BizTimes Milwaukee | June 20, 2022

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Building on blockchain OUT-OF-STATE INVESTORS LINE UP FOR WISCONSIN COMMERCIAL REAL ESTATE 16 COMMENTARY: BREWERS SHOULD CONSIDER DEVELOPMENT NEAR BALLPARK 36

5 MINUTES WITH… BAIRD CEO STEVE BOOTH 38

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BizTimes Milwaukee (ISSN 1095-936X & USPS # 017813) Volume 28, Number 6, June 20, 2022 – July 24, 2022. BizTimes Milwaukee is published bi-weekly, except monthly in January, February, March, July, August and December by BizTimes Media LLC at 126 N. Jefferson St., Suite 403, Milwaukee, WI 53202-6120, USA. Basic annual subscription rate is $96. Single copy price is $5. Back issues are $8 each. Periodicals postage paid at Milwaukee, WI and additional mailing offices. POSTMASTER: Send all UAA to CFS. NON-POSTAL AND MILITARY FACILITIES: Send address corrections to BizTimes Milwaukee, 126 N. Jefferson St., Suite 403, Milwaukee, WI 53202-6120. Entire contents copyright 2022 by BizTimes Media LLC. All rights reserved.

Contents

4 Leading Edge 4 NOW

BY THE NUMBERS 6 BIZ COMPASS 8 REV UP – SoFresh 10 G ETTING THERE – Caryn Esten, Froedtert Health PUBLIC RECORD – Which local companies spend the most on R&D? 11 FROM CONCEPT TO COMPLETION – TIKI Brand BiteFighter LED String Lights

12 Biz News 12 INNOVATIONS – PS Furniture 14 T HE INTERVIEW – Mount Mary University president Isabelle Cherney

16 Real Estate 27 Rising Stars in Technology

COVER STORY

18

31 Strategies 31 32 33 34

Building on blockchain Web3 offers a world of possibilities – and pitfalls – for Wisconsin businesses

36 Biz Connections

Special Reports 24 Education and Research

Coverage includes a report about graduates from the University of Wisconsin-Milwaukee helping to fill the talent pipeline for the state’s biohealth industry.

$7,500,000 WISCONSIN’S BANK FOR BUSINESS®

INNOVATION Dan Steininger COACHING Susan Wehrley COMMUNICATION David Hildreth TIP SHEET

36 G LANCE AT YESTERYEAR COMMENTARY 37 PAY IT FORWARD – Patricia Lane, Foley & Lardner 38 5 MINUTES WITH… Baird CEO Steve Booth

EQUIPMENT DEALERSHIP Construction financing

townbank.us/yourpartner Bill Stone

Chris Habjan

Courtney Broderick

biztimes.com / 3

Leading Edge

BIZTIMES DAILY – The day’s most significant news → biztimes.com/subscribe

NOW

Kohl’s enters into exclusive sale negotiations with Franchise Group

By BizTimes staff Menomonee Falls-based Kohl’s Corp. announced recently that its board has entered into exclusive negotiations to be sold to Delaware, Ohio-based Franchise Group Inc. Franchise Group, a holding company of several retail brands including The Vitamin Shoppe and

Pet Supplies Plus, is offering to purchase Kohl’s for $60 per share.

Franchise Group says it would fund the estimated $8 billion purchase of Kohl’s with $1 billion from increasing the size of its secured debt facilities and the rest of the financing would be “provided on

BY THE NUMBERS Waukesha-based Husco said it has been awarded a multi-year contract worth

$113 MILLION a year to develop and produce a new engine management system.

4 / BizTimes Milwaukee JUNE 20, 2022

the basis of the real estate assets of Kohl’s Corp.,” according to a statement from the company.

Kohl’s has 1,162 department store locations across the U.S. and owns 400 of those properties, according to SEC filings. It’s been estimated that the company’s real estate is worth $7 billion to $8 billion.

“Other than the increased secured debt facilities of Franchise Group, none of the financing for the transaction is expected to be recourse to Franchise Group,” according to the release.

Kohl’s said it will negotiate with Franchise Group for a three-week period, ending later this month.

“The purpose of the exclusive period is to allow FRG and its financing partners to finalize due diligence and financing arrangements and for the parties to complete the negotiation of binding documentation,” Kohl’s said in a news release.

“The transaction remains subject to approvals of the boards of directors of both companies. There can be no assurances that any agreement will be reached or that a transaction will be agreed or completed on the terms set forth above or otherwise. … Kohl’s Board of Directors remains focused on selecting the path that maximizes value for all Kohl’s shareholders.”

Franchise Group Inc. is just one of several interested parties

that have made offers to purchase Kohl’s in recent months.

The news about Kohl’s negotiations with Franchise Group comes less than a month after Kohl’s shareholders re-elected all 13 of its incumbent board directors over 10 candidates nominated by activist investor Macellum Capital Management. The vote marked the end of a months-long proxy war with Macellum, which owns about 5% of Kohl’s stock and had been campaigning to overhaul the board in order to improve performance or pursue a full sale of the company.

In the midst of its proxy fight, Kohl’s said it had been vetting several potential suitors for a possible sale, having retained Goldman Sachs to engage with bidders.

CEO Michelle Gass said the company has engaged with more than 25 parties since January.

Franchise Group is the owner and operator of several franchised and “franchisable” businesses, including retail brands Pet Supplies Plus, American Freight, The Vitamin Shoppe, Badcock Home Furniture & more, and Buddy’s Home Furnishings. It also owns Sylvan Learning.

For fiscal 2021, the company reported total revenues of $3.26 billion, up 60% from 2020. The company’s earnings for fiscal 2021 were $363.8 million, which was a huge jump from its 2020 earnings of $25.1 million, according to SEC filings. n

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Leading Edge

@BIZTIMESMEDIA – Real-time news

BIZ COMPASS

What does

YO UR COMPA N Y DO TO FOSTER A CULTURE OF INNOVATION?

GOKHMAN 1 TIM

Managing director, New Land Enterprises

“Our first innovations were born of necessity, as is for most startups. Those experiences became the foundation of the relentless pursuit of excellence for its own sake. We encourage out-of-the-box thinking without fear of repercussion for mistakes. We never settle for ‘good enough.’ We practice disciplined differentiation, systematically seeking superior solutions with the unwavering belief that we will find them.”

RICHMAN 2 STEVE

Group president, Milwaukee Tool

“It starts with our people. We attract, recruit and invest in the best. We drive a culture of being candid, obsessed, agile and working as one team. That’s our ‘secret sauce.’ We create empowered leaders driving innovation and success, while relentlessly focusing on our customers and end users.”

1 3

3 STEVE WEXLER

Vice president and market manager, Good Karma Brands Milwaukee

“It’s easy to talk about innovation, harder to take action. Last year we talked about creating a new brand for Milwaukee’s Black community. There were huge risks. Today, 101.7 The Truth is generating results and having a positive impact. By taking risks, we create a culture where new ideas can flourish!”

4 TIM CIGELSKE

2

Director of communications, Sprecher Brewing Co.

5

“Sprecher fosters innovation through a highly experienced team of brewers, who take the same approach to launching new lines of craft beverages like lemonade as they do with brewing ales and lagers. It’s about approaching new products with the art and science that made beverages like Black Bavarian and Sprecher Root Beer as iconic as they are today.”

5 JASON WESTHOFF President, Cousins Subs

4 6 / BizTimes Milwaukee JUNE 20, 2022

“Cousins Subs holds monthly, in-person, GM meetings to inform, train and receive feedback from the most critical leaders in our organization. This allows us to make better decisions that directly impact our teams. One point of feedback resulted in daily pay, which allows employees to collect 50% of their hours worked the day after they are worked to better meet their individual financial needs.” n

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Leading Edge

REV UP

LEADERSHIP: Toby Thomas, founder, president and CEO; Bill Belias, chief technology officer and founder; Charles Christopher, chief marketing officer and founder

LILA ARYAN PHOTOGRAPHY

SoFresh

BIZTIMES MEDIA – Like us

H E A D Q U A R T E R S: Kenosha W H AT I T D O E S: Manufactures packaging that extends the shelf life of foods F O U N D E D: 2018 E M P L OY E E S: 10 N E X T G O A L S: Expand the number of food products using its packaging FUNDING: $2.3 million so far in grants and outside investments Toby Thomas and Bill Belias

SoFresh helps food manufacturers reduce waste

By Ashley Smart, staff writer

FOOD WASTE isn’t just an issue for consumers. It’s also a multi-billion-dollar concern for food manufacturers. The United States Department of Agriculture estimates that food waste makes up 30%-40% of the total food supply in the U.S. alone.

Kenosha-based SoFresh Inc. is helping companies address this problem with a solution that’s been decades in the making. The company manufactures food-saving packaging materials that use natural, plant-derived concentrates to prevent molding. This is done through a film material that can be used in different packaging solutions.

With 30 years of food packaging experience, SoFresh founder Toby Thomas has worked to address the food waste issue throughout his entire career.

“Early in my career, I had the opportunity to work on some consumer products that made life easier for people, and it was fulfilling.

8 / BizTimes Milwaukee JUNE 20, 2022

When (those) hit the shelves, we got hundreds of – not complaints – but compliments,” said Thomas, who also serves as SoFresh president and chief executive officer.

As a research and development manager for Pactiv Evergreen, Thomas identified extending the shelf life of food products as a continued unmet need for companies. He collaborated on several projects – aimed at keeping foods fresh – with his now-co-founder Bill Belias, who he first met in the late 1980s as research and development engineers designing new products and manufacturing processes for consumer packaging products. The two never addressed the issue to the extent they had wished.

“I always thought, ‘Man, if I could solve that, it’d be fantastic,’” Thomas said. “For me, it’s kind of like Edison’s lightbulb to Edison.”

SoFresh Inc. was officially formed in November 2018. The team found that foods such as garlic, oregano oil, wasabi and mustard seed oil could work to prevent mold but would taint the taste of the packaged food.

“We figured out that you had to have a food ingredient because there were a bunch of food ingredients that had properties that would inhibit mold and microbes and bacteria.

We had to find the right one, because a lot of them are very pungent,” Thomas said.

Once they perfected their food extract-based vapor, the team tested the product through the Food and Drug Administration. In the spring of 2019, the company completed a $1.3 million seed funding round.

SoFresh currently works with bakeries, but the company wants to expand into the cheese, berry and beef jerky markets.

Packaged buns and breads that don’t use preservatives have about a four- to six-day shelf life. SoFresh’s packaging can provide those food companies an extra 10 to 14 days of shelf life and can reduce a bakery’s total food waste from 30% to 2%.

For bakeries that use preservatives, SoFresh packaging allows them to remove those additives and create a healthier product.

Thomas said the company is “slowly emerging.” Last year, SoFresh had sales of $82,000.

This year, SoFresh is forecasting $3 million to $4 million in revenue.

To help facilitate growth into new food markets, converting equipment at its Kenosha facility has been modified, allowing SoFresh to manufacture mold-preventative bags for bread and other bakery items.

The company also has three patent applications pending. Thomas said he expects to receive the first patent, which was filed in November 2018, in the next six to nine months. n

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Leading Edge

BIZTIMES MEDIA – Connect

THE

GETTING

THERE

On establishing a Transformation Office: “It is a brand new role for our health system. It includes a physician partner from the Medical College as well, so we are co-designing this office with sponsorship from our respective entities. We are also trying to build the office and design our structures and principles while we have many initiatives already in-flight that would benefit from what this office is designed to do.

“We've had structured project management and process support in the past and what this really does is start to take that to the next level … and then building that focus on partnering with our operations so that these changes or implementations really stick permanently and become part of how we work over the long term versus just a short-term implementation.”

What are one or two less obvious keys to your work being successful?

“I think discipline and rigor and having structured processes that we can use repeatedly, as opposed to having to invent a new way of doing something every time. … The other thing we've talked a lot about is health care is an industry that has experienced a lot of change over the last couple of years; it's been strained and tested over and over again. We have a workforce that is very tired and yet we need to keep accelerating our own business transformation and, so doing that, we have to take a lot of time understanding the impact of these changes we're implementing on our workforce.”

RECORD Which local companies spend the most on R&D?

By Arthur Thomas, staff writer The 19 publicly traded manufacturing companies in southeastern Wisconsin collectively spent nearly $1.39 billion on research and development in their most recent fiscal years. While that marked a 6% increase from fiscal year 2020, it was still slightly below 2019 levels.

Spending for 2021 amounted to 2.27% of revenue, down from 2.36% in 2019. Twelve of the 19 companies combined to pay out around $2 billion in dividends last year, and six of the 19 spent about $2.4 billion on stock repurchases.

Rockwell Automation led the way with $423 million in R&D spending. The company has averaged around 5.9% of revenue spent on R&D over the past three years. Harley-Davidson and Brady Corp. also were among the top spenders as a percentage of revenue at 4.1% and 3.9%, respectively. While Johnson Controls spent $275 million on R&D last year, the company spends around 1.2% of revenue on R&D each year.

See more details on R&D spending in the graph below:

Total R&D spending for most recent fiscal year Ranked by average R&D spending as a percent of revenue (three-year average).

What activities or passions do you enjoy outside of work?

“I'm a theater wonk. I love going to shows. Pretty much all types: Broadway, plays, opera. I’m also very active in the arts locally and so when I'm not working or doing family things, I am usually partaking in some type of performing arts.” n

CARYN ESTEN Senior vice president, chief strategy and transformation officer, Froedtert Health AGE: 49 HOMETOWN: Cedarburg EDUCATION: BA, MS, MBA at Cardinal Stritch PREVIOUS POSITION: Vice president, strategic planning and experience management Source: Securities filings 10 / BizTimes Milwaukee JUNE 20, 2022

PUBLIC

from

TIKI Brand BiteFighter LED String Lights

CONCEPT

to

COMPLETION 2018: The TIKI Brand team spent time in backyards across the U.S to learn what consumers liked and didn’t like about their lighting. During a collaborative brainstorming session, they came up with the idea for “string lights and bug repellent in one.” The team then developed a string light and identified a mosquito repellent that would repel mosquitos through silent, invisible and odorless protection.

In 2018, TIKI Brand, a subsidiary of Menomonee Falls-based Lamplight Farms Inc., sought to expand its product lineup and drive innovation to new categories. The company saw demand for an outdoor lighting product that provided relaxing ambiance while also keeping mosquitos at bay. It answered that call by creating its BiteFighter LED String Lights, the only string lights with proven mosquito repellency.

“We have a hard-working team of individuals who continue to listen to what consumers need the most,” said Jeremy Yingst, senior product manager at TIKI Brand.

“The TIKI Brand culture is focused on innovation, caring and is accountable to each other and their community.”

The conception, validation and launch of the patented BiteFighter lights was a multi-year endeavor.

1

2020: The product entered the testing phase.

The team conducted consumer research, environmental simulation testing as well as tests in real-life environments to ensure the string lights could handle various temperatures and outdoor elements. TIKI Brand applied to register the product through the Environmental Protection Agency.

2

Each 36-foot string of lights is equipped with three repellent diffusers containing replaceable pods filled with repellent.

5

4 2021: The team received the necessary federal and state approvals to go to market, and TIKI Brand launched its BiteFighter LED String Lights in June 2021. With the flip of a switch, the weatherproof lights offer not only warm-toned ambiance, but also a 330-squarefoot mosquito protection zone for up to 200 hours.

3

2020 - 2021: At its Menomonee Falls facility, TIKI constructed and tested a bottling line the team would use to fill its patented repellent pods with BiteFighter Mosquito Repellent.

biztimes.com / 11

BizNews

INN

VAT I

NS CONTRIBUTED

Mequon company creates bulletresistant table to help protect against gun violence

By Ashley Smart, staff writer

MANY ARE CONCERNED about gun violence and mass shootings in America. So, when Roger Clark, executive vice president of business development and co-owner of PS Furniture, was approached to help create a bullet-resistant table, he was convinced it was the right move.

The Mequon-based manufacturer partnered with Amulet Ballistic Barriers to create the Revolution Shield flip-top table, equipped to stop bullets fired from .22 caliber to .44 Magnum handguns with multi-hit, non-ricochet capabilities.

“The initial question was could we technically take (Amulet Ballistic Barriers’) material and put it together (with our table),” Clark said.

“The way a ballistic barrier works, it’s more or less like a dimensional blanket. You take any table surface and think, ‘OK, how do you attach this?’”

Another challenge was combining the table and ballistic barrier together in a way that didn’t make the table look unusual.

Table substrates are typically manufactured using materials like plywood or variations of particle board. The Revolution Shield is made with an engineered composite core that combines fiber glass, liquid polyurethane and other materials.

“It’s not anywhere near as solid 12 / BizTimes Milwaukee JUNE 20, 2022

PS Furniture’s Revolution Shield flip-top table is made with Amulet Ballistic Barriers’ bullet-resistant material.

or heavy as wood, but it’s dimensional. It will support weight and it’s liquid. Because it’s liquid, it allowed us to take the ballistic barrier material and smash it together with our table core while it’s still wet,” Clark said.

The Revolution Shield also features a modesty panel (a piece of material attached to the front of a table or desk to shield a person’s legs and feet from view) that is made completely of ballistic material.

Ballistic barrier technology is transforming each day to protect citizens from sudden and unexpected gun violence. The Revolution Shield looks like any ordinary flip-top table you might find in an office space or classroom, providing a hidden sense of security if an active shooter situation does arise.

Grab and pull the handle located underneath the table’s surface and, in seconds, the table becomes a vertical bullet-resistant surface. Customers can choose from two sizes: 5 feet by 24 inches or 6 feet by 24 inches.

“You go from a person behind

this table, to pulling this little handle, and you instantly have a ballistic wall in front of you,” Clark said.

Scottsdale, Arizona-based Amulet Ballistic Barriers handled the testing of the product. The process involved actually firing handguns at the table in a controlled environment.

“Revolution Shield is not rifle rated,” Clark said. “Our thesis was pretty simple and, I think, pretty intuitive. It’s really hard to get into a public or private space with a rifle without getting noticed. But it’s very easy to conceal a handgun. The AR-15 has been used in (many) mass shootings, but more than 80% of active shooter situations – not mass shootings – are handguns.”

According to data provided

by Statista, a total of 146 different handguns were used in 98 mass shooting incidents between 1982 and June 2022. That’s out of a total of 129 reported incidents during that time frame.

While PS Furniture does not offer a rifle-rated table at this point in time, Clark said, the company

would be open to developing one if it could secure a partner. It’s working on another ballistic product called the Safe Space Security Desk, which is being brought to market by the school safety nonprofit Defend Our Children.

“Nobody in the public sector is communicating with us” Clark said.

“It’s really not ideal. Somebody in the public sector ought to be leading, at least with school security.”

The Revolution Shield was not created specifically for schools but rather, for any public or private space that could possibly see handgun violence. n

PS Furniture Mequon

INNOVATION: The Revolution Shield table FOUNDERS: Roger Clark, executive vice president of business development, and Beth Clark, chief executive officer FOUNDED: 1919 ps furniture.com

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BizNews

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Interview

ON JULY 1, Isabelle Cherney will take the reigns as the 13th president of Mount Mary

University. Cherney has spent the past two decades in academia, including her most recent role as vice provost for graduate education at Merrimack College near Boston and a 15-year stint at Creighton University in Omaha, Nebraska. Her academic research focuses on the effects of gender on STEM education and career pathways. Cherney succeeds Christine Pharr, who is retiring after five years as president. With family ties to Mount Mary and experience launching new degree programs, Cherney steps into her role at a pivotal time for higher education. She recently spoke with BizTimes Milwaukee associate editor Maredithe Meyer about her ambitions.

What drew you to this role?

“Mount Mary was familiar to me for many, many years. My husband grew up a block away from here. The first time he took me home to meet his parents, the first thing I saw was the bell tower. His oldest sister graduated from Mount Mary and was a trustee. She passed away many years ago but always had fun stories about Mount Mary. … In a way, it’s almost like coming home.

“One of the people from Creighton who nominated me for this job emailed me when she saw the job posting, and at the same time, I got the alert about the new opening. It didn’t take me two seconds to say, ‘Wow, this is what I’ve worked for my whole life.’ My research over 14 / BizTimes Milwaukee JUNE 20, 2022

Isabelle Cherney President Mount Mary University 2900 Menomonee River Parkway, Milwaukee mtmary.edu

the years has been around why women don’t go into STEM positions, in particular looking at early childhood, and how that affects careers.

Having an all-women undergraduate university blended with the type of research I do and my passion for social justice and diversity and equity, I thought, ‘Wow, if they want me, I would love to come here and do my best to further the mission and vision of Mount Mary.’”

What are your top priorities?

“Growing the graduate programs is going to be one of my priorities and seeing what kinds of academic programs we can launch relatively quickly. But also looking at alternatives like certificates, transfer students and making it easier for them to come here, looking at badging for pathways to professional degrees, … also looking at opportunities for students to do internships and practicums, hopefully with Milwaukee institutions nearby that would want to work with us. And then to get to know a lot about Milwaukee … to see how we could create synergies between various colleges in town but also industries, organizations.

“And then fundraising will be a priority, finding scholarships. We have a very diverse group of students, and not everybody can afford the excellent education that they get, so we need to find ways to get more scholarships. … There’s also this beautiful building, but it’s 100 years old, so it needs improvements. Capital campaigns will be important to figure out how we can insulate it better, make it sustainable and make it an even better space for students, faculty and staff.”

What are the greatest challenges facing higher ed right now?

“Higher ed is changing faster than it ever has. It has a 600-year history, and it’s always been the same, basically. We find ourselves reinventing what that might look like, and I think technology is playing a big role, more so now than ever. In part, being able to have courses and whole degrees done online. In the past, that was a real challenge for faculty to think that it might be as good as in-person education.

“COVID moved the needle tremendously in one direction, which is faculty are (now) a little more savvy and are able to move between in-person and online. Students the same. What we see now is (students) want a ‘just in time’ type of education: ‘I want to take my course now, not wait until it’s offered in six months.’ ‘I want to graduate as fast as possible.’ …

“So, the question is, is higher ed as a whole doing the best they can for students’ sake? Do we have enough access for all students?

It’s expensive, so how do we manage that access to all and make it easier for students to come (to Mount Mary)? The challenge will be to retain students. The challenge, with demographics, is to find new

ways to attract students because no matter how you look at it, degrees matter. (People with degrees) have higher incomes over time. … So, the challenge is how do we become more nimble, more flexible to adapt to student demands?

“But then it’s also, what are some of these careers and career expectations? We can develop critical thinkers, people who can work in teams and communicate. Those are the skills that will be outstanding no matter what type of job you’re going in to. The current generation (of college students) will be changing jobs at least 11 times in their lifetime, so what does that mean for education? How do we prepare students and adult learners to do that?”

Milwaukee-area companies need talent. What’s your role in strengthening the pipeline of graduates to local employers?

“The vision of the School sisters of Notre Dame is to build community. (Mount Mary) would not be here if it weren’t for the community of Milwaukee. The majority of our students are commuter students, so they have families here. … We’re still relatively regional and even more constricted in many ways – the majority of our students are from around here. So, absolutely, that is who we are. That is who Mount Mary University is. That partnership with the business community is certainly a priority. And if (students) can find a job that they want here, there’s no need to go anywhere. Milwaukee is a great place, and I’m excited to hopefully find good partners and have the talent stay here because brain drain is a real problem, and I would love to contribute to retaining the talent in town.” n

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Real Estate

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Constructed in 2019 by Briohn Building Corp., this 155,000-square-foot building in Pewaukee is just one of dozens of industrial buildings in Wisconsin that has sold to outof-state investors in recent years. The building, currently home to Paul Davis Restoration and Surfacide, sold for $20.8 million in April to a California investor.

Out-of-state investors continue to line up for Wisconsin commercial real estate

TO SAY that commercial real estate in Wisconsin has become increasingly attractive to out-ofstate investors would be a bit of an understatement.

Big city – and big money – investors from New York, California, Florida, Colorado and even Minnesota and Ohio have for years been drawn by the high rates of return they can get from industrial, multi-family and retail properties here in the Dairy State. But in recent years, that interest has seemed to increase.

To get a deeper look at the trend, BizTimes went on a bit of a data dig, and it turns out buyers from out of state have indeed been putting millions more of their dollars into the local market in recent years.

Between the start of 2018 and the end of 2021, commercial real estate in Wisconsin saw a nearly seven-fold increase in the amount of money spent by buyers from California, New York, Florida and Colorado, spending roughly $175.3 million in 2018 and $1.3 billion in 2021, according to data

WHO REALLY OWNS IT: T U L LG R E N B U I L D I N G Walk through any of Milwaukee’s older commercial districts, and you’re bound to find buildings with flashes of artistry that catch your eye.

In the case of the Tullgren Building, situated at the southeast corner of West North Avenue and North 60th Street, that detail would be the colorful terracotta ornamentations that hang like garlands from its façade.

Constructed in 1925, the Mediterranean Revival building was designed by Milwaukee architect Herbert Tullgren who, on his own and with his farther Martin and brother Minard, designed dozens of buildings across Wisconsin between 1910 and the late 1930s. Herbert himself is known for his design of the Tullgren, the former George Watts building at 759 N. Jefferson St., and the ornate Whitefish Bay High School.

It is not clear who it was originally constructed for, but the Tullgren Building has hosted dozens of businesses including Lee’s Health Mart, House of Wigs in the 1970s, and more recently Boost Mobile and Toy Dimension.

ADDRESS: 5919-27 W. North Ave., Milwaukee OWNER: Keren Properties LLC of Whitefish Bay ASSESMENT: $246,500 16 / BizTimes Milwaukee JUNE 20, 2022

ders. We track bid activity, and it’s maybe 20% to 25% from peak market, but there are still buyers that are interested,” he said, adding that the company typically has four or five buyers interested in many of the properties it takes to market.

“The industrial market has never been stronger, despite the headwinds. There is still 9 million square feet plus of industrial development in the pipeline. … It’s almost like, ‘Get in line,’” he said.

Andy Hess, a principal at Milwaukee-based Founders 3 Real Estate Services, agrees.

“With the investment deals that I am seeing today, the trend is to see multiple offers from out of state, and it is not unusual to see most, if not all the interest, come from out-of-state buyers,” Hess said. “There are lots of reasons for it, but the real estate market fundamentals are very strong here.”

Those strong real estate fundamentals also draw buyers from out of the country, he said, pointing to last year’s $100 million sale of the Leonardo DRS buildings – a 373,000-square-foot manufacturing facility and 119,000-squarefoot corporate office building – in Menomonee Falls to California-based Bascom Group LLC and London-based Capital Trust Group.

And Hess doesn’t see investors losing interest in the state anytime soon.

“There is so much equity across the country looking for good real estate deals, eventually investor capital just flows here,” he said. n

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analytics platforms Catylist and REDIComps. The biggest hike was between 2020 and 2021, when investments more than doubled, jumping from $597.9 million to $1.3 billion.

Last year’s purchases included more than $354.8 million in industrial buildings; $550 million in retail properties, ranging from auto repair shops to big box stores; $202.3 million in office buildings, ranging from corporate facilities to medical office buildings; $58.2 million in multi-family buildings; $36 million in hotels; $36.8 million in specialty buildings like assisted living facilities; and $108.2 million in land sales, including mobile home parks in Fond du Lac and Chippewa counties.

While Wisconsin has long been attractive to out-of-state investors, Tom Shepherd, a partner at Colliers | Wisconsin, traces the most recent uptick in interest to a $400 million portfolio purchase of Wisconsin and Chicago industrial buildings by New York-based investment firm Blackstone in early 2020. The sale included 14 industrial warehouses in southeastern Wisconsin. “(Out-of-state investment) has always been there, but it has picked up over the last few years,” said Shepherd. “A deal like the Blackstone portfolio validates your market. … (It makes other investors say), ‘We have heard good things about (Wisconsin), let’s go in and dive into the fundamentals.’”

What continues to make the state so attractive to out-of-state investors – especially to investors from places known for high real estate costs like California, New York and Florida – is the return.

An investor can sell a property in California that has a 3% capitalization rate, Shepherd said, and then use that money to buy a property in Wisconsin with a 5% to 6% capitalization rate.

And while Shepherd doesn’t believe the market will continue to see the kind of activity it did in 2021, there is still plenty of interest from those out-of-state buyers hunting for “better returns.”

“There are still multiple bid-

MAYFAIR HEALTH PROFESSIONAL BUILDING In a deal worth nearly $16 million, a three-story medical office building at the southwest corner of West Burleigh Street and Highway 100 in Wauwatosa changed hands in late May between two Chicago investment firms.

Located at 3077 N. Mayfair Road, the 51,615-square-foot Mayfair Health Professional Building has been a fixture at the busy corner since 1984. It was most recently owned by Innovative Capital Advisors and managed by Chicago-based HSA Commercial Real Estate, until its purchase for $15.9 million by an affiliate of CA Ventures, according to state records.

Current tenants of the building include the Orthopedic Institute of Wisconsin, Milwaukee Career College and Urban Beets Cafe & Juicery. Previous tenants have included Liberty Mutual Insurance.

ADDRESS: 3077 N. Mayfair Road, Wauwatosa BUYER: CAHST Wauwatosa LLC SELLER: ICA Mayfair Venture LLC Price: $15.9 million

KAREN HUNG

CEO and Founder, Silver Rock Consulting President, Rotary Club of Milwaukee

Hung joined the Rotary Club of Milwaukee as she admires and values its spirit of making a difference “We can make a significant impact through the work we do and the partnerships we develop. Our contribution can be a multiplier and mobilizer. Through collaboration, we can do more to make the world a better place, address complex scenarios, and create an enduring impact.”

For more information, call (414) 276-4425 CARA SPOTO Reporter

P / 414-336-7116 E / cara.spoto@biztimes.com T / @CaraSpoto

biztimes.com / 17

STORY COVER

Building on blockchain WEB3 OFFERS A WORLD OF POSSIBILITIES – AND PITFALL S – FOR WISCONSIN BUSINESSES B Y A S H L E Y S M A R T, staff writer

18 / BizTimes Milwaukee JUNE 20, 2022

W

hen it comes to the emergence of Web3, it can be hard to hear through all the noise. The idea of Web3 – a future version of the internet based on blockchain technology – is something many in business have likely only heard about as outlandish stories gain traction on social media. Tales of massive overnight profits and soaring valuations have quickly given way to reports of fraud and scams and falling prices.

But it’s the idea behind how blockchain technology works that has people seeing a world of possibilities. A blockchain is a database that stores information as a digital ledger, which is then distributed across a network of linked computers.

Because information stored on a blockchain is maintained across the entire network of computer systems on the blockchain, it is incredibly difficult to change or alter.

Experts in a variety of industries see more uses for blockchain technology than peddling “Bored Ape” NFTs or non-fungible tokens, a type of digital certificate saying you own the rights to a specific product, whether that product be music, art or some other physical good. In the case of Bored Apes, the products are illustrations of apes that sell for hundreds of thousands of dollars.

Several southeastern Wisconsin companies – from real estate firms to breweries to the Milwaukee Bucks – are already experimenting with Web3 technologies and trying to find the best way to build their business with the help of blockchain.

VOLATILITY IN VALUE, SECURITY CONCERNS Like any new and emerging technology, the blockchain and Web3 have their flaws. The Federal Trade Commission reported this month that although cryptocurrency has yet to become a mainstream payment method, “it’s an alarmingly common method for scammers to get peoples’ money.”

More than 46,000 people have reported losing over $1 billion in crypto to scams since the start of

2021, according to the FTC. One factor that contributes to this issue is the fact that the blockchain is decentralized – there is no authority such as a bank to flag suspicious transactions or stop fraud.

A lack of education on cryptocurrency and reputable companies also comes into play. The FTC report shows that nearly half of people who reported losing crypto to a scam since 2020 said they clicked on a related advertisement or social media post. With big names like Lebron James and Tom Brady hopping on the crypto bandwagon, more and more average people are wandering into the world of Web3.

While it’s great that celebrities are talking about cryptocurrency, national advertisements lack information on where the average person can educate themselves, said Christopher Perceptions, founder of PerceptForm Inc., whose mission is to educate and provide cryptocurrency financial services to minority populations.

Incubated in Perceptions’ hometown Milwaukee and now headquartered in Raleigh, North Carolina, the startup is working on several education initiatives, including bringing a two-week smart contract coding camp to Milwaukee that will allow people from all backgrounds to learn about blockchain technology.

“This is a very important piece as it relates to talent,” Perceptions said. “If Milwaukee can turn out Web3 talent, they’re going to be filling a huge gap as it relates to the industry. There are so many people crying out for tech talent, but all of the tech talent is either under contract or already swamped.”

While some people may have only heard of blockchain technology through the recent NFT artwork craze – one NFT by the Wisconsin artist Beeple sold for $69 million – artistic outputs are not the only use for it. Perceptions has seen organizations experimenting with using NFTs as a visitor’s badge, a way to prove residency, and to store supply chain information.

As for Bitcoin’s plunge in value – each coin was worth more than $60,000 in November and the price had now fallen below $23,000 at press time – Perceptions said such volatility is common,

biztimes.com / 19

STORY COVER particularly when it comes to a new asset class. He believes as more people start using cryptocurrencies, regulation occurs and development continues, this pattern will become less frequent.

“Most people are probably going to fall privy to what Twitter or the news is saying,” Perceptions said. “Zooming out, if we were to look at Bitcoin from a one-year horizon, it looks like it’s down 37%. If we were to zoom out even further, as most investors generally do, Bitcoin is up 27,000%.

There are peaks and valleys – it’s common.”

One might think market volatility and security concerns would hold back interest in blockchain technology. Gordon Nameni, partner and managing director at August Brown, a technology-focused management consulting and advisory firm based in Wauwatosa, said he’s actually seen the opposite effect take place. Banks, in particular, are interested in cryptocurrency because of the ways it can improve data security overall when used appropriately.

“Because of issues related to data security, more people are starting to realize the way to go is blockchain,” Nameni said. “When you encrypt something on the blockchain, it makes it more secure. The proletariat may not understand the value of the blockchain, but more and more businesses are starting to realize that it’s related to greater security.”

SOURCE OF INITIAL INTEREST For Mike Doney, venturing into blockchain technology was spurred by the COVID-19 pandemic causing a downturn in the market. As the market began to recover, different industries were not bouncing back at the same rate.

“Wall Street was appreciating in value, more specifically the equities’ values were skyrocketing, but businesses on Main Street like your local coffee shop were struggling and were closed. The stories were not coinciding with each other,” said Doney, vice president of marketing at Milwaukee-based investment company F Street Group.

The differing recoveries led him to begin researching Bitcoin and a way to conserve value that was exempt from inflationary pressures caused by government actions.

F Street Group initially purchased Bitcoin, and other coins like Ether and Cardano to research the cryptocurrencies’ viability. The company also holds several non-fungible tokens linked to land plot purchases. F Street Group’s land plots give the company rights to allocated space within the Metaverse.

“We’re still kind of looking at this (blockchain technology) from a viewpoint of if most startup companies fail, what will emerge and has that already been decided or is the technology in such a nascent stage that we haven’t seen what the predominant use case for blockchain will be?”

Doney said.

20 / BizTimes Milwaukee JUNE 20, 2022

and you’re just essentially generating interest on your investment,” Doney said.

THE LAST CRYPTOS STANDING

CHRISTOPHER PERCEPTIONS

F Street Group is also launching its own digitized token, dubbed High Life, through a partnership with San Francisco-based Securitize, a blockchain-based trading platform. A total of 10,000 High Life tokens will become available to investors on the Algorand blockchain within the next few weeks.

“That token will represent the ability of investors to be a part of our core tenants of business, without directly investing in one particular component of that business,” Doney said.

Token holders will generate a yield payment for each F Street Group token they purchase. The value of each token is $1,000, and that value will remain constant. Each investor must purchase at least five tokens to take part in the offering. The money raised from the token sales will go into F Street Group’s real estate development projects and high-interest yield loans to real estate developers. For every day an investor holds a token within their digital wallet, they generate 7% annualized yield back on their investment. That works out to $70 annually.

“You’re holding the value on the money you invested, so rather than seeking that $1,000 potentially go lower, you maintain your pegged value

Joseph Wall, associate professor of accounting at Marquette University, said people often conflate the term blockchain technology with cryptocurrencies since crypto is what made blockchain technology so well-known. He sees the value of cryptocurrency not within the tokens or coins themselves, but in the underlying technologies they use and whether those technologies have intellectual property value.

“People see all these cryptocurrencies and probably 90% of them may not have disruptive potential,” Wall said. “Still, just like the dot-coms were back in that era, there are some that are really innovative and trying to change the world, and those are the ones that are ultimately, to me, going to survive in some form.”

Wall believes cryptocurrencies created to make processes go faster or to speed up the processing of financial transactions are more likely to succeed because the actual technologies those cryptocurrencies use have value. People and companies looking to invest in cryptocurrency should investigate which platforms are actually looking to solve a problem, potentially leaving a couple hundred cryptocurrencies standing – out of more than 10,000 in existence as of early June, according to CoinMarketCap. “If you would have started off with the premise of only investing in the dot-coms that had storefronts … and had ‘X’ amount of revenues, you would have also gotten yourself down to a couple hundred companies,” said Wall. “Now, many of those would have failed, but you would have eventually owned some of the biggest companies in the world, and I think we’re in that same space.”

Another consideration for those interested in the crypto space is the effort to overhaul current regulations. Since all the departments of the U.S. government have been tasked with coming up with crypto policies within the next few months, Wall expects the Securities and Exchange Commission and the Department of Treasury to soon roll out rigorous standards meant to protect investors.

DIGGING DEEPER INTO THE FEASIBILITY OF BLOCKCHAIN TECHNOLOGY

MIKE DONEY

Local interest in blockchain technology spreads far beyond the world of real estate. August Brown received so much interest in blockchain technology from banking clients that the company launched a cryptocurrency feasibility analysis.

The analysis specifically examines the viability of the back-end technology vital to cryptocurrencies and possible risks to businesses and their clients.

“In our space, we ultimately saw that there was a gap. … We kept on hearing about crypto, crypto,

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STORY COVER crypto, and banking clients were asking questions related to its application and how to mitigate risk with companies that may be participating in that Web3 space,” Nameni said.

When it comes to the average business owner, Nameni believes the best use case for blockchain technology is found in supply chains. Businesses that move to a blockchain-based supply chain model could increase their efficiency and throughputs. Crypto-based payment mechanisms also have lower transaction fees than traditional credit cards.

“Blockchain ensures a transparent supply chain,” Nameni said. “It enables smart contracts that are able to automatically execute when certain parts of the supply chain are completed. It also allows smoothed out payments with quicker settlements, and it’s easier to audit.”

The team at August Brown believes that in 10 to 15 years, all parts of the supply chain will be housed within the blockchain.

EXPANDING THE FAN EXPERIENCE Blockchain technology can also be used as an avenue for customer engagement. Two major Wisconsin companies have experimented with using NFTs as a marketing and branding technique and as an additional layer to the fan experience.

At the start of the year, Sprecher Brewing Co. announced it would launch its own series of NFTs. Tim Cigelske, director of communications for Sprecher, said the venture marks the intersection of the brewery’s history with what the brand hopes to be known for in the future. The goal is to eventually tie the purchase of a Sprecher NFT to a physical good or experience.

The Milwaukee Bucks have also launched a series of NFT artwork, celebrating the team’s two NBA championship titles. Housed within the blockchain network Sweet – created specifically for the buying and selling of NFTS – the Bucks’ “Fear The Deer” NFTs allow fans an opportunity to collect, own and trade various digital assets, including digital collectible posters, an NFT ring that comes with a physical championship ring resembling the one given out to the Bucks team last year, and a digital replica of a 1971 NBA Finals ticket.

“Bucks fans are next-level when it comes to their team, and they’re going to love the opportunity to create their own digital shrine to the team,” said Dustin Godsey, chief marketing officer for the Bucks. “Fear the Deer NFTs is something that will grow over time, and we’re excited for fans to be able to expand their love for the Bucks from the home court to the digital realm.”

NFTs are becoming increasingly popular in the sports world, with the NBA launching its Top Shot digital collectible platform. NBA Top Shot, stored within the Flow blockchain, allows fans 22 / BizTimes Milwaukee JUNE 20, 2022

MARKO KNEZIC

around the globe to purchase packs consisting of digital tokens that commemorate specific NBA moments – almost like virtual trading cards. The MLB has done something similar with its “Candy” marketplace, as has the NFL with its “NFL All Day” platform.

STAYING AHEAD OF THE CURVE In May, Milwaukee Mayor Cavalier Johnson was among a group of co-sponsors who voiced support of a resolution recognizing the potential of blockchain technology to create unique opportunities for communities across America to grow their economies and create jobs.

Introduced by the U.S. Conference of Mayors – the largest national organization representing mayors of America’s largest cities – the resolution notes that blockchain has the potential to “provide tools for cities to innovate, to streamline operations, functions, and to better deliver public services and increased access to opportunity for businesses and families.”

However, it also notes that it is “increasingly clear that there needs to be direct and coherent guidelines for the testing, adoption, and use of technologies built on blockchains in a safe, transparent manner that protects consumers and businesses.”

Milwaukee and the region have notoriously fallen behind the coasts when it comes to implementing new and emerging technologies. Since a computer with internet access is all that’s needed to use blockchain technology, the commitment to explore and adopt Web3 technologies is dependent on a willingness to try.

“I don’t think that we’re falling behind,” Nameni said. “I think that there’s been a substantial amount of (Web3) activity. Our challenge really is ensuring that there are opportunities for the smaller companies to get networked and interact with the larger companies. The coasts sort of have that built in networking infrastructure. … We’re getting better. It’s not like we’ve arrived, but we’re certainly getting better.”

Marko Knezic, founder of Milwaukee crypto consulting firm Cream City Crypto and copywriter for San Francisco-based Unstoppable Domains, believes blockchain technology will continue to gain traction and momentum at an exponential rate until it’s everywhere. He said Web3 technologies are shaping up to be the biggest universal advancement in tech since the advent of the internet, but adoption at that scale takes time.

“The benefits are different for everyone. And they’re undeniable,” Knezic said. “I don’t believe that adopting blockchain technology is a matter of infrastructure so much as it is a matter of willingness to deploy new technology.”

He believes the region has a unique opportunity to be a leader in implementing Web3 technology. Even though southeastern Wisconsin has a strong manufacturing heritage, Knezic echoed Nameni’s sentiments that blockchain technology has several uses for improving the supply chain, which could be a common use, even for the region.

However, it’s the core of how blockchain technology works and its decentralized form that Knezic believes makes blockchain an invaluable fixture.

“Decentralization is all about creating a more equitable world built on a free and open internet,” Knezic said. “This may sound a bit… grandiose, but having total ownership and control over our money, data, content and freedom to do everything else we do online without permission from a centralized authority is the root of blockchain, crypto and other derivative technology.” n

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Special Report

UW-MILWAUKEE

EDUCATION & RESEARCH

UW-Milwaukee chemistry professor, students help fill gaps in state’s biohealth talent pipeline

BY MAREDITHE MEYER, staff writer IN 2012, the federal government launched efforts to establish domestic production of a medical isotope known as Molybdenum-99.

The goal was to increase access to Mo-99’s decay product, technetium-99m, a radioactive nuclear agent used in more than 40,000 medical procedures in the U.S. daily to diagnose heart disease and cancer. The agent is described by the National Library of Medicine as the “workhorse isotope in nuclear medicine for diagnostic imaging.”

Here’s the problem: Historically, the majority of Mo-99 production has been done overseas by foreign companies in Australia, Belgium, the Netherlands and South Africa. And the isotope has a “shelf life” of only about 66 hours, so by the time it arrives in the U.S., about a third of the shipment is unusable. That means medical providers often can’t give patients what they need.

Janesville-based SHINE Technologies LLC and Beloit-based NorthStar Medical Radioisotopes LLC are now two out of three U.S. producers of Mo-99, under cooperative agreements awarded by the Department of Energy.

24 / BizTimes Milwaukee JUNE 20, 2022

Developing radioactive material that’s pure enough to inject into the human body requires highly specialized training in radiochemistry, including separations involving radioactive materials. For biohealth companies like SHINE and NorthStar, it’s a skillset that can be hard to find.

One chemistry professor at the University of Wisconsin-Milwaukee is helping to fill that skills gap by training students in the science of biochemical separation. A former staff scientist at Argonne National Laboratory in Lemont, Illinois, Mark Dietz joined UW-Milwaukee in 2008, bringing research and field experience in analytical chemistry and chemical separations. Over the past four years, five graduates of Dietz’s lab have been hired by SHINE Technologies and NorthStar Medical to support the production of radioisotopes.

“UWM and its graduates have contributed to Wisconsin employers’ ability to solve an issue of national importance,” Dietz said.

He got connected with NorthStar through James Harvey, a former Argonne colleague who is now chief science officer at NorthStar. The two

Professor Mark Dietz (third from right) with past and present members of his research group now employed by SHINE or NorthStar: (left to right) Kevin Wolters, James Wankowski, Mohammed Abdul Momen, Michael Kaul and Cory Hawkins.

had kept in touch periodically, and when NorthStar was in need of a separations chemist, Harvey reached out to recruit one of Dietz’s students upon graduation. It was a similar case with SHINE Technologies. An employee contacted Dietz asking if he and his lab would be interested in collaborating.

“I said, ‘Of course,’ and that led to some of my students getting hired there,” he said.

Dietz instructs his students to view the study of chemical separations from a broad lens but also to be on the lookout for ways they can utilize their scientific expertise for real-world solutions, for example, the development of critical medical diagnostic material.

“Our goal is to do good, fundamental science but at the same time, have an eye on the eventual application of that science,” said Dietz. “I think it serves my graduates well because when they get out (of school), they’re grounded in solid, fundamental chemistry, but at the same time they understand the importance of being able to apply it to a real problem.”

For SHINE Technologies, the partnership with Dietz’s lab allows the company to get to know students through temporary positions or internships

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In 2019, Inpro set a goal of becoming net zero to landfill by 2025.

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While the overall reductions are fantastic, for us, the most exciting part of these results were the innovations implemented in our production processes that eliminated waste – in other words, there was no scrap to divert because it was never created in the first place.

The process improvements amounted to 42.3 tons of scrap that never entered the waste stream.

This is truly a Win-Win scenario: The environment benefits from the reduction in two ways: 1) Raw materials not used 2) No waste entering the stream.

The company benefits from less raw materials costs and less cost in handling and shipping out scrap materials.

These manufacturing gains show great promise as a lynchpin to achieving our net zero goal by 2025.

Additionally, these accomplishments led to Inpro being named a 2021 Wisconsin DNR Recycling Excellence Award Winner. The Recycling Excellence Awards celebrate outstanding recycling efforts, innovation and performance throughout Wisconsin.

LEADERS IN INNOVATION biztimes.com / 25

Special Report EDUCATION & RESEARCH prior to a full-time offer, said chief executive officer Greg Piefer.

“That’s good in so many ways,” said Piefer. “Ultimately, it’s much less of a risk to hire them because you already know if it’s going to work out, but it also trains them and gets them used to what we’re doing so they can hit the ground running.”

PIEFER “There’s just not a lot of radiochemistry expertise out there, so having someone like (Mark) in our backyard is really helpful,” he added.

SHINE regularly recruits from a wide range of universities – both in and out of state – that have “deep technical” talent pools, which is where most of the company’s talent needs lie, said Peifer, adding the amount of time and effort devoted to early talent recruitment will only increase as the company continues to grow.

To that end, Dietz said it’s vital that higher ed faculty stay in the know about the needs of area companies and vice versa. In his case, personal

connections ultimately led to fruitful relationships with SHINE and NorthStar, but Dietz knows that’s not the reality for every professor.

“There has to be a mechanism whereby local businesses become aware of what universities can do and universities become aware of what the needs are in the surrounding area,” he said. “If those things can happen, universities can do good, fundamental research and have it be of significance to companies in the area. We’ve been lucky to be able to do that.”

When it comes to strengthening the pipeline between Wisconsin’s higher education institutions and the nearly 2,650 companies that make up the state’s biohealth industry, there’s a lot of work to do, said Mike Harrison, director of Milwaukee operations and education initiatives at BioForward Wisconsin, an industry HARRISON group with more than 200 member organizations, including 40 in the Milwaukee area.

Part of BioForward’s mission is to attract qualified talent to fill the well over 1,000 open biohealth positions across the state. Harrison noted that figure is likely much higher now in the wake of the COVID-19 pandemic, when the industry was forced to devote almost all resources to ramping up testing and critical supplies and developing new treatments.

“As a result, the talent shortages we had in our industry have done nothing but become more severe,” he said.

Solving the hiring challenges of a statewide industry is a herculean task for one organization, so BioForward tries to hit the biggest problems first, said Harrison. The group is currently working with the master’s program in biotechnology at the University of Wisconsin-Madison to develop training programs for specific skills that member companies need.

“We want to start with broad skills first because that way we can hopefully fill more positions faster,” he said. “But for every 100 positions we can fill with one program, there are hundreds of others in different skill sets. … Universities need to do more, industry needs to do more and we need to do more.” n

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*Vistage CEO member companies who joined in 2006-2008 and were active members in Feb, 2010. CAGR for Vistage member companies calculated for period covering year prior to joining Vistage through 2009. CAGR for D&B U.S. companies based on 2005-2009 revenues, weighted to match Vistage company distribution per year during same period. All companies had >=$1M annual revenue, >=5 employees.

Vistage: 1,265 companies. D&B: approximately 1M U.S. companies.

AARON GREGORY CO-FOUNDER AND CHIEF EXECUTIVE OFFICER

UPWARDLI

in technology

Aaron Gregory is the co-founder of Upwardli, a fintech company that launched in Milwaukee in 2021.

BizTimes Milwaukee presents its inaugural showcase of Rising Stars in Technology, recognizing young, talented professionals working for tech firms in southeastern Wisconsin or in technology-related roles for companies in the region.

After six years serving as general counsel at Remitly, Gregory established Upwardli to serve the millions of U.S. adults who have challenges accessing quality financial services due to a lack of credit or bad credit. To address this issue, Gregory designed a credit building product to help customers realize their financial goals faster.

Gregory raised nearly $1 million from a group of fintech experts and other investors and recently signed a bank partnership to launch Upwardli’s credit builder product. The company has a waitlist of thousands of customers and is building towards a launch this summer.

Methodology: The honorees do not pay to be included. Their profiles are drawn from nomination materials. This list features only individuals for whom nominations were submitted and accepted after a review by our editorial team. To qualify for the list, nominees must be based in southeastern Wisconsin and work for a technology company or in a technology role for a company in the region.

“Aaron has a knack for turning even the most complex and regulated products into beautiful products that customers actually love using. He’s great at hearing where people are experiencing pain dealing with financial services, and then solving for that,” said Danielle Hill, co-founder and chief operating officer at Upwardli.

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in technology ANGELA BECK

NICHOLAS LACENSKI

ALYSHA NEWBY

PRODUCT ANALYST

PENTA TECHNOLOGIES

PRODUCT OWNER

DELL TECHNOLOGIES

ACCOUNT EXECUTIVE

PENTA TECHNOLOGIES As a product analyst at Penta Technologies, Angela Beck leads the design and development of user-centric solutions.

“Her people-centric and inventive nature continually drives her professional and personal growth,” said Laura Henderson, chief operating officer at Penta Technologies. “Angela’s work leaves each product more innovative and profitable than when she started. She is on track to become the future product owner for Penta’s Cloud Payroll product.”

“Angela is a passionate leader committed to continuous growth. She leads a team of seven and brings out the best in others by setting high standards and ensuring she provides the support they need to reach their full potential. She has left a lasting imprint on all three of Penta’s product teams,” said Henderson.

In her past role as scrum master and developer, Beck co-led a “scrum team” of 16 members at Penta to maximize efficiency and reduce costs for a construction ERP software. She improved the installation process for the ERP’s documentation system by reducing the installation time by 15% and cutting the number of post-upgrade support tickets by 10%.

Nicholas Lacenski, product owner at Penta Technologies, collaborates with different product teams and departments to meet company goals without sacrificing individual product goals.

“Nick is a big thinker who understands complex business strategy and is committed to providing inspiring leadership. Nick’s management of the P&L and product strategy for Penta has increased profitability by over 20%, while adding exciting new functionality,” said Laura Henderson, chief operating officer at Penta Technologies.

As a product analyst at Penta, Lacenski led testing activities, integration initiatives with third party vendors and communication resources for customers in the development of new software features.

His management of the integration with XOi Technologies for Penta’s Mobile Field Service app brought customers the ability to share video content from the technicians directly with the customer.

In his current role, Lacenski is responsible for creating and executing ERP Product Strategy and software releases. His management of the backlog refinement and prioritization projects creates alignment between Penta’s development and product organizations.

As an enterprise account executive for Dell Technologies, Alysha Newby is responsible for building relationships with some of the biggest companies headquartered in Wisconsin. For the past five years, she has helped customers with multi-cloud, AI and machine learning through the most innovative technology and services portfolio. In the past 18 months, Newby earned Dell’s president’s club award.

“In a year like no other, Alysha and her team led with high PQ, demonstrated relentless drive and delivered incredible results that are helping to advance human progress,” said Ian Abston, director of the Hoan Group and Forward 48.

Alysha also sits on Dell’s Women and Action board, where she works to build an inclusive community that provides development, leadership and networking opportunities designed to empower, retain and attract other women in tech. She leads the social impact pillar for Wisconsin and is always looking for ways Dell Technologies can be more involved in the community, said Abston.

Beck assists developers in interpreting and defining product requirements during the design, development and testing phases.

SHANE ARNOLD

TIM SCHMITT

TESSA PELKOWSKI

SENIOR STAFF, ENTERPRISE CLOUD AND DATA PLATFORM ARCHITECT

DIRECTOR OF SALES

VICE PRESIDENT OF GLOBAL PROFESSIONAL SERVICES

GE HEALTHCARE Through a partnership with a program called YearUp, Shane Arnold, who works as senior staff and enterprise cloud and data platform architect at GE Healthcare, mentored, during a six-month rotation, two interns who neither had previous experience in data and analytics nor college degrees. One of these interns was later hired as a fulltime data engineer for GE Healthcare.

As a member of the MKE Tech Hub Coalition – K20 Pre-internship Planning Committee, Arnold helped put together a summer pre-internship program for high school juniors and seniors and college students.

The program was designed to help increase diversity in technology by exposing students to the world of data science and analytics. Through the completion of real-world case studies that were submitted from partner organizations, they were able to learn basic data science principles and data and analytic reporting tools. This program also received a “Stemmy Partner Award” from Stem Forward.

28 / BizTimes Milwaukee MAY 9, 2022

DINVY Tim Schmitt, director of sales for Dinvy, a Milwaukee-based professional services automation software company, has been instrumental in shaping the Dinvy platform’s core features and functionality, according to colleagues.

“Based on his previous experience in tech, Tim’s insight proved critical to the development of the product’s pricing structure. He worked closely with the investors, reached out to past colleagues and researched competitors to create a competitive pricing model,” said Amanda Stein, marketing manager at Dinvy.

Earlier this year, he launched a campaign to provide local companies the platform free of charge. His goal was to create mutually beneficial partnerships. As a part of the launch, Schmitt engaged with MKE Tech Hub Coalition, FOR-M, The Commons and BizStarts.

“Tim is a dynamo. His energy and enthusiasm are unmatched. He is able to translate those qualities into actionable business results, which is so key in a startup environment,” said Dennis Casey, Dinvy’s managing director. “I believe Tim’s success lies in his deep understanding of our software, paralleled by his unique perspective on customers’ needs, and aligning the two.”

NEOSTELLA Tessa Pelkowski, vice president of global professional services at Milwaukee-based Neostella, is the “go-to” for all things related to professional services, according to colleagues.

“Tessa fields calls and messages daily from both employees and clients, who call upon her experience and know-how for guidance and advice,” said Lisa Bevington, marketing manager at Neostella.

Neostella has grown to 125-plus employees in five countries in just over two years, and Pelkowski has had a hand in every technical hire.

“Tessa and I have worked together in the past, and when I started Neostella, I knew she was the perfect person to lead our professional services team,” said Matt Lautz, chief executive officer and founder. “She makes a point of giving people opportunities to succeed and empowers them with the tools they need to learn, grow and thrive. She never misses a step and gives it her all every single day. She has been incredibly instrumental in our rapid growth.”

Pelkowski is also a member of Women in Tech and volunteers for a local animal rescue.

in technology MARCIE BOMBERGMONTOYA

ANDREW POTASEK

TOM WOJCINSKI

PRINCIPAL

PRINCIPAL

PRINCIPAL

WIPFLI LLP

WIPFLI LLP

WIPFLI LLP Marcie Bomberg-Montoya, principal at Wipfli LLP, has more than 25 years of financial services experience. She has demonstrated leadership in strategy and innovation and has also had a significant role in establishing Wipfli’s presence in the world of crypto and blockchain, said Ken Kortas, principal at Wipfli.

“Marcie is one of the most strategic and innovative thinkers I have worked with,” said Jeff Wulf, principal at Wipfli. “She is one of the first people I reach out to for assistance and input. Her ability to think holistically sets her apart from others. She does all of this with a humble and very engaging demeanor.”

“Marcie leads first with empathy and humility,” Kortas said. “This is her third and final career change from leadership in financial services, then assisting fintech startups, and now consulting with a focus on future forward strategies. She believes in paying her good fortune forward and is always focused on the big picture while never losing the human element.”

For 15 years, Andrew Potasek, principal at Wipfli LLP, has worked to help nonprofit organizations increase their impact on the communities they serve. He helps organizations streamline their processes and align technology to their business objectives.

Recently, Potasek designed neighbor-helping-neighbor applications with nonprofits to help fight against COVID-19 for individuals in need of food, clothing and other resources. Potasek also partnered with multiple nonprofits throughout Wisconsin to help support programs such as senior delivery services and client services for at-risk populations.

“He strives to enable his team with the right tools and support so they can be successful. His focus on innovation is to always be finding new ways to help our clients be more resilient, to provide more value and be more efficient,” said Ken Kortas, partner at Wipfli.

In addition, he volunteers with the Boy Scouts of America, the Microsoft Partner Technology steering committee and Wipfli’s nonprofit client advisory board.

Wojcinski led the development of Wipfli’s “Roadmap to Resilience.”

He also led several growth initiatives and sales process improvements resulting in sales performance growth of more than 30% and developed Cybersecurity Maturity Model Certification readiness services to help DoD contractors.

Potaske was a member of the team that won the Microsoft Global Nonprofit Partner of the Year award in 2021. He has led the alignment of nonprofit technology leaders across Wipfli to provide comprehensive solutions to nonprofits focused on human-centered design organizational strategic goals.

“Tom is a true expert and authoritative source in cybersecurity.

He helps Wipfli’s clients build the resilience to prevent, detect and respond to cybersecurity incidents. He has also been instrumental with the evolution and innovation of Wipfli’s cybersecurity services,” said Jeff Olejnik, principal at Wipfli.

“Andy personifies the essential qualities of an influencer and great leader: vision, Integrity, self-awareness, learning agility, humility and the ability to bring people together around a common vision,” said Kathleen DuBois, principal at Wipfli.

30 / BizTimes Milwaukee MAY 9, 2022

Colleagues say Tom Wojcinski, director at Wipfli LLP, challenges them to push into uncomfortable situations and grow their own capabilities.

Strategies INNOVATION

Government innovation It doesn’t have to be an oxymoron IN THE LAST FEW YEARS, Americans have been made acutely aware of government in their daily lives. Why? A worldwide pandemic that shut down the U.S. economy required a government response. Daily, everyone reads about rising crime in our cities, raging inflation, challenges with our public school systems in students not graduating, and even an unwelcome war that we are now partially financing.

These are serious challenges, and whatever stripe you may be politically, we can all agree that government is under pressure to solve daunting problems.

The problem is that the government has budgetary constraints and cannot compete financially for talent with the private sector.

So is it possible for the government to drive innovation to solve its challenges as happens in the private sector?

The answer is a resounding “yes,” if the government is willing to embrace partnerships with businesses.

In 2020, the U.S. government helped accelerate the fastest development of a vaccine in the history of the world by working hand-in-glove with pharmaceutical companies.

The federal government does have an agency for defense research projects. But it does not have anything similar to address societal problems.

Maybe it is time for government officials to stop demonizing private sector businesses, and it is time for the leadership of private companies to stop demonizing the government as unwelcome bureaucrats.

I can speak with some authority. I was appointed to the Board of Harbor Commissioners by the mayor of Milwaukee many moons ago to turn around the then-declining Port of Milwaukee.

The port director of Chicago was one of the applicants for the position of Milwaukee port director.

I passed him over and hired an executive running his own shipping company in Houston, Ken Szallai.

He outsourced many traditional government-run operations to private entities. As a result, it allowed the Port of Milwaukee to innovate in a way never seen before.

Szallai tied the knot with the private companies that could deliver cement, street salt, fertilizers, steel and more.

The Port and private industry worked together to create ship docks that are now being used by cruise ship lines. Szalli also led the charge to create Lake Express, the high-speed ferry service to Michigan.

The Port of Milwaukee became the fastest growing port on the Great Lakes and won the St. Lawrence Seaway’s Pacesetter Award year after year. At the same time, it reduced the cost to the taxpayers of Milwaukee.

Think about the possibilities of innovation in government. Here are just some ideas that could be explored: 1. The use of drones to detect and follow highspeed cars that kill innocent pedestrians.

Drones are a lot less dangerous than a police car traveling at high rates of speed.

2. Students sometimes fail because of discipline problems in the classroom. How about mounting cameras in every classroom so behavior can be monitored? Most research on crime has determined that the fear of apprehension deters crime and bad behavior.

3. Homelessness is rampant in our cities, but studies find that a significant portion of the homeless is mentally ill. Clearly, there have to be innovative ways of keeping mentally ill people safe and off the streets. We need the best and the brightest from private industry to suggest solutions.

4. The rising cost of government could be reduced through technology, including artificial intelligence and robotics.

Unfortunately, the government is not equipped to generate those solutions, but the private sector has proven it can do it. So it needs to be involved.

What mechanisms could be used to drive these kinds of innovative solutions? All levels of government could create an agency dedicated to driving innovation for societal problems.

Could those agencies learn a lesson from the world of angel and venture capital? In that world, entrepreneurs are continually looking for creative ways to solve problems and have launched some of the world’s greatest companies.

Government can continually challenge entrepreneurs in the private sector to develop innovative solutions to our most daunting problems and then give awards to those that solve them. The company or entrepreneur would own the patents, and the government and your fellow citizens would enjoy the benefits of their innovation.

I am the grandson of Daniel Hoan. During his tenure as mayor from 1916-1940, he landed on the cover of Time Magazine as the mayor of the best run city in America. He was a socialist but used capitalistic techniques to drive innovation. For example, he was responsible for innovating with industry the product known as milorganite that turns human waste into usable fertilizer in our gardens. Now there’s real creativity! n

DAN STEININGER Dan Steininger, author, national and international speaker, and business advisor is president of Steininger & Associates LLC, which helps companies drive innovation. He can be reached at DSteinin@execpc.com. biztimes.com / 31

Strategies COACHING

The mind map to success It takes a conscious choice to change your direction WE’VE ALL HAD THE EXPERIENCE where we’ve hired that person with the “perfect resume.”

Most companies now even have an online application process that weeds out those candidates that don’t match their criteria. Yet, while this is a common practice, most of us have also had the experience where some of those candidates fell short in getting the job done.

Early on in my career I learned the lesson that an employee’s mind map for success was equally important, if not more important, than their resume. I will never forget when I landed a big account and needed to hire a consultant immediately. While I found someone who matched my education and experience criteria, my gut alerted me to not hire her when she brought in her big box of Kleenex on both interviews. While my gut knew this gesture was a bit dramatic, my logical mind rationalized her behavior because I needed another consultant now—and she fit the profile.

Unfortunately, we all know how the story ended: I had to eventually let her go because she called in sick far too often.

While it may seem difficult to pinpoint someone’s mind map for success, it really is not when you listen to your gut alert you to cues at the tip of the iceberg. When you ask the right questions, you will get the information you need to understand someone’s mind map. For example, when you ask a potential candidate about their past, ask about what obstacles they faced and how they overcame them. Specifically, ask them the following questions: Where did you fall short of 32 / BizTimes Milwaukee JUNE 20, 2022

other’s expectations? How did you reconcile their disappointment? How did you manage a demanding boss, client, or team member? What was the biggest mistake you ever made, and how did you reconcile it?

If they can’t own the fact that they have faced these situations and can’t articulate how they created success: be concerned. Also, pay particular attention to the victim mindset who is always blaming others, or their circumstances, for their failures. Be equally as concerned if they are always the hero in every story. Remember: There is no “I” in teamwork, so always being the hero does not reflect a mind map for success.

Our unconscious mind map gets developed between birth and eight years old. I call it an “unconscious imprint” in my book, “The Cheetah Method.” It is the first of my seven steps to help people reach their goals. In my opinion, I think it is the most important step. For example, if you unconsciously believe, “I am not capable enough,” you will likely create a self-fulfilling prophecy by quitting in the face of adversity or putting in less effort to succeed. This is because you may say to yourself, “I know how this is going to end, so why bother!” If that is your mind map, you likely had a demanding and perfectionistic parent you could never please. In some cases, the opposite occurs: Someone is trying so hard to be enough, they become obnoxious to the other teammates who sense they are always trying to get validation.

The good news is rewiring one’s mind map for success is possible. It’s much like rerouting Google Maps when it takes you on a route you don’t want to go. First, you must make a conscious choice you want to go in another direction. Then, you need to turn in that different direction. After you have made your decision, you’ll notice that Google Maps will keep chattering at you until it realizes that you are not going to listen to it anymore. Then, finally, it will recalibrate to your decision and give you the directions you need.

To reroute your negative imprint and mind map, you do the same thing: You hear where your mind map wants to take you, but you choose a better route instead. When your mind chatters, just notice it. Pretty soon, it will calm down. Then, use

this powerful question I give my clients to create a success mind map: “How might I…?” or “How might we…?” Fill in the blank with your subject such as, “How might we get the client to buy into our price increase?”

You can immediately stop your mind from taking you down a negative road such as: “Why bother?!” “If it’s meant to be, it’s up to me!” “I am not enough,” or “I never seem to have enough time to get it all done!” By learning how to replace your old mind map with “How might I…?” or “How might we…?”, you will get a mind map to success! n

SUSAN K. WEHRLEY Susan K. Wehrley has been an executive coach for more than 30 years. She has written 12 books, with her latest being, “The Cheetah Method.” You can learn more at her website www.BIZremedies.com or contact her at: Susan@BIZremedies.com.

Strategies COMMUNICATION

CONNECTEAM: An employee communication

Keep them in the loop Tools to improve communication with your employees YOUR COMPANY’S internal communications process can make all the difference, especially in the business world rattled by COVID. But only if you share engaging content that employees want to consume.

To do that, use the wide variety of apps and free or paid online tools that your employees use in their private lives. Communicating becomes much easier, faster and more streamlined and helps build loyalty.

Think beyond text. Consider creating videos, info graphics, interactive newsletters, photos or podcasts.

Here are some highly-rated, free or inexpensive tools and apps to create content that your employees won’t want to miss. My Vistage members use many of them.

THE HEMINGWAY APP: It color-codes lengthy, complex sentences and common errors, including the confusing “corporate speak” that poisons writing.

CANVA: This online graphics design tool is perfect for people who aren’t graphic designers. Create logos, banners, flyers, posters and more. Includes stock photos for purchase and simple photo editing tools.

STAFFBASE: It offers one place to plan, create, send and measure your internal communication content.

BLINK: This simple platform for frontline workers gives one-click access to everything your team needs – from updates to must-knows, forms to timetables, conversations to stories.

app designed and built especially for the desk-less mobile employee, packed with tools that will help you improve your newsletters, announcements, chats, employee directory, updates, surveys, suggestion box and more.

REDFLAG: Real-time emergency communication system and alert software for groups of all sizes. An easy way to distribute critical information using email alerts, text messages, voice calls, intranet, signage and Microsoft Teams notifications.

SLACK: Stay on the same page and make decisions faster by bringing all your work communication into one place. It’s a great way to stay connected without clogging up everyone’s email inboxes.

Milwaukee Vistage member Ward Alles, president of Core Creative, a marketing and branding firm, loves Slack.

“We have created about three dozen different channels to keep our more than 70 employees connected and informed on a variety of topics,” he said.

“Folks are notified up to the minute when new content has been posted to their subscribed channels.

Slack is used for individual or group chats.”

DON’T FORGET FACE-TO-FACE MEETINGS Alles has optional, one-on-one coffee meetings with his employees once or twice a year. At least half of them sign up. The meetings are conducted on Slack, in person at the company’s downtown office, or at a local coffee shop.

The employee sets the agenda, which can include business and personal topics.

“To encourage conversation, I like to start by asking a random question like: ‘If you had to change one thing about your in-home office setup, what would it be?’” Alles said. “I’ve had employees share a lot of personal and important news with me over the years, which I wouldn’t have known otherwise, and I always feel more connected to our team as a result. I’ve been told that our employees appreciate this personal outreach as well, and have encouraged me to keep this tradition going.”

USE SOCIAL MEDIA, TOO Rick Moon, president of Lunar Communications, a PR and writing services firm in Brookfield, relies heavily on social media.

“Use company social media channels like LinkedIn, Facebook, Instagram and Twitter to recognize employees for a variety of events and accomplishments,” he said. “Keep posts brief, and always include an image of the employees being spotlighted.”

Post work anniversaries, awards won, significant projects completed, certifications earned and educational degrees. Also, post items involving groups of employees such as company outings, picnics or any event that’s done as a “thank you” for their efforts.

“If possible, include the company president or CEO in the images, whether it’s with one employee or a group – this demonstrates their commitment to acknowledging the people who make the organization successful,” Moon said. “Always tag the employees in the posts, and use congratulatory hashtags.”

He also recommends that when you write press releases about employees, add the releases to the company blog or “News” section on your website and in your newsletter. It’s another way of demonstrating how proud you are of your employees – and validating them even further. n

DAVID HILDRETH David Hildreth is a Vistage chair for two groups. Each is a private advisory board for growth-focused, high integrity CEOs, executives and business owners. He is also a coach for small business owners. He can be reached at David.Hildreth@VistageChair.com. biztimes.com / 33

Strategies

Tip Sheet Keeping pace with data modernization

A

recent article series by Ernst & Young points out a combination of factors that can hold companies back from continuously improving their data and analytics

capabilities: legacy operations, ability to execute change, and lack of expertise. For some businesses, the idea of honing the power of AI, data and analytics technologies to make better decisions is an overwhelming one because it all moves so fast, but author James Bradshaw argues that putting in the effort is worth the reward. For those looking to “move up the data analytics maturity curve,” he writes, start by asking the following questions: 1. “How will you manage change effectively?”

Change is rarely easy, but leaders can help ease their organizations into new practices by communicating the vision clearly and being transparent about the objectives. Pick a small group of willing employees to pilot the initiative and then share the results with the organization.

2. “Do you have expert thought leaders to lead the change?”

Taking steps toward a data-driven decision

may require the guidance of a chief analytics officer or a chief data officer, who could enlist executive sponsorship, embed team champions and have a say in company-wide decisions.

3. “Do you see data as an asset?”

Leadership should be on the same page about the value of data, that it is an asset worth investing in.

4. “How are you delivering value fast?”

Coupling traditional problem-solving approaches with enhanced AI, data and analytics capabilities can “optimize business applications fast so that they keep pace with the speed of your teams.”

5. “Is your focus on today with an eye to tomorrow?”

Create your data and analytics strategy with the goal of meeting the needs of the organization today as well as 12 to 18 months from now. n

NOTABLES & RISING STARS 2022 Keep up with BizTimes’ 2022 roundup of the leaders making a difference throughout southeast Wisconsin.

NOTABLE

At companies across southeast Wisconsin, notable executives are running businesses, and investing in growth throughout the region. Rising Stars are mentoring, teaching and volunteering in their communities.

The leaders profiled in these categories are nominated by their peers at work and in the community.

BizTimes Media is proud to announce the inaugural Milwaukee’s Notable Office and Operations Managers list, a special editorial feature within BizTimes Milwaukee’s August 22 print issue and online (Biztimes.com) that will profile office and operations managers in southeastern Wisconsin. These are the people who keep the office on track. The unsung heroes on this list are keeping their organizations running smoothly.

OFFICE & OPERATIONS MANAGERS

Nomination deadline: July 8, 2022 Issue date: August 22, 2022

Look for these Notable and Rising Stars nominations in 2022!

Rising Stars in Law Nomination deadline: July 29, 2022 | Issue date: Sept. 12, 2022

Notable Veteran Executives Nomination deadline: Sep.23, 2022 | Issue date: Nov. 7, 2022

Notable Women in Manufacturing Nomination deadline: Aug. 26, 2022 | Issue date: Oct. 10, 2022

Notable Women in Health Care Nomination deadline: Oct.28, 2022 | Issue date: Dec. 12, 2022

Visit biztimes.com/notable for information and deadlines 34 / BizTimes Milwaukee JUNE 20, 2022

BIZ PEOPLE

Advertising Section: New Hires, Promotions, Accolades and Board Appointments

LEGAL SERVICES

INSURANCE

Dr. Mushir Hassan Promoted to Network Health Chief Medical Officer

Wisconsin-based health insurer Network Health announced the promotion of Dr. Mushir Hassan to chief medical officer (CMO).

Dr. Hassan brings 24 years of administrative and primary care experience to Network Health.

LEGAL SERVICES

Meissner Tierney Fisher & Nichols S.C. Welcomes Alexandria P. Staubach as an Attorney. Alexandria P. Staubach recently joined Meissner Tierney Fisher & Nichols S.C. as an attorney.

Alexandria’s practice focuses on contractual disputes and insurance coverage litigation. Her experience and dedication make her an excellent fit for MTFN.

LEGAL SERVICES

Rick J. Mundt joins von Briesen & Roper, s.c.

Rick Mundt is a Shareholder in the Madison office of von Briesen & Roper, s.c. Mundt focuses his practice on litigation involving construction defects, catastrophic property damage, professional liability, bodily injury and complex insurance claims.

MANUFACTURING

Blayne Nicole Christy joins von Briesen & Roper, s.c.

Blayne Christy is an Associate at von Briesen & Roper, s.c. representing insurance carriers and their insureds in complex legal disputes, including in areas related to construction defects, contract disputes and professional liability claims.

BANKING

MEDIA & MARKETING TEB Bancorp Inc. and The Equitable Bank Promote Sattler to President

TEB Bancorp Inc. and The Equitable Bank, SSB have promoted Tom Sattler to President.

As President, Sattler will work closely with CEO, Jenny Provancher and department leaders to manage day-to-day operations, continue to grow the Bank’s commercial and residential mortgage loan portfolio and craft the Bank’s risk profile. “I am excited Tom has accepted this new leadership role,” said Provancher.

“During his tenure, Tom’s passion for community banking has been a constant motivator to the management group he will now be leading. I look forward to working with Tom to continue to advance the goals of the organization.”

Sally Siegel joins Branigan as Vice President, Account Service.

Sally Siegel has been named vice president, account service, for Branigan Inc. In this newly created position, Siegel will lead the firm’s account service team — focusing on driving business results for clients and relationship management.

Siegel comes to Branigan with over 20 years of experience in marketing, advertising, digital strategy and social media in both the agency and corporate marketing settings. She previously held the title of director of marketing for the Falk Ruvin Gallagher Team of Keller Williams Realty.

MUSIC INDUSTRY

Badger Alloys Names New Controller

Badger Alloys, Inc., a fullservice castings manufacturer in Milwaukee, has named John Zwicki, CPA, as Controller. He will develop financial strategies that guide sales growth and cost containment. Zwicki has more than 25-years experience.

Hal Leonard Promotes Shari Molstad as Digital Licensing Manager

Molstad has been with Hal Leonard for nearly 19 years. This new role will focus on the expanding digital music marketplace & Hal Leonard’s widening position in providing rights and content to its network of music tech partners and digital retailers.

GET THE WORD OUT! News? Awards?

Press Releases?

Show them off in BizTimes’ new BizUpdates section.

Submit your company news at biztimes.com/bizconnect

To place your listing, please visit biztimes.com/bizconnect

BizPeople Highlight a new hire, promotion or accolade and share it with readers throughout southeastern Wisconsin.

Visit biztimes.com/bizconnect to submit your news!

biztimes.com / 35

BizConnections VOLUME 28, NUMBER 6 | JUN 20, 2022

GLANCE AT YESTERYEAR

126 N. Jefferson St., Suite 403, Milwaukee, WI 53202-6120 PHONE: 414-277-8181 FAX: 414-277-8191 WEBSITE: www.biztimes.com CIRCULATION: 414-336-7100 | circulation@biztimes.com ADVERTISING: 414-336-7112 | advertising@biztimes.com EDITORIAL: 414-336-7120 | andrew.weiland@biztimes.com REPRINTS: 414-336-7100 | reprints@biztimes.com

PUBLISHER / OWNER Dan Meyer dan.meyer@biztimes.com

SALES & MARKETING

DIRECTOR OF OPERATIONS Mary Ernst mary.ernst@biztimes.com COMMUNITY ENGAGEMENT / OWNER Kate Meyer kate.meyer@biztimes.com

EDITORIAL EDITOR Andrew Weiland andrew.weiland@biztimes.com MANAGING EDITOR Arthur Thomas arthur.thomas@biztimes.com ASSOCIATE EDITOR Maredithe Meyer maredithe.meyer@biztimes.com

Greenwood Brothers drug store in the 1890s This 1890s Milwaukee Journal photo shows four men standing in front of the Greenwood Brothers drug store at what is now the northeast corner of North 12th and West State streets.

By the late 1950s, the building was home to a number of other businesses, including OlsenScott Pharmacy, Doc’s Camera and Coin Mart, State Resale Shops, Consolidated Hat Works, as well as apartments. Today, the property is part of the Aurora Sinai Medical Center campus.

— Photo courtesy Milwaukee Public Library/Historic Photo Collection

COMMENTARY

Brewers should consider development near ballpark IT’S INTERESTING TO SEE Milwaukee County Board Supervisor Peter Burgelis call for the district that oversees American Family Field to work with the city of Milwaukee and village of West Milwaukee to study the idea of creating a mixed-use entertainment district on 82 acres of surface parking lots east of the stadium.

The idea clearly caught the Milwaukee Brewers by surprise as Burgelis had not discussed it with them.

But for a lot of reasons, the timing is right to consider this idea, and it’s about time somebody starts pushing for this.

Built in 2001, American Family Field was funded by a five-county sales tax instituted from 1996 to 2020. During that time, the tax collected about $605 million to pay for the stadium’s construction and operations.

The Brewers have spent more than $100 million on upgrades to the stadium. But now the team has commissioned a study of future needed improvements. The stadium district 36 / BizTimes Milwaukee JUNE 20, 2022

has $87 million in a reserve fund for future projects, but needed stadium improvements will likely exceed that at some point.

Eventually the Brewers could seek more tax money for the stadium. The Brewers’ lease runs through 2030 and the team has two five-year options to extend it to 2040. It wouldn’t be surprising if negotiations to extend the lease further include a request from the Brewers for more tax money to pay for improvements needed at the stadium, which will only increase as the facility ages.

The value of the Brewers has increased exponentially since a group led by Mark Attanasio bought the team in 2005 for about $223 million. Forbes estimates the Brewers are now worth $1.28 billion. Considering that astonishing return on the ownership group’s investment, why do taxpayers need to provide more money for the stadium?

If the Brewers are seeking public money to upgrade the stadium, they are going to have to consider developing some of the land around it, which could generate new property tax revenue that could be used to fund stadium improvements.

Several professional sports teams have developed the land around their stadiums or arenas to generate additional revenues, including

REPORTER Ashley Smart ashley.smart@biztimes.com REPORTER Cara Spoto cara.spoto@biztimes.com

DIRECTOR OF SALES Linda Crawford linda.crawford@biztimes.com SENIOR ACCOUNT EXECUTIVE Christie Ubl christie.ubl@biztimes.com ACCOUNT EXECUTIVE Paddy Kieckhefer paddy.kieckhefer@biztimes.com ACCOUNT EXECUTIVE Dylan Dobson dylan.dobson@biztimes.com ACCOUNT EXECUTIVE Christy Peterson christy.peterson@biztimes.com SALES ADMIN Gracie Schneble gracie.schneble@biztimes.com

ADMINISTRATION ADMINISTRATIVE COORDINATOR Sue Herzog sue.herzog@biztimes.com

PRODUCTION & DESIGN GRAPHIC DESIGNER Alex Schneider alex.schneider@biztimes.com ART DIRECTOR Shelly Tabor shelly.tabor@biztimes.com

Independent & Locally Owned — Founded 1995 —

the Atlanta Braves with The Battery Atlanta, the Bucks with the Deer District and the Packers with Titletown District.

The Brewers could create a significant development district on parking lots between the Stadium Freeway and the Menomonee River and would still have a massive amount of parking for fans on game days.

That development could also complement plans to redevelop Komatsu’s 45-acre site northeast of Brewers Boulevard and National Avenue, which will be vacated by the company as it makes its move to Milwaukee’s Harbor District.

WisDOT is working on plans to rebuild the Stadium Interchange, which could include changes to the Stadium Freeway that would help connect a development district east of American Family Field to its surroundings.

For all of these reasons, the Brewers need to give this idea some serious thought. n

ANDREW WEILAND EDITOR

P / 414-336-7120 E / andrew.weiland@biztimes.com T / @AndrewWeiland

PAY IT FORWARD

Patricia Lane Partner Foley & Lardner LLP – Milwaukee office

Foley’s Patricia Lane helps small businesses get free legal advice through State Bar-Marquette Law collaboration WHEN THE PANDEMIC HIT and lockdowns went into effect, business lawyers became somewhat of a crisis helpline for small business owners navigating the complicated legality of government-mandated closures, mask ordinances, business interruption insurance and health and safety protocols.

Patricia Lane, a partner in Foley & Lardner’s Milwaukee office, was among those lawyers who’d get stopped in the grocery store or around town by business owners looking for answers. So, in the summer of 2020, Lane worked with the State Bar of Wisconsin’s Business Law Section and the Marquette Volunteer Legal Clinics to create a program that pairs volunteer attorneys and Marquette University law students with Wisconsin-based small business owners seeking legal advice – free of charge.

“We realized there was this real groundswell need from a lot of small business owners for guidance,” said Lane. “It came to our attention that there were other issues as well that business owners were struggling with.”

When the Small Business Assistance project launched in February 2021, many business owners who signed up for the hour-long Zoom or phone consultations came with questions directly related to COVID-19 and subsequent government mandates. But as time has passed and businesses face new and chronic challenges, the program has expanded to advise on everything from corporate formalities and contract language to starting a second line of business.

Lane said the service has been met with steady demand from both sides – small businesses that can’t afford to incur the steep cost of non-litigation legal services, and attorneys who want to give back.

“Business lawyers don’t have as much opportunity to participate in

pro-bono activities because a lot of (that work) is related to litigation and criminal disputes,” said Lane. “So, there’s a lot of pent-up demand where you’ve got lawyers who want to donate their services, who want to participate and help out. … It’s been a really rewarding experience for all of us who have participated.”

To date, 25 volunteer attorneys and 20 volunteer law students have served 144 clients through the assistance program, totaling approximately 226 hours.

The way Lane sees it, the program is designed to have a ripple effect on the greater community, starting with local small businesses.

“Those are the businesses that make these communities what they are,” she said. “So, to the extent that we can give back and make the community better for everybody by nurturing these small businesses and doing what we can to make sure they’ve got the resources they need without paying a lot for them, then they can thrive and better the community for all of us.”

It may come as a surprise that Wisconsin is one of the first states to offer a pro bono program for business law issues, but that could soon change. Lane said the program has garnered interest from other state bar associations across the U.S. n

MAREDITHE MEYER Associate Editor

P / 414-336-7115 E / maredithe.meyer@biztimes.com T / @maredithemeyer

biztimes.com / 37

BizConnections

5 MINUTES WITH…

STEVE BOOTH

ing more than 200 M&A transactions, which is a lot. I didn’t think we could physically do that many from a people standpoint.”

RELEASED IN MID-MAY, the 2021 financial results for Milwaukee-based Baird showed $3.41 billion in revenue, a nearly $1.1 billion increase from the previous year. While Baird saw gains across its businesses, its investment banking teams in particular had a strong year. BizTimes managing editor Arthur Thomas talked with Baird’s Steve Booth recently about how market conditions were favorable in 2021 and how they’ve changed this year with inflation, rising interest rates, a volatile stock market and much more.

MANAGING THE CHALLENGES OF 2022 “There’s more to navigate, navigating change, and this is why we’re in business. It’s great, all those things, when you have the wind at your back, but this is where we can really shine for our clients, and our clients need our advice; they need our perspective on what’s going to happen, what might happen and how can we best position them for what might happen.

“While our crystal ball is as good as anyone else’s, it just requires really a fundamentally different mindset than last year, but again, for us that’s an opportunity because it brings us closer to our clients and then, frankly, that opens up new opportunities with potential new clients. It’s times like this that do create new client opportunities. It’s harder to do that in a year like last year where everything is flying.”

THE STRENGTHS OF 2021 “All the markets were somewhat extraordinary, but clearly the story for us last year, there were great stories throughout the firm, but what happened in investment banking and our M&A business was, candidly, just beyond our wildest expectations. That M&A business more than tripled from a revenue standpoint, and that was something we would have said was virtually impossible. …

“Keep in mind the fundamentals of these businesses were extremely strong and in the M&A business you do need underlying fundamentals to be very strong, on top of overlying market conditions. … All of those things, literally everything was aligned and that resulted in us complet-

CHANGES IN INVESTMENT BANKING BUSINESS “That’s the big question for the firm. We knew, as I said before, physically, we weren’t going to be able to do what we did last year, but interestingly, right now we actually have over 100 sell-side mandates in the market, which is more than we had at this time last year. ... But what will change, … last year, our close rate was extraordinarily high – literally, everything we took on we were able to close and close successfully at great valuations and achieve great results. This year, our close rate will be lower. How much lower, we don’t know, … but as I also remind people, just because those transactions may not get done this year, they probably will get done in 2023 or 2024. n

chairman and chief executive officer, Robert W. Baird & Co. Inc.

38 / BizTimes Milwaukee JUNE 20, 2022

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