness.NeedhelpunderstandingshiftingconsumerASCOREmentorcan

MN Valley Business • SEPTEMBER 2022 • 9

yourself:attractscompany.havemadelookbusinesssomethingbusinessestoday’sleastgenerationsmorebehaviors.comeschange”consumerismGenerationessentialHavinglongerwhichbycheapercompanieswillmoralsthatconsiderationssustainableknowtheythanshowssurveybusinesses.locally-ownedButtheQuickBooksmentionedabovealsothatconsumerscaremorejusttheproducts/servicespurchase.Theywanttothatethicalpractices,materials,andotherareinplace.Andthesecompanieshavethatalignwiththeirsanddobusinesswiththeseoverother,evenoptions.SocialpurposeisunderscoredareportfromCompareCards,says,“Socialpurposeisnojusta‘nicetohave’.asocialpurposeistoday.”MillennialsandZconsidera“channelforandareactivistswhenittotheirpurchasingAtanygiventime,thanhalfoftheseareboycottingatonecompany.TheNRFagrees,sayingconsumersexpecttostandforandwanttodowithcompaniesthataftertheiremployees,haveinclusivityapriority,andcommittedtobeingabetterTomakesureyourcompanythesebuyersask n What does my business stand for? n What kind of culture do I want to create? n How am I making an impact beyond improving the bottom line? n Who Is Shopping? Two

and discounts. What Do Consumers Want?: Gen

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Amid the pandemic,

To find out more about MRCI Employment Programs, visit mymrci.org or call 507-386-5600.

“It’s been fun and challenging with this new role as it is a new territory, so developing it and making it your own can be a little intimidating,” Lisa says. “The employment program has been very well received in the new territory. Some seem to be surprised to hear about us, and some have the sense of relief and excitement that we will be in their city. This program gives many the opportunity to not just work but thrive.“Ihave researched businesses and began speaking with management within some of these companies to determine if they will fit with my clients’ desires. When the company fits with my clients’ employment needs it feels like a homerun, truly exhilarating. It brings me joy knowing I can get my clients out in the working world, helping them fit into their community, and build working relationships between companies in these areas with MRCI for future clients. There will always be a need for employment, and I feel lucky to get to make these connections for my clients.”

While Lanesha settles into her new job, Lisa Lobe herself is playing a new role for MRCI, as the organization has expanded its employment programs into Waseca, Rice and Steele counties.

Meet Lanesha It’s what a person CAN do that matters!

10 • SEPTEMBER 2022 • MN Valley Business

About MRCI MRCI provides genuine opportunities for people with disabilities and disadvantages at home, at work and in the community. To become an employment partner, or for more information, please call 507-386-5600.

There was a time when it was difficult for Lanesha to communicate to others: she was shy by nature and a little unsure of herself. Lanesha was a hard worker and enjoyed her work at Growing Tree Montessori Daycare in Waseca, but she wanted to get a little more involved.

“I have thoroughly enjoyed every moment of working with Lanesha. At our first meeting I noticed her quiet, shy, and timid personality. So, I started job coaching with her. It’s been great to see her come into her own and start communicating more not only with other coworkers, but parents and the children in the room. She has come a long way from sitting on the floor in one spot with one kid on her lap, only talking to that one kid. Now she floats around the room, socializing with all the kids and playing with them in groups. Lanesha can also now greet parents as they come to drop off kids with confidence instead of allowing only the teacher do it,” Lisa says.

Enter Lisa Lobe, MRCI job coach.

The teacher in Lanesha’s room says that Lanesha has really come a long way with the help of MRCI and she is so proud of her. Lanesha’s pride in herself, is also evident.

Lanesha says,”The best part of my job is working with all the kids and helping them learn.”

n Primary care providers recommend cancer screenings such as mammograms and colonoscopies to detect cancers before symptoms are present and when cancers are small and easiest to treat. People who receive treatment in the early stages of cancer tend to have better outcomes and lower treatment costs.

2. Workplace vaccine clinics. Many employees appreciate the convenience of on-site flu and COVID-19 vaccinations. Getting the flu vaccine and COVID boosters in the fall can help keep your employees safe and healthy through the winter when these viruses tend to circulate. These vaccines are key to preventing severe illness, doctor visits and hospitalization. If your employees are vaccinated and do get the flu or COVID, they may get less ill and recover more quickly.

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To learn more about Occupational Medicine services at the Mankato Clinic, visit occupational-medicinemankatoclinic.com/

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Harvard researchers found that for every dollar spent on employee wellness, employers saw a 6-to-1 ROI. Prevention is one workplace wellness method that is trending. Why? The best workplace wellness programs begin with preventing health issues and keeping employees well.

To combat the high costs of health care, companies, large and small, have implemented workplace wellness programs.

MN Valley Business • SEPTEMBER 2022 • 11

n Routine health screening can detect conditions such as high blood pressure, high cholesterol and high blood sugar levels. By catching these issues early, primary care providers can discuss and support healthy lifestyle changes such as increased physical activity, weight loss and tobacco cessation that can reduce health risks and prevent heart disease and diabetes.

n Employees stay up-to-date on immunizations such as flu, tetanus, shingles, pneumonia, COVID-19 and more.Encouraging preventive visits by offering incentives such as paid time or flexibility to go to an annual check-up during the workday can go a long way in supporting employee health and wellness.

1. Preventive Health Care Annual check-ups, also known as a preventive care visit, is one of the best ways to catch small health issues before they become big health problems or diagnose conditions such as diabetes, heart and cardiovascular diseases when they respond well to treatment.

3. Ergonomic workstations. Whether employees are working on a computer at a desk, on the floor of a manufacturing plant or from home, an ergonomic workspace is essential in reducing repetitive strain injuries (RSIs). These can be some of the most debilitating health problems for employees and some of the most costly health issues for employers. RSIs can result in temporary or permanent disabilities. An occupational health nurse can evaluate work stations to make sure the station is designed for both comfort and efficiency. Small adjustments to desks and work stations can relieve strains and prevent RSIs such as carpal tunnel syndrome and tendinitis.

Throughout her college career in Mankato, Olivia Lawrence has worked at Pub 500, one of an army of students who fill jobs and boost spending power that benefits area businesses. Pub 500 owner Tom Frederick said students are a boon to the city.

12 • SEPTEMBER 2022 • MN Valley Business

By Tim Krohn

“Probably 95% of our employees are in their 20s and a vast majority are college students. Probably 90% go to MSU in some capacity.

Photos by Pat Christman

“We have a great summer with the patio, but in the fall when students return, their parents take them out to eat one last time and there are the music events and sports. There’s a fun vibrancy. Mankato’s a great town,” he said.

For Steve Wegman, owner of Weggy’s on Campus and several other food and bar businesses in Mankato, students are his lifeblood.

Lawrence, who will graduate next semester in elementary education, said working at the same place the past three years also has given her chances for advancement.“Istartedas a server at 19 and then worked up to bartending, and now I bartend, waitress and manage. I’m a manager on duty during the day or night and Cover Story

Student power Colleges power area economy Olivia Lawrence has worked at Pub 500 in Mankato for three years while she has pursued her degree in elementary education.

“You’re lucky if you get them as freshmen or sophomores and keep them until they graduate,” Wegman said. For students like Lawrence, the variety of jobs in town, many in the entertainment sector, offer a flexible work schedule that works with their studies, sports and social activities.

MSU enrollment strong David Jones, vice president of student affairs and enrollment management at MSU, said COVID was a blow to enrollment at higher education institutions across the county.“That continues to be the condition in most places, but what we’re seeing locally is different. We’re seeing new student interest growing above 2020 and 2021 levels. Most of that is driven by new student interest — high school graduates wanting to go to our institution, and we’re seeing pretty steady transfer numbers, which is a little of a surprise,” JonesEvensaid.with the pandemic, enrollment at MSU has grown slightly each year in recent years, with 14,546 students in 2021. “It’s held remarkably steady over the years.”Hesaid pressure on enrollments at MSU and other universities and colleges will continue as there are smaller high school graduation classes coming up, and more high school grads are choosing out-of-state colleges.

“Clearlysignificantly.studentswant to be in person. Our online only from last year to this year is down 21%.

“It’s a huge compliment to the city of Mankato and Greater David Jones, vice president of student affairs and enrollment management at MSU, says enrollment has stayed strong even as many other campuses have seen declines.

MN Valley Business • SEPTEMBER 2022 • 13 handle situations that come up.” Students are the majority of the staff at Pub 500. She said many go home for the summer their freshman year but after that many stay in Mankato year-round.

Jones said international student enrollment at MSU, which has always been very strong compared to other universities, is exploding.“We’reseeing a 400% increase in interest from international students, which is massive.” He said some of that is due to a backlog as there were limits on visas during the pandemic and because of the war in Ukraine and disruptions in Europe that reduce opportunities for students to study in Europe. In 2020 there were 813 undergraduate international students at MSU, with the number rising to 1,937in fall of 2021. While he didn’t have final numbers at the time of this interview, Jones expected more than 4,000 international students could be on campus this fall. While international students provide a huge economic boost to the local economy, their educational visas mean they can’t hold jobs outside of on-campus jobs and some internships with privateWhilebusinesses.thecampus was much quieter during the height of the pandemic as students took online classes, the number of students now doing online learning has dropped

Lawrence said the owners and managers at Pub 500 make it a rewarding place to work that keeps employees coming back.

“They put customers and employees first.”

Steve Wegman, owner of Weggy’s on Campus, says college students provide a pool of employees and boost the local economy.

Pam Weller of the Career and Development office at MSU.

The university has robust career counseling services to help students pursue jobs while in school and prepare for the jobs they want after graduating.

“Things like flexibility in hours and work location, work/life balance, mental health, professional development opportunities, employer diversity and community involvement are a greater part of the decisionmaking process when looking for a job.”Weller said employers are looking for new and creative ways to attract

Career counseling

“We provide job listings and assistance for current students searching for on-and-off campus jobs; career counseling and resources for students who are in the process of choosing or changing their major; and programs for students seeking internships, post-graduation employment, and/or graduate school planning,” she said. With the ongoing shortage of workers, Weller said students have more options now.

14 • SEPTEMBER 2022 • MN Valley Business Mankato that students are coming to our campus. They feel very confident about the safety and security and the entertainment options in the area. The partnership between the city and university is very important,” Jones said.

Pam Weller, director of the university’s Career Development Center, said they work with students of all majors across their entire educational journey at MSU and offer a level of service for alumni as well.

“I do believe that changes the way that they approach job opportunities. With the job market weighing heavily on the side of the job seeker, students and graduates are in a more powerful place. Candidates are less inclined to accept a job or employer that does not check all of the boxes,” she said.

“Obviously,employees.wages have increased, particularly for parttime hourly jobs. Employers are doing things like simplifying the hiring process, offering signing and referral bonuses, allowing people to work completely remotely and/or make their own schedule, providing tuition reimbursement, instituting mentoring programs, and providing perks like catered

“You’re paying people quite a bit more now and the costs of food — hamburgers, buns — keeps going up. You look at the numbers a lot closer and more often than you did in the past. It all creeps up on you. We might sell a lot, but we’re not making a lot.”Like other restaurants and food shops he’s reluctant to raise prices too much, but knows adjustments are needed. “A McDonalds kids’ meal is $7. It’s crazy.“Some products are always volatile — meat, fruits, eggs — but now you wonder if prices will go back down or not.” MV

The Career Development Center at Minnesota State University offers a variety of assistance for students.

MN Valley Business • SEPTEMBER 2022 • 15 General ArchitectureFieldConstructionContractorManagementServices + Engineering RealServiceEstate + Brokerage 507.625.2634 RICECOMPANIES.COM Your local builder. ONLY IN Your current advertising can easily reach 88% of the local business market. Call 507.344.6364 advertising@mankatofreepress.com FACT. 88% AUTOMATE THE PREPARATION OF OUTGOING COMMUNICATIONS BOTH PHYSICAL AND DIGITAL. www.mantronics.com 507-345-7048 batchsingleoutsourcedmail printuploadmail emailprint all the work is done for you! your customer merge in-house mail sort collate group fold stuff metermail deliverypullemailfor lunches and time off for volunteer work.“These things can help, but there is no magic solution. With the unemployment rate being historically low, unfortunately, there are simply more jobs than there are people to fill them,” Weller said. Rising costs Wegman said the start of colleges in the early fall is always exciting.“Weget 20,000 students plus parents and sporting events. We are excited to get the school year back up and running — colleges coming back and high schools comingWhileback.”he’s grateful for the employee pool and spending students bring, Wegman is dealing with higher costs for labor, food and everything else his businesses need.

longtime Waseca business owner. “Some

16 • SEPTEMBER 2022 • MN Valley Business Sandi Prange has owned Past & Present Antiques and Gifts in Waseca for 25 years. By Jane Turpin Moore forMemoriessale After 25 years of owning Past & Present Antiques and Gifts in Waseca, Sandi Prange has just about seen it peoplehuntnot,namealbums,tobaccobooks,buttershakers,Salt-and-pepperall.cookbooks,boxes,comicbaseballcards,tins,recordlamps—youitandbelieveitorsomeoneisontheforit.“It’samazingwhatcollect,”said

Waseca High School and

collect pocket knives,

cigarette insignia on it,”

Thanksgiving meals.” Spotlight Past & Present: antiques, gifts and games Photos by Pat Christman PAST & PRESENT 1101 N. State St., Facebook:Tues.-Sat.507-835-4000Waseca10a.m.-5p.m.Past&Present

Prange, a 1976 graduate of a guys others want anything that has a she“Andsaid.a lot of people stop in to look for that certain type of dinnerware their grandparents always used at

“And we have a good stock of men’s gifts, too,” mentioned Prange, listing mugs, fishingthemed decor, grilling aprons, beer signs, license plate keychains, playing cards and other goods often associated with garages and “man caves.”

MN Valley Business • SEPTEMBER 2022 • 17

“We bought the building in 1997 and hired carpenters to put up stud walls,” said Prange, explaining they cleaned the whole building with a power washer but it still took over two and a half months to reclaim the 5,000 square-foot space and make it habitable and attractive for shoppers.“Wehad to redo everything, including the electrical,” she said. “It was a big undertaking, but you don’t think about it at the time— you just do it.”

With years of experience, Prange has a knack for stocking her shelves with things people are looking for.

“Sometimes a customer will spot an old vase and we’ll find some great florals to put in it,” said Prange by way of illustrating how the past and present happily coexist at her store.

But for the past quarter-century, Prange has been more focused on helping others find the antiques and collectibles of their dreams rather than hers. “I always say that what we’re really selling are memories,” said Prange. “Customers come in looking for something that reminds them of someone or someplace from their past.”

“I’ve always been a crafter and loved antiques,” said Prange. “When the kids were little, I sold [items] at craft shows — but eventually my husband said, ‘You need to get your stuff out of here,’ so we started looking around for buildings and grabbed this one.” With Prange’s flair for vision, a dilapidated service station was gradually converted into a destination shop. While Prange estimates the majority of Past & Present customers live within a 50-mile radius of Waseca, others hail from Wisconsin, Iowa, the Dakotas and the Twin Cities.

A retail industry veteran, Prange and her husband Randy raised four sons and operated Waseca Glass, which their eldest son Dustin assumed ownership of two years ago. Prange purchased her very first antique at age 15: an old sewing machine that she kept in her childhood bedroom.

As a young adult, Prange started out collecting cookie cutters, and before long she added old coffee jars to her list of collectibles.“Thatwas because I needed something to put all my cookie cutters in,” she laughed.

A 2001 addition created space for an office, employee bathroom and warehouse area. In keeping with the spirit of historic preservation and novelty, Prange retained the old tire racks on the ceiling, and to this day a ’48 Plymouth is positioned on a hoist above the original concrete floors. Variety of gifts, antiques But if you’re not a car-lover, never fear. Prange artfully displays a broad variety of giftware, home decor and gourmet food products, in addition to the antiques, vintage furniture and collectibles for which Past & Present are known. From greeting cards to linens to lamps to Minnesota-themed items to silk florals to candles, you can buy it at Past & Present.

And antiques, like fashions, have“Everycycles. so often, there’s something different that a lot of people really want,” said Prange.

“My husband Mark and I lived in Colorado for 11 years, and every time we were home, we hauled stuff back to Colorado,” Praxl“Whensaid. we moved back to Waseca, my husband suggested I get a job here — and I thought that was a great idea.” Praxl, a 20-year Past & Present employee who functions both as a sales associate and display artist, calls it “the best job ever.” “There’s a constant variety of new things, and they’re beautiful,” said“It’sPraxl.fun to decorate and be creative, and I enjoy the people immensely, both our customers and employees. We’ve made a lot of friends here over the years.”

Over the years, that’s been a bit of a hit-or-miss proposition, but thankfully she’s tallied more hits than misses. “I used to love going to auctions, but boy, now I have people calling every day asking if I’ll take their mom’s or uncle’s stuff because they’ve passed away,” said Prange.

Ahead of the curve How does Prange spot the hot sellers? And how does she know what to stock and what will stick?

“When I first opened, it was Depression-era and Carnival glass — they just couldn’t get enough of that — and then it went on to tin things, like lanterns and lamps and other really old primitives.”Thesedays, Prange confides that little marbles are big sellers, and enamelware and wash boilers are in demand; she says they’re often put to use as planters, fireplace wood holders or Christmas pots. “Larger items are popular right

“The very first time I went in there, I was hooked,” said Owens, who praises the staff’s personal touch.“Ireally enjoy going because they have unique ideas and the staff is so pleasant; there’s always a ‘hi,’ and they greet you by name,” Owens said. “They’re very friendly, polite and helpful, and they go out of their way if you’re looking for something special— they’re so accommodating.”

“The second I hear the word ‘estate,’ I know what’s coming.”

18 • SEPTEMBER 2022 • MN Valley Business

“And I have one gal who makes candles and puts them in old teacups.”Past& Present, Prange warns, can be kind of addicting.

At least one of Prange’s five part-time employees — fellow Waseca native Julie Praxl — joined the staff because she couldn’t stay away.

One of their dedicated customers is Waseca resident Hazel Owens, who is retired from a 40-year career at MinnWest Bank (formerly Waldorf State Bank). To hear Owens tell it, she basically worked to support her Past & Present shopping habit. “I think I own half of it at least,” joked Owens. “We used to live on a farm seven miles outside of town but moved into Waseca a couple years ago. That makes it extremely convenient for shopping, but I try to monitor myself.”Owens was initially intrigued by the fact that Past & Present was an old gas station, plus she loves anything to do with antiques and crafts. In the past two decades, she’s bought several pieces of antique furniture, various knick-knacks, holiday items, cards, figurines and many birthday gifts at Past & Present.

The ability to have on hand the exact thing people are seeking is a knack that impresses Owens. “I say to Sandi, ‘I don’t know how you know what to pick that will be appealing to people,’ because it’s not just her likes but what others want,” said Owens. “She has to draw people in and satisfy a broad audience.”

“We’ve been doing that for 25 years,” Prange said of the holiday open house. “Our business community works together to make it happen.”

Indeed, there is a method to Prange’s antique and gift madness.“Igowith the flow and pay attention,” said Prange. “And sometimes I’m a little more cautious to see what catches, because southern Minnesota is typically a year or two behind as far as trends. “I don’t need to be the trendsetter, but I like to provide things that people in this area like.”Prange laughed when describing one colorful miscalculation.“Oneyear,I bought a whole bunch of brown Christmas ornaments — they looked pretty on trees with the golds — but they flopped,” Prange said. “So I [deeply] discounted all my ‘brown’ only to find out that two years later, brown was the thing and people were into it — so I’ve learned from those experiences.”

MN Valley Business • SEPTEMBER 2022 • 19 A ’48 Plymouth is positioned on a hoist in the store.

Owens anticipates the open house each year and is already looking forward to the 2022 edition.“You must go there for the holiday open house,” said Owens. “Sandi has it decked out to a T, and it’s a really enjoyable time.”

“I like visiting with people and helping them,” confirmed Prange. Added Praxl, “There’s no place like this place.” MV “I don’t need to be the trendsetter, but I like to provide things that people in this area like.” - Sandi Prange

Currently, Praxl proudly points to a new supply of old-fashioned toys that Past & Present recently began marketing. She mentioned lava lamps, paper dolls, tin tea sets, sock monkeys whichbopBozootherDinks),the(derivativesShrinkiesandofoldShrinkyamongitems.“AndwehavetheClownbags,Iremember from my childhood,” said Praxl. “That was the perfect thing for my two-yearoldPastgrandson.”&Present, Prange reveals, is one of the only antique stores in the Waseca area open year-round. And she loves working collaboratively to promote other small Waseca businesses.

Notably, Past & Present hosts a spring open house in midApril, a weekendtheopenChristmasJulynightshoppingladies’inmid-andapre-houseonfirstinNovember (Nov. 4-5 this year).

But when you love seeing customers find their special something that revives treasured memories as much as Prange and Praxl do, any day is a good day to be at Past & Present.

now — things you’d find in an old barn, like washtubs,” Prange observed. “But it really depends on who walks through the door because everyone wants something different.”

MN Valley Business is running some of the ENTERTAINMENTEXPERIENCE &FOODDRINK PEOPLE PERSONALCARE PROFESSIONALSERVICES SHOPPINGBEST

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. The Free Press

Indian Island Winery is on a country road on the county line between Blue Earth and Waseca counties, nestled among acres of grape vines called Winterhaven Vineyard. Owned by Ray and Lisa Winter and their children Tom and his wife, Angela, and daughter Angie, Indian Island Winery was voted tops in atmosphere this year. Ray says, “We are very friendly and welcoming … We want everyone to feel welcomed, and we care if you do.”

Adding to the atmosphere is the live music every Friday and Saturday evening, and Sunday afternoons in the summer months. When the weather is nice, the musicians are on the patio by the fire bowls. If the weather is disagreeable, the musicians are moved into the event center at the winery, where there is lots of room for all. After a couple of years of COVID-caused cancellations, Indian Island is getting back into hosting events throughout the year. The events range from Paint

20 • SEPTEMBER 2022 • MN Valley Business businesses and people featured in Mankato Magazine. “Best of 2022”

BEST ATMOSPHERE: INDIAN ISLAND WINERY

‘Friendly Indianiswelcoming’andthekeyatIsland and Sip events, an annual grape stomp in the fall, to murder mysteries, Meat and Greet where different types of meats are paired with various wines, and this year, dueling pianos. Most events carry no cover charge. The Indian Island kitchen features foods sourced mostly from Minnesota, including specialty cheeses such as blueberry cheddar from near Rushford.Anewaddition to the winery this year is a paved parking lot. Ray Winter encourages people to come to Indian Island Winery for an experience where, “They’ll be treated just like I’d want to be treated.”

The duo navigates their business with the goal of making sure their clients are comfortable working with“Wethem.didn’t realize how many repeat clients we were going to get,” Jen said. “We thought we were going to get new people all of the time.”

Plumb-Rite Plumbing also offers preventive services, such as water heater flushing and drain cleaning, which Brandon states are one of the most important tasks for homeowners. Despite their success, Brandon and Jen said they aren’t looking to expand.

Awarded first place, Plumb-Rite Plumbing has served the Mankato area since April 2019. Co-owners Jen Schmidt and Brandon Schmidt tag team to provide exceptional service to their clients

It was 2009 when Clements Auto Company became Mankato Motors, a member of the Rydell Group of auto dealerships that includes 80 dealerships in 18 states across the country. Each dealership is individually owned. Mankato Motors general manager and owner Brian Taylor credits the 115 employees with the honors. Taylor said when employees are hired, they are given a card with the vision and values of the company.

“Who you see and who you talk to are who you will be dealing with,” Brandon said.

Mankato Motors includes the Chevrolet dealership on Madison Avenue and the Nissan and Volkswagen dealerships on Fern Lake Road in Mankato. Between them, they have amassed several Best Of awards this year, including first place in both New and Used Auto Dealers and second places in Tire Dealer, Auto Service Center and Auto Body Shop.

MANKATO MOTORS

MN Valley Business • SEPTEMBER 2022 • 21 BEST NEW CAR SALES, USED CAR SALES:

Basically, Taylor said, treat people as they’d like to be treated.“Ouremployees are why we win these things.” as local small-business owners.

“We try to stay pretty well-versed in all services because that’s what we are trying to aim at,” Brandon said.May to September tend to be their busiest months, with bathroom remodels being one of the most popular“Helpingservices.them make that dream come true is really fun for us,” Jen said.

At Mankato Motors, credit goes to 115 employees

“We realize we like the smaller boutique-style plumbing company because we can be so much closer to our clients,” Jen said. It’s important to them that clients know the people who are coming in and out of their homes, with that face-to-face contact.

BEST PLUMBING SERVICE: PLUMB-RITE PLUMBING, LLC Team approach to customer service Brandon, Jen and their children Jade and Dominic.

The vision is to be so effective that they are able to be helpful to others.Theseven values include honesty and integrity, individual responsibility and accountability, unconditional dedication to excellence, cooperation and communication, ongoing improvement and being a good community citizen.

“I started this as a COVID project,” Treleven said while Feature SWEETTONICSHAVEN 116 N. Minnesota St., New Ulm (under

Facebook:sweethaventonics.com507-766-0815construction)drinksweethaven

22 • SEPTEMBER 2022 • MN Valley Business

By Dana Melius Photos courtesy of Sweet Haven

Leah Treleven knows how to mix it up.“I’m the one you want to invite to the party,” Treleven says with a smile. It’s a simple recipe for how Treleven’s Sweet Haven Tonics has taken off. Sometime in 2022, her cocktail and mocktail recipes venture, which started out as a treat to family during gatherings, will open a downtown New Ulm storefront. It’s a career move that prompted Treleven to leave her love of education and students – she was a language arts middle school teacher – and journey into the growing craft beverage industry. And from all accounts, Sweet Haven Tonics has exploded.

Leah poursHavenownerTreleven,ofSweetTonics,asample of one of offerings.her Sweet Haven Tonics

Mixing it up with cocktails, mocktails

Treleven credits Heather Hammer, owner-operator of A to Zinnia Floral and Gifts on Broadway, with early advice on how to get started. Treleven admits it was both eye-opening and“Heatherexciting. has helped me connect with valuable resources in New Ulm and gave me a platform to connect with my community,” Treleven wrote on the company website. “It was really exciting to learn this whole new world of business,” Treleven says. “I was not afraid to be ignorant and ask a lot of questions. And then it was one step after another.”Yet,leaving the teaching field wasn’t easy. She has told the story of how her two children, William and Henry, cried when mommy told them she would no longer be teaching but heading into private business. “I absolutely loved it (teaching),” Treleven says. “I was the kind of teacher that thought, ‘I’m going to do this forever,’ even though it’s really hardAndwork.”so is business, she admits. But it’s become a family affair, with her husband Ryan also leaving his teaching job to take on the social media, website and techie side of the business. And Leah’s twin brother, Mark Pekrul, has joined on as well, serving as production lead. “A big part of my soul life is family because they all live here,” Treleven said. There’s often a weekly gathering, and her cocktails remain a hit. Process and product

Treleven says the key is the production process, using and heating an apple vinegar base which “just captures” the mix of“It’singredients.aprettysimple process,” Treleven says. “We only use whole fruit and fresh herbs.”

Treleven raves about her Sweet Haven Tonics in New Ulm offers a variety of cocktail and mocktail mixes and recipes.

Treleven’s business space will feature a three-pronged facility, with a production and distribution back side, along with an upscale tasting room and lounge in the front of the building.“We’re hoping to be in that space by the end of the year,” she said. “”It’s a lot of sweat (labor) right now.”

From there, she turned to business leaders throughout the New Ulm community.

Treleven’s “cocktail magic” has been a known family secret for some time. She said family members would rave about her concoctions, encouraging her to broaden the clientele list. After an early pandemic test run, “I sold out of every drop that I made.”

found traction. A 50-gallon kettle is giving way to a 300-gallon one, which will allow for even greater production and distribution for the company. That increase should allow for the weekly production of some 7,000 gallons of Sweet Haven Tonics products, she notes.

MN Valley Business • SEPTEMBER 2022 • 23 providing a tour through a portion of the former Herberger’s building on North Minnesota Street in New Ulm. She hopes to be a part of an evolving downtown district.

After some initial growing pains – “We were growing too quickly,” Treleven recalls – the Sweet Haven Tonics venture

Beyond the popular sampler packs, Sweet Haven production includes 4-ounce and 8-ounce bottles asSweetwell. Haven products now appear in 100 locations throughout Minnesota, according to Treleven. And there are a couple of new potential partnerships on the horizon, she adds, but isn’t

24 • SEPTEMBER 2022 • MN Valley Business

finding a fellow first-generation, woman-owned supplier of those herbs and whole spices, connecting with Under the Sun Herbs, based in ruralTheMadelia.process allows Treleven and family to work closely with the Department of Agriculture as Sweet Haven Tonics took off. It’s the nonalcoholic, “mocktail” side of the business, one which is seeing a 30% industry growth, according toSweetTreleven.Haven’s sampler packs have been a big hit, with each containing three 2-ounce bottles and recommendations on how to mix a cocktail or mocktail. One might suggest an Old-Fashioned drink with bourbon or brandy, mixed with spiced cherry and orange concentrate, topped off with an orange peel and cherry garnish. Another might be a Ginger Mule with vodka and sparkling water, mixed with ginger lime and peppercorn concentrate. And a third in this pack is the Bee’s Knees, with whiskey and coupled with a lemon basil and lavender concentrate, garnishing it with a lemon peel. Other Sweet Haven Tonics concentrates might mix nicely with gin or tequila, Treleven says.

MN Valley Business • SEPTEMBER 2022 • 25 CONSTRUCTION MANAGEMENT GENERAL CONTRACTING DESIGN-BUILD WEBCONMANKATO.COM (507) 387-1667 WE'VE MOVED!

quite ready to launch the news. Beyond the growing business success, Treleven wants to be a key part of a New Ulm downtown and business community that has embraced her. She also credits Paul Wessel, CEO and president of New Ulm Business Resource & Innovation Center, for his professional guidance. Wessel also now serves as chairman of Sweet Haven Tonics, LLC. “He sees the potential in me and in Sweet Haven Tonics and keeps me energized and focused on the big picture,” Treleven says on the company website.“This town is amazing,” Treleven says. “I could not have asked for a better community to do business in. And they stay connected with you.”That’s what Treleven echoed during a marketing and public relations tour, appearing on KSTP-TV’s “Twin Cities Live” show earlier this spring. And the reviews and publicity have helped spread the word of the start-up business.. VoyageMinnesota magazine labeled Treleven and Sweet Haven Tonics as a “rising star” and “hidden gems.” And the national Forbes Magazine’s November issue included a Sweet Haven Tonics product in its “Holiday Gift Guide 2021”.Then there’s the ongoing collaboration with other woman-owned specialty businesses. Sweet Haven Tonics were included in a “You Betcha! Box,” which promotes small Minnesota businesses. This promotion was a gift box, “Femmes du Nord: Women Makers of Minnesota,” honoring some of the state’s female business owners and entrepreneurs.Allofithaseased Treleven’s move out of teaching and into an entrepreneurial spirit that has gripped her. “It’s exciting,” she says. “That’s why I know I’m in the right job.” MV A set of mixes from Sweet Haven Tonics.

Although battery systems have several common applications, more systems are increasingly used to store electricity when prices are low and discharge electricity when prices are high, a strategy known as price arbitrage. During 2021, 59% of the 4.6 GW of utility-scale U.S. battery capacity was used for price arbitrage, up from 17% in 2019. In certain markets, price arbitrage is more common than in others. For example, more than 80% of the battery capacity added in 2021 in the California Independent System Operator service territory was used for price arbitrage. Batteries also help maintain grid reliability. For example, batteries used to regulate frequency — still the most common battery application in the United States — help maintain the grid frequency of 60 cycles per second. Deviations from that frequency could lead to power surges or other types of grid instability. Batteries are well suited for frequency regulation because they do not require any startup time, and they can quickly absorb power surges.

26 • SEPTEMBER 2022 • MN Valley Business ■ Business and Industry Trends

Energy Battery systemsused to respond toThepricecapacity of utility-scale battery storage more than tripled in the United States during 2021, from 1.4 gigawatts (GW) at the end of 2020 to 4.6 GW, according to the Energy Information Administration.Thesurveyasked respondents how they use batteries, and respondents could cite more than one application for a system.

Similarly, batteries that help

MN Valley Business • SEPTEMBER 2022 • 27 Retail/ConsumerSpending 0 300 600 900 1200 1500 1800 DNOSAJJMAMFJ 1,186 904 Vehicle Sales Mankato — Number of vehicles sold Source: Sales tax ﬁgures, City of Mankato 2021 - 2022 0 17500 35000 52500 70000 DNOSAJJMAMFJ $52,433 $30,541 Lodging tax collections Mankato/North Mankato Source: City of Mankato 2021 - 2022 0 20000 40000 60000 80000 100000 DNOSAJJMAMFJ $65,266 $62,657 Mankato food and beverage tax Source: City of Mankato 2021 - 2022 0 100 200 300 400 500 600 700 DNOSAJJMAMFJ (In thousands) Sales tax collections Mankato Source: Sales tax ﬁgures, City of Mankato 2021 - 2022 Includes restaurants, bars, telecommunications and general merchandise store sales. Excludes most clothing, grocery store sales. $462,000 C. Sankey $563,000 ramp generation and provide spinning reserve can balance electricity supply and demand for periods ranging from a few seconds to a few hours, depending on the requirements of changing electricity demand and generator outages. Crude prices to fall in 2023

The spot price of Brent crude oil averaged $71 per barrel in 2021, and the price is forecasted to average $104/b in 2022 and $94/b in 2023. Oil inventories level

Global oil inventories in the forecast rise by 0.8 million barrels per day in 2022 and remain unchanged in 2023. Inventory builds in 2022 reflect rising production of liquid fuels in the United States and OPEC, paired with slowing liquid fuels consumption growth.OPEC production to rise EIA forecasts that OPEC crude oil production will rise by 2.4 million barrels per day to average 28.7 million barrels a day in 2022 and will further increase to 29.3 million barrels per day in 2023. Crude oil production from OPEC members averaged 26.3 million b/d in 2021. Domestic oil output to rise U.S. crude oil production in our forecast averages 11.9 million barrels per day in 2022 and 12.8 million barrels a day in 2023, which would set a record for most U.S. crude oil production in a year. The current record is 12.3 million b/d, set in 2019. ‘23 gas prices: $3.57 a gallon U.S. regular gasoline retail prices averaged $4.11 per gallon in the first half of 2022, up from $2.78 in the first half of 2021. We forecast gasoline prices will average $4.05 in 2022 and $3.57 in 2023. U.S. diesel prices averaged $4.91 the first half of this year, up from $3.06 the first half of last year. We forecast diesel prices will average $4.73 in 2022 and $4.07 in More2023.solar, wind power Growth in electricity consumption slows to 0.6% in 2023.The largest increases in U.S. electricity generation will come from renewable energy sources, mostly solar and wind.Renewable sources will provide 22% of U.S. generation in 2022 and 24% in 2023, up from a share of 20% in 2021.

By Kent Thiesse Many key issues discussed at Farmfest

For several 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 couple of years. In addition to bringing together numerous ag and rural leaders, this year’s Farmfest also featured a Minnesota Governor Candidates Forum and two Congressional Candidate Forums, with all major candidates participating. This allowed for some lively discussion and perspectives on many of the key issues affecting agriculture and rural communities.

The proposed legislation calls for expansion of the Environmental Quality Incentives Program (EQIP) and the Conservation Stewardship Program (CSP), which are currently covered in the Farm Bill under the Conservation Title. There will also likely be considerable discussion regarding the expansion of the maximum Conservation Reserve Program (CRP) acres beyond the current maximum of 27 million acres, as well as increasing the maximum annual rental rates for CRP acres in order to incentivize greater enrollment into the CRP program.Someconcern was raised about the overall cost of the wide range of programs covered by the Farm Bill legislation, especially the rapidly rising costs of programs under the Nutrition Title. However, most participants in the Farmfest forums felt that the Farm Bill should continue to be a “food and agriculture security program” and that the Nutrition Title should remain included in the legislation.

Following are some of the main issues that were discussed during the Farmfest forums this year: n Developing the Next Farm Bill --- Congressional discussions on the next Farm Bill began earlier this year and will likely continue into 2023. The current Farm Bill expires on September 30, 2023, so the current farm programs will still be in place for the 2023 crop year. The key messages that surfaced related to the next Farm Bill from agricultural leaders, as well as from some of the candidates for Congress that were at Farmfest, included: Protect the Federal crop insurance program as the corner-stone risk management tool for farm operators, and do not make large adjustments to the program. Some key questions with the crop insurance program are how to provide insurance for newer crops and when utilizing cover crops. Some groups would like to limit crop insurance benefits based on farm size; however, most ag groups oppose this idea. There was also discussion of modernizing a risk management program for livestock producers that is similar to the crop insurance program. Update the crop provisions (PLC and ARC-CO) in the Commodity Title of the Farm Bill to address the rising crop input costs.and to more closely match today’s market prices for various crops. This could involve increasing crop reference prices and loan rates, as well as making adjustments to the ARC-CO program payment formula. There was also some discussion about the need to make some adjustments in the Dairy Margin Protection program and the dairy support price formula.

It will be interesting how the proposed provisions for “climate-smart” agriculture that are included in the large “Inflation Reduction Act”, which is likely to be signed into law, get rolled into the next Farm Bill.

In addition to farm programs, crop insurance, conservation programs, and the food assistance programs, the Farm Bill also provides provisions and funding for many rural development and low interest loan programs that benefit communities and small businesses, provides support for renewable energy, and provides funding for ag research and extension education efforts at land-grant universities. When a Farm Bill is passed by Congress, it is typically one of the most comprehensive pieces of legislation that is approved on a regular basis. Provisions contained in the Farm Bill affect every State in the U.S. and impact every congressional district in the U.S. Congress.

The core spending in the likely legislation (approx. $369 billion) would be targeted toward enhancing electric vehicles, expanding renewable energy, and reducing carbon emissions by utilizing a series of tax incentives. This would include funding for the development of “sustainable aviation fuels” (SAF), which has some leaders in the ethanol industry excited about the potential. The legislation would provide $20 billion for so-called “climate-smart agriculture” practices, by providing incentives to farm operators to implement farming practices through existing EQIP, CSP and regional

28 • SEPTEMBER 2022 • MN Valley Business ■ Agricultural Outlook

• Climate-Smart Agriculture --- The proposed $739 billion “Inflation Reduction Act” was widely discussed at the candidate forums, with some panel members touting the benefits to farmers and residents of rural areas, while others on the panel questioned the “high price tag” of the legislation.

• Livestock Related Issues

There were many issues affecting the livestock industry that surfaced during the Farmfest forums. Efforts by the USDA, State Agriculture Departments, and the livestock industry to manage the outbreak of pandemic livestock diseases was a major discussion topic. Earlier this year, we had the second major outbreak in recent years of avian influenza (HPAI) in the Upper Midwest, resulting in the loss of millions of birds and causing significant financial impact to poultry producers. The pork industry is very concerned about the presence of African Swine Fever (AFS) disease in the western Hemisphere and the protocols that are in place should AFS disease reach the U.S. border. Pork producers are also being challenged by the implementation of “Proposition 12”, which would require expensive updates to pork operations in order for the pork produced in the Midwest to be sold in California.

Beef producers are concerned with the worsening drought situation in many cow/calf production areas of the U.S., as well as monitoring the Congressional and Department of Justice investigations into the beef processing industry.

A major discussion item at Farmfest was the rapidly rising input costs for crop and livestock production. Production expenses for fertilizer, chemicals, fuel, labor, repairs, and livestock feed have risen sharply in the past twelve months, which has some producers and analysts concerned about profit margins as we look ahead to 2023. In addition, land rental rates went up significantly for 2022 and are expected to increase again in 2023 in most areas. Interest rates on farm operating loans have increased by 2-3 percent in the past six months in most locations, due to the increases in the prime lending rate by the U.S. Federal Reserve. Farm operators have had some favorable market prices in 2021 and 2022; however, there is concern as to whether market prices will continue at a level to support the higher input costs for 2023, in order to keep crop and livestock production at profitable levels.

MN Valley Business • SEPTEMBER 2022 • 29 AgribusinessAgriculture/ Corn and soybean prices are for rail delivery points in Southern Minnesota. Milk prices are for Upper Midwest points. C. Sankey 0 2 4 6 8 10 DNOSAJJMAMFJ 25 50 75 100 125 150 DNOSAJJMAMFJ 10 14 18 22 26 30 DNOSAJJMAMFJ 0 4 8 12 16 20 DNOSAJJMAMFJ Iowa-Minnesota hog prices Source: USDA 185 pound carcass, negotiated price, weighted average2021 2022 $130.76$94.18 Corn prices — southern Minnesota Source: USDA (dollars per bushel) 2021 2022 0 2 4 6 8 10 DNOSAJJMAMFJ 25 50 75 100 125 150 DNOSAJJMAMFJ 10 14 18 22 26 30 DNOSAJJMAMFJ 0 4 8 12 16 20 DNOSAJJMAMFJ $4.96 $7.06 0 2 4 6 8 10 DNOSAJJMAMFJ 25 50 75 100 125 150 DNOSAJJMAMFJ 10 14 18 22 26 30 DNOSAJJMAMFJ 0 4 8 12 16 20 DNOSAJJMAMFJ Milk Source:pricesUSDA.Based on federal milk orders.Minimum prices, class 1 milk Dollars per hundredweight2021 2022 $26.66$16.51 0 2 4 6 8 10 DNOSAJJMAMFJ 25 50 75 100 125 150 DNOSAJJMAMFJ 10 14 18 22 26 30 DNOSAJJMAMFJ 0 4 8 12 16 20 DNOSAJJMAMFJ Soybean prices — southern Minnesota Source: USDA (dollars per bushel) 2021 2022 $12.26$14.15 conservation partnerships. • Carbon Sequestration Carbon sequestration, carbon credits, and potential legislation to address climate change also garnered some discussion during the Farmfest forums. Many private companies are now offering long-term contracts to farm operators to secure carbon on the land that they farm. Many farmers do not understand these contracts or the agreements that they are being asked to sign. There was not a lot of agreement of what the federal government’s role should be regarding the trading of carbon credits; however, most of the forum participants agreed that farmer participation in carbon sequestration efforts should be voluntary and not required for farm program eligibility.

• Rising Input Costs ---

There was also a lot of discussion about providing the financial resources and necessary workforce for the expansion of local meat processing plants. There were numerous other issues and topics that

30 • SEPTEMBER 2022 • MN Valley Business Construction/Real Estate 0 2000000 4000000 6000000 8000000 10000000 12000000 DNOSAJJMAMFJ Source: City of Mankato Residential building permits Mankato 2020 2021 (in millions) $1,684,958$5,097,938 0 60 120 180 240 300 DNOSAJJMAMFJ Source: Realtors Association of Southern Minnesota Existing home sales: Mankato region Information based on Multiple Listing Service and may not reﬂect all sales2020 2021 (in thousands) 163183 Source: Realtor Association of Southern Minnesota Median home sale price: Mankato region 2020 2021 (in thousands) 0 60 120 180 240 300 DNOSAJJMAMFJ $190,000$220,000 Source: City of Mankato Commercial building permits Mankato 2020 2021 (in millions) 0 5000000 10000000 15000000 20000000 25000000 DNOSAJJMAMFJ $1,416,247$7,950,495 0 8 16 24 32 40 DNOSAJJMAMFJ Source: Cities of Mankato/North Mankato Housing starts: Mankato/North Mankato 2020 2021 Includes single family homes attached and detached, and town homes and10condos15 2.5 3.1 3.7 4.3 4.9 5.5 DNOSAJJMAMFJ Source: Freddie Mac Interest Rates: 30-year ﬁxed-rate mortgage 2020 2021 2.9%5.3% Hours:Tues.-Sat.10-5 1101N. StateSt. |Waseca,MN56093

MN Valley Business • SEPTEMBER 2022 • 31 C. Sankey Stocks of local interest PercentchangeAug. 6July 7 Archer XcelWinlandU.S.Target3MJohnsonItronGeneralFastenalConsolidatedCrownBrookﬁeldBestAmeripriseDanielsBuyPropertyCork&SealComm.MillsOutdoorsBancorp +11.3%+13.9%+13.4%+13.4%+13.5%+12.0%+8.0%+3.8%+5.1%+0.5%+6.8%+5.6%+1.3%-16.0%+6.4%$166.13$147.41$66.25$51.64$76.17$52.95$90.30$22.96$76.38269.06$82.76$7.08$47.39$2.29$73.80$149.21$129.44$236.97$73.90$70.68$20.25$89.51$6.82$50.38$75.78$48.33$62.72$46.77$2.75$69.39 Gas Prices C. SankeySource: GasBuddy.com 0 1 2 3 4 5 DNOSAJJMAMFJ 0 1 2 3 4 5 DNOSAJJMAMFJ $3.04 $4.13 Gas prices-Mankato — 2021 2022 0 1 2 3 4 5 DNOSAJJMAMFJ 0 1 2 3 4 5 DNOSAJJMAMFJ $3.01 $4.15 Gas prices-Minnesota — 2021 2022 NORTH FOREST ESPRESSO KREME grab your bottle at Chankaska Winery today! northforestkreme.com impact farmers and rural residents of the Upper Midwest that surfaced during the Farmfest forums. These topics included rural health care, labor shortages, increasing broadband coverage, infrastructure needs, and expansion of ag education opportunities. These topics and more will likely lead to important policy discussions as we head into the midterm elections this Fall. Kent Thiesse is farm management analyst and senior vice president, MinnStar Bank, Lake Crystal. 507-381-7960);minnstarbank.comkent.thiesse@

ADM says court erred Archer Daniels Midland alleges a federal court in Illinois erred when it released sealed company information as part of a ruling in an ethanol markets lawsuit. 125,897 128,662 2100 2800 3500 2022 3,051 3,028

■ Target builds ‘sortation centers’ Target Corp. is pushing ahead with the buildout of its last-mile delivery capabilities with plans to open three more “sortation centers” in the Chicago and Denver areas. Minneapolis-based Target said it aims to launch two sortation centers over the next year. The retailer currently has six sortation facilities overall, with sites in the Minneapolis, Dallas,

AOT is one of several plaintiffs that have sued ADM, alleging the company manipulated ethanol prices, violating the Commodity Exchange Act. Specifically, AOT has alleged ADM suppressed the daily benchmark price of ethanol to benefit its short positions.

DNOSAJJMAMFJ Minnesota Local non-farm jobs (in thousands) 2021

Best Buy has unveiled its first ever small-format, digital-first store. Located in Monroe, North Carolina, the store is only about 15% the size of your average Best Buy store, which averages about 40,000 square feet — making it smaller than most Apple Stores as well. Best Buy has been working on creating smaller spaced stores since last year. It offers a new digital-first shopping experience that encourages customers to shop, get advice and check out of the “digital first” store, customers are greeted with a 7-foot screen on what the store offers. The store includes Best Buy’s website, apps, and lockers for online pickups. However, there is a downside; Unlike other Best Buy stores, this one has no large appliances or electronics. Instead, it consists of a “curated selection,” which includes large TVs, computers, headphones, wearables, cell phones and more.

32 • SEPTEMBER 2022 • MN Valley Business ■ Minnesota Business Updates ■

Best Buy opens digital-first store

digitally.Uponentry

■

Employment/Unemployment 100000 113000 126000 139000 DNOSAJJMAMFJ 0 700 1400 2100 2800 3500 DNOSAJJMAMFJ *Categories don’t equal total because some categories not listed. Services consist of administration, educational, health care and social assistance, food and other miscellaneous services. Initial unemployment claims Nine-county Mankato region 103 179 90 446 818 69 85 27 285 466 -33.0% -52.5% -70.0% -36.1% -43.0% Construction Manufacturing Retail Services Total* Major Industry JunePercent change ‘21-’2220212022 *Categories don’t equal total because some categories not listed. Services consist of administration, educational, health care and social assistance, food and other miscellaneous services. Minnesota initial unemployment claims 3,004 2,739 2,478 10,932 19,153 2,056 1,257 601 5,623 9,537 -31.6% -54.1% -75.7% -48.6% -50.2% Construction Manufacturing Retail Services Total* Major Industry JunePercent change ‘21-’2220212022 100000 113000 126000 139000 DNOSAJJMAMFJ 0 700 1400 2100 2800 3500 DNOSAJJMAMFJ 0 2000 4000 6000 8000 10000 12000 DNOSAJJMAMFJ 0 60000 120000 180000 240000 300000 DNOSAJJMAMFJ Local non-farm jobs Nine-county Mankato region 2021 2022

100000 113000 126000 139000 DNOSAJJMAMFJ 0 700 1400

The U.S. District Court for the District of Central Illinois granted the plaintiffs, AOT Holding AG, access to documents and other communications related to the 2019 suspension of an ADM accounting employee. Attorneys for ADM asked the court to reconsider the ruling and to seal any company objections going forward. ADM said in its appeal the court’s ruling was “clearly erroneous and contrary to law.” In particular, the court ordered ADM to provide information related to the suspension of employee Adam Kuffel to plaintiff AOT. Kuffel was suspended for allegedly violating the company’s internal accounting policy.

One of Minnesota’s largest employers announced it will split into two multibillion dollar businesses.Maplewood-based 3M said it will “spin off” its health care business, which the company said totaled $8.6 billion in sales in 2021.

The company also said its sales to non-national accounts, which include regional, local and government customers, increased 12.2% and accounted for 42.7% of revenue in the quarter. Sales to national accounts also rose, it said. Fastenal said it didn’t raise prices broadly in the second quarter, though it benefited from price increases made during its fiscal first quarter.

MN Valley Business • SEPTEMBER 2022 • 33 Employment/Unemployment 100000 126000 139000 DNOSAJJMAMFJ 0 700 1400 2100 2800 3500 DNOSAJJMAMFJ 0 2000 4000 6000 8000 10000 12000 DNOSAJJMAMFJ 0 60000 120000 180000 240000 300000 DNOSAJJMAMFJ Mankato/North Mankato Metropolitan statistical area (includes all of Blue Earth and Nicollet Counties) Source: Minnesota Department of Employment and Economic Development 3.5% 56,492 2,052 1.9% 59,288 1,173 Unemployment rate Number of non-farm jobs Number of unemployed June 2021 2022 100000 113000 126000 139000 DNOSAJJMAMFJ 0 700 1400 2100 2800 3500 DNOSAJJMAMFJ 0 2000 4000 6000 8000 10000 12000 DNOSAJJMAMFJ 0 60000 120000 180000 240000 300000 DNOSAJJMAMFJ Unemployment rates Counties, state, nation Blue Earth Brown Faribault Le Sueur Martin Nicollet Sibley Waseca Watonwan Minneapolis/St. Paul Minnesota U.S. 3.6% 3.1% 4.1% 3.3% 4.4% 3.2% 3.4% 4.1% 3.3% 3.9% 3.8% 6.1% 2.0% 2.2% 2.6% 2.2% 2.4% 1.7% 2.2% 2.8% 2.2% 2.2% 2.2% 3.8% County/area May 2021 May 2022 100000 113000 126000 139000 DNOSAJJMAMFJ 0 700 1400 2100 2800 3500 DNOSAJJMAMFJ 0 2000 4000 6000 8000 10000 12000 DNOSAJJMAMFJ 0 60000 120000 180000 240000 300000 DNOSAJJMAMFJ Local number of unemployed Nine-county Mankato region 2021 - 2022 5,243 2,777 0 700 1400 2100 2800 3500 DNOSAJJMAMFJ 0 60000 120000 180000 240000 300000 DNOSAJJMAMFJ Minnesota number of unemployed 2021 - 2022 133,562 69,117 C. Sankey Houston, Austin, Atlanta and Philadelphia markets. A micro-fulfillment concept, the sortation centers are designed to help lower costs and drive operational efficiencies while speeding delivery for customers, according to Target. Under the model, backroom store staff who process digital orders focus just on picking and packing. Orders then are brought to the sortation center for collating to various carriers for delivery, saving space at stores and freeing up associates to process more orders and expedite deliveries.

3M splits into 2 companies

Target noted that the sortation centers also enable its teams to more easily scale to fulfill a rising number of orders, as well as consolidate orders and batch deliveries for carriers. That includes its same-day delivery subsidiary Shipt, whose drivers collect batches of local orders from the sortation centers for faster last-mile delivery to customers.

Sales for the quarter ended June 30 rose 18% to $1.78 million, it said. Analysts polled by FactSet expected sales of about $1.8 billion. The company said strong demand for manufacturing and construction equipment and supplies contributed to the higher sales.

■

Fastenal profits higher Fastenal Co. posted higher profit and revenue in its second quarter, as demand and customer sales grew, offsetting higher operating costs.The Winona maker of fasteners and other industrial and construction supplies, said that earnings rose by 19.8% to $287.1 million, or 50 cents a share, from $239.7 million, or 42 cents a share, a year earlier.

“The New 3M will remain a leading global material science innovator serving customers across a range of industrial and consumer end markets,” 3M said in a statement, “and Health Care will be a leading global diversified healthcare technology company focused on wound care, healthcare IT, oral care, and biopharma filtration.”

If you don’t have access to paid leave, or you’re planning to take additional unpaid time, practice living on the reduced income to the extent possible. This will help you identify optional expenses to reduce or eliminate and help you build a savings cushion before your baby’s arrival.

By Kelsey Sheehy

| NerdWallet

Mustering the energy — and attention span — for otherwise routine tasks like showering and paying bills can feel like a tall order. You’ll be lucky to remember what day it is, much less when your next credit card payment is due. Do your future, sleep-deprived self a favor and start prepping your finances early into your pregnancy so things can run on autopilot for a while after the baby arrives.Ifyou don’t already have a budget, start there, says Cecilia Williams, a mother, certified financial planner and the chief operating officer of Halbert Hargrove, a financial planning firm.

“Outline all your current income and expenses so you and your partner have a solid understanding of where your money goes each month,” Hargrove says. “This will absolutely need to be adjusted as you get closer to your due date, so having a starting point is priority No. 1.”

Put the money into a separate savings account — ideally one that earns interest — every week or month. This helps you adjust to the new expense and allows you to bank a few months of child care costs that you can tap for upfront costs like deposits and application fees. Not sure what child care costs in your area? Ask around your friend group or local parent group to get a sense of what day care, a nanny or other arrangements cost.You can also build other baby essentials, like diapers, for mula and wipes, into your budget now, making an educated guess. It doesn’t need to be perfect; you can adjust down the road.

The price tag for childbirth is steep. The average cost for delivery can range from $10,000 to $20,000, depending on where you live. Even with insurance, new parents can expect to pay several thousand dollars out of pocket for maternity care. Contact your insurer or the hospital where you plan to deliver to get more specific numbers. Then take a deep dive into your health care coverage to understand your coinsurance, deductible, maximums and coverage limits.Anthem, United Healthcare and other major insurers have tools you can use to get estimates of total and out-of-pocket costs, based on your plan. Use these figures to set a realistic savings goal to cover them.

The arrival of a new baby is all-consuming. In the early weeks, your waking hours are a cycle of feedings, diaper changes and Googling “Is it normal for a baby to (fill in the blank).”

Child care is the single largest monthly expense for most new parents. Get a jump start by “paying” for daycare well before your baby arrives.

Then build a plan for managing the other costs, large and small, that come with having a baby. Research the costs

Have access to a flexible spending account? If timing allows, set your contributions to save incrementally, tax-free for your hospital bills. When hospital bills start rolling in, you can pay directly from your FSA or use a rewards credit card and submit for reimbursement.

Paid parental leave is far from guaranteed. In fact, only 11 states and Washington, D.C., have paid leave laws, some of which won’t take effect for several years.

And only 25% of employers offer some form of paid leave, according to a 2019 survey of employer health benefits by KFF, the nonpartisan health care think tank formerly known as the Kaiser Family Foundation. If you have paid leave through your employer, ask questions early. Find out how many weeks are covered and at what percentage of your salary. Do you need to use vacation and sick time first? You also want to know when and how your benefits will be paid out, especially if they’ll come from multiple sources. Trust me, you don’t want to be one week postpartum emailing your benefits provider to unravel the logistics of your leave payments.

Start ‘paying’ for child care

34 • SEPTEMBER 2022 • MN Valley Business Sponsored by the Carl & Verna Schmidt Foundation

Plan ahead for parental leave

Money moves to make before baby arrives

Consider your own cash flow

There are times of the year when you may experience increased cash flow from sources such as a tax refund, annual bonus or birthday and graduation gifts. If that’s the case, those can be ideal times to make large purchases without taking on debt, says Kevin Mahoney, the Washington, D.C.-based founder of Illumint, a financial planning firm for millennials.

How to afford big ticket items for the year

“There are two overarching principles: Purchase items in the offseason and purchase items during holiday weekends,” says Kimberlee Stokes of Orlando, Florida, the founder of ThePeacefulMom.com, a website aimed at moms who want to save money and get organized. “It does require some planning.”

Here’s how to time your shopping to get the most out of your budget. Shop the big sales weekends Nationally, three weekends of the year — Memorial Day, July Fourth and Labor Day weekends — are the best for deals on appliances, furniture and mattresses, says Trae Bodge, smart-shopping expert at TrueTrae. com , which offers savings tips. For electronics, Black Friday in November is the ideal time to buy, followed closely by Amazon’s Prime Day sale, which is typically in July and this year runs July 12-13.

Baxter, a financial coach based in Dallas, says she saved around $6,000 as a result.

“If I need retail therapy, I put it on the list, and then I can see when the price goes up or down,” Baxter says. “You can satisfy that desire for consumerism without separating yourself from your cash.”

Sometimes, the retailer will alert you when the price of an item on your wishlist drops.

When it comes to saving money on big purchases, sometimes timing really is everything. Taking advantage of certain holiday weekends and seasonal discounts can lead to significant savings, which is especially helpful with inflation continuing to push prices higher. Consumers can also consider their own cash flow fluctuations and shop for big-ticket items when they can better afford them.

Amazon Assistant lets you know if Amazon offers a lower price when you’re shopping elsewhere.

Baxter recommends saving items you’re tracking on a wish list, a service offered by many online retailers as an alternative to placing items in your cart.

MN Valley Business • SEPTEMBER 2022 • 35 Sponsored by the Carl & Verna Schmidt Foundation and coupon opportunities; and Rakuten activates coupons and cash back from online stores at checkout.

Check for sales tax holidays

“If you don’t have at least one extension installed on your computer, you’re leaving money on the table,” Bodge says. By tracking prices before sales weekends, you can make an informed decision about how good a deal is, she adds.

Many states offer sales tax-free holidays, which can be an ideal time to buy expensive items that aren’t otherwise on sale, Baxter suggests. Her state of Texas offers a sales tax holiday in early August, which coincides with back-to-school shopping, making it easier to pick up school supplies and other eligible items at a discount.

Bodge adds that some specific items have unique sales periods. Televisions typically see their lowest prices in late January and early February — right before the Super Bowl. If you miss a specific sale, Stokes says not to worry. The key is to plan ahead and track prices so you can make purchases during price dips, such as seasonal lulls. Use price-tracking tools You don’t need to track prices manually — apps and browser extensions can take care of that work. The Honey browser extension pulls in coupons from across the web; CouponCabin alerts you to cash back

Conversely, certain months tend to see more expenses for items like annual insurance payments, summer camp fees or holiday gifts. Avoiding other significant purchases during those times can help your budget absorb the many demands on it, Mahoney advises.“It’simportant to be aware of the times when costs come up and perhaps hold off on purchases until after those points have passed and you see how your budget has weathered those time periods,” he says. By Nerdwallet

When Brandy Baxter needed to replace her home’s entire heating and air conditioning system several years ago, she asked contractors if they offered deals at certain times of the year. She learned that if she waited until February, the slow season for such work, she could get a lower price.

36 • SEPTEMBER 2022 • MN Valley Business JOINCONNECTWITHUSANDTODAY! 100IntellicentsNorthBroadway Avenue, Albert Lea, MN 56007 Bold North Roofing and Contracting 931 Madison Avenue, Mankato, MN 56001 NEW BUSINESS Brunton Construction 225 Belgrade Avenue, North Mankato, MN 56003 Genesis Outdoors & Construction Services LLC 1819 Adams Street #335, Mankato, MN 5600 GRAND OPENING GROUNDBREAKING Nesbit Agency 121 St Andrews Court, Mankato, MN 56001 Cultivate Mankato Infant Development Center 222 Pfau Street, Mankato, MN 56001 BUSINESS AWARDS and HALL of FAME Tuesday, November 15 5:30 - 8:30 pm Mayo Clinic Health System Event Center, Mankato Join us to celebrate the achievements of outstanding businesses, professionals, and organizations who have made an impact in the Greater Mankato business community! NEW BUSINESS Fun Bike Rides 1634 North Broad Street, Mankato, MN 56001 PRESENTED BY greatermankato.com/awards Register Today! As a member of Greater Mankato Growth, you are joining close to 1,000 other businesses to accomplish what no one business can do alone. Whether you are a small business owner, member of a large firm, or part of a start-up company, Greater Mankato Growth o es targeted benefits, valuable resources, and unparalleled support. Wednesday, September 14, 2 - 3 pm | Free for GMG members Greater Mankato Growth has partnered with Doherty Sta ng Solutions and the South Central Minnesota Small Business Development Center to host a webinar that provides information about the current labor market and o ers recruiting and retention ideas. Visit greatermankato.com to sign up!

MN Valley Business • SEPTEMBER 2022 • 37 WHY JOIN GREATER MANKATO April 2018 greatermankato.com/join April 2018 EXPOSUREEXCLUSIVEMEMBERBENEFITS Build your Brand; grow your business. Stand out and get noticed! NETWORKING It’s not just know, it’s who knows YOU Networking IS Powerful. RETENTIONTALENT Keep your employees engaged and retained with access to our member only events and programs. Raise your reputation by belonging. Research shows businesses who belong chamber of commerce more successful. BE IN THE KNOW Receive our member only emails making you the ﬁrst to know the latest news. TW st W ou k REFERRALS We only refer member businesses. Word of mouth and direct referrals from being a valued member of GMG. CREDIBILITY Gain access to Member Exclusive Content to help grow yourccesbusiness. LEARNING greatermankato.com/join greatermankato.com/bah TUESDAYS, 4 TO 6 PM SEP 13 OCT 4 Frandsen Bank & Trust 240 Belgrade Avenue, North Mankato J. Longs 1640 Madison Avenue, Mankato Business After Hours events provide Greater Mankato Growth members with an opportunity to network with one another in an informal atmosphere. 2022 PRESENTING SPONSOR Mark y calendars!rNOV 1 DEC 6 Mayo Clinic Health System 1025 Marsh Street, Mankato Federated Insurance 2000 Technology Drive, Mankato GREATER MANKATO DIVERSITY,EQUITY,andINCLUSION Collab ative NEW PROGRAM Drive Diversity, Equity, and Inclusion in Your Organization! Don't miss your chance to register for a new program, the Greater Mankato Growth Diversity, Equity, and Inclusion (DEI) Collaborative, created to support area leaders in developing the skills, mindsets, and networks needed to drive inclusive change for greater equity at their workplace. Tobias Spanier, IDI Qualiﬁed Administrator and University of Minnesota Extension Professor, will provide a small cohort of 25 participants with key resources and support on their way to create and maintain a DEI action plan that celebrates diversity within their workplace, and more. The program consists of a series of monthly sessions, as well as a variety of between-session assignments. Dan & BastianAngie PRESENTED BY: GREATERMANKATO.COM/DEI REGISTER TODAY! LIMITED NUMBER OF SMALL BUSINESS SCHOLARSHIPS AVAILABLE SMALL SCHOLARSHIPBUSINESSSPONSOR: SUPPORTING SPONSORS: HOSPITALITY AND VIDEOSPONSOR:FACILITYPRODUCTIONSPONSOR:

Doston Iron Castings, a Greater Mankato Growth Copper Investor, was founded in 1876 in Mankato.

True change takes guts and mental toughness. Todd Thiewes of Sandler Training will be there to navigate you through these topics!

38 • SEPTEMBER 2022 • MN Valley Business greatermankato.com/pds GREATER MANKATO PROFESSIONAL DEVELOPMENT Series TODD THIEWESSANDLER TRAINING September 21 & 28 October 5 & 12 8:30 - 10:30 am Success Playbook for Career Advancement $449 Members $549 Non-Members ABDO - 5th Floor Training Room 100 Warren Street #600 Mankato, MN BOOST YOUR CAREER TO A NEW LEVEL Fine-tune your leadership skills and gain new energy to advance your career! Explore communication, time management, goal setting, and skills associated with strong and e ective leadership. SERIES SPONSOR HOST SPONSOR dotson iron castings Building Togetherness in the Workplace

The most recent investment includes a new 15,000-square-foot addition and renovation of existing spaces within the foundry. The employee center features new workspaces, meeting spaces, training room, outdoor terrace, large break room, open vending, and more. One of the main goals of this project was to enhance the environment for Dotson team members by showing they are valued. The new spaces allow the team members, who have physically demanding jobs in a challenging work environment on the production ﬂoor, to relax and enjoy their well-deserved breaks. The employee center was designed with inclusivity in mind, o ering private rooms for team members to pray or unwind, a clubhouse with lockers and individual changing rooms and showers, as well as gender neutral restrooms. Dotson has been a leader within the industry, and now in creating welcoming and inclusive enivornment for its team members.

Over the years, Dotson has evolved into a highly automated ductile iron foundry and CNC machine shop. Dotson produces castings 24 hours a day and is known for its cutting-edge technology and continuous reinvestment into the business and its team of about 150 employees.

months

of one

greatermankato.com/leadership October14-15

MN Valley Business • SEPTEMBER 2022 • 39 WHY JOIN GREATER MANKATO April 2018 greatermankato.com/join April 2018 EXPOSUREEXCLUSIVEMEMBERBENEFITS Build your Brand; grow your business. Stand out and get noticed! NETWORKING It’s not just know, it’s who knows YOU Networking IS Powerful. RETENTIONTALENT Keep your employees engaged and retained with access to our member only events and programs. Raise your reputation by belonging. Research shows that businesses who belong to a chamber of commerce are more successful. BE IN THE KNOW Receive our member only emails making you the ﬁrst to know the latest news. SHAPE COMMUNITYYOUR Your investment helps us continue to build the best environment for your business and its employees. TW st W ou k REFERRALS We only refer member businesses. Word of mouth and direct referrals come from being a valued member of GMG. CREDIBILITY Gain access to Member Exclusive Content to help grow yourccesbusiness. LEARNING greatermankato.com/join Sarah Adams, Minnesota Valley Federal Credit Union George Alaniz, Mayo Clinic Health System Jessica Anderson, Blue Earth County Chad Berger, Navitor Special Products Jen Besel, Minnesota State University, Mankato Jessica Blais, APX Construction Group Samantha Boeck, ISG Eric Boelter, Community Bank Sam Brockshus, ISG Anna Brown, City of North Mankato Ben Buie, Crystal Valley Cooperative Courtney Conroy, Minnesota State University, Mankato Dustin Deutsch, Carlson-Tillisch Eye Clinic Michael Donnay, Rice Companies Laura Doyen, Birkholz Law Jennifer Fleming, Orthopaedic & Fracture Clinic Julie Freid, Capstone/Coughlan Companies Chelsea Germo, BENCO Electric Cooperative William Hanson, Eide Bailly Jacob Hogan, Dotson Iron Castings Jacob Jaeger, BankVista Jonathan Janssen, Gislason & Hunter, LLP Brittany Johnson, Schmidt Siding & Windows Virginia Jordan, Travel Tags/Card Fulﬁllment Services Jill Koehler, First National Bank Minnesota Taylor Kohn, Mankato Clinic Jessica Kube, Mankato Clinic Jessica Linde, Morken Eckberg Steiner, LLC Julie Lux, MRCI Sara Maslakow, Abdo Jolene McLaughlin, Ripple Acupuncture and Wellness LLC Jared Mueller, Knutson Construction Jean Noren, Gustavus Adolphus College Jenny Nundahl, Consolidated Communications Brandon Plombon, Pioneer Bank Cody Rolo , Ameristar Manufacturing Cindy Rutherford, MEI Megan Schwanz, Abdo Jen Wunderlich, VINE Faith in Action Brian Yingst, South Central College Welc e CLASS OF 2022 - 2023

The Mankato Marathon, presented by Mayo Clinic Health System, is the boldest race in the Midwest, showcasing dynamic courses and determined runners. This year, the Marathon will feature new courses for the Full and Half Marathon, as well as many new runner experiences along the courses: Mile 22 Dance Party, mini celebrations at each exchange zone for relaty runners, and Maverick Mile, which will include the Maverick Marching Band. Besides the scenic courses, Mankato Marathon offers various volunteer opportunities for individuals and groups. To learn more and to sign up, please reach out to Joy Leaflbad at jleafblad@vistimankatomn.commankatomarathon.com

full-day sessions

For 40 years, the Greater Mankato Leadership Institute has been the premier leadership development program in the The program takes place over the course of nine and consists to two each month from September to May.

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MN Valley Business • SEPTEMBER 2022 • 41 ACADEMIC PROGRAMS Accounting • Master of Accounting (MAcc online) • 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 • Master of Business Administration (MBA online) • Bachelor of Business Administration (BBA online) • Minor in Business Administration Business Law • Minor in Business Law Finance • Bachelor of Science in Finance » Emphasis in Financial Planning » Emphasis in General Finance » Emphasis in Analytical Finance • Certificate in Business Analytics • 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 Human Resources » Emphasis in Business Management • Minor in Human Resources • Minor in Entrepreneurship & Innovation • Certificate in Integrated Business Experience Marketing • Bachelor of Science in Marketing • Minor in Marketing The clear business school choice for real-world learning REAL-WORLD EXPERIENCES Recognized Student Organizations • More than 15 to choose from United Prairie Bank Integrated Business Experience Big Ideas Challenge Study Abroad and Away Opportunities • New York Study Tour • Belize Fair Trade Study Abroad • The European Experience Maverick Student Investment Fund Various Business Competitions Richard and Mary Schmitz Food Entrepreneur Lecture Series Daryl and Karyl Henze Student Ag Innovators Leadership Program Stangler Internship Initiative Wall Street Journal Program Meet the Firms Event Global Entrepreneurship Week COB Learning Communities Student Engagement Fair MBA Executive Seminar (for MBA Networkingstudents) and Mock-Interview events 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_06-22 Follow the COB LEARN MORE AT COB.MNSU.EDU

MN Valley Business • SEPTEMBER 2022 • 42 Extraordinary Experience something ARCHITECTS ENGINEERSSCIENTISTS SURVEYORS Widseth.comMankato | 507-519-3700 Rochester | 507-292-8743 Our 200+ professionals span nine of ces, embody 15 unique yet integrated disciplines, and are committed every day to giving our clients an EXTRAORDINARY EXPERIENCE. Rochester Community & Technical College | Rochester, Minnesota