MN Valley Business

Banking on the recoveryAlso in this Issue:• Hilltop Meats• F/X Fusion/Graif Clothing• Attorney Jessica Frein

MNVB Feb p01.indd 1 1/22/2013 1:31:44 PM

we’re just a small-town community bank, but…

bigger is notBETTERSome folks think it’s best to be the biggest

So they try to outdo all the rest

It’s plain to see we can’t all be the biggest

It could just be that bigger’s not best.

www.nicolletcountybank.com

220 South Third Street • Telephone 931-3310 • St. Peter

MNVB Feb p01.indd 2 1/22/2013 1:31:51 PM

MN Valley Business • February 2013 • 1

Read us online!

we’re just a small-town community bank, but…

bigger is notBETTERSome folks think it’s best to be the biggest

So they try to outdo all the rest

It’s plain to see we can’t all be the biggest

It could just be that bigger’s not best.

www.nicolletcountybank.com

220 South Third Street • Telephone 931-3310 • St. Peter

MNVB Feb p01.indd 1 1/22/2013 1:31:57 PM

Smart law. Bold decisions.

Blethen, Gage and Krause is proud to announce Kevin Velasquezas our newest partner. Kevin focuses his practice in appeals,employment law, family law, insurance, litigation and personal injury.Congratulations Kevin!

127 South Second Street, Mankato MN 56001 • 345-1166 • www.bgklaw.com

Kevin Velasquez

Blethen, Gage & Krause Announces New Partner:

MNVB Feb p01.indd 2 1/24/2013 9:28:21 AM

Fall in Love with our Printing

Corporate GraphicsYour Printing Solutions Company

1750 Northway DriveNorth Mankato, MN 56003

800-729-7575www.corpgraph.com

Providing Great Color at a

Great Price!


■ 24 Hilltop Meat Market

beef prices may be up as a consequence of the effects of the widespread drought, but business has held steady for this longtime custom-processing shop. Dennis Wick bought the business in 1986 after working there 10 years.

F E A T U R E SFebruary 2013 • Volume 5, Issue 5

■ 28 Attorney Jessica Frein

Frein grew up near Cedar rapids, Iowa, where her dad, an inventor, owned his own small business. Frein witnessed the time and effort her dad put into learning business law. “It helped to show me the need,” Frein said.

■ 30 F/X Fusion

In 2001, randy appel founded F/X Fusion and began designing, producing and distributing men’s clothing from North Mankato. recently he and Karissa baukol purchased Graif Clothing in downtown Mankato.

■ 22 Special Focus: Wellness

Worksite wellness programs are a win-win for employees and employers. Healthy employees cost less to insure, have lower health care costs and a healthy workplace boosts morale and productivity and reduces absences and turnover.

Smart law. Bold decisions.

Blethen, Gage and Krause is proud to announce Kevin Velasquezas our newest partner. Kevin focuses his practice in appeals,employment law, family law, insurance, litigation and personal injury.Congratulations Kevin!

127 South Second Street, Mankato MN 56001 • 345-1166 • www.bgklaw.com

Kevin Velasquez

Blethen, Gage & Krause Announces New Partner:

MNVB Feb p01.indd 3 1/22/2013 1:32:22 PM

4 • February 2013 • MN Valley Business

■ From the Editor ................................ 6Joe Spear: banks shed light on economy

■ Job trends ........................................ 8regional, state unemployment information

■ Construction, real estate trends ...... 9building permits, housing starts, home prices, interest rates

■ Retail trends ...................................10auto sales, retail sales and hotel business

■ Agriculture Outlook ........................12Kent Thiesse: Farm bill extension disappointing

■ Agribusiness trends. ......................13area commodity prices

■ Business updates ...........................18 Target matching prices of on-line competitors, Xcel honored for giving aid after storms, manufactures fairly upbeat, and more

■ Business Commentary ...................22 Steven J. Johnson: real value from employee engagement

■ Regional Outlook ............................34Jack M. Geller: Falling behind on broadband

■ Business informer ..........................36Vehicle, retail, construction trends in the area

■ Greater Mankato Growth ...............38 Connecting with the next generation of employees

■ Greater Mankato Growth Member Activities .........................40

Groundbreakings, new businesses, relocations and expansions

■ Greater Mankato Growth CVB ......43 Convention planning made easy

■ Business memos/ Company news ...............................44 Favre named CCO of First National, partners named at Gislason & Hunter, Velasquez named partner at blethen, Gage & Krause, and more

D E P A R T M E N T S

On the Cover:Todd Loosbrock, president of u.S. bank in Mankato, at the old First National bank vaults in the ellerbe room at the civic center. u.S. bank in Mankato traces its roots to First National.

Photo by Pat Christman

The big small bank.

Big enough. Small enough.

Bremer.comMankato 386-2200

Providing Excellent Service in:• Janitorial Services• Carpet Cleaning• Hard Floor Care

• Window Washing• Water, Fire & Smoke

Restoration

• Family OwnedSince 1973

• Insured & Bonded

MNVB Feb p01.indd 4 1/22/2013 1:32:32 PM


The big small bank.

Big enough. Small enough.

Bremer.comMankato 386-2200

Providing Excellent Service in:• Janitorial Services• Carpet Cleaning• Hard Floor Care

• Window Washing• Water, Fire & Smoke

Restoration

• Family OwnedSince 1973

• Insured & Bonded

Coming next issue...

Look for the next edition of the mn Valley Business coming march 2013 featuring How to Hire good Applicants using temp Agencies, Consultants or Hiring Yourself.

The Definitive Business Journal for the Greater Minnesota River Valley

Call to advertise in our upcoming issue507-344-6336 | [email protected]

MNVB Feb p01.indd 5 1/22/2013 1:32:34 PM


PUBLISHER

EXECUTIVEEDITOR

ASSOCIATE EDITOR

CONTRIBUTINGWRITERS

PHOTOGRAPHERS

COVER PHOTO

GRAPHIC DESIGNER

PAGE DESIGNER

ADVERTISINGMANAGER

ADVERTISINGSALES

ADVERTISINGASSISTANT

ADVERTISINGDESIGNERS

CIRCULATIONDIRECTOR

James P. Santori

Joe Spear

Tim Krohn

Jack M. GellerTim KrohnPete SteinerSteven J. Johnson Kent ThiesseMarie Wood

Pat ChristmanJohn Cross

John Cross

Jenny Malmanger

Christina Sankey

David Habrat

Karla Marshall

Barb Wass

Sue HammarChristina Sankey

Denise Zernechel

MN Valley Business is published 12 times a year at 418 South 2nd Street

Mankato, MN 56001.

FEBRUARy 2013 • VOLUME 5, ISSUE 5

For editorial inquiries, call Tim Krohn at 507-344-6383.

For advertising,call 344-6336, or e-mail

[email protected].

Banks shed light on economy and government regulation

MV

When I was just starting as a business reporter some 25 years ago, I had editors who

would suggest I spend time talking to one business person a week for an extended period of time and it would be amazing what you would learn.

That sentiment is echoed in our lead story this month about banks and banking. Banking, of course, is a business itself, but it is also business that connects with almost every kind of business that needs a loan or financial management.

So talking to a banker can yield lots of information about business trends in general. Banking is also one of the most regulated businesses, so its leaders understand how government is impacting its business and the business of its customers.

Banking also has its hand on the pulse of the consumer economy through its business of lending money to consumers for cars and homes.

Suffice it to say, there’s a lot to be learned by talking to bankers. This month we’ve talked with several of them.

As with most stories like this, there are positives and negatives. Interest rates for homes are at historic lows. Refinance rates for 15-year mortgages can be as low as 2.75 percent, while 30 year mortgages are at 3.25 percent.

But while the low rates may bring mortgage business, they also squeeze margins. Banks, I was once told by a banker, typically make money by borrowing money at one interest rate and lending it out at a higher rate. Lower rates sometimes leave a smaller difference between what a bank borrows and what it can lend money at.

Then comes the uncertainty, in this case, mostly created by new government regulations and the political shenanigans of Congress. While the Dodd-Frank financial regulation bill was designed to prevent another financial collapse of 2008 from happening, it appears to be have consequences on main street baking.

That’s because regulators tried to stop the problems at big banks (mainly not having enough capital compared to their loan risk), that many small banks weren’t facing. Associate Editor Tim Krohn says bankers told him many of the rules haven’t been specifically spelled out, leaving more uncertainty as bank examiners try to interpret them.

Todd Loosbrock, president of U.S.

Bank in Mankato, said the uncertainty hurts their customers and the banks themselves.

“What’s hard is making decisions with all the uncertainty. When you don’t know what the rules are, it’s hard to make sound business decisions.”

Still, 2012 was a better year for Minnesota banks in general, says Joe Witt, president and CEO of the Minnesota Bankers Association.

The number of bank failures was down significantly across the country and in the Midwest. Asset volume problems improved, delinquency rates by borrowers were better.

“And the number of banks profitable compared to those who lost money was better,” Witt says.

Still, the year ahead will offer its challenges.

According to Witt, those challenges include new regulations, an economy that is recovering slowly, and very low interest rates that cut bank margins.

“There isn’t a ton of loans out there, so when there is, there’s a lot of competition for it, so that drives the profits down more.”

So far, the smaller banks have at least attracted the attention of regulators and Congress to slow down on forming regulations that are one size fits all.

The regulators and Congress would be well advised to consider that. A lot of business and banking still happens on main street in America. MV

Joe Spear is executive editor of Minnesota Valley Business. Contact him at 344-6382 or [email protected]

By Joe Spear

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MNVB Feb p01.indd 6 1/24/2013 9:57:39 AM

MN Valley Business • February 2013 • Pb

21,000 Households9,500 TMC

30,500Available

Circulation

The Free Press MediaPrint+Insert Sale

AffordableTarget Marketing

Jump Out In

for as little asFRONT

Your community newspaper is the most reliable, dynamic, targeted and cost effective insert environment.

Plus FREECreative Ad Service

per household

Contact Us Today! 507-344-6364The Free Press Media · 418 South Second St. Mankato, MN

MNVB Feb p01.indd 7 1/22/2013 1:32:38 PM


Major� December� Percent changeindustry� ’11 ’12� ’11-’12

Initial unemployment claimsNine-county Mankato region

Nine-county Mankato region

Nine-county Mankato region

*Categories don't equal total because some categories not listed.

Services consist of administration, educational, health care and socialassistance, food and other miscellaneous services.

Services consist of administration, educational, health care and socialassistance, food and other miscellaneous services.

Construction� 691� 758� +9.7%Manufacturing� 339� 360� +6.2%Retail� 71� 63� -11.3%Services� 339� 371� +9.4%Total*� 1,440� 1,552� +7.8%

(includes all of Blue Earth and Nicollet Counties)

Mankato/North Mankato Metropolitanstatistical area

By� March� Percent changeoccupation� ’09 ’10� ’09-’10

Minnesota initial unemployment claims

Management� 1,360� 876� -35.6%Adm. support� 2,611� 1,885� -27.8%Production work� 9,228� 4,097� -55.6%Sales� 3,219� 2,680� -16.7%Driving/moving� 2,139� 1,661� -22.3%

County/area� Dec. 2011� Dec. 2012Unemployment rates

Blue Earth� 4.6%� 4.4%Brown� 5.0%� 5.0%Faribault� 5.9%� 5.7%Le Sueur� 8.0%� 7.6%Martin� 5.2%� 5.0%Nicollet� 4.5%� 4.2%Sibley� 6.0%� 5.7%Waseca� 5.6%� 5.7%Watonwan� 5.6%� 5.4%Minneapolis/St. Paul� 5.5%� 5.1%Minnesota� 5.8%� 5.4%U.S.� 8.3%� 7.6%

Major� December� Percent changeindustry� ’11 ’12� ’11-’12

Minnesota initial unemployment claims

*Categories don't equal total because some categories not listed.

Construction� 10,742� 11,171� +4.0%Manufacturing� 5,968� 5,951� -0.3%Retail� 1,886� 1,696� -10.1%Services� 8,572� 8,129� -5.2%Total*� 27,168� 26,947� -0.8%

Local non-farm jobs

100,000

110,000

120,000

130,000

20122011

DNOSAJJMAMFJ

127,757125,509

(in thousands)Minnesota non-farm jobs

0

1,000

2,000

3,000

20122011

DNOSAJJMAMFJ

2,781.62,803.2

Local number of unemployed

0

2,000

4,000

6,000

8,000

10,000

20122011

DNOSAJJMAMFJ

7,1396,826

Minnesota number of unemployed

150,000

175,000

200,000

225,000

20122011

DNOSAJJMAMFJ

168,484161,003

Source: Minnesota Department of Employment and Economic Development J. Malmanger

Counties, state, nation

Unemployment rate� 4.6%� 4.4%

Number of non-farm jobs� 55,059� 55,885

Number of unemployed� 2,698� 2,542

December� 2011� 2012

MNVB Feb p01.indd 8 1/24/2013 9:30:16 AM


Source: City of Mankato


Source: Freddie Mac

Residential building permits Mankato

$0

$2,000

$4,000

$6,000

$8,000

$10,00020122011

DNOSAJJMAMFJ

$5,715.5$2,256.2

Source: City of North Mankato

Residential building permits North Mankato

$0

$1,000

$2,000

$3,00020122011

DNOSAJJMAMFJ

$295.9$0

Commercial building permits Mankato

$0

$3,000

$6,000

$9,00020122011

DNOSAJJMAMFJ

$1,308.8$1,171.4

Source: Realtors Association of Southern Minnesota

Mankato regionExisting home sales:

0

50

100

150

200

25020122011

DNOSAJJMAMFJ

Source: City of North Mankato

Commercial building permits North Mankato

$0

$3,000

$6,000

$9,000

$12,00020122011

DNOSAJJMAMFJ

$121.3$0

J. Malmanger

Information basedon Multiple ListingService and maynot reflect all sales

Source: Cities of Mankato/North Mankato

Mankato/North Mankato

30-year fixed-rate mortgage

Housing starts:

0

10

20

30

4020122011

DNOSAJJMAMFJ

Includes single familyhomes attached anddetached, and town-homes and condos

Interest rates:

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%20122011

DNOSAJJMAMFJ

(in thousands)

(in thousands)

(in thousands)

(in thousands)

61

11699

Source: Minnesota Foreclosure Partners Council

� � � �County� 2011� 2012� Percent change

Foreclosures:

Blue Earth� 45� 24� -47%Brown� 24� 11� -54%Faribault� 6� 14� +133%Le Sueur� 28� 23� -18%Martin� 11� 12� +9%Nicollet� 9� 13� +44%Sibley� 12� 13� +8%Waseca� 10� 11� +10%Watonwan� 6� 6� 0%

2012 third quarter

Yearly foreclosures counts

Blue Earth� 57� 101� 143� 153� 144� -6%Brown� 20� 35� 32� 40� 35� -13%Faribault� 19� 36� 39� 40� 42� +5%Le Sueur� 39� 70� 174� 167� 144� -14%Martin� 26� 44� 54� 52� 46� -25%Nicollet� n/a� n/a� 49� 60� 66� +10%Sibley� 25� 42� 54� 75� 49� -35%Waseca� 23� 44� 20� 57� 69� +21%Watonwan� 12� 26� 20� 33� 24� -27%Source: County reported sheriff’s sales

� � � � � � Percent changeCounty� 2005� 2006� 2007� 2008� 2009� ’08-’09

Foreclosures Third quarter 2010

� � � � State rankCounty� 2009� 2010� Percent change� Q3 2010

Blue Earth� 42� 56� +33%� 21Brown� 10� 16� +16%� 46Faribault� 9� 15� +67%� 47Le Sueur� 35� 41� +17%� 26Martin� 7� 14� +100%� 49Nicollet� 24� 13� -46%� 51Sibley� 11� 31� +182%� 37Waseca� 21� 26� +24%� 39Watonwan� 5� 13� +160%� 51

3.9%

3.3%


� � � �County� 2009� 2010� Percent change� 2010 rate

Foreclosures

Blue Earth� 144� 183� +27%� 0.98Brown� 35� 46� +31%� 0.46Faribault� 42� 51� +21%� 0.77Le Sueur� 144� 160� +11%� 1.50Martin� 46� 53� +15%� 0.60Nicollet� 66� 64� -3%� 0.64Sibley� 49� 81� +65%� 1.36Waseca� 69� 81� +17%� 1.19Watonwan� 24� 42� +75%� 0.95

2010


� � � �County� 2010� 2011� Percent change� State rank

Foreclosures:

Blue Earth� 46� 37� -20%� 23Brown� 12� 17� +42%� 41Faribault� 15� 8� -47%� 55Le Sueur� 39� 32� -18%� 28Martin� 11� 8� -27%� 55Nicollet� 19� 17� -11%� 41Sibley� 18� 16� -11%� 46Waseca� 20� 16� -20%� 46Watonwan� 13� 6� -54%� 61

First quarter

MNVB Feb p01.indd 9 1/24/2013 9:31:13 AM


Mankato/North Mankato


Source: Sales tax figures, City of Mankato Source: Sales tax figures, City of Mankato

Lodging tax collections

$0

$10,000

$20,000

$30,000

$40,000

$50,00020122011

DNOSAJJMAMFJ

$44,908$42,736

Mankato — Number of vehicles soldVehicle sales

0

200

400

600

800

1,000

1,20020122011

DNOSAJJMAMFJ

924846

(In thousands)Mankato Includes restaurants, bars,

telecommunications and generalmerchandise store sales. Excludesmost clothing, grocery store sales.

Source: Minnesota Department of Employment and Economic Development

Nine-county Mankato region (in millions)Purchasing power

$225

$275

$325

$37520082007

DNOSAJJMAMFJ

$255.2 $354.9

Figures based on average weekly wages and number of people employed.Does not include self-employed individuals or students working for school.

Sales tax collections

$0

$100

$200

$300

$400

$500

20122011

DNOSAJJMAMFJ


Mankato food and beverage tax

$0

$25,000

$50,000

$75,00020122011

DNOSAJJMAMFJ

$50,054$53,803

J. Malmanger

$395.3$386.4

Gas prices-Mankato

$0

$1.00

$2.00

$3.00

$4.0020132012

DNOSAJJMAMFJ

$2.95

$3.25

J. Malmanger

$0

$1.00

$2.00

$3.00

$4.0020132012

DNOSAJJMAMFJ

Gas prices-Minnesota

Source: GasBuddy.com

$2.95

$3.24

Stocks oflocal interest

J. Malmanger

� Dec. 11� Jan. 14� Percent change

Archer Daniels� $27.24� $28.29� +3.9%

Ameriprise� $61.58� $64.76� +5.2%

Best Buy� $12.03� $14.34� +19.2%

Crown Cork & Seal� $37.39� $38.00� +1.6%

Fastenal� $42.94� $47.00� +9.5%

General Growth� $20.41� $18.09� -11.4%

General Mills� $41.33� $4080� -1.3%

HickoryTech� $9.49� $9.50� +0.1%

Hutchinson Technology� $1.77� $2.35� +32.8%

Itron� $44.53� $44.65� +0.3%

Johnson Outdoors� $20.91� $21.44� +2.5%

3M� $93.58� $97.01� +3.7%

Target� $61.81� $60.69� -1.8%

U.S. Bancorp� $32.26� $33.36� +3.4%

Wells Financial� $18.75� $18.60� -0.8%

Winland� $0.83� $0.89� +7.2%

Xcel� $27.21� $27.03� -6.7%Robert W. Carlstrom Co. Inc. 1901 Excel Drive | Mankato, MN 56001 | Ph: 507-625-2872 | Fx: 507-388-2513www.rwcarlstrom.com

Commercial ConstructionConstruction ManagementDesign-BuildRemodeling & RenovationsLand & Building AnalysisDevelopment

STABILITYBEYOND THE BUILDING QUALITY. LOCAL. CRAFTSMANSHIP.

Honsey Hall – Bethany Lutheran College | Mankato, MN

MNVB Feb p01.indd 10 1/22/2013 1:32:48 PM


Robert W. Carlstrom Co. Inc. 1901 Excel Drive | Mankato, MN 56001 | Ph: 507-625-2872 | Fx: 507-388-2513www.rwcarlstrom.com

Commercial ConstructionConstruction ManagementDesign-BuildRemodeling & RenovationsLand & Building AnalysisDevelopment

STABILITYBEYOND THE BUILDING QUALITY. LOCAL. CRAFTSMANSHIP.

Honsey Hall – Bethany Lutheran College | Mankato, MN

MNVB Feb p01.indd 11 1/22/2013 1:32:52 PM


As part of the congressional agreement that was passed to avoid the fiscal cliff, the 2008

Farm Bill was extended through the 2013 crop year. The move was viewed as a big disappointment to several members of Congress from both parties, as well as by many agricultural organizations and other groups that were hoping for reform in ag policy with a new Farm Bill.

In April of last year, the Senate passed a version of the new Farm Bill, which was followed by the House Agriculture Committee passing a new Farm Bill out of committee. However, the full House failed to take up the new Farm Bill, resulting in the one-year extension.

Direct payments continueDirect payments for corn, soybeans,

wheat, and other crops were scheduled to be discontinued in both versions of the new Farm Bill; however, direct payments will now be continued for 2013. Direct payments, which will be made in October, total $20-$25 per acre for many Midwest corn and soybean producers. The current CCC commodity loan program, counter-cyclical program, and ACRE program will also be continued for 2013; however, producers previously enrolled in ACRE can opt out of the program for 2013. The ACRE program enrollment includes a required 20 percent per year reduction in the level of direct payments.

The SURE program for disaster assistance, as well as various livestock assistance programs, did not receive mandatory funding for 2012 and 2013, even though we are coming off one of the worst droughts in decades, including large financial losses in the livestock industry. Over 35 other farm-related USDA programs were kept active by the Farm Bill extension, but were not authorized to be funded, meaning that separate funding legislation would be needed to activate these programs in 2013.

Milk drove extensionThe potential impacts of reverting to

required dairy legislation that was passed decades ago was probably the catalyst that pushed Congress to include a Farm Bill extension. Without a new bill or extension, the dairy support program would have reverted back to

“permanent farm legislation,” passed in 1949. This law would have set the milk support price at approximately $38 per hundredweight, more than double the current support price. Some experts estimated that consumer milk prices could increase to as high as $7-$8 per gallon at the retail level. This potential caused national media attention and lead to many consumer groups calling for congressional action.

The extension will continue current dairy payments.

While dairy producers are glad to have the safety net of the program, many farm organizations and dairy groups are very disappointed that a revised dairy support program was not implemented. Both the U.S. Senate and the U.S. House Agriculture Committee had included the “Dairy Security Act” in the new Farm Bill, which had the support of most farm organizations and of many dairy producers, as well as bipartisan support in both Houses of Congress.

Fewer CRP acresThe extension maintains the

maximum CRP acreage at 32 million acres through September; however, the total CRP acreage as of last October was only about 27 million acres. Both the proposed U.S. Senate and House versions of the new Farm Bill would have lowered the maximum CRP acreage to 25 million acres. Given the CRP direction for the new Farm Bill and the need for more crop acres, along with the current tight federal budget, it is not likely that there will be another general CRP sign-up period in 2013. It is probable that the voluntary sign-up for the continuous CRP program, designated for very sensitive environmental lands, will be continued on an ongoing basis.

Renewables get reprieveThe renewable fuels industry got

some food news as part of the Farm Bill Extension and the “fiscal cliff ” tax package that was passed by Congress. The tax credits for biodiesel and renewable diesel were extended for 2013. The legislation also extended the tax credit of $1.01 per gallon for the production of cellulosic biofuels,

including cellulosic ethanol. Tax incentives for wind energy development and other renewable energy production were also extended. Some feel that these tax incentives may help increase investment and profitability for the renewable fuels industry.

What’s next?Following the 2012 election, there

were very few changes in the overall political makeup Congress.

It is likely that the versions of the new Farm Bill passed by the Senate and the House Ag Committee will serve as a starting point for Farm Bill discussions by Congress in 2013; however, there will likely be strong pushes by certain groups to add or delete certain provisions. The continuing budget deficit challenges and geographical differences are also likely to impact the future Farm Bill discussions. MV

Kent Thiesse is a farm management analyst and vice president, MinnStar Bank, Lake Crystal. He can be reached at (507) 381-7960 or [email protected]

Farm Bill extension disappointing to many

By Kent Thiesse


MNVB Feb p01.indd 12 1/24/2013 9:32:55 AM


J. MalmangerCorn and soybean prices are for rail delivery points in Southern Minnesota. Milk prices are for Upper Midwest points.

Corn prices — southern Minnesota

Source: USDA

$0

$2.00

$4.00

$6.00

$8.0020132012

DNOSAJJMAMFJ

Iowa-Minnesota hog prices

Source: USDA

$60.00

$70.00

$80.00

$90.00

$100.00

$110.0020132012

DNOSAJJMAMFJ

(dollars perbushel)

185 pound carcass,negotiated price,weighted average

Milk prices

Source: USDA. Based on federal milk orders.

$14.00

$16.00

$18.00

$20.00

$22.00

$24.0020132012

DNOSAJJMAMFJ

Minimum prices, class I milkDollars per hundredweight

Soybean prices — southern Minnesota

Source: USDA

$0

$4.00

$8.00

$12.00

$16.00

$20.0020132012

DNOSAJJMAMFJ

(dollarsper bushel)

$10.58

$14.21

$6.27

$7.17$14.04

$83.12 (2013)

$83.50

$20.27

$22.53

$11.47

MNVB Feb p01.indd 13 1/22/2013 1:33:00 PM


Although the economic recovery continues with fits and starts, local financial institutions say

the past year was mostly positive and they remain optimistic.

“2012 was definitely a better year than what we saw over previous years,” said Joe Witt, president and CEO of the Minnesota Bankers Association.

“The number of bank failures was down significantly across the country and in the Midwest. Asset volume

problems improved, delinquency rates by borrowers were better.

“And the number of banks profitable compared to those who lost money was better,” Witt said.

The number of bank failures nationally peaked at 157 in 2010, a number that fell to 51 last year. Most of those failures were in four states and mostly in the South. In Minnesota, there were five bank failures last year.

Witt said a trifecta of challenges face

banks this year: new regulations, an economy that is recovering slowly, and very low interest rates that cut bank margins.

“There isn’t a ton of loans out there, so when there is, there’s a lot of competition for it, so that drives the profits down more.”

Nick Meyer, CEO/president of Minnesota Valley Federal Credit Union in Mankato, said the low interest rates also reduce money financial institutions

A solid 2012 but bAnks fAce

chAllengesBy Tim Krohn

Photos by John Cross and Pat Christman

Minnesota Valley began as Mankato Teachers Credit Union in 1934.

MNVB Feb p01.indd 14 1/24/2013 9:33:55 AM


earn on money they invest or have in the Federal Reserve. “We’ll have about $3 million kept overnight at the Federal Reserve and we’ll make just 0.1 percent (interest) on that.”

Witt said that banks, particularly smaller ones, are facing trends that will force more consolidation. “All these forces are coming together. There’s going to be maybe a 5 percent consolidation a year for the next several years.”

And it isn’t just big banks taking over small banks. Witt said more equal-size banks are merging in a market to be more efficient.

“And you’re seeing smaller banks where people are just getting out. It’s difficult to see families who’ve been in if for generations who have to get out and sell to a larger bank group.”

The way the banking system was created in the U.S. leaves it with an unusually high number of banks. There are more than 6,000 banks in the U.S., while most countries have only a few.

Uncertainty remainsMike Bresnahan, president of

First National Bank Minnesota, with banks in Mankato, St. Peter and Gaylord, said the economy caused enough challenges of its own in recent years.

“There were a lot of economic peaks and valleys. Every time businesses started to get traction, there would be something out

there that would stall it,” he said.But he said Washington politics and

regulatory uncertainty have compounded problems.

“The uncertainty and the fiscal cliff stuff, it just enhances uncertainty and businesses are reluctant to expand.”

Todd Loosbrock, president of U.S. Bank in Mankato, said the uncertainty hurts their customers and the banks themselves.

“What’s hard is making decisions with all the uncertainty. When you don’t know what the rules are, it’s hard to make sound business decisions.”

Refis can’t go on foreverMeyer said new mortgages are starting

to rise after years of a lethargic housing sector.

“We did about 150 new mortgages (last) year.”

He said the continued low interest rates are drawing people in for not just new mortgages but refinancing of existing loans.

“You can do a 15-year loan for as low as 2.75 and 30 years at 3.25 (interest),” Meyer said.

And customers get another benefit thanks to banks and credit unions looking for business anywhere they can find it.

“There’s so much competition out there that closing costs are negotiable now. People are paying some low closing costs,” Meyer said. Loosbrock said they’ve also seen a nice jump in new mortgage business. While refinancing continues at a brisk pace, bankers know it will have to come to an end.

“At some point, everyone who can is going to have refinanced. We’re probably close to the point where it’s going to level off,” Loosbrock said.

Bresnahan said that while new mortgages are finally picking up, there are still roadblocks for a more robust recovery in housing.

“There’s still the issue of people not being able to get out of their house because they don’t have the equity they need in it,” he said.

“You’re not seeing a lot of people just moving up to move up. They’re moving because it’s forced — a job relocation or something.”

Mike Bresnahan, president of First National Bank Minnesota, with banks in Mankato, St. Peter and Gaylord,

xxxxxxxxxx

Lauren Biermann helps a customer at First National Bank in St. Peter.

MNVB Feb p01.indd 15 1/22/2013 1:33:17 PM


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507-625-4715 cbcfishergroup.com

BROKERAGE – DEVELOPMENT – MANAGEMENT

Bank fee backlashAs the recession cut deeply into loan

activity and historically low interest rates slashed profits on loans that were made, banks turned to other fees and services to fill in their bottom lines.

But increasing or adding bank fees ran headlong into one reality: Customers hate bank fees.

In 2011 several big banks — including Chase, Wells Fargo and Bank of America — quietly announced plans for a monthly fee for debit card use, many proposing a $3 monthly fee, with Bank of America proposing a $5 fee.

The fees were widely derided and the banks backed off.

Witt, of the bankers association, said it’s been tough trying to find the balance between banks getting reasonable profits from fees and customers’ tolerance for them. He said part of the problem came years ago when banks were doing much better and looking to attract new customers.

“A lot of banks started offering free checking even though it isn’t free to the bank. There’s an average $80 cost (to the bank) for opening a new account and about $200 a year to service it,” Witt said.

But when banks tried to reinstitute fees for checking, customers balked. “Anytime you try to do a take-away it’s really painful and the industry saw that when they tried to start charging a maintenance fee.”

Bracing for regulationMany of the banking regulations passed

following the Wall Street collapse are still being rolled out.

“The total regulatory burden imposed on banks in the last couple years is just

staggering,” Witt said, noting that fulfilling new requirements means more cost to banks. “Any business has to spread its overhead over its total revenue potential, so when you’re a small bank and don’t have a big space to spread your overhead, it’s really hard on them.

“We have banks with $20 million in assets who have only five employees, and they have to read through and implement these regulations just like the big banks.”

Bresnahan said community banks feel they are being punished with regulations that were triggered by and should only apply to large banks.

One of those was the new requirement that would require banks to have higher capital levels. “They were trying to address the capital levels at very large banks, but they wanted to apply it to all banks,” Bresnahan said.

“That caught the community banks by surprise in the middle of (last) year. We fought vigorously to have that changed. We’ve gotten it delayed.”

Meyer said that as a customer-owned credit union they support regulations they believe protect consumers. But he said there is concern about whether some of the new regulations are really needed for smaller institutions.

“The new Consumer Financial Protection Bureau has a lot of financial institutions worried. It seems they may want to micro manage things,” Meyer said.

Bresnahan said he, too, is waiting to see what the new bureau does. “It’s an unprecedented regulatory body that doesn’t really answer to anybody.” MV

The lobby of Minnesota Valley Federal Credit Union.

MNVB Feb p01.indd 16 1/22/2013 1:33:26 PM


By Tim Krohn

The uneasy relationship between traditional banks and credit unions has intensified as both look for an edge in a slow economy.

The main difference between banks and credit unions is the ownership structure. Banks tend to be owned by a family or a group of stockholders and decisions are made in their interests. Credit unions are cooperatives owned by the entire membership, so decisions are to be made in the interests of members.

But both banks and credit unions complain the other have certain unfair advantages.

Banks point to the fact credit unions don’t have to pay federal or state corporate income taxes.

Joe Witt, president and chief executive officer of the Minnesota Bankers Association, said that gives credit unions an unfair advantage.

“In a tight market those differences are amplified,” Witt said.

He said other financial institutions with government sponsorship or support — such as AgStar Financial, the Mankato-based ag lending giant — also have advantages over banks.

“They have government subsidies and less regulation. That undercuts our banks,” Witt said.

Nick Meyer, president and CEO of Minnesota Valley Federal Credit Union in Mankato, said the credit unions do pay all other taxes, including property, sales and employment taxes.

Meyer said credit unions have a simple response to the argument made by banks.

“Banks say that’s unfair. We say, OK, then change your charter to become a credit union.”

“The difference is, we’re nonprofit and member owned,” Meyer said.

Credit unions say they face disadvantages because there are limits on their lending practices that banks don’t face.

For example, credit unions aren’t allowed to make a loan that exceeds 12 percent of a businesses’ assets. Credit unions have lobbied to have that moved up to 25 percent.

Besides large credit unions such as Minnesota Valley, many credit unions are small and serve a limited group of people. Mico, in North Mankato, for example has an employee credit union, started in 1967 that has 600 members, $2 million in assets and one full-time employee.

Banks argue credit unions were given advantages in the 1934 legislation creating them because they traditionally served customers of modest means, something that’s no longer the case.

The market share of Minnesota banks and credit unions remains relatively unchanged with banks holding 91 percent of the market share of deposits, and credit unions holding 9 percent.

Minnesota credit union market share has remained relatively the same for the past 20 years.

But for community banks, the perceived competitive edge of credit unions is more important than it is for large banks. That’s because large banks have taken a larger share of the banking market, while community banks have lost share.

Nick Meyer, CEO/president of Minnesota Valley Federal Credit Union

Credit union vs. bank debate continues

MNVB Feb p01.indd 17 1/22/2013 1:33:32 PM


MV

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Professional resources to help grow your business

For information on including your service to this directory,

please contact 507-344-6390

Call us at 507.625.9050 for a complimentary Confident Retirement® conversation.

Meet your future with confidence.

Davis, Thoen, Kramer & AssociatesA �nancial advisory practice of Ameriprise Financial Services, Inc.Gregory M. Thoen, CFP,® ChFC,® CLU®Harold A. Hunt, CFP®Mary P. Klingel, CRPC®1930 Premier DriveMankato, MN 56001507.625.9050harold.a.hunt@ampf.comwww.ameripriseadvisors.com/harold.a.hunt

The initial Con�dent Retirement conversation provides an overview of �nancial planning concepts. You will not receive written analysis and/or recommendations. Con�dent retirement is not a guarantee of future �nancial results. Brokerage, investment and �nancial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. © 2013 Ameriprise Financial, Inc. All rights reserved.

In challenging economic times it can seem difficult to feel confident about your financial future. Take the first step toward having peace of mind in retirement with our proprietary Confident Retirement® approach. We’ll work with you to address the four basic principles of retirement:

1. Covering your essential expenses

2. Ensuring you can live the lifestyle you want

3. Preparing for the unexpected

4. Leaving a legacy behind for family or a special charity

After more than three years of trying to fight back a host of new regulations, Wall Street and

banks across the nation are begrudgingly watching a host of new rules take effect this year.

Regulators are putting the finishing touches on the Dodd-Frank Act, the massive regulatory overhaul passed following the recession-starting financial collapse on Wall Street.

The 2,300-page bill is the biggest reform in generations and touches nearly every corner of finance. But Congress

left much of the law vague, allowing federal regulators to work out specific rules.

“The total regulatory burden imposed on banks in the last couple of years is just staggering,” said Joe Witt, president and CEO of the Minnesota Bankers Association.

He sa id interpreting and fulfilling regulatory requirements is a big expense that will particularly stress smaller banks. “We have banks with $20 million in assets that only have five employees. They still have to read through all these regulations, understand them and make sure they’re fulfilling everything. It’s a real burden on them.”

Todd Loosbrock, president of U.S. Bank in Mankato, said everyone is waiting to for the regulations to fully roll out. “The Dodd-Frank bill is a big monster and there’s a lot of details coming out of that yet. It will have a

serious effect on us.”He said Minneapolis-based U.S. Bank

has already spent hundreds of millions of dollars doing “look-back” audits at delinquent mortgages and other loans — something now required by new

regulations.While bankers

worry about the cost and scope of regulations, some consumer advocacy groups are pushing for a broader regulatory effort that would force the largest banks to be

broken up, arguing their size encourages the biggest banks to speculate too much because they believe they will be bailed out if things go bad.

Groups such as Americans for Financial Reform and Public Citizen — buoyed by November’s election results and seeing an opportunity to curb Wall Street’s lobbying influence — are pushing regulators to expand rules.

Joe Witt, president and CEO of the Minnesota Bankers Association.

Dodd-Frank changes the banking landscape

“The total regulatory burden imposed on banks in the last couple of years

is just staggering,” said Joe Witt

MNVB Feb p01.indd 18 1/24/2013 9:34:51 AM


■ Fed forecasts moderate recovery According to the Minneapolis Fed’s forecasting model and

results from recent surveys, the moderate economic recovery of the past few years will continue through 2013. The exception is North Dakota and areas servicing oil drilling, where strong economic growth is expected.

Employment levels will expand moderately, while unemployment rates will decrease somewhat, according to forecasting models. Some signs of improvement are noted in home building, while the services sector and tourism are expected to perform well. Meanwhile, a warm spring followed by plenty of rainfall has crops positioned for a strong harvest this fall.

After posting decreases over the past few years, construction employment increased 0.7 percent in May, which is good news for a troubled sector affected by housing activity. From 2006 to 2010, district housing units authorized decreased well over 50 percent, and construction employment decreased 24 percent in district states over the same period.

There were other signs of housing recovery as well. For example, the Minnesota Association of Realtors reported that May home sales were up 11 percent from a year earlier and that home prices increased 10 percent.

■ Manufcturers fairly upbeatMinnesota manufacturers seem mostly optimistic about the

industry in the coming year, with 85 percent saying they expect production and employment levels to increase or stay the same, according to a survey by the Minnesota Department of Employment and Economic Development and the Federal Reserve Bank of Minneapolis.

In the random survey of Minnesota manufacturers conducted in November, 44 percent of those that responded expect orders to grow in 2013 and one-fourth expect to hire more workers.

Some 87 percent expect exports to increase or stay the same, 92 percent expect productivity to increase or stay the same, 70 percent expect profits to increase or stay the same and 76 percent expect investments in plants or equipment to increase or stay the same.

■ Target price matches on-line competitors

Target Corp. announced plans to price match top online retailers year-round, including Amazon.com, Walmart.com, BestBuy.com and Toysrus.com. Target stores will also price match items found on Target.com.

The new policy will combine Target’s previous price adjustment and competitor ad match policies into one price match policy.

If a customer buys a qualifying item at a Target store and then finds the identical item for less in the following week’s Target circular or within seven days on Target.com, Amazon.com, Walmart.com, Bestbuy.com or Toysrus.com or in a local competitor’s printed ad, Target will match the price.

■ U.S. Bancorp sees earnings rise U.S. Bancorp saw a 5.2 percent rise in fourth-quarter

earnings, but the regional banking giant’s revenue failed to meet Wall Street’s expectations.

Minneapolis-based U.S. Bancorp, the No. 5 commercial bank by assets, said it earned $1.42 billion, or 72 cents a share, last quarter, compared with a profit of $1.35 billion, or 69 cents a share, a year earlier.

Excluding one-time items, it earned 75 cents a share, matching consensus calls from analysts.

Revenue inched up 0.2 percent to $5.11 billion, narrowly trailing the Street’s view of $5.16 billion.

U.S. Bancorp said its mortgage revenue soared 57 percent to $476 million, but fell by a deeper-than-expected 8.9 percent from the third quarter.

■ Wells Fargo loses $1.4M case A unit of Wells Fargo & Co lost a $1.4 million securities

arbitration case against Stifel Nicolaus & Co, whom it alleged improperly recruited a group of brokers from a New York City area branch office, according to a ruling.

The decision by a Financial Industry Regulatory Authority panel ends a long dispute that began in 2009 and played out during 24 days of hearings. Wells Fargo Advisors also named a total of 18 Stifel advisers as respondents in the case, which started as three separate cases that were later combined.

At issue in the case is a practice known as “raiding,” according to the ruling. A raiding claim is typically made when a firm loses 30 percent to 40 percent of the production — the amount brokers generate in revenue during a year — from a branch office in one swoop or over a short period of time.

Wells Fargo also alleged, among other things, that the brokers and Stifel interfered with its business relationships and breached their employment contracts. But experts say there can be a fine line between smart recruiting and raiding.

■ Xcel honored for aid Xcel Energy was among utilities honored by the Edison

Electric Institute with the association’s “Emergency Assistance Award” for outstanding efforts in mutual-aid assistance for power restoration work after Hurricane Sandy in the Northeast and the Super Derecho storm that brought crews to Ohio last summer.

The award is presented annually to U.S. and foreign-based member companies to recognize outstanding efforts in restoring electricity service that has been disrupted by severe weather conditions or other natural events. Winners were chosen by a panel of judges following an international nomination process, and awards were presented during EEI’s chief executives meeting.

Xcel Energy assisted two utility companies in the wake of Hurricane Sandy, which devastated parts of the East Coast in late October and early November. The hurricane hit utility infrastructure hard from New York to the Carolinas, leaving behind extensive damage and debris, complicating accessibility to restoration sites.

Xcel Energy sent more than 230 employees and contractors from all four operating companies. MV

■ Updates: Business news, local relevance

Call us at 507.625.9050 for a complimentary Confident Retirement® conversation.

Meet your future with confidence.

Davis, Thoen, Kramer & AssociatesA �nancial advisory practice of Ameriprise Financial Services, Inc.Gregory M. Thoen, CFP,® ChFC,® CLU®Harold A. Hunt, CFP®Mary P. Klingel, CRPC®1930 Premier DriveMankato, MN 56001507.625.9050harold.a.hunt@ampf.comwww.ameripriseadvisors.com/harold.a.hunt

The initial Con�dent Retirement conversation provides an overview of �nancial planning concepts. You will not receive written analysis and/or recommendations. Con�dent retirement is not a guarantee of future �nancial results. Brokerage, investment and �nancial advisory services are made available through Ameriprise Financial Services, Inc. Member FINRA and SIPC. © 2013 Ameriprise Financial, Inc. All rights reserved.

In challenging economic times it can seem difficult to feel confident about your financial future. Take the first step toward having peace of mind in retirement with our proprietary Confident Retirement® approach. We’ll work with you to address the four basic principles of retirement:

1. Covering your essential expenses

2. Ensuring you can live the lifestyle you want

3. Preparing for the unexpected

4. Leaving a legacy behind for family or a special charity

MNVB Feb p01.indd 19 1/22/2013 1:33:36 PM

The term “employee engagement” has been uttered in countless boardrooms across organizations of all sizes in recent years. Touted as the panacea to all things

business, companies have poured outrageous sums of money into “engagement programs” designed to bring an end to inefficiencies, retention problems and low returns. While it’s true that empirical evidence suggests a positive correlation between employee engagement efforts and a plethora of organizational performance indicators, many organizations fail to recognize a return on their engagement programs, primarily because of the way in which they’re implemented.

Does employee engagement really matter?Yes ... employee engagement does matter. Empirical

evidence suggests a positive relationship between employee engagement and numerous performance indicators, including: Job satisfaction, return on assets, job performance, customer loyalty, profitability, physical well-being and reduced turnover.

Using generalized results, we know that employee engagement matters. Rather than ask if it matters, more meaningful questions to pose are: What impact does employee engagement have in our organization? How can we improve it?

So what?Too many organizations measure employee engagement

simply to say they’ve done so, with little idea of how to effectively quantify the results or how to proceed once the results are revealed. This begs the question, so what? So what if we measure employee engagement?

How does that impact our bottom line?So what if employee engagement scores increased (or

decreased) 10 percent from last year?

Are we able to identify the drivers behind these results?

So what if we increase our training and development budget by 25 percent this year?

Have we ever really measured the impact of our training and development dollars anyway?

The missing links to render employee engagement programs across the country effective are the quantification of the results and the use of these results to drive decision making

Thankfully, there are solutions to these problems.The following tips provide guidance toward ensuring that

employee engagement programs deliver value as opposed to becoming the next failed initiative.

Confidentiality is your friend ... anonymity is notOne of the most common mistakes that organizations make

is using anonymous rather than confidential surveys. What is gained from using confidential surveys that entail the ability to identify respondents is the capability to link performance results to engagement measurements, a value that far exceeds the benefits of anonymity.

Beware the averageSimply put, averages have a propensity to distort the truth

and hide the real golden nuggets of knowledge within employee engagement results. For example, assume that the a v e r a g e engagement score in an organization increased from 5.5 the previous year to 5.7 (on a 7-point Likert scale). So what? What does a 0.2 increase in e m p l o y e e engagement really tell us? A much more e f f e c t i v e means of analyzing results focuses on the use of frequency distributions as opposed to averages, as frequency distributions allow organizations to break results into groups of high, medium and low (or something similar) and separate them by characteristics such as age, title, department, tenure, leader, etc.

Understand the driversPerhaps the most important question to ask in any

employee engagement program is: Based on our data, how can we increase engagement in our organization? The first time organizations are exposed to statistical modeling as a method to provide drivers of specific measurements is an eye-opening experience. A common question I hear during this stage is, “You mean we can actually tell exactly what’s driving employee engagement in our organization?” Yes, absolutely.

This is a critical part of actually doing something with the employee engagement results. Instead of taking a shot in the dark and trying to increase engagement across the entire organization, statistical modeling enables organizations to target, with laser accuracy, data-driven programs that we know drive engagement in the organization. We are no longer guessing.

Statistics are your best friendTry this at the next party you attend: Walk up to someone

and say, “If you have some time, I’d like to talk to you about this statistical model I’ve been working on. It’s fascinating.” If they stay longer than two minutes, you’ve gained a friend for life. The truth is, statistics scare most people, as they can be complex and intimidating. But don’t let that stop you from implementing an employee engagement program that adds real value to your organization. If statistical modeling brings visions of horror, bring in a specialist to help with that part and focus on actual implementation of the engagement program.

Creating value from employee engagement

By Steven J. Johnson

Don’t forget about strategyEmployee engagement programs should

provide a roadmap for driving strategy. Without a clear, concise link to strategic objectives, one could once again ask the question, so what? There is real, proven value to employee engagement programs. However, to get real value, there must be an easily traceable line between an increase in engagement and the achievement of an overall strategy.

The bottom line is this: Employee engagement is a meaningful construct that makes a direct impact on many organizational performance measures. But measuring engagement simply to measure it provides little value to a company, its employees or its stakeholders. The real value created by employee engagement programs comes from the quantification of the results and the use of these results to make data-driven decisions. Don’t be afraid to ask the “so what?” question. It may provide you with value far beyond your expectations. MV

Steven J. Johnson is an assistant professor of accounting at Minnesota State University. He is also the Owner of Canopy Consulting Group, specializing in strategy development, client loyalty, employee engagement and business analytics. [email protected] or 507-720-6666.


MNVB Feb p01.indd 20 1/24/2013 9:36:51 AM


Don’t forget about strategyEmployee engagement programs should

provide a roadmap for driving strategy. Without a clear, concise link to strategic objectives, one could once again ask the question, so what? There is real, proven value to employee engagement programs. However, to get real value, there must be an easily traceable line between an increase in engagement and the achievement of an overall strategy.

The bottom line is this: Employee engagement is a meaningful construct that makes a direct impact on many organizational performance measures. But measuring engagement simply to measure it provides little value to a company, its employees or its stakeholders. The real value created by employee engagement programs comes from the quantification of the results and the use of these results to make data-driven decisions. Don’t be afraid to ask the “so what?” question. It may provide you with value far beyond your expectations. MV

Steven J. Johnson is an assistant professor of accounting at Minnesota State University. He is also the Owner of Canopy Consulting Group, specializing in strategy development, client loyalty, employee engagement and business analytics. [email protected] or 507-720-6666.

Progress 2013

Promote your business in the annual Progress edition of The Free Press on

This special section will update readers on the innovation, growth and the future

of the Mankato area.

Don’t miss your opportunity to be part of one of the most popular and widely-read

sections of the year!

March 11, 18 and 25, 2013}{

Deadline March 1st for 1st section}{Call your Marketing Consultant today!

507-344-6364 • 800-657-4662 418 S. Second Street, Mankato

MNVB Feb p01.indd 21 1/24/2013 9:46:43 AM


MV

■ Special Focus: Implementing worksite

Wellness programs good for employees and employers By Marie Wood

wellness

Worksite wellness programs are a win-win for employees and employers. Healthy employees cost less to insure and tend to have lower health care

costs than employees with high health risks. A healthy workplace also boosts morale and productivity and reduces absences and turnover.

Dawn Naples, corporate wellness coordinator for the Mankato YMCA, knows first-hand how worksite wellness can energize a company. By promoting health and fitness on the job, employers can capture their audience during the work day.

“If you can affect a small percentage of employees, you hope the others will see the changes and come on board. It’s a snowball effect,” Naples said.

Naples has led bootcamps on site, personally trained employees with high health risks, and presented wellness seminars over lunch hours. Worksite activities are convenient, build relationships and offer a starting point for fitness.

“When people exercise together, there’s a release of stress, fun to be had and a break from the monotony of the job. That breakaway will help people work better together.”

Employee health assessmentsNaples and YMCA personal trainers can conduct health

assessments using a scale that measures not only weight, but body fat percentage, muscle mass, metabolic age and other key measurements. The numbers are a direct correlation to health and the risk for heart disease, diabetes and osteoporosis.

“Let us show your employees the numbers, what the numbers mean and how it can affect them long term,” Naples said.

Given a person’s age and numbers, Naples and staff can design a program to target their needs. For example, an overweight male may need to increase cardio training while a

petite female may need to increase strength training.“I take information on an individual basis and address

concerns on an individual basis. I can address their objections, overcome obstacles and direct them on a path,” Naples said.

When health assessments are delivered by a third party, the employer is taken out of the equation and the message can be more effective. All health assessments are confidential.

Wellness activitiesGroup exercise classes should be led by a certified personal

trainer that is insured. Pilates, yoga, kettle bells, circuit training, boot camp and metabolic conditioning are ideal classes for worksite wellness. These classes do not require a lot of equipment or space. They can be modified for each person and fitness level.

“There’s strength in numbers. The camaraderie is just amazing,” Naples said.

To increase enthusiasm and participation in activities, form a wellness committee of employees who lead healthy lifestyles.

Try hosting Lunch & Learns. Bring in a healthy lunch and offer a seminar such as chair yoga, simple stretch, stress management, fitness for life and more. Naples can present the topic or schedule another expert.

Paying for classesIdeally, the company provides the space, certified personal

trainer and equipment. While group classes vary in price, employees can offset the cost by paying to participate per class. Naples recommends keeping the employee charge to $5 or less.

“That financial commitment keeps people coming. They have skin in the game.”

Employers can reward employees who attend five classes with one free class. If two-hour lunches, parking spaces, casual day or a half-day off would motivate employees, then make that the reward.

“Ask yourself, what motivates my employees and put it on the line. Be creative,” Naples said. “Employers should reward participation, not intentions.”

Get startedThe Mankato YMCA worksite wellness program offers an

array of services from health assessments to full programs including on-site group exercise, health and fitness seminars and smoking cessation classes. To learn more, visit mankatoymca.org, go to programs and click on worksite wellness. To discuss how worksite wellness can be customized to your organization, contact Naples at [email protected]. MV

Dawn Naples

MNVB Feb p01.indd 22 1/22/2013 1:33:46 PM


■ Special Focus: Implementing worksite

By Marie Wood

At Dotson Iron Castings, Josie Lust, value added service representative, serves on the company’s wellness committee and plans health and fitness activities.

Here’s what works for Dotson employees.

• Partial tuition reimbursement for fitness classes• Stop smoking program that partners quitting smokers with

non-smokers who have quit• Volunteer opportunities in the community• Health and fitness speakers scheduled to reach all three

shifts • Bulletin board posted with local fitness classes, healthy

recipes and tips

At Mankato Area Public Schools, wellness activities that capture about 400 of its 800 employees, are a success. With an annual budget of $15,000, health promotion representatives from each school coordinate district-wide events. Individually, they plan on-site group fitness classes and health presentations.

“When you spend $1 on prevention, you save $3 to $5 in intervention in cardiovascular disease or other health-related

areas,” said Joe Meixl, director of health, safety and security for Mankato Area Public Schools.

Here’s what works for district employees.

• Employee assistance 800 number: 24/7 resource to help employees face life’s challenges: relationships, substance abuse, debt and more.

• Annual health screenings: Employees learn their numbers such as weight, blood pressure, and cholesterol and get a consultation on how to improve health.

• 10-K a Day: Employees receive a pedometer with the goal of logging 10,000 steps a day. They chart progress on a map of the Appalachian Trail. Incentives and drawings add excitement.

• Annual health fair: Employees learn about community resources from local health and fitness professionals.

• Community Fitness: Employees participate in the Y Shape Up Challenge and other events. MV

Wellness at work: Here’s what works

wellness

April Graff, registered dietitian for Mankato Hy-Vee stores, offers these tips to promote healthy eating in your workplace.

• Offer healthy options at meetings and conferences. Swap out doughnuts and juice for fresh fruit and yogurt.

• Reward hard-working employees with foods that fuel. Skip the calorie-and-fat-laden pizzas. Opt instead for whole grain sandwiches, fresh fruit and vegetable-packed salads.

• Make water available throughout the day. In many offices the easiest (and often only) beverages available are sodas. Add a water machine to encourage water consumption.

• Offer healthy options in vending machines. Give healthy foods prime placement within the machine and make prices competitive.

• Have kitchen equipment such as refrigerators and microwaves available for employee food storage and preparation.

• Create a comfortable break-room atmosphere. A break room should be clean and be a moderate temperature and free from unpleasant odors and loud noises. It should have adequate and comfortable seating.

Josie Lust

Six healthy eating tipS

April Graff

MNVB Feb p01.indd 23 1/22/2013 1:33:49 PM


Making the cut Hilltop Meat Market By Pete Steiner Photos by John Cross

Bethany Wick (left), Linnea Wick

and Dennis Wick at Hilltop Meat

Market.

Just past New Year’s and Dennis Wick and his cutting crew at Hilltop Meat Market were busier than a bull in a herd of heifers. They

were setting up to butcher and cut the whole next week, hoping to catch up from the holidays. Prior to Christmas, there had been a three-month backlog of orders.

Beef prices may be up as a consequence of the effects of the widespread drought, but business has held steady for this longtime custom-processing shop.

You’ve probably seen their truck driving around — the one with the logo of a pink pig in a shopping cart. Still, Hilltop Meat Market is definitely a destination store. It would be easy to

drive right past the little gray concrete-block building tucked into a residential area near Calvary Cemetery.

There weren’t many houses nearby when founder Bill Tanley opened the place as Hilltop Produce near what would become the intersections of Pfau and Adams streets. In the early ‘60s, the shop was a chicken and egg processor. When Lyle Reisenbigler bought it, he shifted the focus to meat processing.

As he tells a visitor about the history of the business, Dennis Wick is enthusiastic and engaging. Originally from St. James, Wick went to Pipestone in 1973 to take a post-high school course in meat cutting. He landed a job at

MNVB Feb p01.indd 24 1/22/2013 1:33:55 PM


Mankato’s long-departed Penny’s Supermarket on Madison Avenue. In 1976, he was hired at Hilltop by then-owner George Kroenke. Ten years later, Dennis and Gary Koch would buy the business from Kroenke.

Local animalsMost of Hilltop’s meat comes from area farmers with small

to medium-size herds of Jerseys, Holsteins or Black Angus. There’s even a longhorn now and then. Some of Dennis’s roughly 100 regular suppliers also sell to larger packing plants, but when they go through Hilltop as the middle man, they can control the price better.

The butcher’s trade is one of civilization’s oldest, dating back thousands of years to when humans first domesticated livestock. Like many traditional trades and crafts, the art of the classic butcher has been pressured by operations of scale. Traditional butchering involves the complete process of producing selected cuts of meat from a live animal.

Modern zoning has brought an end to slaughtering at Hilltop Meat Market itself. That means Dennis, often accompanied by his daughter, Bethany, who has joined the business, goes straight to the farm. There they select a choice animal, drop it with a .22, skin it, drain the blood and then quarter the carcass. The quartered carcass is brought back to the store, where all the meat will be custom cut.

The meat-cutter’s tools are very straightforward: bandsaws and some good German steel knives. Because Hilltop’s overall top-selling product, hamburger, is ground fresh at the shop

every morning, they also need a high-quality grinder.When the carcasses arrive, Hilltop employees cut the meat

from the bone, trim the fat, then wrap the cuts. Dennis says the cutting is very time intensive. While he can butcher a cow in 40 minutes, it will take eight people most of a day, when you factor in retail demands at the counter, to cut up two cows in the cutting room.

The store has gotten so busy with beef that they’ve pretty much quit doing venison and pork. However, they’ve expanded their production of jerky, which is increasingly in demand.

The hand-drawn menu lists 13 flavors, from mild to fire hot.The Market also makes its own sausage and in addition sells

Canadian walleye, oysters, lobster, and a full line of cheeses. Another very popular product is buffalo meat, which they’ve been selling for 25 years. The buffalo are slaughtered at a plant in New Prague, before being cut up or ground in Mankato. But on this day, the sign above the counter declares “sold out.” Even at $9.49 a pound, Dennis says he can’t keep ground buffalo in stock.

Butcher skills in demandDuring his busiest times, Wick employs up to eight people,

including daughter Bethany and wife, Linnea. He says it’s become a real challenge to find people today who have the right skills. Current employees have mostly learned on-the-job at other locations. A quick Internet search revealed just two Twin Cities area facilities that teach the art of butchering. There are operations in New York and San Francisco that teach

1015 Pfau Street, Mankato

MNVB Feb p01.indd 25 1/22/2013 1:34:01 PM


Cody Loebner (left), Dave Becker (center) and Dan Koch cut up beef.

the trade hands-on, as well as several online courses.On the other hand, the website of the National Association

of Meat and Food Traders says the average age of a butcher is over 50, and as some of those practitioners start looking at retirement in the next decade or so, “career prospects are excellent.”

Using it allThe visitor returns a week later to find things just a bit

quieter. Bethany is making sausage, while Dennis invites the guest for a peek at the back cooler room to see what he’s been

doing for most of the week. The freshly quartered carcasses of 10 animals hang from meat hooks, not quite ready for final processing. They will hang for seven to 14 days for aging to allow the muscle fiber to break down. Each carcass is labeled with the name of the customer purchasing it. Every part of the cow is used: The hides are shipped out for tanning; the bones will be ground into turkey feed. Coming back to the front counter, the visitor is offered a beef stick, still warm, and very tasty, spiced so it leaves a little tingling on the tongue. And in the front freezer, there’s even buffalo burger back in stock.

MNVB Feb p01.indd 26 1/22/2013 1:34:09 PM


Loves the farmHilltop Meat Market is open Monday

through Saturday. A typical day finds Dennis coming in at nine, after a restaurant breakfast with his buddies. Then he’ll work straight through until f o u r , s k i p p i n g lunch. At f o u r , c l e a n u p b e g i n s . That’s a critical daily process that takes four people at least an hour. The shop is inspected by the state e v e r y q u a r t e r . Even during cleanup, customers — many of them on a first-name basis —continue to come in as they head home from work. As they pick up orders, they are checked

off in a big ledger that catalogs every transaction.The 59-year-old Wick’s favorite part of the job? “I like to

butcher. It’s easier to be in the shop, but I still prefer going to the farm. Farmers are the nicest people in the world. I like working outside. As long as the wind’s not blowing!” But he grins and quickly adds, even when he’s bringing in a cow on the

coldest January day, he can always go behind a barn to get out of the wind and hopefully find some sunshine. “It’s not that bad.”

“It’s not a h i g h - p r o f i t business. Some years are better than others. We don’t advertise a lot.” But he knows their product and

their service earn a lot of word of mouth. He smiles at a listener: “We make a living.” MV

“It’s not a high-profit business. Some years are

better than others. We don’t advertise a lot.” But he

knows their product and their service earn a lot of

word of mouth.

MNVB Feb p01.indd 27 1/22/2013 1:34:15 PM

28 • february 2013 • MN Valley Business

Passion for work and community

Frein named “Up & Coming” attorney

Jessica Frein, a lawyer at Blethen Gage & Krause in Mankato, grew up near Cedar Rapids, Iowa, where her dad, an inventor and engineer in agricultural equipment,

owned his own small consulting business. Frein witnessed the time and effort her dad put into learning business law.

“It helped to show me the need,” Frein said.In 2012, Frein was named Up & Coming Attorney by the

staff of Minnesota Lawyer. The award recognizes attorneys who have distinguished themselves early in their careers, demonstrate professional accomplishment, and provide leadership service to the community and profession.

After graduating from law school and passing the bar in 2010, Frein joined Blethen Gage & Krause. Her first exposure to the firm was in an on-campus interview. So Frein was surprised by the award since she was up against lawyers who had practiced for more years.

The award did not surprise Michael Karp, partner at Blethen Gage & Krause.

“She’s a very hard-working person. She’s here early and late. She’s always ready to accept new projects and challenges,” Karp said. “She has a good legal mind.”

Karp also is impressed by how Frein has taken to heart the firm’s commitment to the community by volunteering. Outgoing and personable, Frein can relate to any client and presents herself well in the community, Karp said.

“She has a number of clients that have specifically asked for her. That’s very encouraging so early in her career.”

PassionIt may be hard to believe that a transactional attorney can

be passionate about their work, but you haven’t met Frein. Genuine, articulate and down to earth, Frein introduces herself as Jessi and learned the importance of having passion for your work from her dad.

“I liked the opportunity to help people understand something that can be daunting,” Frein said.

Jessica Frein was named an Up & Coming Attorney in 2012 by the staff of “Minnesota Lawyer.”

By Marie Wood Photos by Pat Christman

MNVB Feb p02 .indd 28 1/22/2013 12:19:51 PM

MN Valley Business • february 2013 • 29

Getting to know her clients, drafting business succession plans, planning estates and handling the details of real estate sales and purchases are all in a day’s work. Her reward comes at closing.

“It’s rewarding to help people to complete a transaction. We’re all working toward one goal and everyone’s really satisfied at the end,” she said.

Christina Froehlich, commercial banking vice president at U.S. Bank in Mankato, has worked with Frein on a number of transactions. Frein is passionate about what she does and her clients are at the heart of every transaction, Froehlich said.

“She’s very driven to do the right thing for everybody,”Froehlich said.

Frein was exposed to real estate litigation in law school. As a law clerk for the League of Minnesota Cities, she has experience in municipal, land use and environmental law issues. Now she advises industrial, residential and commercial landowners throughout Minnesota in their interactions with agencies and local jurisdictions.

Frein also participated in a small-business clinic in law school. Operated by two lawyers, Frein studied a broad range of actual transactional documents that made the experience as real world as possible. Both experiences pushed her in the direction of transactional law.

At Blethen, Gage & Krause, Frein works with both individuals and businesses. With businesses, she is involved in tax planning, commercial lease negotiations, intellectual property, real estate development and purchases and more. As an associate, Frein works closely with partners who act as her mentors and leaders.

“I’ve been surprised at the level of sophistication of transactions that I can handle with the support from mentors. I can handle a project from start to finish and go to them for unique questions,” Frein said.

CommunityFrein and her husband, who

met in Ames, Iowa, liked the size, vibrancy, and college-town atmosphere of Mankato. Frein enjoys working in a downtown Mankato office and applauds the community for its support of small business.

“You can look around the street and know who owns the business and see them at a business after-hours,” she said.

Law school is very technical, so lawyers learn business development and how to attract clients on the job. Frein joined Greater Mankato Young Professionals to meet and network.

“It’s part of the job I really like. I like if you go to the grocery store or restaurant, you always see a couple people you know. We were missing that in the Cities.”

Frein already has gotten involved in the community and serves on the boards of three local organizations. As a board officer for the Twin Rivers Council for the Arts, Frein is an advocate for the positive impact of art and culture in a community.

Frein also serves on the EduCare Foundation board because she stands behind teacher-driven funding.

“People who do well in the community are the ones who give back. It’s cyclical. It’s encouraging as a young professional coming to town to see that,” she said.

Frein joined the Life-Work Planning Center’s board because the organization assists women in transition including displaced homemakers and women going from welfare to work. Its programs help women apply for jobs and put them on a career path to well-paying jobs.

“I’ve been very fortunate. I’ve had people my whole life saying, “You can do this and this is how.’ A push in the right direction is really important.”

When Frein’s not working, you’ll find her outdoors camping, kayaking, hiking and biking with her husband.

“It’s a nice counterpoint to what I do during the day.” MV

Frein enjoys the downtown location of her office at Blethen Gage & Krause in Mankato.

■Jessica Frein Lawyer, Blethen Gage & Krause

Member, Minnesota State Bar Association

Member, Minnesota Women Lawyers

J.D., Hamline University School of Law, 2010

B.A., Iowa State University, 2007

MNVB Feb p02 .indd 29 1/22/2013 12:19:56 PM


Randy Appel started F/X Fusion

in 2001 and he and Karissa Baukol

purchased Graif Clothing last year.

In 2001, Randy Appel founded F/X Fusion and began designing, producing and distributing men’s clothing from North

Mankato. He works directly with factories and fabric mills in China to manufacture his label F/X Fusion and Jon Randall.

A former national sales manager for clothing companies in Minneapolis, Appel entered the business at age 15 when he worked in a men’s clothing store in his Iowa hometown. After college, he hit the road as a clothing sales representative. Now he’s wearing his own label.

“I felt the need to do my own thing. I had been

working for other people for a number of years. I hoped I could do it better,” Appel said.

He starts with basic men’s wear — shirts, sweaters, ties, socks — and adds details. One popular seller is the quarter-zip sweater. Appel manufactures plaid and striped button-up shirts to complete the look.

“Stores love it, because they sell two pieces with one sale,” said co-owner Karissa Baukol.

Baukol, Appel’s stepdaughter, earned an accounting degree from Minnesota State University, and joined FX/Fusion four years ago. Two years ago, Appel launched Karissa & Me, a

Making it cool F/X Fusion adds flair to clothing staples By Marie WoodPhotos by Pat Christman

MNVB Feb p02 .indd 30 1/22/2013 12:20:02 PM

MN Valley Business • february 2013 • Pb

line of women’s sweaters. In 2012, Baukol and Appel bought Graif Clothing in downtown Mankato.

MVB: Who are your customers?Appel: We sell to U.S., Canada and England — about 1,000 different specialty stores. We do private labels for larger companies. We’ve really become a brand in specialty stores where we sell. People come in and ask for FX/Fusion. We try to do things that are basic but with cool details.

MVB: How do you design your clothing lines?Appel: A lot of what we do is travel all over. We go to China a lot. Decisions are driven by my gut and past history.Baukol: Randy has a good eye for what’s cool.Appel: I love fabrics and color and making it work on a design level. I sell it to the sales staff so they can sell it to the customer. We watch the color trends. Home furnishings can influence apparel.

MVB: What are your buying and production trips to China like?Appel: It’s definitely a grind when you go over there. Sometimes I go alone. Sometimes I travel with an associate from New York. It’s a 14-hour flight from Chicago. I drive from factory to factory, checking on design and production. ... I do six-day trips so I hit the ground running and just keep going. There’s no down time. Many fabric mills and factories are four hours apart so there’s lots of driving. I pick out new fabrics. Nothing’s ready made. We design everything we do.

MVB: Is there a language and cultural barrier?Appel: The most important thing to know is the culture, not the language. You need to understand what face is. It’s like character. Sometimes in China, they do things that we don’t understand. They do it to show they’ve done it right. It’s all about pride. We have a great partnership with the factories. We are true partners. We need them and they need us. China’s really changed in the last four to five years. They’ve gone very high tech. It’s harder to get people to work in the factories, but there’s still a billion-plus people to employ. We need to change and evolve with them as they evolve.

MVB: Would you ever considering manufacturing in the U.S.?Appel: I would love to manufacture in

the U.S., but it’s cost prohibitive. We have no machinery anymore and the material is spun overseas. Clothing would cost double or triple.Baukol: We all want U.S. made stuff, but the price tag is not what we want.

MVB: In the past five years, your company has grown rapidly. How have you grown in a tough economy?Appel: We’ve brought to our customers a really good product, a great design at a good price. We strive for customer service. Someone here will always pick up a phone. Customer service is key. We have a really good sales force; many have been with us from the beginning. When you’re going to grow like that, you have to have good people. Without good people, you don’t have anything.Baukol: During our busy shipping time, we work lots of hours. Everyone shows up and wants to be here. We know everyone here. ... We’re like our own little family here. The feedback from stores is that they love our product. We give them a great product at a great value. Then everybody’s happy.Appel: We’ve taken a risk in a downturned economy and haven’t been afraid.

MVB: What are your roles in the business?Appel: Karissa handles all the accounting and employees. She makes sure all the computer invoicing is done and handles collections. She handles all the money for me. She watches my money.Baukol: No two days are ever the same. What do we have to do today? We’ll get it done. In our busy shipping season, you’ll find me packing boxes and pulling orders. He (Randy) oversees everything. He designs it all. He’s got flair.Appel: I set up all the banking and financing. I’m working on the big picture and where I want to see the company go. I work with the small guys and the big guys. I love them all. The best part of this company is working with customers and getting the orders.Baukol: He’s good at directing stores. Customers say “I want you to spend so much for us. Put together a package.” They’re so pleased at what they get. It all goes back to knowing your customer.

MVB: Why did you purchase Graif Clothing?Appel: We’ve thought down the road, we’d like to get into retail. We can put our own goods in there, which makes us a vertical company. It’s an incredible fit for our company and family. It roots us

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MNVB Feb p02 .indd 31 1/22/2013 12:20:12 PM


even more into Mankato. It makes a lot of business sense as a company.

MVB : How involved are you in the daily operations of Graif Clothing?Appel: We are very involved. Between two companies, Karissa and I are working seven days a week.Baukol: We knew it would be a lot of work to get up and running.Appel: We’ve done a lot of work to rebrand Graif and take it to a new level. We’ve added a lot of merchandise — about tripled. We see a huge opportunity there. About 60 to 75 percent of people coming in are new customers.Baukol: They’re not coming in to look. They’re coming in to buy.

MVB: What are your plans for the future?Appel: First, we’re definitely looking at how to grow F/X Fusion, new products, new customers and niche business. As we evolve and grow, we may decide to do more retail. That’s a good possibility if we can find good people to come on board and help us.Baukol: You have to find people you can trust and who view it as an owner. MV

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MNVB Feb p02 .indd 32 1/22/2013 12:20:21 PM


MNVB Feb p02 .indd 33 1/22/2013 12:20:31 PM


In 2008 former Gov. Tim Pawlenty created the first Governor’s Broadband Task Force to assess the

status of broadband deployment, adoption and utilization in Minnesota and set goals for future access and connection speeds. Understanding that broadband technology was going to be a key driver in business recruitment and retention, retail and commerce, distance education, tele-medicine and the delivery of efficient public services, the 2010 Minnesota Legislature took those task force goals and enacted legislation setting them into statute.

As stated in statute, “as soon as possible, but no later than 2015, all state residents and businesses have access to high-speed broadband that provides minimum download speeds of 10 to 20 megabits per second and minimum upload speeds of 5 to 10 megabits per second.” Further, the statute goes on to state “that by 2015 and thereafter, Minnesota be in the top five states of the United States for broadband speed universally accessible to residents and businesses; the top five states for broadband access; and the top 15 when compared to countries globally for broadband penetration.” (Minnesota Statutes; Chapter 237.012).

Since those goals were first established there have been two subsequent broadband task forces with the latest iteration established in 2011 by Gov. Dayton. That task force released its 2012 annual report and broadband plan in December, with a number of recommendations to help improve access to broadband; and for some, improve its affordability. However as a member of the original broadband task force, the real message sent to the governor in this report is that Minnesota is continuing to fall further behind in both access and speed.

Citing task force chair Margaret Anderson Kelleher, “While the Task Force is encouraged to report that progress is being made toward the state’s broadband goal, we are not on track to meet them by 2015.”

With all deference to chairperson Kelleher in her letter to the governor, she is being too polite and kind with her words. The reality is that Minnesota is falling further behind as it relates to broadband access and speed with each passing year. As noted in the report only 61.6 percent of Minnesota

households have access to the state-mandated speeds (a minimum of 10 Mbps down and 5 Mbps up), which leaves more than 800,000 Minnesota households behind; and not surprisingly, most of those left behind are in rural Minnesota. As documented in a detailed chart, the report goes on to show that while 98 percent of households in Hennepin County and 99 percent in Ramsey county meet the state-mandated connection speeds, not a single household in Roseau, Lake of the Woods, Cook, Mahnomen, Aitkin, Kanebec, Mille Lacs or Wadena counties reach this state-mandated threshold.

Information from outside sources paint an even more troubling picture. According to the Akamai 2012 “State of the Internet” report, when compared with other states on average connection speeds, Minnesota has now fallen to 25th in its state ranking and is threatened with being in the lower half of all states. Further, as it relates to broadband access, according to data from the National Broadband Map (a joint project of the National Telecommunications Information Administration and the Federal Communications Commission), Minnesota has actually slipped to 38th in ranking; down from 28th a year earlier.

It’s important to recognize that in spite of this troubling news Minnesotans continue to embrace the Internet and broadband technology. Today, three out of every four Minnesota households report purchasing a home broadband connection. Additionally, if we were to include the adoption of mobile Internet technology through smart phones and tablets, it would likely be closer to four out of every five. So understand that consumers are doing their part. In fact today the largest group of Minnesotans who choose not to embrace the Internet are elderly Minnesotans, defined as those 65 years of age or older. But even that cohort is witnessing sizeable gains in their adoption of Internet and broadband technology. And remember

every day another 64-year old with digital skills has a birthday and joins this cohort, increasing the adoption rate as a result. So let’s not blame the consumer.

Rather, if there is blame to be assigned, I would have to point to our Legislature. Simply passing statutes that set broadband goals is no more effective than passing a U.N. resolution! It may make you feel good, but it is of little consequence. Like other states that were once behind Minnesota in the rankings but now are ahead of us, we need policymakers who are willing to set strategies in addition to goals; and equally important, to appropriate funds to help implement such strategies. The Governor’s Broadband Task Force did their job in helping the governor and the Legislature understand that we are at a critical juncture in our state’s broadband trajectory. Further, the Task Force outlines a series of recommendations to establish public/private partnerships that could help meet the goal of ubiquitous broadband across Minnesota. Now we will have to wait and see what the Legislature chooses to do with it. MVGeller is professor & head of the Arts, Humanities & Social Sciences at the University of Minnesota Crookston. He also serves as director of the federally funded EDA University Center at UMC.He can be reached at [email protected]

Minnesota is falling behind on broadband

By Jack M. Geller, Ph.D

MNVB Feb p02 .indd 34 1/24/2013 9:44:33 AM


MNVB Feb p02 .indd 35 1/24/2013 9:47:12 AM


Construction Mankato construction

Construction was fairly strong in Mankato in 2012, according to year-end figures supplied by Community Development Director Paul Vogel.

The total value of residential building permits issued last year was $40.8 million, up from $35.7 million in 2011.

The total number of new housing units last year was 396, up significantly from the 161 in 2011. Apartment construction was particularly strong in 2012.

The value of permits for commercial/industrial projects slipped some, however: $24.8 million last year compared to $28.3 million in 2011.

North Mankato construction Residential work was up last year but commercial/industrial

development fell significantly.There were permits valued at $21 million for residential

construction and renovation, up from $16.9 million in 2011.There were $3.1 million in commercial/industrial permits

issued in 2012, compared to $17.1 million a year earlier.

■ ■ ■

AgriculturePrices remain strong for farm commodities locally. Corn

was selling for $7.13 a bushel in January, nearly a dollar higher than a year earlier.

Soybeans were at $14.04 per bushel in January, up from $11.47 a year earlier.

Hog prices were at about the same price as a year earlier —$83.12 per 185-pound carcass — although hog farmers are paying significantly higher feed costs now than a year ago because of the drought.

■ ■ ■

EnergyCrude below $100?

The Brent crude oil spot price, which averaged $112 per barrel in 2012, will fall to an average of $105 per barrel this year and $99 per barrel in 2014, as planned new pipeline capacity lowers the cost of moving Mid-continent crude oil to the Gulf Coast refining centers, according to the Energy Information Administration.

Gas prices to stabilize Falling crude prices will help national average regular

gasoline retail prices fall from an average $3.63 per gallon in 2012 to annual averages of $3.44 per gallon and $3.34 per gallon this year and in 2014, respectively. Diesel fuel retail

prices averaged $3.97 per gallon during 2012 and are forecasted to fall to an average of $3.87 per gallon in 2013 and $3.78 per gallon in 2014.

Crude production up some Estimated U.S. total crude oil production averaged 6.4

million barrels per day in 2012, an increase of 0.8 million bbl/d from the previous year. Projected domestic crude oil production continues to increase to 7.3 million bbl/d in 2013 and 7.9 million bbl/d in 2014, which would mark the highest annual average level of production since 1988.

Fuel use will rise Total U.S. liquid fuels consumption fell from an average

20.8 million bbl/d in 2005 to 18.6 million bbl/d in 2012. Total consumption will rise slowly over the next two years to an average 18.8 million bbl/d in 2014, driven by increases in distillate and liquefied petroleum gas consumption, with flat gasoline and jet fuel consumption.

Plenty of natural gas Natural gas working inventories, which a record-high level

in early November, ended 2012 at an estimated 3.5 trillion cubic feet, slightly above the level at the same time the previous year.

The Henry Hub natural gas spot price, which averaged $4 per million British thermal units in 2011 and $2.75 in 2012, should average $3.74 this year and $3.90 in 2014.

More coal to be burned The coal share of total electricity generation should rise

from 37.6 percent in 2012 to 39.0 percent this year and 39.6 percent in 2014, as natural gas prices rise relative to coal prices.

However, lower-than-projected natural gas prices along with the industry’s response to future environmental regulations could cause the coal share of total generation to fall below this forecast.

Renewables to increase Total renewable energy consumption is estimated to have

declined by 2.5 percent in 2012 as the decline in hydropower from 2011 to 2012 more than offset the projected growth in the consumption of other renewable energy forms.

Renewable energy consumption increases 3.6 percent in 2013 as hydropower is projected to grow by 1.7 percent and nonhydropower renewables grow by an average of 4.4 percent. In 2014 the growth in total renewables is projected to continue at a rate of 1.7 percent.

■ Business Informer

507-625-4606121 E. Main St. Ste 311

Mankato, MN 56001

MNVB Feb p02 .indd 36 1/24/2013 9:48:09 AM


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38 • January 2013 • MN Valley Business

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Chamber of Commerce and Economic Development

507.385.6640 • greatermankato.com

Advancing Business for a Stronger Community

It may be a given that Greater Mankato is fortunate to have stellar K-12 schools and five outstanding higher education institutions turning out graduates in a variety of career areas, but accessing this talent takes some deliberate effort.

“Many metros of our size wish they had these assets,” says Greater Mankato Growth President & CEO Jonathan Zierdt. “Businesses here can take strategic steps to make the most of the opportunity this presents.”

The Greater Mankato Career Expo gives many

businesses an opportunity to engage with future employees at the high school level. It’s a chance for representatives from businesses to let 10th grade students know about career options here in Greater Mankato now and in the future. For more information on this year’s event, see the article on page 39.

Internships also provide employers with an opportunity to access the talent here. Greater Mankato’s high schools and colleges provide interns, who want to explore a particular career field, Internships may be paid or unpaid and can be applied toward academic credit. Some employers find some of their best long-term employees through internships. For information on who to contact at area educational institutions to connect you with intern applicants, visit greatermankato.com/internship-experience.

Career Fairs held at area colleges are where employers often find success recruiting employees. “Employers from outside of the area often participate in these events on a regular basis to recruit our graduates, and our employers here should be doing the same,” said Zierdt. For up-to-date information on the many Career Fairs at colleges throughout the year, visit greatermankato.com/college-career-fairs.

College Employment Websites can provide an avenue for finding employees as well. For information on these, as well as other employment websites businesses can use to attract employees, visit greatermankato.com/employee-recruitment.

The benefits of these resources may vary based on the needs of each business. But with our education institutions turning out more graduates each year, it’s worth exploring these opportunities to recruit employees here in our own backyard.

Get Connected with your Next Generation of Employees


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2012 Career Fair

Take part in the Career Expo

The 2013 Greater Mankato Career Expo will be held on April 3, with approximately 1,200 high school 10th graders form 20 area high schools attending.

This event focuses on offering students interactive career exploration experiences in exhibits created by area businesses depicting their industry and tools of the trade.

The success of this event is dependent upon the willingness of exhibitors to step outside of the traditional booth method of presentation and create an exhibit that will showcase career opportunities in an interactive manner. Businesses can do this by bringing in equipment and items used in the industry, setting up visual aids and providing hands-on activities to engage students.

This could be your chance to talk to a student who could become an indispensable employee in the future, and showcase your industry’s future workforce needs.

If you are interested in taking part in the Career Expo or want to connect with other business/education partnership opportunities with K-12 students, please contact Monde Schwartz at Mankato Area Public Schools at 507.207.4280 or [email protected].

Spring Series Following the success of the Fall Series, the South Central

College Center for Business & Industry and Greater Mankato Growth are once again teaming up to offer a series of workshops over the lunch hour. These short, timely professional training sessions are designed for busy business professionals who want to stay current, learn new skills and connect with others in the area. The spring series line-up includes:

Thursday, February 14QuickBooks Best Practices• The single best way to stop errors and increase accuracy • Two hidden features that make QuickBooks less frustrating• How to speed up filing by three times• Four tips to protect your data the RIGHT way• Five magical ways to save data entry time• The six “Big Rules” that will transform your QuickBooks

experience

Thursday, March 7Media Relations / Crisis Communications • What happens if you have a workplace tragedy or

incident?• Do you have a Crisis Communications plan? • How can you prepare a Crisis Communications plan

before something happens?• How do you prepare for a media interview?• What are the five truths of Crisis Communications?

Thursday, April 11 Administrative Process ImprovementSmart organizations are using process improvement to drive out wastes that are inherent in all our systems and processes. • Organize your office space• Stop rework because errors are not caught• Speed up the signature and approval process• Eliminate making extra copies that are never used• Create flow to your processes

Sessions are just $20 for GMG Engaged members or higher, $30 for GMG Basic members and $45 for non-members, with lunch provided compliments of Subway. For more information or to sign up, visit greatermankato.com/lunch-learn.

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December Business After Hours at U.S. Bank – City Center

December Business Before Hours at Rasmussen College

Member Activities

Business After & Before Hours

Business After and Business Before Hours gives representatives from GMG member businesses at the Engaged Level or higher an opportunity to get together with one another to exchange ideas and learn

about each other’s businesses. For more information on these and other member events, visit greatermankato.com/events.

Right on the Corner, Right on the Coverage, Right on the Price

5:00 - 7:00 p.m.

February 5 The Stationery and Gift Store by Carlson CraftMarch 5 Children’s Museum of Southern MinnesotaApril 2 Minnesota State University, Mankato – Intercollegiate Athletics

2013 Business After Hours Sponsored by

7:30 - 9:00 a.m.

February 20 Jordan Sands, a Coughlan Companies BusinessMarch 13 Primrose Retirement CommunityApril 17 Mankato Ford — Quick Lane Tire & Auto

2013 Business Before Hours Sponsored by

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Member Annual Meeting

Discover the Difference

Greater Mankato Growth, the Greater Mankato Convention & Visitors Bureau and City Center Partnership look forward to sharing the accomplishments of 2012 and plans for 2013 as we continue to capitalize on the… • DifferenceofourMarketplace

• DifferenceofourOrganizations

• DifferenceYouMake!

March 14, 2013 | 11:30 – 1:00 pm

Minnesota State University, Mankato CSU Ballroom

Tickets and Information at: greatermakato.com/annual-meeting

AMErICAN FAMILy INSUrANCE – LEAH HANSEN AGENCy

1750 Commerce Drive, Suite 2, North Mankatoamfam.com

CoUrTyArd By MArrIoTT HoTEL & EvENT CENTEr

901 Raintree Road, Mankatomarriott.com/hotels/travel/mktcy-courtyard-mankato

CUSToM CrAFT CABINETS631 West 2nd Street, Mankato customcraftcabinetsmn.com

roN’S AUTo rEpAIr oF MANkATo22695 589th Avenue, Mankatoronsautorepairmankato.com

Cavalier Calls on our Newest members

This year’s Greater Mankato Business Showcase will be held on April 9 from 4 – 7:00 pm at the Verizon Wireless Center. Everyone in the business community is invited to attend, with members of Greater Mankato Growth given the opportunity to have a booth. Don’t miss out on this chance to directly promote your products and services to the 500+ attendees of this popular annual event. Often there is a waiting list for booths, so reserve your space today. For more information, visit greatermankato.com/business-showcase.

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Make your voice Heard There’s still time to sign up for Greater Mankato at the

capitol — the largest citizen advocacy event from our region at the State Capitol.

This year’s Greater Mankato at the Capitol will be held over the course of 1½ days, March 20 and 21. This event provides business and community leaders, along with area residents, an opportunity to share the story of the Greater Mankato Region’s importance to the economic vitality of the state.

By attending Greater Mankato at the Capitol, you will have the opportunity to rally in the Capitol Rotunda, meet with legislators from across the state, participate in issue focused forums with state executive branch and department leaders and network with colleagues and state leaders at an evening reception. Meals and round-trip transportation between Mankato and St. Paul are included in your registration.

It’s your business, your city, your county and your home.

Have a say in how they will be affected. All Greater Mankato citizens are invited to participate in Greater Mankato at the Capitol. Whether you know a little or a lot about government affairs, join your neighbors and make your voice heard!

For more information and to sign up, visit greatermankato.com/capitol.

Congratulations 2013 pathfinder recipients On January 21, the 2013 Pathfinder Award recipients

were honored at the 29th Annual Martin Luther King Jr. Community Celebration.

The Pathfinder Award was created in 1986 by the Martin Luther King Commemorative Board to recognize individuals or organizations that, in the spirit of Dr. King, are initiators or action takers in the struggle for equal treatment, human rights and non-violence. This year’s Pathfinder Award went to Scott Fee, an associate professor of construction management at Minnesota State University, Mankato, who has built relationships and partnerships with South African individuals and institutions to enhance the lives of African and Mankato area citizens.

The Young Pathfinder Award was added in 2002 to recognize the commitment and courage displayed by area young people to achieve fair and equal treatment for all, healthy communities and peaceful resolution to conflicts. Loyola Catholic School, the first “Fair Trade School” in Minnesota and the third nationwide, was the recipient of this year’s Youth Pathfinder Award.

The Business Pathfinder Award was established in 2003 and is presented by Greater Mankato

Growth to recognize businesses that strive for equal treatment, human rights and non-violence in the workplace. This year’s Business Pathfinder Award was presented to the Mankato Hy-Vee Stores for their proactive commitment to being an equal opportunity employer, providing opportunities and making accommodations for people of all ages and abilities..

To learn more about the 2013 recipients, visit greatermankato.com/pathfinder-awards.

Martin Luther King, Jr. Commemorative Board Chair and Greater Mankato Diversity Council Executive Director Bukata Hayes (center) with 2013 Business Pathfinder honorees John Peterman and Dan Olson from Mankato Hy-Vee Stores (left) and Shelley Schultz from Loyola Catholic School and Scott Fee from Minnesota State University, Mankato (right)

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Convention planning Made EasyBy Maxime kot, CvB intern from Minnesota State University, Mankato

Meeting or convention planning can be a daunting task for any organization. The Greater Mankato Convention & Visitors Bureau (CVB) is here to take that burden off your shoulders. Planning and organizing conventions is our specialty. The CVB offers free services to help you conduct a successful convention in Greater Mankato. Listed below are a few key services the CVB is proud to provide:

Valuable ConnectionsWhether you need a great caterer, musician, keynote speaker or even a welcome from a city official, the CVB can assist you with connecting to the right people and scheduling your entertainment.

Facility SelectionThe CVB has associations with various meeting facilities that will exceed your convention needs and more importantly provide a comfortable stay for the attendees and their guests. The CVB also works closely with prospective planners to assist them with lodging availability, pricing and other meeting specifications to ensure you choose the best hotel for your needs and budget.

Site ToursThe CVB will provide you with site tours of potential convention locations so you are able to talk with the facilities staff on site and get a better understanding of the options that are available to you and your organization.

Your Guide to Greater MankatoUpon arrival at your event, your guests will be greeted by CVB staff at a special visitors table. The table will provide various items such as maps, coupons and brochures to let participants know what to do in Greater Mankato after hours. For those attendees who bring family members, the CVB offers itinerary planning assistance for fun filled days in Greater Mankato.

Convention Set UpOn the day of the convention, the CVB helps with the general set up such as printed name badges, welcome signs and assistance with registration.

Invitations/PromotionNot only does the CVB have an informative website for visitors, they also provide customized group webpages on visitgreatermankato.com to help meeting planners promote their conventions. The CVB can also send out pre-event mailings to remind and encourage people to attend your convention.

These are just a few of the many beneficial free services the CVB offers convention and conference planners. Next time you have a convention or conference to plan consider the support the CVB provides. We would be happy to help you have a successful event. For further information, contact CVB Senior Sales Director Larissa Mrozek at [email protected] or 507.385.6662.

The Greater Mankato Convention & Visitors Bureau (CVB) is an affiliate of Greater Mankato Growth (GMG), operated as anLLC under GMC. The CVB is dedicated to the important work of attracting and servicing visitors to Greater Mankato.

Tradeshow hosted in the arena of the Verizon Wireless Center in Mankato

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Crysteel founders honored TBEI and Crysteel Manufacturing in Lake Crystal honored

the founders of Crysteel with the dedication of the “Jones Conference Room.”

Eldon, Helen, and Pete Jones were recognized not only for the founding of Crysteel, but for their contributions to the industry.

Crysteel began in 1969 when Eldon and Helen Jones borrowed $25,000 and purchased machine tools for welding and steel fabrication. They then rented a small shop in Arlington to produce Eldon’s design for a truck hoist. In 1970, a Small Business Administration loan allowed Eldon and Helen to open a facility in Lake Crystal. It was then Eldon coined the name Crysteel Manufacturing.

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HickoryTech gives to Habitat HickoryTech donated $2,500 to Habitat for Humanity to

help assist with “A Brush With Kindness” program. The program assisted residents in the Sibley Park area with exterior maintenance and landscaping projects. Area residents had their yard debris removed, windows cleaned, painting, tree trimming, garage repairs and replacing exterior steps.

The pilot program grant helped complete three projects and will be used to complete another two next spring.

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Kuehner named branch manager First National Bank Minnesota appointed

Kenneth W. Kuehner as branch president in Mankato.

He has been with First National for nine years and has over 30 years of experience in the financial industry.

A Vietnam veteran, Kuehner earned his degree in business administration and accounting and has worked at other local

financial institutions prior to joining First National.

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Favre named CCO First National Bank Minnesota announces the appointment

of Michael J. Favre as Chief Credit Officer at the St. Peter-based company.

He has been with our company for 18 years and has 22 years of experience in the financial industry.

He earned his degree in finance from the Carlson School of Management, University of Minnesota. He worked at Community Credit, a consumer finance company prior to joining First National in 1995.

Cleary Building has new branch office Cleary Building Corp. held a grand opening at its re-located

branch office in Mankato on Highway 60.Cleary is a national company that does customized pre-

engineered buildings, including commercial, residential, farm and equine facilities along with metal roofing and re-roofs. The buildings consist of a wood frame with pre-painted steel panels used for roofing and siding.

The family-owned company, in business since 1978, is headquartered in Verona, WI.

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Partners named at Gislason & Hunter Gislason & Hunter announced that two new partners have

been elected — Cory Genelin and Andrew Tatge.Genelin is a graduate of William Mitchell College of Law

and has been with Gislason & Hunter since 2007. He is also a Major in the Air National Guard where he serves as a judge advocate.

Tatge is a graduate of the University of St. Thomas School of Law and has been practicing with Gislason & Hunter since 2006.

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Velasquez named partner at Blethen Blethen, Gage and Krause announced

that Kevin Velasquez is their newest partner. Velasquez has extensive experience litigating a wide range of civil matters in areas such as employment law, family law, insurance disputes, auto accidents and general business disputes.

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Beerling, Clennon join Toyota Heintz Toyota of Mankato has added Tom Beerling and Al

Clennon to their team. Beerling was previously at Snell Motors and is the used car manager, and Clennon was previously at Clear Channel Radio and is working as a sales consultant.

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All American Foods SQF certified All American Foods, a manufacturer of functional food

ingredients, announced that all of its facilities are now SQF (Safe Quality Food) certified.

SQF is a leading, global food safety and quality certification and management system. The program provides independent certification that a supplier’s food safety and quality management system conforms to international and domestic food safety regulations. All American received an “excellent”rating.

They operate four facilities in southern Minnesota.

Ken Kuehner

Kevin Velasquez

■ Business Memos & Company NewsMiller named VP of lending

First National Bank of Waseca has hired Connie Miller as vice president of mortgage lending.

She began her career in the mortgage industry at the age of 21, working for one of the nation’s largest mortgage companies where she earned the

responsibility of managing a three state area as the wholesale mortgage manager for Bear Stearns.

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Taco John’s donates Taco John’s in New Ulm, Fairmont,

Mankato and North Mankato presented a check in the amount of $3,240 to Mark & Diane Christensen, with Operation Minnesota Nice for their partnership during Nachos Navidad.

Operation Minnesota Nice is in its seventh year of providing comfort to our service men and women who are deployed by sending monthly care packages.

All their support comes from the generosity of local donors. More volunteers are needed to adopt soldiers and send care packages.

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Jerry’s Body Shop recognized The Inter-Industry Conference on Auto

Collision Repair has recognized Jerry’s Body Shop as a Gold Class Professionals business.

It is the highest recognition for training available in the collision repair industry. Businesses with the designation are required to achieve high levels of training and maintain ongoing training.

To submit your company or employee news. e-mail to tkrohn@

mankatofreepress.comPut “Business memo”

in the subject line.Call or e-mail

Associate Editor Tim Krohnat [email protected]

or 344-6383 for questions.

Connie Miller

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MN Valley Business • January 2013 • 45

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Miller named VP of lending First National Bank of

Waseca has hired Connie Miller as vice president of mortgage lending.

She began her career in the mortgage industry at the age of 21, working for one of the nation’s largest mortgage companies where she earned the

responsibility of managing a three state area as the wholesale mortgage manager for Bear Stearns.

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Taco John’s donates Taco John’s in New Ulm, Fairmont,

Mankato and North Mankato presented a check in the amount of $3,240 to Mark & Diane Christensen, with Operation Minnesota Nice for their partnership during Nachos Navidad.

Operation Minnesota Nice is in its seventh year of providing comfort to our service men and women who are deployed by sending monthly care packages.

All their support comes from the generosity of local donors. More volunteers are needed to adopt soldiers and send care packages.

■■ ■

Jerry’s Body Shop recognized The Inter-Industry Conference on Auto

Collision Repair has recognized Jerry’s Body Shop as a Gold Class Professionals business.

It is the highest recognition for training available in the collision repair industry. Businesses with the designation are required to achieve high levels of training and maintain ongoing training.

To submit your company or employee news. e-mail to tkrohn@

mankatofreepress.comPut “Business memo”

in the subject line.Call or e-mail

Associate Editor Tim Krohnat [email protected]

or 344-6383 for questions.

Connie Miller

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GROUPOne firm - start to finish™

WWW.IS-GRP.COM

The Best of Both Worlds

Beautiful and aff ordable. Sibley Park Apartments, located on Sibley Parkway along the Minnesota River in Mankato, off ers views of the river valley and quick access to parks, trails, and downtown. As on each project, I&S Group’s engineering and architecture team worked closely with the Owner to create a cost eff ective design that defi wnes a new standard in the Mankato rental market. The apartments feature contemporary fi nishes, and amenities such as an excercise room and underground parking.

Find out more about the advantages of I&S at www.is-grp.com.

R

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