Fargo INC! August 2026

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A Financial Institution You Own

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Why the Best Time to Plan Your Business Exit is Long Before You Intend to Leave

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No Bank? No Problem.

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Bringing Private Equity Home

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Kevin Biffert: The Engineer Teaching Cattle to Talk

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Sean Mastel: Building Eyewear to Last

84

One Voice, Thousands of Missions

94

The Warrior's Path

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Don't Invest Before You Validate Demand

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10 Questions with John Machacek: Jack Brodshaug (Flatland Capital Group)

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Meet The Maker: Fresh Squeezed Studio

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E d i t o r ’s n o t e

You Are Allowed to Change Your

E

arly in our careers, success can feel easy to define.

It might mean earning a certain title, reaching a specific income level, building a company, managing a team or becoming known as the person who is always willing to take on more. Ambition gives us direction, and measurable goals can push us to grow in ways we might not have otherwise.

But the definition of success we create at 22 does not have to remain

unchanged at 32, 42 or 62.

Priorities evolve. Responsibilities shift.

Work that once energized us may begin to feel less meaningful, while things we once overlooked—time, health, family, flexibility, purpose or peace of mind— become increasingly valuable.

Changing your definition of success does not mean you have lost your ambition. It may mean you understand yourself better.

There is nothing wrong with wanting to grow a business, earn a promotion or pursue a larger opportunity. There is also nothing wrong with deciding that growth at any cost is no longer the goal. Success might mean becoming a better leader instead of climbing to the next position.

It might mean building a company that provides stability rather than endless expansion. It might mean protecting time outside of work or choosing projects that feel worthwhile.

Definition of Success Business culture often celebrates constant acceleration. We are encouraged to do more, scale faster and chase the next milestone before we have taken time to appreciate the one we just reached.

Goals should challenge us, but they should also belong to us. You are allowed to revise them. You are allowed to choose differently. And you are allowed to discover that success looks different than you once imagined.

But a meaningful career is not built by following someone else’s scoreboard.

It is built by regularly asking whether the life you are creating still reflects what matters to you.

Brady Drake Fargo INC! Editor

Brady Drake, Fargo INC! Editor

fargoinc@spotlightmediafargo.com

AUGUST 2026 Volume 11 Issue 8

Fargo INC! is published 12 times a year and is available at area businesses and online at FargoInc.com.

Publisher EDITORIAL Editorial Team Lead Art Director Editorial Graphic Designer Contributors INTERACTIVE Director of Performance Marketing Director of Creative Strategies Web Project Manager Senior Graphic Designer Director of Web Operations AI Systems & Automation Lead Director of Agency Social Media Senior Digital Advertising Specialist ADVERTISING VP of Business Development Sales Representative Digital Sales Representative Business Development Representative Senior Digital Advertising Specialist Client Relations Director of Client Success Marketing Admin Accounting Specialist DISTRIBUTION Delivery

Mike Dragosavich Brady Drake Brady@SpotlightMediaFargo.com Kim Cowles Ty Betts Michael Danielson (VBOC), Wendy Klug (SBA), John Machacek (GFMEDC) Kellen Feeney Megan Suedbeck Matthew Haire Sarah Cabler Sara Jentink Chris Demuth Mhairi Christopherson Tammy Fogle Paul Hoefer Paul@SpotlightMediaFargo.com Al Anderson Al@SpotlightMediaFargo.com Abby Schauer Abby@SpotlightMediaFargo.com Spencer Hall Spencer@SpotlightMediaFargo.com Matt Purpur Matt@SpotlightMediaFargo.com ClientRelations@SpotlightMediaFargo.com Jessica Ventzke Tyler Duclos Missy Roberts John Stuber

Fargo INC! is published by Spotlight LLC, Copyright 2026 Fargo INC! & FargoInc.com. All rights reserved. No parts of this magazine may be reproduced or distributed without written permission of Fargo INC!, and Spotlight LLC, is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to or reliance on such information. Spotlight LLC, accepts no liability for the accuracy of statements made by the advertisers.

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If you come in to see us, we'll review your retirement plans, savings, IRAs, or any other assets you may have, and we'll listen to your thoughts about retirement too. Then, we'll compare your potential retirement income and expenses and a strategy to help you be in a strong position for retirement. There is no cost to meet with us, and this type of meeting can be very helpful to answer the question.

Yes. Consolidating some of your accounts is an important thing to do, and we have staff members who specialize in that. We help our clients do that as part of our regular service. We know the language these financial places speak, and we know how to organize your investments to maximize their growth and value to you.

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CONTINUED

By Brady Drake

NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

ost entrepreneurs know that the first serious money move is to call the banker.

And in North Dakota, that is usually still the right first call. Local banks and credit unions remain central to how many business deals get done here. But they are not the only source of capital, and they do not have to carry the whole project alone.

Across the state, business owners can tap into gap financing, loan guarantees, interest buydowns, tax exemptions, workforce grants, innovation vouchers, rural development programs, federal research funding, local incentives, venture capital, and no-cost business advising. Some of these programs help a brand-new founder test an idea. Some help a manufacturer buy equipment. Some help a rural grocery store stay open. Some help a farmer add value to a commodity. Some help a tech startup commercialize intellectual property. Others help employers train people, hire interns, lower energy costs, or close the financing gap that keeps a project from moving forward.

The trick is knowing which door to knock on.

This guide is designed to help North Dakota business owners think beyond “Can I get a loan?” and start asking a better question.

Think in Terms of a Capital Stack Very few businesses are funded by one perfect source of money.

A startup might use personal investment, a microloan, an entrepreneur voucher, and free advising. A manufacturer might combine a bank loan, SBA 504 financing, a Bank of North Dakota interest buydown, a state tax exemption, and a workforce training grant. A rural business might use a local lender, USDA backing, a gap-financing program, and a local economic development incentive.

That combination is called a capital stack. A strong capital stack may include: Debt: bank loans, SBA loans, microloans, USDA-backed loans, revolving loan funds, or gap financing.

Equity: angel investment, venture capital, state matching programs, or direct investment funds.

Grants and vouchers: workforce grants, innovation vouchers, energy grants, rural development grants, or reimbursement programs.

Tax tools: property tax exemptions, income tax exemptions, sales tax exemptions, research credits, Renaissance Zone benefits, or local development incentives.

Advising: SBDC counseling, entrepreneur centers, local economic development offices, government contracting help, and lender preparation.

BEFORE YOU APPLY ANYWHERE, ANSWER FOUR QUESTIONS: Are you a startup, an existing business, or an expansion project?

Are you considered a primary-sector business, meaning you bring new dollars into North Dakota through activity such as manufacturing, technology, value-added agriculture, energy, tourism, or exportoriented services?

Are you located in a rural community?

What do you actually need the money for: working capital, equipment, real estate, automation, workforce training, R&D, energy upgrades, or something else?

Those answers will point you toward very different programs.

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NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

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he North Dakota Development Fund (NDDF), is one of the state’s most important business financing tools. It exists to provide flexible “gap financing” for new and expanding businesses that may not be able to secure everything they need through conventional financing alone. The fund can use loans and equity investments, and current Commerce guidance says investments may be made through direct loans, participation loans, subordinated debt, and equity investments of up to $3 million.

BEST FOR: Startups, growing companies, rural businesses, primary-sector businesses, and expansion projects with a clear financing gap.

USE IT FOR: Working capital, equipment, real estate, expansion, inventory, and other eligible business growth needs, depending on the specific program.

ANGEL MATCH PROGRAM The Angel Match Program is designed for high-growth North Dakota startups raising private angel investment. If a business secures qualified private investment, the state may match investor commitments up to $250,000 per business, generally on a 1:1 basis. The program can use convertible securities or direct equity, which makes it more startupfriendly than a traditional loan.

This is especially useful for founders who are too early for traditional lending but far enough along to attract private investors.

BEST FOR: Early-stage companies raising angel capital.

SCAN TO LEARN MORE

REGIONAL RURAL DEVELOPMENT REVOLVING LOAN FUND The Regional Rural Development Revolving Loan Fund supports primary-sector businesses in smaller communities.

It is designed for businesses located in communities with fewer than 8,000 people or more than five miles outside city limits. Eligible uses may include working capital, fixed assets, real property, equipment, facilities, and inventory, but not refinancing existing debt.

This is a strong option for rural companies that are creating or retaining jobs but need flexible financing to make the project work.

BEST FOR: Rural primary-sector businesses.

GOOD FIT FOR: Software, ag-tech, automation, bioscience, advanced manufacturing, energy technology, and other scalable businesses.

SCAN TO LEARN MORE

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GOOD FIT FOR: Rural manufacturers, value-added agriculture, technology companies, tourism-related businesses, and companies selling outside their immediate local market.

SCAN TO LEARN MORE

CONTINUED

NDDF NON-PRIMARY SECTOR RURAL FINANCING

WONDER FUND NORTH DAKOTA

This is one of the biggest updates business owners should know about.

The Wonder Fund North Dakota is a $45 million direct investment program managed by O’Leary Ventures through the North Dakota Development Fund. It targets early-stage businesses headquartered in North Dakota with fewer than 500 employees, and it may also consider out-of-state companies if their product or service has a material impact on North Dakota.

In 2026, the North Dakota Development Fund expanded eligibility to support certain non-primary-sector rural businesses and community projects. Eligible applicants may include for-profit businesses, certain nonprofits, chambers, economic development organizations, and political subdivisions in communities with fewer than 10,000 residents or locations more than five miles outside city limits.

Projects must partner with a lead lender, and loan amounts may range from $25,000 to $1 million, not exceeding 40% of total project costs.

That matters because not every important rural business is primary-sector. A grocery store, service business, child care provider, community-serving nonprofit, or local amenity may not export products outside the state, but it can still be essential to keeping a community livable.

BEST FOR:

This program belongs on the radar of startup founders who are building scalable companies and looking for investment capital, not just loans.

BEST FOR: Early-stage companies with growth potential.

GOOD FIT FOR: Technology, software, ag-tech, energy, bioscience, automation, advanced manufacturing, and other scalable ventures.

Rural businesses and community projects that may not qualify as primary-sector but fill an important local need.

SCAN TO LEARN MORE

GOOD FIT FOR: Main Street businesses, service providers, community facilities, rural amenities, and essential local employers.

DID YOU KNOW? These Companies Have Used the North Dakota Development Fund!

SCAN TO LEARN MORE

ADVANCE ND For large industrial projects, Advance ND can help close the deal. The program provides low-interest “deal-closing” loans for valueadded energy, value-added agriculture, and manufacturing projects. Eligible projects must have at least $5 million in total project cost, be primary-sector certified, and may receive up to $20 million, not exceeding 20% of total project cost, at a 2% fixed interest rate.

This is not a small startup program. It is built for major projects that can create significant economic impact.

BEST FOR: Large manufacturing, value-added agriculture, and value-added energy projects.

USE IT FOR: Processing facilities, industrial expansions, major production investments, and large job-creating projects.

SCAN TO LEARN MORE

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NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

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he Bank of North Dakota is one of the state’s most unique economic development tools. BND is the only state-owned bank in the nation, and its business programs generally work through local lenders rather than replacing them.

That means business owners usually do not start by applying directly to BND. They start with a local bank or credit union. BND’s business lending guidance says the borrower’s first contact is the local lender, and that lender initiates the application with BND. Think of BND as a behind-the-scenes partner that can help reduce risk, buy down interest, or make a project more financeable.

BEGINNING ENTREPRENEUR LOAN GUARANTEE

THE ONLY STATEOWNED BANK IN THE COUNTRY!

SCAN TO LEARN MORE

PACE

The Beginning Entrepreneur Loan Guarantee helps new business owners secure financing by providing a guarantee to the lender. The loan may not exceed $500,000, and eligible uses include real property, equipment, working capital, certain startup expenses, refinancing, and licensed child care.

PACE, which stands for Partnership in Assisting Community Expansion, helps reduce interest costs for qualifying primarysector businesses. The program uses funds from BND and a local community partner to buy down the borrower’s interest rate. Current BND guidance says the rate may be as much as 5% below the note rate, with a floor of 1%, and BND’s buydown may be paired with local community funds.

The guarantee percentage depends on the loan size: 85% up to $150,000, 75% from $150,001 to $300,000, and 50% from $300,001 to $500,000.

This can be a powerful tool because lowering the interest rate can improve cash flow during the years when a business is hiring, buying equipment, or absorbing expansion costs.

BEST FOR: First-time entrepreneurs and startup ventures that have a lender interested in the deal but need extra support.

GOOD FIT FOR: “Would the Beginning Entrepreneur Loan Guarantee help reduce the risk enough to approve this?”

SCAN TO LEARN MORE

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BEST FOR: Primary-sector businesses expanding in North Dakota.

GOOD FIT FOR: Manufacturers, value-added agriculture, technology companies, energy-related companies, and businesses creating jobs or making major investments.

CONTINUED

FLEX PACE Flex PACE is a more flexible interest buydown program for projects that provide community value. Unlike PACE, it does not require job creation. It can be used

by North Dakota businesses for real property, equipment, and certain working capital, with different buydown caps for business, child care, and affordable housing projects.

This is especially important for businesses that may not be primary-sector but still matter deeply to a community.

BEST FOR: Community-benefit projects.

GOOD FIT FOR: Child care, grocery stores, health care, essential services, affordable housingrelated projects, and businesses filling local gaps.

SCAN TO LEARN MORE

AGRICULTURE AND VALUE-ADDED AGRICULTURE PROGRAMS BND also offers agricultural lending programs, most of which are initiated through a local financial institution. Its ag programs include tools such as Ag PACE, which can support nontraditional agriculture projects, equipment, facilities, equity shares, irrigation, livestock feedlot, dairy, and tile projects.

For farmers, ranchers, processors, and value-added agriculture businesses, BND should be part of the lender conversation early.

BEST FOR: Producers, beginning farmers, ranchers, ag processors, and value-added agriculture businesses.

NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

LIFT: Legacy Investment for Technology Loan Fund

T

he Legacy Investment for Technology Loan Fund, better known as LIFT, supports companies commercializing intellectualproperty in North Dakota.

It is aimed at innovation-driven businesses in areas such as advanced computing and data management, agriculture technology, autonomous and uncrewed vehicles, energy, health care, value-added agriculture, and valueadded energy.

BEST FOR: Startups, growing companies, rural businesses, primary-sector businesses, and expansion projects with a clear financing gap.

LIFT is not general working capital for any business. It is for companies with technology, research, or intellectual property that can be commercialized in North Dakota. Eligible uses may include working capital for applied research, experimentation, testing, and operational needs tied to commercialization. Current Commerce guidance says the application period is closed, but future application windows are listed, including July 1–30, 2026; October 5–November 9, 2026; February 2–March 4, 2027; and May 4–June 3, 2027.

GOOD FIT FOR: Working capital, equipment, real estate, expansion, inventory, and other eligible business growth needs, depending on the specific program.

DID YOU KNOW? Be More Colorful received a $500,000 LIFT loan to grow their CareerViewXR platform!

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NOT IDEAL FOR: Traditional retail, local service businesses, restaurants, or companies without a strong technology or IP component.

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ND Department of Commerce Workforce Grants

N

ot all business funding is about buying equipment or borrowing money. Sometimes the best capital is money that helps you train people, retain workers, build talent pipelines, or reduce the cost of growth.

The North Dakota Department of Commerce manages a rotating set of grant programs, so business owners should

always check current application windows before planning around a specific grant.

SCAN TO LEARN MORE

TECHNICAL SKILLS TRAINING GRANT

OPERATION INTERN

The Technical Skills Training Grant supports rapid, nondegree reskilling and upskilling efforts. The application is currently listed as open, and the program requires a 1:1 match. It includes tracks of up to $200,000, $100,000, and $200,000 depending on the type of project, including automation-related training and feasibility work. Eligible applicants include North Dakota colleges and universities, businesses, training providers, nonprofits, municipalities, and trade associations.

Operation Intern helps expand internships, work experience, and apprenticeships with North Dakota employers. Current Commerce guidance lists up to $5,000 in matching funds on a one-to-one basis, with maximums per funding round and biennium. However, Commerce also notes that all funds for the current funding year have been applied for and new applicants are being waitlisted.

BEST FOR: Employers with workforce shortages or new skill needs.

GOOD FIT FOR: Health care, manufacturing, energy, logistics, skilled trades, technology, automation, and other industries where training costs can slow growth.

SCAN TO LEARN MORE

BEST FOR: Employers building a talent pipeline.

GOOD FIT FOR: Businesses that want to convert students, apprentices, or early-career workers into long-term employees.

SCAN TO LEARN MORE

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NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

D

akota Business Lending is one of the region’s most important nonprofit lending resources. Since 1982, it has served North Dakota small businesses through SBA 504 lending and has expanded into additional financing and support programs.

For many business owners, Dakota Business Lending is especially useful when a project involves commercial real estate, construction, renovation, or major equipment.

SBA 504 LOANS The SBA 504 Loan Program is designed for major fixed assets. That includes purchasing commercial real estate, constructing a facility, renovating a building, buying longterm equipment, or making site improvements.

A typical SBA 504 structure includes about 50% from a bank or credit union, up to 40% through the Certified Development Company/SBA portion, and at least 10% borrower equity. Dakota Business Lending lists 10-, 20-, and 25-year terms and notes that SBA 504 can finance up to 90% of eligible projects.

BEST FOR:

A Certified Development Company (CDC) is a nonprofit authorized by the SBA to deliver 504 loans, helping small businesses finance real estate and equipment through long-term, fixed-rate funding. These loans are typically structured with 50% bank financing, 40% CDC/SBA funding, and 10% borrower equity, while CDCs also support economic growth and guide businesses through the process.

SBA 7(A) LOANS The SBA 7(a) program is SBA’s primary business loan program. It is often more flexible than 504 because it can support a broader range of uses, including real estate, working capital, refinancing certain debt, machinery, equipment, furniture, fixtures, supplies, and ownership changes. The maximum loan amount is $5 million.

Business owners buying, building, or expanding a physical location.

BEST FOR: GOOD FIT FOR: Manufacturers, contractors, professional services firms, child care facilities, medical practices, hospitality, warehouses, and companies buying major equipment.

Businesses that need flexible financing.

GOOD FIT FOR: Working capital, business acquisition, partner buyout, equipment, expansion, refinancing, and mixed-use projects that do not fit neatly into an SBA 504 structure.

SBA MICROLOANS The SBA Microloan program provides smaller loans of up to $50,000, with SBA noting that the average microloan is about $13,000.

Funds may be used for working capital, inventory, supplies, furniture, fixtures, machinery, and equipment, but not for paying existing debts or buying real estate.

BEST FOR: Startups and very small businesses.

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GOOD FIT FOR: Home-based businesses, firsttime entrepreneurs, small inventory purchases, equipment, supplies, and early operating needs.

CONTINUED

North Dakota Opportunity Fund

T

he North Dakota Opportunity Fund is a gap-financing program administered by the Lewis & Clark Development Group. It is designed to help small businesses and manufacturers access capital by leveraging private lending and filling financing gaps. The program serves 38 North Dakota municipalities.

Eligible uses include construction, equipment, working capital, real estate, and interim SBA 504 financing. Current program guidance says loans cannot exceed $1 million or 50% of project cost.

A 2026 update also increased the interim SBA 504 financing cap from $375,000 to $500,000, not exceeding 50% of the interim SBA 504 loan.

BEST FOR: Businesses in participating communities that have a lender but still need a gap filled.

GOOD FIT FOR: Expansions, equipment purchases, building improvements, working capital, construction, and SBA 504 bridge needs.

ASK YOUR LENDER: “Is there a gap that the North Dakota Opportunity Fund could help fill?”

ABOUT THE LEWIS & CLARK DEVELOPMENT GROUP The Lewis & Clark Development Group (LCD Group) is a North Dakota– based nonprofit driving economic growth through financing, planning, and development services. It administers programs like the ND Opportunity Fund, partnering with communities and lenders to deliver gap financing, SBA 504 loans, and revolving funds. LCD Group also supports housing, infrastructure, and rural projects through strategic planning and grant expertise.

NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

Local Incentives and Tax Tools Business owners often search for grants and overlook tax incentives. That can be a costly mistake. A property tax exemption, income tax exemption, sales tax exemption, or Renaissance Zone benefit may not feel like “funding,” but it can improve cash flow, reduce project cost, and make a lender more comfortable with the deal.

CITY OF FARGO BUSINESS INCENTIVES The City of Fargo lists business incentives that include tax incentives, PILOTs, tax credits, Renaissance Zone tools, and property tax exemptions designed to encourage development and rehabilitation of commercial and residential property.

Fargo’s Renaissance Zone program can provide qualified projects with a five-year property tax exemption and state income tax exemption within the approved zone. The city says more than 200 Renaissance Zone projects have been approved since 1999.

SCAN TO LEARN MORE

BEST FOR: Fargo businesses investing in real estate, rehabilitation, downtown projects, commercial redevelopment, or expansion.

STATEWIDE RENAISSANCE ZONE

RESEARCH EXPENSE CREDIT

Renaissance Zone benefits are not limited to Fargo. North Dakota’s statewide Renaissance Zone program allows cities to use state and local tax incentives for qualified projects, generally for up to five years. Eligible activities may include purchase, rehabilitation, new construction, lease, leasehold improvements, public infrastructure, and historic preservation.

Companies conducting qualified research in North Dakota should review the state’s Research Expense Credit. North Dakota’s tax guidance describes a credit for qualified research expenses in the state, including 25% of the first $100,000 of excess qualified research expenses over the base amount and 8% beyond that.

BEST FOR: Businesses investing in downtowns or approved redevelopment areas across North Dakota.

NEW OR EXPANDING BUSINESS INCOME TAX EXEMPTION North Dakota’s New or Expanding Business Income Tax Exemption may provide up to five years of income tax exemption for qualifying primary-sector or tourism businesses. Applications go through the State Board of Equalization, with Commerce reviewing eligibility.

BEST FOR: Primary-sector or tourism businesses starting, expanding, or relocating in North Dakota.

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BEST FOR: Companies investing in R&D.

GOOD FIT FOR: Software, bioscience, advanced manufacturing, ag-tech, engineering, energy, and product development companies.

For Renaissance Zone, PILOT, TIF, and BID support, contact the City of Fargo’s Planning and Development Department at planning@fargond.gov For expansion-related projects, job creation, or industrial development, contact the Greater Fargo Moorhead Economic Development Corporation at info@fmedc.com

CONTINUED

SALES AND USE TAX EXEMPTIONS Before buying equipment or building a facility, business owners should ask whether a sales or use tax exemption applies. North Dakota lists exemptions for equipment used in new or expanding manufacturing, agricultural processing, and recycling operations, as well as exemptions for certain computer and telecommunications equipment used by certified primary-sector businesses and data center equipment.

BEST FOR: Manufacturers, ag processors, data centers, and certified primarysector businesses.

IMPORTANT REMINDER: Some incentives require approval before the purchase or project begins. Talk to your CPA, lender, and local economic development office early.

SCAN TO LEARN MORE

SBIR and STTR: Federal R&D Funding

F

or research-driven companies, the Small Business Innovation Research and Small Business Technology Transfer programs may be among the best funding opportunities available.

SBIR and STTR are often described as America’s Seed Fund. They provide non-dilutive federal funding, meaning companies do not give up equity, and participating small businesses can keep equity and intellectual property while

BEST FOR: Technology companies developing something novel.

developing technology with commercialization potential.

The programs involve 11 federal agencies. As of April 2026, agencies may issue Phase I awards up to $323,090 and Phase II awards up to $2,153,927 without SBA approval.

SBIR allows the small business to lead the R&D work. STTR requires a formal collaboration with a nonprofit research institution, such as a university or federal lab.

GOOD FIT FOR: Defense, health care, energy, software, cybersecurity, biotech, ag-tech, robotics, sensors, advanced manufacturing, aerospace, and scientific innovation.

NOT IDEAL FOR: Businesses that are not doing research, technical development, or innovation with commercialization potential.

NOTABLE COMPANIES TO USE SBIR/STTR FUNDING:

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NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

F

or rural North Dakota businesses, USDA Rural Development should be part of the conversation. USDA business programs provide financial backing and technical assistance to rural businesses, cooperatives, farmers, ranchers, public bodies, nonprofits, and Tribes through loans, guarantees, and grants. USDA programs can be especially valuable because so much of North Dakota is rural, and many businesses that do not fit a “startup” profile may still qualify for rural development tools.

BUSINESS & INDUSTRY LOAN GUARANTEES

RURAL ENERGY FOR AMERICA PROGRAM

The Business & Industry Loan Guarantee program improves access to capital in rural communities by providing loan guarantees that enable commercial lenders to provide financing for rural businesses.

The Rural Energy for America Program, commonly known as REAP, provides guaranteed loan financing and grant funding to agricultural producers and rural small businesses for renewable energy systems and energy efficiency improvements. This can be a major opportunity for businesses facing high utility costs or planning energy upgrades.

BEST FOR: Rural businesses that have a lender but need additional support to make the loan work.

BEST FOR: Agricultural producers and rural small businesses.

GOOD FIT FOR: Business expansion, acquisition, modernization, working capital, and rural facilities.

VALUE-ADDED PRODUCER GRANTS Value-Added Producer Grants help agricultural producers enter value-added activities related to processing and marketing new products. The goals are to generate new products, create and expand marketing opportunities, and increase producer income.

BEST FOR:

GOOD FIT FOR: Solar, energy efficiency, grain dryer upgrades, lighting, HVAC, refrigeration, insulation, pumps, and other eligible energysaving investments.

RURAL MICROENTREPRENEUR ASSISTANCE The Rural Microentrepreneur Assistance Program helps rural microbusinesses through intermediary organizations that provide revolving loan funds and technical assistance.

USDA’s business program list includes RMAP as part of its rural business support tools.

Producers turning commodities into higher-value products.

BEST FOR: GOOD FIT FOR: Food products, branded farm products, specialty crops, meat processing, dairy products, fiber products, and other valueadded agricultural ventures.

Very small rural businesses.

GOOD FIT FOR: Main Street startups, solo entrepreneurs, small service businesses, and rural businesses with fewer employees.

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RURAL BUSINESS DEVELOPMENT GRANTS Rural Business Development Grants are not usually direct grants to for-profit businesses. Instead, they support eligible entities such as public bodies, nonprofits, and Tribes that provide economic development and job creation support in rural areas. Funds may support business opportunity grants and business enterprise grants for rural business and community projects.

BEST FOR: Communities, nonprofits, Tribes, and development organizations that support entrepreneurs.

IMPORTANT REMINDER: Feasibility studies, technical assistance, business counseling, training, revolving loan funds, incubators, and communitybased development projects.

SCAN TO LEARN MORE

Native American Business Resources A statewide North Dakota funding guide should include Native entrepreneurs and Tribal communities directly.

NATIVE AMERICAN DEVELOPMENT CENTER The Native American Development Center supports Native American communities in North Dakota through financial education and affordable lending services. Its loan programs include micro-enterprise business loans and credit builder loans for enrolled Tribal members residing in North Dakota.

NADC’s micro-enterprise business loan information says applicants must own a business structured as a corporation, sole proprietorship, LLC, or partnership operating within North Dakota.

BEST FOR: Rural businesses that have a lender but need additional support to make the loan work.

NATIVE AMERICAN SMALL BUSINESS SUPPORT PROGRAM The Native American Small Business Support Program from the North Dakota Department of Commerce announced $600,000 to support Native American-owned small businesses in North Dakota. Eligible applicants must be Native American-owned businesses with at least 51% ownership, for-profit entities with fewer than 500 employees, located and operating in North Dakota, and in good standing with state and federal requirements.

Because state grant programs operate in rounds, business owners should confirm the current application deadline and availability before relying on it.

BEST FOR: Native American-owned small businesses in North Dakota.

GOOD FIT FOR: Business expansion, acquisition, modernization, working capital, and rural facilities.

GOOD FIT FOR: Existing businesses seeking growth, sustainability, competitiveness, and community impact.

SCAN TO LEARN MORE

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NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

No-Cost Advising and Navigation Resources Sometimes the best first move is not applying for money. It is getting help figuring out which money fits.

NORTH DAKOTA SBDC

ND APEX ACCELERATOR

The North Dakota Small Business Development Centers provide no-cost, confidential, personalized, in-depth business advising to existing businesses and entrepreneurs.

The goal is to help owners make informed decisions to start, manage, grow, or sustain a business.

The ND APEX Accelerator helps businesses pursue government contracting. Services include SAM registration assistance, SBA profile help, government certification assistance, market research, procurement training, bid matching, and advice on bids, proposals, and related documents.

BEST FOR: Any business owner unsure where to begin.

BEST FOR: Businesses that want to sell to government buyers.

GOOD FIT FOR: Business plans, financial projections, loan preparation, market research, startup planning, growth strategy, succession, and problem-solving.

SCAN TO LEARN MORE

GOOD FIT FOR: Construction, professional services, manufacturing, technology, logistics, maintenance, consulting, food service, and suppliers that could serve federal, state, local, military, or prime-contractor customers.

SCAN TO LEARN MORE

SBA NORTH DAKOTA DISTRICT OFFICE The SBA North Dakota District Office helps businesses access federal and state resources, find lenders, and connect to local assistance. SBA district offices also provide small business counseling, training, and tools to start or grow a business through SBA and partner resources.

BEST FOR: Owners navigating SBA loans, lender connections, counseling, certifications, or federal small business resources.

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SCAN TO LEARN MORE

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VAULT NORTH DAKOTA Vault North Dakota is a searchable resource built to help entrepreneurs and business owners find small business financing programs and resource providers across the state. Dakota Business Lending describes it as a place where business owners can see financing programs, resources, and “hidden gems” North Dakota has to offer.

BEST FOR: Communities, nonprofits, Tribes, and development organizations that support entrepreneurs.

IMPORTANT REMINDER: Feasibility studies, technical assistance, business counseling, training, revolving loan funds, incubators, and communitybased development projects.

SCAN TO LEARN MORE

What to Prepare Before You Apply Business owners can save weeks of frustration by preparing before they chase funding.

AT A MINIMUM, GATHER: A clear project description A business plan or lean canvas Two-three years of financial records Current profit-and-loss statement Current balance sheet Personal financial statement Tax returns Project budget

Sources and uses of funds Job creation or retention estimate Ownership information Entity documents Pitch deck, for startup or equity programs Lender letter or term sheet, if the program requires lender participation

Equipment quotes or construction estimates

FOR INNOVATION PROGRAMS, ADD:

FOR TAX INCENTIVES, ADD:

Customer discovery notes

Project location

Market research

Timeline

Prototype plan

Purchase dates

Commercialization plan

Construction dates

Intellectual property status

Expected investment

Technical milestones

Job numbers

Revenue model Investor materials

Whether approval is needed before the project begins

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NO BANK? NO PROBLEM. A NORTH DAKOTA BUSINESS OWNER’S GUIDE TO FUNDING BEYOND TRADITIONAL LOANS

Questions to ask before you apply QUESTIONS TO ASK YOUR BANKER “Would Bank of North Dakota participation help this deal work?”

“Could PACE or Flex PACE lower the interest rate?”

“Would SBA 504 be better than a conventional real estate loan?”

“Would SBA 7(a) be a better fit because I need working capital?”

“Is there a gap that NDDF or the North Dakota Opportunity Fund could fill?”

“Would USDA be an option because of our rural location?”

“Should we check tax exemptions before buying equipment?”

“Could a local economic development office support this?”

“Do I need to talk with the SBDC before submitting projections?”

QUESTIONS TO ASK YOUR LOCAL ECONOMIC DEVELOPER “Is this property in a Renaissance Zone?”

“Does the city offer property tax exemptions, PILOT, TIF, or local development funds?”

“Is there a local revolving loan fund?”

“Would the city or county provide matching funds for PACE or Flex PACE?” “Are there downtown, façade, signage, or rehabilitation incentives?”

“Can you help connect me with Commerce, BND, USDA, SBDC, or Dakota Business Lending?”

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By David Reid, President & Owner, Radiant Homes

By Brady Drake |

provided by Broadwater

A Different Kind of Partner

A Different Kind of Partner Banks lend money. Broadwater buys equity.

The firm generally prefers a majority position, although its investment mandate allows for minority investments and a variety of transaction structures. Barner’s ideal arrangement often leaves the former majority owner with meaningful “rollover equity”— perhaps Broadwater owning roughly two-thirds of the business and the seller retaining one-third.

Bringing Private Equity Home roadwater Capital enters the picture when an established, profitable business reaches an inflection point.

The company may be preparing for succession, pursuing an acquisition, expanding into new markets or investing in the people, systems and technology needed for its next stage of growth. Broadwater provides the capital and strategic support to help make that transition possible.

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Broadwater’s target is the lower middle market, established businesses with roughly $20 million to $100 million in revenue or $2 million to $10 million in earnings before interest, taxes, depreciation and amortization, commonly called EBITDA. The firm prefers closely held companies with strong leadership teams, primarily in the Greater Midwest.

“We’re typically the first outside capital that goes into a business that’s not a bank,” Founder & Managing Partner Erik Barner said.

The logic is alignment. The founder can take some money off the table while remaining invested in what comes next. If the business grows, both sides participate in that growth.

But the structure is also a consequential decision. A majority sale changes control. Broadwater is not simply supplying money; it is becoming an owner.

Barner emphasizes that the firm is not there to run a company day to day. The management team remains responsible for operating the business. Broadwater’s role begins with traditional investment work— reviewing financial information, analyzing the market, identifying risks and asking questions—but the goal is not to deliver a report and disappear.

“We try to make it super collaborative,” Barner said. “We have questions here, we think there’s risk here and we think there’s a lot of opportunity here. Then it’s really a collaboration with the management team.”

CONTINUED

Broadwater’s shorthand for that work is people, process and technology.

Depending on the company, that could mean recruiting leaders, creating more formal training, improving financial reporting, installing an enterprise resource planning system, evaluating an acquisition or finding technology that helps employees move faster.

Erik Barner Founder & Managing Partner, Broadwater Capital

The Gap Barner Kept Seeing Broadwater’s strategy is rooted in geography as much as it is in finance.

The firm focuses on established companies across a 14-state Greater Midwest footprint that includes North Dakota, Minnesota, South Dakota, Iowa, Nebraska, Montana, Wyoming, Colorado, Wisconsin, Michigan, Illinois, Indiana, Kansas and Missouri.

The thesis is simple. The region has no shortage of durable companies, but many of those businesses are far from the major financial centers where private equity capital is concentrated.

To Barner, that distance is not measured only in miles. An investor based in New York, Los Angeles or Chicago may understand a company’s financial statements and still miss the local labor market, culture, customer relationships, or succession dynamics that shape the business.

Recruiting in Fargo is different from recruiting in Detroit Lakes, Omaha, or Wahpeton. Certain communities have unusually strong pools of manufacturing, agriculture, or logistics talent. Broadwater believes that understanding those differences can make it a better partner.

Barner grew up in North Dakota and spent about 15 years building his investment career in Minneapolis, Chicago, and Fargo. His previous roles included positions at Piper Jaffray, Norwest Mezzanine Partners, Institutional Capital, and Gen7 Investments. He earned a finance degree from the University of St. Thomas and an MBA from Columbia Business School, where he participated in its Value Investing Program.

By the time he founded Broadwater in 2021, he had seen private equity firms invest in North Dakota for years.

What he had not seen was a North Dakota-based institutional firm built to partner with those businesses over time.

The investors were elsewhere. If the investment succeeded, the returns and much of the accumulated expertise went elsewhere, too.

Broadwater’s Three Growth Levers People Recruiting leaders, developing employees, clarifying responsibilities, creating formal training and preparing the next generation of management.

Process Improving reporting, documenting workflows, creating operating rhythms and building systems that can support a larger organization.

Technology Replacing inefficient manual work, improving access to information and adopting tools that can reduce costs or create new revenue opportunities.

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Bringing Private Equity Home “I saw an opportunity for a partner to be here for business owners,” Barner said, “and hopefully help grow North Dakota-based businesses with a North Dakota-based equity partner.”

The Team at Broadwater

Fargo, then, is not merely Broadwater’s address. It is part of the investment thesis.

Barner also saw a workforce opportunity. Finance professionals from the region often had to leave to receive institutional training. Those who wanted to return did not have many established platforms to come home to.

Scott Loe Partner

Brett Stier Director of Business Development & Investor Relations

Josie Perhus Firm Operations Manager

Joe Janey Associate

Cara Christenson Executive Assistant

Michael Barry Investment Analyst

He wanted to create a firm where someone could build that career without leaving—or have somewhere credible to return after gaining experience elsewhere.

“It’s something that I hope far outlasts me,” he said.

From One Person to a Fund When Broadwater began in 2021, it was essentially Barner and Joe Janey, who worked virtually with him while attending graduate school.

The firm now has seven team members covering investing, business development, investor relations, operations and administration. The group includes professionals with experience at organizations such as PwC, Stone Arch Capital, Thrivent Financial, and Hennepin Partners.

Barner said the team was intentionally built before the portfolio became large. Asset management is a relatively small-people business, but he wanted Broadwater to have enough infrastructure to evaluate opportunities carefully and support companies after transactions closed.

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A major step came through 50 South Capital, Northern Trust’s alternativeinvestment manager and the general partner of the North Dakota Growth Fund. The Growth Fund publicly announced an investment in Broadwater in July 2025; Barner described 50 South as an anchor investor in Broadwater’s first fund.

Barner expects the completed fund to contain approximately eight or nine portfolio companies. At the time of the interview, Broadwater had completed its first acquisition and had a second under a letter of intent.

The businesses will likely differ in what they make or sell. Broadwater’s role in each is intended to provide capital, help sharpen the strategy

and support the management team as the company attempts to reach a new level.

The Kind of Business Broadwater Likes Broadwater’s first platform investment offers a useful illustration of that strategy.

Drilling Mud Direct, or DMD, is a Colorado-based distributor founded in 2002 by Clint Pitman.

The company supplies bentonite, drilling-fluid additives, equipment, and related services used in

CONTINUED

We’re typically the first outside capital that goes into a business that’s not a bank.”

Before Talking to an Equity Partner Is your information organized?

An investor will need accurate financial statements, operating information and supporting records. Clear, well-presented information allows an investment firm to evaluate the business more efficiently and provide useful feedback sooner.

Why do you want a partner?

Capital should solve a defined need. That might include completing an acquisition, entering a new market, installing a major software system, preparing for succession or allowing an owner to take some personal liquidity while remaining involved.

horizontal directional drilling, pipeline infrastructure and civil construction. It also operates a nationwide stockpoint network that helps contractors obtain essential products closer to their job sites.

It is not the kind of business that tends to dominate headlines.

That is part of the appeal.

“It may sound boring, but it’s a super interesting business to us,” Barner said.

DMD occupies what investors sometimes call a “picks and shovels” position. Rather than owning the data center, utility or pipeline, it supplies essential products to the companies building the infrastructure around them.

As data centers and other large infrastructure projects expand, more fiber, power, and utility connections must be installed underground.

Horizontal directional drilling allows contractors to complete much of that work without excavating a continuous open trench. DMD supplies the fluids, additives, parts and technical support those contractors need.

Barner also sees room for “bolt-on” acquisitions—buying smaller, complementary businesses and integrating them into the DMD platform.

What attracted Broadwater was not any one metric. Barner describes investment selection as pattern matching across several questions.

Are these people Broadwater wants to partner with? Is the industry durable? Does the company have a defensible position? Is the growth opportunity real? Can Broadwater contribute something beyond capital?

In DMD, he saw a founder who had built valuable supplier relationships,

logistics advantages and customer trust, but who believed the next wave of demand would require more infrastructure than the business had on its own.

That is the kind of growth problem Broadwater wants.

“Solving for growth problems—if you call them problems—is just super exciting,” Barner said.

A Repeatable Playbook Broadwater is not completely industry agnostic.

Its stated target sectors include agribusiness, business services, consumer products, distribution, light industrials, manufacturing and technology.

The common thread is not the product being sold. It is the opportunity to help an established company professionalize without stripping away what made it successful.

On the people side, that can mean leadership development, clearer roles, assessments, formal training, or succession planning.

On process, it can mean better reporting, repeatable workflows, a stronger operating cadence, or disciplined integration after an acquisition.

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Bringing Private Equity Home On technology, it can mean replacing manual work, improving customer insight, or installing systems that give leaders better information.

Barner said the firm applies AI to contract and legal-document review, financial analysis and industry research.

Barner believes smaller businesses chronically underinvest in that last category.

The larger point is not the brand names. It is the speed and scale those tools can create.

“The world is changing so fast with the advent of AI,” he said. “Use of technology for smaller businesses is almost always underutilized.”

When Barner began his career in 2007, many research and analysis assignments required a recent graduate to spend hours working through spreadsheets, documents and industry information. Some of that work can now be completed in a fraction of the time.

His advice is not simply to buy software. A company needs an internal champion—usually an owner or senior leader—who can identify worthwhile applications, test tools and drive adoption. Without that person, even inexpensive technology can become shelfware.

“For us, we’re able to get through a lot more information in a really sophisticated manner, really quickly and at very minimal cost,” Barner said.

The technology does not make investment judgment unnecessary.

It changes where people spend their time—and increases the amount of information they can consider before making a decision.

Barner believes the same opportunity exists in nearly every industry. Some tools will reduce costs. Others will help companies sell more, understand customers better or create services that previously would have been too expensive to deliver.

But adoption will not happen automatically.

“You largely need a point person or point people to implement it effectively and have widespread adoption across the company,” he said.

Broadwater itself uses tools including Notion, Claude, and Blueflame AI.

Broadwater’s AI Toolkit

Claude Anthropic’s general-purpose AI assistant can analyze large amounts of text and work with lengthy, complex documents. Broadwater uses Claude for tasks including legal and contract review, financial analysis and industry research. The platform can help teams summarize materials, identify important provisions, compare information and produce a starting point for deeper review.

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Blueflame AI Built specifically for private equity, investment banking and other investment firms, Blueflame helps deal teams conduct research, examine diligence materials and organize information surrounding potential investments. The platform is designed to reduce the manual work between an initial opportunity review and a final investment recommendation.

Notion AI Notion combines company documents, project information, databases and internal knowledge in one workspace. Its AI features can search that information, summarize documents, generate action items, assist with writing and turn stored material into more usable insights.

Broadwater uses Notion as part of its internal information and workflow infrastructure.

It’s something that I hope far outlasts me.”

What Business Owners Should Do Before Calling For owners considering private equity, Barner’s advice is basic but consequential.

First, organize the information.

“The cleaner your information is—and by cleaner, I mean organized and well presented—the easier it is for us to consume it and give feedback quickly,” he said.

A business does not need to look like a public company. It does need financial and operating information that tells a coherent story. Disorganized records can slow diligence, create uncertainty and

make it harder for an investor to distinguish a fixable process problem from a deeper business risk.

Second, know why you want a partner.

Maybe the issue is succession.

Maybe a founder wants liquidity after spending decades with most of their net worth tied up in the company.

Maybe the business wants to acquire a competitor, open another location, install a major software system or recruit a management team capable of running a much larger organization.

Broadwater is especially interested when the answer involves growth.

That does not mean private equity is the right choice for every company.

Owners must be comfortable exchanging part of their ownership— and potentially control—for capital, support and a partner in major decisions.

The most productive conversations begin when everyone is direct about that trade.

The answer does not need to be complicated, but it needs to be real.

“Why are you here?” Barner said.

“What can we do to solve what you’re trying to solve for?”

bwcap.com

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By Brady Drake |

J. Alan Paul Photography

Inside 701x’s downtown Fargo headquarters, the ear tag is only part of the story.

There are 3D printers creating prototypes, laser-engraving equipment marking devices, and custom-built machines designed to simulate the impact, stress, and abuse a tag will encounter on a living animal. Increasingly, there are also robots automating the production process itself.

It looks less like a conventional agricultural startup than an advanced manufacturing laboratory—because Kevin Biffert has spent most of his professional life building machines that do things other machines cannot.

THE ENGINEER TEACHING CATTLE TO TALK

Only now, the machine goes on a cow.

The company’s flagship xTpro is a solar-powered GPS ear tag capable of communicating directly through satellite networks. It can alert a producer when an animal leaves a designated area, slows down in a way that may indicate a health problem, or exhibits changes connected to breeding and calving. It is designed to work without a rancher installing antennas or base stations across the property.

“Cattle don’t talk,” he said. “They actually try to hide their illness from you because you’re a predator.”

A cow cannot tell its owner that it has stopped feeling well.

A calf cannot explain that it has become separated from its mother. A bull cannot report that it has crossed a fence, stopped breeding, or developed a respiratory problem.

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701x is attempting to give those animals a voice by helping the rancher notice sooner.

The tag does not diagnose a cow with pneumonia or prescribe a treatment. It detects changes in movement, activity, and behavior that may warrant a closer look. The producer still makes the decision. What 701x automates is the act of noticing.

When everything is normal, the system is supposed to remain quiet.

“We collect data, but we don’t do anything,” Biffert said. “If a cow gets in trouble, gets sick or gets out of the fence, then we start sending notifications.”

CONTINUED

BUILT TO FIX WHAT BREAKS

A 20-YEAR APPRENTICESHIP

Biffert grew up west of Killdeer, ND, as the middle child in a family of 15 children. Seven siblings were older, and seven were younger. The family primarily farmed, but it also kept roughly 40 to 50 cattle and five dairy cows.

Fargo Automation found its niche in the handling and packaging of medical products, particularly glass syringes.

There were enough children to milk all five cows by hand at the same time.

There were not many extracurricular activities. There were chores.

Trips to town required planning, and a trip to Dickinson for parts could mean traveling another 35 or 40 miles. If something broke, the family did not immediately replace it.

They found a way to repair it.

“You had to do what you had to do to make it work,” Biffert said. “Every day, you had to be resourceful.”

That mindset became even more important during his senior year of high school, when his mother died after battling cancer. Biffert remained on the farm to help his father and younger siblings before leaving for North Dakota State College of Science in Wahpeton.

His formal education began in instrumentation and electrical technology. After graduating, he went to work at 3M in Wahpeton, maintaining, installing, and programming manufacturing equipment. He continued studying engineering through the University of North Dakota while working full time.

“Online” education looked different in the early 1990s.

Lectures arrived on recorded video. Tests came through the mail and were completed under supervision in the company’s human resources office.

In 1996, restructuring at 3M gave Biffert the opportunity to take a severance package. He used it to start Fargo Automation.

He did not begin with a breakthrough product or a roster of global customers. He began by offering to automate whatever local manufacturers needed automated. An early relationship with a Minnesota window manufacturer led to machinery projects, and his experience working with high-speed equipment in clean-room environments eventually opened the door to medical-device and pharmaceutical companies.

The machines had to be fast, precise, and reliable. Some eventually handled hundreds—and, in certain applications, more than 1,000—syringes per minute.

But technical capability did not immediately produce an easy business.

Biffert said it took nearly a decade for Fargo Automation to become consistently profitable. Each custom machine represented a leap of faith for the customer. A pharmaceutical company might place a multimillion-dollar order, pay a substantial deposit and then wait a year or more for a one-of-a-kind system to be engineered and assembled.

The relationship was built less through dinners or golf outings than through execution.

YOU SHOW UP, AND YOU DO WHAT YOU SAY YOU’RE GOING TO DO,” BIFFERT SAID. “THAT’S WHAT AN ENGINEER GAUGES YOU ON.” The company also lived through the volatility of the capitalequipment business. Orders slowed after the 9/11 attacks.

During the recession that followed the 2008 financial crisis, a backlog initially insulated Fargo Automation, but the downturn eventually forced the company to reduce its workforce dramatically. When customers resumed investing in equipment, the company rebuilt almost as quickly as it had contracted.

Those cycles taught Biffert the difference between building someone else’s machine and owning a product of his own.

As a contractor, Fargo Automation received an order and designed a system around a customer’s requirements. With a product company, Biffert could control the design, retain the intellectual property, refine the manufacturing process, and sell the same underlying solution repeatedly.

Fargo Automation became an internationally recognized builder of pharmaceutical manufacturing equipment. Biffert sold it to Germany-based Körber in January 2017. At the time of the transaction, the Fargo operation had approximately 80

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KEVIN BIFFERT: THE ENGINEER TEACHING CATTLE TO TALK

employees; by the following year, Körber had moved its North American headquarters to Fargo and expanded the local workforce beyond 130.

Biffert left with capital, decades of manufacturing experience and a persistent interest in the Internet of Things—the growing network of physical objects capable of collecting information and communicating remotely.

What he did not yet have was the right object.

THE IDEA BEFORE THE IDEA Before turning to cattle, Biffert worked on a system for managing floodwater across the Red River Valley.

His concept involved wirelessly controlled devices positioned at culverts. By selectively holding and releasing water across fields, ditches, and other drainage areas, the system could theoretically reduce the volume reaching the river at any one time. Biffert developed prototypes and patented a remotely operated flood-control architecture built around communicating gates and centralized control.

The project did not receive the support necessary for largescale deployment.

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But the architecture survived.

A rugged device would sit far from its user. It would collect local information, communicate through an unreliable or intermittent network, and allow someone to monitor conditions from a central screen. The system would need to operate with little maintenance, in severe weather, across an enormous geographic area.

In hindsight, the conceptual distance between an intelligent culvert and an intelligent cattle tag was not especially large.

Biffert’s family members who remained in ranching had also been giving him a problem to solve with cattle crossing fences and disappearing into neighboring pastures or large tracts of public land.

In March 2020, Biffert started 701x. Max Cossette, the company’s first employee and now its chief financial officer, began interviewing cattle producers about the problems that consumed their time and cost them money. The team soon learned that location was only the beginning. Ranchers also wanted help with health, breeding, calving, recordkeeping, and infrastructure.

Engineers were hired later in 2020, software development followed, and 701x’s first ear tag became commercially available nationwide in May 2022.

Provided by 701x

CONTINUED

BUILDING AN ECOSYSTEM, NOT A TAG Biffert does not describe 701x as an ear-tag company. He describes it as an ecosystem.

The xTpro is the most visible part. It provides GPS tracking and can generate alerts associated with fence boundaries, activity changes, estrus, calving, and bull mounting behavior.

Its direct-to-satellite connectivity is designed for the places where cattle live but cellular networks often do not.

The smaller xTlite is designed for calves and broader herd coverage. It can contribute information related to calf activity, nursing and separation from the mother. The company also offers xWatSen, a remote water-tank monitor intended to reduce unnecessary trips while alerting producers to waterlevel or temperature problems.

All of it connects to 701x’s cattle-management platform. The app functions as a digital calving book and recordkeeping system, allowing producers to enter information in areas without service and synchronize it when connectivity returns.

It can track breeding, pregnancy, medical and financial records while giving multiple family members or employees access to the same information.

In late 2024, 701x acquired DigitalBeef, a registry platform used by breed associations and thousands of registeredcattle producers. The acquisition moved 701x deeper into pedigree, performance and genetic information, giving the company a pathway to connect what happens on the ranch with the systems used to register and evaluate animals.

North Dakota’s Department of Commerce reported that DigitalBeef had more than 9,000 ranches registered at the time.

What began as a way to find an escaped cow is becoming an attempt to connect an animal’s entire productive life—from genetics and birth through breeding, health management and sale.

701x tests those ideas on its own western North Dakota ranch. Biffert said the operation has roughly 140 mother cows, giving the engineering team a place to expose experimental devices to cold, heat, mud, water, brush and the destructive creativity of cattle.

The company had to learn not only how to collect useful information, but how to build something an animal could wear for months without destroying—or deliberately removing—it.

THE HARDEST PROBLEM IS HABIT The economic argument for livestock monitoring appears straightforward.

Bulls are particularly effective product testers.

The United States had approximately 86.2 million cattle and calves at the beginning of 2026, including 27.6 million beef cows and just over 2 million bulls. The national herd remained historically tight, while USDA forecasts continued to reflect elevated cattle prices. A breeding animal can represent thousands—or, in the case of high-value seedstock, tens of thousands—of dollars.

“It has taken us up until this year to get to about 1% breakage or loss,” Biffert said. “You would think it would be easy, but it’s not.”

Death loss is also expensive. The USDA’s most detailed national death-loss study, based on 2015 data, estimated that nearly 3.9 million cattle and calves were lost in one year

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KEVIN BIFFERT: THE ENGINEER TEACHING CATTLE TO TALK

at a cost of approximately $3.87 billion. Most losses were attributed to nonpredator causes. The study is dated, but it illustrates the scale of the problem 701x is targeting.

Biffert’s pitch is that identifying one serious health problem, one missing animal, or one unproductive bull can pay for a monitoring system.

Yet adoption remains more difficult than the arithmetic suggests.

Ranchers have managed cattle without satellite-connected ear tags for generations. Losses that appear shocking to an outsider can become accepted operating assumptions.

A new device also brings a new workflow, a subscription, another source of notifications, and the possibility that the technology will fail at precisely the wrong moment.

Biffert understands that trust cannot be engineered in a laboratory.

He learned the same lesson at Fargo Automation, where customers needed years of proof before placing larger orders. With 701x, the challenge is amplified because the product must earn the confidence of both the producer and the animal.

That is why the company emphasizes devices that arrive registered and ready to use, an app that functions offline and

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satellite connectivity that does not require producers to install an additional network across their property. It is also why 701x continues bringing design, testing and manufacturing under its own roof.

Biffert wants to control enough of the process that when something goes wrong, his team can solve it rather than wait for an outside supplier.

FROM A LOCAL EXPERIMENT TO A GLOBAL COMPANY The scale of 701x now makes it more difficult to dismiss as an experiment.

In June 2026, the company announced the close of an oversubscribed Series B round exceeding $10 million.

According to 701x, the round contained no venture-capital or institutional investment; it was funded by individual investors from North Dakota and Minnesota, along with ranchers who use the company’s products.

Including approximately $6 million initially invested by Biffert, 701x says it has brought in more than $27 million. As of June, it employed 56 people—44 full-time, with the remainder working part-time or as interns. The company also reported its first profitable month, even while directing most of its

Provided by 701x

labor budget toward research and development.

Biffert’s first company taught him how automation could reduce the cost of manufacturing at scale. At 701x, the company says robotics and automated production have reduced the assembly cost of the xTpro by 75%.

That matters because Biffert sees price as one of the largest remaining barriers to widespread adoption. Producing 20,000 tags is one business. Producing 2 million is another.

Higher volume would allow 701x to negotiate differently with suppliers, automate more of the process, and lower the cost per device.

The company is already operating in Canada and has announced plans to enter Australia, New Zealand, Mexico, the United Kingdom and Brazil before the end of 2026. Its research priorities include a rebuilt registry platform and a feedlot-management system focused on identifying health problems among animals in large, concentrated populations.

Biffert has said his long-term ambition is to take 701x public.

He views public capital not simply as an exit, but as a way to fund the scale of research, production and international expansion he believes the cattle industry will require.

GIVING RANCHERS THEIR TIME BACK The most important return 701x promises may be harder to place on a spreadsheet.

His goal is not a ranch without ranchers. It is a ranch where the human being does not have to be physically present every moment to know when attention is required.

“Someday it will be really hard to ranch without these tools,” Biffert said.

Biffert believes technology helped row-crop farmers dramatically increase the number of acres they could manage. Larger equipment, automatic steering, precision application and better data allowed fewer people to accomplish more work.

On the farm where he grew up, Biffert learned to fix what was in front of him because the nearest replacement part might be 40 miles away. At 701x, he is applying the same instinct at a different scale—building devices, software and even the machines that manufacture them, all to close the distance between a producer and an animal.

Ranching has not experienced the same transformation.

Cattle still cannot talk.

A cow still calves at 2 a.m. Water systems still fail on holidays.

Bulls still cross fences. A sick calf still needs a human being to find it, diagnose it and administer treatment. Producers can improve efficiency, but they cannot schedule the needs of a living animal.

But they move. They eat. They ruminate. They breed. T hey separate from the herd. They slow down when something is wrong.

That reality affects who is willing to continue ranching.

Someone simply needed to build the machinery to listen.

Biffert said younger producers do not necessarily want to work the 90-hour weeks their parents accepted. They want to attend their children’s games, leave for a weekend and take a vacation without wondering what is happening miles away in a pasture.

Biffert believes they have been communicating all along.

701x.com

@701x.inc

/701x.inc

/701x

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A Financial Institution You Own. hen people choose a financial institution, they often start by asking, "Is there a convenient location? Can I manage my money online? Does it offer the accounts and loans I need?"

There is another question worth asking. Who is the institution built to benefit?

At Capital Credit Union, the answer is its members.

A $25 deposit into a Share Savings Account establishes membership and makes that member a part-owner of the credit union. Members have a voice in how the institution is managed, electing the officers, directors and committee members who serve in volunteer roles.

By Brady Drake |

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J. Alan Paul Photography

Ownership Changes the Relationship Capital Credit Union is a not-for-profit financial institution.

Instead of generating profits for outside shareholders, it returns them to members through benefits such as lower rates on loans and higher returns on deposits.

That member-owned structure supports a mission “To be the trusted financial resource that puts members first.” Its values—Vision, Integrity, Caring and Knowledge—help guide how employees serve members and the communities they call home.

The organization’s history stretches back to 1936, when approximately 20 federal and state employees organized Capitol Employees Credit Union in Bismarck. By the end of that first year, the credit union had 33 members and $330.62 in assets. Ninety years later, Capital Credit Union serves more than 33,000 members across North Dakota.

Doug Lee, Market President

Its Fargo story began in 2012 with a merger involving Noridian Employees Credit Union and the opening of the Fargo 13th Avenue Branch. The Veterans Boulevard Branch followed in April 2020, and the new Fargo Central Branch opened at 3137 32nd Ave. S. in January 2026. Today, those three locations give Fargo-area members several ways to connect with a local team.

Full-Service One of the most persistent misconceptions about credit unions is that their services are limited. Capital Credit Union’s offerings tell a different story.

Members can choose from checking and savings accounts, certificates of deposit, money market accounts, debit cards and credit cards. Lending options include auto and recreational vehicle loans, mortgages, home equity loans and lines of credit and personal loans.

Business owners and agricultural producers can also access business checking and savings accounts, term loans, lines of credit, commercial real estate financing, SBA loans, agriculture loans, business cards, cash-management services and merchant services. Online and mobile tools help members manage their finances wherever they happen to be.

Capital Insurance Services LLC, located inside the Fargo Central Branch, can assist with auto, home, renters, recreational vehicle, umbrella, life, farm, commercial, business auto and specialty insurance. Capital Credit Union members also have access to investment* and retirementplanning services.

For someone opening a first checking account, financing a vehicle, buying a home or preparing to launch a business, that range of services means the relationship does not need to end with a single transaction. Capital Credit Union can remain a resource as a member’s needs and financial goals evolve.

We don’t have to go to other financial institutions for what we need. We can get it all here at Capital Credit Union.”

What does "Full-Service" include?

Everyday accounts: Classic, Edge, Edge Teen and Simple checking; Share Savings; high-yield savings accounts; youth savings; certificates of deposit; money market accounts; debit and credit cards.

Personal lending: Auto and recreational vehicle loans; mortgages; home equity loans and lines of credit; personal loans.

Business and agriculture: Business checking and savings; business CDs and money markets; term loans; lines of credit; commercial real estate loans; SBA loans; agriculture loans; business debit and credit cards; cash management and merchant services.

Planning, protection and access: Mobile and online banking; financial calculators; financial counseling; fraud protection; credit solutions; insurance; investment* and retirementplanning services. *Investment and insurance products and services are offered through Osaic Institutions, Inc., Member FINRA/SIPC. Capital Investment Services is a trade name of Capital Credit Union. Osaic Institutions and Capital Credit Union are not affiliated. Products and services made available through Osaic Institutions are not insured by the NCUA or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any credit union or credit union affiliate. These products are subject to investment risk, including the possible loss of value.

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Building Financial Confidence Providing accounts and loans is only part of Capital Credit Union’s role. Financial education is another important component of the credit-union model.

Members can access financial information, calculators, fraud-prevention resources, credit solutions and personal financial counseling. These resources are designed to help people understand their options, ask better questions and make more informed financial decisions.

Get Up to a $101 Match on Your First Deposit Now through Sept. 30, receive a match of up to $101 on your first deposit when you open a new Classic, Edge, Edge Teen, or Simple checking account.*

SCAN!

That commitment extends into the communities Capital Credit Union serves through event sponsorships, volunteer service, and student scholarships. It reflects the idea that a financial institution can do more than process transactions— it can help strengthen the financial health of its members and its community.

For more, visit us online, or at one of our Fargo locations today!

Fargo Central 3137 32nd Ave. S. Fargo Veterans Boulevard 3216 Veterans Blvd.

Fargo 13th Avenue — drive-up only 4900 13th Ave. S. capcu.org |

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/capitalcreditunion |

@capitalcreditunionnd |

/capital-credit-union-nd

By Brady Drake |

provided by Sean Mastel

ean Mastel was already giving a studio tour when the interview began.

His wife, Angela, was showing a friend around the couple’s newly leased spaces in downtown Fargo. One will house Sean’s eyewear production and Angela’s future art classes. The neighboring space will become a retail showroom and consultation area, where customers can sit down with the person who will design, shape and finish the frames they take home.

The move was still in progress. The spaces were not yet fully fitted out, and Mastel was wrestling with technology as the call started. But the larger transition had been years in the making.

After spending more than 20 years in the optical industry, Mastel is finally giving his full working day to the craft he once squeezed into evenings, weekends and spare hours in the family basement, making eyeglass frames by hand.

Mastel Made will open August 18 and hours will be Tuesday-Thursday from 10 a.m. to 6 p.m. and Friday from 10 a.m. to 1 p.m. They are available for appointments outside of these hours.

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CONTINUED

made, positioned and adjusted—as part of a craft that is gradually disappearing.

Mastel did not begin his career with a plan to make eyewear.

At 19, he was studying pharmacy. He soon concluded that the work was not for him and took a break from school. Angela, his high school sweetheart and eventual wife, had begun working at an eye clinic with a friend. She urged him to give the optical field a try.

Her pitch was simple: it combined medicine, fashion and technical work.

Mastel immediately recognized the fit.

“It’s somewhat medical, it’s somewhat fashion, it’s somewhat technical,” he said. “It interested me right away, and I’ve just been doing it ever since.”

What first captivated him was not the fashion side of eyewear but the lenses. He worked in optical manufacturing, grinding and fitting lenses into frames. It was precise, hands-on work that required an understanding of both the prescription and the physical object carrying it.

To Mastel, that part of the profession remains underappreciated. Most people notice the frame first, but the lens is where optics, measurements, materials and human vision converge. He sees the deeply involved optician—the practitioner who understands how a lens is

Making frames became the next step in preserving that craft.

The idea began with wood. Mastel’s father-in-law is a woodworker, and after Sean saw examples of wooden eyeglass frames, his first reaction was the reaction of a natural maker.

“We can do that.”

Wood ultimately proved less practical than he had imagined, but the problem had taken hold of him. How was a frame constructed? How could the shape be altered?

What materials could be used? How could he make something that fit one person better than anything available on a display wall?

About six years ago, he began finding out.

Mastel’s earliest projects were custom frames for people who could not find what they needed through conventional eyewear lines.

Some were difficult to fit. Others had a particular

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shape or color in mind but could not find it in the right dimensions. Some simply knew that the frames they were trying did not feel right, even if they could not explain what they wanted instead.

Mastel could begin with a blank page or reinterpret an existing idea. A customer might like the front of one frame but need it wider. They might want a familiar silhouette in an unavailable color. They might need the bridge, temples, or proportions redesigned around their face.

The process reversed the logic of ordinary eyewear shopping.

Instead of asking a person to adapt to the product, Mastel adapted the product to the person.

As his confidence and equipment improved, he began creating a collection of his own designs. Several grew out of extended conversations with individual clients. When a custom shape seemed capable of working for other people, he would ask the original customer for permission to include a version in his line.

His frames eventually found a retail home at Eyes on Broadway in downtown Fargo. When they began selling there, Mastel saw evidence that the appeal extended beyond a handful of custom clients.

Success created another problem, a lack of time.

Mastel had substantial responsibilities at Eyes on Broadway and its Mayville location, many of them unrelated to producing frames. The actual making took place at home, where he and Angela maintained studio spaces in the basement. He worked around his job and family life with their two daughters.

considerably more, depending on their materials and complexity.

Opening his own operation changes that equation. Frame making is no longer the thing he gets to after the day’s other obligations. It is the day’s work.

It also allows him to sell directly to customers. With fewer layers between maker and wearer, Mastel believes he can keep the collection more accessible than comparable handcrafted eyewear. At the time of the interview, he expected frames from his regular line to sell for approximately $295. Fully bespoke projects can cost

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Mastel’s designs may vary, but they share a philosophy: a good frame should not feel temporary.

He is drawn to objects made 30, 40 or 50 years ago—not simply because he prefers vintage styling, but because many of those objects were built with repair and longevity in mind.

CONTINUED

“Stuff nowadays isn’t made to last anymore,” he said.

His process has evolved substantially since the first frame.

He has watched customers purchase frames, wear them for a relatively short period and replace them when a component fails or a new insurance benefit becomes available. To him, that cycle is both wasteful and unnecessary.

In the beginning, virtually every operation was performed manually. Mastel used a saw to cut the shape, formed the groove that would hold the lenses, and engraved the frame by hand. The result carried the unmistakable marks of handwork, but the method was too slow and imprecise to support a repeatable collection.

“I wanted to make frames that were meant to last a long time,” he said.

That goal is visible in one of Mastel Made’s defining details— real, hand-installed riveted hinges. On many mass-produced frames, the dots resembling rivets are primarily decorative.

Mastel’s rivets are working structural components. They can be serviced and repaired, and he believes they provide the resilience associated with older frame-making traditions.

The aesthetic naturally leans toward classic shapes, but Mastel does not limit himself to reproducing the past. Some designs begin with familiar silhouettes and acquire new proportions or details. Others start with an idea he has not seen elsewhere and are tested to determine whether the shape works on a human face.

Today, machinery helps him cut the general form accurately. The remaining shaping, finishing, assembly, and customization are completed by hand. It is not a rejection of technology but a deliberate division of labor where machines provide consistency where consistency matters; the maker supplies judgment everywhere else.

That combination is also how Mastel Made describes its work publicly—locally handcrafted eyewear produced with a mixture of old and new techniques and fitted to the wearer’s features and style. The Guild of American Spectacle Makers lists Mastel Made among its affiliated bespoke and small-batch makers, a community organized around independence, personal artistry and enduring quality.

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a distance, Mastel said, it resembles an organic ink pattern flowing through the frame.

Only after someone learns what it contains do the lines resolve into something recognizable.

Mastel still has his earliest frame, packed away as a reminder of how far his work has progressed. But the first pair he remembers being truly proud of was made from buffalo horn.

Horn has a long history as a luxury eyewear material. Mastel made the pair for himself and still wears it occasionally. The finished frame was distinctive and successful; the production process was another matter. The material required extensive labor, and the smell created while working it was memorable enough that he has no immediate plans to make another in the new downtown space.

His most unusual commissions involve an even less expected material: horsehair.

The idea emerged while working with a client who was deeply involved with horses and wanted a personal keepsake. Mastel had once seen another maker incorporate hair into a frame and proposed trying it. The process is painstaking. The strands must be intentionally positioned, embedded in the material and allowed to cure. The result does not immediately announce itself as horsehair. From

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He has completed several horsehair frames for the original client and another for a fellow horse enthusiast. Depending on the complexity, such a commission can cost around $1,000—a significant price, but still modest within the rarefied world of fully bespoke, labor-intensive eyewear.

Although Sean is the frame maker, Mastel Made is closely connected to the rest of the family.

Angela spent approximately a decade working as an optician and can contribute practical knowledge about fit and eyewear. She is also an artist who works under the name A.J. Mastel. Her side of the new studio is expected to host art classes, while her creative influence will extend into the design of the retail space next door.

“I’m the dreamer,” Sean said. “She brings me down to reality.”

Their differences are useful, but combining a marriage with business requires discipline. Mastel’s advice for couples

considering the same arrangement is to develop the ability to distinguish criticism of an idea from criticism of a person.

There will be difficult conversations. A spouse may reject a design, question an expense or point out a flaw. For the relationship to withstand the business, both people must understand that disagreement can come from a shared desire to protect the work—not from a desire to hurt one another.

“You have to realize it’s coming not from a relationship aspect, but a business aspect,” he said.

Creativity runs through the household. Their daughters draw and make art, and their older daughter recently won an art contest.

Leaving a secure position to build an independent shop introduces risks that cannot be eliminated through careful measurements.

Mastel must produce enough inventory, finish the retail space, attract customers, and turn a specialized craft into a

sustainable full-time business. Angela was maintaining her full-time job while the studios took shape, providing stability as they made the transition.

Sean described the moment as “Scary, but exciting.”

Yet the move is also the logical conclusion of his career.

The pharmacy student found a field that united technical knowledge, health care, design and hands-on work. The lens specialist became a frame maker. The basement workshop developed into a collection. The collection earned space in an optical store. Now the maker is opening a place of his own.

What Mastel is building downtown is not a conventional optical shop and not quite an art studio. It is both: a place where the prescription matters, the proportions matter, the hinge matters and the person wearing the finished object matters most of all.

The goal is not to persuade customers to own more frames.

It is to make a frame worth keeping.

For Mastel, “made to last” is more than a design preference.

It is the entire business plan.

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By Mark Schiller, CPA, ABV, CFP |

or many business owners, the company they have spent years—or even decades—building represents far more than an income source. It is often their largest financial asset, a significant part of their identity, and the foundation of their family's future wealth.

Yet surprisingly few business owners know what their business is worth today, what drives that value, or what steps they can take to increase it.

At Williams & Schiller, our integrated approach to tax planning, wealth management, business advisory, and business valuation uniquely positions us to help business owners maximize both the value of their business and their personal readiness for an eventual transition. Our “Value Acceleration” consulting process is based on the framework developed by the Exit Planning Institute (EPI). While the name may suggest the process is focused exclusively on selling a business, the reality is much broader—and much more valuable.

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J. Alan Paul Photography

Value Acceleration Is About Building a Better Business Most business owners eventually leave their companies, whether through a sale, transfer to family members, management succession, or retirement. However, the strongest businesses are not built solely for an eventual exit. They are built to create greater value, stronger cash flow, and more freedom for the owner today.

Value Acceleration Consulting focuses on identifying and improving the key factors that drive enterprise value.

The objective is simple: help owners build businesses that are more profitable, more transferable, and less dependent on any one individual.

When these improvements occur, owners often discover benefits long before an exit event takes place. They may experience improved operational efficiency, stronger management teams, better strategic planning, increased profitability, and greater personal freedom.

The Business Is Only One Piece of the Equation

Understanding What Drives Business Value

One of the biggest mistakes business owners make is viewing their business separately from the rest of their financial life.

Business value is influenced by far more than revenue and profits. Potential buyers, investors, lenders, and successors often evaluate factors such as:

The reality is that the business, the owner’s personal wealth, tax strategy, and estate planning are deeply interconnected. Decisions that increase business value can have significant tax and estate implications.

Investment and retirement planning strategies can have a profound impact on whether an owner is financially prepared to step away from the business when the time comes.

Owner dependency

This is where our CPA firm and wealth management firms differ from other one-off solutions.

Growth opportunities

At Williams & Schiller, we bring business valuation expertise, 360-degree wealth management, tax planning and strategy, and estate planning coordination together under one roof. Rather than focusing solely on the company or solely on the individual, we help owners and their families understand how their business value can be nurtured and coordinated with their personal financial picture.

Customer and supplier concentration

For many entrepreneurs, the ultimate goal is not simply maximizing business value. It is creating financial independence, protecting family wealth, and ensuring that years of hard work translate into long-term security and opportunity for future generations.

Operational systems and processes Recurring revenue Management team strength Key employee retention Financial reporting quality Strategic positioning within the industry

Many owners are surprised to learn that one or two weaknesses can significantly reduce the value of an otherwise successful company.

Our Value Acceleration process helps business owners identify these opportunities and create a practical roadmap for improvement.

CONTINUED

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Building a Business That Supports Your Life At Williams & Schiller, we often view business owner planning through four interconnected lenses: Business Value: Building a stronger, more transferable company.

Personal Financial Readiness: Determining whether the owner has sufficient resources to achieve long-term financial independence.

Estate Planning Readiness: Creating structures that preserve family wealth, facilitate succession, and minimize unnecessary transfer taxes.

Personal Readiness: Helping owners prepare for what comes next after a transition.

The most successful transitions occur when all four areas are aligned.

Starting Earlier Creates More Options

The Williams & Schiller Team J. Alan Paul Photography business clients to end up in a bidding war when they go to sell.

Even owners who have no intention of selling anytime soon can benefit from understanding what their business is worth today and what opportunities exist to increase its value over time.

One of the biggest misconceptions about exit planning is that it begins a year or two before retirement.

Building Value Today

In reality, the most successful transitions often start five to ten years—or more—before an owner intends to leave.

The goal of Value Acceleration Consulting is not simply to help owners leave their businesses. It is to help them build stronger companies, create greater personal wealth, and gain clarity about the future.

Early planning creates flexibility. It allows time to improve business value, strengthen management teams, reduce risk, optimize tax strategies, and coordinate estate planning decisions before deadlines begin to matter.

I compare this process to house shopping. If you go into a house and there is a big list of things that need to be fixed or updated, well, the offer is usually low. If you go into a house where the first impression is “this is perfect,” you end up in a bidding war. We want our

Whether an owner plans to transition next year, ten years from now, or never, increasing the value of the business while aligning it with personal, tax, and estate planning goals can have a lasting impact.

For many entrepreneurs, their business is their largest asset. Understanding how to grow, protect, and eventually transition that asset may be one of the most important financial decisions they ever make.

For more information, visit or call: wswealthmanagementllc.com wscpas.us 701-540-0014

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By Brady Drake |

Provided by NDANO

ayla Deitch had been on the job for less than a week when she walked into the North Dakota State Fair Center in Minot and met the work all at once.

The North Dakota Association of Nonprofit Organizations’ 29th annual leadership conference had brought nonprofit executives, funders, vendors and community leaders together from across the state. Over two days, they traded ideas, attended workshops and talked openly about the challenges they had in common—from funding restrictions and rising costs to workforce development and volunteer recruitment. It was, in effect, Deitch’s orientation.

Then came the passwords.

After the conference, Deitch returned to the less visible work of transferring accounts, records, applications, equipment and years of organizational knowledge from NDANO’s longtime management partner, Clearwater Communications, into a full-time executive office.

That contrast—statewide ambition on one hand and administrative detail on the other—suited her.

A nonprofit’s mission may be the part the public sees. The mission, however, only survives when the systems, budgets, technology, compliance work and people behind it are strong enough to carry it.

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CONTINUED

That is now Deitch’s challenge at NDANO. The association was founded in 1997 by nonprofit leaders who saw a need to strengthen organizations throughout the state. Its mission is expressed in three verbs: educate, advocate and connect. In June, Deitch became its first full-time executive director, beginning what the organization has described as a new chapter of growth.

“I’m being given an opportunity to step into an organization that is established, with an incredible board, a network and financial backing,” Deitch said. “It’s a humongous gift.”

The position is the culmination of a professional evolution Deitch says she could not have rushed.

She spent nearly a decade with the International Association for Impact Assessment, learning association work, event logistics, and member service. She valued the organization and its culture, but eventually recognized that she needed a larger challenge and more room to grow.

She found both in entrepreneurship.

After leaving the association, Deitch spent approximately three years building a consulting career and launching Execla, an executivesupport business centered on repeatable systems and proactive operational assistance.

Deitch said. “I couldn’t have been that person three years ago, but I am for today. It was the right time and the right opportunity.”

Founded: 1997 Purpose: Strengthen North Dakota’s nonprofit sector Core functions: Educate, advocate and connect Who can join: Nonprofits, businesses, consultants, agencies and individuals Member resources: Training, advocacy, networking, policy information and the annual conference

“I probably grew 10 years in 3 years,” she said.

Consulting conditioned her to hear “no” without becoming immobilized by it. It taught her to pick up the phone, make decisions with incomplete information and move forward after finishing an engagement—even when doing the work well meant a client no longer needed her.

Most importantly, she said, those years made her more resilient and more decisive.

“I conditioned myself to be the CEO I wanted to be three years ago,”

Deitch has informally named the opening months of her tenure her “listening tour.”

She is traveling the state, meeting nonprofit executives, board members, funders, volunteers and community partners. She is asking: What are organizations confronting?

Where are leaders getting stuck?

What knowledge is missing? What could NDANO provide—or who could it connect them with—that would make the work easier?

She is not an expert on every mission represented within the sector. North Dakota nonprofits work in housing, health care, education, food security, public safety, animal welfare, the arts, economic development, and dozens of other areas. Deitch sees her role as recognizing shared needs, connecting people with credible expertise and helping organizations act together when the situation calls for it.

“How do we get out of our silos and work together?” she said.

The scale of that opportunity is substantial.

NDANO’s sector research identifies 3,896 public charities in North Dakota, in addition to 175 private foundations and 1,941 other

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nonprofits such as trade associations and fraternal organizations. Its 2025 report says 84% of North Dakota nonprofits reporting financial information have annual budgets below $500,000.

In many of those organizations, the executive director is not simply setting strategy. The same person may be fundraising, supervising employees, helping the board, writing grants, managing technology, checking regulatory requirements and making sure the building opens in the morning.

NDANO’s 2025 annual report listed 152 nonprofit members and 40 business, government, and individual members. The distance between that network and the full statewide sector represents an enormous growth opportunity for Deitch.

“I really want to grow it,” she said. “I want to see what types of relationships I can build to bring funding to NDANO, grow a team and really add value.”

One of Deitch’s first tests came not from a North Dakota meeting room, but from a lengthy federal proposal.

On May 29, the federal Office of Management and Budget proposed revisions to the Uniform Guidance—the government-wide rules governing most federal grants, cooperative agreements and other financial assistance.

OMB said the proposed changes were intended to improve transparency, accountability and oversight while reducing burdens on recipients. The National Council of Nonprofits, whose network includes NDANO, raised concerns that parts of the proposal could create instability for organizations receiving federal

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awards, including by broadening the circumstances under which grants could be suspended or terminated.

The issue carried immediate consequences for organizations that use federal funding to provide housing, health, education, food, shelter and other services.

For Deitch, NDANO’s responsibility

was not to tell every member what to think. It was to make sure affected organizations understood what was being proposed, had access to reliable analysis and knew how to submit their perspectives before the July 13 public-comment deadline.

“My goal is to be the one making sure our members know what’s going on,” she said.

CONTINUED

The National Council of Nonprofits had specialists reviewing the proposal and turning its technical language into more digestible guidance.

Deitch’s job was to move that information through North Dakota—sharing resources, answering questions and calling members directly.

At one point, she planned to use a long drive across the state to work through a list of phone calls.

It was scrappy advocacy, but it illustrated the role Deitch wants NDANO to play, which is to identify the issue, translate it, connect members with expertise and help the sector respond together.

Not every policy concern is that sweeping. Sometimes

an organization needs help understanding a filing requirement, fundraising rule or tax provision. Those smaller operational issues can still consume scarce time and money.

Deitch’s largest long-term opportunity may be helping nonprofit leaders strengthen the business beneath their missions.

“Nonprofits are businesses too,” she said.

The nonprofit designation does not mean an organization should operate without

Become an associate member. NDANO offers four associatemembership levels, ranging from $120 to $1,200 annually, for businesses, consultants, government agencies and individuals.

Share useful expertise. Associate members may submit proposals to provide educational content or present learning opportunities to nonprofit leaders.

Participate in the annual conference. Businesses can exhibit, sponsor programming and build relationships with nonprofit executives and funders from across North Dakota.

Help someone connect. Companies can encourage employees to serve on boards, volunteer or share professional skills with organizations whose missions matter to them.

CONTINUED

financial discipline, reserves or a plan for sustainability. Deitch wants leaders to have more access to practical education on governance, operations, human resources, technology, financial management, fundraising, and communication.

funder needs to hear?” Deitch said.

That does not mean changing the mission to chase money. It means doing the homework, understanding the opportunity and describing the organization’s work in terms a reviewer can quickly recognize.

NDANO already maintains a bestpractices program organized around 10 principles of nonprofit excellence, including accountability, financial management, governance, fundraising, human resources, planning, evaluation, technology, and strategic alliances. Deitch sees an opportunity to make resources like those even more accessible and actionable.

Rather than allowing a rejected request to become a source of lasting frustration, Deitch wants leaders to approach it as a businessdevelopment question: Was the opportunity truly aligned? Was the story clear? Is there a relationship the organization has not built? Is there another funding structure it has not considered?

Her entrepreneurial background becomes especially apparent when she discusses funding.

“How do we figure this out?” she said. “What are we not seeing? What are we not looking at?”

A strong mission does not automatically produce a strong funding request. Organizations must understand why a foundation, public agency or corporate partner exists, what outcomes it is trying to create and where the nonprofit’s work genuinely aligns with those priorities.

Because NDANO remains a lean organization, Deitch sees its network as a way to expand its capacity. Accountants, attorneys, marketers, technology professionals, fundraisers, human-resource specialists and other experts can help educate members through webinars, conference sessions and vetted resources.

“How can we tell the story that the

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The organization’s associatemembership program is specifically designed for businesses, consultants, government agencies and individuals that want to connect with nonprofit organizations. Depending on the membership level, benefits can include business-directory placement, conference discounts, organizational recognition and the opportunity to submit proposals for educational programming.

For Deitch, the best relationships will deliver value before they attempt to sell anything.

A social-media specialist, for example, might teach nonprofit leaders how to create a manageable content plan. A financial professional could explain cash reserves or restricted funding. A humanresource expert could help a small organization understand employment practices it has never had internal staff to manage.

That education helps nonprofits operate more effectively. It also allows participating businesses to establish trust within a statewide network.

Deitch wants more nonprofit organizations to know NDANO exists, but her invitation extends beyond them.

For businesses, the organization offers access to leaders from a sector that purchases professional services, employs tens of thousands of North Dakotans and contributes to the communities in which companies recruit and retain employees.

For professionals, it offers opportunities to share expertise.

For individuals and families, it can serve as a connector to organizations seeking volunteers, board members, and community advocates.

And for nonprofits, membership offers a place to learn from peers who understand the work.

Deitch described NDANO’s annual conference as the one time each year when many nonprofit leaders can step away from their daily demands, meet other decisionmakers and think more broadly about the problems they are trying to solve. The 2026 conference in Minot brought organizations together with workshops, funders, sponsors, and vendors.

Nonprofit membership dues are scaled according to annual operating budget and currently range from $75 to $1,000. Deitch said any organization for which the fee presents a genuine limitation should contact her directly.

Her immediate objective is not to make NDANO the answer to every question. It is to make the association the place people call when they do not know where the answer is.

Sometimes the value may be a

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Understand the organization’s mission Review its finances Ask about the expected time commitment Understand fundraising expectations Learn the board’s legal responsibilities Ask whether directors and officers insurance is in place Determine how your expertise would be used Clarify term lengths and meeting frequency

national policy summary arriving before a deadline. Sometimes it may be a webinar on an operational problem. Sometimes it may be a conversation between two leaders who discover that they have been trying to solve the same problem separately.

Deitch wants NDANO to make those connections happen more often—a nd with more optimism.

“There is so much negative scrutiny right now,” she said. “I really want to be that positive light for people.”

North Dakota’s nonprofit sector is not a small or peripheral piece of the state’s economy. NDANO’s sector report attributes 52,848 North Dakota jobs and more than 185,000 formal volunteers to nonprofit activity. Those organizations support housing, food access, education, health, arts, public safety, workforce development and many of the conditions that allow communities and businesses to function.

“Nonprofits are the glue in society,” Deitch said. “They’re the ones that heal. They’re the ones that give purpose and meaning and remind us that we’re all human—and that sometimes we all need some help.”

Her plan for NDANO is similarly connective: make the phone call, translate the issue, bring the right people into the room and help organizations move together rather than struggle alone.

In Deitch’s hands, those three words are more than a mission statement.

They are a growth strategy.

ndano.org /ndnonprofits /ndnonprofits

he word "Stand Down" carries heavy operational weight in the military.

It signifies a temporary withdrawal from the front lines—a rare, structured window for a soldier to step out of harm's way, clean their gear, receive medical attention, and rest before returning to the mission.

But for many Native American veterans returning to civilian life, the battle doesn’t end when the uniform comes off. Instead, the front lines shift to navigating dense bureaucracies, securing earned benefits, or fighting the isolating barriers of geographic and cultural disconnect.

I first crossed paths with Dean Dauphinais when we were working to build the foundation for the North Dakota Native American Veterans Stand Down. What began as an operational mission to establish a localized, culturally intentional intervention has evolved into a vital, rotating statewide lifeline. Now in its fourth year, the event has moved from the Spirit Lake Nation to Turtle Mountain Band of Chippewa, then to the MHA Nation, and most recently, to the Standing Rock Sioux Tribe at Fort Yates.

Seeing the impact of that event firsthand teaches a profound lesson about community leadership: true

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advocacy isn't about speaking for an underserved group; it is about building the infrastructure so they are seen, met exactly where they are, and given back the dignity they earned.

At the center of this movement is Dean Dauphinais. A U.S. Marine Corps veteran, an enrolled member of the Turtle Mountain Band of Chippewa Indians, and of Spirit Lake Dakota heritage, Dean is the living embodiment of the servantleader. To understand his relentless drive to advocate for Native veterans, you have to understand the unique intersection of military service and Indigenous culture.

Native Americans serve in the United States Armed Forces at a higher rate per capita than any other ethnic group—a deeply rooted tradition of protecting the homeland that spans generations.

Yet, historically, when Native warriors return to their reservations or rural communities, they encounter systemic hurdles that their urban counterparts rarely face.

• Higher per-capita military service rates than any other demographic.

• Disproportionate barriers to accessing VA health, housing, and disability claims.

• Geographic isolation from regional VA centers and lack of cultural alignment.

Native American Veterans have had some really successful stories about people who gave up, couldn't navigate the complicated system, especially the Elder Veterans, and ended up getting signed up for benefits and getting the services they earned many years ago.

Dean saw these gaps not as permanent failures, but as a call to action. With over 25 years of experience spanning community organizing, nonprofit management, and veterans' affairs, he has steadily scaled his impact. His

advocacy is felt at the highest institutional levels; he serves on the Secretary of Veterans Affairs Tribal Advisory Committee and directs communications for is a member of the National Congress of American Indians (NCAI) Veterans Committee and is also the Executive Director of National American Indian Veterans (NAIV). When federal cutbacks or administrative restructuring threaten to impact vital VA personnel, Dean is a strong voice on national platforms, like Native News Online, ensuring the unique vulnerabilities of tribal veterans are part of the legislative conversation.

Advocacy requires policy work, but real-world empowerment often

requires economic tools. Recognizing this, Dean took his passion a step further by bridging the gap between social purpose and private enterprise.

Alongside his wife, Angela Dauphinais— an MBA graduate from the University of North Dakota and an enrolled member of the Red Lake Band of Chippewa—he co-founded Native Eco Solutions (NES).

Headquartered in Bemidji, Minnesota, in the heart of Upper Midwest Indian Country, Native Eco Solutions is a certified Indian Economic Enterprise (IEE) and a Disabled Veteran Business Enterprise (DVBE). The business specializes in government grants and contracts consulting, strategic planning, and project management.

What makes the company unique is its foundational framework: "Connecting tribal communities with opportunities to improve the quality of life of their people by inspiring

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collaboration in Indian Country and matching Indigenous values with strong business fundamentals."

Through his business, Dean demonstrates that entrepreneurship can be a powerful engine for community development. By securing government contracts and partnering with organizations like the Department of Housing and Urban Development (HUD), the Bureau of Indian Education (BIE), and the Indian Health Service (IHS), Native Eco Solutions channels resources directly into the communities that need them most.

For Dean, entrepreneurship isn't merely about corporate equity or profit margins; it is a mechanism for regional selfreliance and sovereignty. By helping tribal entities build stronger strategic plans and navigate complex federal grants, his business builds the internal capacity for tribes to support their own people—including their veterans.

The story of Dean Dauphinais challenges us to look closely at our own local business ecosystems and communities.

It forces a fundamental question: How are we using our unique skill sets to build paths for others?

You don’t need to sit on a national advisory committee to spark a meaningful shift. The collaborative effort that launched the North Dakota Native American Veterans Stand Down started with a shared local vision. It required regional networks, educational institutions like the University of North Dakota’s National Resource Center on Native American Aging (NRCNAA), and local tribal leaders stepping up to coordinate logistics, donate items, and volunteer time.

When regional businesses, advocates, and tribal networks align, the results

are life-altering. An elder veteran receives long-overdue disability compensation; a homeless service member finds a pathway to a permanent VA home loan; an isolated family connects with local tribal veteran service officers.

Dean's journey from a Marine to a nonprofit advocate, and ultimately to a business owner, highlights a valuable blueprint for community leadership. If you are looking to make a meaningful impact within your own professional or local circle, consider these steps:

Meet People Where They Are: True service requires proximity. The Stand Down succeeds because it moves across North Dakota, physically bringing the VA representatives directly onto tribal lands rather than expecting rural veterans to travel hours to urban centers.

Align Business with Purpose: Look at your current professional skills—whether in marketing, operations, finance, or logistics. How can those everyday skills be leveraged to support a local cause or mentor an emerging group?

Build Collaborative Coalitions: Real, sustainable change is rarely a solo endeavor. It requires linking private business efficiency with

public resources and tribal or local community trust.

Dean Dauphinais’ life work reminds us that our responsibilities to our neighbors do not end when our shift is over or when our military enlistment concludes. Dean takes his commitment to service to his fellow veteran brothers and sisters in arms as seriously as he took his oath as an enlisted Marine. Whether through the deliberate structure of a business model, the boots-on-the-ground execution of a local Stand Down, or national policy advocacy, creating an impact starts with a simple choice: to see a gap in your community and refuse to look away.

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Don't Invest Before You Validate Demand

By Michael Danielson, Veterans Business Outreach Specialist Photo Courtesy of VBOC of the Dakotas

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rtificial intelligence, low-code development platforms, and affordable software developers have made it easier than ever for entrepreneurs to build digital products. Across North Dakota and South Dakota, business owners are exploring opportunities to create mobile apps, online marketplaces, SaaS platforms, and industry-specific technology solutions. Many see software as an opportunity to solve problems they have experienced firsthand or to modernize industries that have relied on manual processes.

While innovation should be encouraged, one of the most expensive mistakes entrepreneurs make is building software before proving that customers will pay for it.

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Every year, entrepreneurs invest thousands, sometimes hundreds of thousands of dollars, developing software they believe the market needs. They hire developers, build featurerich platforms, create polished websites, and spend months perfecting products that struggle to attract users. The problem usually isn’t poor programming—it is the absence of verified demand.

This challenge is especially relevant for entrepreneurs in North and South Dakota. Many identify real problems within agriculture, manufacturing, healthcare, energy, construction, logistics, or professional services and immediately pursue software solutions. They assume that because they experience the problem, others will pay to solve it.

Unfortunately, assumptions rarely replace validation. A problem only becomes a business opportunity when someone is willing to spend money to fix it.

One common misconception among first-time software entrepreneurs is believing product development comes before finding customers. Successful companies often reverse that order. They spend time talking with potential customers before writing code—conducting interviews, gathering feedback, testing pricing, and identifying which problems are worth solving. Many discover their original idea needs significant changes before development begins. For small business owners, this reduces risk.

Imagine an entrepreneur in Fargo who believes local contractors need software to manage equipment rentals.

Instead of hiring a development firm, they could interview fifty contractors across the region. They might discover scheduling isn’t the biggest issue—billing delays, labor shortages, or inventory tracking may matter more. Those insights could reshape the product before development, saving time and money.

The same principle applies across the Dakotas. A rancher may envision livestock management software.

A manufacturer in Watertown may see a need for production scheduling tools. A healthcare provider in Bismarck may identify inefficiencies in patient communication. Each idea may have merit, but none should move into costly development until customers confirm both the problem and willingness to pay.

Customer conversations remain one of the least expensive and most valuable forms of market research.

Many entrepreneurs worry that discussing ideas will invite competition, but execution is more valuable than secrecy. Ideas are common; successful implementation is difficult. Talking with customers creates understanding, not risk.

These conversations should focus less on whether people “like the idea” and more on current behavior.

People tend to be encouraging, especially in smaller communities. Asking, “Would you use this?” often yields overly optimistic answers. Instead ask: How do you solve this today? What does it cost? What frustrations occur?

What have you tried? What is it worth to fix? These questions reveal real demand.

Another costly mistake is building too many features too early. Entrepreneurs often envision full platforms with dashboards, reporting tools, mobile apps, AI, integrations, and more. Each feature adds cost and complexity.

Successful businesses usually start much simpler.

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Rather than building everything at once, many launch with a Minimum Viable Product (MVP)—only the core functionality needed to solve one defined problem. Instead of serving everyone, it delivers one meaningful outcome well.

This allows earlier feedback. Instead of spending eighteen months building in isolation, entrepreneurs can launch within months, learn from users, and improve based on real experience. Customers become partners in shaping the product.

Technology has also made validation easier. Entrepreneurs do not need finished software to test demand.

Landing pages, demos, surveys, preorders, waiting lists, prototypes, and even manual services can measure interest before heavy investment. In many cases, they can test willingness to pay without writing code.

For example, a Sioux Falls business owner wanting fleet maintenance scheduling software could first offer the service manually using spreadsheets. If customers pay, it validates demand. If not, lessons are learned before major costs.

This approach matters for businesses with limited resources. Unlike venture-backed startups, many entrepreneurs in the Dakotas invest personal savings or rely on traditional financing. Every unnecessary dollar spent reduces funds for marketing, hiring, equipment, or growth.

Building software should support a proven business model, not become an expensive experiment.

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Artificial intelligence has lowered development costs and increased access to tools, but it has not changed entrepreneurial fundamentals. AI can generate code, design interfaces, and speed development. It cannot create customer demand. Technology lowers build costs but not the importance of understanding markets.

Entrepreneurs should remember software companies are still businesses. Success depends on customer acquisition, pricing, retention, support, cash flow, and continuous improvement.

Many founders focus heavily on development while neglecting how they will consistently attract and retain paying customers. In reality, marketing and sales often matter more than technical sophistication.

Experienced advisors can help.

Organizations like Small Business Development Centers, SCORE, Veterans Business Outreach Centers, Women’s Business Centers, and local economic groups assist with market research, financial projections, customer discovery, pricing, and planning. Asking hard questions early prevents costly mistakes.

There is also value in building within industries entrepreneurs know.

Strong software companies often emerge from firsthand experience.

Contractors understand construction, farmers understand agriculture, and manufacturers understand production. Industry knowledge leads to better solutions, but it still must be validated through customer conversations.

Perhaps the most encouraging reality for entrepreneurs across the Dakotas is that validating demand costs far less than correcting poor assumptions. A few weeks of interviews can save months of development. A simple prototype can confirm whether a market exists. A pilot customer can provide insights no brainstorming session can match.

Innovation remains a key driver of economic growth in North and South Dakota. New software businesses will continue to emerge across industries. Many will create jobs and improve productivity. The entrepreneurs most likely to succeed will not be those who build first—they will be the ones who listen first.

Ultimately, successful software companies are not built on ideas alone. They are built on solving problems customers will pay to eliminate. Before investing thousands in development, entrepreneurs should invest in understanding their market. The goal is not just to build software, but to build a business.

In the end, the most valuable line of code is often the one never written because customer conversations revealed a better opportunity. For entrepreneurs across the Dakotas, validating demand before investing in technology does not slow innovation—it increases the likelihood that innovation becomes a profitable, sustainable business.

10 Questions

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Questions

ohn Machacek, Chief Innovation Officer for the Greater Fargo Moorhead Economic Development Corporation, has worked with countless startups throughout our community over the years. He knows their ups, and their downs, but most of all, he knows the questions to ask them. Here are John Machacek’s 10 questions for Jack Brodshaug, Co-Founder & COO, Flatland Capital Group.

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01 Will you please tell me your elevator pitch for Flatland Capital Group?

Flatland Capital Group helps ag retailers sell more product and get paid faster. We build and run input financing programs so a retailer can offer their farmers flexible, competitive financing without the balance sheet risk or the back-office work. We handle the underwriting, the capital, and the program management, and we can white label it under the retailer's own brand. We also work with manufacturers who want to use promotional rates to move product through the channel.

Basically, we sit in the middle of the value chain and make each piece work a little better.

02 How would you describe your core customers and market for this?

We're trying to be the operating system that connects the ag value chain, retailers, manufacturers, farmers, and the lenders behind the capital, so everyone gets value. Our main customers are the retailers and manufacturers. Retailers close deals faster with very little balance sheet risk. Manufacturers get a way to put promotional rates and financing to work in the channel to move product. Farmers get access to promotions and better financing than they'd usually see. We underwrite the farmer, but the customers we're really serving are the retailers and manufacturers..

03 Then, to back it up a step from serving the customers, what was the problem you were looking to solve for them that led to the creation of Flatland Capital?

It started with access to flexible capital for ag retailers, but the bigger idea is this. Financing on its own is a commodity and doesn't move product. A creative program built around it does, because it shifts buying behavior. So, we help retailers on two fronts: cash flow and sales lift. Our factoring approach takes receivables off their Balance Sheet and frees up cash 60 to 180 days sooner, and we can white label the whole thing. On the sales side, closing faster with better terms can drive a 10 to 15 percent lift. It ends up being a cash flow tool and a sales tool at the same time.

04 I saw that your undergrad and grad schooling was ag-related, but then also much of your work experience has been with large ag companies. So, you have tons of experience in the corporate ag space, but how has that shift gone to now being in a new ag startup?

Most of my career was inside big corporate ag companies, so there was a safety net. But I was always on the newer end of things, launching seed innovations, digital agronomy tools, and carbon programs, so I'm used to bringing something new to market. That part translates.

What's different now is the safety net is gone, and it's a small team, so everything lands on us. The core challenge is the same one I've always liked though: taking something technical and making it simple enough that a retailer gets it and can use it to sell more. I just don't have the corporate shell around me anymore.

05 I know you have a couple of co-founders too, one in northeast Minnesota and another in the Los Angeles area. I met one of them with you at Grand Farm's Cultivate conference. What are the roles or specialties that each of you brings to the team?

We bring different things to the table, and that's on purpose. My background is on the ag retail and manufacturing side and my own farming experience, so I understand the customer and their problems.

Greg brings go-to-market strategy and technology implementation, so he knows how to get these programs adopted in the field. Chris comes from capital markets and financial structuring, so he speaks the language of the lenders. There's very little overlap between us, which for a small team is exactly what you want.

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10 Questions

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Part of the value chain and financing process is with community banks, or at least I recall you are attempting to help drive more financing business to the community banks.

Thinking of a prospective reader of this interview, if they are at a community bank, will you please explain that part of your business to better describe that area?

As a new startup, you're learning new things from the perspective of a founder; you're making pitches not only for clients but also to raise startup funding; you're getting out & about into the startup scene. With approximately six months of that behind you, are there any particular learnings or any surprises, good or bad?

This is an important piece for us. We work with regional lending partners, and we've already run a successful pilot where one lender came in alongside five ag retailers, and it worked really well. We're looking to bring more lenders in. The natural competition here is the operating loan, which a lot of institutions already offer, and we're not trying to replace that. We can be a facilitator that helps a lender keep making those loans, but with manufacturer promotions and pricing built in, which tends to drive more activity back to the lender, not less.

I came in with assumptions from my prior experience, and a lot of it turned out harder than I expected. But the best surprises came out of that. The biggest is Flatland Advisory, which we launched more recently. We realized that to serve manufacturers and retailers well, you have to go a step deeper and customize programs that actually sell more product, so we grew from a pure financing program into something with a marketing and advisory side too. The other big lesson is that as a financing startup, you have to be crystal clear on the one thing you do better than anyone else. And honestly, AI has made building a company easier than I expected. It lets a small team punch way above its weight.

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08 You grew up in the FM area but moved away about 15 or so years ago. Then moved back about a year ago, if I recall correctly. How has the move back been as a returning resident and new startup entrepreneur?

It's been a lot of fun. Getting into the startup ecosystem here and seeing how much it's grown has been the best part. Growing up, I thought Fargo was boring, and I feel completely different now, with the supportive community and all the restaurants and breweries that have come in. It's funny too; our house is only about a mile from the farm I grew up on, so I've come full circle. The Grand Farm team has been great, and we've come on as a partner organization.

And it's been good to be around other entrepreneurs, including a tech founders group. Those conversations have been really valuable.

09 Okay, let's just go in the time machine to visit a younger version of Jack.

What hindsight advice would you give yourself?

Bet on yourself sooner. I stayed in the corporate world a long time, and it was good to me, but I probably should have taken a swing at something like this earlier. I spent a lot of years building value for other companies when I could have been

building it for myself. So that's what I'd tell the younger me. Trust that you can do it and go a little sooner than you think you're ready.

10 What can we do as a community to help you and Flatland Capital succeed?

A few things. The biggest is connections. If you know ag retailers or manufacturers looking to move

more product or free up cash flow, we'd love an introduction. And if you're at a financial institution with interest in participating as a lender in our programs, please reach out to me directly. Beyond that, just keep doing what this community does well, which is showing up for the people trying to build something here. That goes a long way.

Flatland Capital Group flatland-capital.com /flatland-capital-group-nd

About John John Machacek has been helping local startups with the Greater Fargo Moorhead Economic Development Corporation for over a decade.

Before joining the GFMEDC ream, John's career path has varied in areas such as banking, accounting, and management in the nonprofit, food & retail sectors.

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Lakes Area Creation Co Photography

Meet The Read "Meet the Maker" every month in our sister publication,

By Ashley Morken, Owner, Unglued

Lakes Area Creation Co Photography

Lakes Area Creation Co Photography

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Fresh Squeezed Studio

Lakes Area Creation Co Photography

O

ne day I walked into our shop at Unglued and discovered a new local artist, Kristina, our shop manager, had started to work with—Fresh Squeezed Studio—and I could not get over how crazy whimsical and fun the sculptures they created were! And then to discover the bright, colorful polymer earrings they created with a totally unique take was a cherry on top. Learn more about this new local maker below, and how you can take a workshop from them, too, to learn some of those super fun skills!

Tell us a bit about yourself!

I was born and raised in Fargo and earned my BFA degree in film with an art minor at Minnesota State University Moorhead. I’m a big fan of Star Trek, Doctor Who, and The Office. I enjoy swimming and trying out new art mediums for hobbies. The most important thing to me is family, like spending time with my cousins and my little nephews. Contributing to the community is also important to me, which is why I donate 5% of all my store sales to the Great Plains Food Bank and 5% of my event profits to different organizations like The Immigrant Defense Network in Minnesota. Making a difference in my community is very important to me.

I also think it’s important for queer Fargoans, especially creatives, to stay in town and not move away to bigger cities, even when it can be tempting, but to stay and contribute to our hometown.

Describe what type of products you create as Fresh Squeezed Studio.

I make lots of different things, mainly with polymer clay. I make jewelry, mainly earrings and bracelets, and I make little creatures; each is one-ofa-kind. I make decor items like picture frames, ring holders, and trinket bowls.

I’m now offering a new product: glittery sensory potions! My little figurines are my favorite to make, but I also enjoy creating something functional with the jewelry and decor items. I love being a part of someone expressing something of themselves through my pieces!

Tell us how you got started with your handcrafted business?

What inspired you?

I have loved creating art since I was born. Both of my parents are artists who went to the same art school as I did! Even my business name continues the family tradition, as “Fresh Squeezed Design” was the name of my parents’ graphic design studio in

the 90’s! I have sold my work on and off for years, but officially started Fresh Squeezed Studio to sell my work in local shops and events about a year ago. I also want to make a difference in my community, and by running my own business, I can make sure I’m doing things ethically and using the profits for good.

creatures and creations as much as I am! It’s always scary to put your art out there; it’s very personal, but when you get great reactions, it’s super rewarding. That’s why I love in-person selling at events the most.

Your sculptures are so unique and whimsical! Can you tell us how you got into doing sculptures and your inspiration for them?

Can you tell us about some of the types of classes you teach?

I’ve always loved drawing faces since I was a kid, creating creatures, aliens, and monsters. I did a lot of ceramics in high school, and in art school my focus was sculpture. I worked in many mediums, including woodworking and welding. I fell in love with polymer clay as it allowed me to do what I liked doing with ceramics, but at home without the setup needed for ceramics.

Translating my 2-D drawn creatures to 3-D was very natural and fun! I suppose all the Sci-Fi media I consume is a big influence as well!

What has been the most challenging part of this handcrafted business?

Besides finances, which is boring, the toughest part can be staying in love with the art when it becomes work.

I have to give myself permission to create just for the fun of it sometimes because that voice in my head always says I could be doing “productive art”.

How do you stay inspired to keep creating?

I’m a very curious person. I love learning, and I think that perspective keeps me creative. I know enough to know what I don’t know, and it’s an adventure to keep learning and growing with my art.

What has been the most rewarding part?

You also share your craft through workshops!

I have three classes I’m offering now: two different polymer clay classes and one squeegee painting class. In my flower bowl class, you can learn to make a flower cane from polymer clay and turn it into a cute trinket bowl, and you get some flower charms left over to make anything you want, including earrings and bracelets! In another class, you learn a technique called Mokume-Gane, which is a Japanese metalworking technique that was translated to polymer clay. You layer colored clay and cut into it with shapes and then slice away the surface to get beautiful, organic designs and make a trinket bowl and a few pairs of stud earrings! In my newest class, I’m teaching one of my favorite hobbies, squeegee painting. You apply paint sort of “upside-down” on the paper and scrape it away to reveal a design; it’s a super fun and satisfying process.

I’m also thinking about adding some sensory potion-making classes in the future!

What advice would you have given yourself five years ago?

Don’t be afraid to put your work out there! People will like it!

Where can people find your work or connect with you?

I sell my work in Unglued at Brewhalla, at events around the area, and I teach in Unglued’s Craftatorium.

Fresh Squeezed Studio | freshsqueezedstudio.com

Seeing people fall in love with my

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