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» SEP 14 - 27, 2020
4 Leading Edge 4 NOW BY THE NUMBERS 5 FRESH DIGS 6 ON THE JOB WITH… 8 JUMP START 10 “QUOTE UNQUOTE” 11 WHO’S ON THE BOARD? WHAT I’M LISTENING TO BIZ POLL
12 Biz News 12 MADE IN MILWAUKEE 13 THE INTERVIEW
14 Real Estate 29 Notable Women in Finance 34 Strategies
COVER STORY
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Special Reports
NATHAN DUMLAO - UNSPLASH
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BizTimes Milwaukee (ISSN 1095-936X & USPS # 017813) Volume 26, Number 8, September 14, 2020 – September 27, 2020. BizTimes Milwaukee is published bi-weekly, except monthly in January, April, May, 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 $3.25. Back issues are $5 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 2020 by BizTimes Media LLC. All rights reserved.
Contents
22 Banking and Finance
27 The Business of Nonprofits
This report includes a look at how banks are preparing for a potential wave of bad loans and insight about what is the right time to file for bankruptcy.
Featuring a report on the challenges nonprofit organizations are facing during the COVID-19 pandemic.
At Wintrust, your banker knows you.
We understand that your employees depend on you.
34 LEADERSHIP Christine McMahon 35 ENTREPRENEURSHIP Jerry Jendusa 36 TIP SHEET
39 Biz Connections 39 NONPROFIT 40 GLANCE AT YESTERYEAR COMMENTARY 41 AROUND TOWN 42 MY BEST ADVICE
That’s why thousands of businesses turned to us to help secure more than 114,000 jobs.
Start the conversation at townbank.us/knows.
biztimes.com / 3
Leading Edge
BIZTIMES DAILY – The day’s most significant news → biztimes.com/subscribe
NOW
Associated Bank’s Third Ward office.
Associated Bank to close 14 branches in Wisconsin By Andrew Weiland, staff writer Green Bay-based Associated Bank announced that it plans to close 14 of its branches in Wisconsin, including five locations in southeastern Wisconsin. The southeastern Wisconsin Associated Bank branch locations that will be closed are in Milwau-
kee’s Historic Third Ward, downtown Waukesha, Kenosha, Brown Deer and Thiensville. The Associated Bank branch locations that will be closed include these locations: » Appleton, 2175 S. Memorial Drive
BY THE NUMBERS In a survey of more than 8,000 workers across eight countries, Milwaukee-based ManpowerGroup found that
94%
of employees have some level of concern about returning to their workplace amid the COVID-19 pandemic. 4 / BizTimes Milwaukee SEPTEMBER 14, 2020
» Brown Deer, 4801 W. Brown Deer Road » Clear Lake, 327 3rd Ave. » Darlington, 207 Wells St. » Kenosha, 2811 18th St. » Madison, 1574 W. Broadway » Madison, 8040 Excelsior Drive » Madison, 640 University Ave. » Milwaukee, 102 N. Water St., Suite 101 (Historic Third Ward) » Minocqua, 625 Chippewa St. » Onalaska, 127 Sand Lake Road » Stanley, 118 N. Broadway St. » Thiensville, 208 N. Main St. » Waukesha, 704 N. Grand Ave. The growing use of digital banking, transaction trends and proximity to other Associated Bank locations were factors in the decision to close the branches, the company said. “We continuously analyze and evolve our delivery model to ensure we are matching the preferences of our customers and their banking patterns,” said David Stein, executive vice president and head of consumer and business banking. “The Associated Bank branch consolidations align with an industry-wide trend, which includes consumer migration to mobile and online banking, a smaller branch footprint and lower frequency of branch walk-in
traffic.” The branch closures are not specifically in response to COVID-19, but the accelerated migration of customers to digital channels since the start of the pandemic is a factor, the company said. “Ultimately, the scale and efficiencies gained will position the company to continue to be a source of strength for its customers and communities,” Associated Bank said in a news release. The company said it will “work directly with approximately 46 employees at affected branches to review opportunities for other positions within the organization where positions are available.” Associated Bank has more than 240 banking locations in Wisconsin, Illinois and Minnesota. After acquiring Bank Mutual in 2018, Associated Bank closed 36 bank branches, including 28 Bank Mutual locations and eight Associated Bank locations. The Associated Bank location at 4801 W. Brown Deer Road in Brown Deer and the Thiensville branch at 208 N. Main St. were Bank Mutual branches prior to the acquisition by Associated Bank. Associated Bank’s Third Ward branch opened in 2015. n
THE ANGELUS CORP.
FRESH DIGS
THE ANGELUS CORP. OW N E R / DE V E LOPE R : J.P. Griffin Properties LLC DE S IG N E R S : Briohn Building Corp. (architecture), Creative Business Interiors (interior design)
C ON T R AC TOR : Briohn Building Corp. C O S T S : Undisclosed Y E A R C OM PL E T E D : 2020
AEROSPACE and defense products and services company The Angelus Corp. in June moved into its new Pewaukee headquarters on a 34-acre site northwest of I-94 and Springdale Road. Although it wasn’t a long-distance move — about five miles from its old Sussex facility — the major differences come from the physical space. At 50,000 square feet, the new facility is twice the size of the old one. It’s also able to be easily expanded to around 100,000 square feet, to keep up with the company’s growth. “We’ve had strong growth over the last five years in the company,
and we simply outgrew our last facility,” said Paul Dieck, chief operating officer of Angelus. The new digs also feature an open concept, with all managerial offices at the center of the building so that employees can take in 28 acres of natural scenery. The building has a back patio and terrace, large conference rooms and a cafeteria big enough for Angelus to hold companywide meetings. It also has engineering labs, which allow engineering work to happen in areas away from the manufacturing floor. About 60% of the building is manufacturing and warehouse space, Dieck said. n biztimes.com / 5
ON THE JOB WITH…
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American Tree Experts By Brandon Anderegg, staff writer Tree care is a family business for New Berlin-based American Tree Experts. Owned and operated by the Ziemienski family for 70 years, the business provides tree and shrub pruning, tree health care and annual maintenance programs to Milwaukee-area businesses and homeowners. The Ziemienski family’s roots in the tree care industry date back to the early 1950s, when Chester Ziemienski started the business after
graduating from Michigan State University with a degree in forestry. Chester’s son, Jesse Ziemienski, now 70, owns the business, but will soon pass the reins to his son Dean Ziemienski just as his father did in 1989. “He’s the person I’ve been looking for for decades to be my right-hand man,” Jesse Ziemienski said of his son. “He keeps me going and it’s very rewarding to have him along. I couldn’t ask for a better partner.” n
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1 Nick Seid chainsaws the limbs of a felled ash tree, which was infected by emerald ash borer, at a Brookfield residence.
2 Seid feeds the limbs of an infected ash tree into a woodchipper.
6 / BizTimes Milwaukee SEPTEMBER 14, 2020
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A crew from American Tree Experts hauls away woodchipped trees and tree limbs from a client’s property.
American Tree Experts provides tree care services to homeowners and business owners in the Milwaukee area.
5 Mitch Barnhill prunes trees from a cherry picker, which beautifies and helps the overall health of trees.
6 Dean Ziemienski (left) and Barnhill (right) assess a tree in a client’s yard.
JAKE HILL PHOTOGRAPHY
Leading Edge
Recognizing the resolve & resilience of 65 local organizations and individuals that have made a positive difference in our community during the pandemic. ESTABLISHED NEW LINKS IN THE CHAIN
FUELING THE FRONTLINES
MOTHER (OR FATHER) OF INVENTION
PIVOT NOT PANIC
TRUE COLORS
Retooled their supply chain to meet new market demands.
Aided healthcare or other frontline workers when they needed it most.
Created a new product or service to meet rapidly changing market demands.
Displayed clarity and purpose, showing exemplary leadership during the pandemic.
Maintained an employeecentric focus by managing the health & well-being of their workforce.
Duet Resource Group
Kane Communications Group
Badger Technology Group
Accelity
Advocate Aurora Health
Exciting Events Gross Automation Hunger Task Force IAS Lanex MicroSynergies PartsBadger
Nourish Natural Products Pliszka’s Adventures dba Headline It Surfacide Manufacturing SVA, A Professional Services Company YMCA of Metropolitan Milwaukee
BoothCentral Central Office Systems Co. Central Standard Craft Distillery Clarity Management #lunchwithlorry Connoils Healics Milwaukee Center For Independence Milwaukee Food & City Tours
Join us to celebrate the honorees at our virtual event!
Friday, September 18, 2020 12:00 Noon - 1:00 PM No cost to attend
MKE Tech Hub Coalition and The Commons Pat Miller - The Idea Coach Server Products Stonehouse Innovations The Chef’s Table
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Ascension Wisconsin The Bartolotta Restaurants Brainchild Studios Brilliance Business Solutions Bublr Bikes CCB Technology Catholic Financial Life CG Schmidt
The Greater Milwaukee Committee – Julia Taylor
Dale Carnegie Training
INVIVO Wellness
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Lueder Financial Group – Matt Lueder
Insulation Technologies dba INTEC
Physical Therapy of Milwaukee - Dr. Sylvestra Ramirez Rehab Resources (a division of Greenfield Rehabilitation Agency) – Ginger Brath & Kate Brewer SPEARity™ – Darren Fisher The Tandem
Girls on the Run of SE Wisconsin
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@BIZTIMESMEDIA – Real-time news
BEVCARTS LOCATION: Sheboygan FOUNDERS: Justin Webb and Mike Carroll FOUNDED: 2020 PRODUCT: A beverage and food cart mobile app for golfers. WEBSITE: BevCarts.com TOTAL EMPLOYEES: Eight GOAL: Gain more subscribers. EXPERIENCE: Webb owns Sheboygan-based marketing company Sun Graphics Media. Carroll owns Carroll Solutions, a supplier of lab furniture and equipment.
BevCarts aims to enhance golfing experience By Brandon Anderegg, staff writer
8 / BizTimes Milwaukee SEPTEMBER 14, 2020
Justin Webb
SHEYBOYGAN-BASED startup BevCarts may not be able to cut strokes off a scorecard, but it’s working to improve a golfer’s overall experience on the course with the launch of its new mobile app. BevCarts recently developed a GPS-enabled app for food and beverage services so that golfers can order products from the clubhouse on demand no matter where they are on the course. Aside from pace of play, a golfer’s most frequent complaint when golfing is food and beverage services, said BevCarts owner and founder Justin Webb. Webb, who is a golfer himself, developed the idea with co-founder and owner Mike Carroll following a frustrating experience on the golf course in which they both waited several holes before seeing a beverage cart server. “Golfers appreciate the fact that they simply don’t have to wonder if there’s even a beverage cart currently out on the course,” Webb said. “In a matter of seconds, they can simply place an order, enjoy a couple of swings, and expect their order in a short period of time.” With the app, golfers can view all clubhouse offerings, including a full menu, available tee times and other discount deals. At the same time, BevCarts collects data, which golf course
owners can leverage to make informed business decisions. Using data analytics, golf courses can track inventory, forecast what products are selling fast and cut unpopular products from the menu, said Michael Lackovic, BevCarts business development director. “Being able to live track their inventory and see wait times, it really gives courses better visibility into their overall business to make sure inventory isn’t just disappearing and to make money on the products they have,” Lackovic said. BevCarts also has a contactless point of sale system, which gives golfers the option to pay the clubhouse and tip the beverage cart server within the app or pay with cash. BevCarts generates revenue with a monthly subscription-based model, charging golf courses up to $99 or a free subscription depending on which app features are enabled. BevCarts has piloted its app at several Sheboygan-area courses and reached out to regional golf associations for feedback. “Right now, we’re kind of at the point where we’re trying to get the message out there and get some of these courses on board to implement,” Lackovic said. “Obviously, it’s not ideal timing in Wisconsin because it’s their busy season.” n
PRESENTING SPONSOR:
Thursday, October 15, 2020 7:00-11:00AM | Free Virtual Event
Preparing for 2021 - Turning Disruptions and Challenges into Opportunities
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While manufacturing has not been hit in the same way as restaurants or the retail industry, 2020 has still been filled with disruptions and challenges for the industry. However, with challenges comes opportunity. Opportunities to ask why we do things a certain way, go after new markets, reimagine processes, and consider what the future will look like. What will the talent landscape look like in the next few years? Will COVID-19 bring manufacturing back to the US? What supply chain vulnerabilities need to be addressed? Will the adoption of automation and Industry 4.0 technologies accelerate because of COVID? What does the rise of remote work mean for manufacturers? Join us for the 15th annual Next Generation Manufacturing Summit on October 15th. CEOs from the region’s leading manufacturing companies will discuss the trends and issues shaping the direction of their companies. They will also discuss how those macro trends influence their strategy and operations. The event will conclude with breakout sessions that focus in on specific topics such as: • Adopting New Technologies • Connectivity & Data Analytics • Generating Revenue • Leadership Development/Succession Planning
• Maintaining Cash Flow • Mergers & Acquisitions • Sustainability
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Presenters: • Keith Everson, CEO, Sussex IM (1) • Aaron Jagdfeld, President & CEO, Generac Power Systems (2) • Mike Kryshak, Owner, Rebel Converting (3) • Rick Ruzga, President, Power Test, Inc (4) • Jeff Schwager, CEO, Sartori Company (5)
FREE Registration! >> biztimes.com/mfg PRESENTING SPONSOR:
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Leading Edge
“ QUOTE
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VA L E R I E DA N I E L S - C A RT E R
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C O - F O U N D E R , P R E S I D E N T & C H I E F E X E C U T I V E O F F I C E R , V & J H O L D I N G C O M PA N I E S Valerie Daniels-Carter, co-founder, president and chief executive officer of Milwaukee-based franchise restaurant organization V&J Holding Companies, was recognized as the Lifetime Achievement Award winner during the annual BizTimes Bravo! Entrepreneur & I.Q. Awards program in August. Daniels-Carter shared her thoughts on being an entrepreneur and mentor during a Q&A with BizTimes editor Andrew Weiland as part of the awards program. See her full remarks at biztimes.com/bravo n
“You’re an entrepreneur no matter what platform, whether you’re an employer or an employee. You can have the great entrepreneurial spirit as an employee within an organization and that makes your organization great.”
“It’s not just capital, but it is the proper utilization of capital, deploying it at the right time and understanding the proper way to manage it once you have it.”
“Do you have challenges? Yeah. Do you have setbacks? Absolutely. But you don’t allow them to control you. The key is you control them, so when something happens that’s a negative, you look at it and say, ‘You shouldn’t have done that because now you’re going to make me do something even greater than what I just did.’”
10 / BizTimes Milwaukee SEPTEMBER 14, 2020
“Start with your strengths first, because weaknesses will always be there and you’ll always have to deal with them.”
“I wake up every morning asking for the wisdom to do the things that I need to do. I have set no retirement age for myself and I think when that day comes, I’ll know it.”
“My failures have been some of my greatest opportunities for me because it allowed me to understand what I shouldn’t be doing, why I shouldn’t do it and it allowed me to regroup and refocus. It allowed me to look at things differently and really it opened up my understanding as to why I failed.”
Who’s on the Board?
What I’m
LISTENING TO MICHAEL QUILL Director of marketing Affinity Strategic Marketing Inc.
How I Built This Host: Guy Raz Salzwedel • Jack Salzwedel, chair and chief executive officer, American Family Insurance • Christine Cumming, retired first vice president and chief operating officer, Federal Reserve Bank of New York • Londa Dewey, CEO, QTI Group • Sheri Edison, general counsel at Amcor plc • Fabian Fondriest, president of American Family Direct, chair and CEO of Homesite Group • Leslie Ann Howard, senior advisor to the CEO, United Way Worldwide • Idalene Kesner, dean, Kelley School of Business, Indiana University
BIZ POLL
• Rakesh Khurana, dean, Harvard College • Michael Knetter, president and CEO, University of Wisconsin Foundation • Eliot Protsch, president, Wapsie Investment & Advisory, LLC • Rosie Rios, former treasurer of the United States • Paul Shain, president and CEO, Singlewire Software LLC • Thomas Tefft, former executive, Medtronic • Bill Westrate, president, American Family Insurance • Thomas Zimbrick, CEO, Zimbrick Inc.
fashion brand Eileen Fischer. Quill appreciates the intersection of great storytelling and business insights, and Raz’s enthusiasm, positive energy and thought-provoking questions draw the listener in. “Since my mantra is, ‘we never stop learning,’ there is always an insight to bring into my work life from it,” he said. During the COVID-19 pandemic, the podcast’s Resilience Series has featured business owners and entrepreneurs who are adapting their companies. n
A recent survey of BizTimes.com readers.
Do you plan to get a COVID-19 vaccine if and when one becomes available? YES:
OF HIS USUAL ROTATION of four or five podcasts, Michael Quill has a favorite: NPR’s “How I Built This.” Host Guy Raz brings on some of the biggest names in business, delving into topics such as innovation, entrepreneurship and business management, said Quill, director of marketing at Racine-based Affinity Strategic Marketing Inc. Notable guests have included Herb Kelleher of Southwest Airlines, Daniel Meyer of Shake Shack, Brian Chesky of Airbnb, Julia Hartz of Eventbrite and Eileen Fischer of
48.4%
NO:
51.6%
OUR BANK STATEMENT. Unlike other banks in southeast Wisconsin, we at Ixonia Bank have the luxury to be prudent with your financial future. The philosophy of Professional Ownership®, developed by Sheldon Lubar, is woven into our day-to-day operations. Because we know success doesn’t just happen overnight, we focus on the long-term, building relationships, not transactions. Visit us at our new downtown Milwaukee office located at 611 East Wisconsin Ave. Where you’ll find the greatest returns result from mutual respect and trust.
414.763.2428 • ixoniabank.com Share your opinion! Visit biztimes.com/bizpoll to cast your vote in the next Biz Poll. biztimes.com / 11
BizNews
Microbrush knows dental products and now COVID test swabs, too EMPLOYEES at Microbrush in Grafton marked an impressive milestone in late August when the 42,000-square-foot facility just off Highway 60 exceeded 20 million nasopharyngeal test swabs produced. What made the milestone significant was less the volume – Microbrush typically makes more than 600 million products a year – and more the product itself. Until the COVID-19 pandemic hit, Microbrush’s products primarily consisted of dental applicators. As the coronavirus pandemic hit the United States, employees with Microbrush and its parent company, Young Innovations, noticed that the nasal test swabs used for COVID-19 looked awfully similar to their applicators. It took around eight weeks for the company to begin some production and within 90 days the company had gone from idea to commercialization. The test swabs use a similar resin to the applicators and the same flocking technology to apply nylon to the tip. One of the initial challenges was finding a mold to create the plastic portion of the swab through injection molding. A connection at the Cleveland Clinic led to conversations with Procter & Gamble, which led to a P&G mold-making subsidiary. Microbrush also found partners for sterilization and packaging, although the company plans to invest in automation to bring packaging work in-house by the end of the year. Sterilization was another challenge, with many companies 12 / BizTimes Milwaukee SEPTEMBER 14, 2020
performing the service either at capacity or being shut down for a variety of reasons. “It was just one thing after another we had to solve,” said John Frymark, vice president of product development and product strategy at Young Innovations, noting the company did find partners at several sites around the country. Microbrush has ramped production of the swabs up to around 2.5 million per week and could surge higher to 5 million if needed. “We’ve made a huge impact in a short amount of time,” said Nathaniel Blaz, plant manager for Microbrush. Today, the test swabs are produced alongside dental products with robots and automation turning out 50 parts every 20 seconds from the company’s injection molding machines. The swabs are then dipped in glue, nylon is applied, cured and inspected for deformities before being sent to packaging and sterilization vendors. “It was just an opportunity we saw with the shortage going on and just decided this is something we needed to do really to help solve this pandemic,” said Dave Sproat, chief executive officer of Young Innovations. But the opportunity to make test swabs came at a good time for Microbrush. With many dental offices closed or deemed non-essential during the pandemic, the company saw its main line of business dwindle. For a period, the company had to furlough around 80 employees in Grafton.
Choua Ferreira inspects COVID-19 testing swabs at Mircobrush in Grafton.
MICROBRUSH INTERNATIONAL 1736 Cheyenne Ave., Grafton
INDUSTRY: Testing swabs and dental applicators EMPLOYEES: 90 in Grafton
microbrush.com
“When we brought people back, this was the project,” Sproat said. Blaz said making test swabs created excitement within the building with employees coming over from different shifts to train on production procedures. And Sproat said the work has created excitement across Young Innovations with employees commenting to him that they are glad to see Microbrush contributing to the COVID-19 fight. As the dental side of the business returns, Sproat acknowledged the company will need to balance its traditional product lines with its new opportunities. While the products are similar, pushing into test swabs required expanding to a new market, one that Mircobrush doesn’t plan to leave. “We intend to be in this long term,” Frymark said. Sproat said the company has invested in the test swabs with the goal of helping fight the virus and the potential for a profitable product line is something to consider
later. “At the end of the day, that will come down the road,” he said. For now, it creates the opportunity for the Grafton facility to grow. “Once dental is sustained, back to ‘normal days,’ we’ll be investing in the business as a result of this,” Sproat said. n
ARTHUR THOMAS Associate Editor
P / 414-336-7123 E / arthur.thomas@biztimes.com T / @arthur8823
the
Interview
WISCONSIN’S BIOHEALTH INDUSTRY has been at the forefront of the state’s
COVID-19 response as companies and research institutions have produced personal protective equipment, developed testing kits, processed tests and begun manufacturing potential vaccines. In recent years, the biohealth sector has made a concerted effort to attract workers from across the country to meet the talent needs of several growing Wisconsin companies. Lisa Johnson, chief executive officer of BioForward Wisconsin, a cluster of more than 220 member organizations, recently spoke with BizTimes reporter Lauren Anderson about how companies have stepped up during the COVID-19 crisis and the results of the talent recruitment initiative. How has the biohealth industry contributed to the state’s COVID-19 response? “We certainly have a lot of companies involved in that work: Versiti with the convalescent plasma treatment. UW Health is doing that on the therapeutic side. On the vaccine side, FluGen is trying to advance their vaccine. … Certainly, our research institutions have been doing a lot of work studying this virus and collaborating internationally with researchers all over the world. … GE Healthcare has been producing ventilators, manufacturing those in Wisconsin. Catalent, Covance, PPD – they are exploding because they are starting to already manufacture vaccines without them getting through clinical studies (yet). Because if (a vaccine is approved), then we need to hit the market. … Promega is a huge success story. They are a top five reagent (supplier) for COVID tests in the world.”
What were some lessons learned from acting quickly? “(The PPE shortages) are where we first saw collaborations happening so quickly. The Maskforce out of Milwaukee brought 25 entities together from industry and research institutions to make N95 masks. … Whether on PPE or test kits, companies came together and said, ‘We’ve got to collaborate. We have to do something here and do it quickly.’ … You don’t want to always be in a state of emergency. Reactive mode can be dangerous. You can spend a lot of money and not make money if you’re reacting too quickly. But it brought together people in different ways, and the discussion is how do we keep this going?”
What media and messaging are you using to attract talent here? “We started investing last year in a social media campaign; that was phase one. We saw good results and we’ve changed different platforms based on where we were seeing hits. … We’ve gotten millions of hits from (people in) San Diego, New York, the East Coast and Midwest certainly. … This will take several years to keep at it. We’re trying to change the image. We’re trying to address this mentality on the coasts of there’s nothing happening in the Midwest. Yeah, there is. There are jobs here and this is where you should be.”
What companies have seen success? “PPD; they have over 1,500 employees in Madison. They have had exceptional success attracting people from outside the state. They promote that there’s opportunities here, the lower cost of living. … They were one of the companies that was telling me, ‘You have to do more (to attract talent).’ They couldn’t do this on their own. A lot of companies are competing for talent. They get mad at one another if someone leaves their company, but if you get more people here, now you’ve increased the pool of employees, so it doesn’t hurt so much.” n
Lisa Johnson BioForward Wisconsin 214 N. Hamilton St., Suite 202, Madison Employees: 5 bioforward.org biztimes.com / 13
Real Estate
REAL ESTATE WEEKLY – The week’s most significant real estate news → biztimes.com/subscribe
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WHO OWNS THE BLOCK? SOUTH 13TH STREET, FROM WEST DAKOTA TO WEST MANITOBA STREETS, MILWAUKEE
2900 S. 13th St. Owner: Tribbey Properties LLC Tenant: Nick’s Anvil Inn
5 2968-2970 S. 13th St. Owner: Jose and Renee Mendez Tenant: El Rancho Western Wear 14 / BizTimes Milwaukee SEPTEMBER 14, 2020
2 2912 S. 13th St. Owner: Alejandro Leon Tenant: Taqueria Arandas
6 2972-2974 S. 13th St. Owner: Ahn Jae Lee Tenant: One Stop Outlet
3 2936-2940 S. 13th St. Owner: Slobodan Pavlovic Tenant: RicanMex Frappes & Grill
7 2963 S. 13th St. Owner: Jose Gonzalez Tenant: 4:44 The Brand
4 2950-2952 S. 13th St. Owner: SAAVI Investments LLC Tenant: Karina’s Pizza
8 2901-2905 S. 13th St. Owner: CMAD Properties LLC Tenant: Mi Tierra
ALEX ZANK
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FEATURED DEAL: F U T U R E KO M AT S U MINING HQ SITE Komatsu Mining Corp. is building a $285 million headquarters and manufacturing facility at the former Solvay Coke site in Milwaukee’s Harbor District. That project took a major step forward in August when the company acquired the site for $8.76 million. Two properties that make up the project site were involved in the deal: a 41-acre parcel at 311 E. Greenfield Ave. and a 12-acre parcel at 401 E. Greenfield Ave. Komatsu said it’s on track to complete the project in two years. The company first announced the headquarters project in September 2018. “The property acquisition is an exciting milestone and will allow Komatsu to proceed with construction for project completion in 2022,” said Leah Harnack, a spokesperson for Komatsu. ADDRESS: 311 and 401 E. Greenfield Ave. SELLERS: Wisconsin Gas LLC (311 E. Greenfield Ave. site), city of Milwaukee (401 E. Greenfield Ave. site) SIZE: 53 acres PRICE: $8.76 million
HORLICK REDEVELOPMENT IN RACINE The redevelopment of the former Horlick Malted Milk Co. complex in Racine officially broke ground in August. Led by Milwaukee developer J. Jeffers & Co., the project will combine new construction and historic rehabilitation to create a mixed-use town center. The first phase will involve redevelopment of the two largest buildings on the complex, at 2100 and 2200 Northwestern Ave. Once redeveloped, the two buildings will contain 136 residential dwellings, which will be a mix of market-rate and affordable units. A later phase will focus on commercial uses, which could include a microbrewery and taproom. DEVELOPER: J. Jeffers & Co. COST: $100 million (total), $40 million (first phase) CONTRACTOR: CG Schmidt
BANKING BEYOND EXPECTATIONS At First Business, each of us represents the unique way our company empowers and encourages us to help businesses achieve success. There’s nothing I love more than talking with a business owner who’s passionate about what they’re doing. It energizes me thinking about what we can accomplish. We bring enthusiasm that’s uncommon in banking, and clients notice the difference. BOB BELL
SENIOR VICE PRESIDENT, FIRST BUSINESS BANK
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STORY COVER
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BY LAUREN ANDERSON, staff writer
ACKENZIE ALLEN SAYS she now feels “a bit shakier” on some of the subjects that will underpin the rest of her college coursework after the junior civil engineering major at Marquette University saw her spring semester upended by COVID-19. There’s never an opportune time to have your college career disrupted, but, for Allen, a semester full of courses focused on the fundamentals of her field, certainly wasn’t it. Allen got word in March while on a spring break trip in Cuba that she would need to pack up her dorm room when she returned and move back in with her parents in Minnesota to finish the last few weeks of class. As was the case for college students across the country, streaming classes from childhood bedrooms and family kitchen tables was a less than ideal substitute for campus libraries and lecture halls. “There were seven of us living at my home,” Allen said. “It was so nice to get time with family, but it was never quiet. There was always stuff going on.” In August, she returned to Milwaukee to settle into her on-campus student apartment before the start of a semester that, despite the fastidiousness 16 / BizTimes Milwaukee SEPTEMBER 14, 2020
of reopening protocols and contingency planning, many see as fragile in light of the ongoing pandemic. The possibility of a COVID-19 outbreak looms, threatening to dismantle — or at least significantly disrupt — college leaders’ best laid plans. Within a week of the start of classes, a surge in COVID-19 cases on the University of Wisconsin-Madison campus prompted chancellor Rebecca Blank to call on students to restrict their movement to “essential activities” only. UW’s student governance body said Blank’s directive didn’t go far enough and called on administrators to move to an all-virtual school format. “The only acceptable number of student deaths is zero,” the Association Students of Madison said in a letter. “Every single day that in-person instruction resumes is an unnecessary risk for the lives of students, staff, faculty and those in the Madison community.” At press time, several colleges around the country have already reversed course after initially planning to hold in-person classes, including the University of North Carolina at Chapel Hill, which reported a 31% positivity rate among students tested for the coronavirus during the second week of classes before reverting back to virtual classes. Nathan Karl, a junior nursing major at Marquette who shares an apartment with five other students, has a bet going with his roommates. He
ANDREW FELLER PHOTOGRAPHY
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MARQUETTE UNIVERSITY
MARQUETTE UNIVERSITY
MARQUETTE UNIVERSITY
STORY COVER
ou t is spaced iversit y n U n e e e tt b e arqu s have hall at M lassroom Bottom: residence ette’s campus, c arning. s n le o te m o m m u o C re rq e a to allow te h d M a T nfigure iture in o mm o d : Across co cc le rn a d u re F id to : re p M e d e To us w tall ing. l dis tanc uipment was ins arquette’s camp for socia eq nM will d o t n a ll a a h d H w t re g u ab ou k to eerin reconfig vert bac ncerned of Engin on areas g. ette, is co e universit y to re semes ter u m rq m a o C M t t in nex ing a auses th l dis tanc y classes ying nurs tbreak c for socia nior s tud linicals if an ou an’t move onto m ju “That will create a , rl a c icals, I c Nathan K his off-campus ’t do clin a long-term financial crisis that h n it a c w I n if . e happ c tion. “… fth year,” he said we’ll be in for a number of years,” she said. al ins tru a fi all-vir tu rd to do o ff a ’t n At Marquette, Prior to COVID-19, colleges were already coma c e an d w it cost the university $11 million to refund a peting for a dwindling number of students and thinks it will be half-semester’s room and board when it converted have braced themselves for what projections show under a month before Mar- to remote learning after spring break. Combined will be a significant drop in the country’s college-goquette goes to online-only classes. One room- with a smaller than expected freshmen class and ing population after 2025 due to birth trends. mate says it will be under two weeks. increased expenses, the university reported a $15 For at least one Wisconsin college, the corona“Only one roommate, and he knows he’s going million budget shortfall for fiscal 2020, and pro- virus made it unsustainable to continue operations against Vegas, but he’s betting above one month,” jected financial risks of about $20 million to $25 altogether. Holy Family College, a Manitowoc priKarl said. “You see what’s happening with UNC million in fiscal 2021. vate school formerly known as Silver Lake College, and Notre Dame. I want to say we’re going to be Large public universities face major financial shut its doors permanently on Aug. 29, citing inbetter but it’s just hard when you get people from challenges, as well. In mid-August, Blank estimat- creased operating costs, changing student demoacross the county and mix them together.” ed the UW System’s flagship school is facing at graphics and fundraising challenges, all of which For higher education institutions, forgoing least a $150 million shortfall, citing reductions in were exacerbated by the health crisis. in-person instruction and potentially shutting housing, dining, parking, conference and athletics “In the final analysis, the COVID-19 ramificadown residence halls this semester would ex- revenues, along with the expense of COVID-19 tions sealed the concerns about the college’s longacerbate deep financial challenges prompted by testing and other health protocols. term future,” said the school’s community director COVID-19, including lost revenue from canceled “We’re in a real financial crisis,” she said, add- Sister Natalie Binversie in a letter to the Holy Famevents, the absence of fall athletics and reduced ing it’s untenable for the state to continue to make ily College community in May. on-campus student housing capacities. cuts to the UW System in the next budget cycle. Students face their own set of uncertain18 / BizTimes Milwaukee SEPTEMBER 14, 2020
MARQUETTE UNIVERSITY
ties. For Karl, a possible shutdown of face-to-face classes or area health care facilities, prompts a lot of questions: What about his off-campus clinical courses? Would those be canceled too? What if he can’t complete the required number of hours for his major? Would he need to do a fifth year of college? How would he afford it? “I can do my lectures online, but if I don’t get a certain number of (clinical) hours, I can’t graduate,” he said. “So that was super stressful. I didn’t pay tuition until last week (the week before classes started) because if I can’t do clinicals, I can’t move onto my classes next semester and we can’t afford to do a fifth year. … My whole schedule got 180-ed.”
Reopening challenges If making the call to close campuses in the spring amid an escalating pandemic was difficult, determining how they would reopen has been an even greater challenge, several of the region’s higher education leaders said. A national study released in August found 40% of incoming freshmen who aspired to attend a four-year residential college said they are likely to not attend any school this fall. Among returning students, 28% said they aren’t going back to their campus or haven’t decided yet, according to the study from higher education research firm SimpsonScarborough. As coronavirus cases swelled over the summer, Milwaukee Institute of Art & Design students’ comfortability with attending in-person classes dropped off. About 95% of students said they intended to be on campus when surveyed early in the summer. “That has moved over the past month or so to about 45% of students now intending to study online,” said Jeff Morin, president of MIAD. “That’s a pretty dramatic shift.” Morin says he understands that shift given the summer surge in COVID-19 cases, but the logistics of getting supplies into the hands of nearly half the student body to equip them for remote learning — compared to 5% — is a challenge. Wisconsin colleges have largely adopted variations of an in-person/online hybrid class model, including smaller and more spread out classes to allow for social distancing. UW-Madison will hold classes
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solely online following the Thanksgiving holiday until the end of the semester; UW-Milwaukee has said it is considering a similar schedule. Few have disclosed what threshold of positive COVID-19 tests would prompt campus shutdowns. That ambiguity concerns some faculty and instructors. During the first week of class, a group of Marquette graduate students and non-tenured faculty staged a “die-in” on campus in protest of the university’s reopening plan. The demonstration was organized by the Marquette Academic Workers Union, a group that has been organizing for the past few years but is not recognized by the university. “It’s clear that administration has not accounted for how quickly this virus spreads in spaces like enclosed air-conditioned buildings, like Marquette’s campus,” said Thomas Hansberger, a Marquette teaching assistant and an organizer of the protests. Campus staff, meanwhile, spent the summer readying facilities for students’ return. Residence halls were “de-densified” to reduce student occu-
pancy per room. Isolation rooms were added in the dorms. The university waived its on-campus residence requirement for some students to create more space. Classrooms were reconfigured, seats blocked off and equipment installed to accommodate online classes. A few days into the first week of class, Lora Strigens, vice president for planning and facilities management at Marquette, said students appeared to be honoring the school’s safety protocols. “These are young adults; we’re doing everything we can to encourage them to make good choices,” she said. “But in our academic environments and res hall environments, those walking on campus today, I’ve been truly impressed even on a 90-degree day, the number of our community members and students in particular who are wearing their masks, minding their physical distance.”
Remote teaching Professors acknowledge the pedagogical pitfalls of converting classes that typically rely on the give-and-take of an in-person discussion into video calls and online forums. Not having the feedback of students’ live facial expressions and mannerisms, it’s hard to know how material is landing, said Kevin Guilfoy, a philosophy professor at Carroll University in Waukesha. Students were fairly forgiving about the scramble to online learning in the spring, but they probably didn’t learn as much as they otherwise would have, he said. “There’s no way to replace sitting there with a smaller group of people actually engaged in the moment,” he said. “The delays involved in doing those sorts of things online, where you ask your question and then forget about it and a day later the answer comes, it’s not as immediate and you don’t develop the kinds of depth of responding and analysis that you get in person.” While instructors in the spring had to improvise just to get students through the semester, summer has allowed more time for them to rethink their courses and align them with an online or hybrid format. Lilly Goren, a political science professor at Carroll, said she has higher expectations of how students engage in class this semester. “A lot of students were obviously upset about the
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STORY COVER pandemic and concerned about their own health and their family’s health. There was a lot of anxiety all around,” Goren said of the spring semester. “But my approach in the fall is different. This is what we’re doing for the semester, it’s going to be an online forum, so my expectations are more normalized.” Students, for example, are expected to have their cameras turned on during live lectures, she said. Guilfoy said he hopes in-person classes last long enough this semester for him to at least get to know his students’ names and faces, not just the ID numbers that pop up on his screen when they log into online class.
Uncertain job market For Milwaukee Area Technical College, 60% of classes include a virtual option, 20% are fully in person. The remainder includes a mix of both, or are off-campus apprenticeships or clinicals. That could change with a surge in the virus. MATC has contingency plans in place, including condensing classes into eight weeks, if the college needs to wrap up the semester early. Technical college coursework — ranging from surgical technology to auto mechanics to carpentry — is by nature more hands-on than a four-year
university. MATC has added layers of precaution for those types of classes, including updating air filtration systems, enforcing social distancing and frequent sanitization of those spaces, said president Vicki Martin. There’s an economic imperative for those classes to continue, she said. “Bringing those students back is really important,” she said. “It’s important for the economy. It’s important for employers that they have the workforce that they definitely need right now to have business continuity for their own companies.” But for students with graduation in view, the future is fraught with uncertainty. “The next couple of years for our age bracket is going to be very different,” Allen said. “There’s not a job market right now. That’s super hard. For a lot of students in college, they have this plan (to work for) this company, but those are not certain at all.” The outlook for Allen landing a job in transportation engineering may be better than for other fields, but it’s likely to look different than what she expected. It could be a remote position, making it more difficult to connect with colleagues and develop professionally, she said. For Carthage College, a private college in Kenosha that last year began mandating all students participate in a career development program aimed at helping them connect their liberal arts
education to the workforce, COVID-19 has disrupted internship opportunities for students as area employers pull back on hiring. “The job market has changed quite a bit, so we’re in touch with companies that did have plans to hire people and now don’t,” said John Swallow, president of Carthage. It’s prompted larger questions for Swallow about college tuition and student loans as a primary financing method. As 2008 and 2020 have proven, predicting what the economy will look like when you’re 18 and trying to choose a college major that will result in job prospects four years later doesn’t work in times of tectonic economic disruption. “Taking out a loan makes sense if you graduate and the economy continues to be strong and stable,” Swallow said. Swallow said income share agreements — a contract in which a student agrees to pay a percentage of their salary back to their university after graduation to fund their education — or other alternative college funding arrangements could be a better option. “I don’t know what the plan would be, but it does strike me that what we have today introduces a lot of risk and uncertainty for families, particularly in economic disruption,” he said.
Access issues MATC has made a concerted effort in recent years to address college affordability for first-gen-
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eration and low-income students. It’s now in the fifth year of offering its Promise program, which provides free tuition to qualifying low-income high school graduates from the college’s district. It expanded the free tuition program in 2018 to include returning students who pursue an associate degree tied to in-demand careers. This fall, it began offering returning students assistance with repaying past-due balances owed for their college expenses in an effort to address one barrier preventing students from completing their degrees. “Many students have told us it’s a decision between paying their rent or their car payment or paying for food or buying something for their children,” Martin said. “They said they had to make those decisions and it couldn’t be for school.” The shift to remote learning has revealed even more cracks in the system. A significant percentage of MATC’s students either didn’t have up-todate technology or access to a hotspot to continue their studies in the spring. The college has since distributed thousands of Chromebooks for students in need, lent out mobile hotspots and broadened its WiFi access around its building. “When you go within a couple weeks to online (classes), you get to see (the digital divide) front and center,” Martin said. Widespread national protests over social injustice and systemic racism, meanwhile, have forced higher education institutions in recent months to confront their own role in addressing
racial inequality. “The issue of the pandemic and the issue of racial injustice crashed over the summer together and it was clear that, even in a pandemic, there is inequality,” Morin said. Last year, MIAD hired its first full-time director of diversity and inclusion. This summer, it unveiled a three-year plan aimed at addressing “systemic flaws in the college’s operations” and the “unequal” experience of students of color on its campus. Over the summer, Carthage unveiled an anti-racism action plan that includes infusing U.S. racial history into curriculum as a graduation requirement for all students and closing the college’s racial graduation rate gap. “COVID is not a time to pause that work; it’s a time to do, perhaps, more of it,” Swallow said.
Selling the value of college Given the financial challenges families face due to the pandemic, Morin said higher education institutions will increasingly be pressed to justify the cost and value of tuition. Colleges will be expected to be more transparent about how they are funded and where the money is going, he said. “Those conversations will not lessen when we get to the other side of the pandemic; those conversations are going to get louder,” he said. Colleges will also rely more heavily on new funding streams not tied to tuition, he said. Blank acknowledged smaller liberal arts col-
leges are among the most hard-pressed during the pandemic. With limited tuition dollars, colleges’ ability to weather the next few years will depend on their alumni giving and borrowing ability, she said. Higher education leaders are optimistic that the large-scale shift to hybrid instruction will lead to innovation in the industry. “One of my hopes is when we come out on the other side of this we’ll actually be teaching better and more effectively by using and integrating technology more effectively into our in-person learning,” Blank said. For years, industry leaders have forecasted online education would be the future of higher education. The past six months, Guilfoy said, have revealed the problem with that prediction. “Everyone knows that that’s a catastrophe now,” he said. “Pretty much everyone has admitted that fully online anything is not as good as face-to-face.” But, over the next few years, as educators are forced to rethink their courses, they are likely to find the right balance of integrating technology and in-person instruction, he said. “I guess it’s the capitalist optimist in me. A million people are going to try a million things. Six of them will work, and then we’ll all do that,” Guilfoy said. “It’s hard to come out of this level of chaos without somebody figuring out a bunch of interesting things that will work and change the way we do things.” n
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Wisconsin banks brace for bad loans BY BRANDON ANDEREGG, staff writer THE ECONOMIC DOWNTURN fueled by the COVID-19 pandemic is keeping Wisconsin banks on their toes as they pad their loan loss provisions for a potential wave of bad loans. Banks have yet to experience heavy losses, but Q2 earnings reports suggest Wisconsin banks and financial institutions across the country are bracing for the worst. Wisconsin banks have doubled down on their loan loss provisions, adding $84 million more to their reserves than Q1 for a total of $163 million in Q2 of 2020, according to the Federal Deposit Insurance Corporation. Loan loss provisions, which banks set aside as an allowance for uncollected loans and loan payments, are an income statement expense.
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These funds can be used to cover different types of loan losses such as non-performing loans, customer bankruptcy and renegotiated loans that incur lower than previously estimated payments. Although higher rates of loan default among borrowers is not guaranteed, the length of the pandemic and its negative impact from both a loss of employment perspective and a business’s ability to remain open have banks taking precautionary measures. “I do think there are many people who are concerned about the stability of borrowers and businesses, looking ahead over the next six to twelve months given the pandemic,” said Rose Oswald Poels, president and chief executive
officer of the Wisconsin Bankers Association. Wisconsin banks also saw a decrease in interest income, dropping by approximately $30 million in Q2 compared to Q1 of 2020, according to the FDIC. For many banks, a 1.5% drop in interest rates implemented by the Federal Reserve at the beginning of March was a driving factor for decreased interest income in Q2, said Dave Werner, First Midwest Bank’s southeast Wisconsin executive vice president and market president. The dip in interest income, combined with an increase in COVID-19 related expenses, such as pay bumps for branch staff and extra cleaning measures, cut into banks’ earnings, said Werner. With much of the Werner country sheltered in place, consumers cut spending, which dropped credit card transactions and in turn reduced fee income for many banks, Werner added. But even as financial institutions gear up for potential loan losses, a year-over-year look at earnings reports indicates that Wisconsin banks remain in a position of strength. Total assets among Wisconsin banks increased 8.5% from $57.2 billion in the second quarter of 2019 to $62.1 billion as of June 30, 2020, according to the Wisconsin Department of Financial Institutions report measuring Wisconsin’s 139 state-chartered banks. Net income also increased for Wisconsin banks year-over-year in the second quarter by 2.02% from $339.3 million as of June 30, 2019 to $346.2 million as of June 30, 2020. “Wisconsin’s state-chartered banks are well positioned to continue supporting our communities, individuals, and businesses despite continued economic stress due to the COVID-19 pandemic,” DFI secretary Kathy Blu-
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menfeld, who oversees state-chartered banks, said in a statement. “At the end of the second quarter, bank capital levels and asset quality were strong.” Wisconsin banks also saw a substantial leap in net loans, which jumped from $42.7 billion as of June 30, 2019 to $44.6 billion as of June 30, 2020, according to the DFI. “Lending overall has gone up, but it was largely tied to (Paycheck Protection Program) loans, which we expect of course will be forgiven,” Oswald Poels said. “That means banks will obviously be repaid, but the interest they’re going to earn (for PPP) will be very low.” Although current earnings reports shed light on how the pandemic has impacted the industry, when loan losses will occur is still unknown. A modern day recession tied to a health crisis is without precedence. One aspect of the industry not clearly illustrated by the data is the changing dynamic
24 / BizTimes Milwaukee SEPTEMBER 14, 2020
between lenders and borrowers. Banks and lenders are engaged in a more partnership-like relationship, which has benefited both parties throughout the pandemic, said Corey Vanderpoel, owner and managing director of the Taureau Group, a Milwaukee-based investment banking firm. Because of the pandemic’s widespread economic impact, there has been a greater focus on how supply chains and markets are being disrupted, with both lenders and business owners paying closer attention to where raw materials are being sourced from and how end markets may be disturbed by the pandemic, said Vanderpoel, who sits on the board of directors for PSB Holdings, Inc., the holding company for Peoples State Bank. “They really get a much deeper understanding of the business now, and that can be really helpful for the business owner to have someone in there to assess the business, give
feedback and to understand and vocalize those risks in the business,” Vanderpoel said. This deeper connection also laid the foundation for many businesses to pivot and survive the pandemic as banks helped business owners understand their capital structures, their immediate need for liquidity and their longterm ability to invest in the business. “Those conversations coming to the forefront are really positive in the overall business community and for the business owners to get another Vanderpoel person looking deep into their business,” Vanderpoel said. The commercial lending environment is also changing as banks identify which sectors have been hit hardest by the pandemic. Commercial real estate as well as new loans tied to the hospitality industry, for example, are giving banks pause, Oswald Poels said. “It depends on how exposed a bank already is to those sectors,” Oswald Poels said. “I certainly don’t mean to say no loans will be made to those types of borrowers. But it might be tougher to find a bank to lend in those sectors just because of the pandemic’s effect on those industries right now.” Whether it’s mergers and acquisitions or commercial lending, there are two principles that provide some comfort: visibility and certainty, both of which were obscured during the outset of the pandemic, said Vanderpoel. “But it’s come back generally since that timeframe,” he said. “Now…there’s still risk out there and unawareness. A lot of customers of mine and businesses in general are still seeing impact, some positive and some bad because of COVID. That being said, we’re regaining that certainty and visibility.” n
BANKING & FINANCE
When is it time to file for bankruptcy? BY ARTHUR THOMAS, staff writer WITH THE SUDDEN CHANGES prompted by the COVID-19 pandemic creating financial pressures for many companies, business leaders might be asking themselves: When is it time to file for bankruptcy? Milwaukee-area manufacturers Briggs & Stratton, Jason Industries, Techniplas LLC and Arandell Holdings have been among the more than 4,250 Chapter 11 cases filed nationwide this year. Each company’s reason was slightly different. They involve looming debt maturities, a lack of available cash, transactions spoiled by COVID-19 and industry challenges exacerbated by the pandemic. As for when to consider bankruptcy, experts have two main pieces of advice: engage attorneys and financial advisors early and exhaust every other option before filing for bankruptcy. “Once you file bankruptcy your whole business is bared to the world,” said Matt Lee, a
partner at Foley & Lardner LLP. “Everything you do has to be approved by the court,” he added. “It’s not fun, it’s very expensive, it’s very time consuming and in addition to trying to run your company, basically your entire upper management and a decent part of your middle management is going to have a second job complying with requests and information needs and disclosure requirements brought about by the bankruptcy code and the bankruptcy rules.” Engaging an attorney early, however, can make it easier with banks, landlords, contract counterparties and other creditors. “Right now, there is some level of sympathy in the creditor community,” said Michael Richman, an attorney focused on Chapter 11 debtors and creditors’ committees at Steinhilber Swanson LLP in Madison. He noted he has been representing a dry cleaning chain with more than 20 commercial leases that has stayed out of bankruptcy court by negotiating with landlords. Claire Richman, a partner in the bankruptcy and insolvency group at Steinhilber Swanson, noted she’s represented a client for three years without them having to file for bankruptcy. “We get more excited about and are more
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proud of keeping companies out,” Michael Richman said. Seth Dizard, an attorney heading the banking, receivership and creditors’ rights practice at O’Neil Cannon Hollman DeJong & Laing s.c., said all professionals would prefer clients come to them sooner, but added it is a deeply personal decision to file for bankruptcy. “Making that decision, however, a few days before payroll is due when there’s no viable way to fund it is pretty unwise,” he said. In some cases, a bankruptcy filing may ultimately be necessary. For Arandel, which Michael Richman is representing, the company’s bank wasn’t willing to refinance existing debt, but would provide financing for a bankruptcy proceeding. Claire Richman noted that companies should rely on their attorneys for the exact timing of when and how to file. A café or other small business with an aging owner might be better positioned for a Chapter 7 liquidation while a company run by an entrepreneur with decades to go before retirement might need a Chapter 11 reorganization. “When the owners of that company are near retirement age, it’s a very different discussion,” she said.
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Lee said it is important to identify an end goal, which could be to reorganize, sell the business as a going concern, liquidate assets in an orderly fashion or simply stop everything right now. Beyond Chapter 7, which is an immediate liquidation, and Chapter 11, which allows a company to continue operating, Wisconsin businesses also have the option of a Chapter 128 receivership case. There’s also a new subchapter of Chapter 11 designed for businesses with around $2.7 million in debt, although the threshold was raised to $7.5 million under the CARES Act. “It depends upon what an owner’s preferred outcome is, to the extent she or he can control it,” Dizard said. “Often times, if one waits too long, the decision will be made for you by your creditors.” If a company is facing financial challenges, there are two main areas of preparation for a potential bankruptcy case. The first is ahead of the engagement of professionals like lawyers and financial advisors. Claire Richman said it is important for a company to have a clear understanding of its financials so professionals who are new to the business can asses its current state. This includes an accurate listing of assets and liabilities, a solid cash flow analysis, an idea of what assets could be sold and for how much, and an understanding of how certain debts and liabilities are secured or guaranteed. She said that one of the biggest mistakes businesses make is letting that kind of accounting work slip as the stress of financial pressure begins to mount. Some businesses may also be inclined to provide inaccurate or more optimistic information than reality to creditors and others involved in the process, Claire Richman added. “You can be silent, but don’t say or write something that isn’t accurate,” she said. Lee said it is easy and more comfortable for companies to continue operating as they have in the past, but they need to prepare to be creative and think outside the box.
“You have to be willing to have uncomfortable conversations with your existing relationships,” he said, noting banks, landlords and creditors expect to be paid. “If you’re in this position, obviously something isn’t working.” The second area of preparation comes ahead of an actual filing. Lee said it is important to have a consistent, honest and hopeful messaging campaign for employees to understand where the company is headed. “Without your people, you’re never going to recover,” he said. Michael Richman said a business should want employees to understand what’s happening, but also noted it’s not good to have rumors circulating amongst employees or creditors before a filing. “It’s important not to talk too much about all of these things before you file,” he said, noting that creditors can force a company into bankruptcy before it’s ready in some cases. Eric Waters, an assistant professor of communication studies at Marquette University, said when it comes to major changes with a business, many companies opt for either a “spray and pray” or “withhold and uphold” strategy. In the former, a company provides a massive amount of information and leaves employees to sort out the details. In the latter, the company withholds as much information as long as possible. “Neither of these strategies are effective,” Waters said. He suggests using an “underscore and explore” strategy with an employee’s direct supervisor – not a senior manager or C-suite officer. Use face-to-face or video conferences to focus on the fundamental issues of the change “while allowing employees to creatively explore the implications and possibilities,” he said. “This includes listening to employees to clarify misunderstandings and recognize the root causes of resistance,” Waters said. “Employees usually have established, trusting relationships with their direct supervisors, thus decreasing the chances of misunderstanding and/or resistance.” n
THE BUSINESS OF NONPROFITS
Nonprofits show resiliency as COVID continues to deal challenges Arts groups hit hard BY LAUREN ANDERSON, staff writer THOUGH MANY HAVE BEEN BUOYED by federal relief and emergency grants, Wisconsin nonprofit organizations are struggling from a drop in private donations needed to sustain their operations during the COVID-19 pandemic. Of hundreds of nonprofits polled this summer, 73% said they had received an emergency grant since the outset of the pandemic, but many nonprofits continue to report a decline in individual gifts. “Foundations have been very proactive,” said Bryce Lord, associate director of the Helen Bader Institute for Nonprofit Management at UWM. “...The one piece is individual donors, which are the lion’s share Lord of fundraising. That’s a
significant piece that hasn’t recovered at all.” The Helen Bader Institute has conducted two surveys over the past five months to gauge how nonprofits across the state are faring. Results from the first survey, conducted a month after public health guidelines were put in place to limit the spread of COVID-19, offered a snapshot of the devastating effects of the shutdown on nonprofits. Ninety-three percent of organizations reported at that time being worried about declining donations and 69% had canceled fundraising events. Nearly half (47%) said they had made staff reductions, while more than half (51%) were concerned about being able to make rent. Based on the next survey, conducted in July, some of the industry’s worst fears from the spring have not yet been realized, said Lord.
“Overall, there is a sort of stronger sense of stability than back in April,” he said. “Back in April, this was all relatively new. People didn’t know how they would deliver services. How they would manage payroll and what that was going to entail. The indication is the PPP funding really made a big difference in getting a significant number of nonprofits through the summer.” But some have not made it through the health crisis. Five percent of Wisconsin nonprofits surveyed in July have ceased operations altogether. Another 17% percent have “severely restricted” their operations. Wisconsin arts and cultural organizations are among the hardest hit by COVID-19, with one-third of the workforce in that sector filing initial unemployment claims in the first five months of the pandemic, according to a recent Wisconsin Policy Forum study.
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Meanwhile, continued caps on large gatherings and a reduction in discretionary spending among households due to the economic downturn mean the industry could be one of the last to normalize after the pandemic. “My biggest concern is for the arts,” Lord said. “Because of the nature of the work they do … they are devastated by this.” According to the report, 13 organizations supported by the United Performing Arts Fund — a group that includes the Florentine Opera, Milwaukee Ballet, Milwaukee Repertory Theater, Milwaukee Symphony Orchestra and other arts groups in southeastern Wisconsin — reported combined net losses of $2.5 million for the 2019-‘20 season, and expect more than than $2 million in additional losses for the 2020-‘21 season. For the The Rep, the projected losses are even higher; the nonprofit is bracing itself for a $6 million loss this upcoming season due to limited capacities, fewer productions and low ticket sales. “We did what we could for as long as we can,” said artistic director Mark Clements. “We were having a good year, we got the PPP loan and we maxed that out for as long as
possible, but then there came a point where that stopped. … We will need to raise a huge amount of money to stay viable and not have a brain drain from the organization.” The plight of nonprofit arts organizations is particularly troubling because of the ripple economic impact they have on the entire community, Lord noted. The arts and cultural sector contributed $10.1 billion in added economic value to the state in 2017, according to the Wisconsin Policy Forum report. “It’s very concerning because arts organizations, potentially more than human services and education (nonprofits), are economic drivers,” he said. “Think of not just ticket sales but the people they bring to hotels, parking lots and gas stations.” But the nonprofit sector has also demonstrated resiliency over the past six months, Lord said. Lutheran Social Services of Wisconsin and Upper Michigan faced significant challenges as soon as COVID-19 hit the state. Because of the organization’s size (it has more than 500 FTEs) and other factors, the social services organization wasn’t eligible for federal aid.
It initially projected a $750,000 monthly revenue loss and $400,000 monthly operating loss, amounting to an estimated $3.6 million loss at year’s end. In response, the organization “reacted quickly and decisively” Colón by reducing discretionary spending, renegotiating reimbursement rates, finding new sources of revenue and executives taking voluntary pay cuts, said LSS president and chief executive officer Héctor Colón. LSS also furloughed staff because of the reduced workloads. Now, the organization projects it will meet and possibly exceed its year-end budget. At a time when nonprofits are having to scale back their services, Colón noted many of those services are needed now more than ever. “For me, the crises we now face put into focus that instead of shrinking our impact, now is the time for us to adapt, innovate and collaborate,” he said. n
2021 EDITION
RE S E RV E YO UR S PAC E IN THE 2021 G I V I N G GUI DE !
P U BL I C ATI O N DAT E : N OV E M B E R 9, 2 02 0 Your involvement in this annual publication includes an in-depth profile, plus several advertising elements in BizTimes Milwaukee magazine, BizTimes Nonprofit Weekly Enewsletter and BizTimes.com. Take advantage of the opportunity for your organization to be seen by the Region’s Business and Philanthropic Leaders all year long.
CON TAC T MEDIA SA LES TODAY! ( 414 ) 33 6-7 112 O R ADVERT ISE@BIZ T IM E S.COM
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RENEE PETERS CFO & VICE PRESIDENT OF FINANCE ASSOCIATION OF EQUIPMENT MANUFACTURERS BizTimes Milwaukee is proud to present the inaugural showcase of Notable Women in Finance spotlighting
accomplished
professionals throughout the region. The leaders profiled in the following pages were nominated by their peers at work and in the community and showcase the diversity of talent in our market. The leadership shown by the individuals profiled here is setting an example to shape a better future for our region.
METHODOLOGY: The honorees did not pay to be included. Their profiles were 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 southeast Wisconsin. They must be currently serving in a senior level role at their firm, must hold a leadership position in their industry outside of their own organization, have made a significant contribution to advancing workplace equality at their own workplace or beyond, and act as a role model or mentor.
Milwaukee-based Association of EquipmentManufacturers(AEM)owns andmanagessomeofthelargestconstruction equipment trade shows in North America. ReneePetershasbeenwiththefirmfor14yearsandcurrently serves as chief financial officer and vice president of finance. Peters is responsible for the fiscal management of $25 millionto$55millioninrevenue.SheisthestaffliaisontotheFinance Committeeresponsibleforprovidingoversightoftheorganization’sfinancialresourcesbyreportingaccurateandreliableinformationtotheAEMboardofdirectors.Shealsomonitors,manages and protects the assets of the organization by providing an adequate system of financial controls. As a member of the leadership team, Peters has personally overseennumerousAEMfinancialendeavors,including:theMilwaukee office remodel, shifting the organization to the revised revenuerecognitionregulations,launchinganewstrategicplan, guiding AEM’s shift related to member priorities and COVID-19. “She has managed the organization’s finances and investmentsinasuperiormannertoensureweareonsolidfooting,and leadstheorganizationinensuringwepassrigorousyearlyaudits,” said Judy Gaus, vice president of human resources for AEM.
biztimes.com / 29
LAURA HUTCHISON
LIZA ROMANS
MARY T. ALLMON
SENIOR DIRECTOR
REAL ESTATE ASSOCIATE
PARTNER AND PORTFOLIO MANAGER
NORTHWESTERN MUTUAL
NORTHWESTERN MUTUAL
MARIETTA INVESTMENT PARTNERS, LLC
Laura Hutchisonhasnearlytwo decadesofexperienceinthefinancial industry. She has held high-level positionsinseveralfirms,includingcurrentlyservingasseniordirector at Milwaukee-based Northwestern Mutual. HutchinsonisamemberofNorthwesternMutual’sdistributiongrowthventuresteam,whichidentifiesandinvestsinhighly differentiatedwaystogrowthecompany’sindustry-leadingdistribution system. Hercurrentfocusisexpandingintounderpenetratedandhigh growthmarkets,investingintechnologyandinnovation,aswellas acquisitionofgrowingadvisorpracticesthataligntoNorthwestern Mutual’s integrated planning approach. HutchisonearnedherundergraduatedegreeinpublicrelationsfromMountMaryCollege,herMBAfromMarquetteUniversity andhasearnedCIMA,CPWAandRCCcertificationsintheindustry. “Itisn’theracademicorprofessionalaccomplishmentsthat makeherdeservingofrecognition,”saidTerrySpencer,retirement planconsultantatNorthwesternMutual.“Whatmakesherstand out is her ability to identify talent in areas others don’t see.”
LizaRomans,arealestateassociateatMilwaukee-basedNorthwestern Mutual, specializes in analyzing, underwritingandpresentingpotentialdebtandequityinvestments as part of the Central Region Production team. She has been in the industry for almost a decade and also servesontheorganization’sManagedInvestmentsDiversityand InclusionCouncilandco-chairsthecouncil’smentorshipprogram. “Lizaisanextremelyhard-workingfinanceprofessional,”said VedranRimarcuk,anindustrycolleagueofRomansandassistant vicepresidentandcommercialunderwriteratFirstMidwestBank. “Sheisveryinvolvedinthecommunitywithnumerousnonprofit groupsandshehasbeenagreatmentortotheyoungerprofessionals that are entering the workforce.” RomansisanactivememberinNAIOP-WI,currentlyserving ontheBoardofDirectors’ExecutiveCommitteeastreasurer,and also chairs the Marketing and Public Relations Committee. In2016,shereceivedtheNAIOPCorporateDevelopingLeadersoftheYearAwardforherworkindevelopingandimplementing the chapter’s Developing Leaders All-Star program. SheisalsoamemberofTEMPOMilwaukee’sEmergingWomenLeadersandservesinaleadershiproleforTheSalvationArmyof Greater Milwaukee-Echelon.
CONGRATULATIONS, LAURA AND LIZA Northwestern Mutual is proud to celebrate Laura Hutchison and Liza Romans, and we congratulate them on being recognized as Notable Women in Finance by BizTimes Milwaukee.
For more than 15 years, Mary T. Allmon,partnerandportfoliomanager, hasbeenadecisionmakeratMilwaukee-based MariettaInvestmentPartners.Shecurrentlymanagesapproximately 36%ofthecompany’sassetsundermanagement.Shealsoservesas leadportfoliomanageroftheMariettaInternationalEquityStrategy, andisresponsiblefortheresearchanddevelopmentoftheMarietta EconomicandFinancialMarketOutlook,ablogpublishedquarterly for clients. “Marybelievesstronglythatcommitmenttocareermustbe marked by commitment to the community,”said Charles Evans, partner and director of Marietta Investment Partners. AllmonactivelygivesbacktoMilwaukeeassistingseveralsocial, education and arts initiatives. In2019,thecompanylaunchedaninternshipprogramtohelp mentor and foster future talent in the investment management industry.Allmonsupervisesthisprogramandmentorsstudentsat James Madison High School. Shealsoplaysanactiveroleinseveralorganizationsincluding TempoMilwaukee’sEmergingWomenLeadersinitiative,chairing the events committee in 2018 and 2019.
Advertise in these upcoming special reports and get your message in front of area business executives. Higher Education & Development
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Laura Hutchison
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Real Estate Associate
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Contact Linda Crawford today! Phone: 414.336.7112 Email: advertise@biztimes.com
CANDICE COLE
LORI HOCH
CHIEF FINANCIAL OFFICER
FORMER PRINCIPAL AND CHIEF OPERATING OFFICER
PROGRESSIVE COMMUNITY HEALTH CENTERS CandiceCole’sfinancecareerspans nearly two decades in Milwaukee’s healthcareindustry.Shecurrentlyservesaschief financialofficerofMilwaukee-basedProgressiveCommunityHealth Centers, an organization she’s been with for the past decade. Throughout her tenure, Cole has not only improved the accuracyoffinancialdataandbillingprocessesthroughstreamlined workflows,hereffortsledtoasignificantreductionincloseoutof monthlyfinancialsfrom90daysto30days.Shealsoimplemented systemsfortrackingcomplexrevenuestreams,reducingtheorganization’s insurance claim denial rate by 35%. Sincebeingnamedchieffinancialofficer,shehasembraced thechallengesandresponsibilitiesassociatedwithmanagingboth billingandfinancefunctionsforafast-paced,growingorganization. Progressive Community Health Centers has more than 100 employeesanda$12millionannualbudget.Colehasprovidedfinancialoversightofcapitalprojectsincludingtheconstructionof thenew42,000-square-footLisbonAvenueHealthCenter,a$10.5 millionprojectthatwasfundedviaa$5millionfederalgrant,privatecontributions,apermanentloanandNewMarketsTaxCredits.
MAUREEN HANSEN PRESIDENT SVA WEALTH MANAGEMENT
CORTINA ASSET MANAGEMENT
(Acquired by Silvercrest Asset Management Group Inc. in 2019) In 2019, Lori Hoch, principal and chief operating officer, helped steerMilwaukee-basedCortinaAssetManagement,aninstitutional investmentmanagementfirmwith$3billionofassets,througha successful acquisition deal. Together,withthefirm’sfoundingprincipalsJohnPotter,Tom Eck and Brian Bies, she helped complete an acquisition by New York-basedSilvercrestAssetManagementGroupInc.forapproximately $45 million. HochjoinedCortinaAssetManagementin2004asprincipal, general counsel and chief operating officer. Shemanagedtheday-to-dayoperationsofthebusinessand alsooversaw all legal,complianceandregulatoryfunctionsand managed all relationships with outside counsel and regulators. She frequently shared her knowledge and expertise as a speakeratindustryconferencesandeventsandalsoservedonthe company’s board of directors.
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MaureenHansenhasmorethan threedecadesofexperienceinthe financeindustry.In2019shewasnamed presidentofMadison-basedSVAWealthManagementafter18years with the firm. Inherfirstyearaspresident,Hansenledthebusinessthrough a brand relaunch, addressed technology needs and system upgrades,streamlinedoperationalefficiencybyimplementingnew processesthroughoutthefirm,andhelpedmaintainover98.6% client retention across the firm, all while directly managing over $260 million in client relationships. “Sheisahands-onleader,butdelegatesandempowersher staff,”saidBonnieBailey,businessdevelopmentprojectmanager atSVA.“Maureenparticipatesandstronglyencouragesherfemale stafftoparticipateinSVA’sWomeninBusinessprogram,providing educationandsupportforourfuturebusinessleaders.Maureen createsanenvironmentofopencommunicationandenablesstaff to lead company goals, creating a true team environment.” Hansenisaseven-timerecipientoftheFiveStarWealthManagers Award. Whennotintheoffice,Hansenisheavilyinvolvedinthecommunity.SheisamemberofTEMPOMilwaukeeandavolunteerfor Milwaukee Irish Festival.
SVA is proud to congratulate Maureen Hansen on becoming a 2020 Notable Woman in Finance.
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JULIE KORTH CHIEF FINANCIAL OFFICER DREXEL BUILDING SUPPLY For 18 years, Julie Korth has served in various roles for Campbellsport-basedDrexelBuildingSupply. Fiveyearsago,shewasnamedchieffinancialofficerofthecompany, which operates eight locations throughout Wisconsin. DrexelBuildingSupplyisaleadingproviderofbuildingmaterialsandservicestoprofessionalcontractorsandhomeowners throughout Wisconsin. Korthleadsateamofmorethan15financeprofessionalsand continues to position the company for growth. In2020,KorthledthecompanyinforminganEmployeeStock OwnershipPlan.Itallowsemployeestobepartofatax-qualified retirement plan that invests primarily in Drexel stock. InMay,sheoversawthefinancesofthecompany’sacquisition oftheBlenkerCompanies,Inc.,anAmherst,Wisconsin-basedbuilder. “Julie is a woman of many talents and expertise,”said Caitlin Stoll, human resources leader at Drexel. Lastyear,KorthservedonapanelfortheWomenintheLumber Industry at the LMB Strategies Conference in Austin,Texas whereshesharedherknowledgeandexpertisewithattendees. SheisamemberofFEIofNortheasternWisconsinandvolunteersasthetreasureratHolyTrinitySchoolandSt.Michael’sChurch in Kewaskum.
TAMMIE MILLER
DIRECTOR, WEALTH MANAGEMENT, PARTNER
TKO MILLER, LLC
ASPIRIANT Mary Ellen Krueger has more than twodecadesofexperiencehelpingfamiliesmakesmartfinancialdecisions.Shespecializesinconcentratedwealth,multi-generationalplanning,retirementplanningand philanthropic legacy planning. Krueger is one of 22 female partners at Aspiriant. She has helpedgrowthebusinessfromroughly$7billionto$12billionof assetsundermanagementinjust10years,makingAspiriantoneof thelargestandmostprominentindependentinvestmentadvisory firms in the country. ShehasbeenrecognizedbyForbesasa“Best-in-StateAdvisor” aswellasbyWorkingMotherMagazineasaTopWealthAdvisorMom. In addition to her role as partner she serves on the firm’s editorial committeeandisaregularcontributortoAspiriant’sblog“Fathom.” “On top of her ongoing leadership and dedication to the wealthmanagementindustry,MaryEllenexemplifiesextraordinary socialresponsibility,”saidJohnPetrie,managingdirectorandpartner at Aspiriant. KruegerservesasvicechairoftheTEMPOMilwaukeeFoundationBoardandpastchairandcurrentmemberofTEMPOMentor Circles,aninitiativetomatchwomeninpeer-to-peermentoring groups.
MANAGING DIRECTOR
Tammie Miller, managing directoratMilwaukee-basedTKO Miller, has more than 25 years ofinvestmentbankingexperience withanextensivebackgroundinhealth care,businessprocessoutsourcing,manufacturing,industrialservices and food ingredients. Prior to formingTKO Miller, she was a managingdirectoratGraceMatthewswhereshewasresponsible formanagingtransactionsinavarietyofindustries.Millerparticularlyenjoysworkingwithfamily-andfounder-ownedbusinesses. Miller’soperatingbackgrounddevelopedwhensheacquired eight companies to create Innovative Resource Group as part of CobaltCorporation(formerlyBlueCrossBlueShieldofWisconsin). SheservedasseniorvicepresidentofoperationsatInnovativeResourceGroup(nowAPSHealthcare),wheresheoversaw400employees and was responsible for $50 million in revenues. Herpriorinvestmentbankingexperienceincludespositionsat Alex.Brown&Sons,FirstNationalBankofChicago,KidderPeabody and Lehman Brothers. Miller is a chartered financial analyst and holds a bachelor’s degree with high honors in Latin American studies, as well as an MBAwithanemphasisinfinance,bothfromTheUniversityofChicago. She lives with her husband and is mother to six children.
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NOMINATIONS NOW OPEN! NOTABLE WOMEN IN MANUFACTURING
BizTimes Milwaukee will feature BizTimes Media 2020 Notable Women in Manufacturing within the October 12th issue of BizTimes Milwaukee. This special editorial feature will profile the women who are shaping their own organizations as well as the path forward for other women in the industry. Your company, and its executives, are invited to submit a nomination form that will help us determine this year’s honorees. The special section will run in print and online, recognizing the chosen individuals for their accomplishments.
Extended Nomination Deadline is September 16th
NOTABLE
NOTABLE HEROES
Profiling accomplished veteran executives throughout Southeast Wisconsin. These current and former service members are held up by colleagues, superiors and others as leaders and role models within their workplaces as well as in the wider community.
BizTimes Media announces BizTimes Media 2020 Notable Heroes in Health Care, recognizing individuals and teams in health care who are working on the front lines of the COVID-19 crisis.
VETERAN EXECUTIVES
Nomination Deadline: October 2, 2020 Issue Date: November 9, 2020
IN HEALTH CARE
Nomination Deadline: November 13, 2020 Issue Date: December 14, 2020
NOTABLE WOMEN
NOTABLE WOMEN
BizTimes announces the 2nd annual Notable Women in Commercial Banking, a list of local professionals managing people and millions of dollars.
These accomplished professionals represent all aspects of human resources. The common denominator: They went into HR to help people and have staked out paths to make an impact.
Nomination Deadline: January 2021
Nomination deadline: February 2021
Issue Date: March 2021
Issue Date: March 2021
IN COMMERCIAL BANKING
IN HUMAN RESOURCES
To view this year’s winners and nominate, visit biztimes.com/notable
Strategies LEADERSHIP
How to handle the unexpected Leading in a V.U.C.A. world ACROSS INDUSTRIES, leaders are coping with the nonstop changes that the COVID-19 pandemic has imposed on their businesses. Never before in our history has something like this happened and therefore there is no playbook for how to cope. No past trend to offer future guidance. No proven protocol. No clear direction. As a result, strategic decisions must be made using the insufficient data that is available. Stress, pressure, dynamic change are the new norms. The COVID-19 pandemic has forced us to work differently. To live differently. To love differently. The U.S. Military Academy created the acronym V.U.C.A. to train personnel on how to handle the unexpected situations common in military operations. V.U.C.A. stands for: » Volatility » Uncertainty » Complexity » Ambiguity Volatility represents the rapid and unexpected speed, volume and nature of change that unfolds when the environment is unstable. Uncertainty reflects the lack of patterns, trends, or past information to draw upon to predict what might happen. Complexity is the confluence of events and issues that creates uncertainty and instability. Ambiguity is the lack of clarity about how to respond and what might happen next. For perspective, let’s look back to January 34 / BizTimes Milwaukee SEPTEMBER 14, 2020
2020. Who could have imagined that in a few months, the majority of the U.S. workforce would be working from home? Conducting business meetings and making sales calls using webinar technologies? Parents becoming teachers and home schooling their children? Who could have imagined birthday parties and other special celebrations – weddings, christenings, anniversaries, retirement parties, funerals – with fewer than 10 people and no hugging? Living in a V.U.C.A. world means that we must resist the temptation to fall prey to a fear-based mindset and instead be opportunistic. We must respond to what is imposed upon us and outside of our control with as much grace and ease as we can muster, and focus our time, effort and creative juices to that which is within our control. We need to ask: What can we do? What action can we take? How can we out-strategize and ultimately out-perform the market? We can turn a fear-based V.U.C.A. into an empowered V.U.C.A. with the right leadership team. To do so, we begin by transforming Volatility to Vision. The speed of change makes people feel unsteady; they feel a loss of control of their lives. Providing a short-term vision that individuals and teams can realize in a week or two drives focus and provides the opportunity to celebrate small wins. This may create an immediate sense of purpose that is both calming and reassuring. The next step is to shift from Uncertainty to Understanding. Constant change heightens stress levels and people need some sense of stability. Offering understanding, kindness and support helps people to feel more calm, especially when they want to do their best work but conditions may make it difficult for that to happen. Team members who find themselves home schooling children may experience difficulty concentrating and focusing because they don’t have quiet time to think and process. That means that they are unable to get their work done as efficiently as they used to. Take time to understand their situation first, and then be kind in how you respond. Nothing resonates more with a person who is experiencing stress than having a supervisor who cares.
Complexity happens when there is a convergence of events and issues that makes decision making difficult. Constant change requires a lot of adaptation. Having a collaborative cross-functional team that feels safe to voice their opinion is crucial to gain a broader perspective. Listen. Learn. Collaborate. Evaluate risk. Make the best decision that you can in the moment and then forgive yourself fast when it doesn’t turn out as planned. Be sure to remember that this is a journey without a map so take time to celebrate wins. People need a reason to feel accomplished when their world is inside out. The last aspect is moving from Ambiguity to Adaptability. Ambiguity is destabilizing because you don’t have all the information you need or want to make smart decisions. Do the best you can in the moment, and then adapt as new information comes forth. Be sure to communicate often and with care when new decisions are made. Keeping people informed about what’s happening and why provides reassurance because they understand the rationale behind the new direction. During this time of rapid change, disruption, and volatility, choose wisely. Leading from a place of strength and empowerment will help stabilize the organization, allowing people to do their best work under the current conditions. n
CHRISTINE M c MAHON Christine McMahon is a former sales executive for Nabisco, SlimFast and Procter & Gamble. She offers sales and leadership training, conference keynotes and executive coaching. She can be reached at (844) 3692133 or ccm@christinemcmahon.com.
ENTREPRENEURSHIP
The magic of entrepreneurialism A means for positive change I AM SICK OF IT. I am fed up and done listening to the noise over issues that I have little to no influence over. It appears to me that there is an apparent lack of trust and unity that is brewing nothing but frustration in our society. We are being told what, how, and when to do things. Quite frankly, I do not follow this mindset and it has made me unemployable for a very long time. As I ponder some of these thoughts, I think about how we can truly make a difference. How can we make the world a better place to live in for ourselves, our families, our team, our staff, and our communities? How can we have an impact on others? This makes me think about the magic of entrepreneurialism, which has the utmost relevance in 2020. With entrepreneurialism, you have the ability to control your own destiny and to positively impact others. You possess the mindset of creating, innovating and growing. Entrepreneurialism gives you the ultimate freedom to make choices, solve problems and create opportunities for the greater good. There is no movement more rewarding and refreshing than to be part of a business, culture, organization or community that promotes the mindset of entrepreneurialism. I have the honor of working with several businesses that promote entrepreneurialism. Milwaukee has organizations that teach business owners essential skills for running their companies. Others provide funding or tools. In addition, I have met other owners who have inspiring stories of how they went above and beyond to help their communities during this pandemic. This is what America is all about.
How can you live out an entrepreneurial spirit? The idea of entrepreneurialism sounds great. What is harder is keeping true to it when reality sets in. Perhaps there is a lack of trust among leaders due to information that isn’t communicated, available or backed up. Fear may set in when having to rely on others to achieve positive change. Maybe you think that you do not have the right skill sets, connections or experience to meet your goals. You may be asking yourself if there is too much unrest in society to cause change. Simply speaking, you may be feeling like this just isn’t the right time to impact change. Now is the time. Instead of pausing, depending on directives, or letting your environment control you, ask yourself: “Well, what now?” I encourage you to open other doors. If you are leading an organization or team, think about how you can pivot. How can you and your team improve? Think about how entrepreneurialism can be part of the overarching plan for your community. If you are in the unfortunate situation where you are closing your doors or completely having to start from scratch, find out what’s missing in your community, industry or market. Become the answer to that problem. Maybe you are not interested in owning a business, and that’s OK. Think about the things you want to do to make the world a better place. When you start to take action, be thoughtful when deciding whom to involve as your stakeholders. Make sure they are change-oriented and focused on bringing something better to the table. Have you involved all parties of varying opinions and viewpoints? Are you willing to lis-
ten and to compromise for the better good? Together, we will accomplish more. That’s the belief that has built America’s economy. Let’s celebrate the small businesses who have brought great things to market. Let us thank the local leaders who have brought hope to those who need it. I want to leave you with some thoughts. What is that one thing that you think your community, business or team is lacking? It could be a solution, service, voice or idea. How can you change what you are doing today to close that gap? These thoughts may come with doubt and fear. Embrace it. Use them to create a stronger, better and more sustainable solution. Let’s all start now. The most challenging times surely can be the most rewarding ones, especially when we are willing to learn and grow together. After all, growth is entrepreneurialism and entrepreneurialism is growth. n
JERRY JENDUSA Jerry Jendusa is the co-founder of STUCK Coaching and was the founder of EMTEQ. He is a business advisor, investor and the author of “Get Unstuck.” He can be contacted at jerryj@getunstuck.com. biztimes.com / 35
Strategies
Tip Sheet Leading people in the ‘next normal’
A
mid the ongoing challenges of the COVID-19 pandemic, there’s no such thing as business as usual, either at work or at home. That’s something employers need to keep in mind when interacting with
their employees, said Kelly Renz, president and chief executive officer at The Novo Group, during one of 16 seminars at BizTimes Media’s virtual BizExpo in August. Renz suggested several ways to manage employee wellbeing in what she calls the “next normal.” 1. Take time to reflect A crisis is an opportune time to take a step back and evaluate team performance, said Renz. “It’s a chance for you to look at what you need out of leadership in this go-forward uncertainty,” she said. Leaders should also consider organizational structure, talent attraction, work schedules and remote work options. 2. Assess employees’ current state The world has changed, and so have employees’ perspectives. Renz recommends getting in tune with where employees, and
leaders in particular, are at, rather than where you assume they are. Get to know your “organizational DNA” by measuring emotional intelligence (EI), which research indicates is the driver of 60% of work performance, she said. 3. Create predictability through communication “Same day, same time, same approach,” is how leaders should approach team communication, said Renz. Also, use video more often because it allows for a more genuine connection. Limit email to instructional guidance. 4. Set clear expectations With varying approaches to work these days, accountability can easily get lost in the shuffle. Renz said companies should set reasonable remote work standards, including hours of operation, response deadlines and scheduled availability. n
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BizConnections BIZ PEOPLE
Advertising Section: New Hires, Promotions, Accolades and Board Appointments
HEALTHCARE
Dorothy Buckhanan Wilson Brings Leadership Development Expertise to MyPath Board
MyPath, a provider of specialized education, therapeutic and community support services for high-need individuals, announced that Dorothy Buckhanan Wilson has been named to its Board of Directors, effective immediately. Buckhanan Wilson is currently President of D Innovare Consulting. Previously, she served as International President of Alpha Kappa Alpha Sorority, Incorporated, the oldest Greekletter organization established by African American college women, with nearly 300,000 members and 1,000 chapters around the world.
HEALTHCARE
Heritage Senior Living appoints Kate Brunner as Vice President of Sales and Marketing
In this role, Brunner will oversee the company’s community sales directors and manage the day-to-day marketing operations for Heritage’s 14 communities across the state.
MANUFACTURING
Kevin Koenitzer Promoted To Sales Manager
Kevin joined Helwig Carbon Products in 2016 as Customer Service Supervisor and eventually moved to Business Development. Kevin was instrumental in leading several strategic vision projects at Helwig Carbon Products.
38 / BizTimes Milwaukee SEPTEMBER 14, 2020
BANKING
BANKING
Waukesha State Bank has promoted Mike Danielson to assistant vice president – commercial banking officer. In his new role, Mike will continue to be responsible for prospecting, developing and managing a commercial loan portfolio.
CONSTRUCTION
CG Schmidt hires April Hannon to our corporate business development team
As Business Development Executive, April will serve as a liaison with developers, architects, engineers, facility directors and property owners to develop new relationships with a focus on the industrial market.
LEGAL SERVICES Allison Andrew joins Godfrey & Kahn’s Corporate/M&A practice group where she will focus on mergers and acquisitions, divestitures, joint ventures and general corporate advising. She has extensive experience representing issuers and underwriters.
ANNOUNCEMENTS To place your listing, or for more information, please visit biztimes.com/bizconnect
Port Washington State Bank continues to grow and is proud to announce the hiring of Stella Terry as the new Vice President & Director of Human Resources. Terry brings more than ten years of human resource management experience to the bank.
EDUCATION
Milwaukee School of Engineering recently promoted JoEllen Burdue to senior director of communications and media relations. This new promotion reflects Burdue’s many contributions to MSOE and her influential role in campus initiatives.
LEGAL SERVICES Emily Fons is joins Godfrey & Kahn’s Corporate/M&A practice group. Fons has experience with mergers and acquisitions, general corporate matters and antitrust law. She represents buyers and sellers and advises clients on general corporate matters.
BANKING Jim Wall has joined Wintrust Commercial Banking at Town Bank as senior vice president and commercial banking ambassador. In this role, Jim will build relationships with businesses throughout southeastern Wisconsin and help them grow and expand.
EDUCATION Jill Meyer, Ph.D. has been promoted to associate vice president of academic success and institutional effectiveness at Milwaukee School of Engineering. In her new role, Meyer will manage units that impact academic success at MSOE.
LEGAL SERVICES
Meissner Tierney Fisher & Nichols S.C. is pleased to welcome Scott Reigle as an Associate Attorney. Scott’s practice focuses on complex commercial and insurance coverage litigation as well as general business litigation.
New Hire? Share the news with the business community! Announce new hires, promotions, accolades, and board appointments with BizPeople.
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NONPROFIT MILWAUKEE PUBLIC MUSEUM, BETTY BRINN CHILDREN’S MUSEUM PLAN TO CO-LOCATE IN PLANNED FUTURE FACILITY The Betty Brinn Children’s Museum will be a tenant of the Milwaukee Public Museum’s planned new facility under a recently approved agreement between the two organizations. The new alliance will allow the children’s museum and natural history museum to co-locate while remaining two separate entities, leaders said. “While the details of the alliance between MPM and BBCM remain to be ironed out, this marks the first critical step in what will be a years-long process to create a space where our community can enjoy two world-class museums under one roof,” said
nonprofit
SPOTLIGHT
Ellen Censky, president and chief executive officer of MPM. MPM has identified, but not yet finalized, a potential site in or around downtown for the proposed new museum. Censky did not disclose the exact location. MPM leaders have been laying the groundwork for several years to move from the current aging, county-owned building (completed in 1962) at 800 W. Wells St. to a new building. Betty Brinn Children’s Museum has also been examining its options to move out of its home of 25 years at 929 E. Wisconsin Ave. — Lauren Anderson
M I LWA U K E E H O M E L E S S V E T E R A N S I N I T I AT I V E
c alendar The United Community Center will host its virtual golden anniversary celebration on Thursday, Sept. 17, beginning at 5:55 p.m. The event is available via UCC’s Facebook and YouTube pages. In recognition of the event, UCC is also hosting a month-long $50,000 for the 50th Giving Challenge. More information is available at unitedcc.org. The Alzheimer’s Association is hosting its Walk to End Alzheimer’s on Sunday, Sept. 20. The association is encouraging participants to walk as individuals or in small groups on sidewalks, tracks and trails across Milwaukee County. An online opening ceremony will begin at 8 a.m. More information is available at act.alz.org/milwaukee.
D O N AT I O N R O U N D U P Capuchin Community Services recently donated 200 backpacks with school supplies to Milwaukee youth. | The Medical College of Wisconsin received a grant of $100,000 from the Doris Duke Charitable Foundation to expand a surveillance registry that collects deidentified data on individuals with sickle cell disease and COVID-19. | Menomonee Falls-based Glenroy recently donated white-boards and office furniture to St. Paul’s Lutheran School in Oconomowoc. | Sheboygan-based Acuity Insurance donated $35,000 to provide grants and training to employees of the hotel and beauty industries, two sectors impacted significantly by COVID-19. | The Klingler College of Arts and Sciences at Marquette University was awarded a grant of $1.3 million from Humanities Without Walls. | YWCA Southeast Wisconsin received a grant from Google.org to develop and implement additional workforce readiness training as part of its economic empowerment programming.
6300 W. National Ave., West Allis 414-257-4111 | mkehomelessvets.org Facebook: facebook.com/mkehomelessvets.org Twitter: @mkehomlessvets
Year founded: 2008 Mission: At the Milwaukee Homeless Veterans Initiative, we provide critical services needed by homeless and at-risk veterans and their families to help them reach and maintain their highest level of independence. Primary Focus: MHVI provides veterans and their families access to programs that offer hope. They include: Bikes for Stripes, which provides gently used bicycles to veterans; Crisis Management; Emergency Food Pantry; Home Support; Emergency Fund; and the Women’s Veteran Initiative, which provides support groups and selfcare events for female vets. Number of employees: 7 Key donors: Private and corporate foundations, businesses, individuals, and groups including American Legion Posts and local clubs.
Board of directors: Robert Webb, Jacob Heinitz, Stephen Kassens, Cheryl Jacobs, Justin Beller, David Katauskas, Bill Meisel, Saul Newton, Marietta Ticali Is your organization actively seeking board members for the upcoming term? Yes. Contact us if interested. Ways the business community can help your nonprofit: Donations of non-perishable food items are always needed. Microwaves, coffee makers, toasters, blankets, and men’s gloves are difficult to keep in stock. A complete list of our needs is available at mkehomelessvets.org. Key Fundraising Events: MHVI normally holds one large annual fundraising event and four smaller community events such as Operation Back to School, the Resource Fair and two Women Veteran Initiative (WOVIN) events.
Executive Leadership: Debbie Buchanan biztimes.com / 39
BizConnections VOLUME 26, NUMBER 8 | SEP 14, 2020
GLANCE AT YESTERYEAR
126 N. Jefferson St., Suite 403, Milwaukee, WI 53202-6120 PHONE: 414-277-8181 FAX: 414-277-8191 WEBSITE: www.biztimes.com CIRCULATION: 414-336-7100 | circulation@biztimes.com ADVERTISING: 414-336-7112 | advertising@biztimes.com EDITORIAL: 414-336-7120 | andrew.weiland@biztimes.com REPRINTS: 414-336-7100 | reprints@biztimes.com
PUBLISHER / OWNER Dan Meyer dan.meyer@biztimes.com
SALES & MARKETING
DIRECTOR OF OPERATIONS Mary Ernst mary.ernst@biztimes.com COMMUNITY ENGAGEMENT / OWNER Kate Meyer kate.meyer@biztimes.com
EDITORIAL EDITOR Andrew Weiland andrew.weiland@biztimes.com ASSOCIATE EDITOR Lauren Anderson lauren.anderson@biztimes.com ASSOCIATE EDITOR Arthur Thomas arthur.thomas@biztimes.com REPORTER Brandon Anderegg brandon.anderegg@biztimes.com
Columbia College of Nursing expands This September 1955 photo shows an addition to the Columbia College of Nursing building at 3363 N. Maryland Ave. in Milwaukee. The addition included classrooms, dorms, a library and a lab. The school was originally known as Knowlton Hospital before being renamed. Today, the building is home to the University of Wisconsin-Milwaukee Honors College.
Kenosha will rebound RECENT EVENTS in Kenosha have certainly been devasting. It all began with the police confrontation with Jacob Blake, a 29-year-old African American man. Blake walked away from officers trying to arrest him, opened a car door and reached inside. He was then shot in the back several times by a Kenosha police officer. The incident remains under investigation, but video of the shooting recorded by a bystander quickly went viral. In a summer stirred by nationwide civil rights protests following the death of George Floyd at the hands of a Minneapolis police officer, the shooting of Blake set off more protests, especially in Kenosha. The Kenosha protests quickly turned violent with rioting, and dozens of businesses damaged or destroyed with several buildings and vehicles burned. Then things got worse. Counter-protesters showed up, many armed. During a clash one night, a 17-year-old from Antioch, Illinois shot 40 / BizTimes Milwaukee SEPTEMBER 14, 2020
REPORTER Alex Zank alex.zank@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
ADMINISTRATION ADMINISTRATIVE COORDINATOR Sue Herzog sue.herzog@biztimes.com
PRODUCTION & DESIGN GRAPHIC DESIGNER Alex Schneider alex.schneider@biztimes.com ART DIRECTOR Shelly Tabor shelly.tabor@biztimes.com
Independent & Locally Owned — Founded 1995 —
— Photo courtesy of the Milwaukee Public Library
COMMENTARY
REPORTER Maredithe Meyer maredithe.meyer@biztimes.com
DIRECTOR OF SALES Linda Crawford linda.crawford@biztimes.com
and killed two and wounded another. He is now facing murder charges. Political debate heated up immediately about who was to blame for the Blake shooting, the killing of protesters and about the response of Gov. Tony Evers and local officials to the violent protests. The National Guard was called in and fortunately the rioting died down after a few days, even while protests continued. The damage caused by the Kenosha riots is horrible. Some of these businesses will not be able to recover and reopen, leaving livelihoods destroyed and jobs lost. Violence distracts from the message protestors intend to send. The Kenosha incidents show that racial inequality and police-community relations are not just big city problems. Those issues need to be addressed in communities big and small across America, including Kenosha. But violence accomplishes nothing. While Kenosha must address racial inequality in its community, the area also has assets that give it an opportunity to recover and move forward. During the last 10 to 15 years, Kenosha County has been an economic hotbed attracting retail and distribution center development along I-94 and several businesses have moved
there from Illinois, most notably Uline, which moved its headquarters to Pleasant Prairie in 2010 and has grown dramatically ever since. More recently, Amazon built two massive facilities in Kenosha and German gummy bear maker Haribo will soon build a huge plant in Pleasant Prairie. The things that have made Kenosha attractive, including its location along Lake Michigan and I-94 between Milwaukee and Chicago, remain. The community appears ready to work to rebuild, but must also find ways to make economic opportunity more inclusive for all of its residents. “We’ve all been traumatized by the events,” Nick Pinchuk, CEO of Snap-On Inc., said to Bloomberg. “The people in this town are meeting, trying to right the wrongs, trying to remediate, trying to recover, trying to restore, trying to build for the future.” n
ANDREW WEILAND EDITOR
P / 414-336-7120 E / andrew.weiland@biztimes.com T / @AndrewWeiland
2020 Democratic National Convention
AROUND TOWN
The virtual Democratic National Convention, held Aug. 17-20, amounted to a much different scene than the major political event and economic boom Milwaukee once expected.
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Milwaukee MAYOR TOM BARRETT gaveled in night two proceedings of the DNC, live from the Wisconsin Center.
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A look inside the virtual video control room at the WISCONSIN CENTER, where hundreds of remote video feeds were housed.
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JASON RAE, Democratic National Committee secretary and CEO of the Wisconsin LGBT Chamber of Commerce, moderated the roll call live from the Wisconsin Center.
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Local and state Democrats delivered live addresses from a stage set up on the third floor of the Wisconsin Center. Photos courtesy of Alex Hanel/Democratic National Convention Committee
MMAC’s COSBE Executive Roundtable Golf Outing
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MMAC recently held its annual COSBE Executive Roundtable Golf Outing at North Shore Country Club.
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CHAD RITTERBUSCH of TRG Marketing, TIM RUDD of M&M Office Interiors, ROBERT BARTEL of Wisconsin Underground Contractors Association and BILL MIELKE of Ruekert & Mielke Inc.
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Winning foursome CORY SLOTTERBACK of Sherwin-Williams, BEN JUECH of Brothers Business Interiors, SCOTT HEBERLEIN of Mortenson and SHANE BLACKMAN of Good Karma Brands-ESPN Milwaukee.
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Photos courtesy of MMAC
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CARW Annual Golf Outing The Commercial Association of REALTORS Wisconsin (CARW) recently held its annual golf outing at River Club of Mequon. 7.
MARSHAL MIKOLAJCZAK of Chicago Title and former Milwaukee Bucks player SIDNEY MONCRIEF.
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JIM CAVANAUGH of Cushman & Wakefield | Boerke, TIM JANUSZ of Newmark Knight Frank, BEN JUECH of Brothers Interiors, and RYAN O’TOOLE of Hunzinger Construction.
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JEFF STONE, TIM ANHEUSER and JENNY SKWERES , all of Kapur & Associates Inc.
10. LISA PROEBER of Allsteel, ANNIKKI LEHTINEN of Henricksen, EMILY MCMAHON of Henricksen, and AMANDA HOFFMAN of CARW. Photos courtesy of CARW biztimes.com / 41
BizConnections MY BEST ADVICE
“ You
GENE GUSZKOWSKI Founding principal
AG Architecture Wauwatosa Industry: Architectural services agarch.com Employees: 47 “CREATING ARCHITECTURE is a side of what I do. The other side of what I do is run a business, and often what happens is running the business is kind of behind the scenes, yet it’s critically important in terms of a firm’s success. “When it comes to running our business, the roots of our company go back to 1961. And from 1961 until about 1989-90, it was run by a partnership, but it was a partnership that had one very dominant partner. He was an incredibly charming and talented design professional, taking care of that other side in terms of building work and clients, but at the same time he was a less than inspired businessman. The fact that the business fell apart forced it into the next generation of our company that has now existed since 1992. “In spite of the wonderful joy it is to create great buildings and work with people, you have to run a business first and foremost. And I think that was something that was just a tremendous learning experience.” 42 / BizTimes Milwaukee SEPTEMBER 14, 2020
JAKE HILL PHOTOGRAPHY
have to run a business first and foremost. ” AGE: 71 PROFESSIONAL EXPERIENCE: Guszkowski was a member of the first class of the School of Architecture and Urban Planning at the University of Wisconsin-Milwaukee, graduating with a master’s degree in architecture in June 1973. He started working at an earlier generation of AG Architecture as a print boy in 1967. He has been with the firm, which specializes in designing senior living environments, for 53 years. IN THE NEWS: This summer, AG announced changes to its leadership. Guszkowski, formerly chief executive officer, transitioned into a mentorship role with the new title of founding principal. Previous generations of the firm date back to the 1960s. It was reorganized under Guszkowski and Chuck Aldrian in 1992 and rebranded as AG in 2002. He also led the firm with Stephen Alexander, and starting in 2018 was at the helm with chief operating officer Tracey Schnick. Schnick now co-leads the firm with Eric Harrmann, chief design officer. n
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DESIGNED, MADE AND BUILT IN SOUTHEASTERN WISCONSIN
A GU I D E TO
Connecting People and Jobs
A PRODUCT OF
MADE AND BUILT IN NORTHEASTERN WISCONSIN 2020
COOL STUFF page 8
WHAT IS IT?
made with pride in northeastern Wisconsin
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FC-BC STUFF NE WI 2020 All Editorial Pages.indd 1
This year more than ever, employers and job seekers need a way to find each other. The annual STUFF publication, focused on workforce development and career opportunities in the manufacturing, building, technology and healthcare industries, highlights the companies in our region that are doing cool things, the technology they are using, and the workers who are building careers and helping those organizations succeed. The 2020 guide features products made in our state, interviews of people in these industries doing interesting things, and details on the career paths available within these companies.
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SOUTHEASTERN WISCONSIN HAS PLANS. FIRST MIDWEST BANK HAS IDEAS.
At Park Bank, we know the business market, because we helped shape it for more than 100 years. This commitment to local leadership and decision making will continue as we become part of First Midwest Bank, creating greater resources, products and services. If you have plans to grow your business, we have ideas to help. Give us a call. David P. Werner Market President 414.270.3231