5:00 - 6:30 PM | Networking Reception Brookfield Conference Center
All Systems Go
Plan to attend the 2025 M&A Forum and prepare for the next steps in your business journey. Lower interest rates and the possibility of decreased regulation are set to take the market to a new level. Whether you’re a seller or a buyer, the M&A Forum offers insights into the current landscape. Attend to better understand how corporate buyers approach deals, maximize business value, manage your own financial plans, navigate potential legal pitfalls and much more.
Seize this opportunity for your business and your future.
Keynote Conversation: M&A From the Corporate Buyer’s Viewpoint
• Lisa Brown, vice president – corporate development, Generac (1)
• Kyle Flanagan, deputy general counsel, commercial transactions, Generac (2)
• Moderator: Arthur Thomas, Managing Editor, BizTimes Media Panel Discussion:
Business sellers and buyers discuss best practices and lessons learned
• Moderator: Ann Hanna, Managing Director, Taureau Group Breakout sessions:
• The cultural engine: Preparing for the journey ahead
• Prepping for launch: Critical acquisition & wealth planning before the close!
• Are you running on all cylinders? Mission critical legal trends to ensure your M&A transaction takes off
• Houston we have a problem: Avoiding glitches that keep your company value grounded
Developer announces plans for second Deer District hotel
By Hunter Turpin, staff writer
BY THE NUMBERS
$1 MILLION Roundy’s paid
The developer behind The Trade hotel in downtown Milwaukee has finalized plans for a second Deer District hotel that it estimates will break ground late next year.
Middleton-based North Central Group is proposing a nine-story, 162-room hotel adjacent to the 4,500-capacity FPC Live music venue, which is currently under construction and on track for a late 2025 opening at the former Bradley Center site south of Fiserv Forum.
The hotel will be called the Moxy Milwaukee Downtown, according to a recent announcement, and will be similar to the Moxy Madison Downtown hotel that North Central Group opened earlier this year next to The Sylvee, a 2,500-capacity live music venue.
hub for sports, entertainment and tourism,” said Michael Belot, chief real estate development officer for the Milwaukee Bucks, the lead developer of Deer District. “We’re thrilled to offer a terrific new place for guests to stay when they come for a Bucks game, concert or other event in Deer District or beyond.”
“Moxy Milwaukee Downtown will offer a fresh addition to bustling Deer District, creating an ideal destination for concertgoers and Milwaukee visitors alike,” the announcement says. “The hotel will host a vibrant social scene, with check-in at the bar, a signature welcome drink and a lobby filled with games and spaces for guests to socialize and unwind.”
to the Wisconsin Department of Agriculture, Trade and Consumer Protection after inspectors found 1,202 alleged overpriced weight discrepancies and 90 alleged package labeling violations.
Moxy Hotels is part of Marriott Bonvoy’s portfolio.
“Moxy Milwaukee Downtown is an exciting addition to Deer District as we continue to expand as a
The new hotel project, expected to open in 2027, comes after North Central Group opened The Trade hotel, a nine-story, 205-room Marriott Autograph Collection hotel, also located in Deer District and has received numerous awards since opening in 2023. The Trade is located at 420 W. Juneau Ave., just north of Fiserv Forum, the opposite side of the arena from where the Moxy Milwaukee Downtown hotel will be built.
“As a Wisconsin-based company, we’re thrilled to expand the Moxy Hotels brand in our home state with this exciting project in Milwaukee’s Deer District,” said Andy Inman, chief development officer of North Central Group. “Deer District continues to be a premier entertainment destination, and Moxy Milwaukee Downtown will offer a vibrant, socially connected environment unlike any other.”
Renderings of the Moxy Milwaukee Downtown hotel have not yet been released.
The Moxy Madison Downtown hotel.
MARRIOTT
LOCATION: Milwaukee
FOUNDERS:
Wyatt Johnson and Connor VanCrete
FOUNDED: 2024
SERVICE:
AI-powered stock analysis platform
WEBSITE: zentrix.ai
EMPLOYEES: 2 GOAL:
Complete launch of full platform
EXPERIENCE: Johnson has experience in AI -driven marketing and VanCrete is a software engineer
Milwaukee-based startup Zentrix aims to make researching stocks effortless
By Ashley Smart, staff writer
WHAT BEGAN AS A HOBBY has turned into a full-blown business venture for the co-founders of Milwaukee-based fintech startup Zentrix.
Partners Wyatt Johnson and Connor VanCrete have known each other since high school and both co-founders have held a longtime interest in stock trading. After graduating from college, they learned they lacked the amount of time needed to research stocks before investing in them.
“We wanted to give ourselves a more efficient way to make trades with the insights that we didn’t have the time to find,” said Johnson.
So, in July, the duo began developing the Zentrix platform. Designed with the everyday person in mind, Zentrix offers real-time, actionable trading signals powered by advanced AI and public sentiment analysis.
“We’re excited to bring this level of innovation to retail traders,” said VanCrete. “Our AI models continuously learn from market data, providing users with an edge they wouldn’t find on other platforms.”
Zentrix pulls real-time data from the stock market, such as price and volume, and uses a machine learning model to make predictions based off of that historical data. The platform also uses AI sentiment analysis, which gives us-
ers a sense of the analysts’ opinion on a stock.
“In today’s stock market, a tiny bit of news can make all the difference (for a stock),” said Johnson.
Zentrix users can also rely on a tool called “Coach Z,” an AI model that makes data and trading signals more digestible for the average person.
“(Coach Z will) draw real-time data. It’ll scrape the web for the latest articles, and then we’ve trained it to basically be a stock analyst,” said Johnson.
He estimates the Zentrix platform can save people who regularly engage in stock trading hours of research time. Once investors use the Zentrix platform to research a stock, they can then go on a stock trading app like Robinhood to make their actual investment.
Zentrix is currently in beta mode. The company’s full website will launch Dec. 13. Once fully launched, Zentrix users will be able to choose between different subscription plans ranging from $15 to $50 a month.
Johnson and VanCrete recently completed gener8tor’s gALPHA Applied AI Labs program and plan to move on to the gBETA program next. The duo hopes to open their first funding round in early 2025.
Wyatt Johnson
LILA ARYAN
MEET THE
“When you make a mistake, correct it, don’t try to force it.”
This Q&A is an extended profile from the 2024 edition of Wisconsin 275, a special publication from BizTimes Media highlighting the most influential business leaders in the state. Visit: biztimes.com/wisconsin275 for more.
MARK MURPHY
Chairman, president and CEO Green Bay Packers GREEN BAY
Mark Murphy is in his 17th and final year as the president and chief executive officer of the Green Bay Packers. Largely under his leadership, the franchise has invested $600 million in Lambeau Field since 2003. The Titletown District, a mixed-use development that came to fruition under Murphy’s leadership, has also performed well commercially and has transformed the area surrounding Lambeau. He was also influential in the league’s awarding of the 2025 NFL Draft to Green Bay. The three-day event in April 2025 is expected to have a statewide economic impact of about $94 million. Murphy will retire in 2025 when he reaches the mandatory retirement age of 70.
Education:
Bachelor’s, Colgate University; MBA, American University; J.D., Georgetown University
What has been your company’s most significant success over the past 12 months?
“I would say the completion of our new football facilities and the planning for our new administrative offices. We have set ourselves up for success for the next 10 to15 years.”
How do you see the future of your industry?
“Very bright. Professional sports in general are doing well, but especially the NFL.”
If you could choose any other career path, what would you want to do?
“I would have liked to be a coach.”
What is one decision that you wish you didn’t make, and what did you learn from it?
“Promoting a person who was not respected within the organization. I learned that when you make a mistake, correct it, don’t try to force it.”
What is one thing you would change about Wisconsin to make it even better?
“Better train service.”
Do you have a secret talent?
“I handle pressure well. My experience playing in the NFL has helped me in this regard.”
If you could time travel for one day, when and where would you go?
“I would have liked to play on Lombardi’s Packers team in the ‘60s.”
What advice would you give to someone going into a leadership position for the first time?
“Resist the temptation to make immediate changes. Make sure you know the organization well before you start making changes.”
What is your favorite Wisconsin destination?
“Door County.”
What is your cocktail of choice?
“No cocktails, Spotted Cow.”
Is there anything new that you would like to learn this year?
“I would like to learn to speak a foreign language.”
What is your definition of success?
“Being respected in your field.”
What are the most important traits to look for when hiring a new employee?
“Work ethic, humility and communication skills.”
What’s your favorite movie and why?
“‘Caddyshack’ – it is hilarious and I am an avid golfer.”
Is there a historical figure you look up to? If so, why?
“Vince Lombardi. His success obviously, but his ability to break down racial biases.”
What’s your favorite part of the workday?
“Working out in the fitness center.”
What do you listen to on your commute, a run, etc.?
“Oldies – ‘70s and ‘80s hits.”
What was your first concert and what was your most recent concert?
“I worked security at a Rolling Stones concert at Rich Stadium in the 1970s. The most recent one was the Paul McCartney concert at Lambeau Field.”
If you could be an Olympian in any sport, what sport would you pick?
“Basketball. It was my favorite sport to play.”
Is there a buzzword you never want to hear again?
“Deep dive.”
The latest area economic data.
Passenger traffic at Milwaukee Mitchell International Airport totaled 4.83 million
during the first three quarters of the year, an increase of 8.6% for the same period in 2023.
The median home sale price in the four-county metro Milwaukee area was $400,028 in October, up 11.9% from $357,529 for October of 2023.
The Milwaukee area’s third quarter industrial real estate vacancy rate was 5.5%
The unemployment rate in Wisconsin is 2.9%
The metro Milwaukee area attracted
$76.9 million in venture capital funding in 2023.
Jennifer Schomburg
President, Aurora St. Luke’s Medical Center and Metro Milwaukee Group, Aurora Health Care
aurorahealthcare.org | Industry: Health care
• Jennifer Schomburg moved to Milwaukee in July to take the helm of Aurora St. Luke’s Medical Center and Aurora Health Care’s Metro Milwaukee Group, which is anchored by St. Luke’s, Aurora Sinai and Aurora St. Luke’s South Shore hospitals.
• She’s built a 20-year career in health care administration, most recently serving as president of St. Joseph Medical Center in Tacoma, Washington.
• Schomburg grew up in Missouri and earned two master’s degrees from the University of Missouri-Columbia. After the past 10-plus years working in health systems across the southwest part of the U.S., “coming back here to Milwaukee, to the Midwest, has really felt like coming home.”
• Since joining Aurora, Schomburg has worked to gain an understanding of the health system’s mission, community impact and role as Wisconsin’s largest private employer. “I always say once you’ve seen one hospital, you’ve seen one hospital –meaning that each hospital, each community we serve is unique. The constant has always been the extraordinary people who have been called to serve in our industry.”
• For a sector that has faced its fair share of workforce challenges in recent years, Schomburg emphasized the need for a diverse and inclusive environment where all employees and patients feel “valued, respected and empowered to succeed.” It’s also critical, she said, that the team reflects the communities being served.
Schomburg and her husband, Adam, live in downtown Milwaukee and have enjoyed meeting new people, checking out the food scene and spending time on the lakefront.
She takes her coffee black or will otherwise order a Flat White at the Starbucks inside St. Luke’s.
on my nightstand...
GRADY BUCHANAN Managing director, NVNG
“Tribes”
By Seth Godin
A LEADER in the local venture capital scene, Grady Buchanan knows the importance of breaking down silos for a good cause.
The co-founder and managing director of Madison-based investment firm NVNG is currently reading “Tribes” by Seth Godin, a book that challenges conventional thinking about leadership, community and connection.
Godin argues that anyone can lead, and in our now hyper-connect-
ed world, leadership is less about authority and more about building a tribe – a group of people united by a common cause or passion, says Buchanan.
“What I enjoy about this book is that Godin shows that the power of tribes isn’t in mass marketing or broad appeal, but in the ability to inspire, engage and empower like-minded groups in a very purposeful way,” he said. “The need for community is stronger than ever.”
Molson Coors will close the historic Leinenkugel’s brewery in Chippewa Falls and its 10th Street brewery in Milwaukee, shifting production to the Miller Brewing plant in Milwaukee. Will you still drink Leinenkugel’s beer?
Yes: 48.6%
No: 18.6% I don’t drink Leinenkugel’s beer: 32.9%
Share your opinion! Visit biztimes.com/bizpoll to cast your vote in the next Biz Poll.
is always changing; it’s our job to help you keep up. We’re here to deliver smart, integrated solutions for your modern production challenges.
SHOP TALK
How do you incentivize professional development?
By Ashley Smart, staff writer
WITH HOW QUICKLY technology is advancing, professional development is a necessity in any industry. It’s particularly important in manufacturing, which is seeing more automation being introduced on the shop floor.
Artificial intelligence is also becoming increasingly prevalent across industries, which means the jobs and skill sets of the future are a bit unclear.
Embracing future unknowns and preparing to brush employees up on general skills is one approach to professional development manufacturers are currently using, according to Carol Crawford, senior consultant at Madison-based WMEP Manufacturing Solutions.
“Your training opportunities have to be very flexible and open,” said Crawford. “You’re training on things like discovery, empathy, agility and critical thinking rather than a particular skill.”
Making sure your business is seen as a learning organization –one that prioritizes curiosity and professional development – is critical when encouraging employees to acquire a new skill.
Learning organizations must devote money and time during working hours to professional development. Employees shouldn’t feel like they are responsible for upskilling in their own spare time, said Crawford.
Employees often find learning opportunities rewarding by their very nature, she explained. Giving workers space to explore, ask questions and make mistakes prevents them from becoming
stagnant in their role.
It’s also important to give employees flexibility in how and when they would like to bolster their skills, according to Crawford.
“Any professional development opportunity needs to be informed by and supportive of the company’s strategy and direction, but also give employees some flexibility and alternatives,” she said.
A simple way to encourage employees to learn something new is by gauging their strengths and partnering them with another employee who has a different skill set. This reverse mentoring method allows each employee to recognize their talents while learning from one another.
“A common combo is a more tenured employee with mechanical skills and a young employee that’s tech savvy,” said Crawford. “They would normally butt heads, but with coaching and facilitation, you have reverse mentoring.”
Meanwhile, a career pathways program allows employees to take part in bite-sized lessons in different departments and decide what skills they’d like to explore further.
“People often ask, ‘What if I train people and they leave?’ Well, what if you don’t train them and they stay?” said Crawford.
At Sussex IM, professional development often happens on the shop floor as employees learn new automated processes to make a new generation of products.
“We specialize in custom injection molding, which means we are always adapting to new challenges and evolving needs,” said Pam
Cell leads and engineers are always on hand to help train employees and ensure products are made to customer specifications.
The cost of additional certifications and technical courses might prohibit an employee from signing up, which is why Sussex IM also invests in professional development opportunities outside the business. The company pays every year to send a cohort of workers through a journeyman apprenticeship program held at Waukesha County Technical College.
“It provides great professional development for both employees and the company,” said McGuire.
“It also addresses the growing demand for skilled labor, which can be difficult to secure in today’s competitive job market.”
Sussex IM will also pay for classes that support an employee’s personal goals or interests. For example, one employee recently received her degree in supply chain management from WCTC, McGuire said. Other employees have expressed interest in attending classes to learn English as a second language.
“Many of the technical training programs through WCTC are affordable and provide excellent value,” said McGuire. “They are a great investment in our workforce, offering far more in return than the
TIPS FOR ENCOURAGING PROFESSIONAL DEVELOPMENT:
• Introduce a career pathways program so workers can explore different departments and skillsets.
• Make sure there is dedicated time during work hours for professional development.
• Try reverse mentoring to foster relationships between employees and build new skillsets.
• Let employees become subject matter experts. Let them attend a trade show to build connections and learn best practices.
• Try a company book club. Workers can learn new content together in a fun social setting.
cost involved.”
Professional development is just as important for shop floor employees as it is supervisors.
Sussex IM has also introduced a Spanish language training program for supervisors to better support their employees. n
McGuire, human resource manager at Sussex IM.
The shop floor at Sussex IM.
Erin Hills developer Bob Lang plans Waukesha County golf destination
By Andrew Weiland, staff writer
BOB LANG, the developer of Erin Hills, the golf course in the Washington County Town of Erin that was the host of the 2017 U.S. Open and will host the 2025 U.S. Women’s Open, plans to build another destination golf course in southeastern Wisconsin, to be called Trinity Hills.
“I’m going to make this the best golfing destination in the state of Wisconsin,” Lang said.
Lang says he has agreements in place to purchase 281 acres of land along the Bark River between Delafield and Dousman in western Waukesha County. He declined to provide more specifics about the location and declined to name the current landowners.
The site has a unique variety of topography and features including eskers, kettles, farm fields, wooded
areas with large oak and hickory trees, two small lakes, a pond, elevated vistas and ample amounts of sand. Wild turkeys and white-tailed deer roam throughout the site.
“This land is spectacular, it’s indescribable,” Lang said. “It’s like you’re in the Northwoods of Wisconsin.”
THE TEAM AND THE PLAN
Lang has assembled a team of prominent golf industry figures to help him build Trinity Hills, including PGA Tour pro Steve Stricker, who will be the lead course architect, and Bill Kubly, founder of Lincoln, Nebraska-based Landscapes Unlimited, one of the nation’s largest golf course construction, development and management companies.
The plan is to build a top-notch golf course, taking advantage of
Kubly, whose firm, founded in 1976, has built more than 2,000 golf courses, including Erin Hills. “I think it’s a very, very good project. Beautiful site. I think it’s really unique. We’ve built a lot of golf courses in the sand hills of Nebraska. Projects like that where it’s all unique land, but it’s all consistent. (The Trinity Hills site) gives you three or four different varieties on the same property, which I think will make it unique. I think it can be a great golf course.”
Stricker became a professional golfer in 1990, won 12 tournaments on the PGA Tour and has continued his success on the PGA Tour Champions. Now 57, Stricker wants to move into golf course architecture and was the lead architect for the $20 million transformation of Cherokee Country Club in Madison into TPC Wisconsin.
“When Bob reached out and asked if I wanted to be a part of (the Trinity Hills project), it was a no-brainer,” Stricker said. “It’s an exciting opportunity for me.”
and preserving the land’s many features, while restoring prairie and wetlands original to the site, sculpting the land as necessary. “Golf in a nature preserve,” is how Lang describes his vision for Trinity Hills.
“The goal is the most naturally preserved golf course,” he said. “If I don’t build a golf course here, I know this land will eventually all go into a subdivision. The last thing we need on a natural wonder like this is a bunch of curlicued cul-du-sacs. I am a preservationist, and the way I preserve this land is through making it a golf course and going through a nature preserve.”
Lang’s partners say the Trinity Hills site is well located and agree with Lang saying it has great potential for a golf course.
“I think it could end up being a world-class golf course,” said
In addition to Stricker and Kubly, the Trinity Hills project team includes: Kent Instefjord, who had leadership roles at Whistling Straits and Erin Hills, will serve as director of golf for Trinity Hills; Chris Leffler, owner of Leff’s Lucky Town in Wauwatosa, Revere’s Wells Street Tavern in Delafield and Hot House Tavern in Menomonee Falls; and Keir Peckham, the owner of Oconomowoc-based Natural Landscapes Inc., a firm that specializes in the installation and management of naturalized growing spaces.
Lang’s plans for Trinity Hills include 18-hole, 12-hole and six-hole golf courses. It will also include a hospitality component with two clubhouse buildings, the first called the Stone House, which will have six guest rooms, a Scottish pub and a pro shop. The second building will be a Scottish manor house with 18 guest rooms, meeting rooms and a bell tower. After the manor house is complete, which could take several years, the Stone House will be converted into an
Bob Lang at the planned site of Trinity Hills in western Waukesha County.
eight-room guest house for rent, Lang said.
FINDING THE MONEY
With a site lined up, and much of the project team assembled, Lang is missing one big piece to make his vision for Trinity Hills a reality. He needs capital, and is seeking an equity investor, or investors, who would provide about $35 million and would then own 72% of Trinity Hills. The other partners, including Lang, would own the other 28%.
“I think that’s where we can be a big assistance to (Lang),” Kubly said. “We’ve done this before where we have to raise a lot of capital.”
While Erin Hills is widely considered one of the best golf courses in America, it cost Lang the fortune he made from The Lang Companies, a calendar company he founded in 1982 and grew to an annual revenue of more than $60 million.
Lang bought the Erin Hills site in 1999 and sold The Lang Companies in 2003.
Erin Hills opened in 2006, and Lang was determined to perfect the course in a quest to attract the U.S. Open. Between the Great Recession and spending on improvements to the course, Lang ran out of money and sold Erin Hills to Artisan Partners co-founder Andy Ziegler in 2009 for about $10.5 million, according to reports.
Erin Hills was officially awarded the 2017 U.S. Open in 2010 and has since been awarded several other future USGA championships, including next year’s U.S. Women’s Open.
CAN IT BE DONE?
Lang, 80, has been out of the golf business since selling Erin Hills 15 years ago. He has been under a non-disclosure agreement in regard to the golf course and still can’t discuss it publicly. As part of the sale, Lang was also under a non-compete agreement, but has been released from it, enabling him to pursue the Trinity Hills project.
Now the question is, can he pull it off?
“It will be a challenge,” Stricker said. “But, Bob’s got history. He’s a visionary. He’s got history with Erin Hills and what he did there and what a special place he made there. So, I don’t put it past Bob to get this done.”
The business model for Trinity Hills is a work in progress, but Kubly said it will be a private club with limited opportunities for nonmembers to play there. Lang agreed, but said providing an opportunity for the public to play the course is also important.
“No matter what the structure, the public will have access to this,” Lang said. A large equity investment would make it easier to provide public access to the course, he said. “There is a soft spot in my heart to make public access.”
Kubly said Trinity Hills would be able to attract members from outside of the Milwaukee area.
“What really makes it work well is its proximity to Madison and its proximity to Chicago,” he said. “A lot of these golf courses have a lot of national members and regional members, and they have a lodging component.”
Kubly’s firm, Landscapes Unlimited, owns or operates nearly 70 golf courses across the U.S., and the firm will oversee all construction, project management and operations for Trinity Hills.
Lang said his goal is to complement the other highly regarded destination golf courses in Wisconsin, including Erin Hills, Whistling Straits, Blackwolf Run, the Sand Valley Golf Resort courses, The Golf Courses of Lawsonia and SentryWorld Golf Course. Lang is quick to praise those courses and their owners, but says he believes there is a market for another destination golf course in Wisconsin and that Trinity Hills could be the best in the state.
“Taking nothing away from the great golf courses that are (in Wisconsin), my vision is to make this land the very best that it can be,” Lang said. “In my opinion, the result will be for Trinity Hills to be the number one golfing destination in the state of Wisconsin.”
The Bark River at the planned Trinity Hills site.
Scenes from the Trinity Hills site.
Much-needed housing development could finally be picking up in booming Kenosha County
IT’S BEEN WIDELY reported that, for years, housing growth has not kept up with job growth in Kenosha County. Between 2010 and 2023, the county experienced upwards of a 30% increase in jobs, while housing units only increased around 5% in the same timeframe, according to multiple reports, making its housing shortage among the most acute in the state.
That narrative could be changing, however, as the county is starting to see an uptick in housing proposals, approvals and groundbreakings that could deliver thousands of units to the area.
In downtown Kenosha, Milwaukee-based Cobalt Partners and Fond du Lac-based C.D. Smith have begun construction
on the first of several buildings that could deliver more than 1,000 housing units. In Pleasant Prairie, Brookfield-based ZL Development is anticipating an early 2025 groundbreaking for the first of 705 owner-occupied housing units.
There’s also a 719-unit development with apartments, duplexes and single-family homes from Milwaukee-based Three Leaf Partners and Kenosha-based Land Quest that was proposed and gained approval from the Village of Somers earlier this year, and a 702-unit apartment proposal from Chicago-based Bond Cos. that received initial approval from the Village of Pleasant Prairie recently.
That’s not to mention smaller projects like a 97-unit proposal
Rendering of the 215-unit residential project proposed by Milwaukee-based Sagewind Development on the former Dairyland Greyhound Park site in Kenosha.
months, I have noticed that there are a lot more proposals coming forward, and that the ones that had been under consideration are moving forward in the process,” said Nicole Ryf, executive director of the Kenosha Area Business Alliance.
STRONG AND DIVERSE HOUSING DEMAND
Kenosha County has seen significant commercial growth in recent years, which is expected to continue. In both 2021 and 2022, Kenosha County had the highest rate of net new construction in the state, according to the county’s 2023 budget, and the City of Kenosha has another 5,000 acres available for development along I-94, of which about half is slated for industrial development.
Recently, pharmaceutical giant Eli Lilly announced it would begin expanding its presence in the county and a new 230-acre data center campus has been proposed in Kenosha.
As companies move into the region and look to hire employees, housing becomes a crucial piece of the puzzle.
in Somers, a 215-unit apartment proposal on the former Dairyland Greyhound Park site in Kenosha and several other small subdivisions throughout the county that are at various stages of the development pipeline.
While many of these projects are multi-phased and still need to secure financing and approvals, several area stakeholders agree that things are finally moving in the right direction.
“We’re seeing more interest from multifamily developers, and we’re seeing more interest from single family developers,” said Tim Casey, Kenosha’s director of city development. “We’re meeting with folks on a regular basis.”
“Over the last six to nine
Despite the economic growth, Kenosha County’s population has only increased by about half a percentage point since 2010 as about 30% of the people who work in Kenosha County live outside of the county, according to data from KABA.
“If we build more housing in the city and county, we’re going to capture not just the job, but the person who works that job is going to have an opportunity to live here, and that’s a big part of the equation for us,” Casey said. “When we’ve got them as a resident of whichever community, they’ll hopefully be engaged in the community in some way, paying taxes here and spending some of their disposable income.”
Since 2010, commercial real estate analytics company CoStar has tracked about 2,900 units
of multifamily construction in Kenosha County, which is about as much as is currently proposed, indicating an increase in development activity, according to Gard Pecor, a senior market analyst with CoStar.
Pecor noted that job growth is a big part of the housing equation, but so is household size, which is decreasing nationally. In Kenosha County, while the population only grew by a couple thousand between 2010 and 2023, the county added 6,300 households.
“So just by that metric alone, not enough housing was built in Kenosha County during that 13year span, not to mention the job growth piece,” Pecor said.
As with much of the country, single-family home production in Kenosha County dropped dramatically in the mid-2000s during the housing-fueled Great Recession, and it still hasn’t fully come back. There were 865 single-family housing permits pulled in the county in 2005 and the annual number of permits pulled – a measure of new single-family home starts – dropped to a low of 110 in 2011, according to data from the Wisconsin Builders Association. Last year, there were 154 permits pulled in the county.
The lack of new home construction has contributed to a housing shortage in the area, which has driven up prices. The median home price in Kenosha County has risen from $129,900 in 2010 to $284,000 this year, according to the Wisconsin Realtors Association.
“The people that work here either can’t afford to live here or they can’t find what they want, and those are two very different groups of people,” Ryf said. “Affordability is a big issue, but there’s also young professionals who are finding they can find a nice apartment in downtown Milwaukee for the same price as Kenosha, and – at that age – it’s hard for us to compete without nicer residences. Similarly, executives have said they can’t find what they’re looking for in Kenosha and are opting to move elsewhere,
so our housing needs are really diverse.”
KABA LAUNCHES NEW HOUSING TASK FORCE
To help the county cope with its housing issues, KABA has launched a new housing task force focused on finding solutions to the problem.
“It was striking to me the fact that when I asked what the biggest issue they’re dealing with, employers, higher education partners, the Kenosha Unified School District, elected officials, everyone said that housing was the number one challenge,” Ryf said.
The task force held its first meeting last month and the group determined three areas in which to take action, including financial tools – the hope is to develop one or more financial tools to help alleviate the housing shortage; planning, zoning and design, with the goal of removing barriers to make it easier for builders to get their plans approved; and marketing and outreach, in which KABA hopes to better educate residents and elected officials on the need for housing in the area, as well as market the area to developers who might be interested in building there.
“We’ve got the job growth, there’s no question about it, now we need more of the residential growth, because a house is where a job goes to sleep at night,” Casey said. “I think we’re starting to see that happen, but it’s something we have to stay engaged in.”
HUNTER TURPIN Reporter
/
FEATURED DEAL
84SOUTH RETAIL SALE
Milwaukee-based Marquee Capital, the real estate investment arm of The Marcus Corp., purchased the large-format retail portions of the 84South development in Greenfield for $33.1 million.
The purchase includes three separate retail buildings with about 195,000 square feet of leasable retail space, all of which is occupied by major tenants including Kohl’s, Total Wine & More, Fresh Thyme Market and Ulta Beauty, among others.
The 17.8-acre parcel, which has an assessed value of $35.9 million, was purchased from a Greenfield-based entity led by Davinder Toor, the operator of Oak Creek-based Car Wash Guys LLC, which purchased the property in 2019 for $34.5 million.
ADDRESS: 8750 Sura Lane, Greenfield
BUYER: Marquee Capital
SELLER: Davinder Toor
SIZE: 195,000 square feet
PAST HONOREES
Corporation of the Year:
2023 Northwestern Mutual
2022 FPC Live
2021 Milwaukee Bucks
2020 Milwaukee Tool
2019 Fiserv
BIZTIMES
2018 Klement’s Sausage
2017 Foxconn
2016 Direct Supply
2015 WEC Energy Group
2014 Generac
2013 Northwestern Mutual
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IN BUSINESS
LIFTING UP MILWAUKEE: THE REGION’S TOP NEWSMAKERS OF 2024
IN DECEMBER OF EACH YEAR, the editorial staff at BizTimes Milwaukee selects the “Best in Business,” recognizing the region’s top newsmakers of that calendar year in five categories: Corporation, CEO, Small Business, Family-Owned Business and Community Leader.
This year’s Corporation of the Year, Microsoft, continues to make big news in southeastern Wisconsin. The tech giant is building a $3.3 billion artificial intelligence data center complex in Mount Pleasant, where Foxconn’s development, while significant, has fallen far short of its original plans for a massive manufacturing complex. Microsoft is building on land previously planned for the Foxconn development. Designed to support Microsoft’s cloud and artificial intelligence infrastructure, the data center project is expected to create 2,000 union construction jobs and 2,000 permanent jobs over time.
CEO of the Year:
2023 Dominic Ortiz, Potawatomi Casino Hotel
2022 Jim Kacmarcik, Kacmarcik Enterprises
2021 Aaron Jagdfeld, Generac
2020 Mark Irgens, Irgens Partners
2019 Michelle Gass, Kohl’s Corp.
2018 Peggy Troy, Children’s Wisconsin
2017 Nick Turkal, Advocate Aurora Health
2016 Tim Sullivan, REV Group
2015 Peter Feigin, Milwaukee Bucks
2014 Mark DiBlasi, Roadrunner Transportation
2013 Paul Grangaard, Allen Edmonds
Small Business of the Year:
2023 Sprecher Brewing
2022 Eagle Park Brewing & Distilling Co.
2021 New Land Enterprises
2020 Fiveable
2019 J. Jeffers & Co.
2018 Good City Brewing
2017 Access Healthnet
2016 Rinka Chung Architecture
2015 Gehl Foods
2014 Bartolotta Restaurant Group
2013 Colectivo Coffee Roasters
Our Best in Business Community Leader of the Year is the ThriveOn Collaboration (featured on the cover), which includes the Greater Milwaukee Foundation, the Medical College of Wisconsin and real estate developer Royal Capital Group. Led by Greg Wesley, Kevin Newell and Dr. John Raymond, the collaboration has spearheaded the $120 million redevelopment of the 470,000-square-foot former Gimbels-Schuster’s store building, located at 2153 N. Dr. Martin Luther King Jr. Drive, into a community hub called ThriveOn King. The project, which includes residential, commercial space and community space, is a major boost to the King Drive corridor north of downtown Milwaukee and the city’s Halyard Park, Harambee and Brewers Hill neighborhoods. ThriveOn King seeks to improve social determinants of health in the neighborhood with the offerings of its tenants.
Other Best in Business honorees this year include: Versiti president and chief executive officer Chris Miskel, who has led the Milwaukee-based nonprofit blood health organization through a period of significant growth with numerous acquisitions and a groundbreaking this year for a $79 million expansion at the Versiti Blood Research Institute at the Milwaukee Regional Medical Center in Wauwatosa; Milwaukee-based Craft Beverage Warehouse, which specializes in direct-to-can digital printing and wholesale distribution of related products for beverage canning, and earlier this year doubled its printing capacity at its Milwaukee headquarters and recently unveiled plans to expand to Denver; and Brookfield-based material handling distribution company Wolter, which received an investment from a New York-based private investment bank this year, enabling the company to ramp up its expansion efforts, including the acquisitions of Cincinnati-based and Atlanta-based businesses and the launch of a southeast region. Wolter now employs close to 700 people and plans to double in size in the next five years.
Read more about these accomplishments in this special report.
Family-Owned Business of the Year:
2023 The DeLong Co. Inc.
2022 Fromm Nieman Brands
2021 Kohler Co.
2020 Rite-Hite
2019 Bartolotta Restaurant Group
2018 Michels Corp.
2017 Coakley Brothers
2016 Milwaukee Blacksmith
2015 Steinhafels
2014 Uline
2013 Super Steel
Community Leader of the Year:
2023 Tim Sheehy, MMAC
2022 Peggy Williams-Smith, Visit Milwaukee
2021 Dana Guthrie, Gateway Capital
2020 Marty Brooks, Wisconsin Center District
2019 Alex Lasry, Democratic National Convention
2018 Mike and Amy Lovell, Marquette University
2017 Joanne Johnson-Sabir, Sherman Phoenix
2016 The Baumgartner Family, Paper Machinery Corp.
2015 The Ramirez Family, Husco International
2014 Tim Sheehy, MMAC
2013 Rich Meeusen, Badger Meter
MICROSOFT
BY HUNTER TURPIN, staff writer
WITH GOV. TONY EVERS calling it a “watershed moment for Wisconsin” and President Joe Biden calling it “transformative,” Microsoft made waves in 2024 with its plan to build a $3.3 billion artificial intelligence data center in Mount Pleasant.
The investment, to be made through the end of 2026, was announced in May, along with several corresponding community partnerships involving the Redmond, Washington-based tech giant. Microsoft has more than 300 data centers around the world, but its Mount Pleasant campus will be among the most cutting-edge facilities the company has ever built, Microsoft says.
“We are going to be building among the world’s most advanced AI and cloud data centers that you will see anywhere,” said Brad Smith, vice chair and president of Microsoft, during a press conference held earlier this year. “This isn’t just about building a building, and it’s not just about the manufacturing jobs of today. More than anything, this project is about using the future of AI to fuel the future of manufacturing companies and jobs and skills across the state of Wisconsin and around the country.”
The data center complex is being built on land where Foxconn had planned to build a massive LCD screen manufacturing complex. Originally
touted as a $10 billion project that would create 13,000 jobs, Foxconn’s development has been far short of those plans, and much of the land where it had planned to build is now instead being developed by Microsoft.
The fanfare surrounding Microsoft’s plans has conjured flashbacks of Foxconn’s undelivered promises, but Microsoft is planning to “under-promise and over-deliver,” Biden said when announcing the project. In recognition of its massive investment in the region’s economy, Microsoft is the BizTimes Milwaukee 2024 Corporation of the Year.
Currently, Microsoft is working on three different sites in Mount Pleasant. Construction work at 4800 90th St. began last year on 1.1 million square feet of data center space across three buildings and is expected to be completed in 2026. Just west of that site, work began this year on 1.3 million square feet of data center space. At 11508 Braun Road, site work began this year for a project that will bring 2 million square feet of data center space across six buildings.
Designed to support Microsoft’s cloud and artificial intelligence infrastructure, the data center project is expected to create 2,000 union construction jobs and 2,000 permanent jobs over time.
A Microsoft spokesperson said that as of July, the project has an average of 1,900 construction workers on-site daily, with that number expected
to increase to 2,300 by next summer. Microsoft declined to provide more details on the permanent jobs and when recruiting for those positions will begin.
In addition to the data center project, through a partnership with Green Bay-based venture capital firm TitletownTech and the Green Bay Packers, Microsoft will establish a manufacturing focused AI Co-Innovation Lab on the campus of the University of Wisconsin-Milwaukee, the first of its kind in the United States, according to Evers.
Microsoft announced its first 315-acre Mount Pleasant data center project back in March of 2023 and moved to significantly expand those plans in November 2023, when the Village of Mount Pleasant shared that the company would purchase an additional 1,030 acres.
Since then – and since the announcement of the expanded data center project – Microsoft has also been assembling a site north of its current Mount Pleasant land holdings, purchasing hundreds of acres from dozens of landowners, marking some of the priciest real estate deals of the year. Microsoft has not announced plans for this land.
“Wisconsin has a rich and storied legacy of innovation and ingenuity in manufacturing,” Smith said. “…This is what a big company can do to build a strong foundation for every medium, small and startup company and non-profit everywhere.” Corporatio
The first phase of Microsoft’s data center complex in Mount Pleasant.
CEO OF THE YEAR:
CHRIS MISKEL, VERSITI
CEO of t h e Year
BY SAMANTHA DIETEL, staff writer
LEADERSHIP IS A TEAM SPORT, according to Versiti president and chief executive officer Chris Miskel, and Versiti’s upward trajectory stems from that team effort.
Miskel has served as Versiti’s CEO since February 2017, taking over from Jacquelyn Fredrick. The Milwaukee-based nonprofit blood health organization operates blood donation and research facilities in Illinois, Indiana, Michigan, Ohio, Texas and Wisconsin. In 2016 – before Miskel was hired – the organization’s revenue totaled $289.5 million. By the end of 2023, Versiti’s total revenue had grown to exceed $420 million.
Under Miskel’s leadership, Versiti has seen further progress and expansion this year.
Most recently, the organization announced on Nov. 4 that Versiti Blood Center of Ohio acquired Solvita Blood Center in Dayton, Ohio. Versiti has operated and will continue to maintain a blood center in Ohio, so this acquisition expands Versiti’s presence in the state. Miskel said Versiti leadership had been in talks with Solvita, which also owns and operates global tissue services, since he first became CEO.
“We’ve always felt like there was a nice stra-
tegic fit because of the geographic location and because of the mission alignment,” Miskel said in a recent interview with BizTimes. “Conversations accelerated in the last, I’d say, 12 to 18 months. (Solvita is) exceptional at tissue, and they entrusted us as someone that is maniacally focused on blood to care for their blood operation and make sure that the community in Dayton is served by an organization that cares about blood.”
On Sept. 10, the nonprofit broke ground on the Versiti Blood Research Institute’s 79,000-squarefoot expansion. The VBRI is located at 8727 W. Watertown Plank Road at the Milwaukee Regional Medical Center in Wauwatosa.
The $79 million project will double the facility’s research capacity, add about 100 jobs and help support Versiti’s work to advance blood health. Over 30 years, the addition is projected to create about $19 million in tax revenue for the state. The project also received a $10 million state grant.
Versiti has also recruited “some of the best scientists in the world,” over the past 12 to 18 months, Miskel said.
“We have a recent recruitment that we’ll announce soon,” he said. “We feel like we’re cooking with gas on our research mission.”
In 2023, Versiti acquired two Indiana-based
diagnostic laboratories, Quantigen and Pearl Pathways, that it has worked to integrate into its clinical trials operations this year.
“The integration stage takes grit and determination and perseverance,” Miskel said.
In October, Versiti opened a blood center and community resource center – called Versiti on King – inside the ThriveOn King building, located at 2153 N. Dr. Martin Luther King Jr. Drive. Versiti held an open house for community members looking to give blood, connect and learn more about the services offered at Versiti on King.
Versiti on King does not only serve as a site for blood donations. It also offers education about diseases that commonly affect people of color, such as sickle cell, lupus, cancer and organ failure. Versiti on King also provides a community health navigator – a liaison between members of the community and health or social service organizations – as well as basic social services. There is also a training center on-site for Versiti staff to learn elements of phlebotomy.
Versiti recognized a deficit in collecting blood in Black and brown communities, which limits the ability to serve patients with sickle cell disease and other blood disorders, Miskel said in a previous interview. This potential service to the community contributed to Versiti’s presence as a health care anchor at ThriveOn King, he said.
“Lifting communities is a spark for us, and bringing our excellence in blood expertise to all communities is something that we wanted to live, breathe and act upon,” Miskel said.
In recognition of his leadership at a momentous point for Versiti, Miskel is the BizTimes Milwaukee 2024 Best in Business CEO of the Year.
Looking ahead, Miskel said that galvanizing philanthropic support for Versiti’s research is his number one priority for 2025. Miskel also hopes to harness the “boundless” opportunities of Versiti’s clinical trial services, he said.
It’s important to ensure that all employees under the Versiti umbrella are connected to the organization’s culture and that the hundreds of hospitals receiving blood from Versiti have what they need to save lives, Miskel said. Versiti Blood Center of Wisconsin provides more than 230,000 units, or pints, of blood and blood products annually to more than 56 hospitals in the state.
“On a day-to-day basis, there’s a chase, there’s a sense of urgency with everyone here to keep our vision moving forward,” Miskel said.
VERSITI
Chris Miskel
CRAFT BEVERAGE WAREHOUSE
BY ASHLEY SMART, staff writer
DESPITE THE BEVERAGE industry’s constantly shifting landscape, Milwaukee-based Craft Beverage Warehouse has proved it’s found a business model that can keep up with any consumer trend.
The company specializes in direct-to-can digital printing and wholesale distribution of related products for beverage canning.
As younger consumers opt for THC-derived beverages and ready-to-drink cocktails over craft beer, Craft Beverage Warehouse has been able to move quickly and keep up with its customers’ demands.
“People are still drinking liquids out of a container and, fortunately for us, those containers are shifting toward aluminum cans because of sustainability factors,” said Kyle Stephens, president and co-founder of Craft Beverage Warehouse.
Last year, ready-to-drink cocktails were the fastest growing category of spirits, growing 26.8% and bringing in about $2.8 billion in sales, according to the Distilled Spirits Council of the United States.
Similarly, THC-infused drinks have exponentially gained popularity with consumers. The global cannabis beverages market is anticipated to grow from $3 billion in 2024 to $117 billion by 2032, according to Fortune Business Insights.
Craft Beverage Warehouse can help beverage manufacturers move quickly when adding to or altering their product lineup to meet consumer demand. The company is able to print newly designed cans in a matter of days – a stark contrast from lead times of 12 weeks or more at some competitors, Stephens said.
Craft Beverage Warehouse has seen so much demand for its products that the company this year announced two projects aimed at increasing capacity.
In October, Craft Beverage Warehouse unveiled plans to open a second facility, in Denver. The new digital print facility is scheduled to open in the spring of 2025 and employ 20 people. This will more than double Craft Beverage Warehouse’s current headcount of 18 employees.
The news of the Denver expansion came just a few months after the company doubled its printing capacity at its Milwaukee headquarters, located at Century City Business Park. A “multimillion-dollar” investment allowed for the purchase of a new print-to-aluminum can line. The new line can print approximately 30 million cans per year.
In recognition of the steps it’s taken to capitalize on shifts in demand, Craft Beverage Warehouse is the BizTimes Milwaukee 2024 Best in Business Small Business of the Year.
“We have been eyeing national expansion for
the last 18 months,” said Stephens. “Our team has grown both in size and experience and are now ready to take the next step for the business. While our products are in high demand, the cost of shipping and related environmental impact can be an obstacle when shipping outside of our region.”
Opening a second facility in Denver means Craft Beverage Warehouse can move closer to some of its clients in the Mountain West region. This will also allow for lower shipping costs and even shorter lead times, Stephens said.
“The products we ship are fragile. We ship empty cans. It’s basically air. It’s very expensive. In order to expand, we need to expand regionally,” he said.
He examined a handful of additional regions when planning the company’s expansion. Atlanta was one city Stephens really liked, but that idea was eventually tabled due to the established presence of a competing company.
Even with a second facility in the works, Craft Beverage Warehouse is still in need of additional warehouse and office space.
The company is still pursuing construction of a second facility at Century City Business Park, located at 3025 W. Hopkins St. Designs for that project could be coming as soon as early 2025, Stephens said.
Reflecting on four years in business, Stephens said he wishes he would have considered how quickly Craft Beverage Warehouse would grow and taken time to secure additional money from investors at the start.
The company has seen a massive uptick in revenue in a short amount of time, which makes it hard to reassure potential investors that the business model is sustainable, Stephens explained.
“A technology company can throw technology at a growth problem,” he said. “Every time we grow, it takes a multi-million investment. It’s hard to get the right partners on board.”
In the coming years, continuing to ramp up capacity will be the biggest priority for Craft Beverage Warehouse. Eventually, the Denver facility will have two print lines like the Milwaukee headquarters.
There could also be opportunities for the business to expand into other markets outside of craft beverages due to the unique type of printing equipment Craft Beverage Warehouse uses.
“We love Milwaukee,” said Stephens. “We’re always going to try to find ways to grow here.”
A sampling of cans printed by Craft Beverage Warehouse.
Kyle Stephens
FAMILYOWNED BUSINESS OF THE YEAR:
WOLTER INC.
Family-Owned Business of the Year
BY SONIA SPITZ, staff writer
IN FEBRUARY, Brookfield-based Wolter Inc., a material handling distribution company, received a game-changing investment from BBH Capital, a private equity strategy of New York-based private investment bank Brown Brothers Harriman & Co.
Thanks to the “significant growth investment,” Wolter has expanded its business substantially throughout 2024 with the addition of Bobcat products to its catalog and several acquisitions in the southeast region of the United States creating a new operational market for the company.
Since its founding in 1962 by Otto Wolter, who now serves as board chairman, the company has acquired nearly 20 subsidiaries. Its Midwest market includes Wisconsin, Minnesota, Iowa, Missouri, Ohio, Kentucky, Indiana and the upper peninsula of Michigan.
Wolter acquired Cincinnati Crane & Hoist in July and Atlanta-based Dedicated Material Handling Solutions in September. The Atlanta acquisition drove the establishment of its southeast region and added more than 100 employees. The company’s southeast market includes Arkansas, Louisiana, Tennessee, North Carolina, South Carolina, Alabama, Mississippi, Georgia and Florida.
Recognizing its approach to fast growth and national expansion, Wolter is the BizTimes Milwaukee 2024 Family-Owned Business of the Year.
In 2023, Wolter employed around 590 peo-
ple. As of November 2024, Wolter employs close to 700 people, according to chief executive officer Jerry Weidmann, the son-in-law of Otto Wolter. The company has an annual revenue of $250 million.
Wolter employs several other family members in leadership positions, including Otto Wolter’s two daughters, Kim Weidmann and Jan Plenke, who serve as leasing manager and customer support group representative/assistant to the chairman, respectively. Frank Machi, Wolter’s nephew, serves as controller. Two of Wolter’s grandchildren, Theron and Ian Cichacki, serve as the Brookfield service office supervisor and draftsman of storage and handling.
Among the things Wolter attributes to its success, a culture of family-centric values is at the forefront.
“The core element of being able to grow a family business is to be able to translate the family values and culture in each acquisition,” Weidmann said.
Most, if not all, of the businesses Wolter has acquired are also family owned, which is “in the nature of the industry,” according to Weidmann. The acquisition process has proven more fluid for Wolter if the existing company shares similar family values.
With industry founders reaching retirement age, an acquisition by Wolter offers a built-in exit strategy, Weidmann said. This is something that
Wolter advertises when acquiring a new subsidiary.
Wolter uses a four-phase team building system – forming, storming, norming and performing – to transition businesses to operate in “The Wolter Way.” Forming takes place when the acquisition is announced, as both companies form into one under the parent (Wolter). Storming is the frictional period in which a subsidiary is tasked with adopting new policies and procedures. Norming is the acceptance and adoption of said policies and procedures. Performing happens when the transition is complete and both companies are functioning under the same leadership.
“In our case, organic growth became more difficult to attain our goals,” said Weidmann. “It wouldn’t be fast enough, so we chose acquisitions as the platform.”
Using its acquisition model, Wolter has expanded to 19 locations across the midwestern and southeastern United States and plans to double in size in the next five years.
Wolter expects to duplicate its operations by expanding into states bordering the Mississippi River into the northeast region. With a higher concentration of major cities in the eastern half of the United States, shared distribution methods and commerce density makes for better opportunities to increase Wolter’s footprint, Weidmann said.
In addition to its acquisitions, Wolter has added several new leadership positions to oversee the growth in the southeast region. Stu Pineda was promoted to chief financial officer, Ross Jeremiah was promoted from executive vice president to president of the Midwest region, Tony Jones (former CEO of Doosan Industrial Vehicles Americas) was named president of the southeast region, and Martin Park will serve as chief of staff to Weidmann.
Wolter was recognized as one of BizTimes Media’s Future 50 companies in 2022, 2023 and 2024, a recognition of southeastern Wisconsin’s fastest growing, privately held companies.
Wolter’s Brookfield facility at 3125 Intertech Drive.
Jerry Weidmann
COMMUNITY
THRIVEON COLLABORATION
BY SAMANTHA DIETEL, staff writer
THRIVEON KING has opened its doors to the public – a monumental milestone for the catalytic development aimed to lift up Milwaukee’s underserved communities.
The 470,000-square-foot former Gimbels-Schuster’s store building, located at 2153 N. Dr. Martin Luther King Jr. Drive, has been redeveloped as a community hub called ThriveOn King. The organizations behind the $120 million project – the Greater Milwaukee Foundation, Medical College of Wisconsin and real estate developer Royal Capital Group – joined forces to create a partnership called the ThriveOn Collaboration.
In 2018, the GMF and MCW first announced their shared initiative to address social determinants of health in a neighborhood facing particular health disparities. They went on to recruit Royal Capital as the developer and announced plans for the project in 2019.
“With us being in the Historic King Drive BID, we are a centerpiece of the community in the way that it used to be, and we’re able to showcase people’s aspirations, hopes and dreams,” said Greg Wesley, president and CEO of the GMF. Wesley, a founding co-chair of the ThriveOn Collaboration, formerly served as senior vice president of strategic alliances and business development at MCW before taking over as the GMF’s new CEO in August. He leads the collaboration with founding co-chair Kevin Newell, president and CEO of Royal Capital, and Dr. John Raymond,
president and CEO of MCW.
The ThriveOn King project, for which construction began in 2022, has three main parts: commercial space, 90 housing units and a parking structure.
The commercial space at ThriveOn King officially opened its doors to the surrounding community on Oct. 15. The housing component will be complete by early January, Newell said. There will be affordable housing units for families and people 55 and older, as well as apartments dedicated for MCW students. MCW’s new Health Equity Scholars Program and its inaugural cohort of five students will be based at ThriveOn King.
In recognition of the progress it has made in developing and opening ThriveOn King, the ThriveOn Collaboration is the BizTimes Milwaukee 2024 Best in Business Community Leader of the Year.
IMPROVING SOCIAL DETERMINANTS OF HEALTH
The ThriveOn Collaboration’s ultimate goal is to improve the social determinants of health for the underserved neighborhoods surrounding ThriveOn King, which is nestled between the Halyard Park, Harambee and Brewers Hill neighborhoods. Social determinants of health include access to healthy food, quality affordable housing, economic opportunity and early childhood education.
ThriveOn King houses the GMF’s offices, MCW’s community engagement programs, Versiti on King, JobsWork MKE, Malaika Early Learning Center and Kinship Cafe. The presence of these organizations at ThriveOn directly targets
social determinants of health. There’s also about 10,000 square feet of community space on the first floor of the building.
“… (We) wanted to demonstrate that if we really want to move the needle, you can’t have it sitting in these silos,” said Wesley. “It can’t just be a community engagement effort. It needs to be an economic engagement effort as well, and it cannot ignore the folks that you are partnering with – (it) can’t create this negative gentrification component.”
The ThriveOn Collaboration connected with members of the surrounding communities to get input on their needs for the space. Raymond said area residents wanted focused investment in early childhood education, healthy food and job training. The possibility of gentrification was also a concern among community members.
“All of us collectively heard from the community that they didn’t want the area to be gentrified, they didn’t want people who had lived in and around the area for generations to be priced out of their homes,” Raymond said. “And so, we did create an anti-displacement fund to help people pay for taxes, and we’re working with the city to do everything we can to prevent people that have lived there for a long time to have their homes become unaffordable because of the tax burden.”
‘A PLACE OF CONVENING’
To Newell, ThriveOn King stands as a landmark for its community.
“It’s a place of convening,” Newell said. “It’s a place that folks can do everything from donate blood, grab a cup of coffee, engage with community leaders, learn about research, apply for a grant, apply for an opportunity to get some job training, bring your kid for early childhood learning and also be able to live there. It’s a very comprehensive community that we built inside of the community.”
ThriveOn King ultimately “symbolizes the community’s investment in itself and the community coming back to life,” Raymond said.
“If you just go into the ThriveOn King building, any time of day, you’ll see people from the neighborhoods convening there, having business meetings, walking through and looking at the artwork, the murals, just feeling pride in their neighborhood,” Raymond said. “I’ve been there a few times in the morning and just observed people coming through. It’s a source of optimism, of pride, of energy. All those things are being realized, and we’re only just beginning.”
VALERIE HILL
The ThriveOn King building on King Drive. Kevin Newell
Greg Wesley
Dr. John Raymond
INNOVATION + ENTREPRENEURSHIP 2024
Innovators and Entrepreneurs to Watch
For many years, BizTimes Media has recognized the region’s top innovators and entrepreneurs. This year we are doing so by profiling three entrepreneurs and three innovators in southeastern Wisconsin that we think readers should keep their eyes on.
The “Innovators to Watch” include:
• Microbial Discovery Group: The rapidly growing Oak Creek-based fermentation company develops and commercializes products and ingredients for environmental, industrial, agricultural and human applications. This year it expanded into a third, 117,000-square-foot facility.
• Timber + Partners: Milwaukee-based development firm New Land Enterprises is taking what they have learned in mass timber construction and development from building the 25-story Ascent in downtown Milwaukee to launch a new mass timber development company.
• Waukesha County Technical College: Seeing a need to develop talent with expertise in artificial intelligence, WCTC opened its new Applied AI Lab this fall and is raising $6 million to expand it.
The “Entrepreneurs to Watch” include:
• Marla and David Poytinger, co-founders of Milwaukee-based Bars & Recreation, which has enlivened the city’s entertainment industry by opening several concepts, including The New Fashioned in Deer District this year. Another concept will open in West Allis next year.
• Amanda and Adam Kroener, founders of Carbliss, a Plymouth-based company that manufactures and distributes zero-sugar, canned cocktails and is one of the highest ranked on the Inc. 5000 list with a three-year sales growth rate of 27,000%.
• Matt and Katie Wessel, founders of Milwaukee Pretzel Co., which they started in 2013. The business now has about 100 employees, and this year expanded the size of its facility from 22,000 to 50,000 square feet.
Learn more about these entrepreneurs and innovators in this special report.
INNOVATION + ENTREPRENEURSHIP
Innovators to Watch: Microbial Discovery Group
Oak Creek | Founded: 2007 Employees: 120 | Revenue: $40 million mdgbio.com
Oak Creek-based Microbial Discovery Group is one of southeastern Wisconsin’s fastest growing companies. The fermentation company develops and commercializes products and ingredients for environmental, industrial, agricultural and human applications. Earlier this year, MDG expanded into a third, 117,000-square-foot facility. Innovation, research and development are core to the company’s success.
How do you balance taking the time to gather feedback or data against the need to move quickly when opportunities are presented?
Kyle Leistikow, research manager - CORE Innovation: “Balancing speed and strategy starts with clarity: who’s the customer, what’s their pain point and how can we deliver value? Keeping the end in mind helps us determine what data is ‘need-to-have’ versus ‘nice-to-have.’ Speed doesn’t mean skipping the homework – it means being laser-focused on what matters most to the solution. We also believe in embracing iteration. If you’re 80% confident in your direction, it’s often better to start, test and adapt than wait for perfection.”
What is your mindset when overcoming setbacks?
“Setbacks are like surprise plot twists in a novel – you might not have expected them, but they can make the story better. Our team’s mantra is ‘Fail Fast Forward,’ because we see every mis-
INNOVATION + ENTREPRENEURSHIP
2024
Innovators to
Watch:
Timber + Partners
Milwaukee | Founded: 2024 Timber.partners
Looking to deploy their model of mass timber buildings nationally, the leaders of Milwaukee-based development firm New Land Enterprises launched a new mass timber development company this year. Called Timber + Partners, the company will combine cutting-edge technology and experience with urban development to build a new generation of buildings, using New Land’s downtown Milwaukee mass timber tower Ascent as a prototype to iterate on. Since its inception, Timber + Partners has launched its first fund and, in November, won second place in a Shark Tank-style business pitch competition at the Young Presidents’ Organization Global Business Summit in Dubai.
What was the point where you knew you would launch Timber + Partners and what was the biggest hesitancy or concern you needed to overcome to do it?
Tim Gokhman, CEO: “As Ascent was leasing up, our residents confirmed what we had already experienced on the design and construction side – this is an absolutely incredible product. But its development requires a thought process and rigidity that di ers from traditional real estate development, so the concept for Timber + Partners was born. The biggest obstacle was figuring out when was the right time to scale – being too early can be a costly mistake.”
What are the next key steps in the development of your company?
“Timber + Partners is raising a GP (general partner) fund to develop a portfolio of six to eight
step as a valuable lesson, not a dead end. We believe in failing fast because the faster you learn what doesn’t work, the faster you can refine what does. Resilience and optimism go a long way when things don’t go to plan – after all, science is all about exploring the unknown, and surprises are part of the adventure.”
What’s the number one thing needed to sustain a culture of innovation and/or growth?
“The secret sauce is openness – openness to ideas, collaboration and sometimes even a little chaos. A good idea doesn’t care about titles or departments; it can come from the intern who just started last week or the veteran in their 20th year. My job as a leader is to create an environment where everyone feels empowered to contribute and knows their voice matters. At the same time, it’s important to create opportunities that give those ideas the chance to flourish. As Carl Sagan famously noted, ‘Somewhere, something incredible is waiting to be known.’ At MDG, we wake up every day ready to discover something incredible.”
luxury apartment buildings modeled on Ascent across select markets in the U.S. We already have interest from LP (limited partner) investors – the GP fund will take on the predevelopment activities like site acquisition, schematic design, zoning, variances, etc.”
What are your goals for the next three to five years?
“To fully deploy the first fund and continue to pursue additional versions of our product. That could be more multifamily, but we also see potential to create a mass timber hotel line, and o ce projects. We aim to be the leading mass timber development company in the U.S.”
What’s the number one thing needed to sustain a culture of innovation and/or growth?
“A maniacal rigidity to only hiring the best, and then letting them solve the problems and come up with new ideas while supporting them without handholding. Everyone talks about this balance, but very few succeed.”
What could local, regional or state leaders do to better support innovators and entrepreneurs in the mass timber/real estate industries?
“Bureaucracy, by definition, slows progress.”
What is your mindset when overcoming setbacks?
“(First), be an expert in the known factors so you can focus on solving the unknowns. For example, New Land is a multifamily and development expert, so we can focus on solving the mass timber piece. (Second), there’s always a solution.”
Microbial Discovery Group’s Oak Creek headquarters.
New Land’s mass timber tower Ascent in downtown Milwaukee.
INNOVATION + ENTREPRENEURSHIP
Innovators to Watch: Waukesha County Technical College
Pewaukee | Founded: 1923 Employees: 1,500 (including sta , faculty and adjunct instructors) wctc.edu
Waukesha County Technical College opened its new Applied AI Lab this fall. The space is an investment in artificial intelligence and AI education that WCTC is looking to further expand. In August, WCTC and its foundation kicked o a $6 million fundraising campaign to support this expansion.
What was the point where you knew you would launch the Applied AI Lab and what was the biggest hesitancy or concern you needed to overcome to do it?
Rich Barnhouse, president, and Laura Krohn, chief of sta : “When we were going through the academic program development process in 2021 and 2022 (for the AI certificates and AI associate degree, which began in fall 2023 and 2024, respectively), we met with groups of employers and they were talking about the huge demand for AI talent. Certainly, there was a growing need, but there was an even bigger current need in helping employers solve business problems using AI. We were building a future talent pipeline, but also building a solution-driven lab where businesses could come to us for help and support. There really was no hesitancy to do this, but there was also no blueprint, so WCTC had to forge our own path.”
Why is investing in artificial intelligence important for the region?
“We’re either going to springboard forward or we’re going to be slowly in decline and then we’ll be in precipitous decline. We are developing AI at WCTC based on the college’s role in community
prosperity. It’s an economic development need, ultimately. The economic competition for our small and mid-sized businesses is growing rapidly, and they have to stay competitive to thrive or even survive in the state.”
What are the next key steps in the development of the Applied AI lab?
“Before the lab even opened its doors in fall 2024, the college had already begun planning a second phase – a second floor – and launched a $6 million fundraising campaign, because the need for AI is so great in the region. Additionally, WCTC will continue to expand its o erings in the lab to include more open enrollment workshops along with more customized contract training opportunities and access to specialized robots and super computers. We kicked o our work with AI entrepreneurs and startups this fall and will expand programs and services in 2025.”
What’s the number one thing needed to sustain a culture of innovation?
“A tolerance for risk taking, but also, to know what you’re driven by. At WCTC, we’re driven by our students’ success, our employers’ success and community prosperity. It’s critical to have buy-in from leadership at all levels.”
What could local, regional or state leaders do to better support innovators?
“There’s no doubt that guardrails need to be in place, but government at all levels could help us by setting in place a base set of laws that leave room for flexibility and don’t strangle innovation.”
Bars & Recreation is the operator of several activity bars and event spaces in the Milwaukee area. Founders Marla and David Poytinger grew the business from a single paint-and-sip shop to what’s now an enterprise of six di erent immersive entertainment concepts, including AXE MKE, Nine Below, Amped, Game Show MKE, and NorthSouth Club, with a seventh concept opening in West Allis in 2025. The company made waves earlier this year when it took over the former Punch Bowl Social space in Deer District to launch its latest venture, The New Fashioned, featuring Wisconsin-centric food, drinks and games.
What do you consider your biggest breakthrough so far?
Marla Poytinger, CEO, and David Poytinger, chief innovation o cer: “There are three pivotal moments in the history of the company to date. One, opening Nine Below in 2016. Going from one location (Splash Studio) to two, immediately meant that we were forced to have systems and processes in place. We didn’t realize it at the time, but that’s when we really started on the path from being just a small shop to being a company where people can build careers.
“Two, consolidating under Bars & Recreation in 2020. As luck would have it, we rolled out this new vision and brand for the company to our employees the evening of March 15, 2020. The next 18 months were absolutely devasting for the hospitality industry – especially experiential entertainment. However, because we had the vision for the new direction that we wanted to go in,
we used the rebuilding period as an opportunity to essentially start the company over again with the knowledge of the mistakes we had made in the past. Three, opening The New Fashioned in 2024. Taking over the 24,500-square-foot space in the heart of Deer District has pushed Bars & Rec forward by leaps and bounds.”
How has the need in the market you are addressing changed over time?
David Poytinger: “There are a lot of companies out there right now that think the market needs to push more into the virtual space. We continue to believe people crave time together and away from screens, so we’ve leaned into projects that require synchronous social activity like axe-throwing, mini golf and shu eboard. While we’ve largely stayed away from the virtual world, we’re constantly exploring ways to integrate technology into our facilities to enhance our experiences. Amped is a high-tech karaoke facility with a game show studio inside of it. We upgraded all of the bowling lanes at The New Fashioned to feature tech-forward HyperBowling, and we built one of the largest self-pour tap beverage walls in the state.”
How do you manage working with your spouse?
Marla Poytinger: “We drive each other crazy most of the time, but I’ve always said that I can’t imagine running a business without my spouse. The major advantage is that we understand the pressure and the sacrifice that entrepreneurship requires. If I were married to anyone else, I think that person would be incredibly frustrated by the long hours and the roller coaster of emotions. Not only does David understand it, he’s on the ride with me.”
Marla and David Poytinger
INNOVATION + ENTREPRENEURSHIP
Entrepreneurs to Watch: Amanda and Adam Kroener
Carbliss | Plymouth
Founded: 2019 | Employees: 50 Revenue: $83 million YTD drinkcarbliss.com
Plymouth-based Carbliss manufactures and distributes zero-sugar, canned cocktails across Wisconsin and an increasing number of vendors in the Midwest. In 2018, founders and owners Adam and Amanda Kroener were committed to a low-carb diet but recognized a lack of diet-friendly beverage options for their nightly unwind. The Kroeners’ goal was to introduce a flavorful cocktail without added sugars or carbohydrates to coincide with their diet and thus, Carbliss was born. Five years later, Carbliss, ranking no. 7 on the 2024 Inc. 5000 list of the fastest-growing private companies in the U.S., employs 50 people with close to $83 million in revenue, year-to-date.
At what point did you know you would launch Carbliss and what was the biggest hesitancy or concern you needed to overcome to do it?
Amanda and Adam Kroener, owners: “After following the keto diet and searching for an alcoholic beverage we could still enjoy, we found ourselves mixing our own drinks and getting tired of lugging around our fixings just to have a low carb drink that still tasted good. The seltzer industry was booming so we expected to find something on the market that already existed. We sampled about $500 worth of product and disliked what we found. It was at that point that we decided we were going to launch a product that consumers like us were looking for. The current market outside of Carbliss is full of products that have a good nutritional panel, little to no flavor and a lot of car-
bonation – or great flavor, little carbonation and are full of sugars, calories and carbohydrates. Carbliss blends those two concepts (flavor and nutrition).”
How has the need in your market changed over time?
“The need in the market has continued to increase since our launch. Consumers are realizing that they are looking for a better nutritional panel and great flavor. They are not looking to compromise. Carbliss o ers the consumer the ability to have your cake and eat it too.”
What are the next key steps in the development of your company?
“We are only sold to 15% of the U.S. population. We plan to continue our backyard-to-backyard approach and recognize that the more growth we have, the more we can pour back into the business and gain more ground in a faster time frame.”
What’s the number one thing needed to sustain a culture of innovation and/or growth?
“We need a team that is hungry, humble and smart and can match our level of excitement about the brand with an absolute passion to share our product with the world.”
We’re in this together
Get involved in shaping the direction of your future workforce by attending the Milwaukee Education Spotlight. As a business leader, you hold a vital responsibility in shaping a strong future workforce. By actively engaging in education, you’re not only investing in your company’s future but also supporting the educators who are preparing the skilled talent of tomorrow – talent that could soon be driving success in your organization.
Leaders do not just spectate, they participate!
FEBRUARY 27, 2025
2:00 PM - REGISTRATION & NETWORKING
2:30-5:00 PM - PROGRAM
5:00-6:30 PM - NETWORKING RECEPTION ITALIAN COMMUNITY CENTER
Program: State of Education in Milwaukee
- Colleston Morgan Jr., Executive Director, City Forward Collective (1) Panel Discussion: What does it take to increase educational opportunity?
- Hans Dawson, Owner and President, Lannon Stone; Board Member, St. Augustine Preparatory Academy (2)
- Mike Roemer, Principal, Reagan IB High School (3) Roundtable Discussions: Featuring partnered schools and educational nonprofits
Milwaukee Pretzel Co. has been in business for more than a decade and experienced consistent growth. Founded by Matt and Katie Wessel, the company doubled production capacity this year at its facility on Milwaukee’s northwest side.
When did you know you would launch Milwaukee Pretzel Co. and what was the biggest concern you needed to overcome to do it?
Matt and Katie Wessel, owners: “We came up with the idea to start making and selling Bavarian pretzels after spending a year in Munich, Germany. We fell in love with their pretzels and how engrained they were in their culture. We wanted to bring that experience to our friends and family in Milwaukee. There was very little hesitancy or concern on our part, to be honest. We were eager entrepreneurs that saw an opportunity and just went after it. Starting a company prior to having children helped ease any concerns!”
What are the next key steps in the development of your company?
“We just opened an additional 28,000 square feet at our production facility here in Milwaukee, which gives us a footprint to scale up production quite a bit beyond where we’re at today. That means some of the pressure in 2025 will fall to sales and the desire to start to fill that added capacity. Beyond that, we continue to look at ways to improve processes and manage costs by le-
veraging improvements that come with scale.”
What are your goals for the next three to five years?
“Honestly, the main goal is to keep enjoying what we’re doing, to make good, strategic decisions that benefit the team we have here, and to continue to maintain a ‘rapid but managed’ pace to what we do. Milwaukee pretzels are no longer just a Milwaukee food item (we’re in over 20 states currently), so continuing to enter new parts of the country is an annual goal.”
What do you consider your biggest breakthrough so far?
“I’m not sure if I would call it a breakthrough, but it certainly was an ‘Aha!’ moment. As we started to grow in the early years, it was a tremendous experience for us to see how the employees we hired to do a basic task or two would ultimately help us innovate, help us watch costs, informally lead teams, find solutions to problems, etc. Our growth is so deeply tied to the amazing people who work here. We have a high-performing team that we are very proud of. Learning how to leverage our team’s strengths and helping them grow – and just hiring them in general – has been one of the most rewarding parts of owning this business.”
Katie and Matt Wessel
MANUFACTURING: FOOD & BEVERAGE
Jefferson County attracts food and beverage manufacturing
BY ASHLEY SMART, staff writer
IN THE PAST YEAR, Jefferson County has attracted approximately $1.5 billion in investments from some of the world’s largest food and beverage manufacturing companies.
Between Nestlé Purina announcing a $195 million expansion at its manufacturing facility in the city of Jefferson in April, Aztalan Bio investing another $500 million into its Johnson Creek biorefinery and Kikkoman Corp. unveiling plans to build a $560 million facility in the city of Jefferson, the county has experienced a surge in interest from companies serving the food and beverage industries.
The $1.5 billion figure doesn’t include the undisclosed investment that Milwaukee-based Palermo Villa Inc. made in early 2023 to acquire a former Tyson Foods plant in the city of Jefferson and convert it into a frozen pizza facility. Nor does it include the local investments being made to support the creation of a 165-acre Food and Beverage Innovation Campus, which will be anchored by Kikkoman’s newest manufacturing facility.
The success Jefferson County is experiencing in attracting food and beverage-related businesses is not a coincidence – local leaders have spent the past four years considering the best use cases for the area’s abundant land, natural resources and pool of manufacturing talent.
“Jefferson has a pretty strong workforce. They have very low unemployment, and they’ve always been a big food and beverage manufacturing city,” said Gina Balke, executive director of FaB Wisconsin.
More than a decade ago, when the Jefferson bypass was built along Highway 26, the neighbor-
ing parcels of land that were owned by the county became incorporated into the city.
At the same time, the city and county began discussing how to develop the land. Residential developments and a medical college were among some of the ideas floated, according to Benjamin Wehmeier, outgoing Jefferson County administrator.
The county officially commissioned a land use study for the parcels near Highway 26 more than four years ago.
“We thought there was a different use that could benefit the county in general,” said Wehmeier. “We went back to the roots of Jefferson County and what we do well. That’s agri-business, food and beverage clusters and advanced manufacturing.”
Wehmeier in October took over as the new president and CEO of the Greater Watertown Community Health Foundation. He will continue to serve both Jefferson County and the foundation through mid-December in a planned transition process.
LANDING AN INTERNATIONAL TENANT
Work to attract an anchor tenant for the FaB Innovation Campus began at the start of 2023, when Jefferson County leaders first received an RFP from Kikkoman.
The Tokyo-based manufacturer, best known for its soy sauce, needed 1,000 acres of land along with the necessary infrastructure to support an initial 240,000-square-foot manufacturing plant. Additional construction phases at the site are expected.
The high quality of the water in Jefferson was
just one reason Kikkoman selected the city, according to Deb Reinbold, president of Thrive Economic Development.
The city of Jefferson’s water supply is free from PFAS, also known as forever chemicals, and the municipality would be able to absorb the sodium output from Kikkoman’s plant, she explained.
“Our infrastructure is how we landed that project,” said Reinbold. “It was the capacity availability, for everything from water to sanitary sewer to power.”
It was a six-month turnaround between Kikkoman conducting its first site visit in June of 2023 and the Jefferson County Board accepting an offer from the company to purchase the land. Kikkoman leaders reinforced the fact that the area’s natural resources truly won the company over.
“Because the FaB Innovation Campus is dedicated to manufacturing and food research companies, we don’t need to worry about pollution or contamination from harmful chemicals,” said Osamu Mogi, representative director and senior executive corporate officer at Kikkoman Corp.
OTHER SUPPORTS
Having an excess of land isn’t the only attribute needed to support a community focused on food and beverage manufacturing.
The local talent pool is highly attractive to big names like Kikkoman, Reinbold said. County leaders work closely with local school districts to expose students to potential careers in food and beverage manufacturing.
“Most of the schools within our county actually have some kind of curriculum that supports food and beverage manufacturing,” said Reinbold.
Economic development leaders have also invested heavily in making sure there is housing available to support technical workers. Jefferson County recently launched a $9.5 million revolving loan fund earmarked for gap financing, which will incentivize the creation of additional housing units. The funding will eventually lead to 400 new housing units across five different developments, Reinbold said.
In the coming months, as new tenants are expected to be announced for the FaB Innovation Campus, one area of concern the county will be monitoring closely is energy consumption.
As the city and county grow – both in the number of residents and businesses – predicting future energy needs has become even trickier. Microsoft moving into the southeastern Wisconsin region and building a massive data center must also be taken into consideration, Wehmeier said.
“We’ve shown we can compete with other parts of the country and go after these projects,” he said. “At some point, we need to look at how we can continue with these larger projects and if the utilities can keep pace with it.” n
Rendering of Kikkoman’s proposed facility in Jefferson County.
KIKKOMAN
& Adam Kroener
MANUFACTURING: FOOD & BEVERAGE
Partnerships and produce 2024 was a year of growth for urban farm Hundred Acre
BY SONIA SPITZ, staff writer
MILWAUKEE-BASED Hundred Acre, an indoor urban farm, has increased its reach and production over the past year to accommodate several new clients, including The Bartolotta Restaurants and several grocery stores in and around Milwaukee.
The company’s 5,000-square-foot facility in Milwaukee’s 30th Street Industrial Corridor touts a three-part farming system, which yields 35 times more crops than a traditional outdoor farm, according to founder, owner and CEO Chris Corkery. Its vertical and hydroponic farming method allows Hundred Acre to lead the indoor farming industry as the largest in Wisconsin. Using nutrient-rich water instead of soil, platforms stacked five high grow salad greens and basil year-round. This is all done in a climate-controlled environment that gets harvested weekly, producing 50,000 pounds of produce each year.
“It’s a perfect summer day in the facility every day, 365 days of the year,” said Corkery.
Corkery is a veteran chef from New York and founder of New York-based Planet to Plate, the parent company of Hundred Acre. His mission is to address food insecurity and build a more resilient supply chain for food across Wisconsin. In January 2025, Hundred Acre will celebrate its threeyear anniversary.
In the past year, Hundred Acre has secured partnerships with several prominent area companies, released a collaborative pesto sauce with a local meal prep company and doubled down on production at its Farm One facility, located at 3945 N. 31st St. in the Century City Business Park, in hopes of opening a second location next summer.
All of the company’s clients make up what Corkery likes to call, “The Golden Triangle,” divided into three industries: restaurants, grocery stores and schools.
With clients like Roundy’s, Outpost Natural Foods, the Kimpton Journeyman and Saint Kate
hotels, Bavette La Boucherie, Bartolotta, Feeding America, Hunger Task Force and Wisconsin Food Hub, among others, Hundred Acre self-identifies as a community development company; Corkery denounces affiliation with tech-forward farming initiatives.
Without its “early-stage adopters,” like Milwaukee-based Black Shoe Hospitality Group –operator of area restaurants Maxie’s, Story Hill BKC and Blue’s Egg – and West Allis-based Brazen Standard Hospitality – operator of Tall Guy and a Grill and other catering brands – Hundred Acre would not have grown as significantly as it has, according to Corkery.
A significant partnership with the Bartolotta restaurant group came in late summer adding several restaurant properties and its Downtown Kitchen at the U.S. Bank Center to Hundred Acre’s repertoire.
“They are an incredible partner; they have gotten behind us in a really big way,” Corkery said of Bartolotta.
In October, Hundred Acre announced a new partnership with Milwaukee-based Roundy’s, a subsidiary of Cincinnati-based national grocery conglomerate Kroger that operates Pick ‘n Save
and Metro Market stores. Hundred Acre now supplies Roundy’s with its signature salad greens blend, Italian Large Leaf basil and its pesto sauce, known as “Pesto with Purpose,” which launched in January in collaboration with Milwaukee-based Freshchef Meal Prep as a part of Hundred Acre’s artisanal sauce initiative.
Corkery’s team delivers products directly to the partnered Metro Market stores where the product is shelved and displayed in its respective section. Specialty displays are made to showcase the pesto in tandem with other ingredients, such as fresh pasta and tomatoes, to make a meal.
Three Metro Market locations, in Mequon, Shorewood and downtown Milwaukee, sell Hundred Acre products as a part of its mission to support local growers and commerce. The farm’s 4-ounce salad greens blend is priced at $4.50, the 1-ounce basil at $2.50 and the 9-ounce Pesto with Purpose at $9.99 in Metro Market stores.
Brian LeStarge, vice president of merchandising for Roundy’s, said selling local products in stores is a big part of the company’s mission.
“(Hundred Acre) becoming a part of our stores really represents our core values in terms of community partnership,” said LeStarge.
Hundred Acre’s basil pesto is now also sold at Outpost in Milwaukee, Piggly Wiggly in Mequon and GoGrocer in Milwaukee’s Third Ward.
From an investment standpoint, Hundred Acre’s partnership with Roundy’s meant it was “onto something big,” Corkery said. The partnership highlights the reliability of Hundred Acre’s business and underscores the aligned mission that Metro Market shares in shopping local, Corkery added.
Plans to open a second facility on Keefe Street in Riverwest are still underway for summer 2025. Once open and operating, Farm Two will be an expansion of farming productions similar to Hundred Acre’s Farm One location.
Other future plans include the rollout of a salad dressing line in early 2025 and the continued expansion of product distribution in Milwaukee and beyond.
Chris Corkery at Hundred Acre’s indoor farming facility on Milwaukee’s northwest side.
N OTA BLE HEALTH CARE LEADERS
BizTimes Media is proud to present its showcase of Notable Health Care Leaders, recognizing accomplished professionals who are making a difference in providing a high level of care to patients in the region. The individuals on the following pages were nominated by their peers and highlight the talent in the 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 currently employed at a health care organization based in southeastern Wisconsin and have demonstrated excellence in their field and the ability to effect change within the organization, industry, community and beyond.
AMANDA NARLOCH DIRECTOR OF NURSING ELIZABETH RESIDENCE
Amanda Narloch, director of nursing at Elizabeth Residence, an assisted living community in Bayside, is an example of industry leadership, according to Richard Coury, co-founder, president and CEO of Elizabeth Residence.
Narloch started her career as a caregiver at age 16, became a certified nursing assistant while in high school and eventually a registered nurse. This December will mark 21 years for Narloch at Elizabeth Residence.
“As director of nursing, Amanda provides impactful advice and mentorship to her colleagues, some of whom are beginning career paths,” Coury said. “She guides them through complex situations and also offers emotional support to her colleagues in the event of immense stress or the loss of a beloved patient.”
“Amanda also goes out of her way to improve quality of life for her residents, from taking personal time to shop for new clothes for them at Goodwill to planning bowling trips for a resident who was a retired professional bowler,” Coury said.
This year, Narloch is hosting a “Senior Homecoming” event, in which residents dress their best and socialize with friends and neighbors.
Elizabeth Residence proudly celebrates Amanda Narloch, RN, on receiving the 2024 Wisconsin Assisted Living Association HERO Award! This prestigious honor recognizes Amanda’s exceptional dedication, compassion, and excellence in assisted living care.
At Elizabeth Residence, located in Franklin, WI, we are a CBRF facility specializing in memory care, committed to delivering personalized, compassionate care for your loved ones. Our team, led by outstanding professionals like Amanda, is here to provide a safe and enriching environment for those who need it most. Join us in congratulating Amanda on this well-deserved achievement!
DR. MANFRED CHIANG
GENERAL AND BARIATRIC SURGEON ASCENSION WISCONSIN
Dr. Manfred Chiang specializes in general and bariatric surgery with Ascension Medical Group Wisconsin. In September 2024, Dr. Chiang performed his 2,000th robotic-assisted surgery at Ascension SE Wisconsin Hospital - Elmbrook Campus in Brookfield.
“This accomplishment highlights Dr. Chiang’s continued leadership in robotic surgery and solidifies his position as one of the most experienced robotic surgeons in Wisconsin,” said Kurt Schley, president of Ascension Elmbrook Hospital.
“Since Ascension Elmbrook introduced robotic surgery in 2009, more than 7,700 robotic procedures have been performed at the hospital. Dr. Chiang has been instrumental in making this cutting-edge technology an integral part of the hospital’s surgical services,” Schley said.
Chiang was chosen by Intuitive, the maker of the da Vinci surgical robotic system, to train other surgeons in his community and nationwide. Ascension Elmbrook is one of only two Intuitive robotic surgery bariatric teaching sites in Wisconsin.
“Dr. Chiang is at the forefront of adopting advanced surgical technologies, including minimally invasive and robotic techniques,” Schley said.
DAN WRIGHT
CHIEF
NURSING OFFICER, ASCENSION COLUMBIA
ST. MARY’S HOSPITAL ASCENSION WISCONSIN
Dan Wright, chief nursing officer at Ascension Columbia St. Mary’s Hospital in Milwaukee, has transformed nursing care through his Pathway to Distinction initiative, according to Daniel Jackson, CEO of Ascension Wisconsin. Pathway to Distinction focuses on engagement, retention, recruitment/safety, quality, professional development and stewardship.
“Dan is deeply committed to ensuring patients feel safe, respected and cared for in every interaction, fostering a culture in which every team member is empowered to anticipate challenges and achieve the highest quality possible,” Jackson said.
Under Wright’s leadership, the hospital has achieved a top national rank in fall prevention and has seen significant improvements in nurse turnover, dropping by 40% to beat the national average. Today, the hospital benefits from positive hiring trends, with nurse leadership vacancies reduced from 40% to just 4%.
Wright’s recruitment and retention initiatives led to more than 80% of nurse interns converting to registered nurse roles through a comprehensive nurse intern program, which provides interns with experience across diverse hospital units, helping them build well-rounded skills and improve retention, according to Jackson.
NICOLE LORINO NURSE MANAGER
ASCENSION
WISCONSIN
Nicole Lorino, nurse manager at Ascension Wisconsin, has more than 20 years of experience at Ascension SE Wisconsin Hospital - St. Joseph Campus, specializing in women and infant services.
As leader of the Women’s Outpatient Center, Lorino oversees prenatal and postnatal care for thousands of women, resulting in about 700 births annually, according to Kathlyn Tambellini, director of inpatient women and infants at Ascension Wisconsin.
“She focuses on addressing social determinants of health in maternal care for underserved populations in Milwaukee,” said Tambellini.
In 2019, Ascension St. Joseph launched the Maternal Health Social Systems Initiative to identify and rectify broken social systems impacting maternal health outcomes.
“To tackle this issue, Nicole’s team began oversight of the community-focused care model in 2020 at the site level, prioritizing on listening to the needs of families,” Tambellini said.
The model included rideshare options for appointments, a prenatal outreach program, food assistance for mothers dealing with anemia, diabetes, high blood pressure and food insecurity, and access to child care during visits.
We’re honored to work alongside you every day at our Ascension sites of care, and this recognition of your dedication is well deserved. It exemplifies the commitment you bring to caring for our communities, with special attention to those who are most vulnerable.
Thank you for your leadership and compassion.
Daniel Wright, MHA, BSN, RN, NE-BC Chief Nursing Officer, Ascension Columbia St. Mary’s Hospital — Milwaukee
Nicole Lorino, RN Nurse Manager, Ascension St. Joseph Hospital
Manfred Chiang, MD General and Bariatric Surgeon, Ascension Elmbrook Hospital
DR. JONI WILLIAMS ASSOCIATE PROFESSOR; DIRECTOR, CENTER FOR ADVANCING POPULATION SCIENCE
MEDICAL COLLEGE OF WISCONSIN
Dr. Joni Wiliams, director of the Center for Advancing Population Science at the Wauwatosa-based Medical College of Wisconsin, is leading the charge researching how to lessen the impacts of health disparities based on race and socioeconomic class and make Milwaukee communities healthier, according to Ann Nattinger, associate provost for research at MCW.
“Williams’ research focuses on social-medical integration at the intersections of race, socioeconomic status, sex and gender, and geographic location to reduce health inequities associated with sociocultural and structural determinants of health. Her research is driven by principles of health equity, and she is particularly passionate about social justice in health and health promotion,” Nattinger said.
“Recently, she studied a new approach called TIDES (TechnologyIntensified Diabetes Education and Skills training) to help African Americans better manage type 2 diabetes and understand how structural racism in the form of historic redlining impacts health outcomes,” Nattinger added.
As director of CAPS, Williams guides researchers who are working to improve health outcomes in communities, with a special focus on making health care more equitable.
DAISY SAHOO DEAN, SCHOOL OF GRADUATE STUDIES; WOMEN IN SCIENCE ENDOWED PROFESSOR MEDICAL COLLEGE OF WISCONSIN
In February 2024, Daisy Sahoo, Ph.D., was appointed dean of the School of Graduate Studies at the Wauwatosabased Medical College of Wisconsin. As dean, Sahoo oversees the administration of 42 graduate programs that are offered to nearly 500 graduate students who seek doctoral and master’s degrees.
Apart from her role as dean, Sahoo has had a long-standing interest in better understanding how cholesterol is transported in the body so that therapies can be developed to reduce risk for cardiovascular disease, according to Holly Botsford external communications director at MCW.
“Under her tutelage, students work toward solutions that could transform precision health care for cardiovascular disease and other common health problems,” said Botsford. “Dr. Sahoo takes pride in her mentorship of graduate students in her laboratory. As a result of her guidance and training, every one of her team members has been published because of their influential discoveries.”
Outside of her mentorship work, Sahoo is also working to increase the visibility of MCW’s graduate programs in an effort to make MCW a hub for health care students and professionals alike.
JORDAN SPILLANE DIRECTOR, AMBULATORY PHARMACY SERVICES
FROEDTERT
& THE MEDICAL COLLEGE OF WISCONSIN
Jordan Spillane, PharmD, serves as the director of ambulatory pharmacy for the Wauwatosa-based Froedtert & the Medical College of Wisconsin health network.
Since 2018, Spillane has participated in the statewide advocacy effort to allow pharmacists to become credentialed billable providers with Wisconsin Medicaid. In 2021, she testified in the House and Senate committee hearings and received the Good Government Award from the Pharmacy Society of Wisconsin in 2022 in recognition of her efforts.
In 2024, Spillane led a multi-disciplinary team across Froedtert & MCW to implement pharmacist provider status, allowing for appropriate billing and reimbursement of patient care provided by credentialed pharmacists. Pharmacist provider status allows health systems and pharmacies across Wisconsin to create and grow teams of pharmacists to support physicians, advanced practice providers and patients in optimizing medications for chronic disease states, according to Jordan Dow, vice president of pharmacy services and chief pharmacy officer at Froedtert.
Outside of Froedtert & MCW, Spillane serves on the board of directors and as events committee chair for Blessings in a Backpack: Waukesha County. The nonprofit provides nutritious weekend snacks to children experiencing food insecurity.
CONGRATULATIONS DR. JONI WILLIAMS
DR. MADAN KANDULA FOUNDER AND CEO ADVENT
Dr. Madan Kandula is founder and CEO of Milwaukee-based ADVENT, which specializes in office-based treatments for nasal blockage, sinus, snoring and sleepapnea issues.
Kandula, who is a medical doctor and a board-certified head and neck surgeon, opened his first ENT clinic in Milwaukee in 2004 and is credited with being the first in Wisconsin to perform balloon sinuplasty, pediatric balloon sinuplasty, propel sinus stent placement and PolypVac (in-office nasal polyp removal). ADVENT has since grown to 30 clinics in six states, including five locations in southeastern Wisconsin.
To educate the public about how the three breathing passages need to function, Kandula trademarked the phrase “The Breathing Triangle,” which signifies the importance of the two nostrils and the throat.
“We now have available simple yet game-changing tools that we didn’t have when I was a resident that our profession as a whole hasn’t adopted,” Kandula says. “The outcomes we get with officebased procedures are as good if not better than what we get with surgery and are much less aggressive for the patient. Doing the right thing for our patients means not turning a blind eye to technology that might benefit them.”
NANCY REESE CHAIR AND DIRECTOR OF THE NURSING DEPARTMENT AND PROGRAM
CARTHAGE COLLEGE
Since coming to Carthage College in 2021, Nancy Reese has increased bachelor of science in nursing majors from 270 to 361, and the program continues to grow, said Paul Martino, dean of the Professional Studies Division at Carthage, located in Kenosha.
Under Reese’s leadership as director of the nursing department, Carthage developed its first certified nursing assistant program.
“Dr. Reese and her team received the rare 10-year accreditation during the nursing program’s reaccreditation visit. Most college nursing programs receive a five-year reaccreditation,” Martino said.
“I have witnessed the direct impact Nancy has had in developing new nurses through our academic program,” said Jim Padilla, dean of Carthage’s School of Business & Economics.
“Since taking over the nursing program, Nancy has created expectations and standards which have been recognized throughout the region. Her commitment shows in everything, from recruiting prospective students, to the white coat ceremony, pinning ceremony and graduation. Nancy’s leadership in developing future nurses while also building the largest academic program on our campus has been astonishing,” Padilla said.
congratulations nancy reese
Carthage College applauds the commitment Nancy Reese has made as our Director of Nursing to expand the pool of compassionate healthcare professionals in the region. Graduates of our thriving BSN degree program have a 100% placement rate! Under Nancy’s guidance, we’ve launched CNA training options and forged new clinical partnerships. Having completed 27 global health missions, she instills that service mindset in the Carthage students who travel with her to provide holistic care in Central America.
Team up with us! Visit our site to learn more about our nursing offerings.
JUSTIN JASNIEWSKI CEO
SERVE YOU RX
Justin Jasniewski, chief executive officer of Milwaukee-based Serve You Rx, is transforming health care accessibility through innovative pharmacy benefit management, according to Nancy Fleming, the company’s marketing director.
Starting as a financial analyst at Serve You Rx, Jasniewski created the pricing and analytics department. After getting his MBA at the Kellogg School of Management at Northwestern University, he consulted for global pharmaceutical manufacturers at KPMG’s Strategy Group. He then returned to Serve You Rx to become chief financial and analytics officer and then CEO.
Under his leadership, Serve You Rx partnered with Mark Cuban’s Cost Plus Drugs to expand affordable medication access. Jasniewski also developed an internship program focusing on pharmacy benefit management and data analytics.
He advocated across 10 states for increased Narcan access for opioid overdose prevention and oversaw hundreds of overdose aid kit box installations throughout Wisconsin before transferring the program to the Clinton Foundation. Jasniewski provides pro bono consulting for global health nonprofits and programs supporting underrepresented students in health care careers.
DR. JILL GUTTORMSON DEAN
MARQUETTE UNIVERSITY COLLEGE OF NURSING
As dean of Marquette University’s College of Nursing, Dr. Jill Guttormson has set a goal of preparing 5,000 new nurses over the next decade, responding to the pressing demand for skilled nursing professionals.
Under her direction, the College of Nursing relocated to the newly renovated David A. Straz, Jr., Hall on Marquette’s campus in downtown Milwaukee. This 103,000-square-foot space includes classrooms, simulation labs and flexible technology, enabling both in-person and hybrid learning.
Guttormson’s efforts in fundraising helped secure the $42 million needed for the facility. She has also expanded both graduate and undergraduate enrollment, ensuring the college will break even on the building investment within seven years, according to Andrew Goldstein, marketing communications specialist at Marquette. She also co-led the university’s “Securing Our Future” initiative to support operational and financial health while ensuring Marquette’s long-term sustainability.
“Through her practice of servant leadership, Dr. Guttormson exemplifies a commitment to excellence in nursing education, positioning Marquette as a leader in addressing health care challenges and disparities,” said university president Kimo Ah Yun.
CARLY
LOEWUS CAMPUS ADMINISTRATOR CLEMENT MANOR
The role as a campus administrator, part of the Clement Manor executive team, is typically occupied by someone with more than 30 years of experience. But at just 28 years old, Carly Loewus monitors census status and CDC policies, provides input to the strategic plan and budget and fills in for shifts when staffing is needed at the Greenfield senior living community.
She leads the regulatory inspection process, preparing staff and all related policies and procedures, leading Clement Manor to a deficiency-free survey result. She also spent a year preparing the facility for a Joint Commission accreditation for the assisted living area.
After only the first visit from The Joint Commission, Clement Manor received the Gold Seal Accreditation, one of the first facilities to do so in Wisconsin, and one of the highest-rated facilities in Wisconsin, according to Natalie Strade, director of marketing at Clement Manor.
Loewus also created a staff training program for all new employees, designed to help them understand the world of dementia. She uses a virtual reality experience, in which employees have tunnel vision with goggles, hearing impairments with headphones and dexterity problems using their hands.
N OTA BLE HEALTH CARE LEADERS CONGRATULATIONS!
BRANDON HILL PRESIDENT AND CEO VIVENT HEALTH
Since Brandon Hill, Ph.D., joined Milwaukee-based Vivent Health (formerly the AIDS Resource Center of Wisconsin), the organization has grown and thrived, colleagues say.
Vivent Health serves approximately 85% of all Milwaukeeans living with HIV. In 2023, Vivent Health served nearly 4,000 people. “In 2023, Hill led the organization through the opening of a new health center in downtown Milwaukee, improving care delivery and the patient experience,” said Cindy Cooper, senior vice president of strategic communications at Vivent Health.
Since the clinic opened, services delivered and prescriptions filled are both up 6%. Behavioral health wait time is down to five days for a new patient and one day for substance use treatment. Ninety-five percent of Vivent Health patients in Wisconsin have achieved viral suppression, above the national average of 66%, according to Cooper.
“I am a member of the LGBTQ+ community,” Hill says. “This work is part of my identity. This is the work I didn’t know existed when I was young and queer, but the work I committed myself to doing as an adult. This isn’t just a job. This is personal.”
N OTA BLE HEALTH CARE LEADERS CONGRATULATIONS!
We know YOU know the leaders and visionaries in southeast Wisconsin
N OTA BLE LEADERS I N HIGHER EDUCATION
Notable Leaders in Higher Education salutes the accomplishments of the educators who are making a positive difference in the lives of undergraduate and graduate students throughout the region.
- Nomination Deadline: December 20, 2024 -
Issue Date: January 27, 2025
Look for these upcoming Notable nominations!
Notable BIPOC Executives
Nomination deadline: January 27, 2025
Issue date: February 24, 2025
Notable Credit Union Leaders
Nomination deadline: February 17, 2025
Issue date: March 17, 2025
Notable Women in Construction, Design & Engineering
Nomination deadline: March 17, 2025
Issue date: April 14, 2025
Notable Nonprofit Board Leaders
Nomination deadline: April 14, 2025
Issue date: May 12, 2025
Notable Entrepreneurs
Nomination deadline: May 5, 2025
Issue date: June 2, 2025
Notable Leaders in STEM
Nomination deadline: May 26, 2025
Issue date: June 23, 2025
Notable Latino Leaders
Nomination deadline: June 23, 2025
Issue date: July 21, 2025
Notable General Counsels
Nomination deadline: July 21, 2025
Issue date: August 18, 2025
Notable Alumni
Nomination deadline: August 11, 2025
Issue date: September 8, 2025
Notable Leaders in Supply
Chain & Logistics
Nomination deadline: August 25, 2025
Issue date: September 22, 2025
Notable Leaders in Insurance
Make sure the business community meets the people who’ll make a difference in 2025. At companies across southeast Wisconsin, notable executives are running businesses, navigating company restructurings, serving on boards, running marketing departments, and investing in growth throughout the region. The notable individuals profiled in these categories are nominated by their peers at work and in the community. To
Nomination deadline: September 8, 2025
Issue date: October 6, 2025
Notable Leaders in Commercial Real Estate
Nomination deadline: October 20, 2025
Issue date: November 17, 2025
Notable Health Care Heroes
Nomination deadline: November 17, 2025
Issue date: December 15, 2025
our company attractive to a potential buyer?” You should be able to clearly articulate an answer before bringing your company to market.
STEP 3: BUILD YOUR TRACK RECORD
Positioning for a sale
How to maximize your company’s value
A MIDWEST FARMER fertilizes the field prior to planting seeds, so should owners of small- and medium-sized business to properly prepare their company for sale.
A number of years ago, Bridgewood Advisors issued a white paper about proactively preparing a business for sale. After a recent discussion with their managing partners, I updated it.
STEP
1: CREATE YOUR EXIT PLAN
Depending on your timeframe, your plan can be three or more years in length. If your firm is managed by a small team or even a single individual, a succession plan is needed. Many family-owned firms have prepared the next generation to run the business. In cases when there is no successor, a senior person in the management team can be groomed to take the reins. As part of this plan, you should have a team of advisors, which would include your attorney, CPA and banker. The better you prepare your entity for a smooth transition, the more attractive it will be to a buyer.
STEP 2: KNOW YOUR VALUE PROPOSITION
Owners should be able to address questions about how they differentiate themselves from the competition and if they have established barriers for entry for potential competitors. What technologies, products, distribution channel strategies or processes do you use that makes you unique? Do you have patents, copyrights or other intellectual property that protects your core products or services? Ask yourself this question, “What makes
Consistent sales growth plus sustainable profits will make your company attractive and maximizes value. These two elements are critical in today’s financial markets in which the cost of financing an acquisition is more expensive, requiring a higher level of due diligence. It’s harder to justify top dollars for your enterprise unless your financials are stellar and provide a strong return on their investment. It is also important that your customer base be diversified. Strong companies have a consistent and dependable supply chain. Demonstrate that you are developing new markets for your products and services.
STEP 4: INVEST IN YOUR MANAGEMENT TEAM
Your company is more attractive to potential buyers if the current management team can continue to lead the entity. When an owner has not developed a strong management team, the likelihood of continued growth and success is dramatically reduced. As an owner, it’s your responsibility to train and empower your team, so that in your absence the enterprise continues to thrive at a high level. Prior to positioning your company for sale, you should assess your current management team and identify any missing skill sets or expertise. Once that process is complete, make the necessary changes to strengthen your team. While making management changes is a challenge, enhancing the level of experience and expertise will be attractive to a buyer. Beyond the team, you should be prepared to successfully complete a one-year transition once the business is sold. Another element to be considered is what role you would want beyond the transition period. Are you the face of the organization or is it more beneficial that you separate within a short period after the business is sold? This question should be addressed well before negotiating the sale.
STEP 5: PREPARING FOR DUE DILIGENCE
In today’s markets, the cost of financing an
acquisition is more expensive, requiring a higher level of due diligence. Be prepared for an in-depth analysis of your financials, accounting practices, corporate documents, existing vendor and customer agreements and even your employee records. It’s critical that these documents and records are up to date and your accounting practices are sound and have been reviewed and audited. You may need to engage the services of an independent accounting firm to review your documents and for compliance and accuracy. This will demonstrate they’re in compliance.
STEP 6: ALWAYS BE READY
When considering positioning your company for sale, you need to be proactive and begin the necessary preparation. You never know when an unsolicited offer will be presented. You should have a plan in place if such an occurrence presents itself. When you are prepared to entertain such an offer, it increases your chances of driving value and taking advantage of unique opportunities when they occur. ■
CARY SILVERSTEIN
Cary Silverstein, MBA, author of the book “The Company Doctor Prescribes,” is a former executive for Gimbel’s Midwest and JH Collectibles, and a former professor for DeVry University’s Keller Graduate School. He can be reached at csilve1013@aol.com.
With a little bit of creativity, you can turn your anniversary from just another date on the calendar into an opportunity to share your story – and celebrate your success with BizTimes’ exclusive audience. It’s a chance to talk about why you started your business in the first place, where you’ve been, what you do, what makes you different, and what your plans are for the future. You can thank your employees and clients who’ve helped you reach this milestone.
now! to reserve a space in this special issue.
financial return from years of hard work. But focusing solely on maximizing value can sometimes lead owners to neglect other important aspects of a successful exit.
The motivations of exit planning
How money, ideology, coercion and ego factor in
I LOVE A GOOD SPY STORY. Whether it’s experiencing a spy walking tour in Washington, D.C. with a former CIA operative, or following the ‘flip’ of CIA operative character Josh Holder in Jack Carr’s book, “True Believer,” understanding and exploring what motivates a spy is thoughtprovoking, and kind of fun.
More recently, I listened to Kevin Shipp, a former CIA officer on the James Altucher podcast, one of my favorites. Kevin said that in the world of espionage, money, ideology, coercion and ego are the core motivations behind why people turn into spies. In the agency, they refer to these motivations with the acronym MICE.
As he explained the acronym further, I started seeing connections between how MICE motivations for spies could connect to the motivations that impact business owners thinking about exits.
It might seem like a strange framework for business owners looking to plan their dream exit, but hear me out. When you dig a little deeper, these same motivators often play key roles in the decisions business owners make, especially when it comes to preparing for and executing a successful exit.
Let’s break down each element of MICE and see how it could either help or hinder your exit strategy.
M IS FOR MONEY:
PROFIT VS. POTENTIAL
PITFALL
In the spy world, money is the most straightforward motivation – people spy for cash. In business exits, money is undeniably a critical component. Every entrepreneur dreams of maximizing the
Don’t let a high valuation blind you to the bigger picture. While selling for top dollar is ideal, ensuring a smooth transition and long-term success for the business can be just as valuable in the long run. Look beyond the money by considering buyers who share your vision and will honor the legacy you’ve built.
I IS FOR IDEOLOGY: VISION ALIGNMENT
For spies, ideology is often a strong motivator. They believe in something bigger than themselves. In business, ideology boils down to your “why” – the purpose and values that drove you to build your company in the first place. Staying true to that ideology during an exit can be surprisingly challenging. Sometimes, it might even conflict with the financial aspects of an exit, especially if potential buyers don’t align with your principles.
Know your non-negotiables when it comes to the future of your business. Communicate these values clearly to potential buyers to help ensure that your business philosophy is respected and preserved. A buyer who aligns with your ideology will often be a better fit, even if the initial offer is lower.
C IS FOR COERCION: PRESSURE FROM EXTERNAL FORCES
Coercion in the spy world is about forcing someone into actions they wouldn’t normally take. For business owners, coercion could mean feeling pressured by family, partners, or market conditions. Maybe your family thinks it’s time for you to slow down. Maybe the bond that has held your partnership together has started to fray. Or maybe market shifts are making you wonder if you should cash out while you’re ahead. Whatever the case, external pressures can cloud your judgment, potentially leading to hasty or regrettable decisions.
Be wary of pressure-based decisions. While external factors can provide important perspectives, they shouldn’t drive your entire exit strategy. Instead, focus on your own readiness, both financially and personally, for life after the sale. Your
exit will be most successful if it aligns with your timeline, not someone else’s.
E IS FOR EGO: BALANCING CONFIDENCE AND HUMILITY
Ego is a powerful motivator, in espionage and in business. When it comes to exits, ego can be both an asset and a liability. On one hand, confidence in your achievements can drive a higher valuation. On the other, unchecked ego can make it hard to face feedback from buyers or to let go of your role as the company leader.
Check your ego at the door. Accepting that someone else will take over your “baby” isn’t easy, but it’s essential for a healthy exit. Acknowledging that your business can thrive without you – and perhaps even improve – can set you up for a successful transition and a fulfilling next chapter.
In the world of business exits, MICE provides a unique framework to evaluate your motivations and keep potential pitfalls in check. By recognizing and managing these influences, you’re more likely to walk away with the dream exit you deserve. One that brings financial reward, preserves your legacy, respects your timeline and opens doors to new opportunities.
MIKE MALATESTA
Mike Malatesta, founder of Advanced Waste Services, is The Dream Exit expert, host of the How’d it Happen podcast, and author of “Owner Shift: How Getting Selfish Got Me Unstuck.” He can be reached at thedreamexit@gmail.com
Tip Sheet
Growth strategies for veteran entrepreneurs
Entrepreneurs are often tasked with learning new skills to successfully operate their business. Veteran entrepreneurs are in a unique position with different connections and skill
sets attained from their service. A recent article from SCORE shares three tips on utilizing military knowledge to grow a business and find success.
GOING GLOBAL
Expanding your client base to the global market can be hugely advantageous in growing your small business. Global expansion is not too lofty a goal, according to SCORE.
Joining networking groups with an international focus, hiring people with overseas connections, or partnering with other companies that have access to global markets are all good places to start, according to SCORE.
“If you were stationed overseas, don’t hesitate to tap into any connections you made there, says SCORE. “Even if you don’t think your contacts can help, just ask.”
BEST PRACTICE HIRING METHODS
“Veterans are ideal job candidates for nearly
any industry, as many are cross-trained with the skills that fit various positions and have the excellent work ethic any employer desires,” said SCORE. Consider adding other veterans to the team. To find veteran employees, the U.S. Department of Labor’s Veterans’ Employment and Training Services is a great place to start, according to SCORE. There is also an option to set a preference to “veterans” when hiring on platforms like Indeed or ZipRecruiter.
EMBRACING NEW TECH TRENDS
As the world of online marketing and sales grows, a business should take every opportunity to grow with it, said SCORE. Two major incoming technological trends are “social selling” and marketing with online videos.
“Social commerce (social selling) is a digital marketing strategy that allows social media consumers to shop and purchase products and services without ever leaving the app,” said SCORE.
Thought Leadership pages YOUR STORY, YOUR WAY
INSIDE THE INDUSTRY
Publication Date: January 27 | Space Reservation: January 8
HOSPITALITY & EVENT PLANNING
Publication Date: February 24 | Space Reservation: February 5
ANNIVERSARIES
Publication Date: March 17 | Space Reservation: February 26
ECONOMIC DEVELOPMENT PROFILES: PROJECT PROFILES
Publication Date: April 14 | Space Reservation: March 26
HOW TO: ADVICE FOR SMALL BUSINESSES
Publication Date: May 12 | Space Reservation: April 23
FACES OF FAMILY BUSINESS
Publication Date: June 2 | Space Reservation: May 14
LEADERS IN INNOVATION
Publication Date: June 23 | Space Reservation: June 4
CEO Q+A
Publication Date: July 21 | Space Reservation: July 2
DIVERSITY & INCLUSION
Publication Date: July 21 | Space Reservation: July 2
HOW SHE LEADS
Publication Date: August 18 | Space Reservation: July 30
FUTURE 50: WHERE ARE THEY NOW
Publication Date: September 22 | Space Reservation: September 3
WEALTH MANAGEMENT & ESTATE PLANNING Q&A
Publication Date: October 20 | Space Reservation: October 3
ESOP ESSENTIALS Q&A
Publication Date: October 20 | Space Reservation: October 3
REAL ESTATE Q&A: BUILDING PROJECTS
Publication Date: November 17 | Space Reservation: October 29
WEST BEND INSURANCE COMPANY ANNOUNCES ADDITION OF TWO NEW OFFICERS
West Bend Insurance Company is excited to welcome Dee Brown as senior vice president and chief human resources officer, and Bob Cataldo as vice president and chief investment officer. Both will advance West Bend’s corporate strategy. Dee brings 25+ years of HR expertise, previously serving as CHRO at Covenant Living Communities. She holds degrees in Organizational Leadership and Development, is SHRM-SCP® certified, and serves on the board
BANKING
Waukesha State Bank Welcomes Darci Miller
Waukesha State Bank is excited to announce the appointment of Darci Miller as Vice President - Commercial Banking Officer. In her new role, she will focus on prospecting, developing and managing commercial loan portfolios.
The Equitable Bank Welcomes Mary C. Miske to Board of Directors
The Equitable Bank welcomes Mary C. Miske to the Board of Directors. With over 30 years in tax accounting for financial institutions, including roles at Baker Tilly US and CIB Marine Bancshares, Mary brings valuable expertise to community banking.
of Ronald McDonald House Charities. Bob brings 30+ years of investment management experience, including 11 years with UFG Insurance. He holds a bachelor’s in Economics from Notre Dame, an MBA from Drake University, and is a CFA® charterholder. Bob also serves on boards for Mercy Medical Center and Brucemore. President and CEO Rob Jacques said, “We’re thrilled to welcome Dee and Bob. Their expertise will drive our growth and strengthen relationships with agents, associates, and policyholders.”
CONSTRUCTION
Balestrieri is pleased to welcome Stephanie Endres as an Accounting Coordinator
Stephanie’s innovative mindset and dedication to accuracy will be valuable assets as she helps streamline our accounting and administrative processes. We look forward to her contributions and the positive energy she brings! Welcome, Stephanie!
LEGAL SERVICES
von Briesen Welcomes Hanna Kolberg to its Government Law Group & Real Estate Section
As a Shareholder, she advises municipalities and counties on governance, administrative proceedings, public records, open meetings, public policy, litigation, Police and Fire Commission hearings and collective bargaining. And her real estate practice focuses on property tax assessment litigation and eminent domain matters.
FINANCIAL SERVICES
Kelly Mould
Named Milwaukee Regional Leader of Private Wealth Management for JFG
Johnson Financial Group (JFG) announced the appointment of Kelly Mould as Regional Leader of Private Wealth Management for Johnson Wealth in Milwaukee. With more than 35 years of serving clients and leading teams, Ms. Mould joined JFG in 2014 with a background in family law and estate planning. As a thought leader and host of JFG’s podcast, Your Money. Your Mission, Ms. Mould holds degrees from Marquette University (B.A. and M.A.) and a JD from the University of Wisconsin Law School.
CONSTRUCTION
Balestrieri is pleased to welcome Kamie Rhyan as Business Administration Coordinator
Kamie is a versatile professional with expertise in IT, Licensing, Fleet Management, and Employee Welfare. Her creative approach, strong collaboration skills, and professionalism make her a valuable asset to our team. Welcome, Kamie!
LEGAL SERVICES
von Briesen & Roper, s.c. Welcomes Shareholder Avery Mayne to its Milwaukee Office
As a member of the Trusts and Estates Section, she focuses her practice on elder and special needs law matters, including advising clients on asset protection from long term care costs; eligibility and appeals for public benefits; and adult guardianship and protective action litigation.
NONPROFIT
Jess Williamson Joins Centers For Independence
Jess Williamson has joined Centers for Independence (CFI) as Vice President of Marketing and Communications where she will lead marketing, branding, and communications initiatives that foster positive relationships with the communities CFI serves.
Jess brings to the role more than 20 years of experience leading corporate marketing communications programs for industry-leading organizations. She is a fierce advocate for equity, inclusion and employee engagement, and is committed to building and strengthening company culture and communication.
CONSTRUCTION
Balestrieri is pleased to welcome Lauren VenHousen as an Inside Project Manager.
Lauren will oversee project timelines and ensuring seamless communication across teams. Her attention to detail, proactive approach, and ability to juggle multiple priorities will make her an invaluable asset to our team. Welcome, Lauren!
LEGAL SERVICES
von Briesen & Roper, s.c. is pleased to have Aleksandar Prpa join its Litigation and Risk Management Practice
Alex focuses his practice on a variety of litigation matters including general litigation, insurance coverage, toxic tort, real estate and municipal prosecutions. He is a member of the State Bar of Wisconsin, the Milwaukee Bar Association and the Wisconsin Defense Counsel.
MILWAUKEE COUNTY BOARD
APPROVES FUNDING FOR MITCHELL PARK DOMES RENOVATION PROJECT
The Milwaukee County Board of Supervisors in November unanimously approved its 2025 budget that includes the county’s future $30 million commitment to help renovate the Mitchell Park Domes.
This marks another step forward for the nonprofit group Friends of the Domes’ $133.4 million renovation plan that would address deferred maintenance at the conservatory, build new structures and amenities on the site and
CALENDAR
implement a new business plan. The nonprofit, which currently manages half of the Domes’ operations, first unveiled the plan before the County Board in September.
The county would contribute $30 million over a six-year period to the project. The approved budget does not state when that funding period will begin but requires the county to have a plan ready by May 2025.
— Samantha Dietel, staff writer
The United Way of Greater Milwaukee & Waukesha County will host its Campaign Closing Celebration on Thursday, Dec. 12, from 5-7:30 p.m. at Marcus Majestic Cinema, 770 Springdale Road, Brookfield.
The YMCA of Metropolitan Milwaukee will host its 28th annual Dr. Martin Luther King Jr. Celebration on Monday, Jan. 20, from 7-9:30 a.m. at Potawatomi Casino Hotel, 1721 W. Canal St., Milwaukee.
The Zoological Society of Milwaukee will host its 28th annual Puttin’ on the Ritz fundraiser on Thursday, Jan. 23, from 6-11 p.m. at Potawatomi Casino Hotel, 1721 W. Canal St., Milwaukee.
Milwaukee Ballet will host its annual Ballet Ball on Saturday, Feb. 22, at 6 p.m. at Discovery World, 500 N. Harbor Drive, Milwaukee.
DONATION ROUNDUP
UScellular donated 500 hotspots and two years of service, worth about $563,000 in total, to Wellpoint Care Network and $41,250 to the Boys & Girls Clubs of Greater Milwaukee to support academic programming. | Milwaukee Habitat for Humanity raised $504,100 at its annual Framing the Future gala. | At its 20th anniversary celebration, Best Ed Business raised more than $5,000 toward purchasing furniture for the June Perry Stevens Library at Howard Fuller Collegiate Academy Middle School. | The Generac Foundation donated $200,000 to Waukesha County Technical College and the WCTC Foundation for the purchase of 13 Lifecast Body Simulation manikins. | SHARP Literacy raised more than $267,000 through its A Novel Event. | Cousins Subs donated $50,000 to the Starr Children’s Fund for pediatric research and, through its Make It Better Foundation, granted $12,500 spread amongst five Wisconsin nonprofits: $2,500 to Boys & Girls Club of the Wausau Area, $2,500 to Brown County Oral Health Partnership, $1,500 to DogsInVests, $3,000 to Hope Street Ministry and $1,000 to Project Home in Madison. | The Vince Lombardi Cancer Foundation granted more than $300,000 to eight health care organizations across the country, including $80,000 to the Medical College of Wisconsin and $15,000 to YMCA of Greater Waukesha County.
Mission statement: The mission of Friends of the Domes is to provide inspirational experiences that restore connections to nature and community in a one-of-a-kind horticultural oasis at the heart of Milwaukee.
Primary focus: Education and conservation within a botanical garden and museum setting.
Other focuses: Community health, cultural programming and environmental stewardship.
Number of employees: 7 full time, 14 part time
Key donors: Greater Milwaukee Foundation, Molson Coors, Union Pacific, Jerome J. & Dorothy H. Holz Family Foundation, Bader Philanthropies, Dr. John Thomas, The Patterson Law Firm LLC, Kohl’s Corp., Nonprofit Management Fund, Estate of Ann Kesting
Executive leadership: Christa Beall Diefenbach, executive director
Andy Holman, treasurer; members Alex Chou, Pat Habanek, Michael Haeberle, Jenne Hohn, Falamak Nourzad, Mike Roemer, Marianne Schmid, Yollande Tchouapi, Karen Von Rueden, Ellen Wilkinson, Christa Beall Diefenbach (ex-officio)
Is the organization actively seeking board members for the upcoming term? Yes, up to 25 board members
Board of directors: Beverly Smiley, president; Tom Mortensen, vice president; Margaret Wittig, secretary;
What roles is it looking to fill? Accounting and financial management; senior corporate leaders; DEI/accessibility; legal/ compliance; urban planning; south side Milwaukee leaders
Ways the business community can help: Sponsorships for events, in-kind donations, corporate memberships and gift memberships to staff, volunteering and partnerships to enhance community engagement.
Key fundraising events:
» A Night in Bloom Gala - February 22, 2025
» Art in the Green - April 26-27, 2025
GLANCE AT YESTERYEAR
VOLUME 30, NUMBER 13 | DECEMBER 9, 2024
126 N. Jefferson St., Suite 403, Milwaukee, WI 53202-6120
This photo from the summer of 1948 shows the crew of Wachtel Tree Service. C.L. Wachtel, who founded the company now known as Merton-based Wachtel Tree Science in 1935, is on the left. Wachtel served as president of the National Arborist Association, now the Tree Care Industry Association, in 1949.
— Photo courtesy of Wachtel Tree Science. Submit your company’s historic photos at biztimes.com/glance
Interesting ideas for Northridge site
IN A COMMENTARY earlier this year I wrote about the redevelopment of the former Northridge Mall site. After a lengthy legal battle with the former property owner, the site is now owned by the city, which is tearing down the former mall and planning for redevelopment. I wrote that the city should seek industrial space development for the site with tenants that provide a large number of family-supporting jobs.
An industrial park could make sense for the site since there are others nearby and there is strong demand and low vacancy for industrial space in the region. Quite frankly, that probably would be the easiest redevelopment option.
But now I’m having second thoughts. In November, BizTimes Media hosted its annual Commercial Real Estate and Development Conference. The theme was a “developer’s fantasy camp” in which three teams of developers were offered the opportunity to pitch their dream redevelopment
project for the Northridge site.
None of them pitched the idea of an industrial park. One noted that the industrial parks near the Northridge site provide a lot of jobs, but most of the residents in the area work elsewhere. There’s a disconnect there which indicates that while attracting more jobs would certainly be a good thing, it might not make a big impact on the neighborhood if the people who hold those jobs don’t live there.
The developers participating in our fantasy camp decided to explore more interesting ideas for the Northridge site than an industrial park. They presented mixed-use ideas that were extremely compelling, and if a redevelopment along those lines is pursued it could be more transformative for the site.
Common themes included a variety of residential types, green space, education or job-training facilities, and health and wellness components. The developers said a redeveloped Northridge site should improve connections with surrounding residential and green space areas.
A significant amount of housing development on the site would increase the population density of the area, which would help the city move toward Mayor Cavalier Johnson’s ambitious goal of raising the city’s population to 1 million.
ADMINISTRATIVE COORDINATOR Sue Herzog sue.herzog@biztimes.com
AUDIENCE DEVELOPMENT
ASSOCIATE/CIRCULATION
Derik Sneide derik.sneide@biztimes.com
PRODUCTION & DESIGN
SENIOR GRAPHIC DESIGNER Alex Schneider alex.schneider@biztimes.com
Independent & Locally Owned — Founded 1995 —
The area around Northridge has had a lack of population growth and retail businesses in the area have declined significantly since the mall closed in 2003. But if the right mix of uses is developed on the former mall site, along with green space and other amenities, it could be an attractive place to live. Case in point, the nearby Village of Brown Deer grew its population by 4.2% and it’s one of the most diverse suburban communities in the Milwaukee area, a key attraction.
As the city moves forward with the redevelopment process, it will be interesting to see what ideas come forward in actual proposals. Officials need to be open to plans that are more ambitious but could be more impactful to this corner of Milwaukee. ■
ANDREW WEILAND EDITOR
5 MINUTES WITH
5 MINUTES WITH…
CURTIS GRACE AND KEITH WASHINGTON
Local franchise owners, Biggby Coffee
JUST IN TIME for the winter season, Biggby Coffee recently opened a new location at Red Arrow Park, home to the popular Slice of Ice skating rink, in downtown Milwaukee. Owned and operated by local franchisees Curtis Grace and Keith Washington, Biggby has taken over the 1,000-square-foot cafe space previously occupied by Starbucks for nearly 20 years. It’s the second location for Grace and Washington, who, under the entity Cream City Ventures LLC, opened their first Biggby Coffee location in Franklin in 2021. The Milwaukee natives and longtime friends have a third location under development in Cudahy, slated to open in the first half of 2025. With a goal of one to two store openings in southeastern Wisconsin per year, Grace and Washington recently sat down with BizTimes associate editor Maredithe Meyer to discuss their newest location in the heart of downtown Milwaukee.
NAVIGATING BOTH CITY AND COUNTY APPROVALS
Grace: “So, with our other locations, they’re (privately owned) locations. This one being a county-owned location, but in the city of Milwaukee, just meant getting the lay of the land as far as knowing that we need to pull City of Milwaukee permits, as well as Milwaukee County permits.
And then just from an approval standpoint, with the lease and everything like that, just the number of hands it has to touch before we get it.”
INFRASTRUCTURE INVESTMENT
Washington: “With it being a (former) Starbucks location, we kind of got a head start (on the build-out), but the way Starbucks, for a lack of better words, cannibalizes the places, we tried to reuse what we could in a lot of different places but 70% to 80% of the infrastructure is all new and updated from us, including all cabinetry, lights, electrical. HVAC, the heating and cooling, is probably the only thing that remained, and we just modified it. We do share the space with Milwaukee County for the Slice of Ice; Milwaukee County has been amazing to work with as far as getting everything done.”
CAPITALIZING ON SEASONAL SKATING CROWDS
Washington: “… one of the main focuses or what excited us the most about coming to this location was Slice of Ice. In our bid to the county, we made it clear that we wanted to do everything that Starbucks wouldn’t. Starbucks had their own set hours and would not deviate from those. We pledged to the city saying, ‘Hey, as long as the skating rink is open, and there’s employees here for that, we will be open to serve those customers as well.’”
Grace: “The nice thing about Slice of Ice, the exciting part, is that it brings people here from all different areas, all walks of life, so it’ll be a ton of different people from all over Milwaukee County and even some of the further out counties, too. So, it’s nice having the logo downtown, but then it’s even nicer bringing in those different people that may not have ever even heard of Biggby because they live in areas we haven’t touched yet.”
Curtis Grace (left) and Keith Washington outside their new Biggby Coffee location at Red Arrow Park in downtown Milwaukee.
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