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M I S SI ON To solve hunger.
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n Donated Food .......................................................... 69% n Contributions and Grants ..................................... 15% n Shared Maintenance ................................................. 1% n Other ...............................................................................2% n Federal Commodities and Related Funding .. 13%
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BizTimes Milwaukee (ISSN 1095-936X & USPS # 017813) Volume 27, Number 9, September 13, 2021 – September 26, 2021. BizTimes Milwaukee is published bi-weekly, except monthly in January, February, 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 2021 by BizTimes Media LLC. All rights reserved.
Contents
4 Leading Edge 4 NOW BY THE NUMBERS 5 ON THE JOB WITH… SARTORI CHEESE 6 JUMP START 8 FRESH DIGS 9 WHO’S ON THE BOARD? ON MY NIGHTSTAND BIZ POLL 10 ‘QUOTE UNQUOTE’
12 Biz News 12 MADE IN MILWAUKEE 13 THE INTERVIEW WITH RACHEL ZABKOWICZ OF SANITARY FITTINGS
COVER STORY
16
Wisconsin is a major golf destination
Special Report 27 Banking and Finance
Coverage includes a report on the highly competitive landscape of Wisconsin’s banking and financial services sector and a look at what companies need to consider when they are seeking financing to support growth initiatives.
14 Real Estate 32 Rising Stars in Finance and Accounting 37 Strategies 37 HUMAN RESOURCES Nicole Schmidt 38 LEADERSHIP Susan Marshall 39 INNOVATION Dan Steininger 40 TIP SHEET
44 Biz Connections 44 NONPROFIT 45 AROUND TOWN 46 GLANCE AT YESTERYEAR COMMENTARY 47 5 MINUTES WITH … JACKIE HALLBERG OF GOODWILL
B E YO U R B A N K E R’S TO P P R I O R I T Y Let us get to know your business. TO W N B A N K . U S / D E S E RV E
biztimes.com / 3
Leading Edge
BIZTIMES DAILY – The day’s most significant news → biztimes.com/subscribe
NOW
100 East building downtown in foreclosure By Alex Zank, staff writer Once one of downtown Milwaukee’s most prestigious office buildings, the 37-story 100 East building is in foreclosure, and local commercial real estate professionals say it could eventually be turned over to a new owner that will need to invest heavily to reposition the building to better compete for tenants. Operation of the 465,960-square-foot building, at 100 E. Wisconsin Ave., is now in
the hands of a receiver. There were signs of trouble for the building even before lenders filed a foreclosure lawsuit this spring. The building is only around 55% occupied, according to industry data sources. That fell from 83% a few years ago due to the loss of tenants like Michael Best & Friedrich LLP and PricewaterhouseCoopers to newer Class A office buildings downtown.
BY THE NUMBERS The city of Milwaukee’s population dropped nearly 3% from 2010 to 2020, a loss of
17,611
residents, according to the U.S. Census Bureau. 4 / BizTimes Milwaukee SEPTEMBER 13, 2021
In addition, there is another nearly 25,000 square feet of space in the building that is occupied but available for sublease. Johnson Financial Group is vacating that space at the end of the year when it moves to Cathedral Place, noted Chris Allen, national director of analytics at REDIComps and Catylist. Morningstar Credit Ratings LLC in 2018 placed a $51.9 million loan on the 100 East building on its watchlist because of the drop in occupancy. When the building’s construction was completed in 1988, it was considered downtown Milwaukee’s premier Class A office building, according to Gard Pecor, senior market analyst with CoStar Group Inc. But that changed with newer office developments, including 833 East Michigan, the BMO Tower and Huron Building. Pecor said the 100 East building’s floorplates are small compared to modern standards, coming in at under 20,000 square feet per floor. They are also oddly shaped, since the elevator banks lie at the center of the building. These factors and more put 100 East and other older Class A office buildings at a disadvantage to the new ones, which boast larger, more efficient floorplates and modern amenities. Even before the COVID-19 pandemic, industry professionals were preparing for a rise in Class A office space vacancies downtown
as a result of newer product coming online, said Andrew Jensen, principal with Cushman & Wakefield | Boerke. But a silver lining for the downtown Milwaukee office market is the volume of space up for sublease is lower in Milwaukee than other markets. Subleases can indicate companies are downsizing or shedding excess space. It looks like the Johnson Controls Inc. headquarters is also headed for rebirth. Kenosha-based Bear Development is under contract to buy the complex and redevelop it for a number of uses. Important to office brokers, this keeps 420,000 square feet of office space from being brought to market as JCI prepares to move operations to Glendale. Both Jensen and Pecor said 100 East could get significant reinvestment. Their assumption is that the lenders will turn over the building to a new ownership group at a discount. The new owners could then pour money into improving the building and making it more attractive to tenants. Pecor said 100 East could follow the model of Two-Fifty. Located at 250 E. Wisconsin Ave. downtown, the 20-story office building changed hands in 2015 and its new owners spent millions to improve it. Buildings that undergo significant renovations have been generally well received by office users, Pecor said. n
1
Sartori Cheese By Brandon Anderegg, staff writer Pam Hodgson is one of the world’s few certified master cheesemakers – a title that requires a decade-long commitment to the art of cheesemaking to achieve – and only the second woman to ever hold the designation. At Plymouth-based Sartori Cheese, Hodgson is tasked with developing new cheeses and flavor profiles. The composition of milk varies from season to season, which makes crafting a cheese with a consistent taste in each bite challenging. As Hodgson describes it, chee-
semaking is a biological process involving living organisms that need to be kept healthy and controlled to grow at the right rate. The cheesemaking process, she says, can be compared to a spider’s web – when tweaking a variable, the whole web vibrates, impacting certain elements of the final product. Sartori, a family-owned business, produces 12 cheese varieties and sources all of its dairy from farms within a 60-mile radius of its production facilities in Plymouth and Antigo. n
2
4
1 Hodgson grew up in a family of dairy farmers in Sheboygan County. She started as a cheesemaker at Sartori Cheese in 2005 before becoming a master cheesemaker in 2013.
ANDREW FELLER PHOTOGRAPHY
ON THE JOB WITH…
2 Hodgson stands in Sartori’s East Main Caves, an area within Sartori’s Plymouth production facility used to hand-finish its BellaVitano cheese wheels.
3
5
3 Hodgson holds a handful of cheese curds at Sartori’s creamery. A cutter device passes across the table to break up curds and remove moisture before being salted and pressed together.
6
4 A mixture of curds, whey and water is pumped onto a table in the foreground while master cheesemaker apprentice Jeremy Werdeo removes remaining product from an adjacent table.
5
6
The curds have a more liquid consistency before being drained of moisture and whey, a process that can take up to 45 minutes.
Hodgson peers into a large vat containing a mixture of milk cultures and enzymes amassed into a single curd before being drained and cut into smaller curds.
biztimes.com / 5
@BIZTIMESMEDIA – Real-time news
JAKE HILL PHOTOGRAPHY
Leading Edge
INVESTII, INC. LOCATION: Milwaukee FOUNDERS: Nishant Deshpande and Bryan Stave FOUNDED: 2020 PRODUCT: Web-based platform to track finances. WEBSITE: investii.com EMPLOYEES: 8 GOAL: Help users identify how much they can afford to save each month. EXPERIENCE: Deshpande worked for BMO Financial Group. Stave worked at Epic and Ardent Health Services.
Milwaukee fintech startup rewards users for their savings habits By Brandon Anderegg, staff writer
6 / BizTimes Milwaukee SEPTEMBER 13, 2021
Nishant Deshpande and Bryan Stave
MOST COMPANIES reward consumers for what they spend, but a local fintech startup wants to reward people for the money they save. Milwaukee-based Investii, Inc. developed a cloud-based software platform that helps people visualize all of their finances in one place, shift funds across multiple accounts and earn rewards points for moving money into savings vehicles. The startup targets young professionals and college students who are just learning to manage their own finances and who know they should save but aren’t sure how much or how often, said Nishant Deshpande, Investii co-founder and chief executive officer. Investii not only tells users the amount they can afford to save each month, but it also breaks down how much of a user’s monthly surplus should be allocated to a variety of savings vehicles, including investment brokerage accounts. Investii is also the only platform on the market that allows people to move money into different account types without having to access multiple mobile apps, Deshpande added. “The number one reason people don’t save is because they don’t know how much to save,” Deshpande said. “We’re really just removing that thinking and stress out of saving.” Users can also earn points that are re-
deemable for cash back as they increase their “Investii savings score,” a metric Investii’s founders say should be used to evaluate a borrower’s ability to pay back loans. “Fundamentally, we believe savings habits are the best predictor of credit worthiness, certainly more so than your spending habits,” said Bryan Stave, Investii co-founder and chief growth officer. The Investii savings score is based on how consistently a user saves, the amount saved, liquidity ratio and the diversification of a user’s savings across multiple savings vehicles. Investii’s next step is to prove its concept by allowing users to apply for loans through its platform and guarantee a portion of that loan based on their Investii savings score, Deshpande said. “That would decrease their value at risk to the lender, which would in turn decrease their interest rate and would give us another data point for proving the validity of this score,” Deshpande said. Investii is integrated with more than 17,000 financial institutions across the country. A user’s data on Investii is secured through encryption and the platform is powered by Plaid, which is used by other finance apps like Venmo, Robinhood and Acorns. n
A BANKING PHILOSOPHY BUILT BY A SUCCESSFUL BUSINESSMAN. Unlike any other bank in the Milwaukee area, Ixonia Bank operates based on the philosophy of Professional Ownership® developed by Sheldon Lubar, our majority owner. His patient approach to business growth and building relationships, not transactions, is woven into our day-to-day operations. And you can tap into the approach of a business bank run by business experts to build your company. We believe that the greatest returns result from mutual respect and trust. For proof, talk to our bankers in the downtown Milwaukee office of Ixonia Bank. To talk business, call Patrick Lubar at 414.763. 2428
MKE
The Business Bank Run By Business People 611 E Wisconsin Ave Suite 101, Milwaukee, WI 53202 • 414.763.2428 • ixoniabank.com/mke
Leading Edge
FRESH DIGS
L ANDMARK CREDIT UNION’S NEW BROOKFIELD HQ OW N E R : Landmark Credit Union A RC H I T E C T: Eppstein Uhen Architects C ON T R AC TOR : CG Schmidt C OM PL E T E D : April 2021
8 / BizTimes Milwaukee SEPTEMBER 13, 2021
LANDMARK CREDIT UNION earlier this year settled into its new Brookfield headquarters on Executive Drive. Jay Magulski, president and chief executive officer of Landmark, said at full occupancy the building will house around 400 employees. Right now, amid the COVID-19 pandemic, about 100 people are in the office on any given day. Landmark moved its HQ from New Berlin because it outgrew its space there, Magulski said. “We talked about wanting a headquarters that was attractive and inviting,” he said. “And then, a focus for our associates on collaboration, engagement, professional development, a focus on health and wellness, and flexibility. And
we really feel great about how all those came together.” When employees and visitors first walk into the building, they are greeted by a large lobby and two-story cafeteria. The remainder of the building boasts divisible meeting space, a fitness room with lockers, individual kitchenettes on each floor, meeting areas of various sizes, large windows emitting lots of natural light and outdoor spaces such as a patio, large terrace, mile-long walking path and basketball court. Magulski said a common refrain that executives have heard from workers is that the building’s design and features seamlessly tie together. n
Who’s on the Board?
on my nightstand... MANNY LARA Chief human resources officer Bartolotta Restaurants
“Make Your Bed: Little Things That Can Change Your Life...And Maybe The World” By Admiral William H. McRaven
Adams • Todd Adams, chairman, president and chief executive officer of Rexnord • Mark Bartlett, retired Ernst & Young partner • Jacques Butler, retired Ford Motor Company executive director • Thomas Christopoul, co-founder and executive vice president of 54 Madison Partners • Theodore Crandall, retired Rockwell Automation senior vice president • David Longren, retired Polaris Industries senior vice president
BIZ POLL
• George Moore, former executive vice president and chief financial officer of Maytag Corp. • Rosemary Schooler, corporate vice president for Intel Corp. • John Stroup, executive chairman for Belden Inc. • Peggy Troy, president and CEO of Children’s Wisconsin • Robin Walker-Lee, retired TRW Automotive Holdings executive vice president, general counsel and secretary
AS MANNY LARA takes on a new role as chief human resources officer at The Bartolotta Restaurants, he’s re-reading one of his favorite books, “Make Your Bed: Little Things That Can Change Your Life… and Maybe The World” by Admiral William McRaven. The New York Times bestseller is based on McRaven’s 2014 commencement address at the University of Texas at Austin, where he shared 10 lessons learned while training to be a U.S. Navy SEAL.
“It’s an easy, quick read yet so powerful for those taking on a new endeavor or looking for some extra motivation and focus,” said Lara. Lara, a Navy veteran himself, was a fan of McRaven prior to the release of “Make Your Bed” and had watched his speech. “I was reminded of the simple life lessons from this book that resonate with anyone to stay focused, find courage and take comfort in the team around you,” Lara said. n
A recent survey of BizTimes.com readers.
Has your company adjusted the pricing for its goods or services this year? Yes, we’ve increased our prices:
50%
2.7% No, our prices haven’t changed: 47.3%
Yes, we have lowered our prices this year:
TELLING YOUR STORY
IN YOUR OWN WORDS… BT360 CONTENT SOLUTIONS helps companies create and deploy engaging content to enhance their brand and drive meaningful engagement. Custom Publishing Content Marketing Custom Events & Webcasts Deployment & Distribution Lead Generation & Lead Nurturing Research, Audit & Strategy For more information, please visit BIZTIMES.COM/BT360 or contact Maggie Pinnt, 414-336-7127.
Share your opinion! Visit biztimes.com/bizpoll to cast your vote in the next Biz Poll.
THE STORYTELLING ARM OF BIZTIMES MEDIA
biztimes.com / 9
Leading Edge
“ QUOTE
unQUOTE
K AT H Y KO S H G A R I A N
”
P R E S I D E N T A N D C H I E F O P E R AT I N G O F F I C E R , D O H M E N C O M PA N Y F O U N D AT I O N Kathy Koshgarian, president and chief operating officer of Milwaukee-based Dohmen Company Foundation, was recently recognized as BizTimes Milwaukee’s 11th Woman Executive of the Year. At BizTimes’ Women in Business Symposium, Koshgarian discussed Dohmen’s philosophy of change, which has driven its evolution into a nonprofitowned company focused on increasing community access to healthy foods and preventing chronic disease. n
“It is part of (Dohmen’s) DNA, it is part of our culture. We change what we do without changing who we are.”
“Don’t change just to change. Ensure that it’s purposeful.”
“It is possible to reignite the spirits of those who may have become complacent and to feed the fuel of those that are looking for what’s next. Instead of thinking about the one out of three (people) that are adverse (to change), let’s ignite those two out of three people.”
“Describe the future in a clear and compelling way. … Second, identify what matters most. These are your make-its and break-its. Third, orient the entire organization’s perspective to always be forward looking.”
“(In 2020), we amped up our strategy, we fasttracked it. In a year where we were faced with headwinds, we created tailwinds. Not only did we amp up our strategy, we amped up our resourcing.”
“Working together was incredibly easy.”
“They respect you as a person, not a number.”
“Working with Citizens Bank, we have found trust.”
Find what matters most to your business.
262-363-6500 www.citizenbank.bank Follow | Like | Review Citizens Bank – WI
10 / BizTimes Milwaukee SEPTEMBER 13, 2021
SPONSORED CONTENT
National Clients. Global Results. The M&A industry, particularily middle-market transactions, continues to surge thanks to the supply of low- and high-yield debt, an abundance of dry powder, low interest rates and soaring valuations. So far this year, 35,128 global transactions have been announced, which is a 24% increase over last year (1).
The combination of economic and operating recoveries, monetary policy commitments to maintain asset purchases and low rates, and a growing private debt market are all supporting the improved credit outlook and confidence in funding conditions that will continue to drive M&A.
One contributing factor for this jump is the supportive debt Principals at Taureau Group understand the changing capital environment. Industry market intelligence shows that M&A-related market dynamics and industries driving activity, and we can react leveraged loan issuance stood at a record level in the first half of accordingly to achieve our client’s specific objectives. the year and is expected to continue reaching record highs.
Drivers Behind The M&A Market Remaining Active and at All-time Highs
Available Capital
Limited Supply
Growth Initiatives
Available Debt
Robust Valuations
Private equity dry powder is $1.7 trillion; U.S., nonfinancial, corporate cash is $4 trillion
High quality companies are strongly desired and provide greater options, and increased negotiating leverage
M&A allows access to new markets, services, geographies, capabilities, diversification, etc.
Pricing and leverage levels remain favorable, and private debt capital market is growing
Values remain strong for high quality companies
Taureau Group provides the market reach to achieve outstanding results for companies looking to grow their business or maximize value through a sale or recapitalization. If you are considering selling or looking for ways to grow, we are here to help. Our team can discuss your objectives, answer any questions you may have, and develop and execute an ideal M&A strategy.
(1)
Source: GF Data
Securities offered through Burch & Company, Inc., member FINRA / SiPC. Burch & Company and Taureau Group, LLC are not affiliated entities. Principals of Taureau Group are registered investment banking representatives with Burch & Company.
414.465.5555 | taureaugroup.com
BizNews
Veteran blends military experience with metal fabrication IRAQ WAR VETERAN Jason Young has a military mindset when it comes to projects in the shop, a philosophy he’s now applying to 3Up Metal Works, a Milwaukeebased custom metal fabrication company he recently purchased on the city’s north side. Formerly known as SSO, LLC, Young renamed the fabrication and metals shop to reflect his work ethic and company culture. The name references Young’s rank in the Marine Corps while the logo contains three chevrons, a military insignia designating the rank of sergeant. The metal fabricator’s product range covers structural steel building components, conveyor systems, catwalks, mezzanines, stairways and more for a variety of industries, including food and beverage, construction, manufacturing and agriculture. Before purchasing 3Up Metal Works, Young was president of Price Erecting Co., a heavy machine mover and installer based in Milwaukee. Now he’s melding his career experience and military background to set 3Up Metal Works apart from competitors. 3Up Metal Works bills itself as a “true design-build custom fabrication shop,” meaning the company can meet virtually any metal fabrication need of its clients ranging from large fabricated parts to small custom precision pieces, Young said. Rather than mass producing a product, the company is fabricating between five and 10 components, many of which are custom 12 / BizTimes Milwaukee SEPTEMBER 13, 2021
designed and manufactured. “We’re not a production shop,” Young said. “This is truly taking someone’s ideas from scratch paper all the way through to a finished product.” One way Young brings his military background to the metal fabrication space is with attention to detail and what he calls the 80-20 approach – 80% planning and 20% execution. By connecting with customers upfront, 3Up Metal Works can understand functional elements of the product and, just as importantly, how users interact with that product. In a recent project, 3Up Metal Works reverse-engineered a large cheese grinder for a major food manufacturer in southeastern Wisconsin. Rather than replicate the exact cheese grinder, Young and his team worked with the manufacturer to tweak design elements, which made for a more durable and efficient machine. “With a cheese grinder, we’re hucking 50-pound bricks of cheese, so it has to have a lot of torque and be able to withstand a lot of pressure on the metal so we’re using a thicker gauge,” Young said. Education is also an important piece of 3Up Metal Works’ customer acquisition strategy, Young said, adding that customers need information like how commodity prices are changing, lead times and general project timelines, he said. “Because of being military, there’s always a rank and structure to the process and of everything
3Up Metal Works fabricated stainless steel hangers designed for pipe runs that move product through a food and beverage facility.
3UP METAL WORKS
7420 N. Teutonia Ave., Milwaukee INDUSTRY: Metal fabrication EMPLOYEES: 5
3upmetalworks.com
“
We’re not a production shop. This is truly taking someone’s ideas from scratch paper all the way through to a finished product. — Jason Young, president and CEO of 3Up Metal Works
that goes in place, which is what we bring to the table in our discovery meetings,” Young said. Within the first seven months of owning the business, 3Up made two hires, secured new customers and doubled its revenue, Young said. He attributes the company’s success to the trusted relationships 3Up has built with customers who understand the value and niche skill set of his custom metal fabrication team. “We’re not looking to get as many customers as possible,” Young said. “I’m looking to find and retain good customers who understand what we do is unique and the dollar value associated with that uniqueness.” n
BRANDON ANDEREGG Reporter
P / 414-336-7144 E / brandon.anderegg@biztimes.com T / @bandereggmke
Interview
LILA ARYAN PHOTOGRAPHY
the
MUSKEGO-BASED SANITARY FITTINGS recently made its debut on the 2021 Inc.
5000 list, an annual ranking of the nation’s fastest-growing companies. The five-year-old company came in at No. 714 with a three-year revenue growth of 687%, making it the third-highest ranked southeastern Wisconsin company this year. Sanitary Fittings is a customer service company founded by John Zabkowicz that provides stainless steel tube fittings to food, beverage and pharmaceutical industries. John’s wife, Rachel Zabkowicz, who previously worked in corporate finance, took over as co-owner last year and today oversees operations at the fully remote company, while John remains involved in the business. Rachel recently spoke with BizTimes associate editor Lauren Anderson about the company’s origins and recent growth spurt. How did the company get its start? “We had always talked about starting our own business, but the timing was never right, or it seemed too big of a risk leaving two secure jobs. So, (John) lost his job in 2016 and it made us reevaluate, OK, where do we go from here? At the time, I was fortunate enough to have a great job that could support our family. So, he decided to see what he could do as an entrepreneur. It was actually through a very casual conversation with our brother-in-law, who is in the sanitary fittings business, who mentioned that a lot of manufacturers and distributors were slow to adapt to e-commerce. We did some research and found that to be generally true, and it was not a very capital-intensive way to start up a business. John could do the computer programming, he had a lot of experience with SEO, I have a finance background, … and so it was just an investment of his time to build the website and figure out who the network of suppliers could be. It seemed like a risk we were willing to take, and if it didn’t work out, we could go back to corporate America and carry on as we had been.”
So, it worked out? “He had his first sale right before Christmas of 2016, and we’ve just seen wonderful growth since then. We have a good network of suppliers that we work with. And we made the decision in 2018 that I would join the business, but we had to develop our exit plan for me and make sure we felt secure with me leaving my job in corporate America. So, I left in spring of 2020 right as COVID was hitting, which was a little bit nerve-wracking. And I became the majority owner a few months later.”
How does your company fill a need in the market? “A lot of companies have websites, but it was ‘here’s our product catalog.’ There was no pricing online, it was ‘here’s a list of our products, call for a quote.’ And I think a lot of companies still go to our suppliers for a big project, but the niche we fill is ‘I need to buy a stainless steel fitting just to repair my production line.’ They may not want to go all the way to their supplier when they can just search online and see Sanitary Fittings has it in stock, they can ship it out today, and I can get it tomorrow.”
Do you expect to stay remote going forward? “With the size of team we’re at right now, the remote work seems to be going well. We’re still in constant communication with each other. And because we’ve always operated that way, it doesn’t seem like anything’s missing. Also, I think we all enjoy the flexibility that remote work offers us.”
Rachel Zabkowicz
Does making the Inc. 5000 open up new opportunities?
Sanitary Fittings
“Yes, we’re definitely hopeful for that. There’s marketing opportunities and networking opportunities. And hopefully that can continue to help us grow. Being a woman-owned business now, that’s also part of our growth strategy.” n
P.O. Box 295, Muskego
Co-owner
Employees: Fewer than 10 sanitaryfittings.us biztimes.com / 13
Real Estate
REAL ESTATE WEEKLY – The week’s most significant real estate news → biztimes.com/subscribe
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1237-1239 12th Ave. Owner: Paramount Plaza Inc., registered to Hertejvir Singh of The Bottle Shop of Grafton Tenant: The Bottle Shop of Grafton
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2 1303-1305 Wisconsin Ave., 1125 Bridge St. (two condo units) Owner: Luis Calix (1303), Frank and Barbara Oetlinger (1125) Tenant: Lobo’s Place
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1312 Wisconsin Ave. 1310-1316 12th Ave. Owner: Mueller Hotel LLC, registered to Paul Owner: Patrick Klemp Rushing of Hotel Grafton Apartments Tenant: Pawsitively Purrfect Pet Grooming Tenant: Hotel Grafton Apartments 14 / BizTimes Milwaukee SEPTEMBER 13, 2021
3 1307-1309 Wisconsin Ave. Owner: KAJO Properties LLC, registered to Jesse Kopp of Evolving Wood Floors LLC Tenants: Evolving Wood Floors LLC, NSeven Coffee Co., WisconSkin Ink
7 1304 12th Ave. Owner: MMM Concepts LLC, registered to Michael Tsuchihashi of Atlas BBQ Tenant: Atlas BBQ
4 1325-1327 Wisconsin Ave. Owner: Rieck Bros. Enterprises LLC, registered to Richard Rieck of Heinz & Sons Tenants: Heinz & Sons 57 Auto Body, The Academy of Martial Arts
8 1238 12th Ave. Owner: JTW Development LLC, registered to Josh Wadzinski of Think Design LLC Tenant: Think Design
ALEX ZANK
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NOTABLES 2021 FEATURED DEAL: WAU WAT O S A OFFICE BUILDING Irgens Partners LLC is bullish on the Wauwatosa office market. The Milwaukee-based developer recently acquired the five-story, 130,000-square-foot office building southeast of Research Drive and North Mayfair Road. Irgens said the recently vacated building will undergo significant renovations and be marketed to either one single large tenant or multiple tenants. The building was constructed in 1995 and was the inaugural development within the Milwaukee County Research Park. Irgens bought it for $9.5 million, well under its assessed value of $16.5 million, according to county records. The acquisition comes as Irgens is developing two new office buildings at the UWM Innovation Campus, also in Wauwatosa. “The acquisition of this premier property is indicative of our continued belief in the strength of the Research Park and immediate area,” said Tom Irgens, executive vice president of Irgens Partners. ADDRESS: 10701 Research Drive BUYER: 10701 Research Drive Development Partners LLC, an Irgens affiliate SELLER: ARHC HRWAWI001 LLC PRICE: $9.5 million
UGLY BUILDING: VAC A N T C O M M E R C I A L B U I L D I N G N E A R T O S A V I L L AG E Wauwatosa’s Tosa Village is a vibrant district filled with historic buildings, quaint storefronts and chic apartments. But those getting there via Harmonee Avenue are greeted by an underwhelming building just as they cross the Menomonee River. There lies an old, vacant commercial building, complete with weeds growing from its gutters. The good news is the city intends to do something about it. The Community Development Authority acquired the property, located at 7746 N. Menomonee River Parkway, from Commerce State Bank this spring. That was two months after the previous owner transferred the deed to the bank to avoid foreclosure. The CDA met in early August to discuss the property. City staff said the building will be demolished and the property will be redeveloped. The CDA could reveal details later this month.
Keep up with BizTimes’ 2021 roundup of the leaders making a difference throughout southeast Wisconsin. At companies across southeast Wisconsin, notable executives are running businesses, navigating company restructurings, serving on boards, running marketing departments, and investing in growth throughout the region. The notable individuals profiled in these categories are nominated by their peers at work and in the community.
NOTABLE WOMEN IN INSURANCE
BizTimes’ Notable Women in Insurance will honor outstanding women in the metro Milwaukee area who are making a measurable impact in the risk, health, and benefits insurance industry. These women have created a reputation for excellence by applying their skills, experience, and innovative thinking to the fast-changing insurance industry. Nomination Deadline: Friday, September 10, 2021 Issue Date: October 25, 2021 Notable Commercial Real Estate Leaders The brokers, directors, investors, developers and finance professionals on this list are among those shaping high-profile commercial real estate in Chicago. Many have brokered deals for and developed the city’s most recognizable properties. Others are helping to steer industry groups that are fostering the next generation of leadership in commercial real estate. Nomination deadline: September 24, 2021 Issue date: November 8, 2021 Notable Food & Beverage Executives The executives on this list are shaping their own organizations as well as the path forward for others in the food and beverage manufacturing industry, while mentoring the next wave of professionals and finding ways to give back to their communities. Nomination deadline: October 29, 2021 Issue date: December 13, 2021 Notable Heroes in Health Care Recognizing individuals and teams in health care who are working on the front lines. Nomination deadline: October 29, 2021 Issue Date: December 13, 2021
To view this year’s winners and nominate, visit biztimes.com/notable
biztimes.com / 15
STORY COVER
WISCONSIN
IS A MAJOR
GOLF
DESTINATION BY MAREDITHE MEYER AND ARTHUR THOMAS, staff writers
Sand Valley – Mammoth Dunes course
Location: Adams County Designer: David McLay-Kidd Notes: Built on central Wisconsin sand dunes. Ranked #29 best public golf course in North America by GOLF magazine. 16 / BizTimes Milwaukee SEPTEMBER 13, 2021
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ext May, Jon Kimsey and eight of his friends plan to be in Wisconsin playing golf. They’ll spend three days at Sand Valley in central Wisconsin and a couple more at Erin Hills in Washington County. There isn’t time on the itinerary for a stop in Sheboygan County to play Whistling Straits, but the group is already talking about a return trip to get the full Kohler experience. Kimsey lives in Birmingham, Alabama. The group met while working at an accounting firm in the city early in their careers. They’ve since gone their separate ways but continue to keep in touch. A couple times a year, the friends unite for a golf trip, usually close to home in the South, but when someone retires, they go big. This time it’s Kimsey retiring as partner at Birmingham-based
Warren Averett, LLC. His destination of choice: Wisconsin and Sand Valley, in particular. Kimsey played Bandon Dunes in Oregon a decade ago. The Keisers, the family behind the resort on the Pacific coast, also developed Sand Valley, located in Adams County. “I know that the quality of the golf resort at Bandon is very special, and I’m assuming Sand Valley is no different,” said Kimsey, who originally read about the Wisconsin course in a golf magazine. But it’s not just Sand Valley that is attracting Kimsey’s group to the state. The chance to play a U.S. Open course and potentially a PGA Championship and Ryder Cup course in the future adds to the draw, plus the fact that the courses, while expensive to play, are accessible to the public.
biztimes.com / 17
STORY COVER “Most of the (elite) courses in the U.S. (are private clubs, so) a normal person like me cannot access those,” he said. “So, having courses that have that pedigree of hosting Ryder Cups or U.S. Opens that I can go play is obviously a big plus.” Wisconsin is now in the third decade of a run of major golf championships coming to the state that includes a U.S. Open, two U.S. Women’s Opens, three PGA Championships, a U.S. Senior Open, a U.S. Amateur and the Ryder Cup later this month. The U.S. Senior Open will return in 2023 and the U.S. Women’s Open comes back in 2025. As impressive as the run of big championships is the fact that they have been played on public-access golf courses. Those courses help the state land three spots in the top 15 public courses in Golf Digest’s rankings. Wisconsin has 10 courses on the magazine’s top 100 public courses list. The combination of publicly accessible courses and regular television exposure to golf’s biggest audiences has helped make Wisconsin a golf destination that now competes with the Carolinas, California and even Scotland and Ireland for golf tourists. “Certainly Wisconsin, really in a matter of 25 or 30 years, has gone from a place where nobody traveled to (to play golf) from outside of Wisconsin, except maybe some guys from Chicago who came
up and played in Lake Geneva. ... Other than that, nobody nationally came to Wisconsin to play golf. It was a flyover state. And now it’s a destination state,” said Gary D’Amato, senior writer at Madison-based Killarney Golf Media. “The state has come miles and miles in a very short time.”
A major rise
D’Amato, who covered the sport for years at the Milwaukee Journal Sentinel and now writes for Wisconsin.Golf, traces the growth back to the opening of Kohler Co.’s Blackwolf Run in the late 1980s. “It emboldened people to build upscale golf,” he said, noting that courses like The Bog and Country Club of Wisconsin, now known as Fire Ridge, soon followed. You could even trace it back a bit further to SentryWorld, which was developed by Stevens Point-based Sentry Insurance and debuted in 1982. The venue is considered by some to be Wisconsin’s first destination golf course. In its opening year, the course – famed for its “Flower Hole” with 33,000 annual plants surrounding the 16th hole green – received Golf Digest’s first-ever “Best New Public Course” title. D’Amato recalls thinking in the early 2000s that the state was emerging as a golf destination. At the time, the state had hosted one U.S. Women’s Open and had its first PGA Championship on the
horizon. Erin Hills was still years from opening, and Sand Valley was more than a decade away, but major championships were putting Wisconsin on the map. “When I was younger, playing golf as a teen, I couldn’t have imagined that Wisconsin would be getting major championship golf,” D’Amato said. The majors Wisconsin has hosted in its recent run have brought national and international attention to the state. While not a major, the Ryder Cup, one of the biggest spectacles in golf, will only serve to amplify the state’s growing profile. The event also comes amid a surge in interest in golf. Total rounds played increased 30% in Wisconsin in 2020, more than the nearly 23% increase seen nationally, according to Florida-based Golf Datatech. Through June, total rounds were up nearly 20% in Wisconsin and nearly 14% nationally. The Ryder Cup, taking place Sept. 21-26 at Whistling Straits, has an estimated economic impact of $135 million and 27 hours of television coverage reaching 160 countries. “The global reach of that big advertising period will again extend the reach and awareness of Kohler as a golf destination. The avid golfer, even the leisure golfer, they want to play some of the most iconic destinations in golf and this is certainly up there,” said David Kohler, president and chief executive officer of Kohler Co. and general chair of the Ryder Cup. D’Amato said major championships had a simi-
Sand Valley – Sand Valley course
Location: Adams County Designer: Bill Coore and Ben Crenshaw Notes: Built on central Wisconsin sand dunes. Ranked #25 best public golf course in North America by GOLF magazine.
18 / BizTimes Milwaukee SEPTEMBER 13, 2021
Whistling Straits – Straits Course
Location: Sheboygan County Designer: Pete Dye Notes: Located along Lake Michigan. Site of 2021 Ryder Cup; 2004, 2010 and 2015 PGA Championship and 2007 U.S. Senior Open. Ranked #11 best public golf course in North America by GOLF magazine.
lar impact on the state’s golf scene. “I think people who watch those tournaments on TV saw how beautiful the courses looked and said ‘hey, I’ve got to get to Wisconsin and play this stuff,’” D’Amato said. Travel Wisconsin, which markets the state to out-of-town visitors, has capitalized on the surge of national interest in Wisconsin golf as well as the exposure generated by the Ryder Cup. The group produced a series of vignettes highlighting Wisconsin staples like Harley-Davidson, Frank Lloyd Wright architecture, Friday fish fries and great beer that will run on NBC as TV ads during the event, highlighting Wisconsin. “We’re thrilled to have Ryder Cup broadcast coverage put Wisconsin on the international stage,” said Anne Sayers, secretary-designee of the Wisconsin Department of Tourism. Kohler Co. is expecting “full attendance” at the biennial competition but declined to provide an estimated figure. Originally, when preparations were underway for a 2020 event, tournament and local tourism officials anticipated 50,000 visitors at Whistling Straits each day. In addition, approximately 4,000 volunteers are needed for on- and offcourse roles, and 1,300 temporary jobs are typically created with Ryder Cup service providers.
As you might expect, Erin Hills competitions director John Morrissett said the exposure from the 2017 U.S. Open brought people to the course that had never played it before. “It’s a real thrill for people to go play where history was made, to be able to go see where Brooks Koepka won the first of his four major championships,” Morrissett said, adding the course put a plaque in the fairway of the 18th hole so players can see the same view as Justin Thomas when he hit a 3-wood from 299 yards to within feet of the hole en route to a record-tying 63 during the third round. While the course has national and even international draw, he said most players come from Wisconsin or Illinois. The work of attracting golfers includes a variety of marketing efforts that range from email campaigns, a social media program that includes influencers, partnerships with state golf associations and select regional and national advertising. Michael Keiser Jr., managing partner of Sand Valley, said his course and every other course in the state benefit from the “incredible tournaments that Erin Hills and Kohler have hosted.” “It makes Wisconsin a global brand,” said Keiser, who is also co-owner of Dream Golf Resorts, which has the Bandon Dunes resort in Oregon and Cabot in Nova Scotia. “People from around the world and
certainly all over the country are seeing that if you’re a serious golfer, Wisconsin is up there with any state or region, honestly, on the planet.” Before beginning work on Sand Valley over the past decade, Keiser acknowledged he didn’t have much of a perception of golf in Wisconsin. “To be totally candid, I didn’t realize quite how great it was,” he said. Keiser had played a round in Lake Geneva and one at Erin Hills. “I was like some or many Chicagoans, not fully aware of how outstanding the state was for golf,” he said. Fast forward a few years and Sand Valley continues to grow as a destination, literally. There are now two full courses at the site and a third in the works, plus a 17-hole par-3 course. The Keisers are also developing the Lido just north of Sand Valley. The fifth Keiser-led course in the area will be a recreation of a C.B. MacDonald-designed course on Long Island by the same name built in the early 1900s. The course was thought to be one of the best in America at its time but was lost to military use during World War II. D’Amato said he could see six or seven courses from the Keisers in the Sand Valley area. Keiser said the unique, sandy property benefits biztimes.com / 19
STORY COVER
Whistling Straits – Irish Course
Location: Sheboygan County Designer: Pete Dye Notes: Ranked #43 best public golf course in U.S. by Golf Digest in 2019.
from having the availability of great land for golf but also didn’t want to look too far into the future. “We’ll take it one at a time, but I suspect we’re just scratching the surface,” he said. The Keisers aren’t the only ones with an appetite for more great golf courses. Kohler Co. has been working for several years to build a championship-level course near Kohler-Andrae State Park along Lake Michigan just south of Sheboygan. The project was first proposed in 2014 and has gone through a number of challenges, including over the annexation of land into the city of Sheboygan, discovery of human remains on the site and wetland permitting issues. The project was granted a wetland permit in 2018 by the Department of Natural Resources only to have it overturned by an administrative law judge. Earlier this year, a Sheboygan County judge dismissed a Kohler lawsuit seeking to uphold the DNR’s original decision. Asked about the proposed course, Kohler took a longer-term view of the company’s golf activity. “Our role in the golf business is still pretty young,” he said. “We have a long way to go. Our company is 147 years old and we’ve got a long way to go and a big future ahead of us, so we’re committed to continuing to build our legacy and our position in very unique golf destinations. That (proposed golf) course can be an exciting element when it happens.” 20 / BizTimes Milwaukee SEPTEMBER 13, 2021
D’Amato said he expects the course will become a reality. “Eventually I think Kohler is going to win that battle and build another championship course,” he said.
The Kohler effect
The Kohler golf brand has evolved into something far grander than what executive chairman Herbert Kohler Jr. had originally envisioned four decades ago. The five-star American Club Resort Hotel opened in 1981, and as the story goes, the then-CEO was handed a stack of guest surveys a couple years later. “(Customers) had given suggestions that they wanted to play golf,” said David Kohler, noting that, at the time, guests were sent to local courses in the area when they wanted to play. Herb didn’t know much about golf, but he enlisted people who did, including renowned golf course designer Pete Dye. Dye, who passed away last year at the age of 94, is known for using the natural terrain to create courses that are vexing and challenging for the pros, yet playable for the leisure golfer, said David. “My father really learned the game of golf through the eyes of Pete Dye,” he said. “My father loves design, designing products and interior design, all forms of design. Through the process of designing
the course together, he learned about the game, became passionate about the game, and started to play the game. The story was not a grand vision, though.” Blackwolf Run’s two courses – thirty-six holes carved into the Sheboygan River Valley – eventually led to a second site along the shore of Lake Michigan. Designed to resemble the famed Irish golf club Ballybunion, Whistling Straits was “purpose-built for the largest championship events,” said Kohler – not just because of its challenging, European-style layout, but also because its 560-acre expanse is equipped to handle the infrastructure and parking required for large crowds. Ahead of the Ryder Cup, more than 1 million square feet of hospitality structures, corporate chalets and spectator platforms were constructed along the course. “We think it’s the largest construction build in the history of the game,” said Kohler. In addition to the American Club and Kohler’s two 36-hole golf venues, Kohler’s hospitality arm, Destination Kohler, is known for its Water Spa, restaurants and other upscale amenities that draw international visitors year-round. Kohler said all those attractions combined have put both Kohler and Wisconsin on the map as a destination for resort golf. “If you look back in history, that really set off the interest by others to build courses in Wisconsin like Erin Hills and Sand Valley that have fol-
Blackwolf Run – River course (above)
Location: Kohler Designer: Pete Dye Notes: Site of U.S. Women’s Open in 1998 and 2012. Ranked #38 best public golf course in North America by GOLF magazine.
Blackwolf Run – Meadow Valleys course
Location: Kohler Designer: Pete Dye Notes: Site of U.S. Women’s Open in 1998 and 2012. Ranked #57 best public golf course in the U.S. by Golf Digest in 2019. biztimes.com / 21
STORY COVER
lowed, and all of that together has made Wisconsin an even richer site for the avid golfer,” said David Kohler, who credits his father with igniting the spark that set off Wisconsin’s golf explosion. Kohler has certainly played a large part, but what other unique factors have come together to make Wisconsin a golf destination? Keiser said for Dream Golf the process of creating a golf destination starts with the land a course
Troy Burne Golf Club
SentryWorld
Location: Stevens Point Designer: Robert Trent Jones Jr. Notes: Known for its iconic “Flower Hole.” Site of 2023 U.S. Senior Open. Ranked #44 best public golf course in U.S. by Golf Digest in 2019.
will be built on. “We’ve never done a market study,” he said. “We look at our very local piece of ground and say, ‘Can this yield 18 holes that will exceed our guests’ expectations?’ and if the answer is ‘yes,’ then we move forward.” The rest of a project comes into place if the team starts with great ground, he added.
Location: Hudson Designer: Michael Hurdzan, Dana Fry and Tom Lehman Notes: Ranked #69 best public golf course in U.S. by Golf Digest in 2019. 22 / BizTimes Milwaukee SEPTEMBER 13, 2021
“We don’t choose to build on pretty good sites saying, ‘we can make this better.’ We try to build on the world’s greatest sites, saying, ‘we’ll do very little to this because it’s already great,’” Keiser said. Once a great course is built, then comes the work of attracting golfers from around the world. Major championships help, as do rankings in golf magazines. “Golfers who subscribe to those magazines, a lot of them have discretionary income and disposable dollars,” D’Amato said, noting readers will see a group of courses listed in an area and make it a point to go play them. New golf media brands like No Laying Up, The Fried Egg and the Fire Pit Collective have also
Erin Hills Location: Washington County Designers: Dr. Michael Hurdzan, Dana Fry, Ron Whitten Notes: Built on undulating Kettle Moraine landscape, near Holy Hill. Site of 2017 U.S. Open, 2025 U.S. Women’s Open, 2011 U.S Amateur and 2022 U.S. Mid-Amateur. Ranked #31 best public golf course in North America by GOLF magazine.
told stories of golf travel and architecture in new ways that provide golfers with more inspiration for their trips. There is also growing popularity of buddies trips or golf travel in general. The National Golf Foundation found that 39% of adult golfers played at least one round of golf on a trip with an overnight stay and another 4 million golfers were interested in playing on a trip. Keiser said one factor in more golfers being interested in golf travel could be changing expectations in parenting. As dads become more involved in raising kids, they may be less likely to spend time every weekend at the country club and instead plan for one or two big trips per year. Keiser said for Sand Valley he thinks of Erin Hills and the Kohler courses as partners more than competitors, even if there is no formal partnership in place. “We don’t compete against each other, we really compete against Scotland, Ireland, South Carolina, California, Florida. That’s our competition, and I think we’re doing pretty good,” Keiser said. David Kohler shares that perspective. “The more that Wisconsin grows as a global and domestic golf destination, the better it is for all of us,” he said.
Looking to the future In Keiser’s view, the biggest challenge is getting players to return to his courses when those other states and countries are an option for the next trip. “Our second hardest job is getting somebody to come to the resort,” he said. “The hardest job is getting them to come back, and that’s what our great teams, our hospitality team and operations team, do so well.” Keiser added that the goal is to make a customer want to come back many times per year and every year, and the resort’s success is based in large part on the “genuine and authentic friendliness” of its staff. “I do think there’s something about the Wisconsin hospitality and sort of Midwestern friendliness that allow us and our competitors to recruit great people that our guests want to come back and see,” he said. Morrissett said the best form of marketing is making sure guests have “a tremendous time from the time he or she arrives to the time of departure.” “If they have a great time, they’re likely to return,” he said. As for major championships returning to Wisconsin, the state may be coming to the end of an impressive run of big-time golf, but D’Amato doesn’t
expect that to hurt the state’s standing as a golf destination. “I think the word is definitely out,” he said. “Wisconsin’s built this reputation as a home to major championships and I think that’s going to have a lasting impact, even if we don’t get any more for a long time.” D’Amato also doesn’t expect the planned major tournaments in 2023 and 2025 to be the last for the state, even if factors outside of the state may have made it harder to land the same events. The PGA Championship, for example, moved from August to May, making it less likely it would return to Whistling Straits since Wisconsin’s climate means turf would just be growing in when the tournament is held. “You know they’re going to go after more stuff and they’re probably already in discussions with the PGA for more stuff,” D’Amato said of Kohler. David Kohler declined to disclose specifics but said Kohler Co. is evaluating options and talking to the sport’s governing bodies. “I think you’ll see a history going forward of unique events that will continue to be held at both Whistling Straits and Blackwolf Run because it’s very much in our interest and passion to continue to host pretty incredible competitions and unique biztimes.com / 23
STORY COVER
The Golf Courses of Lawsonia – Links course
Location: Green Lake Designers: Bill Langford and Ted Moreau Notes: Ranked #23 best public golf course in North America by GOLF magazine.
events at both destinations,” he said. The United States Golf Association has also begun awarding U.S. Opens to anchor sites, planning to bring five U.S. Opens to Pinehurst in North Carolina, four to Oakmont Country Club in Pennsylvania and two to Marion Golf Club, also in Pennsylvania. There are just 14 openings available through
2050. Still, D’Amato thinks Erin Hills could fight for one of those spots. “I think the USGA absolutely loves that property because of all the room for infrastructure (and) parking,” he said. D’Amato added that SentryWorld is another course the USGA likes.
“They’re never going to bring the U.S. Open there because of not enough hotel rooms and that sort of thing and its remoteness, but I think they’re going to continue to bring USGA championships there,” he said In its early years, SentryWorld hosted several high-profile golf events, including its first USGA championship in 1986: the U.S. Women’s Amateur Public Links Championship. But that momentum slowed following the death of Sentry Insurance chairman John Joanis, who was a golf enthusiast and spearheaded the development of the course, said general manager Mike James. In 2012, the company decided it was time for reinvestment; SentryWorld shut down for a year and the entire property underwent a major renovation, upgrading everything from the irrigation system to the clubhouse. The project sparked discussion of SentryWorld’s potential, with Wisconsin’s golf scene on the rise. “Just before the reopening (in 2014), our chair-
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University Ridge
Location: Madison Designer: Robert Trent Jones Jr. Notes: Home course for the PGA Tour Champions’ American Family Insurance Championship tournament.
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man Pete McPartland and I talked and he was interested in hosting meaningful golf tournaments, and so off we went,” said James. SentryWorld reached out to the NCAA, Big Ten and the Korn Ferry Tour, before ultimately forging a renewed relationship with USGA. When SentryWorld landed the 2019 U.S. Junior Girls Golf Championship, it was a launching point into the realm of championship events, said James. Earlier this year, USGA announced SentryWorld as host of the 2023 U.S. Senior Open. The major is expected to attract more than 75,000 attendees and generate $20 million in economic impact to central Wisconsin. As SentryWorld has reclaimed its spot amongst Wisconsin’s championship golf courses, it has continued to develop the property and its amenities, such as the 51,000-square-foot field house, event venues and restaurants. A new 64-room boutique hotel, The Inn at SentryWorld, will open this fall near the 18th fairway. Similarly, other courses have continued to reinvest. In June, Kohler Co. added The Baths at Blackwolf Run, a 10-hole par-3 course and 2-acre putting course. “You have to keep things fresh and new to keep people coming back,” Kohler said. At Erin Hills, a new 63,000-square-foot putting course, The Drumlin, opened in 2019. The course is lit up at night and open until 11 p.m., so it’s especially fun for overnight guests, said Morrissett. “A number of changes and improvements we make are geared toward our daily guests and are not necessarily taken with a major championship in mind,” he said, noting that Erin Hills draws anywhere from 100 to 160 golfers daily during the season. The continued investments are just one sign of what is to come for Wisconsin as a golf destination. “The best is ahead of us. It’s already so great as a state and I think we’re just getting started,” Keiser said. n
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Special Report BANKING & FINANCE
What to consider when financing your company’s growth BY LAUREN ANDERSON, staff writer PERHAPS YOUR BUSINESS is one of the fortunate ones seeing booming sales amid the COVID-19 pandemic. Maybe it’s time to expand with a new location, buy that new piece of equipment or make some new key hires. The next question, of course, is how to fund that next step that could unlock your company’s growth. Becky McClelland, market president, commercial banking at Union Grove-based Community State Bank, has seen various outcomes for clients throughout the pandemic: For some, business has been good, fueling ambitious expansions. Others have suffered, and their long-term recovery remains tenuous. “Business and lending McClelland have been steady, but I think people are looking at the risk of the unknown,” she said. “Do you make the jump and buy a new building/piece of real estate? Or do you make what you have right now work and see what happens in the next few months? There are many unknowns, I think, and people are looking at all options.” To find the best financing path, it’s helpful to have a well-established relationship with your banker first and to keep them apprised of your financing needs, McClelland said. “There are a ton of options (for financing), and there are a lot (of options) that people don’t know about,” McClelland said. “So, if you’re thinking
26 / BizTimes Milwaukee SEPTEMBER 13, 2021
about ‘how do I grow? how do I expand?’ call your local bank you work with. The options we have and resources we have, and (ability to partner) with different organizations, we have a lot of things we can talk through.” Traditional lending options may make the most sense for an established business looking to buy another building or land for a new building, she said. Currently, banks are asking customers to put 20% to 25% down. Depending on the business, that amount of cash may or may not be readily available, which is where SBA or other programs can provide some assistance. McClelland points to the SBA 504 loan, which allows businesses to build a commercial property from the ground up or expand existing facilities, offering as low as 10% down for total project financing and below-market fixed interest rates with payments fully amortized over 25 years.
Beyond new construction or facility expansions, a 504 loan can also be used for long-term machinery and equipment, or improvements to existing facilities, land, utilities and parking lots. The SBA 7(a) program, meanwhile, is an option for small businesses looking to purchase equipment or supplies, or those that need working capital or to refinance current business debt. The maximum loan amount is $5 million, and eligibility is based on the business’s income, credit history and where it operates. “The 7(a) program is able to help customers expand and buy different pieces of equipment and possibly partner with the bank, and they don’t have to come in necessarily with such a big piece of cash to put down on it,” McClelland said. “It gives a little extra flexibility for that, and if it’s a riskier deal, it takes a little bit of the risk off the bank as well.”
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We’re especially proud to help propel women forward in their businesses. Since it’s hard to get ahead if your mind is on money instead of work, we started a program to invite employers to partner with us on a critical Summit benefit. It’s called Financial Wellness for Employees by Summit. A 2021 survey found that 63% of Americans say their personal finances were affected by the COVID-19 pandemic. Financial wellness means more today than ever before.
Financial Wellness for Employees by Summit helps people face their financial realities with confidence. And that pays off for both the employer and the employee, who is happier and healthier (and more productive) at work – and in life! This is a customized, easy-to-administer program for companies that want to lead the way in employee benefits. For example, in fitting the program to your company’s needs, we might include on-site coaching events to address your employees’ overall areas of interest. At the same time, we would offer online, on-demand education that’s tailored to each unique individual. That flexibility to deliver top-notch financial education to your employees at home or in the workplace – all at no cost – can help women everywhere really own their money. And owning it is what financial wellness is all about.
WOMEN IN BUSINESS biztimes.com // 27 INNOVATEWI.COM 45
Special Report
Revolving lines of credit are a common option for businesses in need of working capital, particularly for those that are working with longer vendor payment periods. “That’s when the line of credit comes in, and (businesses) are able to use that, rather than having to use so much cash up front and wait for the payments that might be extended a little bit,” McClelland said. “Especially working with some of the bigger names and vendors, they tend to push their payments out pretty far.” While the rise in online lending options has opened new possibilities in the world of financing, McClelland said it’s important to maintain relationships with trusted advisors. “The ease (of online lenders) at the beginning is great, it really is,” she said. “But, at the end of the day, are they going to be the ones picking up the phone when you call on weekends and you have a question, or taking time to sit down as you’re trying to work through things?”
FINDING A GOOD DEAL
When seeking a business loan, it might be tempting to choose the lowest-cost deal, but there are a host of other factors to consider, said Steve Yahnke, managing director at TKO Miller, a Milwaukee-based middle market investment bank. He recommends business leaders consider these questions first: » How much money do you need to borrow? Make sure to take a detailed inventory of your business’s needs and how the cash will be used, such as the Yahnke cost of equipment and installation costs, and how much working capital you will need. » How much flexibility do you want? “Do you want to get into a deal that’s very complicat-
ed, it’s complex, it’s got a million covenants in it? No,” Yahnke said. “We want a deal that is covenant-light, maybe no personal guarantee. We’ve got to put all those things up front when we (tell lenders) ‘this is what we want.’” » How complex is the deal? For example, do you serve foreign customers? Is your inventory coming from overseas? Those factors could make some businesses ineligible for some SBA loans, Yahnke noted. » How quickly do you need the money? All these factors have trade-offs. If you need money quickly, it may cost you, for example. » Finally, consider the cost, Yahnke said. “Cost comes last. People always say, ‘I want the best deal.’ Well, yeah, OK, but we’ve got to go through availability, flexibility, complexity, timing and then cost. Maybe you get the worst
deal because it had the best cost, and now you’ve just limited your ability to grow because you’re constrained,” he said. For complex deals – such as those with a time crunch or those involving foreign suppliers or customers – Yahnke recommends retaining a third-party advisor, like TKO Miller. “Our network is huge; it’s thousands of names all across North America, so we’re going to go to a lot of the best lenders, and we’re going to boil it down,” he said. “There’s no way a lot of these clients know who the best lenders are for their situation – typically in the $10 million to $100 million capital raise space – because they don’t do this all day every day, but we do. … We just, over decades and decades, know a lot of people, so we can cut to the chase.” n
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BANKING & FINANCE
Low rates and debt, competition require focus from Wisconsin’s banks BY ARTHUR THOMAS, staff writer DICK HENSLEY cannot recall a time in his career when the banking and financial services sector was quite so competitive. Part of the challenge is that banks are increasingly competing with new financial technology firms that may not have even existed five or 10 years ago. Then there’s the increased adoption of technology at banks themselves. Hensley “Technology has taken banking to a new level, but it’s also made it even more of a commodity,” said Hensley, president for southeastern Wisconsin at
Fond du Lac-based National Exchange Bank & Trust. Jay Mack, president and chief executive officer of Hartland-based Town Bank, agreed that the market is competitive. “Right now, there’s fierce competition among banks. We’ve got a lot of healthy banks in the marketplace,” he said. But there are also looming challenges for banks. Interest rates remain low and it may be 2023 before Mack the Federal Reserve moves to increase rates. Fed chair Jerome Powell said in late August that there is “much ground to cover to reach maximum employment, and time will tell whether we have reached 2% inflation on a sustainable basis.” Mack said the longer rates stay low, the more banks will offset them with strategic moves. “The longer the low-rate environment lasts, the more of a focus you’ll see banks have on non-interest income, non-interest expense to offset the low rates,” he said, pointing to fee income through investment or treasury management and mortgage
refinancing and controlling non-interest expenses like salaries and brick-and-mortar buildings. Hensley said the need to control costs will be particularly prevalent for banks with too many branches. “They’re going to get to a point where if this is prolonged, the only way they become sustainable is they cut their costs,” he said. Both Hensley and Mack said the current environment could mean more banks will look to join forces. “It could lead to more consolidation, which would not necessarily be good for the industry,” Mack said. Banking has already seen a fair amount of consolidation. Associated Bank acquired Bank Mutual in 2018, First Midwest Bank acquired Park Bank in 2020 and First Midwest is now merging with Old National, to name just a few deals impacting the Wisconsin market in recent years. While not all the result of mergers or acquisitions, the Wisconsin market went from 296 banks in 2011 down to 216 in 2020. The number of branches also dropped from 2,320 to 1,853 from 2011 to 2020, an average of more than 50 net branch closings per year.
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Special Report BANKING & FINANCE In metro Milwaukee, the market has gone from 57 banks to 48 and lost an average of nearly 13 branches per year since 2011. Hensley predicted community banking would continue to see consolidation in the next two or three years. “You’re going to see a lot of smaller banks sell because they’re struggling with their profitability, and as banks merge and become bigger, you start to see economies of scale and if they’re really efficient, the more you can run through the pipe, the more profitable it will be,” he said. It’s not that Wisconsin banks are facing a particularly challenging time. The Paycheck Protection Program, while a lot of work to establish and process, did offer banks a chance to earn fee income. Home sales have been robust, leading to new mortgages, and home refinancing activity has also been strong. Three-quarters of Wisconsin bank CEOs say the current economy is good, according to a recent Wisconsin Bankers Association survey, and nearly half expect it to grow in the next six months. In addition to low interest rates, part of the challenge for banks is where to go from here. Government support like PPP and stimulus checks
allowed businesses and consumers to pay down debts, which isn’t necessarily a bad thing, but also leaves banks with the challenge of putting the money back to work. “As a banker, you have to celebrate that with your client, because they’re strengthening their balance sheet,” Hensley said of business clients. “What is the reciprocal of that is now banks find themselves flush with cash and have to get out and find opportunities to lend that money.” In the WBA survey, 52% of bank CEOs said demand for business loans is “fair” while 30% described it as “good” and 10% said it is “excellent.” A majority expect business loan demand to stay the same over the next six months. The CEOs said commercial and residential real estate lending is in better shape, with a plurality rating it as “good” for both categories, at 44% and 48% respectively. “Banks do have a lot of cash right now and it is hard to find places to deploy that cash that allows the bank to make some money,” said Rose Oswald Poels, president and chief executive officer of the Wisconsin Bankers Association. “Nobody has really told me the magic bullet that they’ve found for that.” She said there is still a steady flow of commer-
cial lending deals in the Milwaukee, Madison and Fox Valley markets, and banks are also branching into other areas like financing recreational vehicles or auto lending. Mack said commercial real estate has been a positive area, particularly for multi-family buildings, but also industrial and some suburban office. He also pointed to involvement in Oswald Poels financing for mergers and acquisitions as another bright spot. There’s also a growing opportunity in trust and wealth management services, Mack, Hensley and Oswald Poels all said. A competitive environment and the need to put cash to work would naturally seem to increase the pressure on banks to deviate from their preferred approach to lending, but Mack and Hensley said it is important to remain disciplined. “I think the banks that are healthy, and most are right now, are adhering to consistent credit standards. You have to be consistent with your credit
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standards and not compromise those standards just because you have liquidity that you want to loan out,” Mack said. “Now that might impact interest margins and earnings in the short run, but in the long run it will keep the bank healthier by adhering to consistent credit standards and guidelines, so I think that’s really the key, is not to get too motivated to loan the extra deposit dollars out and forsake your credit quality.” “If you want to lend money, there’s opportunities to lend money every day of the week,” Hensley said. “You can finance apartments, you can finance commercial construction, but it’s very transactional and it’s all about the interest rate.” He said it is more important for banks to focus on developing and maintaining relationships with customers. “There’s a lot of uncertainty and so many people have paid off debt that now you’re having to get out and knock on a lot of doors, looking for those clients that are really looking for a banking relationship, versus just ‘hey, I need to borrow a million bucks, what’s your price and what’s your terms?’” Hensley said, adding that the relationship payoff is in the long run. Oswald Poels said it is also important for busi-
Downtown Milwaukee
nesses and consumers to remember that banks are in a heavily regulated industry. “We want to make more loans certainly, we have the liquidity right now, ... but it doesn’t mean you can walk in and get a loan right away without presenting the right type of documentation,
so it’s still important to build good relationships with your local bankers,” she said. “I think if a borrower comes in fully prepared, with all of the documentation they need, I think they’ll actually find the decision-making turnaround can be extremely quick.” 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.
ANN MARTINEK CONTROLLER
CENTERS FOR INDEPENDENCE BizTimes its
Milwaukee
inaugural
Ann Martinek, the Centers for Independence’s controller, has served the Milwaukee-based nonprofit agency for 12 years, streamlining processes, reducing expenses and finding new funding sources to ensure that the individuals the organization serves will continue to receive the care they need.
presents
showcase
of
Rising Stars in Finance and Accounting showcasing young, talented
professionals
in
southeastern Wisconsin who are in
up-and-comers finance
roles
for
and their
In the past year and a half, Martinek faced financial challenges that the COVID-19 pandemic posed, and she rose to the occasion and was instrumental in securing $4 million in state and federal funds as CFI, like so many other organizations, had unexpected increases in spending and reduced revenue, according to Candace Romano, the Centers for Independence marketing director.
serving
accounting business
or
organization.
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 they must serve in a finance and accounting position for a for-profit business or a nonprofit organization.
Throughout the pandemic, under Martinek’s guidance, CFI’s accounting team maintained the appropriate level of internal financial control in a remote environment that resulted in a clean annual audit. Controlling costs is always a top priority, and Martinek played a role in reducing spending and improving collection procedures, resulting in improving CFI’s cash-on-hand metric by 16 days since 2019, Romano said. “Ann has a personable leadership style and a philosophy of building and retaining a talented accounting team,” Romano said.
SIEBERT LUTHERAN FOUNDATION Congratulations to all the banking and finance Rising Stars, including our controller, Ann Martinek, whose commitment and leadership over the past 12 years has kept CFI financially strong now and for the future.
PHONE: (414) 269-2832 WEB: siebertfoundation.org The Siebert Lutheran Foundation stewards its resources and relationships and fosters partnerships to enable the Lutheran Christian community to be more effective, collaborative, and innovative. Our funded partners share the Gospel of Jesus Christ, while educating children and youth in Christ-filled environments, and/or serving the needs of our neighbors.
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UNITED WAY OF GREATER MILWAUKEE & WAUKESHA COUNTY
HEALTHY AND HOPEFUL COMMUNITIES
PHONE: (414) 263-8100 WEB: UnitedWayGMWC.org United Way of Greater Milwaukee & Waukesha County changes lives and improves our community by mobilizing people and resources to drive strategic impact in health, education, and financial stability.
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To learn more, visit biztimes.com/giving PRODUCED BY
JERRY WOLF
KATIE CROSBY
BOB MALICKI
FINANCE DIRECTOR
PAYROLL/COMMUNICATIONS COORDINATOR
VICE PRESIDENT OF FINANCE AND IT
CITY OF SOUTH MILWAUKEE
FEEDING AMERICA EASTERN WISCONSIN
MYPATH Jerry Wolf, finance director at Oconomowoc-based MyPath, joined the organization in 2018 as a senior financial analyst, supporting complex cost and compliance reporting, budgeting and forecasting for MyPath, according to MyPath CFO Jessica Brandenburg. Over the past three years, Wolf has held titles of finance manager and most recently finance director. He has helped to automate cost and compliance reporting, reducing the cycle time of creating these important reports by weeks. Wolf also is the point person for company-wide special forecasting projects supporting IT, HR, and operations. MyPath and its family of companies provide specialized services and care for people with disabilities. In operation since 1984, MyPath oversees eight companies that each year serve more than 1,700 individuals from around the country, in facilities and community-based settings throughout Wisconsin and Indiana. “With the onset of COVID, Jerry jumped in and facilitated the application and receipt of numerous COVID funding relief programs, which made a substantial impact on the ability of MyPath to cover fixed costs for closed operations, provide incentives to staff to work the challenging front lines, and cover costs of personal protective equipment,” Brandenburg said.
Katie Crosby, payroll/communications coordinator for the City of South Milwaukee, has held various roles with the city since 2005. In 2012, she was appointed to the position of payroll clerk and in 2019 her role was expanded to include communications as well. She also has worked on the administration staffs of the city’s treasury and police departments. “Her ability to take on greater responsibility was a result of her efforts to create a more efficient payroll process,” according to Patrick Brever, assistant city administrator for South Milwaukee. “Previously, our employees were on two payroll cycles that alternated weeks. Katie led an initiative to combine all employees into one payroll group. This project freed up more of her time to focus on improving the city’s website, launching a citizen complaint app, expanding our social media reach, and providing an upgraded magazine publication that is mailed to all households.” Crosby has already been recognized as a rising star in South Milwaukee as she has received three employee incentive awards since 2018, Brever said.
Bob Malicki began his career in public accounting specializing in audits of non-profit entities. Now, as vice president of finance and IT of Feeding America Eastern Wisconsin, he oversees all aspects of the finance, accounting, payroll, and IT operations of the organization. As part of the leadership team, Malicki plays a major role in strategic planning and initiative development from a financial perspective, according to his colleagues. “He regularly captures key data and processes to demonstrate the relationship between our goals, budgets, and fundraising needs,” said Catherine Daly, communications content specialist at Feeding America. “Bob views his role here as more than just a job. His passion for hunger relief is evident in the daily work that he does. Bob helps fight hunger by ensuring that Feeding America Eastern Wisconsin is fiscally responsible and resourceful.” In addition to his role at Feeding America Eastern Wisconsin, Malicki is also a member of the Finance Advisory Group for Feeding Wisconsin and a member of the Financial Leaders Steering Committee for Feeding America, the national organization.
CONGRATULATIONS TO
Jerry Wolf
Your astuteness and forward thinking continues to support the MyPath businesses and owners, as they focus on their work each day: to transform the lives of individuals with disabilities and mental health challenges. Thank you Jerry!
With locations in the heart of Milwaukee and Appleton, Feeding America Eastern Wisconsin distributed 44M+ meals to our neighbors in need in the last fiscal year. FEEDINGAMERICAWI.ORG
t s B o b Ma l i c k a r i! ng Vice President
and IT CoR I ofS IFinance NG STAR
IN FINANCE & ACCOUNTING biztimes.com / 33
MIKE MCDONALD
PAUL FREDELAKE
KYLE GRAHAM
WEALTH MANAGEMENT ADVISOR
DIRECTOR OF FINANCE
DIRECTOR OF FINANCE
KLH INDUSTRIES
WISCONSIN CENTER DISTRICT
SPECTRUM INVESTMENT ADVISORS Mike McDonald has been with Spectrum Investment Advisors as a wealth manager for 10 years and in that time has shown exceptional growth, starting as a relationship manager to corporate retirement plan clients and rising to his current position as an individual wealth management advisor, according to Spectrum president Manuel Rosado. Over the past 18 months, McDonald has been responsible for a 68% increase in his client base, amounting to a 108% increase in assets under management. McDonald also participates in employee education meetings and provides one-on-one investment consultations. In addition to client management, he designs Spectrum’s advertising and marketing materials. “Mike is both a leader at Spectrum and in the community, serving as co-chair of the Mequon-Thiensville Chamber of Commerce’s Young Professionals Group for his fourth year. Mike also sits on the Mequon-Thiensville Chamber Board and Executive Committee, serving as secretary and will transition to vice president in the fall,” Rosado said. “His passion and dedication to helping others, engagement with both clients and the community, as well as his unlimited potential within our organization makes him a rising star.”
In a relatively short period of time with Germantown-based KLH Industries Inc., director of finance Paul Fredelake has been a champion of professionalism and continuous improvement, according to KLH president Kevin Heins. “From day one, he sought out ways to add value. He dove into an automated work-in-process procedure to diagnose and resolve a very complex issue. I was pleased with the result but stunned by how quickly and deeply he got himself involved,” Heins said. “Paul is an exemplary example of one of our core values to challenge the status quo. He led a team-based approach to reduce the monthly ‘days to close’ that yielded a 60% improvement in the first month. He accomplished this by reviewing existing processes, identifying the lagging inputs, and communicating improvement strategies. “By leveraging his interpersonal skills, Paul cultivates buy-in from others in the organization. He would describe himself as a people person, which I would add can sometimes be a rarity in occupations that live in numbers. He is proof that finance can provide better, more reliable input when they leave the keyboard and connect with the people,” Heins said.
Faced with navigating the COVID-19 pandemic, the Wisconsin Center District (WCD) received board approval to move forward with its planned $420 million convention center expansion project. The approval of this project, and the restructuring of the district’s existing debt, would not have been possible without the intentional, detailed and creative thinking of the WCD finance team and its consultants, according to Katharine Foley, account supervisor for Kane Communications Group. Kyle Graham, director of finance at the WCD, was instrumental in developing and executing the core accounting of these transactions and leading the organization through the district’s 2020 audit, Foley said. Restructuring existing debt was a fundamental financing strategy that offers the WCD additional borrowing capacity well into the future and protects the WCD from future economic uncertainties. Graham has been with the WCD for just over a year. Prior to this, he was the controller for Levy Restaurants, WCD’s in-house food and beverage partner.
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ERICA HORTON DIRECTOR OF FINANCE
NEXT DOOR FOUNDATION
ERIN BREBER SENIOR MANAGER
CONGRATULATIONS!
Erica Horton, director of finance for Milwaukee-based Next Door Foundation, came to the organization in 2015 with a desire to grow her career at an organization with a complex funding model, and to give back to the community where she grew up, according to Cristina Crogan, vice president of development and communications at Next Door. Next Door provides early childhood education programs to more than 1,300 Milwaukee children from under-resourced families. Horton’s responsibilities include: supervising daily financial operations, overseeing preparation of a $25+ million budget, leading the annual independent audit, and developing/maintaining solid internal controls to ensure fiscal compliance. As a result of her leadership, processes for accounts payable, payroll and benefits have been improved. Plus, Next Door has a new web-based platform to improve accounting system functionality and a new training program featuring a peer review system to maintain accuracy in data entry, Crogan said. Horton’s recent volunteer work includes serving as a money coach with SecureFutures, a financial mentoring program for high school students. She and her family also support the international organization Samaritan’s Purse and its Operation Christmas Child program.
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Manufacturing & Logistics
SVA CERTIFIED PUBLIC ACCOUNTANTS Erin Breber, senior manager for SVA Certified Public Accountants, is part of the company’s Emerging Leaders Committee. This group is responsible for making recommendations for changes on policies, procedures, and service offerings within the company. Breber is also on the task force working on updating SVA’s CRM system which houses client data. This group is focused on the needs assessment and integration plans for bringing in a new CRM system, while ensuring it is compatible with other SVA systems. “Both of these committees speak to the level of commitment Erin has to SVA and her peers. She works with her clients to advise them on accounting and tax issues, with an emphasis on metrics including dashboard reporting,” said Bonnie Bailey, business development project manager at SVA. “Her clients rely on her expertise in reviewing their financial statements, recommending and implementing accounting software, and consulting on their financial data. Her peers say she is energetic and enthusiastic and most willing to share her knowledge to help her clients.” Breber also serves on the board of directors (as the treasurer) for Heroes for Healthcare, Inc. The organization assists veterans to obtain work in the health care industry.
Congratulations Erin Breber on Being Selected as one of the Rising Stars in Finance and Accounting.
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VINCE MONTEMURRO
MITCH DAVIS
BRIAN FRANK
SENIOR MANAGER
DIRECTOR OF FINANCE AND IT
CONTROLLER
WEGNER CPAS
ST. AUGUSTINE PREPARATORY ACADEMY
RILEY CONSTRUCTION Vince Montemurro, controller for Kenosha-based Riley Construction, has demonstrated both immense financial and business management skill and a deep commitment to the people of southeastern Wisconsin, according to Kathy Bowe, Riley Construction’s marketing director. Montemurro began his career with Riley Construction in 2009 as a division accountant. In 2013, he was promoted to controller. During his tenure, he has developed the company’s accounting department into a strong, technologically advanced team that keeps pace with Riley’s growth, Bowe said. He is involved in strategic initiatives at Riley Construction, including employee health and wellness, prefabrication and customer service. He has also led the Riley Community Service team, participating in events like “Feed My Starving Children,” a program that distributes food to local homeless populations and children, the Boys and Girls Club of Kenosha, and multiple Cancer Walk benefits. Montemurro was recognized as a Future 5 Young Professional in 2018 by YLink (Young Leaders in Kenosha), an organization with a mission to connect young professionals with the Kenosha community. He previously served as their treasurer and board vice president. Montemurro also serves as fire commissioner in the Village and Town of Somers.
Mitch Davis, CPA MPA, has been with Wegner CPAs since he graduated from the University of Wisconsin-Milwaukee 13 years ago. In August, as senior manager, he was voted into Wegner’s Pathway to Partnership program by the Wegner Partner Group. Davis has emerged as an integral part of the Wegner CPAs Assurance team, according to Jenny Tarkowski, a partner at Wegner. Davis specializes in performing financial statement and compliance audits and preparing tax returns for non-profit organizations. He serves more than 70 nonprofits located in southeastern Wisconsin, generating more than $500,000 for the firm in the past 12 months. “Throughout the COVID-19 pandemic, Mitch has provided necessary direction for his local nonprofit clients,” Tarkowski said. “These clients have been able to secure grants, loans, and emergency funding, keeping their doors open.“ Davis created and implemented Wegner’s In-Change Training Program which has accelerated the advancement of staff accountants to senior accountants. Participants were promoted in two years compared to the average of three years for peers who did not complete the program.
Brian Frank, director of finance and IT at St. Augustine Preparatory Academy in Milwaukee, has greatly impacted the school and the Milwaukee community, according to Abby Andrietsch, Augustine Prep’s CEO. When Frank left the corporate world to work for a nonprofit, he knew he’d be wearing a lot more hats, but it’s unlikely he imagined them all, Andrietsch said. “In addition to his expertise in IT and finance, Brian has developed ‘dangerous’ skills in human resources, insurance, procurement, and compliance. In every new area, he dives in, learns the process, and then improves it,” she said. “He has created dashboards that help keep our team in sync and automated processes so we’re more efficient. Brian has a heart for detail — he’s an Excel guru — but balances that with an eye for the big picture. This rare combination makes him not just a great finance leader, but a great business leader. “He’s become such a trusted member of our school community that of our over 200 staff, he was voted winner of our annual Lion Award for his dedication to our organization and reflection of our values.”
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Supporting:
Strategies HUMAN RESOURCES
The challenges of remote worker pay Time to review your pay rates, job descriptions AS SOME EMPLOYERS transition their employees back to the office environment, management needs to determine which jobs are essential to be on-site versus which jobs can operate effectively in a remote environment. When interviewing for new roles, offering a remote-work option may be helpful in attracting more candidates. However, there are downsides to having all employees work remotely. Lack of employee engagement, poor or ineffective communication, understanding of culture and promotional opportunities – these are all impacted if the employee is not physically in the workplace. In addition, the geographical location of where an employee works could directly impact the rate a new candidate is paid. For those roles where you have determined remote work is an option, does it really matter if the new employee lives in the same city where your company resides? What about existing staff? Now that your employees can live anywhere, log in and continue to work for you, do you need to pay them the same “big-city” rate? You want to pay your employees fairly for the job they are performing. But it may come down to why would a company pay a much higher salary than is competitive for a certain job? For example, if your company is in New York City and one employee is working out of their home in Des Moines, do you need to pay them at the
premium New York rate? Take some time now to review your employee pay rates. Time is of the essence since the market is moving quickly. You would hate to lose key employees just because you have not assessed their pay compared to market rates. All components of compensation should be considered when doing a market analysis. Base pay is just the starting point. Base, incentive pay, commissions, benefits and perks all need to be considered when comparing an employee’s compensation to market rates of pay. Employees who work a hybrid of at-home and on-site should continue to be paid consistently with the location they report, even if only a few days each week. Those employees who rarely, if ever, are expected to come into the office are in a different situation. Remote workers may not be affected by cost of living in a major metropolitan area. Items such as high apartment rent, food/restaurants, transportation and parking are all additional costs for those living in a large metro area. If the employee chooses to work in a rural or suburban area, these additional costs are not as dramatic. Alternatively, if the employee lives and works in a community with a high cost of living, higher than where the main office is located, they should be paid according to the local market where they reside. Most organizations have not made the decision to reduce pay for existing employees if they work remotely. However, many organizations are giving consideration to paying new employees at the market rate of pay of where they live. It just makes sense. Unless you require the employee to come into the office on a regular basis, why would you pay them at bigcity rates if they are working at home in small town USA? A thorough review of current job descriptions is in order. Your employees have gone through a significant shift over the past 18 months. If your company experienced layoffs, those job duties normally would have been reassigned to others. Additionally, if some of the staff is working in the office and some staff is working from home, can you assume that the person working from
home is doing the same level of work remotely? I’m just saying, an assessment of responsibilities needs to be performed. Both the remote worker and the office worker may, in fact, be doing exactly the same job and the market analysis should reflect that. However, there may be dramatic difference in cost of living if the remote employee does not need to pay high rent, transportation, parking, etc. This is also a good time to review your employees’ pay compared to each other. A diversity review of employee pay, both compared to market and their peers, will allow your management team to ensure fairness across the board. Bottom line: It is imperative for you and your company to be proactive in the salary review process in this highly competitive job market. n
NICOLE SCHMIDT Nicole Schmidt is a human resources consultant and the owner of Reward Strategies LLC (hrrewardstrategies.net). Previously, she was a global compensation manager for A.O. Smith. She can be reached at rewardstrategies@yahoo.net. biztimes.com / 37
Strategies LEADERSHIP
The power of focus and resilience Attributes leaders need to confront a challenge BUSINESS LEADERS have long debated the benefits of focus and opportunism when it comes to finding new markets and boosting efficiency and profitability. Ideally, we have learned to be nimble enough to catch a new business wave and simultaneously clear-eyed enough to employ business practices that generate profit. Ideally. What often happens is that waves of general optimism or pessimism skew our sense of possibility and cloud our vision one way or another. Unbridled enthusiasm can lead to overplayed hands, heated forecasts, and squandered resources chasing fading rainbows. Conversely, gloomy news of one sort or another – disease, freak accidents like giant moored cargo ships, or shortages of coveted supplies like plastics or microchips – can cause a pullback in investments of all kinds. A wait-and-see attitude too often throws a cloak over opportunity. We are living through a period that no one saw coming and few were prepared to handle. As in all crises, some have done exceptionally well while others barely held on or collapsed. I have been privileged to work with a group of CEOs from a variety of industries, from consumer goods to manufacturing to technology to banking. The pressures on each of their companies bore similarities at times and departed sharply at others. Two assets were of prime importance: focus and resilience. 38 / BizTimes Milwaukee SEPTEMBER 13, 2021
Focus, in terms of paying close heed to the things that impacted employees, company values, supply chain challenges and company earnings. These words are easy to capture; the day-to-day decision making around what to pay attention to and what to be aware of but not direct energy toward is one of management’s greatest demands. Trust hinges on these judgments and every individual within an organization views them through a very personal, and at times painful, lens. The same is true for any leadership team. COVID-19 has been a helter-skelter scourge, impacting individuals and families in profoundly different ways at unpredictable moments. Where company leaders were expected to set policy for this heretofore unprecedented invasion, they, too, were suffering its effects – some early on; some not until quite recently. Personal experience tended to shape attitudes as we awaited direction from health officials. Trust was rare. Judgment, though we tried hard to avoid it, was inevitable. And so, resilience became the second asset of critical value. Leaders who could take in a multitude of sometimes-conflicting information, decide how to share it with people who rely on them for guidance, and issue policy decisions (subject to change) became the go-to people in their companies. It is worth pausing here to note that these leaders felt the same pressures as everyone else. They had every reason to punt decisions, stay flexible (i.e., not make decisions), or change their minds on a dime – or a new health directive. As they and their families felt the effects of the disease, they were challenged to choose a path despite enormous personal uncertainty. The most effective leaders over the past year in my experience were those who allowed for debate, expression of concern and fear, who shared their own uncertainties in measured quantities, and who decided to step forward with guidance. They were humble, yet firm. Strong in a way that allowed discomfort, yet charted a course forward. Their personalities differed tremendously. Some may have been considered authoritarian, save for the way they listened. Some may have been considered untrustworthy, save for the way
their actions matched their words. Some may have been considered compromised, save for the way they looked their people in the eye, accepted uncomfortable emotion, and stayed true to their word. It can be fashionable these days to judge people according to political ideology, economic circumstances, or other superficial notions of our time. Strong leaders understand these land mines and are prepared to stay true to the mission of their companies, find employees who are willing to work, learn, and excel in their fields, and have the courage to support human excellence in all its manifestations. Your focus on growth, mastery and celebration of excellence has enormous influence on those around you. Your resilience in the face of challenge, showing grace to those who may be confused and agitated, while staying true to the development of your strengths, is an act of courage. Both are essential if we are to find our way out of a particularly dark and difficult time. Leaders focus on what’s possible. They are willing to pay a short-term price to have a shot at a longer-term benefit that lasts far beyond their engagement. They look for individuals who are willing to develop the talent to focus on what matters and the resilience to endure flak along the way. They are looking for you. n
SUSAN MARSHALL Susan Marshall is an author, speaker and the founder of Backbone Institute LLC. For more information, visit backboneinstitute.com.
INNOVATION
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Pandemic spurs innovation Technological changes have been accelerated THE COVID-19 PANDEMIC has been miserable by any stretch of the imagination. But there have been some silver linings. The pandemic accelerated technological changes at a rate never seen before, and there’s no putting that genie back in the bottle. For example, McKinsey & Company opined, “We have vaulted five years forward in consumer and business digital adoption in a matter of around eight weeks.” And Microsoft’s CEO Satya Nadella said, “We’ve seen two years’ worth of digital transformation in two months.” What will be the long-term impact? Todd McLees, a well-respected innovation strategist who focuses on the future of work, has identified major transformations that were compressed into 10 months, which might’ve taken 10 years to become a full reality. Some of those include: 1. Remote work. In one survey, employees were asked if they would prefer a $30,000 raise or the opportunity to work remotely and opted for remote work. 2. E-commerce. Consumers purchased almost 14% of all products online last year, which is a historical record, and that trend shows no sign of returning to lower numbers. 3. Artificial Intelligence. The pandemic forced businesses to accelerate augmenting human intelligence with artificial intelligence that included better speech
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recognition, improved medical diagnoses, autonomous vehicles, and the ability to see patterns in research. Videoconferencing/virtual collaboration. What was a small fraction of all meetings in the United States has become a predominant form of interaction. Clearly, it will subside somewhat as people return to offices, but it will never return to pre-2020 levels. Robotic process and automation. By 2025, the time spent on tasks at work by humans and machines will be equal. By 2030, as many as 800 million people globally could be displaced by the adoption of automation, and 375 million will likely need to change their occupation. Seventy-five million U.S. workers will require retraining. Telemedicine. Several studies show that telemedicine, especially psychiatry, is up over 300% during the pandemic with no signs of abating. Regular health care has been impacted dramatically by virtual visits and engagements for website communication with primary care physicians and specialists. Entertainment industry. Ask yourself how dramatically your habits have changed in watching movies and other entertainment offerings during the pandemic. There’s a reason Netflix stock has exploded in value. Employment tenure. Gen Z employees entering the workforce today will average 17 jobs in five industries. Sixty-five percent of today’s young learners will have a job that has not been invented yet.
So, what does it take for an employer or leader to survive this dramatic transformation and acceleration of technology? First and foremost, employers need to recognize that their workforce and the average employee will require skills historically reserved for management. That includes the ability to be continually flexible, have an adaptive learning mindset, demonstrate personal creativity, interact well with fellow employees, virtually or otherwise, and
most importantly, exhibit “disciplined curiosity” about everything on the radar of their companies. I highly recommend a “boot camp” approach to onboarding new employees that would include intense training on creativity and corporate innovation tools. Unless employees are using the same playbook to drive improvements in their organization, chaos will result. There needs to be dedicated points in which employees are encouraged to refresh their skills and learn new skills because of the degree of transformation going on in the workplace. Lastly, a lot of money is wasted on new product initiatives or services that cost the company money. Curtis Carlson, the CEO of Practice of Innovation, a Silicon Valley consulting company, wrote in the Harvard Business Review this year that companies need to have a more disciplined approach to innovation by training employees to present solutions to customer challenges through almost jury-type formats, in which experts and fellow employees react to their ideas before a significant amount of money is spent on any given project. That final thought should help guide dramatic experimentation with new technology for your organization as it experiments with new innovation and pivots continually to see what works. n
DAN STEININGER Dan Steininger is an author, national and international speaker, and business advisor. He is president of Steininger & Associates LLC, which helps companies drive innovation. He can be reached at DSteinin@execpc.com. biztimes.com / 39
Strategies
Tip Sheet Building leads through email marketing
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recent article by SCORE argues that marketing through email remains one of the most effective methods, even as social media marketing grows in popularity. The article cites an industry finding that for every $1 invested in email marketing, businesses
see an approximate $49 return on investment. This method is affordable for small businesses with limited digital marketing budgets, and it doesn’t require special equipment, but email marketing is most impactful when executed correctly. SCORE shared some tips: 1. Test run This might seem obvious, but it’s important to test emails before hitting the send button. Running a test not only allows for any edits to the format or copy of the email, but it also ensures the email isn’t sent to spam. SCORE suggests asking a few colleagues to sign up for a test email list, so you can send the email and ask for feedback. Things to look for include professional format, easy-to-read content and readability on a mobile device. 2. Email list maintenance SCORE says regularly “growing and cleaning” your email list is crucial to boosting
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leads. Businesses should incentivize potential new subscribers with “lead magnets,” such as access to a free eBook, case studies, coupons or discount codes, and webinars. Clean your list by removing inactive subscribers and flagging spam accounts. 3. Optimize and streamline “Optimizing your emails through client segmentation is a great way to increase your lead conversion rate,” says SCORE, which recommends segmenting your audience by location, new subscribers and loyal customers. This will allow you to build targeted campaigns specific to the preferences of each group. 4. Call to action Capitalizing on email marketing leads requires calls to action (CTAs), which are “written or visual directives” that lead subscribers to make a purchase and become customers. n
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BizConnections BIZ PEOPLE
Advertising Section: New Hires, Promotions, Accolades and Board Appointments
BANKING
BANKING Adyniec Joins Cornerstone Community Bank Commercial Lending Team
Andrew Adyniec has joined Cornerstone Community Bank as a commercial lender. He has an accounting background, and comes to Cornerstone with over 10 years of banking experience, most recently as a small business development officer.
EDUCATION
New YWCA Southeast Wisconsin Board of Directors Member
FINANCIAL SERVICES Wipfli promotes Andrew Potasek to principal
Wipfli, a top 20 consulting firm headquartered in Milwaukee, promoted Andrew Potasek to principal. Andrew helps clients streamline processes and align technology to business objectives with digital road mapping, analysis and design.
INTERIOR DESIGN
Michael Murphy named AVP, regional mortgage sales manager for North Shore Bank
North Shore Bank today announced Michael Murphy as assistant vice president, regional mortgage sales manager. He has more than 25 years of experience and will be responsible for assisting customers with financing their homes.
FINANCIAL SERVICES
Jomarie Coloriano leads student support in the Multicultural Program at Gateway Technical College and also serves as an adjunct instructor at the College.
BANKING
Kelsey Lauritzen promoted to Account Executive
Creative Business Interiors’ Kelsey Lauritzen has been promoted to Account Executive. Prior to the promotion, Lauritzen served as an Interior Designer at Creative for five years. In this new role, Lauritzen will manage all aspects of client projects.
42 / BizTimes Milwaukee SEPTEMBER 13, 2021
Wipfli promotes Steven Barnes to principal
Wipfli, a top 20 CPA & consulting firm, promoted Steven Barnes to principal. He provides construction & real estate clients cost segregation studies, allocation of purchase price and depreciation catch-up studies, Section 179D and 45L certifications.
INTERIOR DESIGN
Creative Business Interiors Brings On New Designer
Creative welcomes Kylie Arett as Interior Designer. Kylie is a graduate from Kansas State and holds a B.S. in Interior Design. Kylie will be working with the design team to create space planning solutions that achieve client goals.
INTERIOR DESIGN
Creative Business Interiors Welcomes Anna Roenitz
Anna Roenitz has joined Creative’s design team as Interior Designer. Anna hold a BS in Architectural Studies & Interior Design from the University of Missouri-Columbia. In this position, Anna will create strategic space plans for client facilities.
BANKING
Cornerstone Community Bank Promotes Todd Novotny Cornerstone. Community Bank is pleased to announce the promotion of Todd Novotny to VP-Commercial Lender. He has served as a commercial lender for Cornerstone the past two years, and brought with him 18 years working in banking as a mortgage lender.
FINANCIAL SERVICES
FACC Welcomes New Business Technical Assistance Associate
First American Capital Corporation is pleased to announce that Corrie Beula Kovacs has joined the team. Corrie’s role as a Business Technical Assistance Associate will focus primarily on providing management and technical assistance to borrowers.
INTERIOR DESIGN
Creative Business Interiors Names Rebecca Brown Vice President
Creative Business Interiors has promoted Rebecca Brown to Vice President. Brown previously served as the Director of Business Development. Brown’s proven leadership makes her the foundation for the next generation of senior management at Creative.
INTERIOR DESIGN
Creative Business Interiors Expands Marketing Team
Creative welcomes Becca Young as Writer and Marketing Coordinator. Becca will be responsible for developing digital marketing strategy and enriching brand identity through storytelling. Becca holds a MS in Marketing and BA in Art from UW-Milwaukee.
Zimborski Joins Cornerstone Community Bank Commercial Lending Team
Chad Zimborski has a finance background, and comes to Cornerstone with over 11 years of business banking experience. He will provide full-service relationship banking services to small business and commercial real estate customers.
FINANCIAL SERVICES Christopher Hamilton joins the Associated Bank commercial banking team in Milwaukee. Hamilton joined Associated as SVP & team leader, Commercial Banking. He’s held the position of SVP of Commercial Banking at U.S. Bank and VP of BMO Harris / M&I Bank where he began his career in Consumer Banking and later joined commercial banking.
INTERIOR DESIGN
Creative Business Interiors Hires Madison Carbon
Creative gladly announces Madison Carbon as Furniture Project Manager. Madison joins their team with an associate degree in Interior Design from MATC. As an FPM, she will be responsible for developing strategic commercial furnishing solutions.
NONPROFIT ORGANIZATION
New YWCA Southeast Wisconsin Board of Directors Member
Bobby Griffin III serves as Chief Diversity, Equity & Inclusion Officer for Rockwell Automation.
NONPROFIT ORGANIZATION
New YWCA Southeast Wisconsin Board of Directors Member
Brigitte Hyler Richerson is an Organizational Development Program Manager with Advocate Aurora Health Care and has over ten years of experience in talent development.
ANNOUNCEMENTS o place your listing, or for more T information, please visit biztimes.com/bizconnect
COMMERCIAL REAL ESTATE
HGA Welcomes Angie Choy Edwards as Chief Financial Officer
HGA is pleased to welcome Angie Choy Edwards as Vice President and Chief Financial Officer. Edwards succeeds Kent Mainquist who retired after 22 years. With over 25 years of experience in corporate and operational finance, Edwards will drive strategies for the firm and its 11 regional offices, contribute to strategic planning by defining and analyzing financial goals, manage budgeting, new market opportunities, and M&A. She has held finance leadership positions with best-in-class companies in the Milwaukee area, including Johnson Controls and ManpowerGroup. Edwards has an MBA in Finance from Marquette University.
FINANCIAL SERVICES
Wisconsin Bank & Trust Promotes Kohlbeck to President
Doug Kohlbeck has been promoted to President of Wisconsin Bank & Trust and will serve on the bank’s Board of Directors. Kohlbeck joined the bank in July of 2020 as Executive Vice President of Commercial Banking; he has served as a leader in the commercial and business banking space for over 25 years at various financial institutions. In his role, he will continue to strategically align the commercial team for growth and this promotion reflects his hands-on leadership to help Wisconsin Bank & Trust grow across the state.
HEALTHCARE
MyPath Names Tenecia WaddellPyle Director of Diversity, Equity & Inclusion
MyPath, an employee-owned disability services & support organization with locations in Wisconsin and Indiana, named Tenecia Waddell-Pyle the organization’s first Director of Diversity, Equity & Inclusion (DEI). As MyPath’s Director of DEI, Waddell-Pyle will oversee the cultivation of an inclusive environment that reflects diverse ideas, experiences and backgrounds. Some of her role will include design and facilitation of DEI education programs and policies, expanding employee resource groups, overseeing supplier and workforce diversity, community engagement opportunities and serving as a mentor for employee owners.
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biztimes.com / 43
BizConnections NONPROFIT MILWAUKEE NONPROFIT LEADERS PLANNING $80 MILLION ATHLETIC CENTER ON CITY’S NORTH SIDE A pair of nonprofit leaders recently unveiled plans to build an $80 million multi-sport facility on Milwaukee’s north side that would be designed to serve people across the spectrum of ability and income levels. Organizers of the project, called The Opportunity Center, say it will be the “first urban sports center of its kind.” The 300,000-square-foot facility is planned for 4206 N. Green Bay Ave., at the intersection of I-43, Green Bay Avenue and Capitol Drive – near the border of Milwaukee and Glendale. The center would be designed to make programming accessible to those with physical and developmental disabilities. The project is being spear-
headed by Franklin Cumberbatch, who is also vice president for engagement of Bader Philanthropies, and Damian Buchman, founder of The Ability Center, a Wauwatosa-based nonprofit organization that advocates for universal, inclusive and adaptive recreation opportunities. The Opportunity Center was recently approved for a $2.5 million loan from the Milwaukee Economic Development Corp., which will fund the purchase of the 22-acre parcel and help fuel the next phase of fundraising. Project organizers are aiming to raise $9 million by the end of the year, and eventually the total $80 million to complete the project by 2024. — Lauren Anderson, staff writer
c alendar The Alzheimer’s Association will host its Walk to End Alzheimer’s on Sunday, Sept. 19 at Henry Maier Festival Park, 200 N. Harbor Drive. The gates open at 8 a.m. with a special Opening Ceremony at 9:40 a.m. A two-mile walk will kick off at 10 a.m. More information is available at alz.org/wi. Komen Southeast Wisconsin will host its More Than PINK Walk on Sunday, Sept. 26 in both an in-person and virtual format. The in-person walk will begin at 9 a.m. at Henry Maier Festival Park. The virtual event will begin with a virtual opening ceremony at 9 a.m., after which participants can “walk where you are.” More information is available at komen.org/morethanpink. Eras Senior Network will host its annual tapestry event and fundraiser virtually on Thursday, Sept. 30. The live-streamed event will support services and programs for older adults in Milwaukee and Waukesha counties. Music will begin at 5:30 p.m., with the program to follow from 6-7 p.m. Registration is available online at eras.org.
D O N AT I O N R O U N D U P Spectrum donated $10,000 to Benedict Center, which will support the organization’s Women’s Harm Reduction Program. | Enterprise Holdings awarded $55,000 in grants to Wisconsin nonprofits, including the Milwaukee Urban League. | Cousins Subs announced the recipients of over $11,000 in grants through its Make It Better Foundation, including Arts @ Large, God Touch Milwaukee, Kenosha County Fire Rescue Association, Kewaskum Middle School, St. Anthony School and Vision Forward Association. | UnitedHealthcare employee volunteers assembled and donated more than $28,000 worth of care packages to the Neonatal Intensive Care Unit at Children’s Wisconsin.
44 / BizTimes Milwaukee SEPTEMBER 13, 2021
nonprofit
SPOTLIGHT
G O O D F R I E N D, I N C .
1025 S. Moorland Rd., Ste. 600, Brookfield (262) 444-7510 | goodfriendinc.com Facebook: facebook.com/GoodFriendInc LinkedIn: linkedin.com/company/good-friend-inc. Instagram: @goodfriendinc | Twitter: @GoodFriendInc Year founded: 2007 Mission statement: To create autism awareness, teach acceptance of differences, and foster empathy for individuals on the autism spectrum. Primary focus of your nonprofit organization: Reducing disability harassment for autistics in the community by using our professionally produced, awardwinning documentary short films to inspire autism appreciation. Other focuses of your nonprofit organization: Laying a social emotional foundation for healthy neurodiverse relationships built on mutual respect among school-aged children. Increasing the employment rate of autistic adults by educating employers and colleagues about the lived experience of community members on the spectrum to change recruiting and retention practices. Creating a community for children who have a sibling with a brainbased disability through Sibshops. Number of employees at this location: 6 Key donors: Individual donors, grants (with the top three donors being Greater Milwaukee Foundation, Stackner Family Foundation and Nonprofit Management Fund) and corporate partners (including top three donors Stark Pavement, Froedtert Health and Bank Five Nine).
Executive leadership: Chelsea Budde, executive director, and Denise Schamens, creative director, are co-founders. Board of directors: Jessica Gonzalez, president; Jeff Schill, vice president; Marianne Kirsch, secretary; and Sarah Russell Is your organization actively seeking board members for the upcoming term? Yes, in the areas of finance/treasurer; expertise in legal, HR, curriculum development. Note that all board candidates must serve on a committee for at least six months before they’re eligible for a board seat. Ways the business community can help your nonprofit: Donate raffle items for our fundraising events, sponsor one or more of our annual fundraising events, host a thirdparty fundraiser, compensate an employee willing to donate talent and time to our mission, engage our services to promote neurodiversity in your workforce, send something from our Amazon charity list. Key fundraising events: • Celebrate Inclusion Winter Walk, Dec. 11, TBE Trailers, Watertown • Rockin’ for Good Friend Autism Acceptance Bowling FUNdraiser, May 7, 2022; Village Bowl, Menomonee Falls
BizTimes’ Women in Business Symposium
AROUND TOWN
BizTimes Media recently hosted its Women in Business Symposium at the Italian Community Center in Milwaukee. The event included a main panel discussion with Milwaukee-area executives about how they have navigated change throughout their careers, the annual “Woman Executive of the Year” award and several breakout sessions.
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SHEILA CASEY of Ogden Company Inc., SARAH HAMMOND of Sarah Hammond Coaching and PAULA WHEELER of P.K. Wheeler Communications.
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SOPHIA AZMANI of Broan Nutone and LYDIA LOCOCO of the Archdiocese of Milwaukee.
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ROBERTA OLDENBURG of Mortenson and HEATHER DOBSON of Corporate Contractors, Inc.
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SASHA J. PARSONS WATERS of Sasha J. Events, LLC and SANDY WYSOCKI of MKE Lifestyle.
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JODY LOWE of The Lowe Group and ROSE SPANO IANNELLI of Spano Pratt.
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Photos by Alex Zank
BizTimes’ M&A Forum
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BizTimes Media recently hosted its M&A Forum at the Brookfield Conference Center. The event featured a panel discussion and breakout sessions focused on a host of buy-sell concerns. 6.
SHERRI POLOVO of Excel Legacy Group LLC and PATTI PLOUGH of the ESOP Evangelist.
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ANDY NARRAI and ALBERT ORR, both of Reinhart Boerner Van Deuren, s.c.
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PHIL SMITH and WILLIAM SCHLEICHER, both of Gary Comer, Inc.
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ANDY PRICE, JEFF ROESKE and KATE WESTFALL, all of Reinhart Boerner Van Deuren, s.c.
10. TIMOTHY FLYNN and STEVE FLYNN, both of GWW Partners, LLC. Photos by Lauren Anderson
COSBE annual golf outing The Council of Small Business Executives’ Executive Roundtable recently hosted its 31st annual golf outing at the University Club Country Club.
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11. KELLY DENK of Denk & Co., DAVID SCHUELKE of Spring Bank, JOSH YAMAT of Spring Bank and DAVID WASHEBEK of Lemberg Electric. 12. MARY EDWARDS of Coakley Brothers/ Brothers Business Interiors, JOHN MAJOR of American Deposit Management Company and MARTIN PEPE of M3 Insurance.
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13. JIM KOHLHARDT of Saturn Lounge. Photos courtesy of COSBE biztimes.com / 45
BizConnections VOLUME 27, NUMBER 9 | SEP 13, 2021
GLANCE AT YESTERYEAR
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Teweles addition sprouts This Sept. 15, 1927 Brown and Rehbaum photo shows construction equipment and materials working on an addition to the Teweles Seed Co. building, which was originally built in 1918. The company was founded in the 1860s and was a pioneer in the branding of seeds. It was eventually acquired by Kent Feeds in the 1970s. The building, located at 222 S. Third St. in Milwaukee’s Waker’s Point neighborhood, was converted into apartments in the mid-2000s. — Photo courtesy of the Milwaukee Public Library/Historic Photo Collection
COMMENTARY
Several businesses lead on vaccine push IN LATE JUNE and early July, it seemed like the worst of the COVID-19 pandemic was over. The seven-day average for new COVID cases in Wisconsin dipped below 100 per day. Mask rules and crowd restrictions were lifted. Huge crowds packed Fiserv Forum and the Deer District to watch the Bucks win the NBA championship. Life was good again! Alas, the arrival of the Delta variant brought another wave of COVID-19. The seven-day average of new cases rose to more than 1,700 per day in Wisconsin. The seven-day average of people hospitalized with COVID in Wisconsin rose from 83 in early July to 867 in late August. The Delta variant is more transmissible than the original strain of the virus and is resulting in a surge of illnesses, hospitalizations and deaths, straining an overburdened health care system. It’s frustrating to experience another COVID wave, especially because we now have the means to fight it, but many have resisted. 46 / BizTimes Milwaukee SEPTEMBER 13, 2021
Of course, I am talking about the vaccines. While some who have gotten the vaccine have still gotten COVID, those have usually been less severe cases. The vast majority of people sick in the hospital with COVID, and dying from the virus, have not been vaccinated. That’s tragic, because the vaccine is free and has been available for several months. The vaccines are the way out of this pandemic, but some continue to resist. For some it seems to be a political statement, expressing their right to not do what experts and government officials say they should. Others say they are worried about the safety of the vaccine, because it is so new. Initially the vaccines had an emergency use authorization. But the FDA recently gave full approval to the Pfizer vaccine. Hopefully that gives more people confidence to get it. As of early September, only 51.5% of Wisconsinites had completed the COVID vaccine series. That’s not enough, and it’s the reason the virus is running rampant in the state, mostly among the unvaccinated. The miserable lockdowns of 2020 were unsustainable for our lives and our economy, and they are no longer necessary. We just need more people to get vac-
DIRECTOR OF SALES Linda Crawford linda.crawford@biztimes.com CONTENT SOLUTIONS MANAGER Maggie Pinnt maggie.pinnt@biztimes.com ACCOUNT EXECUTIVE Paddy Kieckhefer paddy.kieckhefer@biztimes.com ACCOUNT EXECUTIVE Christie Ubl christie.ubl@biztimes.com ACCOUNT EXECUTIVE Dylan Dobson dylan.dobson@biztimes.com SALES ADMIN Gracie Schneble gracie.schneble@biztimes.com
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cinated, and now businesses are taking the lead. Seeing a need to protect customers and coworkers, a growing number of businesses are requiring people working in their offices to get COVID vaccines, including Northwestern Mutual, ManpowerGroup and American Family Insurance. Numerous health care providers are also mandating the vaccine. Proof of vaccination, or a negative COVID test is required to attend Summerfest, or shows by numerous Milwaukee performing arts organizations. Delta Air Lines is raising health insurance premiums for unvaccinated employees, who are putting themselves at risk of big health insurance claims by not getting protected from the virus. These businesses are taking the lead on the COVID vaccine push, and that’s a trend likely to continue until this pandemic is finally over. n
ANDREW WEILAND EDITOR
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CONTRIBUTED
5 MINUTES WITH…
JACKIE HALLBERG President and chief executive officer, Goodwill Industries of Southeastern Wisconsin and Metropolitan Chicago
GOODWILL INDUSTRIES of Southeastern Wisconsin and Metropolitan Chicago – the largest of 161 Goodwill organizations internationally – announced this spring plans to sell its Greendale headquarters building, establish a new HQ within a work and training center on Milwaukee’s far northwest side, and make its hybrid work model permanent for employees. Those decisions were driven by what leaders described as a shift in the social enterprise’s service delivery and commitment to be more embedded in the communities it serves. BizTimes Milwaukee associate editor Lauren Anderson recently caught up with Hallberg on what the shift means for the organization. WHAT WENT INTO YOUR DECISION? “It became pretty clear to us, as an employer, we’re going to have to offer greater flexibility. We want to be inclusive and create a company culture where we’re able to attract and retain top talent. We learned we could do that. “The other thing that became very important to us … is that we have been transitioning our mission service delivery from being part of larger Goodwill facilities to moving that directly into the community, where individuals are at. We’ve been on that path to do more service delivery in the communities throughout our territory.
“And I’m a strong believer that when you are operating in the support level or the corporate level, you need to be connected with the mission and you need to be connected with our business operations that support our mission. So, we’re going to distribute our leadership team into facilities across our territory so we can be close to the mission operations. It reminds you when you show up to work every day why you’re going to work every day.” WILL YOU LOSE SYNERGY IF YOUR LEADERS ARE SPREAD OUT? “What we’ll see is a lot of hoteling space and a lot of collaborative space. So, we may have executives that are housed in Chicago, housed in Milwaukee, the southeastern Wisconsin area, but we’ll hold leadership team meetings in common spaces, so we are working together on a regular basis. … We have learned how to be a team while working remotely, and so we know we can do it, but at the end of the day it has to be a combination. Having in-person connection creates relationship, it sets the tone.” SIGNIFICANCE OF RETURNING TO MILWAUKEE? “The James O. Wright Center was purpose-built for Goodwill in the (early 1960s) and has been our corporate headquarters until recent history. So, it is our history, and it’s also our future because of where it’s located on the northwest side of Milwaukee. We are attached to the community. We are where mission delivery needs to take place.” LESSONS IN MANAGING THROUGH CHANGE “In 2020, we actually started to engage in a long-term strategic planning process to say, ‘What does Goodwill need to look like 10 years from now?’ It’s really easy to get caught up in the crisis of the day, which you have to manage, and you can’t downplay that. … But when there’s a crisis, there’s also opportunity to really change direction, if necessary, to focus on things that become really important.” n biztimes.com / 47
PRESENTING SPONSOR:
Tuesday, October 12, 2021 • Ingleside Hotel 2:00pm Registration • 2:30-5:00pm Program • 5:00-6:30 Cocktail & Hors d’oeuvres
Managing Complexities - Culture, Costs, Customers and Supply Chain Join us October 12th for the 16th Annual Next Generation Manufacturing Summit. CEOs from the region’s leading manufacturers will discuss how they are managing today’s complexities and will share best practices that help their businesses succeed. Manufacturers are faced with tremendous challenges including significantly disrupted supply chains, a major workforce shortage, plus automation and productivity issues. These challenges make it difficult to control costs, manage customer expectations and put tremendous pressure on company culture. The program begins with a keynote conversation with Steven Richman, Group President of Milwaukee Tool. Next, a CEO panel will address supply chain realities and how local leaders are dealing with product delays, higher prices and managing customer frustrations. Panelists will also focus on strategies for creating a positive company culture and being more productive and doing more with less. The educational program concludes with breakout sessions on automation, culture, supply chain and more. Stay to network and mingle over cocktails and hors d’oeuvres.
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Keynote conversation: • Steven P. Richman, Group President, Milwaukee Tool (1) Panelists: • Bob Gross, President & CEO, Gross Automation (2) • Ryan Reigle, President & CEO, Regal Ware (3) • Jim Schneberger, President, New Berlin Plastics (4) • Mike Steger, President & COO, Waukesha Metal Products (5) Moderator: • Carol Crawford, Senior Consultant, WMEP (6)
Register Today! >> biztimes.com/mfg PRESENTING SPONSOR:
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