Minnesota Valley Business by Free Press Media

The Definitive Business Journal for the Greater Minnesota River Valley

Dana and Kathy Schnepf, owners of D&K Powder Coating. Photo by Pat Christman

Going strong

April 2022

Manufacturers bullish on year ahead

Also in this issue

• SONNY AND DOT IN OLD TOWN • REBECCA RICHTER OF DYNAMIC DEFENSE • HAZELKIN & CO. IN OLD TOWN

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F E A T U R E S April 2022 • Volume 14, Issue 7

Despite ongoing hiring challenges, higher prices and supply chain issues, manufacturers locally and statewide are bullish on the year ahead.

Amanda Kozitza and her mother Elizabeth Muell recently opened Sonny & Dot boutique in a new building on North Riverfront Drive in Old Town.

Jenna Odegard’s newest contribution to the local retail scene, Hazelkin & Co., is a gift and lifestyle shop in Old Town Mankato.

Rebecca Richter has one of the few female owned gun training businesses in Minnesota, operating Dynamic Defense at gun ranges around the area.

MN Valley Business • APRIL 2022 • 3

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APRIL 2022 • VOLUME 14, ISSUE 7 MAGAZINE EDITOR Tim Krohn DESIGNER Christina Sankey COPY EDITOR Kathy Vos CONTRIBUTING Tim Krohn WRITERS Kent Thiesse Dan Greenwood Dean Swanson Jane Turpin Moore PHOTOGRAPHER Pat Christman COVER PHOTO Pat Christman ADVERTISING Danny Creel Sales Jordan Greer-Friesz Josh Zimmerman Theresa Haefner Tim Keech ADVERTISING Barb Wass ASSISTANT ADVERTISING Christina Sankey DESIGNERS CIRCULATION Justin Niles DIRECTOR PUBLISHER Steve Jameson EXECUTIVE EDITOR Joe Spear For editorial inquiries, call Tim Krohn at 507-344-6383. For advertising, call 344-6364, or e-mail advertising@mankatofreepress.com. MN Valley Business is published by The Free Press Media monthly at 418 South 2nd Street Mankato MN 56001.

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

From the editor

By Joe Spear

Can business serve as a peacemaker?

he events of the last few months have shown that we’re far out of the woods when it comes to world peace or even economic interdependence with countries around the world. The Russian invasion of Ukraine was shocking to our sensibilities, the stock market, the supply chain and grain and oil prices. There’s plenty for business to contemplate and guard against. Big companies like Cargill and others who have operations in Ukraine were finding ways not to get market share but to keep their people safe. We’ve not seen a European invasion like this since World War II. And just like World War II, Europe, the Baltic states and others have become more united than they’ve ever been. That is the silver lining. We’ve never seen economic sanctions like this against one nation, and the jury is out if these sanctions will work. The answer to that question will be important going forward. President Joe Biden has wisely brought heavy sanctions to bear yet vowing not to use U.S. military in a state like Ukraine that is not part of NATO. But Russia has likely never faced economic consequences this severe. Visa and MasterCard have shut down operations in Russian. Banks are stymied and cannot raise capital from the west in any way. Russian oligarchs have restrictions on their yachts. The wealthy and the proletariat are protesting soft and loud in Russia against the war in Ukraine. The situation reminds me of a talk I heard in 2005 when Polish union leader of the Solidarnosc movement Lech Walesa spoke to an audience at Minnesota State University. The electrician and shipyard worker was instrumental in establishing the union in 1980

4 • APRIL 2022 • MN Valley Business

and was credited with helping Poland break from the Soviet Union. He then became the first democratically elected president of Poland. Walesa pointed to the economic interdependence of nations then and for the future as a way to keep people free and keep countries from attacking each other. Countries would have too much at stake to attack an economic trading partner. Apparently, Vladimir Putin was not a fan. I wrote a column about the Walesa visit at the time. It’s worth considering at a time 16 years later. Some excerpts: The countries of the world, says Walesa, need to come together under one simple set of rules and a world parliament that would be focused on resolving three issues: border disputes, ethnic cleansing and terrorism. Walesa’s quote: “Whoever violates them, the whole world will be against them. No discussion, whatsoever.” The United States of America, its democracy and its freedom, are more important to the rest of the world than they are to its own citizens. When the world is ready to live together, Jew next to Arab, they will have a model. The United States will be an example of how to do it. Walesa’s quote: “You are the ultimate refuge to the rest of the world. When calamity occurs, we know the U.S. will help.” We’ve deployed some of Walesa’s ideas in today’s conflict. Let’s hope they work.

Joe Spear is executive editor of Minnesota Valley Business. Contact him at jspear@mankatofreepress.com or 344-6382. Follow on Twitter @jfspear.

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Local Business People/Company News

DeBates earns national award

Cate DeBates of Coldwell B a n k e r Commercial Fisher Group has been awarded the 2021 Coldwell B a n k e r Commercial Pathfinder in Cate DeBates Innovation National Award. The award is presented annually to the owner, manager, sales professional or Coldwell Banker Commercial affiliate company employee who found an innovative solution to guide their clients or their business to achieve exceptional outcomes in 2021. DeBates had the task of listing more than 140,000 square feet of office/industrial space for MRCI, a nonprofit client after their operations had been hit by the pandemic. Their properties ranged from a 12,000-square-foot thrift store to a 75,000 square foot manufacturing facility. She negotiated $9.3 million in transactions for the client alone in 2021. Four of the five buildings will be repurposed for new uses. The final and largest sale occurred in February of this year in Mankato and was sold to the school district for their early childhood learning center and expanded facilities and operations.

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True adds agents

Danielle Flood and Amanda Rodning have joined True Real Estate as real estate agents. Flood grew up in St. Peter. Prior to joining True Real Estate, she worked as a dental assistant. Rodning is a native of St. Peter. She has her masters degree in special education and teaches at St. Peter High School. ■■■

Lime Valley earns awards

Lime Valley Advertising of Mankato received two Service Industry Advertising Awards for communication excellence. This is the 18th year that the SIAA has recognized Lime Valley. Lime Valley has garnered 90 SIAA awards, more than any other agency in Minnesota. The SIAA is a national competition that honors service industr y providers for their contribution to marketing and advertising. This year judges reviewed over 1,200 entries from over 500 agencies for execution, creativity, quality, consumer appeal and overall breakthrough. Lime Valley received the Gold Award for the Flaherty & Hood, P.A., website refresh and the Merit Award for the CADA logo design.

Three get Century 21 awards

Three local agents received Centur y 21 Quality Ser vice Pinnacle Producer Awards: Cindy Florine of Century 21 Atwood, Samantha Kaul of Atwood and Molly Erdman of Century 21 Landmark Realtors. The annual award is based on results from the Century 21 Quality Service Survey which is e-mailed to consumers immediately after the purchase or sale of a home. To earn the award an agent must receive completed customer surveys for at least 80% of their transactions with an average survey score of at least 95% or better for two consecutive years. ■■■

ISG acquires Bloomington firm

ISG, an architecture, engineering, environmental, and planning firm based in Mankato, acquired Bloomington-based engineering firm Martin Pvezner Engineering, which provides full mechanical, electrical, and plumbing systems design services for a wide range of businesses, specializing in education, commercial, and housing. All of the staff will be integrated into ISG’s firm of more than 400 architects, engineers, planners, and other professionals.

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MN Valley Business • APRIL 2022 • 5

Behind the Scenes:

Sam Gets the Job Done Right for Panera The customers out front can’t see the work he does, but they appreciate it all the same. His managers and co workers know how valuable he is: they can’t do their work without his contributions. That’s the way it has been for Sam Jahnke over the last eight years. As Head Dishwasher for Panera Bread in Mankato, Sam takes great pride in the work he does. “I don’t want to let anyone down,” he says. “Seeing my coworkers is what I like the most. The comradery of the people here. I’ve just made so many relationships. Friendships I wouldn’t have otherwise.” In a time when staffing is challenging for Panera Bread and others around the region, workers like Sam are critical to filling a variety of roles. Sam says he just strives to be a “good person to work with” and has a work ethic to match his enthusiasm for the job. In ten years of work, he has only missed one day. Reliability, another thing Sam is proud of. “I know they need everyone here during the shifts to make sure the job gets done, so I don’t want to miss,” he says. Kris Simpson, MRCI employment coordinator, says she started with Sam ten years ago and has offered a little coaching over the years. Overall, though he has done well on his own. She says Sam has been a joy to work with. “He always listens and just always wants to do his best,” says Kris. To find out how you can connect with employees like Sam, visit www.mymrci.org.

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Business Commentary

By Dean Swanson

Important cybersecurity basics for small businesses

have written about cybersecurity in the past, but now more than ever there is a vital need for small businesses to take the potential threats on the security of their cyber systems seriously. The recent military attacks from Russia and its leader across Ukraine reminds us of the potential of the nonmilitary attacks that they may use against other countries (like the US) who use economic sanctions in response. Although, certain pollical individuals consider Putin a “friend”, we cannot let our guard down. Today, technology has revolutionized business operations, leveling the field for large and small businesses. From collecting customer data to processing payments, technology applications in business are numerous and undeniably impactful. Unfortunately, this shake-up has brought different challenges, particularly when it comes to securing and protecting business systems and data. Since 2020, the number of cyberattacks per company has increased by 31%. This means that small businesses are also targets of cybercriminals who steal data for ransom or black market sale. With this in mind, it’s increasingly essential for small businesses to develop a cybersecurity policy and plan to protect their operations. I will share information from one of SCORE’s content partners, Trend Micro. For nearly 30 years, Trend Micro’s unwavering vision has been to make the world safe for exchanging digital information. This singleminded passion has inspired our innovations that keep up with the bad guys despite a changing IT landscape, riskier user behavior, and constantly evolving threats. Trend Micro Initiative for Education includes all of our community outreach efforts working to provide digital safety education and user awareness. I will share the cybersecurity basics every small business must implement to prevent potential attacks. Take these suggestions seriously. 1. Use strong passwords & multi-factor authentication. Encourage everyone in your company to use strong passwords. They should never use their names, emails, or birthdays as passwords. Plus, passwords should be hard to guess and must be changed at least every three months. A good password should have more than eight characters, comprising special symbols, numbers and letters. In addition to strong passwords, it’s advisable to

8 • APRIL 2022 • MN Valley Business

activate multi-factor or two-factor authentication. This can be a verification code sent to your phone or email or answering a security question users selected during onboarding. Leveraging biometric authentication is also great for securing your mobile devices. 2. Secure and backup your files. Regardless of your efforts to protect your business, risks are bound to occur for several reasons, such as employee error, crashed computers, water damage, etc. As such, it’s vital to make a habit of securing and backing up your files for easy restoration in case you lose them. Invest in a file backup solution that automatically moves your files to cloud storage for easy access. You can also create a disk image to back up all the files on your computer. Another option is an external hard drive or USB flash drive. While it’s a traditional method, it still offers a secure way of keeping your files safe in the event of an attack. 3. Keep your software programs updated. Whatever software you use for work, such as HR, communication, finance, etc., it’s crucial to ensure it’s always up-to-date. This also includes web browsers, mobile apps, and operating systems. Be sure to set updates to occur automatically. Bear in mind that most software updates usually come with patches and improvements to fix loopholes and bugs that bad actors can exploit. They also remove outdated features and improve the stability of the software for better experience and performance. 4. Protect your wireless networks. There are several risks to your wireless network, including wardriving, piggybacking, evil twin attacks, wireless sniffing, shoulder surfing, etc. An insecure network provides a loophole for bad actors to silently listen to users, compromise your data, steal identities, or collect personal information. Therefore, you should take the necessary measures to secure your wireless networks. This includes: n Changing the default passwords, which are easy to find online n Encrypting data on your network to prevent unauthorized users from viewing it n Using an anti-virus software n Hiding your service set identifier (SSID) n Connecting to the internet via a virtual private

network (VPN) n Installing a firewall directly on your wireless devices Also, you need to ensure that only authorized users have access to your networks. You can use their devices’ media access control (MAC) addresses to ensure only whitelisted addresses have network access. 5. Encr ypt all your devices. Device encryption is also crucial in protecting your data and systems. It’s vital when a company device is lost or stolen and falls into the wrong hands. In this case, they can easily access your data or personal information by moving the hard drive to another machine. With device encryption, accessing your data won’t be that easy. When they try moving your hard drive to another computer, they’ll be prompted to provide the decryption key to access the files on the drive. So, without the key, your lost or stolen device will be just useless to them.

6. Invest in cybersecurity training & awareness. Regardless of what you do to prevent attacks, there’s nothing as important as employee training and awareness. Employees must be able to identify and detect the common tactics cybercriminals use, including phishing, smishing, fake online ads, etc. So, it would be best to create a security culture by organizing regular training and workshops. The training should cover all the cybersecurity basics, including strong passwords, device security, encryption, data backups, etc. Teach them how to avoid phishing scams and show them the common methods attackers use to infect devices, such as pop-up messages, emails, etc. Quality employee cybersecurity training can go a long way in securing your small business. Prevent Small Business Cyber Attacks. Cyber attackers don’t just target large companies; small businesses make great targets, too. When they do, the

damage can be quite significant, resulting in reputational damage and higher costs from operational disruption. In the worst-case scenario, an attack can force a business to shut down. It doesn’t need to get there. Understanding and implementing small business cybersecurity basics let you protect your business from attacks. You need to secure your networks, educate your employees and create security policies and practices. These measures can keep cybercriminals at bay, even as they become more advanced.

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

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Cambria has added several additions to its Le Sueur plant that now totals more than 1 million square feet. Photo courtesy of Cambria.

Bright outlook Manufacturers optimistic about year ahead By Tim Krohn | Photos by Pat Christman

anufacturers in the Mankato area and across Minnesota are optimistic for 2022 despite ongoing supply chain issues, higher costs and hiring challenges. The latest State of Manufacturing poll finds 87% of manufacturing executives surveyed expect their firms to do well this year. In addition, 51% of Minnesota’s manufacturers expect their gross revenues to rise this year, a big jump from the 21% in the previous survey, which is done annually by Enterprise Minnesota (enterpriseminnesota.org). Brian Scoggin, chief manufacturing operations officer at Cambria countertops in Le Sueur, said the company took a hit for a while early in the pandemic as construction slowed and the lockdown was in place. “As the markets came back, we brought our people 10 • APRIL 2022 • MN Valley Business

back and everyone navigated through it well. We came back strong,” Scoggin said. “Construction is still booming. We are fortunate to be in a market that has been growing.” Dana Schnepf, owner of D&K Powder Coating in North Mankato, saw the company grow fast. The business started in 2013 on North Riverfront Drive and built a larger facility in North Mankato in 2015. “From 2015 to 2020 we saw very rapid growth, then about 3% growth in 2020. We’re expecting a 50% to 60% increase this year. Things are going crazy, Schnepf said.

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Jake P. Sukalski powder coats a rack of metal boxes at D&K Powder Coating.

Brian Scoggin, chief manufacturing operations officer at Cambria. residential and commercial construction worldwide. Beyond their main facility in Le Sueur and offices in the Twin Cities, they have other production facilities and two quartz mines in North America. The Le Sueur plant has grown steadily over the years with additions in 2008, 2013, 2014 and 2015. “We were poised to do another one until China started dumping products here,” Scoggin said. “China copied us and had been dumping quartz products and avoiding tariffs. So when the

Nick Petersen pushes a rack of parts into an oven. tariffs were put in place, we’ve seen a decline in what they were bringing in now that they have to compete fairly. We don’t mind competition, but we want fair trade.” The company started building another 70,000-square-foot addition last year that will bring

the plant to over 1 million square feet. “We like doing business in Minnesota, and Le Sueur has been good to us.” Scoggin said that while the company faces hiring struggles they have upped their recruitment and retention efforts and have

MN Valley Business • APRIL 2022 • 11

BUILDING SOUTHERN MINNESOTA

YOUR VISION OUR EXPERTISE

been filling jobs. “We have an English learning program we’re very proud of. It absolutely helps with attracting and retention. They do it while they’re on the clock,” he said. “Overall we’ve fared pretty well even though we’re looking to fill positions, professional and production. We have a lot of technical jobs here.” He said they also have been successful in recruiting college students into their internship program and then hiring them when they graduate. “We get them in sales, marketing, operation, HR — all levels.” Scoggin said new designs have spurred Cambria’s growth and created demand. “We have a strong research and development team that Marty leads and that’s our main initiative to create new designs for the marketplace that no one else is doing. The number of designs we’ve made is over 250. Trends change. Back in the day it was the browns, now it’s the whites and grays.” Scoggin said freight costs have soared, but the company has been successful in getting and shipping out what they need. “We’re partnered with good suppliers and good trucking firms here locally. We’ve worked hard on those issues and have been pretty successful. And having our own mines helps. But it is challenging. He said demand looks like it will remain strong for the year ahead as more commercial construction comes online and housing construction remains robust.

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Schnepf said the company’s diversity has been key to its continued growth. “Our biggest areas are agriculture and power generation for companies like Blue Star and MTU.” Powder coating paint is 30 times more durable than the best liquid paint, Schnepf said, and it’s more environmentally friendly. “But there are some things you can’t do with powders; you can’t blend colors or change colors. If you need to touch up something, you have to do the whole thing

over — you can’t touch it up.” He said their biggest problem has been getting the resins and pigments they need. “It’s across the board from all our suppliers. That’s mostly in the last six months. And the price increases are nonstop. But our customers aren’t shocked. The pain is widespread for everyone.” D&K has about 50 employees. “We have been very successful in getting employees, except in the last six months. People apply and don’t show up for the interview, or we hire them and they don’t show up for work. “We get a lot of referrals from employees who know someone and we’ve done pretty good at retaining employees. We have lunch brought in every day for employees at our cost, so things like that help.” The company does a variety of unique work including a fair amount of artwork. “We have one of the largest capacities in the country so anything that can go on a semi, even oversize loads, we can get in and paint.”

Adam Krueger, left, and Nick Petersen push a powder coated trailer out of an oven at D&K Powder Coating. D&K built an addition last year and bought 5 acres of land next door with the idea of building another building there. Schnepf said a slowdown in the supply chain is affecting them. “We’re really seeing things change in the supply chain. There

wasn’t much inventory the last couple of years, and now we’re seeing hoarding when people can get their hands on things. So I think that’s going to stretch the supply chain problems out even longer.” MV

MN Valley Business • APRIL 2022 • 13

Amanda Kozitza in the recently opened Sunny and Dot in Old Town.

Sunny experience

Sonny and Dot Boutique By Jane Turpin Moore Photos by Pat Christman

plus seven years of experience as an office he success of Sonny and Dot manager for a lawn care company, Kozitza Boutique, a welcome new addition to was well positioned to become an Old Town last September, was made entrepreneur when the possible in part by a unexpected occurred. job loss and a shared “When COVID hit shopping habit. and business suffered, “Boutique shopping they were cutting back is our favorite SONNY AND DOT pastime,” said Amanda and I lost my job,” said BOUTIQUE Kozitza, 38, who runs Kozitza. “Mom and I had the fashion-for ward 511 North Riverfront Dr., Suite 10 Facebook: Sonny and Dot store with her mother, always talked about Elizabeth Mueller, 68. how fun it would be to sunnyanddot.com With a background open our own store, so 507-594-9227 as a young retail she said, ‘This is a associate at Maurice’s, sign—we need to do

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14 • APRIL 2022 • MN Valley Business

Sonny and Dot carries a wide variety of clothing for all ages. this.’” Kozitza and Mueller are best friends as well as relatives; Kozitza adorably spills a story depicting their relationship. “On Monday nights, ever since I can remember, my dad would go to Bible study and my mom and I would go shopping,” said Kozitza. “If we got home before him, the bags could come into the house; if we got home after him, they stayed in the truck until the next day.” Together, Kozitza and Mueller are tempting others to follow their lead by making boutique shopping in Mankato irresistible. “We have women’s clothing, accessories and shoes, and the other half of our store has giftware and home decor,” said Kozitza. “Offering all sizes, from XS to 3X, was important to us. It seems that plus-sized clothing is often more expensive, but we wanted to carry fashionable items in all sizes in an array of styles and at affordable prices. “Thirteen-year-olds to 70-yearolds are comfortable shopping with us because we’re big on

Amanda Kozitza and her mom Elizabeth Mueller run Sonny and Dot. variety and affordability.” Kozitza means it; she’s a 30-something, Mueller is in her late 60s and Kozitza’s own 13-yearold daughter freely offers a Gen Z perspective. “We’ve got the generations covered,” said Kozitza, a 2002 Mankato West High School graduate. Heading into spring, Kozitza says bright colors are hot. “It’s been fun to transition from winter neutrals into the bright spring lines,” said Kozitza,

mentioning that pastels are current—and Sonny and Dot is also highlighting a “super cute” hot-pink blazer she says would enhance any wardrobe. No one needs to convince devoted Sonny and Dot customer Brittany Bowman to stop by; she’s been all-in since Mueller and Kozitza broke ground with an online store in January 2021. “I was their first customer,” said Mankatoan Bowman, 38. “I’ve supported Amanda’s dream from day one and I’m a walking billboard for Sonny and Dot with the clothes I wear and the store postcards I give out. “They have a full range of sizes and there are so many styles to choose from.” The relatively quick success of Sonny and Dot’s online store led the mother/daughter duo to seek a brick-and-mortar site. “Over the summer, we hunted for a location and this was the last place we looked,” said Kozitza of the brand-new storefront they landed at 511 North Riverfront Drive, Suite 10, in the heart of Mankato’s Old Town.

MN Valley Business • APRIL 2022 • 15

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They love the location and have taken further steps to lure customers, besides maintaining an online presence and having regular store hours five days each week. “We offer after-hours ‘Sip and Shop’ parties for private groups, usually of 10 to 20 people,” said Kozitza. The store owners provide a tailored-to-preference charcuterie board, guests are invited to bring beverages of their choice, and Kozitza and Mueller play host as women casually shop, hang out and enjoy each other’s company for a couple of hours. “We’ve had groups in for birthdays, bachelorette parties and girls’ nights out,” said Kozitza, mentioning that party hosts receive discounted rates based on the amount of sales rung up during their gathering.

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This spring, Sonny and Dot has stocked swimwear (uncommon for boutiques, Kozitza said), a “nice line” of shoes, sandals and slippers ranging from casual to special-occasion styles and “a ton” of new dresses for warm-weather months. “A lot of girls from the colleges have been in looking for graduation dresses, and we also have dresses you can wear to the beach, for a date night or to a wedding,” Kozitza said. Kozitza and Mueller make a concerted effort to find apparel, accessories and giftware that are U.S. products, if not locally or Minnesota-made. “We try to keep it local, but a lot of times that’s hard with clothing,” she said. And Sonny and Dot demonstrates Mankato-flavored flair. “They have really cute ‘Kato’ sweatshirts and long-sleeved shirts, and a hat that has ‘507’ on it,” said another appreciative customer, 45-year-old Kelly Miller. “I love the Kato apparel and other original items because I’m a Mankato supporter, and it’s exciting to see Old Town have these great shops. “You can stop at one, walk down the street, get a coffee and shop some more.”

Miller is also a fan of the store’s price point, which she says is in the mid- to lower range among area boutiques. Kozitza and Mueller’s Sonny and Dot partnership is made possible by the intersection of their collective skill sets, which include Mueller’s experiences as longtime bookkeeper for the family farm and her years as a pharmacy technician combined with Kozitza’s retail work and younger generation computer savvy. “We dove in, did a lot of research and went to trade shows,” said Kozitza of the gearing up process. “And luckily, because a lot of Old Town businesses are womenowned, there’s a really nice community of support here.” And how about that name? As explained on their website (sonnyanddot.com, naturally), Sonny and Dottie were her dad’s (Jeff Mueller) aunt and uncle, who raised him at their Springfield, Minn., farm when family circumstances required their help. “They were the type of true, down-home farm folk who believed family was everything and that hard work was an important value,” shared Kozitza of the late couple. “About 10 years ago, mom and I were walking through a store, joking about what our store’s name might be, and we said ‘Sonny and Dot.’ “The name is our tribute to them, and they’re always with us in spirit. They were such great people and I wish they were around to see their names in

lights at the store.” Honoring her great-aunt and great-uncle, Kozitza displays an attitude of gratitude for the boutique’s track record to date. “We’ve had such an amazing reaction from our customers, and when I see returning customers come in with smiles on their faces, it warms my heart and puts a smile on my face, too,” she said. “I view everyone who comes in as a new friend who is more than just a customer to me; I like creating a new relationship with them, and their business means the world to me.” A recent unexpected Doordash delivery of coffee and a box of chocolates shows that Kozitza’s positivity is truly contagious. “The unsigned note said something like ‘You’re such a bright light in this world; keep doing what you’re doing,’ and things like that are so encouraging,” said Kozitza. Besides enjoying the support of her husband, Kurt, 10-year-old son and 13-year-old daughter, Kozitza and Mueller have one other special person in their corner: dad and husband Jeff, who formerly studied Scripture while they shopped. “Now he sees it as a blessing,” laughed Kozitza. “My dad has really been our number one cheerleader, and he’s always a straightforward person who will tell you if you’re being ridiculous or not—and he said to go for it. “He always has good advice,” she continued, “and he’s pretty proud to have Sonny and Dot’s names connected with us.” MV

MN Valley Business • APRIL 2022 • 17

Jenna Odegard recently opened Hazelkin & Co. just down the street from her other shop, Bumbelou.

Hazelkin & Co. Odegard opens second shop

By Jane Turpin Moore | Photos by Pat Christman

ankatoans, forget about Joanna Gaines; instead, there’s a little bit for everyone,” said Odegard, 34. step out in support of energetic businesswoman Hazelkin & Co. debuted in historic Old Town in late Jenna Odegard and her newest contribution to October 2021 and, at 415 N. Riverfront Drive, is located the local retail scene, Hazelkin & just a few doors away from Co. Odegard’s first retail store, the Positioned as a gift and lifestyle child- and infant-focused Bumbelou. shop, with the comforting tagline of “Hazelkin & Co. has some items “exactly where you’re supposed to that are pretty unique to southern HAZELKIN & CO. be,” Hazelkin & Co. offers all the Minnesota but are well-known 415 North Riverfront Drive, warm, fuzzy, feel-good products brands,” said Odegard, mentioning Mankato HGTV fans find endlessly appealing. a few like Barefoot Dreams, hazelkin.com “It’s a cozy place—about 1,200 Pendleton and Capri Blue. Facebook: Hazelkin & Co. square feet—so we pick out our very “These are brands that carry a lot 507-720-6009 favorite things to share with people,” of energy online and via social said Odegard. media, but it’s so fun to come here where you can Whether it’s yummy-scented candles, luxurious touch, feel and see them in real life.” throws, essential oils, cushy socks, snuggly robes, Odegard says Hazelkin & Co. is organized in sections clever greeting cards or ravishing beard oil for the and includes an entire area carved out for kitchen hirsute gentleman in your life, Odegard has what you products—think gourmet food items, cookbooks, bar need, and then some. accessories and, according to Odegard, Southern “I like to tell people to have a look around because Minnesota’s largest collection of non-alcoholic

Profile

18 • APRIL 2022 • MN Valley Business

beverages. “We carry a lot of different candles, which are so easy to purchase for yourself or as gifts, and in our kitchen section the cocktail mixers have done well,” Odegard noted. “We’re constantly bringing in different seasonal flavors and people love to grab those.” In addition, Hazelkin & Co. has one-of-a-kind products made by solo entrepreneurs. “We carry a wide range of things,” said Odegard. “What we care about is good values, not pigeon holes.”

Original thoughts

Hazelkin & Co. came to life as a result of the industrious Odegard’s creative vision. “The feeling I wanted to create in this store is one of comfort, warmth and family,” said Odegard, who has been married to the Rev. John Odegard for 12 years. The couple has two daughters, currently 6 and 8. “Food is important in my life—how we cook and care for it, how it cares for us—so I imagined sitting around a table for a special meal with the people I love, candles lit, wine being passed, time being shared.” Since Odegard and a few other family members have hazel-colored eyes, and “kin” literally means “family,” the word “Hazelkin” emerged from brainstorming sessions—and wasn’t already taken on the web or social media platforms. “It encompasses the feeling we were going for,” she said. A graduate of New Ulm High School, Odegard has been a budding entrepreneur since she started her first business, an exclusively online operation, at the tender age of 17. “I ran that for eight years and it gave me a good understanding of online retailing, e-commerce and worldwide shipping,” said Odegard. “I learned a lot of marketing skills, had some customer service errors and wins, and the whole experience really set me up well for the years to come.” Even as Odegard took time off from work when her first daughter was born, ideas percolated and her innate drive couldn’t be ignored. “It made me realize how much I crave entrepreneurship and running my own business,” said Odegard, explaining that she made hair accessories while her baby daughter slept and also outlined the business plan for her first Old Town shop, Bumbelou, during that period. After getting Bumbelou up and running, Odegard leaped into leadership with the Old Town Association, ultimately serving two years as its president. “I love Mankato and am very passionate about Old Town and want to see this area grow,” said Odegard. “I knew that the more stores there were in Old Town, the better it would be for everyone—and then I thought, why not me?” Such thinking led Odegard to hatch plans for Hazelkin & Co. because she felt Mankato lacked the type of gift and lifestyle store she was eager to bring to life. “We shopped around for about a year and a half for a location to buy, and when we finally got word of an opening on our block, it was perfect,” said Odegard. A fellow Old Town business owner, Natasha Frost of

the restaurant/bakery/catering enterprise Wooden Spoon, is thrilled Odegard continues to invest in the neighborhood and, in creating Hazelkin & Co., has chalked up another reason for shoppers to visit the area. “Jenna is a pillar of the Old Town community,” praised Frost. “She has a collaborative spirit that has led the Old Town Association into a new phase of collective action, allowing us to come together to show our city and region that Old Town has a heart that should be front and center when people choose where to shop. “Jenna has planted these seeds and is an amazing cheerleader for Old Town.” Odegard doesn’t mean to imply the process of launching Hazelkin & Co. was easy, but after having already traveled the road to establishing Bumbelou, she managed to develop the Hazelkin & Co. brand and website, purchase inventory and style the shop within about six months from the time she acquired the building. At present, Odegard works full-time and employs two other full-time staff members, plus five part-time workers, for a total team of eight to cover Hazelkin & Co., the nearby Bumbelou and Bumbelou’s New Ulm location. “All our staff rotate among the three locations and that’s been working out really great.” One of those staff members, inventory manager Gabi Rolloff, has been with Odegard and her businesses for two and a half years to date. “My favorite part about working here is that I’m always surrounded by great women who are there to uplift you and offer good advice,” said Rolloff. “It’s a great work environment, and it’s hard to not buy the whole store because it has everything that we love.” With a brand-new business and three shops in total to operate, Odegard is grateful for her husband’s support. “He gives up a lot of his free time to help move my projects along,” said Odegard. “He’s supported every crazy idea I’ve ever had and cheers me on every step of the way.” That included during the pandemic, which, in her typical optimistic fashion, Odegard managed to see as an opportunity. “We were already set up, as many boutiques were not, for online sales, curbside pickup and local delivery,” said Odegard. “It was definitely emotionally challenging and at times financially challenging to have to change a business model overnight like everyone else did, but we put our heads down, worked hard and came out the other side really, really strong.” Maybe relaxing under a CozyChic heathered throw from Hazelkin & Co. while burning a Sacred Smokescented Linnea brand candle helped? Anything’s possible, especially with an attitude like Odegard’s. “I really think small businesses are the heart of a community,” she said. “Of course we still need the larger stores for certain things, but when it comes to creating a community feeling, small businesses like Hazelkin & Co. really kick it up a notch.” MV

MN Valley Business • APRIL 2022 • 19

Rebecca Richter owns and operate Dynamic Defense.

Dynamic Defense Gun and safety training By Dan Greenwood Photos by Pat Christman

orn into a family of hunters and firearm my business.” enthusiasts, Rebecca Richter learned Becoming a chapter leader required from a young age how to respect and intensive multi-day training, and Richter is handle guns safely. certified through the While attending a gun National Rifle Association, show as an adult, Richter United States Concealed visited a table set up for Carry Association, and the Well Armed Woman – the Minnesota Bureau of DYNAMIC DEFENSE a national non-profit Criminal Apprehension. dynamicdefense.com organization with chapters Throughout that training Facebook: all over the United States she saw that there was a Dynamic Defense Training and in Minnesota. need for more female “Basically, their goal is fir ear m training to educate, equip and instructors. empower women shooters,” Richter said. So, in 2019, she formed her Mankato“So, I went to one of their meetings and I based firearm training business, Dynamic loved it. I was a member for about a year, and Defense, although she teaches throughout they asked me to become a chapter leader, the region at gun clubs in Le Sueur, Nicollet, and that’s what kick started my training and and Wells. • APRIL 2022 • MN Valley Business

Feature

Left: Rebecca Richter teaches gun training at area shooting clubs and ranges. Right: Rebecca Richter owns and operates one of the few female-owned gun training businesses in the state. carry training, and while she teaches both men and “It’s one of only a handful of firearm training women, she also teaches classes exclusively for businesses in the state that is owned and operated by women. a female instructor,” she said. “I’ll offer a ladies-only class so that they feel more In just the past couple of years, gun ownership has comfortable asking questions or when they’re out risen and diversified, with more women purchasing shooting, they feel more comfortable. It’s just a their first firearm. Between 2019 and 2021, first-time completely different atmosphere, and I think that buyers purchased over 5 million guns, according to a helps build confidence.” study by Northeastern University. Another Harvard Wanda Von Holtum, a member of the local chapter University study found that half of those guns were of the Well Armed Woman –renamed in 2021 to Armed purchased by women. Women of America – had taken gun training and Richter said she’s seen that uptick firsthand, with a safety classes before, but she found Richter to be rising number of both men and women seeking more approachable and less intimidating than other training. instructors she had previously trained with. “Although I do get people that are more experienced “I think that she’s a really good trainer – she’s not and are looking to advance their skills, I also get a lot intimidating,” said Von Holtum, of Belle Plaine. “She’s of new shooters too – people who have just purchased very knowledgeable and patient. I think she’d be a a gun and they want to learn how to use it and be safe good instructor for men or women. She’s more with it. People are starting to see the necessity of thorough, has a lot of knowledge and she can really being able to be the first responder for themselves and pinpoint where your problems are and help you their families.” correct them.” Richter teaches a wide variety of classes for men and Keith Kuch, of Mankato, who took her concealed women that range from permit to carry and firearms carry class, also found her teaching style to be safety to a situational awareness class that teaches organized and approachable. students how to identify and respond to a potentially “She was very clear, concise, organized and dangerous situation before it happens. answered everybody’s questions,” he said. “That particular class doesn’t really have anything to Richter routinely stresses the importance of do with guns – it has everything to do with learning knowing how to handle a gun safely to her students. how to identify a threat, how to pick up on pre-attack One analogy she frequently incorporates is that indicators, and how to quickly get yourself out of a owning a piano doesn’t make you a piano player just as dangerous situation.” owning a gun doesn’t mean a person has the skills to She also teaches Handguns 101 and a Handgun use it effectively. Fundamentals class for new gun owners – which “I think that a lot of people have a misconception, or begins with explaining the mechanics of guns, the a false sense of security and they think that just fundamentals of shooting and teaching proper grip, because they have a gun, they’re going to be able to aim and stance. For new gun owners, she starts off defend themselves,” she said. slowly, using a gun replica to ensure they are “It’s vital that people put in the time to get some comfortable before transitioning to a real gun. training, because the reality is that in a high stress “They are often scared, nervous or anxious – situation, people think they are going to rise to the sometimes their hands are literally shaking when occasion, but we don’t, we default to our highest level they’re holding the gun – so we spend an hour or two of training.” together and when they leave our training session, While self-defense is often the goal, she also stresses they’re smiling, they’re laughing, and they can’t wait to that shooting at a range can be just plain fun. come back,” she said. “It’s so rewarding for me to see It’s really good for your mind and your body; it them build that confidence and come to the realization exercises your fine motor skills, hand/eye that they do have the ability to defend themselves and coordination, critical thinking,” she said. “And it’s a their family if they continue to learn and train.” great stress reliever!” MV She said her most popular class is the permit to

MN Valley Business • APRIL 2022 • 21

■

Business and Industry Trends

Energy Increased demand drives U.S. distillate prices higher

Rising crude oil prices, low refiner y production, and increased consumption of

distillate fuel have contributed to the highest nominal (not adjusted for inflation) distillate prices since 2014. Distillate is a category of fuel that includes diesel fuel and heating oil. The front-month futures price for ultra-low sulfur diesel (ULSD) for delivery in New York Harbor surpassed $3.00 per gallon (gal) on February 28

22 • APRIL 2022 • MN Valley Business

and closed at $4.44/gal on March 8. Rising crude oil prices account for much of the increase in ULSD prices, but other market fundamentals specific to distillate are also contributing to the higher prices. Some factors such as increased U.S. demand, relatively low U.S. production, and low global stocks were contributing to higher ULSD prices prior to Russia’s further invasion of Ukraine. U.S. demand for distillate fuel has been high since early 2021 because of increased demand for trucking and rail freight transport. Furthermore, cold weather in Januar y 2022 contributed to increased demand for heating oil in the Northeast this winter, a region that relies on heating oil to heat almost 20% of its homes. Despite increased distillate demand, refinery production of distillate remains below prepandemic levels, partly because of comparatively slower demand growth for other petroleum

products such as motor gasoline and jet fuel. As domestic jet fuel demand increases, refiners are shifting more of their production away from distillate to produce more jet fuel. The current dynamic of high distillate demand and low production is contributing to persistent distillate stock withdrawals in the United States.

Fuel consumption to rise this year

Global consumption of petroleum and liquid fuels will average 100.6 million barrels per day for all of 2022, up 3.1 million b/d from 2021, according to the Energy Information Administration. Consumption will increase by 1.9 million b/d in 2023 to average 102.6 million b/d. Economic forecasts in this outlook were completed before Russia’s further invasion of Ukraine. The outlook for economic growth and oil consumption in Russia and surrounding countries is highly uncertain. Oil consumption will depend on how economic activity and travel respond to recent and any potential future events and sanctions.

Retail/Consumer Spending Vehicle Sales Mankato — Number of vehicles sold - 2021 - 2022 1500

934 557

1200 900 600 300 0

In February, the Henry Hub natural gas spot price averaged $4.69 per million British thermal units, which was up from the January average of $4.38/MMBtu. Although temperatures across the eastern part of the United States were close to normal in February, reducing natural gas consumption from January levels, natural gas production fell slightly relative to January, in part as a result of temporary freeze-offs in producing regions. The drop in production partly contributed to inventory draws outpacing the five-year (2017–2021) average in February.

Includes restaurants, bars, telecommunications and general merchandise store sales. Excludes most clothing, grocery store sales.

Sales tax collections Mankato (In thousands)

Natural gas prices up

Source: Sales tax figures, City of Mankato

- 2021 - 2022 $442,877 $441,000

600 500 400 300 200 100 0

Source: Sales tax figures, City of Mankato

Lodging tax collections Mankato/North Mankato

- 2021 - 2022

Natural gas use up

Consumption of natural gas will average 84.6 Bcf/d in 2022, up 2% from 2021. The increase in U.S. natural gas consumption reflects rising demand in the industrial sector as a result of increased manufacturing activity. In addition, the increase in natural gas consumption reflects higher consumption in the residential and commercial sectors as a result of colder temperatures this year compared with 2021. Higher consumption in these sectors is partly offset by lower consumption in the electric power sector due to a forecast increase in generation from renewable energy sources.

70000

$18,146 $40,180

52500 35000 17500 0

Source: City of Mankato

Mankato food and beverage tax - 2021 - 2022

CO2 emissions increase

U.S. energy-related carbon dioxide (CO2) emissions increased by nearly 7% in 2021 as economic activity increased and contributed to rising energy use. We expect a 2% increase in energy-related CO2 emissions in 2022.

175000 140000

$62,554

105000

$46,325

70000 35000 0

Source: City of Mankato

C. Sankey

MN Valley Business • APRIL 2022 • 23

■

Agricultural Outlook

By Kent Thiesse

USDA ag forum provides insight for 2022 T he annual USDA “Ag Outlook Forum” was held in Washington, DC in late February. This Forum is usually the first USDA projection for expected crop acreage and production for the coming growing season, as well as other current economic conditions in the agriculture industry. (It should be noted that the Ag Outlook Forum was held just as the Russian invasion of Ukraine was just being initiated and before we knew the impacts of the conflict.) The recent Ag Outlook Forum projects record U.S. corn yield and production in 2022; however, it also forecasted lower corn and soybean prices in the next twelve months, compared to the end of 2021. Following are the USDA estimates from the Ag Outlook Forum for 2022

U.S. crop acreage, yields, production, usage, and grain prices:

n Total: 2022 U.S. acreage planted to the three major crops, which are corn, soybeans, and wheat, is estimated at 228 million acres, which is an increase of 700,000 acres compared to 2021 and is at the highest level in the past 8 years (2015-2022). Corn: U.S. corn acreage is estimated at 92 million acres for 2022, which would be a decrease from 93.4 million acres in 2021 but would be above all other years since 2016, when 94 million corn acres were planted. USDA is projecting a trend line national corn yield of 181 bushels per acre in 2022, which would result in an estimated total U.S. corn production at the record level of nearly 15.24 billion bushels. USDA estimated the 2022-23 corn ending stocks at 1.96 billion bushels, compared to 1.44 billion bushels in 2021-22, 1.23 billion bushels in 2019-20, and 1.92 billion bushels in 2018-19. Total corn usage for 2022-23 is estimated at just over 14.8 billion bushels, which is similar to the corn usage estimate for 2021-22. The 2022-23 corn usage includes approximately 5.65 billion bushels for livestock feed, 5.4 billion bushels for ethanol production, and 1.4 billion bushels for food and industrial use. The corn export level is projected at 2.35 billion bushels, which would be down from 2.42 billion bushels for 2021-22 and 2.75 billion bushels for 2020-21 but would still be above the 1.78 billion bushels in 2019-20. USDA is estimating the farm-level market-year average (MYA) corn price for 2022-23 at $5.00 per bushel, compared to the current estimated 2021-22 corn MYA price of $5.65 per bushel, as well as final MYA prices of $4.53 per bushel for 2020-21 and $3.56 per bushel for 2019-20.

24 • APRIL 2022 • MN Valley Business

Soybeans: 2022 U.S. soybean acreage is expected to be 88 million acres, which would be a slight increase from the 2021 soybean acreage of 87.2 million acres and would be well above the U.S. soybean acreage of 82.6 million acres in 2020 and 74.9 million acres in 2019. USDA is estimating the 2022 trend line soybean yield at 51.5 bushels per acre, which would be slightly above other recent U.S. soybean yields of 51.4 bushels per acre in 2021 and 51 bushels per acre in 2020. The estimated total 2022 U.S. soybean production would be nearly 4.5 billion bushels, which would be up slightly from 4.43 billion bushels in 2021. USDA estimates the 2022-23 soybean ending stocks at 305 million bushels, which would be above the estimated 285 million bushels in 2021-22 and 257 million bushels in 2020-21. Total soybean usage for 2022-23 is estimated at 4.52 billion bushels, compared to an estimated usage of near 4.38 billion bushels for 2021-22, and a usage of 4.5 billion bushels in 2020-21. Soybean export levels for 2022-23 are projected to hold strong at 2.15 billion bushels, which would be very similar to export levels for the past two years but would be well above the export level of 1.68 billion bushels in 2019-20. Domestic soybean usage for 2022-23 is expected to stay steady at about 2.37 billion bushels. USDA is projecting a 2022-23 MYA price of $12.75 per bushel, which would be down from the current MYA price estimate of $13.25 pe bushel for 2021-22 but would still be well above the above the final MYA prices of $10.80 per bushel for 2020-21 and $8.57 per bushel for 2019-20. • Wheat: U.S. wheat acreage in 2022 is projected to be 48 million acres, which is an increase from recent wheat acreage levels of 46.7 million acres in 2018, 44.3 million acres in 2020, and 45.5 million acres in 2019. USDA is estimating the 2022 U.S. wheat yield at 49.1 bushels per acre, with a total production of 1.94 billion bushels. This compares to a drought-reduced wheat yield of only 44.3 bushels per acre and a total production level of 1.65 billion bushels in 2021. USDA is projecting wheat ending stocks at 731 million bushels, which compares to 653 million bushels for 2021-22 and 845 million bushels for 2020-21. USDA is estimating the average farm-level wheat price at $6.80 per bushel for the 2022-23 marketing year, compared to the current MYA price estimate of $7.50 per bushel for 2021-22, as well as final MYA prices of $5.05 per bushel for 2020-21 and $4.58 per bushel for 2019-20.

Of course, it should be noted that the final 2021-22 price estimate and the 2022-23 wheat price projections were made before the recent sharp increase in wheat prices that has resulted since the Russian invasion of Ukraine.

USDA Livestock Forecast for the coming year:

Corn prices — southern Minnesota

USDA also releases livestock production and price estimates for the coming year at the annual Ag Outlook Forum. Following is a summary of the 2022 livestock information that was shared at the recent conference.

8 $6.89

• Hogs: 4 Based on the December 1, 2021 “Quarterly Hogs and Pigs Report”, USDA estimated total inventory of all U.S. hogs and pigs at 74.2 million 2 head, which was down 4 percent from a year earlier 0 and was at the lowest level since 2017. Total J production F M A for M 2022 J is J projected A S Oat 27.38 N D U.S. pork billion pounds, which would be 1 percent below the 2021 level, with lower slaughter numbers being partially offset by heavier pork carcasses, especially if grain prices moderate later in 2022. 8 Pork export levels in 2022 are expected to decline by125 about 3 percent to 6.8 billion pounds, after 6 surpassing 7 billion pounds in both 2020 and 2021. 105 USDA is estimating 2022 average hog market price on a854live weight basis to be $65 per cwt., which correlates to a lean carcass price of approximately 2 $95 per cwt. The 2022 lean carcass price 65 90 to projections are down over $3-4 per cwt. from final 45 0 average market hog prices. 2021 J F M A M J J A S O N D J weeks, F M the A grain M markets J J Ahave S been O N In recent

(dollars per bushel)

— 2021 — 2022

• Cattle: USDA estimated the total U.S. cattle inventory at 91.9 million head on January 1, 2022, which is down 2 percent from a year earlier. USDA is projecting total U.S. beef production in 2022 to decrease by about 2 percent to 27.38 billion pounds, with lower slaughter numbers and higher cattle weights. Beef export levels are expected to be over 3.27 billion pounds in 2022, with U.S. beef imports at 3.37 billion pounds. USDA is estimating the 2022 fed cattle market price to average $137 per 8hundredweight (cwt.), which would be $15 per cwt. above the 2021 average price and would be the 6 highest average price since 2015.

Agriculture/ Agribusiness

totally focused on the conflict between Russia and Ukraine and the potential impacts to worldwide grain production and the movement of grain from those countries 125 to other parts of the World. This has resulted in a strong upswing in the grain markets, with 105 wheat futures rising by nearly 40 percent on the Chicago Board of Trade from early February to early 85 March; however, the wheat market was extremely volatile 65in early March. Nearby CBOT corn futures rose by approximately 25 percent during that same 45 timeframe, with more modest gains to CBOT soybean futures. 25 be interesting to watch how the changing It will J F M A M J J A S O N D dynamics of worldwide grain production and exports are included in the future monthly USDA Supply and Demand (WASDE) Reports. There could be some

$5.41

2 0

Source: USDA

Soybean prices — southern Minnesota

(dollars per bushel)

— 2021 — 2022 8 20 $16.14 125 16 6 105 12 4 85 $13.89 8 65 2 4 45 0 0 J F M A M J J A S O N D 25 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Iowa-Minnesota hog prices

185 pound carcass, negotiated price,

— 2021 — 2022 weighted average 20 $109.98 125 25 16 105 22 12 85 $99.51 19 8 65 16 4 45 13 0 J F M A M J J A S O N D 25 10 J F M A M J J A S O N D J F M A M J J A S O N D Source: USDA

Milk prices

Minimum prices, class 1 milk Dollars per hundredweight

— 2021 — 2022 25 $23.79 22 19 16

$15.65

13 10

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

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

C. Sankey

MN Valley Business • APRIL 2022 • 25

25 22 19 16 13 10

Construction/Real Estate Residential building permits Mankato - 2020 - 2021 (in millions)

Commercial building permits Mankato - 2020 - 2021 (in millions)

$5,097,938 $1,684,958

12000000

25000000

10000000

20000000

8000000 6000000 4000000

10000000

2000000

5000000

$1,416,247

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

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

183

300

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

$220,000

300

163

240

$190,000

240 180

180

120

0 J

Source: Realtors Association of Southern Minnesota

Source: Realtor Association of Southern Minnesota

Interest Rates: 30-year fixed-rate mortgage

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

Housing starts: Mankato/North Mankato

— 2020 — 2021

- 2020 - 2021

5.5

4.9

3.8%

4.3

3.7

3.1 2.5

Source: City of Mankato

$7,950,495

15000000

2.7% J

Source: Freddie Mac

8 D

Source: Cities of Mankato/North Mankato

Have Room to Grow Your Business

Call 507.344.6364

advertising@mankatofreepress.com

26 • APRIL 2022 • MN Valley Business

We Know Commercial Real Estatte.

Fantastic location on Lor Ray Drive near intersections with Commerce Drive & US Hwy 14, in Upper North Mankato’s prime commercial area!

Lidstrom SITE

NS REE

FOR SALE: 1.63 ACRE COMMERCIAL LOT

LG WA

1721 Lor Ray Drive

Tim Lidstrom CCIM, Broker

Karla Jo Olson Broker

COMMERCE DR.

grain marketing opportunities in the coming months, given the likelihood of tighter levels of ending stocks for corn and soybeans, especially if there are some Spring planting delays or Summer weather issues with the 2022 crop in the U.S. On the other hand, the corn and soybean market prices may face some downward pressure later in 2022 if we get favorable growing conditions or domestic grain demand in the U.S. is reduced. The continuation or the resolution of the Russia and Ukraine conflict is also likely to be a major factor in global grain trade and prices in the coming months.

LOR RAY DRIVE

www.lidcomm.com • 507-625-4606 100 Warren Street, Suite 708, Mankato, MN

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

Gas Prices 5

Gas prices-Mankato

— 2021 — 2022

54 43 $3.89

32 21 10 0

$2.50

Feb. 2

March 9

Percent change

Archer Daniels

$76.68

$81.25

+5.6%

Ameriprise

$313.33

$277.65

-11.4%

Best Buy

$98.78

$101.33

+2.6%

Brookfield Property

$24.59

$23.10

-6.0%

Crown Cork & Seal

114.94

$119.07

+3.6%

Consolidated Comm.

$7.16

$5.63

-21.4%

Fastenal

$57.17

$54.60

-4.5%

General Mills

$68.73

$65.13

-5.3%

Itron

$60.27

$48.73

-19.1%

Johnson Outdoors

$87.55

$81.25

-7.2%

$166.66

$148.83

-10.7%

Target

$217.07

$215.56

-0.7%

U.S. Bancorp

$59.84

$64.63

-8.7%

Winland

$3.73

$3.60

-3.5%

Xcel

$69.47

$69.94

+0.7%

Gas prices-Minnesota

— 2021 — 2022

5 $3.99

54 43 32

$2.58

21 10

Stocks of local interest

0Source: GasBuddy.com J F M A

C. Sankey

MN Valley Business • APRIL 2022 • 27

■

Minnesota Business Updates income rose 51% over the prior fiscal year. Fourth quarter net sales rose slightly above the prior year quarter’s unprecedented results. “Johnson Outdoors had an exceptional year, driven by people’s continued interest in spending time outdoors. While ongoing global supply chain disruptions remain challenging, we’re pleased with our results,” Helen Johnson-Leipol d, CEO, said in a statement.

■ Record soybean cargo from Brazil U.S. grains merchant Archer-Daniels-Midland has carried out the largest soybean shipment in the history of the Ponta da Montanha Grain Terminal, located in the northern Brazilian city of Barcarena, as it shipped 84,802 tonnes in a single vessel. It also represented the largest volume ever shipped on a grain vessel from ports located in the Amazon Basin, the company told Reuters. “This showed us that we have one more option to move soybeans through the TGPM, using our own vessel… This is definitely something we will do again more often,” ADM’s South America Logistics Director, Vitor Vinuesa, said in a statement. The company said all the soybeans moved will be crushed by ADM itself, obtaining products such as soymeal, cooking oil and biodiesel.

■ Fastenal has big start to year Fastenal reported its February sales results showing a continued big start to the year for the distributor as resurgent safety sales buoyed accelerating sales of the company’s core product lines. The Winona-based company posted total February sales of $531 million, up 21.3% year over year, with daily sales up by that same amount. Total sales trailed January’s $540.5 million, in which daily sales grew 14.9%.

■ Johnson Outdoors has record year

■ State pushes Xcel on solar Minnesota utility regulators want the state’s largest power company to pick up the pace on connecting small solar projects to its grid. Xcel Energy’s interconnection process has emerged as a bottleneck in the state’s clean energy transition, with some home and business owners having to wait months

Johnson Outdoors announced higher revenue and earnings for the fiscal year ending October 1, 2021. Continued high demand for products in fishing, camping and watercraft recreation propelled a 26% increase in sales as operating profit grew 56.6% and net

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

16,045 6,981 5,804 28,519 57,349

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

13,470 3,633 2,361 10,303 29,767

Construction

126000 126000 Manufacturing

Retail 113000 Services 113000 Total*

863 513 232 1,147 2,755

126000

1400 700

100000

Minnesota Local non-farm jobs

-12.6% -49.7% -54.3% -68.4% -46.2%

8000 2800 2800 6000 2100 2100 4000 1400 1400 2000

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

700 D

300000

2,947 2,880

240000 180000 120000 60000

700 0 0

- 2020 - 2021

(in thousands)

12000 3500 3500 10000

28 • APRIL 2022 • MN Valley Business

2100

113000

Percent change ‘20-’21

754 258 106 1,481 1,481

3500

126,557

2800

-16.0% -48.0% -59.3% -32.3% -48.1%

Minnesota initial unemployment claims December 2020 2021

125,753

139000

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

Major Industry 139000 139000

- 2020 - 2021

Nine-county Mankato region

F M

M A A M

M J

J J

J A

A S

S O

O N

N D

Target Zero is part of the Minneapolis retailer’s sustainability strategy called Target Forward. Among the goals of Target Forward is to be a market leader for creating inclusive, sustainable brands by 2030 and have 100% of its owned brand plastic packaging be recyclable, compostable or reusable by 2025.

or years to connect solar panels to the company’s power grid. In its latest attempt to address the delays, the Minnesota Public Utilities Commission instructed Xcel to start evaluating multiple applications at once as a way to clear the backlog, which now exceeds 1,700 projects totaling about 490 megawatts. The number of requests to connect to the utility’s grid has surged in recent years, but critics blame the problems on Xcel’s own narrow interpretation of the state’s interconnection rules. The company has said it was prohibited from processing more than one application at a time for each substation. The commission’s decision clarifies that is not the case. It instructs Xcel to implement a new process in which it will conduct group or cluster studies that assess the grid impact of multiple connection requests.

■ 3M legal woes drag on

After nearly a year and 11 trials, 3M’s courtroom battle over its military earplugs still 139000 3500 rages on with no end in sight — and Wall Street is increasingly 2800 worried about a potential multibillion-dollar threat to 126000 2100 the company. Former or active military members, who claim 3M 1400 knowingly made defective earplugs that damaged their 113000 hearing, have won six trials. The Maplewood-based 700 ■ Target launches waste initiative company, which claims the earplugs are safe, has won 100000 0 five, the Star Target has launched a curated collection of products J Tribune F M Areports. M J J A S O N D J Without a settlement, thousands more cases will go to aimed at reducing waste. trial in what has become the largest U.S. mass tort ever. It’s called Target Zero, and products that are designed Two stock analysts recently estimated total payouts to to be refillable, reusable, compostable, made from plaintiffs could be around $15 billion. recycled products, or made from materials that reduce “Right the use139000 of plastic will be marked with the Target Zero 3500 now, it looks like a 50-50 shot the plaintiffs will 12000said Alexandra Lahav, a professor at the University 300000 139000 3500 win,” logo. 2800 of10000 Connecticut School of Law. Their ratio of victories Target says this logo will help people shop more 240000 126000 sustainably, and it includes products in beauty, personal 2800 shows “there is merit to their cases. ... The plaintiffs 2100 8000 126000 care and household essentials, with brands like Burt’s 2100 right now have a lot of leverage, and 3M is thinking, 180000 how can we turn the tide?” 6000 Bees, PLUS, Pacifica, and soon will include products 1400 113000 120000 1400 from Grove Co. and Everspring. 4000 113000 700

100000 100000 J F

J M

M J

J A

J S

A O

S N

O D

3,567 5,598

180000 120000 60000

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

J A A

J S S

A S O N O N D O N D

240000

82,906 137,721

180000 120000 60000 0

J JA

J JS

A AO

S N S

O D O

N N

D D

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

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

60000 J

0 F

J M

F M A A M J

M J

J A

2020

2021

3.8% 58,769 2,302

2.2% 58,716 1,334

J S

A O

S N

O D

Unemployment rates Counties, state, nation County/area

- 2020 - 2021

M MJ

Mankato/North Mankato Metropolitan statistical area

240000

300000

D 0

300000

Minnesota number of unemployed

- 2020 - 2021

Nine-county Mankato region

60000

Employment/Unemployment

F M A A M J

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

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

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

December 2020

December 2021

3.9% 4.2% 4.9% 6.1% 3.9% 3.5% 4.4% 4.7% 3.4% 4.5% 4.9% 6.5%

2.3% 2.4% 3.4% 4.3% 2.7% 2.1% 3.7% 3.4% 2.1% 2.5% 2.7% 3.7%

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

MN Valley Business • APRIL 2022 • 29

Sponsored by the Carl & Verna Schmidt Foundation

Put your tax refund to work for you By Kimberly Palmer | NerdWallet

f you’re eagerly anticipating a tax refund in the coming weeks, you have good reason to be optimistic: The IRS reports that about 77% of tax returns filed last year generated a refund, and the average refund was $2,815. Even though what can feel like a gift from the government is actually a delayed receipt of your own money, the best use of those funds is not always apparent. This year the question is even more fraught, with many households facing increasing financial pressure from inflation, rising interest rates and expiring government assistance programs tied to the pandemic. Advance child tax credits, for example, which offered families monthly checks based on their income and number of dependents, have ended pending further congressional action. “For many people, the advance child tax credits became a part of their budget, so you should consider saving your tax refund and using it to supplement your monthly budget going for ward,” says Tommy Blackburn, a certified financial planner in Newport News, Virginia. “That can help with monthly cash flow,” he adds. Another option is to adjust your withholding to every paycheck so you don’t pay more tax than you need to. But, Blackburn adds, some people prefer to receive a lump sum each year as a method of forced savings. While your refund priorities depend on your particular situation, there’s room in almost every budget to spend at least some portion of your refund check on something fun, too. Here is a road map to help you decide what you should do with the money:

Save for the next emergency

“First, think about your near-term security,” suggests Vince Shorb, CEO of the Las Vegas-based National Financial Educators Council, which supports financial wellness educators. “There are a lot of things going on, from COVID to inflation. I want to make sure people have food on the table and gas to get to work,” in the event of an emergency like job loss or unexpected

30 • APRIL 2022 • MN Valley Business

expense, he says. That means putting money into an emergency savings fund before any other priority, including paying off debt. “With inflation, you want to save a little bit more than normal to plan for those crazy gas and food prices. We don’t know what will happen next,” says Scott Alan Turner, a CFP in Aledo, Texas. While financial experts often cite the goal of having three to six months of expenses tucked away, a more realistic goal can be saving $500 to $1,000, or at least half of your refund. Given rising prices, Turner says it’s better to save more if you can. “If your industry is shrinking, you’ll need a larger emergency fund,” Shorb says, because it could take longer to find a new job if you lost your current one.

Unload high-interest debt

With interest rates widely expected to rise this year, credit card and other variable-rate debt would likely become more expensive, which makes using refund money to pay it off a smart move, says Mike Biggica, a CFP in San Francisco. He suggests paying off any debt that carries an interest rate of 6% or higher and also focusing on student loans, medical debt and anything else that carries a variable rate. Maggie Klokkenga, a financial coach and CFP in Morton, Illinois, suggests using an online debt calculator to see how making extra debt payments can speed up the debt payoff process. That can help you decide whether to first pay off your smallest debts or larger, high-interest ones. “You can see how quickly you can have everything paid off,” she says.

Make room for other goals

If you already have your emergency fund and highinterest rate debt addressed, then Klokkenga suggests putting the refund cash in high-yield online savings accounts dedicated to different goals, such as a vacation to Cabo or retirement. “When it’s not in your checking account, it’s harder to get to and gives you a pause before you can get the money,” she says.

Sponsored by the Carl & Verna Schmidt Foundation

Use a sinking fund for planned expenses By Amanda Barroso | NerdWallet

n a given year, you likely have expenses that you know are coming — holiday gifts, the family vacation you take ever y summer, annual homeowners association fees or maybe membership renewals. But just because these costs are predictable doesn’t mean you’re always prepared. If you are pulling from your emergency fund or using a credit card to cover predictable costs, you might consider using one or more “sinking funds.” A sinking fund is a savings account dedicated to a particular expense that you fund gradually through regular payments. Sinking funds often have a deadline associated with them, but not always. You can add sinking funds to your budget for expenses that come at the same time each year or to plan a big purchase you want but don’t necessarily need — like a new couch for your living room or that piece of exercise equipment you’ve been eyeing for months. Either way, sitting down with your calendar and noting upcoming expenses is a good way to get ahead of predictable costs and prevent unwanted debt or dipping into your emergency fund.

Different from other accounts

A sinking fund is different from other kinds of savings accounts — like an emergency fund or a traditional savings account — in a few ways. An “emergency fund is for true emergencies, and then your sinking fund is for a dedicated, expected planned purchase in the future that we know is coming,” says Miko Love , an accredited financial counselor and creator of The Budget Mom, a website with resources to help people create and stick to a budget. Because they have different purposes, separating sinking and emergency funds is wise. “I do think it is kind of a good idea to separate out your emergency fund from a sinking fund just because otherwise it is a little bit tempting to dip into your emergency fund for things that aren’t really emergencies,” says Madison Block , a marketing communications and programs associate with the nonprofit American Consumer Credit Counseling agency. Sinking funds also differ from traditional savings accounts because they have a specific goal and target deadline. That helps you track progress on multiple goals while putting all your savings into one large pot can get confusing and make you lose sight of your goals.

The strategy

Most sinking funds have a target date, and with this deadline “comes a strategic way to plan responsibly for that purchase,” says Love, who currently has 13 sinking funds. For example, if homeowners association fees are due in May each year, you can start planning ahead to have the cash on hand. Let’s take the HOA example: If annual dues are $500 and you have six months to save, you need to put about $83 a month in your sinking fund. Or roughly $42 per paycheck if paid biweekly. Or $21 a week. As you can see, it’s highly customizable. You can also use windfalls like tax refunds or gift money to boost these accounts and reach your goals faster. Just keep in mind: Put money into sinking funds based on priority and necessity. Required fees or memberships should come before wants, like a new couch or exercise bike. If you have leftover money in a sinking fund, either keep it there so you’re ahead of the game for next year, reallocate it to the next priority or pad your emergency fund, if needed.

Don’t overcomplicate

The trick with sinking funds is striking the right balance. “You can absolutely overcomplicate your finances by having too many of these sinking funds,” Block says. You might find that having multiple savings buckets to fund with each paycheck feels overwhelming. Setting up autopay might be one way to help streamline things. Some banks offer customers the ability to customize savings buckets within their accounts.

MN Valley Business • APRIL 2022 • 31

THE S TAT E OF

AGRICULTURE The State of Ag Report, the result of a comprehensive survey and focus groups, provides a deeper insight into the future of agriculture in Minnesota. The Report reveals the perceptions and opinions on the economy and other major issues impacting ag businesses, while placing an emphasis on education, as well as talent attraction and retention. The State of Ag Report enables GreenSeam to better understand, serve, and support the workforce, businesses, organizations, and communities we call home.

2021 STATE OF AG SURVEY NOW AVAILABLE! greenseam.org/survey

JOIN TODAY! This program provides opportunities to develop, make new connections, and familiarize its members with the amenities and resources available in Greater Mankato through two monthly events. The YPs are a vibrant group of 21 to 40-year-olds who love living and working in our community!

THANK YOU, 2022 SPONSORS:

“The Young Professionals program has allowed me to make meaningful connections with other young professionals in the community at social events. Site tours, guest panels, mentorship lunches, and other professional development events have been great ways to learn about the opportunities Mankato offers. I would highly recommend getting involved with YPs!” - Andrew Jelken, US Bank

LEARN MORE: greatermankato.com/yp

32 • APRIL 2022 • MN Valley Business

MINNESOTA PORK CONGRESS: Significant Event for Greater Mankato Growth and Community

GREATER MANKATO G WHY JOIN GROWTH?

reater Mankato hosted the MN Pork Congress for the first time in the event’s over 50-year history. It is promoted as the Midwest’s BEST swine-specific trade show and education event that features a wide variety of exhibitors, timely seminars, and social activities designed exclusively for pig farmers and pork industry stakeholders. As such, it is the largest trade show our community has ever hosted and it is a big deal for several EXPOSURE reasons. This event intersectedBuild withyour each business unit of Greater Mankato Growth, Inc. giving staff Brand; NETWORKING TW WORKING ORKING grow your business. the opportunity to shine from providing visitor hospitality to significant business connections. This Stand out and get not just st WHO WHO ou own turf while showing off was also an opportunity for many local businesses toIt’splay host on you their noticed! know, it’s who knows k what Greater Mankato has to offer. All stakeholders YOU. stepped up to make this event a huge success. Networking IS Powerful.

Visit Mankato has been working with others to secure the MN Pork Congress in Greater Mankato BE IN Center and as far back as 2012. It took an expansion at the Mayo Clinic Health System Event determinedLEARNING local advocates, including local companies and individuals like Pam Voelkel with the THE KNOW Minnesota Gain Porkaccess Producers, to bring it here. With a successful first year, we are ecstatic to see a cces to Member Receive our member only Exclusive Content to help 5-year contract signed. Visit Mankato staff provided visitor information and worked with and emails making you the firsthotels to grow your business. know the latest news. restaurants ahead of time in order to ready them for the event. The City Center Partnership was thrilled to see this event take place in the City Center with hospitality businesses reporting a lift in business during the event.

MEMBER EXCLUSIVE TALENT REFERRALS GreenSeam and Greater Mankato Growth staff worked the tradeshow floor making connections BENEFITS We only refer member RETENTION

with over 200 This was an opportunity for staff to do what they doWord best—connect businesses. of mouth Keepindividuals. your employees and direct referrals come businessesengaged with other businesses, services, and information needed to help those businesses grow. and retained with from being a valued member of GMG.

access to our member only events and programs.

1,000 attendees

174

$270,000

SHAPE YOUR CREDIBILITY MInnesOta Is tHe 2 laRgest U.s. eCOnOMIC IMPaCt Raise your by PORk PROdUCeR, COMMUNITY belonging. reputation Research shows Your investment fOllOwIng IOwa. helps us that businesses who belong wHen COMPaRed tO tHe saMe days, tHIs nd

continue to build the best environment for your business and its employees.

BUsInesses PaRtICIPated as a sPOnsOR, eXHIBItOR, adVeRtIseR, OR ReCePtIOn HOst

to a chamber of commerce eVent InCReased HOtel ROOM deMand By are more successful.

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MN Valley Business • APRIL 2022 • 33 greatermankato.com/join

EvEry first tuEsday of thE month 4 to 6 pm * datEs shiftEd to sEcond tuEsday duE to holidays

APR 5

The Pillars of Mankato 3125 Prairie Rose Drive, Mankato

SEP 13 *

Frandsen Bank & Trust 240 Belgrade Avenue, North Mankato

MAY 3

Edina Realty 313 N Riverfront Drive, Mankato

OCT 4

J. Longs 1640 Madison Avenue, Mankato

JUN 7

Laurels Edge Assisted Living 77 Stadium Road, Mankato

NOV 1

Mayo Clinic Health System 1025 Marsh Street, Mankato

JUL 12 *

Dotson Iron Castings 200 W Rock Street, Mankato

DEC 6

Federated Insurance 2000 Technology Drive, Mankato

AUG 2

Massad Real Estate 100 Warren Street, Suite 308, Mankato

To get a taste of a Greater Mankato Growth membership, guests from the general public are welcome to attend one Business After Hours event. 2022 presenting sponsor

greatermankato.com/bah

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34 • APRIL 2022 • MN Valley Business

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GREATER MANKATO GROWTH?

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On Tuesday, March 8, Greater Mankato Growth, Inc. brought together the business community BEfuture. IN The event to share the accomplishments of the past year and celebrate the vision for the included networking, dinner, and honoring volunteers of the year. This year's energizing THE KNOWkeynote LEARNING was delivered by Kristen Brown, a best-selling author, coach, and consultant.

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SHAPE YOUR CREDIBILITY Raise your reputation by COMMUNITY 2021 ANNUAL REPORT belonging. Research shows Your investment helps us continue to build the best environment for your business and its employees.

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2022 POLICY PRIORITIES Greater Mankato Growth works tirelessly to both advocate for the marketplace and raise the visibility of our region among policy-makers.

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Student Venture Competition The Big Ideas Challenge is a premier event for Minnesota State University, Mankato’s College of Business and for the Center for Innovation & Entrepreneurship. The mission is to provide a platform to support, celebrate and promote student entrepreneurs and their venture ideas. The competition is open to individuals or teams of current Minnesota State Mankato students from any discipline and graduates within two years of graduation. As a part of the University’s commitment to innovation, the competition features a high tech division that was created to encourage and reward business ideas in high technology in the southwest region of Minnesota. Winners compete for $19,000 in prize money generously donated by Lloyd Companies, BankVista, Jones Metal and Daren and Sarah Cotter. The Big Ideas Challenge is a vibrant event with fascinating presentations and the thrill of awards at the end, but the best outcome is for all of the finalists to develop their ideas and their skills as inventors, businesspeople and professionals. Join us in-person or virtually for this exciting event.

Join us on April 14, 2022 The final teams, that will present in the April event, were selected through a blind judging process and are composed of students from all over the University. While they may be studying different subjects, they all have one thing in common – they are go-getters and innovators that we would hope to keep in our region.

April 14, 2022 Big Ideas Challenge Presentations 3:30pm – 5:00pm CSU Ostrander RSVP for the zoom link Open to the Public Free Admission RSVP at cob.mnsu.edu/bicrsvp

Follow the CIE

An Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling the College of Business at 507-389-5420 (V), 800-627-3529 or 711 (MRS/TTY). BUSC594AD_02-2022

MN Valley Business • APRIL 2022 • 37

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