Three generations. Six Business Badgers. One amazing story.
Meet a unique cohort of Wisconsin School of Business graduates, all from the same family. The multigenerational group includes Dave Lenz (BBA ’73); son Jeff Lenz (MS ’97), daughter Kim Lenz Richter (BBA ’93), and son-in-law Barry Richter (BBA ’01); and two of Kim and Barry’s kids, Blake Richter (BBA ’20, MS ’21) and Alexandra Richter (BBA ’23).
Like any good Wisconsin family, you’ll find them taking trips up north or gathering to cheer on the Badgers—but they also do business together. Four out of the six work for the family company, NCG Hospitality, whose portfolio began with a single motel and now includes more than 30 hotel and restaurant properties across the U.S.
With founder Dave serving as board chair, Jeff as CEO, Kim as vice president of community and investor relations, and Blake as development project manager, the 45-year-old company continues to grow and win local and national accolades for workplace culture and satisfaction.
Perhaps the company’s success can be explained by the fact that its core values—growth, fun, trust, and responsibility—are the same values that the family personally embodies, and which cement their bond outside of the demands of work and business.
“We’re low drama,” says Jeff. “We all get along. Nobody puts on airs. Nobody needs to one up anyone and we can just enjoy the time together.”
Taken as a whole, it’s a story made possible by strong business educations—and even stronger family ties.
First generation
For Dave, hotels have often quite literally been home.
Growing up in Tomah, Wisconsin, Dave’s house was attached to the motel his family owned, meaning he and his five siblings were frequently tasked with making beds, emptying ice buckets, and assisting guests. This early exposure to real estate put him on the path to study business at UW–Madison—though arriving on campus in 1967 came as a shock to the system.
“There were tense protests and demonstrations happening in front of the Commerce Building against Dow Chemical, which manufactured napalm for use in the Vietnam War,” says Dave, who escaped the turbulence after his sophomore year. He paused his studies, enlisting in the 115th Fighter Wing of the Wisconsin Air National Guard, and married his wife, Kris. The couple later welcomed three children: Kim, Jeff, and Katie.
After his training concluded, Dave returned to WSB as a junior and majored in finance and real estate. He then launched his career in commercial loans before striking a deal to build a motel of his own, which would lay the foundation for larger development projects—including one of the very first Hampton Inns—and the official founding of NCG in 1981.
Second generation
When it came time to start exploring colleges, Kim remembers the subtle persuasion she received from her dad.
“He used to drive us along Observatory Drive and give this pitch about why Wisconsin was so great,” says Kim, who ultimately decided on her terms that UW–Madison was the place.
Meanwhile, her siblings chased sports dreams. Her sister Katie—who now works at NCG as VP of branding and communication—was recruited to play basketball at Cornell University, while her brother Jeff was recruited by the University of New Hampshire to play hockey, where he also earned a business degree.
Seeking to build upon that foundation after graduation, Jeff found a perfect match with WSB’s master’s in real estate and urban land economics, which paved the way for early career success: experience that was critical when he joined the family business, where he ultimately worked his way up to the CEO role.
Kim, meanwhile, majored in marketing and real estate at WSB, rocked her final semester in the brand-new Grainger Hall, and shared notes with a cute classmate and fellow business student, Barry Richter, who had been recruited to play hockey for the Badgers.
“If I was going to attend Wisconsin as a student athlete, I wanted to get a meaningful degree,” says Barry, the son of former UW–Madison athletic director Pat Richter (BA ’64, JD ’71). “I wanted to find a path into business and ultimately gravitated toward marketing.”
Before long, Kim and Barry tied the knot and embarked on an adventure that took them around the world, thanks to Barry’s professional hockey career, before settling down in Madison. There, Kim joined NCG, Barry launched a new career in insurance, and together they focused on raising a family of their own.
Third generation
“For me, it was always Wisconsin or bust,” says Blake about his decision to continue the family’s Badger lineage. With an interest in his family’s work, he studied finance and real estate at WSB, then built upon his expertise by earning a master’s in real estate, tackling two of the advanced degree’s tracks: private equity investment and applied real estate investment.
His early career took him to two investment firms, but Blake’s interest in making NCG a three-generation family business soon won out. “I always wanted to work with my grandpa,” he says. “Being able to do that, it’s special. I wanted to make a point of coming home and having that experience.”
“We’re most proud of the harmony we have within our family.”
—Dave Lenz (BBA ’73)
Alexandra agrees that UW–Madison was the school for her but went in a slightly different direction after being accepted into WSB. “I wanted to do my own thing,” she says, and took a page out of her parents’ book by declaring a marketing major. “Understanding consumers and figuring out the right mix of communication and products really interested me.”
At WSB, she honed her skills through student organizations, like Badger Business Professionals and the MKT Honorary Marketing Society, and landed an internship at an advertising agency—an experience that paved the way for her current role as an account manager at Publicis Group in Chicago.
All together now
Despite having graduated across four separate decades, a few shared themes emerge when the family reflects on their experiences at WSB—including feeling the pain of classes like business law.
“There was no chance I was getting a B in that class,” says Barry with a laugh, a statement that garners more than a few knowing nods from fellow family members.
But, more than the demanding classes and all-night study sessions, the family remembers the positive things that have become WSB trademarks over the years, like the camaraderie between students, experiential learning opportunities, and passion of the professors—including James A. Graaskamp (PhD ’65), the legendary professor who came to define WSB’s real estate program.
“He was a great mentor,” says Dave. “You could always go to his office after class and ask him a question about anything you were having a problem with. He’d take the time to make sure you understood.”
While each family member credits the school in their own unique way, all share an immense fondness for their years at WSB. Or, in Kim’s words: “Great memories and great friendships. I loved it all.”
Even with all the reminiscing about the past, the family is clear that their relationship with WSB isn’t over. In fact, they’re only ramping it up as alumni.
The family frequently lends their time and talent to WSB, the Wisconsin Real Estate Alumni Association, and the Wisconsin Family Business Center. They’ve hosted property tours for real estate students, served as guest speakers, and provided case studies to use in classes—and have no plans on slowing down.
For the Lenz and Richter families, there’s plenty to be proud of, including a successful company, exciting careers, and a lasting relationship with their alma mater. But there’s one thing that stands above everything else: an unbreakable bond that goes well beyond business.
“We’re most proud of the harmony that we have within our family,” says Dave. “I don’t think you could duplicate this.”