Minnesota Valley Business by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley Januar y 2022

Jim Lewis of Ameriprise Financial Services. Photo by Pat Christman

Get a plan Financial tips for business owners Also in this issue • MATHNASIUM OF MANKATO • RED WING SHOE STORE • BEST OF WINNERS FROM MANKATO MAGAZINE

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F E A T U R E S Januar y 2022 • Volume 14, Issue 4

From tracking income and expenditures, to picking retirement and health care plans, business owners have plenty of financial decisions to make.

Pam Orth, manager of the Red Wing shoe store in Mankato, says people looking for quality work boots have a deep dedication to the brand.

Some of the winners from Mankato Magazine’s “Best Of” competition are featured, including Krusty’s Donuts, Fur’s-A Flyin’ and Sota Sisters Boutique.

Since opening Mathnasium in 2008 Mayuree Tanawongsuwan and Rick Sartell say it’s been more rewarding than they could have imagined.

MN Valley Business • JANUARY 2022 • 3

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JANUARY 2022 • VOLUME 14, ISSUE 4

By Joe Spear

PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear ASSOCIATE EDITOR Tim Krohn COPY EDITOR Kathy Vos CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Dean Swanson Jane Turpin Moore PHOTOGRAPHER Pat Christman COVER PHOTO Pat Christman PAGE DESIGNER Christina Sankey ADVERTISING Danny Creel Sales Jordan Greer-Friesz Josh Zimmerman Theresa Haefner Tim Keech ADVERTISING Barb Wass ASSISTANT ADVERTISING Christina Sankey DESIGNERS CIRCULATION Justin Niles DIRECTOR For editorial inquiries, call Tim Krohn at 507-344-6383. For advertising, call 344-6364, or e-mail advertising@mankatofreepress.com. MN Valley Business is published by The Free Press Media monthly at 418 South 2nd Street Mankato MN 56001.

■ Local Business memos/ Company news.....................................5 ■ Business Commentary.........................6 ■ MRCI....................................................8 ■ Business and Industry trends..........22 ■ Retail trends.....................................23 ■ Agriculture Outlook..........................24 ■ Agribusiness trends...........................25 ■ Construction, real estate trends.....26 ■ Gas trends........................................27 ■ Stocks...............................................27 ■ Minnesota Business updates............28 ■ Job trends.........................................28 ■ Schmidt Foundation.........................30 ■ Greater Mankato Growth..................32 ■ Greater Mankato Growth Member Activities ............................35

From the editor

Year in review: Business comeback was significant

t was hard to find a downside to the Mankato area economy in 2021 even as the business shutdown – outdoor only patio dining in January – lingered into the first part of the year. Businesses began opening up. Students began coming back to school and playing high school sports. Consumers entertained going out and spending money at stores and online with zeal. Some headlines of the past year tell the story. Some businesses took advantage of the downtime. The Free Press headline for Jan. 1, 2021: “Hilton Garden Inn undergoing $3.3M renovation while pandemic ravages revenues.” “Despite little occupancy in the Hilton Garden Inn this year and after some sticker shock over the price tag on a renovation, Curt Fisher still decided to move ahead with a total restoration of the downtown hotel.” Fisher invested $3 million in the expansion. When restaurants and bars were able to open again on Jan. 11 after being closed midNovember, people were happy to spend money. From a Free Press stor y published Jan. 11: “Joann Brauch and Peggy Wibstad, digging into eggs, hash browns and all the sides at Happy Chef Monday morning were happy to be able to get together — especially to get out of the house. “I’m glad they’re open. It gets tiring being home so much,” Wibstad said. It was also time to check on the five-year anniversary of the Madelia downtown fire and how merchants were faring. Our story published on Jan. 31: “Amid pandemic, Madelia stays strong on fifth anniversary of fire”

4 • JANUARY 2022 • MN Valley Business

The story details how many merchants conceded how tough business was during the shutdown, but reported no businesses permanently closed. And unlike other places, almost every commercial space in the small downtown was filled. “We have four new businesses interested in Madelia. We have one downtown building that’s open, and one of the new businesses is looking at that building,” Chamber Executive Director Karla Angus told The Free Press in January. And while we learned in February the famous fast food restaurant Popeye’s Louisiana Kitchen was not coming to Mankato, several other developments were planned, including a new bar on South Front Street, an expansion of Johnson Outdoors manufacturing facility, a new liquor store coming to Madison Avenue, and the MoonDogs adding new outfield suites. And business was not a problem for gun dealers, but supply was. Another February headline: “Inundated by demand, area gun dealers struggle to get inventory.” Consumers were going to have to wait and pay higher prices for handguns and ammunition. From our story: “The 77-yearold Ahlman’s Guns in Morristown — the largest gun shop in the state — still has a good inventory of used long guns and some other firearms, but it finds itself in the rare position of having little in the way of handguns, ammo and some other popular firearms.” The state rolled back more COVID restrictions in March. People were able to gather in groups of up to 50 people outdoors and 15 indoors, while indoor capacity at bars and

restaurants increased to 75 percent. Bar seating increased to parties of four. Capacity limits also went up at fitness centers — up to 50 percent — and entertainment venues — 50 percent, with a limit of 250 people. By April, the home market was heating up: “Inventory is lower and the demand is high. We’re finding multiple of fers on many properties, and they’re going well above asking price, sometimes $10,000, $15,000, $20,000 above,” said Jen True of True Real Estate in early April. A major real estate transaction took place when Loyola bought its campus and athletic facilities on the Good Counsel Hill and the School Sisters of Notre Dame planned to sell the rest of the property, including some below the hill for housing on the North End. The Freyberg family broke ground on a sprawling truck and travel center in April.

By April, job growth was exceeding the previous year by 9 percent. In May, Bomgaars Supply, a farm and ranch chain based in Sioux City, Iowa, announced it would be opening its largest store in the former Gander Mountain and Gordmans buildings on the east side of Mankato. In June the North Mankato City Council approved selling nearly $11.4 million in general obligation bonds to fund street projects and up to $9 million for upgrades to Caswell Park. In July, River Hills Mall got a new owner. New York investment group Kohan Retail Investment Group, based in Great Neck, New York, bought River Hills and has plans for var ying alternative uses that will be mixed with traditional retail. By August an extreme worker shortage was hitting retail and manufacturing alike. Lindsay Windows in North Mankato was offering $1,500 signing bonuses

and was still having a tough time finding workers. McDonald’s was paying $15 per hour. A major development announcement came in October when developer Mike Drummer announced plans for redevelopment of the old Shopko Building. The large building will be home to a new two-level Crooked Pint Ale House with a mezzanine overlooking a small area hockey rink. The Crooked Pint will be attached to a 500-person event space. The restaurant will also have the largest outdoor deck in southwest Minnesota. Elsewhere inside and out will be pickleball courts, golf simulators, corn hole games, ax throwing and more. Bomgaars opened a few weeks before Black Friday and the holiday shopping season was looking positive. Joe Spear is executive editor of Minnesota Valley Business. Contact him at jspear@mankatofreepress.com or 344-6382. Follow on Twitter @jfspear.

Local Business People/Company News

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Fernbrook opens in Mankato

Fernbrook Family Center, a family-owned mental health agency providing services across southeastern Minnesota has opened a new location in the Mankato area. Fernbrook has been providing services in the Greater Mankato Area for many years but has never had a physical location to call home until now. Previously, mental health sessions took place in a client’s home or out in the community. Liz Jones, administrative director of the North Mankato location, said in a press release that a new office has been a need for a while and mental health needs have continued to grow throughout the pandemic. Along with the new location, Fernbrook has recently welcomed therapist, Melissa Groskreutz, who specializes in adult outpatient therapy. She works with adults on a variety of concerns including anxiety, stress, depression, and trauma.

Ser vices offered through Fernbrook Family Center span all ages from birth to beyond retirement, and include therapy and skills training. Telephone 507-446-0431 or learn more at fernbrook.org. The office is at 342 Belgrade Ave. in North Mankato. ■■■

Oral surgery group adds partnership

U.S. Oral Surgery Management, a specialty management services company that exclusively serves oral and maxillofacial surgeons, has announced a new partnership with Southeastern Minnesota Oral & Maxillofacial Surgery, which has four locations and four doctors treating patients in Mankato, Austin, Owatonna and Rochester. Their services offer dental implant surgery, wisdom tooth removal and corrective jaw surgery. In addition, the surgeons can diagnose and treat facial pain, injuries and fractures.

USOSM provides operational, marketing and administrative support ser vices, reinvests resources, and applies best practices to improve clinical and financial performance. ■■■

Two join True

Samantha Bohnert and Tiffaney Wagner have joined True Real Estate as real estate agents. Bohnert graduated from South Central College with a degree in dental assisting and practiced for three years. However, she always knew that having a career in real estate was what she wanted to do and decided to make the change. On top of getting her real estate license, she also owns her own business creating and arranging wooden flower arrangements for weddings and other special occasions. Wagner is a Mankato native with a background in human resources and finance.

MN Valley Business • JANUARY 2022 • 5

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Business Commentary

By Dean Swanson

Track key marketing pieces of data for your small business

his past week I spoke with some small business CEOs who were expressing their frustration with being the company’s marketing person as well as everything else. So our conversation quickly moved to “what are the most important pieces of data to guide the marketing strategies?” I was able to steer them to some SCORE resources which were very helpful to the discussion. Here is a summary of some of the great suggestions that our content partners have shared. Whether you are a business owner wearing every hat in the company or an employee overseeing all of your company’s marketing efforts, you likely feel that you don’t have the resources to complete all of your goals. You make do with what you have, but you may wonder if you’re being as efficient with your resources as possible. One way to increase efficiency is to stop tracking data that isn’t helping you make strategic, purposeful choices. Some data might be entirely unique to your niche and for that reason more important. However, it’s a good idea to pick a limited number so that 1) you don’t get overwhelmed, and 2) your charts are meaningful over time. 1) Website bounce rate. When potential customers hit a landing page on your website and they aren’t immediately drawn in by what they see, they bounce. Not spending sufficient time reviewing website data analytics is a huge mistake. A high bounce rate is the strongest signal that something on your site or a specific landing page isn’t working. Any landing page with a bounce rate of 50% or higher needs an overhaul. 2) Click-through rate. Whenever an ad is displayed, this is counted as an impression. For marketing purposes, the number of impressions means something, but what

6 • JANUARY 2022 • MN Valley Business

really matters is your click-through rate (CTR). This means that not only was your ad displayed, but someone decided to click on it to see what you had to offer. If your digital ad makes 100 impressions and four of those yielded a click-through to your site, you’re doing great. Most marketers dream of a 4% CTR. 3) Percentage of completion. How many people landed on your site, immediately saw a relevant call to action (CTA), clicked on it, and completed the action? That number is the percentage of users who were actually able to set up an account, sign up for your email newsletter, or whatever your goal was. Various digital platforms offer conversion statistics baked-in, others may require your company to invest in various forms of digital marketing tools. If people are unable to complete a task online, this is something you’ll need to address. 4) Cost per acquisition. What does it cost your business to acquire one new customer? To find out, you’ll need to gather all of the costs associated with marketing for a specific amount of time. You might decide to do this by month, quarter, or year, whatever makes the most sense for you. You will also need to develop a method for tracking how many new customers your business gained during the same period. Dividing your total costs by the number of new customers gives you the Cost Per Acquisition (CPA). Since the CPA can vary widely by niche, only you can determine what’s acceptable. 5) Customer lifetime value. What is the average amount of time a customer stays with you? If you don’t know, it’s time to start tracking sales by unique customer IDs such as a “rewards member” card or similar device. Once you know how long the average customer spends frequenting your store, you can multiply that

number by the average amount spent over the lifetime of a customer to arrive at customer lifetime value (CLV). This metric will help you decide if you want to work harder to retain existing customers. 6) Number and type of comments/questions. If the digital space you’ve chosen offers the ability to like, share, and comment, pay careful attention to these features. You can learn a lot simply by reading and responding to comments. This sends a positive message, namely that you care what people think. You may also be surprised to pick up solid tips from people who don’t think as you do. Things about your products and services that seem “obvious” to you may not be to others. 7) Your time. If you have yet to adopt the practice of time-blocking, start today. Many business owners make the unconscious mistake of viewing their time as “free” in terms of monetary value. With respect to marketing, you might think you’re spending five or fewer hours per week on those tasks. Blocking off your time may reveal that you spend less than that or (more often) that you actually spend a lot more. Either way, tracking your marketing-related time on the job will help you know when the time is at hand to hire another staff member or outsource.

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

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Enriching Lives On The Job

Adam Touches Lives at Pub 500

“Oh my gosh, I love Adam. He always wants to do a good job and really cares. He also can always tell you what year the song came out that is playing overhead,” says Hannah. “Adam is one of the most genuinely nice people I’ve ever met. He always asks what we need to make sure he is doing a good job here,” says Alli. These are the comments from crew members at Pub 500 when asked about their co worker Adam Blanchette. In short, they say, Adam is fantastic in so many ways! “Adam is a fun upbeat person that really wants to do a good job here,” says owner Tom Frederick. “We appreciate having him here to enrich our lives.” He has been at Pub 500 for four years. He serves as dishwasher and whatever else is needed in the kitchen. He also serves as a great employee. “Adam has been working with us since 2017 and from the very beginning he has been a positive force in our kitchen,” says Pub 500 manager Peter Whitehouse. “He always has a smile and a joke for everyone and reminds us that ‘being really busy makes the time go by quicker.’ Adam even calls in when he sees there is an event nearby to see if we’d like him to come in early or on one of his days off. MRCI has always found us workers with dedication and great work ethics, and Adam is no exception!” From Adam’s perspective, he is the lucky one, and loves the environment Pub 500 has built around him. “I love working at Pub 500 and working with my coworkers because they are so friendly and helpful,” says Adam.

About MRCI

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

8 • JANUARY 2022 • MN Valley Business

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Jim Lewis, a certified financial planner with Ameriprise Financial Services, says Health Savings Accounts have grown in popularity.

Financial planning

Business owners have a variety of decisions to make By Tim Krohn | Photos by Pat Christman

axes, money in, money out, budgeting, retirement planning. They’re issues everyone needs to pay attention to and while there are some universal rules, small business owners have some additional considerations when planning for the year ahead. “The first thing is to make sure you have a system in place to track your income and expenses,” said

Ryan McKeown, senior vice president at Wealth Enhancement Group. “For some individuals and businesses, this means having a budget and tracking actual income and expenses to see how close they are tracking to that budget. “Even if you don’t have a budget, it is important to track income and expenses so you can be mindful of where your money is coming and going,” McKeown

Cover Story

10 • JANUARY 2022 • MN Valley Business

Ryan McKeown is senior vice president at Wealth Enhancement Group. said. Jim Lewis, a certified financial planner with Ameriprise Financial Services, said clients who own a business are often focused on trying to minimize their tax liability. While beginning to plan for that early in the year is important, many decisions come toward the end of the year. “I typically encourage business owners working to minimizing their tax liabilities to defer income into the next year and accelerate deductions for the current year. They’re lowering their income this year and getting more expenses pushed into the next year, thus lower tax liability.” But Lewis said strategies may change if there is new legislation that increases taxes to business owners. “Then you might want to pull income into the current year at the current tax rate and defer deductions to next year.” McKeown said tracking income and expenses starting early in the

year is helpful later in the year when reviewing whether or not to perform different tax strategies. “There are many online programs like Quicken or Mint that may be helpful. Sometimes a simple spreadsheet that you add to month by month works, too. Everyone is different in how they accomplish this, just make sure this is getting done regardless of how you do it.” McKeown said business owners in a higher tax bracket should check how far into the higher bracket they are to see if they can reduce that year’s income enough to drop to a lower bracket. “That might be buying some equipment or some supplies, adding money to a retirement plan, maybe giving higher bonuses to employees, which lowers the taxes and may help retain employees.” Donating to charity can also help. “Donor-advised funds is what I like to use,” McKeown said. Cash or stocks put into the

donor-advised fund allows you to deduct the first year for taxes but the money stays in the account and is given out over a few years. “So if you have a higher income year, you can put money in the account and you instruct your fund to send money out to various charities that you pick when you want it to go out,” McKeown said. Other early-year considerations include to start setting aside reserve funds for major expenses such as estimated tax payments and capital expenditures. “It is much easier to plan ahead to make sure you are ready for these items instead of scrambling at the last minute to make these payments or potentially having to unnecessarily borrow funds to do so,” McKeown said.

Retirement planning

Lewis said business owners can always max out their contributions to retirement plans. “It’s a smart plan to build their retirement and reduce taxes.” For a 401(k), those under age 50 can

MN Valley Business • JANUARY 2022 • 11

“Generally, companies with more than 50 employees will go the 401(k) route, while under 50 employees, they’ll use a simple IRA plan, which is easy,” Lewis said. contribute up to $19,500 annually and for those over 50 there’s a catch-up provision that allows a $26,000 contribution.” Whether a business owner is making contributions to their IRAs, Roth IRAs or 401(k)s, starting those contributions early in the year makes it easier to hit the annual maximums. “It is much easier to maximize the contributions to each of these accounts when starting earlier each year,” McKeown said. When it comes to creating retirement plans for employees, there are a number of choices. “There are a variety of retirement plans available to businesses. Which one to use often depends on the number of employees, desired contribution amount (by the employer), the longevity of their employees,” Lewis said. “Generally, companies with more than 50 employees will go the 401(k) route, while under 50 employees, they’ll use a simple IRA plan, which is easy,” Lewis said.

Health plans

Picking health plans, for the business owners and for their employees, also brings a variety of options. “I’m seeing more and more health savings accounts. Those are huge,” Lewis said. He and McKeown said that as traditional health insurance plan costs rise, more smaller businesses are moving away from traditional health insurance plans where the insurance company generally pays 80% and the patient pays 20% of health care costs. That means business owners

12 • JANUARY 2022 • MN Valley Business

and their employees often have higher deductible plans. That’s where having a health savings account helps. “Contributions are tax deductible and the disbursements are tax free for qualified expenses,” Lewis said. And for business owners and employees who are closer to retirement, the HSA can be carried into retirement. “The HSA should be viewed as a retirement account,” McKeown said. “Retirees can use it for health expenses with no taxes.” They can even use the HSA funds for things other than health expenses, but then the money will be taxed.

Pandemic assistance helped

McKeown said the various federal and state assistance plans rolled out during the pandemic have helped businesses. “The pandemic has definitely affected each business a little different, but between the PPP loans and the Employee Retention Credit, it definitely put businesses on a better footing and allowed them to continue investing in their business and offset the talent and supply chain and inflation issues. And it definitely helped with cash flow for restaurants and businesses that had to shut down.” He said the American Rescue Plan also provided additional child tax credits this year and increased subsidies for health insurance in Minnesota for policies purchased through MnSure. MV

Ryan McKeown says setting up a system to track income and expenses should be done early in the year and routinely tracked.

MN Valley Business • JANUARY 2022 • 13

Pam Orth has managed the Mankato Red Wing store for 14 years.

Red Wing flies

Quality, service keep store popular By Jane Turpin Moore Photos by Pat Christman

S.B. Foot Tanning Company.” uality, endurance and heritage. Red Wing is a brand name familiar to Customers seeking those nearly everyone; it was founded in the characteristics in footwear are eponymous town in bound to find what 1905 and has been they’re looking for at turning out boots and Red Wing. shoes ever since. “Our products The company is best withstand the test of RED WING known for its work time and they look SHOE STORE boots, and Orth confirms great,” said Pam Orth, 1310 Madison Ave., Mankato the 14-year manager of that such products are a 507-388-7958 Mankato’s Red Wing primary part of their store located at 1310 business. Facebook: Red Wing Shoes Madison Ave. “We mostly offer (Mankato, MN) “And all the leather in safety-toe and work our boots is tanned in Red Wing, Minn., by footwear, with safety-toe being

Spotlight

14 • JANUARY 2022 • MN Valley Business

predominant,” said Orth. “Almost every [construction and manufacturing] company in town has a contract with us because they want their employees in our boots and are willing to pay for them,” she added. “That’s a great testament to Red Wing’s quality.” But Red Wing’s wing span stretches well beyond work footwear. “We also have great socks, slippers, leather wallets, work gloves, insoles and care products to extend the life of your boots,” said Orth. Last month, the local Red Wing gained a state-of-the-art means of getting customers’ feet in exactly the right product. “It’s called UFX for ‘Ultimate Foot Experience,’ and it uses 3D imaging and pressure-movement mapping to match your personal foot dimensions to the perfect boot, insole and sock for you,” Orth explained. Available to all customers, UFX elevates the old shoe store fitting experience and provides nextlevel assurance that the product purchased will be a literal perfect match. “We’ve partnered with a company called Superfeet that sponsors this high-tech machine,” said Orth. And, Orth assures, Red Wing produces boots in a broad range of widths and sizes. “If you have an odd-shaped foot, this is the store to come to,” she said. Another notable development is that Red Wing of Mankato was completely remodeled last fall. “The store is basically brandnew,” said Orth, mentioning the addition of an accessible bathroom, among other improvements. “There’s polished concrete and the whole place has an industrial chic, contemporary look.”

A big fan

Lifelong Red Wing customers like Pat McGowan of Mankato might not even notice the changes, but remodel or not, McGowan’s loyalty to Red Wing is unswerving. “I buy boots the way some

The Mankato Red Wing store recently got a complete renovation and upgrade. women buy shoes,” laughed McGowan, a 40-something foreman with Holtmeier Construction, Inc. McGowan has worked in the construction business since the day he turned 18. “You couldn’t pay me to go to work without my [steel-toed] boots,” he said. Besides being a fan of the openair work life, McGowan is a major Red Wing devotee. “I crush rock for a living,” McGowan said, explaining that each and every one of his work days involves him being hard on his boots. “My job is all outdoors, and some days are better than others,” he continued. “Sometimes the mud is six inches deep and some days it’s the dust that’s an inch deep. “I rely on my boots as much as I rely on my hardhat, gloves and heavy jeans.” McGowan admits to having tried other brands in the past, but those experiences served only to solidify his devotion to Red Wing. “Some of those pairs lasted only seven days,” he said of alternative brands. Although Red Wing products are known for their longevity, with the daily challenges McGowan throws at them he ends up buying two to three pairs a year. “They know what I want when I call, and they get it for me,” said McGowan. “It’s usually a quick

conversation; ‘Hey, Pam, this is Pat. I need another pair of boots.’ Nine times out of 10 they’re in stock, and if they aren’t, they get ‘em for me in a couple of days.” Orth strives for that level of customer service every time. “Our philosophy is ‘Customer Wow,’” said Orth. “We want to give you such a great experience that when you walk out the door you’re saying, ‘Wow.’” Orth doesn’t just sell Red Wing products; she, like McGowan, is another true believer. “I wear Red Wings every day and I probably have 30 to 40 pairs,” said Orth. “It’s hard to say no. They’re unbelievably comfortable, and I’ve always been attracted to quality.” Orth favors Red Wing’s Heritage line boots, which are 100% American-made and quite popular with young fashionforward folks. “The Heritage boots are handmade in Red Wing and are more fashion-focused,” said Orth. While she sometimes sees casual shoppers stop in to peruse the inventory, Orth says Red Wing is a “destination store.” “For most people, when they come in, they’re ready to buy,” she said. “These products sell themselves. In other words, if the Red Wing fits, people wear it. MV

MN Valley Business • JANUARY 2022 • 15

MN Valley Business is running some of the

“Best of 2021” businesses and people

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

FOOD & DRINK

PEOPLE

PERSONAL CARE

PROFESSIONAL SERVICES

BEST SHOPPING

From left, Josie Cockrell, Tina Dickell and Lisal Lillo at Fur’s A Flyin’.

BEST PET GROOMER FUR’S A FLYIN’:

Pawsome groomer

t Fur’s A Flyin’, 1522 N. Riverfront Drive, they operate with a simple mantra: Treat every pet like it’s their own. “Sometimes it isn’t about what the end result looks like, but how we can accomplish the result while minimizing the stress that animals can sometimes experience during grooming,” said owner Tina Dickel. “We really strive to go the extra mile to ensure our pet owners and pets themselves have the best possible experience.” Dickel has owned the business for 16 years, and this isn’t her first time winning the Best of Mankato’s pet grooming category. She said she’s been humbled by the support and loyalty of her customers, especially during a time when many businesses closed or saw revenues plummet.

16 • JANUARY 2022 • MN Valley Business

That loyalty has led to the achievement of a major goal: owning her own free-standing building to house the business. They recently purchased the former American Red Cross building. The facility will double their space. One of the things they learned during COVID was that, when social distancing requirements forced them to spread out, it was a calmer environment for the animals. They’ll soon have a more spacious reception area and could possibly add more amenities down the road, such as comfort suites for pets staying on site for several hours. “We are so excited that we are still here and have been given the opportunity to own our own space, which has been a dream since day one,” Dickel says. “To all the Fur’s-AFlyin’ fans, thank you. The best is yet to come.”

BEST BAKERY/ DONUT SHOP KRUSTY’S DONUTS:

Variety guarantees grins

ith its bright décor and marquee “DONUT” sign, Krusty’s Donuts’ interior seduces customers before they even reach the bakery case. “A lot of our audience happens to be kids,” said manager Izzy Walker, “and the colors are pretty exciting and make you want to smile.” The taste and sheer variety of Krusty’s Donuts are guaranteed to generate grins. “Besides donuts, we have cinnamon rolls, apple fritters and Bismarks,” said Walker. Donut options start with delectable glazed and expand from there. Flavored frostings — strawberry, blueberry, banana and even coffee — are a Krusty’s hallmark, as is their daily cereal-theme donut. “There are multiple ones,” said Walker, listing Cinnamon Toast Crunch, Froot Loops and Fruity Pebbles as a few.

Maddie Hawker of Krusty’s Donuts. The shop’s maple-frosted donut topped with bacon strips is one Walker said customers are wild about; the Oreo and Butterfingerbedecked donuts are also popular. Owned by Mankato restaurateurs Steve and Dani Wegman, Krusty’s Donuts, opened in January 2020 at 1600 Warren St. “We had a few months of regular business before COVID-19 hit,” Walker said. Despite a temporary reduction in days of operation, Krusty’s weathered the pandemic storm and reopened

full force, seven days a week, in May. Adding to the attraction: From 11 a.m. to 5 p.m., customers get three donuts for the price of two, and after 5 p.m., all donuts are $1 apiece. What’s not to love? “There’s something here for everyone’s taste,” Walker said. “And donuts are the perfect way to show appreciation for nurses, teachers, bus drivers, anyone — everyone loves donuts.”

BEST WOMEN’S CLOTHING STORE SOTA SISTERS BOUTIQUE:

Something for everyone

wner Amber Bannerman opened Sota Sisters Boutique, 1754 Commerce Drive in North Mankato, a few short months before the pandemic hit. “It was scary but it just always felt like everything was going to be OK,” said Bannerman. There was a lot of hard work, hope and faith in moving forward, said Bannerman. The boutique also goes live on Facebook and posts new arrivals on Instagram (@sotasistersboutique). Sota Sisters Boutique learned to adapt during the pandemic and offered free local shipping, curbside assistance and store pick ups, which they’ll continue to do. “Not everyone feels comfortable,” said Bannerman. “I try to accommodate or do anything that

would help people.” Sota Sisters offer unique brands from accessories to dresses, cute pants and more which the employees can help customers piece an outfit together. “We help put outfits together and one-on-one special attention,” Bannerman said. And the store’s also convenient to shop with everyone in the family from teens to grandmothers. “They can all find something — that was important to me,” Bannerman saaid. “I have such great memories with my grandma when I was a kid so I wanted to offer something for everyone — all different kinds of styles.” Amber Bannerman, owner of North Mankato’s Sota Sisters Boutique.

MN Valley Business • JANUARY 2022 • 17

Mayuree Tanawongsuwan and Rick Sartell say their Mathnaasium business in Mankato has brought them more rewards than they ever could have imagined.

Tailored learning Mathnasium adds up to success for students By Jane Turpin Moore Photos by Pat Christman

erhaps it’s a mere coincidence that Sartell, mentioning they are past owners of Mathnasium of Mankato is situated on the Coffee Klatsch and Computer Hope Street. Renaissance. But owners Mayuree With their respective Tanawongsuwan and educational backgrounds Rick Sartell find it a — Tanawongsuwan has a highly appropriate bachelor’s degree in address nevertheless. accounting and a master’s MATHNASIUM “Our mission and vision in business with an 521 Hope St., Mankato are about changing lives emphasis in math, while mathnasium.com/mankato through math,” said Sartell holds a master’s in 507-345-3276 Sartell. business with emphases The married couple in math and marketing — opened the local their entrepreneurial Mathnasium in 2008 after having previously preferences seem natural. put their collective business skills to use in It was, however, a matter of personal other pursuits. motivation that led them to Mathnasium, a “We’ve lived in Mankato for 27 years,” said math-only learning center franchise that

Feature

18 • JANUARY 2022 • MN Valley Business

Mathnasium instructor Michael Schaefer helps Emily Duffey with her math during a session. uses a unique assessment process to determine what each student needs to enable future math success. “We had two boys and Mayuree wanted to teach them better math skills,” said Sartell. “Mathnasium seemed a perfect fit for us and for Mankato.” If their sons Thai and Talay — a Mankato West high school senior and sophomore, respectively — are any indication, Mathnasium and the teaching methods Tanawongsuwan implements really work. “They are both excellent math students, and I wanted them to grow up learning math well so they could go further in life,” said Tanawongsuwan, a native of Thailand who prizes education and is motivated to help not only her own children but also others succeed. Sartell, originally from central Minnesota, met Tanawongsuwan when both were studying at St. Cloud State University. He praises his wife — Mathnasium’s director — for the manner in which she drills down to discover where

kids need to focus to build a solid math foundation. “The first thing we do when a student comes to us is an assessment,” said Sartell. “And Mayuree looks at those assessments the way doctors view X-rays or MRIs. “On average, students stay with us for about two years. Once they start, they love it because they — and their parents and teachers — see the results.”

Methodology for math learning

Sartell explains that about 70% of the students they instruct arrive at Mathnasium one to two years behind grade level in math skills; roughly 30% are on track or even ahead in math, possibly gunning for admission to toprated colleges or universities. Joining Sar tell and Tanawongsuwan in instructional efforts are about a dozen parttime instructors, mostly college or graduate students and retired teachers. “Our students get one-on-one time with an instructor while

working in small groups of three or four,” said Sartell. Sessions last an hour to an hour and a half, depending on students’ ages and grade levels, and they visit Mathnasium two to three times weekly. “Learning math is always about building from the bottom up,” said Tanawongsuwan. “Sometimes a child doesn’t have a strong foundation, and it gets harder and harder to grasp the next concept because they don’t understand what came before it.” Added Sartell, “We see a lot of parents who say their child in third, fourth or fifth grade is struggling with multiplication and division, but the problem is they really didn’t learn how to add and subtract.” Using mental, written, verbal, tactile and visual tactics, plus good old-fashioned pencil and paper, Mathnasium instructors meet each student where they are and strive to identify which learning methods match. “Every student is so different,” said Sartell.

MN Valley Business • JANUARY 2022 • 19

The investment of time and money may seem like a lot to some families, but Tanawongsuwan assures that establishing solid math skills is eventually terrifically freeing. “In the school system, math is typically one of the harder subjects,” said Tanawongsuwan. She notes that students who get help for any existing math deficiencies are then able to fully participate in sports, music and other extracurricular offerings of high school, with the freedom to look ahead to their next step in life rather than having the millstone of “trouble with math” hanging around their necks. Sartell and Tanawongsuwan do not fault teachers and the public school system for such deficiencies; rather, they recognize that with classes of 20 to 30 students, teachers must teach to the group and keep advancing, making it hard to provide the individualized attention Mathnasium is able to give. “With COVID and remote learning in the past two years,

we’ve been busier than ever because there are so many kids trying to catch up,” said Sartell. “Teachers are really stressed.” Tanawongsuwan communicates with many local teachers, who regularly refer students to her for Mathnasium assistance. “Mayuree has created unbelievable relationships since 2008 with teachers,” said Sartell. “Teachers have a lot to do and can’t work with every student one-on-on for an hour to an hour and a half at a time the way we can.” Tanawongsuwan agrees. “It’s a team effort among the students, parents, teachers and Mathnasium,” she said.

Satisfied customers

There’s no need to take their word for Mathnasium’s effectiveness, however. Parents like Missi Dockham and Melissa Garbes are more than sold on the concept. Over the past four years, Dockham has chosen to involve all three of her children in Mathnasium at various points.

20 • JANUARY 2022 • MN Valley Business

“My journey started when our youngest was in fourth grade and his standardized math test scores were really, really low and getting lower every year,” said Dockham of Mankato. “That’s not at all what a parent wants.” When Dockham first consulted with Tanawongsuwan, she was hardly encouraged; the Mathnasium director told her exactly where her son’s math skills stood and what it would take for him to improve. “I was honestly ver y discouraged and disappointed by her response,” said Dockham. “It was just so disheartening to hear that message about his skills and performance. “But she was unwavering in saying, ‘It’s not about catching up, it’s about learning,’ and I really appreciated that she didn’t make empty promises or give me a oneand-done approach.” After two years of consistent Mathnasium attendance, Dockham’s son had raised his standardized math performance by over 30%, a figure that amazed

and delighted the Dockham family. “Beyond his improved test scores was that he had an increased attention span and was so proud that he knew he could do it,” said Dockham, who ended up enrolling her older two kids in Mathnasium, too. “They create a specialized curriculum for each kid that isn’t cookie cutter but responds directly to where they each need to grow, learn and be challenged.” For instance, one of Dockham’s older children was an advanced student who credits Mathnasium for “filling in gaps in certain pockets of knowledge.” Garbes says her youngest child was “already lost in math” in elementar y school, and his challenges were starting to become a point of contention and conflict within their household. “Math is taught differently than it was 30 years ago, I’m not a math person and we just couldn’t help him ourselves,” said Garbes. “Mathnasium tested him, found his starting point and helped him work his way up to where he

needed to be.” Garbes said her child responds favorably to the instructors, who he has found very relatable. “He went from barely passing to getting an A- in math last semester,” said Garbes. “Mathnasium has really built his confidence.” Dockham feels good about the investment her family has made in Mathnasium instruction. “The dividends will pay off later in life,” said Dockham. And while she at first found it hard to like Tanawongsuwan due to the tough message she was delivering about Dockham’s child, Dockham has a completely different opinion today. “Mayuree is literally one of my favorite people in the world,” said Dockham. “She works hard for the kids and treats them all as individuals.”

Blue ribbons for all

They may not have realized its full potential at the outset, but Sartell and Tanawongsuwan have found Mathnasium to be an extremely rewarding business for

EXCELLENCE

them on many levels. Said Tanawongsuwan. “The majority of our families are twoearner households but one thing they all have in common is prioritizing their kids’ education. “That makes it fun to work with them, and it’s always rewarding to see how we can help a child reach a different level of competence and confidence.” Sartell says one college student who was a Mathnasium instructor for eight years loved the work so much that he changed his major and today owns his own Mathnasium center in St. Cloud. “Seeing the positive relationship the kids and instructors develop is great, and hearing parents say, ‘They are so confident now, and all their other grades are going up too,’ is very rewarding,” said Sartell. “When you can see the kind of difference you are making for kids and families, it’s phenomenal.” MV

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blethenberens.com • Mankato 507-345-1166 | New Ulm 507-233-3900 MN Valley Business • JANUARY 2022 • 21

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Business and Industry Trends ■

Energy U.S. coal stockpiles lowest since 1978

Coal stockpiles at U.S. electric power plants totaled 80 million tons at the end of September, the lowest monthly level since March 1978. As U.S. coal plants have retired and remaining plants are used less, the country’s total coal stockpiles have declined. In addition, increased electricity generation by coal plants during the summer of 2021 also reduced coal inventories. In the United States, coal consumption by power plants typically follows the seasonal pattern of electricity generation; most coal consumption occurs during the summer and winter months. Because power plants consume more coal during the warm summer months and the cold winter months, coal stocks at power plants often reach lows during the spring and fall when temperatures are milder. U.S. coal power plants generally stockpile much more coal than they consume in a month. Physical delivery constraints in the supply chain limit how quickly coal plants can increase their stockpiles. Because of less coal consumption as well as coal capacity retirements over the past three years, the days of burn of U.S. coal remain within the typical range, even though total stocks are low. Given the long-term trend of declining coal consumption, many U.S. mines have begun to close. Reduced production capacity and supply chain disruptions have created some concerns about the ability of coalfired generators to replenish stockpiles to last through the winter.

22 • JANUARY 2022 • MN Valley Business

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

1,057 1,003

1200 900

Wind, solar capacity up

Planned additions to U.S. wind and solar capacity in 2021 and 2022 increase electricity generation from those sources. We estimate that the U.S. electric power sector added 14.6 gigawatts (GW) of new wind capacity in 2020. We expect 17.2 GW of new wind capacity will come online in 2021 and 7.1 GW in 2022. Utility-scale solar capacity rose by an estimated 10.4 GW in 2020. Our forecast for added utility-scale solar capacity is 16.2 GW for 2021 and 20.9 GW for 2022. We expect significant solar capacity additions in Texas during the forecast period. In addition, in 2020, small-scale solar capacity (systems less than 1 megawatt) increased by 4.4 GW to 27.6 GW. In particular, Texas and Florida had large increases of smallscale solar capacity in 2020. We project that small-scale solar capacity will grow by 5.1 GW in 2021 and by 5.0 GW in 2022.

CO2 emissions up 1% in ’22

U.S. energy-related carbon dioxide (CO2) emissions decreased by 11% in 2020 as a result of less energy consumption due to reduced economic activity and to end user responses to the COVID-19 pandemic. For 2021, we forecast energy-related CO2 emissions will increase about 7% from 2020 as economic activity increases and leads to rising energy use. We expect a 1% increase in energy-related CO2 emissions in 2022. We forecast that after declining by 19% in 2020, coal-related CO2 emissions will rise by 17% in 2021 and then fall by 3% in 2022.

Crude oil prices to hold steady

We expect Brent crude oil prices will average $71/b in December and $73/b in the first quarter of 2022. For 2022 as a whole, we expect that growth in production from OPEC+, of U.S. tight oil, and from other non-OPEC countries will outpace slowing growth in global oil consumption, especially in light of renewed concerns about COVID-19 variants. We expect Brent prices will remain near current levels in 2022, averaging $70/b.

Gas prices to fall

U.S. regular gasoline retail prices averaged $3.39 per gallon (gal) in November, a 10 cents/gal increase from October and $1.29/gal higher than in November 2020. The November monthly average was the highest since September 2014. We forecast that retail gasoline prices will average $3.13/gal in December before falling to $3.01/gal in January and $2.88/gal on average in 2022.

600 300 0

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

Sales tax collections Mankato (In thousands)

- 2020 - 2021

600

$457,939

$461,000

500 400 300 200 100 0

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2020 - 2021

70000

$50,844

$32,723

52500 35000 17500 0

Source: City of Mankato

Mankato food and beverage tax - 2020 - 2021 175000 140000

$55,679 $70,904

105000 70000 35000 0

Source: City of Mankato

C. Sankey

MN Valley Business • JANUARY 2022 • 23

■

Agricultural Outlook

By Kent Thiesse

Ag industr y impacts of infrastructure bills

s farm operators were completing harvest and fall fieldwork in 2021, one key piece of legislation was approved by Congress and signed into law that could greatly impact the agriculture industry and rural communities for years to come. After months of negotiation, the Federal “Infrastructure Investment and Jobs Act,” or so-called “Bipartisan Infrastructure Framework,” was passed by Congress and signed into law by President Biden. In November, the U.S. House passed the $1.75 Trillion “Build Back Better” (BBB) Act that addresses funding for several potential climate change and social programs and could also have an impact on future farming practices. (The BBB Act was still being debated and considered in the Senate as this article was written.) Following is a brief summary of both the BIF and BBB pieces of legislation as they relate to programs and funding that may impact farmers and the agriculture industry. Highlights of provisions in the BIF legislation that was passed: The Bipartisan Infrastructure Framework provides $1.2 trillion in funding for basic infrastructure projects. This includes approximately $550 billion in new spending, with the remaining $650 billion being for pre-allocated funding targeted toward highway projects and other projects that were already scheduled. Following is a breakdown of some of the provisions for the new funding in the BIF legislation: n $284 billion, or 52 percent of the new funding, will be allocated for surface transportation. n $110 billion for roads and bridges. The federal government estimates that 173,000 miles of highways and major roads, as well as 45,000 bridges, are in poor or failing conditions, many of which are in rural areas of the U.S. n $66 billion to expand and modernize the U.S. rail system, which can be extremely important to address freight transportation issues for farmers and the agri-business. n $17 billion dedicated toward investments and improvements in ports and waterways, which are also extremely important for keeping export

24 • JANUARY 2022 • MN Valley Business

markets open for U.S. ag products and the access of imports for ag-related inputs. There is also funding allocated for public transit, airports, surface transportation, electric vehicle chargers, and other provisions. n The remaining $266 billion (48 percent of the funding) is allocated to other core infrastructure projects. n $73 billion toward energy and power projects to improve the U.S. electrical grid. n $65 billion toward expanding and improving broadband access, especially to underserved areas, many of which are in rural areas of the U.S. n $55 billion for water infrastructure and wastewater improvement projects, which could greatly benefit many rural communities that are having difficulty funding needed improvements in aging water and waste treatment infrastructure. n There is also funding for flood mitigation projects, specialized watershed projects, and other specific programs, some of which may benefit farmers. Highlights of agriculture-related provisions in the proposed BBB legislation that passed the U.S. House: The U.S. House passed the so-called “Build Back Better” (BBB) Act in November. This proposed broad-based piece of legislation would addresses many issues across the U.S. and would boost targeted spending for climate change, renewable energy, health care, childcare, education, immigration, and other social infrastructure provisions. Portions of this legislation could have future impacts for farmers and the agriculture industry. It is estimated that approximately $82 billion was included in the House version of the BBB legislation for agriculture related spending and provisions. Following is a brief summary of some of these proposals:

n $27 billion in new conservation related funding that would be primarily targeted to help farmers increase “climate-smart” farming practices to sequester carbon and reduce greenhouse gas emissions. n $5 billion for a 5-year program to pay farmers $25 per acre to plant cover crops. n $9 billion of additional funds for the Environmental Quality Incentives Program (EQIP). n $4.1 billion for the Conservation Stewardship Program (CSP). n $7.45 billion for the Regional Conservation Partnership Program (RCPP). n $1.7 billion for the Conservation Easement Program (CEP). Most of the programs that would be funded are existing conservation programs that have currently been administered and funded through 8 the Farm Bill process. It is not clear how the proposed BBB legislation would affect current or future6 conservation programs or funding that have traditionally been included in the Farm Bill. The House4 version of the BBB bill did not reference any added provisions or additional funding for the Conservation Reserve Program (CRP). 2 n The 0 BBB legislation passed by the U.S. House M A other M Jprovisions J A Sfor OnewN D wouldJalsoF include programs and spending toward rural development programs, as well as funding for other programs that may impact farmers and rural 8 communities. 125 includes over $25 billion in new rural n This 6 development funding for rural cooperatives and 105 renewable energy development, as well as 4 grants 85 to States and local governments for renewable energy projects. 2 65

n The BBB legislation would extend the $1 per 45 0 biodiesel and renewable diesel tax credit gallon J F M A M J J A S O N D through 2026, which is projected to generate 25 F Mdollars A Min tax J credits J A for S these O N D severalJ billion industries. n The Bill also includes funds for research and development of “sustainable” aviation fuels, 125 including a new $1.25 per gallon tax credit for 105 the sale and use of these fuels, which could be a potential future growth opportunity for the 85 biofuels industry. 65

n $7 billion in funding within the legislation is 45 directed to pay off Farm Service Agency (FSA) loans to underserved farmers and ranchers, 25 J F Mearlier A MFSA J debt J relief A S provisions O N D which replaces in the American Rescue Plan, which have been challenged by several lawsuits.

Agriculture/ Agribusiness Corn prices — southern Minnesota

(dollars per bushel)

— 2020 — 2021

$5.64

2 0

$3.87

Source: USDA

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

(dollars per bushel)

$12.33

8 65 2 $10.45 4 45 0 0 J F M A M J J A S O N D 25 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Iowa-Minnesota hog prices

185 pound carcass, negotiated price, weighted average

— 2020 — 2021

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

Milk prices

25 22 19

$64.50

J A S $61.96 O N D J A S O N D J A S O N D Minimum prices, class 1 milk Dollars per hundredweight

— 2020 — 2021 25 22

$18.40

19 16

$13.63

13 10

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

Source: USDA. Based on federal milk orders. Corn and soybean prices are for rail delivery points in Southern Minnesota. Milk prices are for Upper Midwest points.

C. Sankey

MN Valley Business • JANUARY 2022 • 25

13 10

Construction/Real Estate Residential building permits Mankato

Commercial building permits Mankato

12000000

25000000

- 2020 - 2021 (in millions)

10000000 8000000 6000000

$1,684,958

20000000

$5,097,938

15000000

4000000

10000000

2000000

5000000

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

- 2020 - 2021 (in thousands)

262

300

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

$233,000

300

206

240

$212,475

240 180

180

120

0 J

Source: Realtors Association of Southern Minnesota

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

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

Housing starts: Mankato/North Mankato

— 2020 — 2021

- 2020 - 2021

5.5

4.9

4.3

3.7

3.1%

2.8% O N

Source: Freddie Mac

3.1 2.5

$1,416,247

Source: City of Mankato

Existing home sales: Mankato region

$7,950,495

8 D

Source: Cities of Mankato/North Mankato

Have Room to Grow Your Business

Call 507.344.6364

advertising@mankatofreepress.com

26 • JANUARY 2022 • MN Valley Business

n The House Bill allocated $320 billion in the form of tax credits to companies and consumers for clean energy funding to be used to increase the use of electric vehicles, install solar panels, and improve energy efficiency, some of which may benefit farm families and rural communities.

corporations with a taxable income below $400,000; however, the tax rate would increase to 26.5% for corporations with incomes higher than $5 million. There were also no changes proposed to the farm estate tax exemption amount, which is scheduled to increase to over $12 million in 2022.

Summar y

One of the big questions with getting the BBB bill passed by Congress has been the rather large amount of dollars that are being allocated through the legislation and what type of tax provisions will be included to pay for that extra funding. The House version BBB legislation did not increase the capital gains tax rate for farmers or include any adjustments to the “stepped-up basis” rule on farm assets. The bill keeps the top individual tax rate at 37% and the capital gains tax rate at 20%. As it stands now, the legislation would lower the income tax rate from 21% to 18% for

The implementation process for the BIF basic infrastructure legislation has already begun, which should benefit farmers and rural communities by providing much needed funding for upgrading roads and bridges, rail and waterway improvements, broadband enhancements, and many other local projects. The much larger and more diverse BBB bill that has passed the U.S. House (and was being debated in the U.S. Senate) may or may not pass with the language that is in the original House Bill. However, if a compromise is reached on

Gas Prices 5

Gas prices-Mankato

— 2020 — 2021

54 43

$3.09

32 21 10 0

Gas prices-Minnesota

$1.85

Archer Daniels

$63.23

$63.21

0.0%

Ameriprise

$306.91

$293.81

-4.3%

Best Buy

$123.39

$103.98

-15.7%

Brookfield Property

$26.74

$25.28

-5.5%

Crown Cork & Seal

$105.57

$108.70

+3.0% +4.5%

Fastenal

$57.19

$61.80

+8.0%

General Mills

$62.39

$64.46

+3.3%

Itron

$80.51

$63.85

-20.7%

Johnson Outdoors

$108.82

$100.10

-8.0%

$181.15

$177.63

-2.0%

Target

$259.73

$242.53

-6.6%

U.S. Bancorp

$60.83

$57.05

-6.2%

Winland

$4.75

$5.05

+6.3%

Xcel

$64.48

$65.55

+1.7%

$1.79

Percent change

$8.07

Dec. 6

$7.72

$3.09

Nov. 2

Consolidated Comm.

Stocks of local interest

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

— 2020 — 2021

the BBB legislation that allows it to pass both houses of Congress and be signed into law, it will likely include several provisions that are important to farmers and the agriculture industry. There will likely be opportunities through the climate portions of the legislation for renewable energy and carbon sequestration efforts; however, farmers remain very wary of potential future costs and tax implications of this legislation.

0Source: GasBuddy.com J F M A

C. Sankey

MN Valley Business • JANUARY 2022 • 27

Minnesota Business Updates

■

■ Best Buy purchases Yardbird Best Buy continues its expansion into home categories beyond electronics with the acquisition of St. Louis Park-based Yardbird, a direct-to-consumer outdoor furniture brand started just five years ago by father and son Bob and Jay Dillon. “We are excited about the opportunity to use our expertise in merchandising and supply chain to scale this business – both online and in physical locations across the nation,” Best Buy CEO Corie Barry said of Yardbird, Twin Cities Business reports. Best Buy will pay approximately $85 million for Yardbird, which specializes in premium patio sets made of sustainable materials including recycled plastics. Prices start at around $2,000 for a sectional or table and chair set.

■ Fastenal opens headquarters Fastenal has opened the doors to its new 97,600-square-foot corporate office, welcoming 450 Fastenal Employees to downtown Winona. Fastenal selected the historic Mississippi riverfront site to provide an economic boost in downtown Winona. Designed by The Kubala Washatko Architects, the mass timber frame building reflects an environmentally conscious design with timeless characteristics that pay homage to the downtown riverfront area, including locally sourced Winona stone and mixed media building materials. Intended to look like a hundred-year-old building from afar, the new office blends into Winona’s historic landscape.

■ Co-ops form tech venture Agri co-ops Growmark and CHS have announced the formation of Cooperative Ventures, a new capital fund that will focus on creating advancements in breakthrough technologies for the agriculture industry. They say the fund will provide “differentiated value to startups in the agricultural ecosystem by leveraging the expansive, connected networks, unparalleled access to the farmgate and proven success of the two agricultural co-operatives”.

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

426 349 133 508 1,416

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

142 135 57 190 524

-66.7% -61.3% -57.1% -62.6% -63.0%

Construction

126000 126000 Manufacturing

Retail 113000 Services 113000 Total*

8,496 6,333 3,515 15,911 34,255

4,428 1,873 1,472 5,771 13,564

1400

113000

700 100000

12000 3500 3500 10000

-47.9% -70.4% -58.1% -63.6% -60.4%

8000 2800 2800 6000 2100 2100 4000 1400 1400 2000

700 D

300000

2,901 2,950

240000 180000 120000 60000

700 0 0

- 2020 - 2021

(in thousands)

Percent change ‘20-’21

28 • JANUARY 2022 • MN Valley Business

2800 2100

Minnesota Local non-farm jobs

Services consist of administration, educational, health care and social 100000 assistance, food andJ otherF miscellaneous services. M A M J J A S O 100000 J don’t F equal M total A because M Jsome Jcategories A not S listed. O N *Categories

3500

129,222

126000

Minnesota initial unemployment claims October 2020 2021

126,814

139000

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

Major Industry 139000 139000

- 2020 - 2021

Nine-county Mankato region

F M

M A A M

M J

J J

J A

A S

S O

O N

N D

options, enabling customers to pick up their orders anytime, with no set time slot.

Both co-ops will be equal partners in the $50 million fund, which will be established as its own separate legal entity. CHS, is ranked by the National Cooperative Bank as the biggest co-op in the US by turnover while Growmark supplies a network of members across the USA and Canda. They say their combined markets cover millions of acres and thousands of farmers, creating “an industry-leading test field for products and services within North America.“ The fund has identified three core investment areas: maximising the impact of each investment: crop production, supply chain, and sustainability.

■ Xcel to close coal plant

Xcel Energy has proposed a t e n t a t i v e agreement to close Colorado’s largest coal-fired power plant by 2035, well ahead of its original retirement date of 2070, as regulators consider how the largest utility operating in the state can reduce its carbon emissions. 139000 3500 Minneapolis-based Xcel Energy filed the agreement with the state affecting its Comanche 3 coal-fired unit at 2800 the Comanche Generating Station in Pueblo, Colorado 126000 ■ Target’s omnichannel 2100 Public Radio reported. Comanche 3 has faced operational, equipment and experience 1400 financial 113000 problems that led to more than 700 days of Facing competition from Amazon and other online unplanned shutdowns since 2010 and higher-than700 retailers, Target is offering a true omnichannel anticipated electricity costs, the Colorado Public Utilities experience, where customers can mix buying online and 100000 0 Commission J said F Min aAreport M earlier J J this A year. S O N D J in-store and have the same flexibility with returns. If approved, Xcel’s plan to close it could reduce the The Minneapolis retailer, however, has never stopped utility’s carbon dioxide emissions in Colorado by close to focusing on its retail-store experience. Target has spent 90% this decade, CPR reported. heavily redesigning its stores to make them best-suited The $1.3 billion unit went into service in 2010 but for the markets they serve. A store in a city, for example, has3500 been plagued by poor maintenance and oversight, 139000 may have grab-and-go snacks at the front while one in a 3500 with 12000 139000 electricity costs up to 45% higher than projected, 300000 suburban area may have a different layout entirely. 2800 according to the state report. Comanche 3 also was 10000 240000 That 126000 does not necessarily mean customers going into 2800 Colorado’s largest source of greenhouse gas emissions 2100 stores. 8000 126000 Target has worked to offer a variety of same-day in 2018, according to U.S. Environmental Protection 180000 options, including drive-up and order pickup as well as 2100 Agency 6000 data. 1400 same-day shipping via Shipt. 113000 120000 1400 4000 113000 The company has also expanded its at-store drive-up 700 700

100000 100000 J F

J M

M J

J A

J S

A O

S N

O D

4,217 2,728

180000 120000 60000

J F M A M M A M J J M A M J J

J A A

J S S

A S O N O N D O N D

117,689

240000 180000

74,452

120000 60000 0

J JA

J JS

A AO

S N S

O D O

N N

D D

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

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

60000 J

0 F

J M

F M A A M J

M J

J A

2020

2021

3.0% 59,924 1,824

2.0% 59,212 1,228

J S

A O

S N

O D

Unemployment rates Counties, state, nation County/area

- 2020 - 2021

M MJ

Mankato/North Mankato Metropolitan statistical area

240000

300000

D 0

300000

Minnesota number of unemployed

- 2020 - 2021

Nine-county Mankato region

60000

Employment/Unemployment

F M A A M J

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

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

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

October 2020

October 2021

3.0% 2.7% 3.7% 3.4% 4.0% 2.8% 3.1% 3.7% 2.7% 4.2% 4.6% 6.6%

2.1% 1.8% 2.4% 2.2% 2.2% 1.9% 2.4% 2.6% 1.7% 2.6% 2.5% 4.3%

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

MN Valley Business • JANUARY 2022 • 29

Sponsored by the Carl & Verna Schmidt Foundation

Rules for saving, borrowing and spending money By Liz Weston | NerdWallet

he best personal finance advice is tailored to your individual situation. That said, a few rules of thumb can cut through the confusion that often surrounds money decisions and help you build a solid financial foundation. The following guidelines for saving, borrowing, spending and protecting your money are culled from nearly three decades of writing about personal finance.

PRIORITIZE SAVING FOR RETIREMENT

In an ideal world, you’d start saving with your first paycheck and keep going until you’re ready to retire. You also wouldn’t touch that money until retirement. Even if you can’t save 15% of your pre-tax income for retirement, as recommended by Fidelity and other financial services firms, anything you put aside can help give you a more comfortable future. Aim to take full advantage of any company match you get from a 401(k) at work — that’s free money — and borrow against or cash out retirement funds only as a last resort.

SAVE FOR A RAINY DAY

You may have read that you need an emergency fund equal to three to six months of expenses, but it can take years to save that much. That’s too long to put off other priorities, like saving for retirement. A starter emergency fund of $500 can be your first goal, and then you can build it up. While you’re saving, try to create other sources of emergency cash, such as a Roth IRA (you can pull out your contributions at any time without taxes or penalties), space on your credit cards or an unused home equity line of credit.

SAVE FOR COLLEGE

Got kids? Open a 529 college savings plan and contribute at least the minimum, which is typically $15 to $25 a month. Retirement savings comes first, but anything you can save will reduce how much your child may need to borrow. Also, research shows the simple act of saving for college increases the chances that a child from a low- to moderate-income family will go to college.

BORROW SMART FOR COLLEGE

A college degree can pay off in higher earnings, but lenders may allow you to borrow far more than you can comfortably repay. If you’re borrowing for your own education, consider limiting your total debt to what you expect to make your first year out of school. If you’re a parent borrowing for a child’s education,

30 • JANUARY 2022 • MN Valley Business

aim for payments that are no more than 10% of your after-tax income and that still allow you to save for retirement. If your payments are higher than 10% of your after-tax income, investigate income-driven repayment plans that could bring down your costs.

USE CREDIT CARDS AS A CONVENIENCE

Credit cards offer convenience and can protect you from fraud and disputes with merchants. But credit card interest tends to be high, so don’t carry credit card balances if you can avoid it. If you routinely pay your balances in full, look for a rewards card with a sign-up bonus that returns at least 1.5% of what you spend.

FINANCE YOUR HOME SMARTLY

If you want to be a homeowner, the best time to buy your first home is when you’re financially ready and in a position to stay put for a few years. Opt for a mortgage rate that’s fixed for as long as you plan to remain in the home, and don’t make extra payments against the principal until you’ve paid off all other debt and are on track for retirement.

BUY USED VEHICLES AND DRIVE THEM FOR YEARS

Buying a car right now isn’t a great idea; supplychain kinks and other pandemic-related issues have inflated the cost of both new and used cars. In general, though, buying a used car can save you a ton of money over your driving lifetime, as can driving your car for many years before replacing it. These days, a wellmaintained car can last 200,000 miles without major issues, according to J.D. Power. This means you can get roughly 13 years of service out of your car if you drive it 15,000 miles a year. Ideally, you would pay cash for cars. If you need to borrow, try to limit the term of your loan to a maximum of five years.

INSURE AGAINST CATASTROPHIC EXPENSES

Use insurance to protect yourself against catastrophic expenses rather than smaller costs that you can easily pay out of pocket. If you have sufficient savings, consider raising the deductibles on your policies to save money on premiums. Be careful about highdeductible health insurance policies, though. Having a high deductible could cause you to put off medical care, and it’s better to err on the side of safety when it comes to health.

Sponsored by the Carl & Verna Schmidt Foundation

Should you bank with your brokerage? By Chanelle Bessette | NerdWallet

f you’ve invested with a brokerage firm in recent years, you may have noticed that your brokerage offers a product called a cash management account. These accounts are very similar to a checking or savings account and typically provide competitive interest rates, debit cards and other money management features. However, those services aren’t always standard. So what, then, would be the appeal of opening a CMA with a brokerage? Here are some things to consider when deciding whether to let your brokerage help you manage your cash.

Cash Management Accounts

Perhaps the most crucial distinction between a CMA and a bank account is that CMAs are offered by nonbank financial institutions that do not possess a bank charter. Usually, this would mean that CMAs cannot provide their customers federal insurance on their balances, but many brokerages partner with chartered banks that sweep customers’ funds into bank accounts behind the scenes. That allows them to offer insurance from the Federal Deposit Insurance Corporation on customer balances.

Pros

n Interest rates tend to be higher than rates at traditional banks. Though some brokerages don’t offer much interest on their CMAs, others offer significantly higher interest rates than the national average of 0.06% for savings accounts. Robinhood Cash Management, for example, offers 0.30%, and SoFi Money offers 0.25% with a $500 minimum balance. n CMAs have benefits that are similar to checking and savings accounts. Some CMAs offer such account benefits as free ATM access, debit cards, mobile check deposit, early direct deposit and no monthly maintenance fees. n Transfers between CMAs and investing accounts can be faster. When you have a CMA at your brokerage, you may be able to avoid a waiting period between account transfers so that you can invest your money faster. Joel Parker, a financial blogger and podcaster from Massachusetts, has a Fidelity Cash Management Account and appreciates the speed of transfers that would otherwise take between one and three days from a non-Fidelity account. “I use Fidelity for my daughter’s 529 account, and it is nice that I can do a transfer to that account instantly,” Parker says. “If I had my primary brokerage account with Fidelity, it would be the same way.”

Cons

n Interest rates have dropped. The financial industry is currently in a low-rate environment, meaning interest rates on deposit accounts are particularly low at the moment. Several CMAs that launched in recent years had notably high interest rates at first, but they dropped significantly in mid-2020 after the start of the COVID-19 pandemic.

Other Things To Consider

FDIC insurance is usually only available through third-party banks. Since brokerage firms aren’t banks, they typically have to partner with banks to offer FDIC insurance. Brokerages sweep customer funds into FDIC-insured accounts behind the scenes so that they’re covered. CMA customer service is typically online-only. Most CMA providers offer only remote customer service because they don’t have branches. As a result, customers who open an account will need to be comfortable with service options that aren’t in person.

Easier To Invest?

When it comes to investing, timing can be critical. For example, missing a day or two of having your cash in the market -- say, the amount of time it takes to transfer cash from an outside account into your investing account -- could mean losing out on market gains. By having all of your accounts in one place, you can take advantage of vital time in the market to potentially earn more money on your cash. “First and foremost, you are likely setting up a onestop-shop for yourself so you can bank, save and invest all in one,” said Leah Bourne, by email. Bourne, the managing editor of the investing education website The Money Manual, also added, “Many of the companies that offer these accounts have made the ability to transfer money between accounts really, really easy. If you are actively investing, this is a big pro.” One of the other big practical perks when it comes to keeping a CMA with your brokerage? You have less to keep track of by keeping your cash accounts and your investment accounts at the same place. “That means you’ll have one app on your phone instead of a few and will be seamlessly able to monitor your cash account and your brokerage account all in one spot,” Bourne says. As with any financial product, consumers should do their research to determine whether a CMA makes sense for their lifestyle and if the perks work for their spending, saving and investing habits.

MN Valley Business • JANUARY 2022 • 31

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Finance Students Make Investment Recommendations in their MavFund Course ................................................................................................... The Maverick Student Investment Fund (MSIF) gives students hands on, real-world experience in the ﬁeld of ﬁnance. Students are part of the MSIF Management Team in charge of investing over $860,000. The MSIF Management Team is responsible for making investment recommendations both to the Foundation Investment Committee and to the Minnesota State University Foundation Board as a whole. Students will: •

Learn how to gauge the macroeconomic environment by analyzing information contained in economic reports published by the Bureau of Labor Statistics, Federal Reserve, etc.

•

Learn how to research certain sectors of the stock market such as information technology, banking, etc.

•

Get the chance to work alone and in small teams as they develop and practice their stock valuation and investing skills.

•

Gain decision-making skills & leadership experience. “This was the most challenging course (FINA 493) I have taken in college - but also the most rewarding! The hands on nature of the course, spending the semester preparing [investment] recommendations for MavFund was a big reason why this course was so rewarding!” – Philip Gramer, former MavFund student

To learn more, please visit cob.mnsu.edu/mavfund or contact Dr. Jaiprakash at puneet.jaiprakash@mnsu.edu An Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling the College of Business at 507-389-5420 (V), 800-627-3529 or 711 (MRS/ TTY). BUSC594AD_12-2021

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Also located in | Alexandria, Bemidji, Brainerd, Crookston, East Grand Forks, Forest Lake, Grand Forks MN Valley Business • JANUARY 2022 • 38