Exhibit 10.4

                              EMPLOYMENT AGREEMENT

          AGREEMENT, dated as of the 18th day of October, 2000 (this
"Agreement"), by and between The Ziegler Companies, Inc., a Wisconsin
corporation (the "Company"), and John J. Mulherin (the "Executive").

          WHEREAS, the Board of Directors of the Company (the "Board"), has
determined that it is in the best interests of the Company and its shareholders
to assure that the Company will have the continued dedication of the Executive,
notwithstanding the possibility, threat or occurrence of a Change of Control (as
defined herein).  The Board believes it is imperative to diminish the inevitable
distraction of the Executive by virtue of the personal uncertainties and risks
created by a pending or threatened Change of Control and to encourage the
Executive's full attention and dedication to the current Company and in the
event of any threatened or pending Change of Control, and to provide the
Executive with compensation and benefits arrangements upon a Change of Control
that ensure that the compensation and benefits expectations of the Executive
will be satisfied and that are competitive with those of other corporations.
Therefore, in order to accomplish these objectives, the Board has caused the
Company to enter into this Agreement.

          NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

          SECTION 1.     CERTAIN DEFINITIONS.  (a) "Effective Date" means the
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first date during the Change of Control Period (as defined herein) on which a
Change of Control occurs.  Notwithstanding anything in this Agreement to the
contrary, if a Change of Control occurs and if the Executive's employment with
the Company is terminated prior to the date on which the Change of Control
occurs, and if it is reasonably demonstrated by the Executive that such
termination of employment (1) was at the request of a third party that has taken
steps reasonably calculated to effect a Change of Control or (2) otherwise arose
in connection with or anticipation of a Change of Control, then "Effective Date"
means the date immediately prior to the date of such termination of employment.

          (b)  "Change of Control Period" means the period commencing on the
date hereof and ending on the third anniversary of the date hereof, subject to
renewal on or prior to such third anniversary at the sole election of the Board
of Directors.

          (c)  "affiliated company" means any company controlled by, controlling
or under common control with the Company.

          (d)  "Change of Control" means:

          (1)  The acquisition by any individual, entity or group (within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934,
as amended (the "Exchange Act")) (a "Person") of beneficial ownership (within
the meaning of Rule 13d3 promulgated under the Exchange Act) of 50% or more of
either (A) the then-outstanding shares of common stock of the Company (the
"Outstanding Company Common Stock") or (B) the combined voting power of the
then-outstanding voting securities of the Company entitled to vote generally in
the election of directors (the "Outstanding Company Voting Securities");
provided, however, that, for purposes of this Section 1(d), the following
acquisitions shall not constitute a Change of Control:  (i) any acquisition
directly from the Company, (ii) any acquisition by the Company, (iii) any
acquisition by any employee benefit plan (or related trust) sponsored or
maintained by the Company or any affiliated company or (iv) any acquisition by
any corporation pursuant to a transaction that complies with Sections
1(d)(3)(A), 1(d)(3)(B) and 1(d)(3)(C); or

          (2)  Individuals who, as of the date hereof, constitute the Board (the
"Incumbent Board") cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to
the date hereof whose election, or nomination for election by the Company's
shareholders, was approved by a vote of at least a majority of the directors
then comprising the Incumbent Board shall be considered as though such
individual were a member of the Incumbent Board, but excluding, for this
purpose, any such individual whose initial assumption of office occurs as a
result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a Person other than the Board; or

          (3)  Consummation of a reorganization, merger, consolidation or sale
or other disposition of all or substantially all of the assets of the Company (a
"Business Combination"), in each case, unless, following such Business
Combination, (A) all or substantially all of the individuals and entities that
were the beneficial owners of the Outstanding Company Common Stock and the
Outstanding Company Voting Securities immediately prior to such Business
Combination beneficially own, directly or indirectly, more than 50% of the then-
outstanding shares of common stock and the combined voting power of the then-
outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the corporation resulting from such Business
Combination (including, without limitation, a corporation that, as a result of
such transaction, owns the Company or all or substantially all of the Company's
assets either directly or through one or more subsidiaries) in substantially the
same proportions as their ownership immediately prior to such Business
Combination of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, (B) no Person (excluding any corporation
resulting from such Business Combination or any employee benefit plan (or
related trust) of the Company or such corporation resulting from such Business
Combination) beneficially owns, directly or indirectly, 25% or more of,
respectively, the then-outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the
then-outstanding voting securities of such corporation, except to the extent
that such ownership existed prior to the Business Combination, and (C) at least
a majority of the members of the board of directors of the corporation resulting
from such Business Combination were members of the Incumbent Board at the time
of the execution of the initial agreement or of the action of the Board
providing for such Business Combination; or

          (4)  Approval by the shareholders of the Company of a complete
liquidation or dissolution of the Company.

          SECTION 2.     EMPLOYMENT PERIOD.  The Company hereby agrees to
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continue the Executive in its employ, and the Executive hereby agrees to remain
in the employ of the Company, subject to the terms and conditions of this
Agreement, for the period commencing on the Effective Date and ending on the
third anniversary of the Effective Date (the "Employment Period").

          SECTION 3.     TERMS OF EMPLOYMENT.  (a)  POSITION AND DUTIES.
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(1)  During the Employment Period, (A) the Executive's position (including
status, offices, titles and reporting requirements), authority, duties and
responsibilities shall be at least commensurate in all material respects with
the most significant of those held, exercised and assigned at any time during
the 120-day period immediately preceding the Effective Date and (B) the
Executive's services shall be performed at the office where the Executive was
employed immediately preceding the Effective Date or at any other location less
than 45 miles from such office.

          (2)  During the Employment Period, and excluding any periods of
vacation and sick leave to which the Executive is entitled, the Executive agrees
to devote reasonable attention and time during normal business hours to the
business and affairs of the Company and, to the extent necessary to discharge
the responsibilities assigned to the Executive hereunder, to use the Executive's
reasonable best efforts to perform faithfully and efficiently such
responsibilities.  During the Employment Period, it shall not be a violation of
this Agreement for the Executive to (A) serve on corporate, civic or charitable
boards or committees, (B) deliver lectures, fulfill speaking engagements or
teach at educational institutions and (C) manage personal investments, so long
as such activities do not significantly interfere with the performance of the
Executive's responsibilities as an employee of the Company in accordance with
this Agreement.  It is expressly understood and agreed that, to the extent that
any such activities have been conducted by the Executive prior to the Effective
Date, the continued conduct of such activities (or the conduct of activities
similar in nature and scope thereto) subsequent to the Effective Date shall not
thereafter be deemed to interfere with the performance of the Executive's
responsibilities to the Company.

          (b)  COMPENSATION.  (1)  BASE SALARY.  During the Employment Period,
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the Executive shall receive an annual base salary (the "Annual Base Salary"),
which Annual Base Salary shall be paid in 12 equal monthly installments at an
annual rate at least equal to 12 times the highest monthly base salary paid or
payable, including any base salary that has been earned but deferred, to the
Executive by the Company and the affiliated companies in respect of the 12-month
period immediately preceding the month in which the Effective Date occurs.
During the Employment Period, the Annual Base Salary shall be reviewed at least
annually, beginning no more than 12 months after the last salary increase
awarded to the Executive prior to the Effective Date.  Any increase in the
Annual Base Salary shall not serve to limit or reduce any other obligation to
the Executive under this Agreement.  The Annual Base Salary shall not be reduced
after any such increase and the term "Annual Base Salary" shall refer to the
Annual Base Salary as so increased.

          (2)  ANNUAL BONUS.  In addition to the Annual Base Salary, the
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Executive shall be awarded, for each fiscal year ending during the Employment
Period, an annual bonus (the "Annual Bonus") in cash at least equal to the
Executive's highest annual bonus under the Company's annual incentive plans or
any comparable bonus under any predecessor or successor plan (and not including
any signing bonuses or other one-time special bonus payments), for the last
three full fiscal years prior to the Effective Date (annualized, in the event
that the Executive was not employed by the Company for the whole of such fiscal
year) (the "Recent Annual Bonus").  Each such Annual Bonus shall be paid no
later than the end of the third month of the fiscal year next following the
fiscal year for which the Annual Bonus is awarded, unless the Executive shall
elect to defer the receipt of such Annual Bonus.

          (3)  INCENTIVE, SAVINGS AND RETIREMENT PLANS.  During the Employment
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Period, the Executive shall be entitled to participate in all incentive, savings
and retirement plans, practices, policies, and programs applicable generally to
other peer executives of the Company and the affiliated companies, but in no
event shall such plans, practices, policies and programs provide the Executive
with incentive opportunities (measured with respect to both regular and special
incentive opportunities, to the extent, if any, that such distinction is
applicable), savings opportunities and retirement benefit opportunities, in each
case, less favorable, in the aggregate, than the most favorable of those
provided by the Company and the affiliated companies for the Executive under
such plans, practices, policies and programs as in effect at any time during the
120-day period immediately preceding the Effective Date or, if more favorable to
the Executive, those provided generally at any time after the Effective Date to
other peer executives of the Company and the affiliated companies.

          (4)  WELFARE BENEFIT PLANS.  During the Employment Period, the
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Executive and/or the Executive's family, as the case may be, shall be eligible
for participation in and shall receive all benefits under welfare benefit plans,
practices, policies and programs provided by the Company and the affiliated
companies (including, without limitation, medical, prescription, dental,
disability, employee life, group life, accidental death and travel accident
insurance plans and programs) to the extent applicable generally to other peer
executives of the Company and the affiliated companies, but in no event shall
such plans, practices, policies and programs provide the Executive with benefits
that are less favorable, in the aggregate, than the most favorable of such
plans, practices, policies and programs in effect for the Executive at any time
during the 120-day period immediately preceding the Effective Date or, if more
favorable to the Executive, those provided generally at any time after the
Effective Date to other peer executives of the Company and the affiliated
companies.

          (5)  EXPENSES.  During the Employment Period, the Executive shall be
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entitled to receive prompt reimbursement for all reasonable expenses incurred by
the Executive in accordance with the most favorable policies, practices and
procedures of the Company and the affiliated companies in effect for the
Executive at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive, as in effect generally at
any time thereafter with respect to other peer executives of the Company and the
affiliated companies.

          (6)  FRINGE BENEFITS.  During the Employment Period, the Executive
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shall be entitled to fringe benefits, including, without limitation, tax and
financial planning services, payment of club dues, and, if applicable, use of an
automobile and payment of related expenses, in accordance with the most
favorable plans, practices, programs and policies of the Company and the
affiliated companies in effect for the Executive at any time during the 120-day
period immediately preceding the Effective Date or, if more favorable to the
Executive, as in effect generally at any time thereafter with respect to other
peer executives of the Company and the affiliated companies.

          (7)  OFFICE AND SUPPORT STAFF.  During the Employment Period, the
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Executive shall be entitled to an office or offices of a size and with
furnishings and other appointments, and to exclusive personal secretarial and
other assistance, at least equal to the most favorable of the foregoing provided
to the Executive by the Company and the affiliated companies at any time during
the 120-day period immediately preceding the Effective Date or, if more
favorable to the Executive, as provided generally at any time thereafter with
respect to other peer executives of the Company and the affiliated companies.

          (8)  VACATION.  During the Employment Period, the Executive shall be
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entitled to paid vacation in accordance with the most favorable plans, policies,
programs and practices of the Company and the affiliated companies as in effect
for the Executive at any time during the 120-day period immediately preceding
the Effective Date or, if more favorable to the Executive, as in effect
generally at any time thereafter with respect to other peer executives of the
Company and the affiliated companies.

          SECTION 4.     TERMINATION OF EMPLOYMENT.  (a)  DEATH OR DISABILITY.
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The Executive's employment shall terminate automatically if the Executive dies
during the Employment Period.  If the Company determines in good faith that the
Disability (as defined herein) of the Executive has occurred during the
Employment Period (pursuant to the definition of "Disability"), it may give to
the Executive written notice in accordance with Section 11(b) of its intention
to terminate the Executive's employment.  In such event, the Executive's
employment with the Company shall terminate effective on the 30th day after
receipt of such notice by the Executive (the "Disability Effective Date"),
provided that, within the 30 days after such receipt, the Executive shall not
have returned to full-time performance of the Executive's duties. "Disability"
means the absence of the Executive from the Executive's duties with the Company
on a full-time basis for 180 consecutive business days as a result of incapacity
due to mental or physical illness that is determined to be total and permanent
by a physician selected by the Company or its insurers and acceptable to the
Executive or the Executive's legal representative.

          (b)  CAUSE.  The Company may terminate the Executive's employment
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during the Employment Period for Cause. "Cause" means:

          (1)  the willful and continued failure of the Executive to perform
     substantially the Executive's duties with the Company or any affiliated
     company (other than any such failure resulting from incapacity due to
     physical or mental illness), after a written demand for substantial
     performance is delivered to the Executive by the Board or the Chief
     Executive Officer of the Company that specifically identifies the manner in
     which the Board or the Chief Executive Officer of the Company believes that
     the Executive has not substantially performed the Executive's duties, or

          (2)  the willful engaging by the Executive in illegal conduct or gross
     misconduct that is materially and demonstrably injurious to the Company.

For purposes of this Section 4(b), no act, or failure to act, on the part of the
Executive shall be considered "willful" unless it is done, or omitted to be
done, by the Executive in bad faith or without reasonable belief that the
Executive's action or omission was in the best interests of the Company.  Any
act, or failure to act, based upon authority given pursuant to a resolution duly
adopted by the Board or upon the instructions of the Chief Executive Officer of
the Company or a senior officer of the Company or based upon the advice of
counsel for the Company shall be conclusively presumed to be done, or omitted to
be done, by the Executive in good faith and in the best interests of the
Company.  The cessation of employment of the Executive shall not be deemed to be
for Cause unless and until there shall have been delivered to the Executive a
copy of a resolution duly adopted by the affirmative vote of not less than
three-quarters of the entire membership of the Board at a meeting of the Board
called and held for such purpose (after reasonable notice is provided to the
Executive and the Executive is given an opportunity, together with counsel for
the Executive, to be heard before the Board), finding that, in the good faith
opinion of the Board, the Executive is guilty of the conduct described in
Section 4(b)(1) or 4(b)(2), and specifying the particulars thereof in detail.

          (c)  GOOD REASON.  The Executive's employment may be terminated by the
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Executive for Good Reason. "Good Reason" means:

          (1)  the assignment to the Executive of any duties inconsistent in any
     respect with the Executive's position (including status, offices, titles
     and reporting requirements), authority, duties or responsibilities as
     contemplated by Section 3(a), or any other action by the Company that
     results in a diminution in such position, authority, duties or
     responsibilities, excluding for this purpose an isolated, insubstantial and
     inadvertent action not taken in bad faith and that is remedied by the
     Company promptly after receipt of notice thereof given by the Executive;

          (2)  any failure by the Company to comply with any of the provisions
     of Section 3(b), other than an isolated, insubstantial and inadvertent
     failure not occurring in bad faith and that is remedied by the Company
     promptly after receipt of notice thereof given by the Executive;

          (3)  the Company's requiring the Executive to be based at any office
     or location other than as provided in Section 3(a)(1)(B) or the Company's
     requiring the Executive to travel on Company business to a substantially
     greater extent than required immediately prior to the Effective Date;

          (4)  any purported termination by the Company of the Executive's
     employment otherwise than as expressly permitted by this Agreement; or

          (5)  any failure by the Company to comply with and satisfy Section
     10(c).

          For purposes of this Section 4(c), any good faith determination of
Good Reason made by the Executive shall be conclusive.  Anything in this
Agreement to the contrary notwithstanding, a termination by the Executive for
any reason during the 30-day period immediately following the first anniversary
of the Effective Date shall be deemed to be a termination for Good Reason for
all purposes of this Agreement.

          (d)  NOTICE OF TERMINATION.  Any termination by the Company for Cause,
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or by the Executive for Good Reason, shall be communicated by Notice of
Termination to the other party hereto given in accordance with Section 11(b).
"Notice of Termination" means a written notice that (1) indicates the specific
termination provision in this Agreement relied upon, (2) to the extent
applicable, sets forth in reasonable detail the facts and circumstances claimed
to provide a basis for termination of the Executive's employment under the
provision so indicated, and (3) if the Date of Termination (as defined herein)
is other than the date of receipt of such notice, specifies the Date of
Termination (which Date of Termination shall be not more than 30 days after the
giving of such notice).  The failure by the Executive or the Company to set
forth in the Notice of Termination any fact or circumstance that contributes to
a showing of Good Reason or Cause shall not waive any right of the Executive or
the Company, respectively, hereunder or preclude the Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing the
Executive's or the Company's respective rights hereunder.

          (e)  DATE OF TERMINATION. "Date of Termination" means (1) if the
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Executive's employment is terminated by the Company for Cause, or by the
Executive for Good Reason, the date of receipt of the Notice of Termination or
any later date specified in the Notice of Termination, as the case may be, (2)
if the Executive's employment is terminated by the Company other than for Cause
or Disability, the Date of Termination shall be the date on which the Company
notifies the Executive of such termination, and (3) if the Executive's
employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of death of the Executive or the Disability
Effective Date, as the case may be.

          SECTION 5.     OBLIGATIONS OF THE COMPANY UPON TERMINATION.  (A)  GOOD
                         -------------------------------------------        ----
REASON; OTHER THAN FOR CAUSE, DEATH OR DISABILITY.  If, during the Employment
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Period, the Company terminates the Executive's employment other than for Cause
or Disability or the Executive terminates employment for Good Reason:

          (1)  the Company shall pay to the Executive, in a lump sum in cash
     within 30 days after the Date of Termination, the aggregate of the
     following amounts:

               (A)  the sum of (i) the Executive's Annual Base Salary through
          the Date of Termination to the extent not theretofore paid, (ii) the
          product of (x) the higher of (I) the Recent Annual Bonus and (II) the
          Annual Bonus paid or payable, including any bonus or portion thereof
          that has been earned but deferred (and annualized for any fiscal year
          consisting of less than 12 full months or during which the Executive
          was employed for less than 12 full months), for the most recently
          completed fiscal year during the Employment Period, if any (such
          higher amount, the "Highest Annual Bonus") and (y) a fraction, the
          numerator of which is the number of days in the current fiscal year
          through the Date of Termination and the denominator of which is 365,
          and (iii) any compensation previously deferred by the Executive
          (together with any accrued interest or earnings thereon) and any
          accrued vacation pay, in each case, to the extent not theretofore paid
          (the sum of the amounts described in subclauses (i), (ii) and (iii),
          the "Accrued Obligations"); and

               (B)  the amount equal to the product of (i) 2.5 and (ii) the sum
          of (x) the Executive's Annual Base Salary and (y) the Highest Annual
          Bonus (the "Severance Payment"), less any amounts of Annual Base
          Salary and Annual Bonus paid to the Executive prior to the Date of
          Termination and any amounts payable in accordance with Sections
          5(a)(1)(A)(i) and (ii) above, in each case in respect of service
          during the Employment Period (the "Severance Payment"); and

               (C)  an amount equal to the additional Company matching and
          profit sharing contributions that would have been made on the
          Executive's behalf in the Company's Growth Retirement Plan or any
          successor plan (the "401(k) Plan") (assuming continued participation
          on the same basis as immediately prior to the Effective Date), plus
          the additional amount of any benefit the Executive would have accrued
          under any excess or supplemental savings or profit sharing plans of
          the Company, if any (collectively, the "Excess Savings Plan") as a
          result of contribution limitations in the 401(k) Plan that the
          Executive would receive if the Executive's employment continued for
          the remainder of the Employment Period, assuming for this purpose that
          the Executive's compensation in each of the years remaining in the
          Employment Period is that required by Section 3(b)(1) and Section
          3(b)(2) and that the Company's matching and profit sharing
          contributions are at least equal to the highest contributions made by
          the Company on behalf of the Executive in any of the three years prior
          to the Effective Date, as determined pursuant to the applicable
          provisions of the 401(k) Plan and the Excess Savings Plan as in effect
          immediately prior to the Effective Date; and

               (D)  an amount equal to the excess of (i) the actuarial
          equivalent of the benefit under the Company's qualified defined
          benefit retirement plan, if any (the "Retirement Plan") (utilizing
          actuarial assumptions no less favorable to the Executive than those in
          effect under the Retirement Plan immediately prior to the Effective
          Date) and any excess or supplemental retirement plan in which the
          Executive participates (collectively, the "SERP") that the Executive
          would receive if the Executive's employment continued for the
          remainder of the Employment Period, assuming for this purpose that all
          accrued benefits are fully vested and assuming that the Executive's
          compensation in each of the years remaining in the Employment Period
          is that required by Sections 3(b)(1) and 3(b)(2), over (ii) the
          actuarial equivalent of the Executive's actual benefit (paid or
          payable), if any, under the Retirement Plan and the SERP as of the
          Date of Termination;

          (2)  for the remainder of the Employment Period, or such longer period
     as may be provided by the terms of the appropriate plan, program, practice
     or policy, the Company shall continue benefits to the Executive and/or the
     Executive's family at least equal to those that would have been provided to
     them in accordance with the plans, programs, practices and policies
     described in Section 3(b)(4) if the Executive's employment had not been
     terminated or, if more favorable to the Executive, as in effect generally
     at any time thereafter with respect to other peer executives of the Company
     and the affiliated companies and their families, provided, however, that,
     if the Executive becomes reemployed with another employer and is eligible
     to receive medical or other welfare benefits under another employer
     provided plan, the medical and other welfare benefits described herein
     shall be secondary to those provided under such other plan during such
     applicable period of eligibility.  For purposes of determining eligibility
     (but not the time of commencement of benefits) of the Executive for retiree
     benefits pursuant to such plans, practices, programs and policies, the
     Executive shall be considered to have remained employed until the
     expiration of the Employment Period and to have retired on the last day of
     such period;

          (3)  the Company shall, at its sole expense as incurred, provide the
     Executive with outplacement services the scope and provider of which shall
     be selected by the Executive in the Executive's sole discretion; and

          (4)  to the extent not theretofore paid or provided, the Company shall
     timely pay or provide to the Executive any other amounts or benefits
     required to be paid or provided or that the Executive is eligible to
     receive under any plan, program, policy or practice or contract or
     agreement of the Company and the affiliated companies (such other amounts
     and benefits, the "Other Benefits").

          (b)  DEATH.  If the Executive's employment is terminated by reason of
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the Executive's death during the Employment Period, this Agreement shall
terminate without further obligations to the Executive's legal representatives
under this Agreement, other than for payment of Accrued Obligations and the
timely payment or provision of the Other Benefits.  The Accrued Obligations
shall be paid to the Executive's estate or beneficiary, as applicable, in a lump
sum in cash within 30 days of the Date of Termination.  With respect to the
provision of the Other Benefits, the term "Other Benefits" as utilized in this
Section 5(b) shall include, without limitation, and the Executive's estate
and/or beneficiaries shall be entitled to receive, benefits at least equal to
the most favorable benefits provided by the Company and the affiliated companies
to the estates and beneficiaries of peer executives of the Company and the
affiliated companies under such plans, programs, practices and policies relating
to death benefits, if any, as in effect with respect to other peer executives
and their beneficiaries at any time during the 120-day period immediately
preceding the Effective Date or, if more favorable to the Executive's estate
and/or the Executive's beneficiaries, as in effect on the date of the
Executive's death with respect to other peer executives of the Company and the
affiliated companies and their beneficiaries.

          (c)  DISABILITY.  If the Executive's employment is terminated by
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reason of the Executive's Disability during the Employment Period, this
Agreement shall terminate without further obligations to the Executive, other
than for payment of Accrued Obligations and the timely payment or provision of
the Other Benefits.  The Accrued Obligations shall be paid to the Executive in a
lump sum in cash within 30 days of the Date of Termination.  With respect to the
provision of the Other Benefits, the term "Other Benefits" as utilized in this
Section 5(c) shall include, and the Executive shall be entitled after the
Disability Effective Date to receive, disability and other benefits at least
equal to the most favorable of those generally provided by the Company and the
affiliated companies to disabled executives and/or their families in accordance
with such plans, programs, practices and policies relating to disability, if
any, as in effect generally with respect to other peer executives and their
families at any time during the 120-day period immediately preceding the
Effective Date or, if more favorable to the Executive and/or the Executive's
family, as in effect at any time thereafter generally with respect to other peer
executives of the Company and the affiliated companies and their families.

          (d)  CAUSE; OTHER THAN FOR GOOD REASON.  If the Executive's employment
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is terminated for Cause during the Employment Period, this Agreement shall
terminate without further obligations to the Executive other than the obligation
to pay to the Executive (1) the Executive's Annual Base Salary through the Date
of Termination, (2) the amount of any compensation previously deferred by the
Executive, and (3) the Other Benefits, in each case, to the extent theretofore
unpaid.  If the Executive voluntarily terminates employment during the
Employment Period, excluding a termination for Good Reason, this Agreement shall
terminate without further obligations to the Executive, other than for the
Accrued Obligations and the timely payment or provision of the Other Benefits.
In such case, all the Accrued Obligations shall be paid to the Executive in a
lump sum in cash within 30 days of the Date of Termination.

          SECTION 6.     NON-EXCLUSIVITY OF RIGHTS.  Nothing in this Agreement
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shall prevent or limit the Executive's continuing or future participation in any
plan, program, policy or practice provided by the Company or the affiliated
companies and for which the Executive may qualify, nor, subject to Section
11(f), shall anything herein limit or otherwise affect such rights as the
Executive may have under any contract or agreement with the Company or the
affiliated companies.  Amounts that are vested benefits or that the Executive is
otherwise entitled to receive under any plan, policy, practice or program of or
any contract or agreement with the Company or the affiliated companies at or
subsequent to the Date of Termination shall be payable in accordance with such
plan, policy, practice or program or contract or agreement, except as explicitly
modified by this Agreement.

          SECTION 7.     FULL SETTLEMENT.  The Company's obligation to make the
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payments provided for in this Agreement and otherwise to perform its obligations
hereunder shall not be affected by any set-off, counterclaim, recoupment,
defense, or other claim, right or action that the Company may have against the
Executive or others.  In no event shall the Executive be obligated to seek other
employment or take any other action by way of mitigation of the amounts payable
to the Executive under any of the provisions of this Agreement, and such amounts
shall not be reduced whether or not the Executive obtains other employment.  The
Company agrees to pay as incurred, to the full extent permitted by law, all
legal fees and expenses that the Executive may reasonably incur as a result of
any contest (regardless of the outcome thereof) by the Company, the Executive or
others of the validity or enforceability of, or liability under, any provision
of this Agreement or any guarantee of performance thereof (including as a result
of any contest by the Executive about the amount of any payment pursuant to this
Agreement), plus, in each case, interest on any delayed payment at the
applicable federal rate provided for in Section 7872(f)(2)(A) of the Internal
Revenue Code of 1986, as amended (the "Code").

          SECTION 8.     REDUCTION OF CERTAIN PAYMENTS.  (a)  For purposes of
                         -----------------------------
this Section 8:  (1) a "Payment" shall mean any payment or distribution in the
nature of compensation to or for the benefit of the Executive, whether paid or
payable pursuant to this Agreement or otherwise; (2) "Agreement Payment" shall
mean a Payment paid or payable pursuant to this Agreement (disregarding this
Section); (3) "Net After-Tax Receipt" shall mean the Present Value of a Payment
net of all taxes imposed on the Executive with respect thereto under Sections 1
and 4999 of the Code and under applicable state and local laws, determined by
applying the highest marginal rate under Section 1 of the Code and under state
and local laws which applied to the Executive's taxable income for the
immediately preceding taxable year, or such other rate(s) as the Executive shall
certify, in the Executive's sole discretion, as likely to apply to the Executive
in the relevant tax year(s); (4) "Present Value" shall mean such value
determined in accordance with Sections 280G(b)(2)(A)(ii) and 280G(d)(4) of Code;
and (5) "Reduced Amount" shall mean the greatest aggregate amount of Agreement
Payments that (A) has a Present Value that is less than the Present Value of all
Agreement Payments and (B) results in aggregate Net After-Tax Receipts for all
Payments that are greater than the Net After-Tax Receipts for all Payments that
would result if the aggregate Present Value of Agreement Payments were any other
amount that is less than the Present Value of all Agreement Payments.

          (b)  Anything in the Agreement to the contrary notwithstanding, in the
event Arthur Andersen LLP (the "Accounting Firm") shall determine that receipt
of all Payments would subject the Executive to tax under Section 4999 of the
Code, the Accounting Firm shall determine whether some amount of Agreement
Payments meets the definition of "Reduced Amount." If the Accounting Firm
determines that there is a Reduced Amount, then the aggregate Agreement Payments
shall be reduced to such Reduced Amount.

          (c)  If the Accounting Firm determines that the aggregate Agreement
Payments should be reduced to the Reduced Amount, the Company shall promptly
give the Executive notice to that effect and a copy of the detailed calculation
thereof, and the Executive may then elect, in his or her sole discretion, which
and how much of the Agreement Payments shall be eliminated or reduced (as long
as after such election the Present Value of the aggregate Agreement Payments
equals the Reduced Amount), and shall advise the Company in writing of his or
her election within ten days of his or her receipt of notice.  If no such
election is made by the Executive within such tenday period, the Company may
elect which of such Agreement Payments shall be eliminated or reduced (as long
as after such election the Present Value of the aggregate Agreement Payments
equals the Reduced Amount) and shall notify the Executive promptly of such
election.  All determinations made by the Accounting Firm under this Section
shall be binding upon the Company and the Executive and shall be made within 60
days of a termination of employment of the Executive.  As promptly as
practicable following such determination, the Company shall pay to or distribute
for the benefit of the Executive such Agreement Payments as are then due to the
Executive under this Agreement and shall promptly pay to or distribute for the
benefit of the Executive in the future such Agreement Payments as become due to
the Executive under this Agreement.

          (d)  As a result of the uncertainty in the application of Section 4999
of the Code at the time of the initial determination by the Accounting Firm
hereunder, it is possible that amounts will have been paid or distributed by the
Company to or for the benefit of the Executive pursuant to this Agreement which
should not have been so paid or distributed ("Overpayment") or that additional
amounts which will have not been paid or distributed by the Company to or for
the benefit of the Executive pursuant to this Agreement could have been so paid
or distributed ("Underpayment"), in each case, consistent with the calculation
of the Reduced Amount hereunder.  In the event that the Accounting Firm, based
upon the assertion of a deficiency by the Internal Revenue Service against
either the Company or the Executive which the Accounting Firm believes has a
high probability of success determines that an Overpayment has been made, any
such Overpayment paid or distributed by the Company to or for the benefit of the
Executive shall be treated for all purposes as a loan to the Executive which the
Executive shall repay to the Company together with interest at the applicable
federal rate provided for in Section 7872(f)(2) of the Code; provided, however,
                                                             --------
that no such loan shall be deemed to have been made and no amount shall be
payable by the Executive to the Company if and to the extent such deemed loan
and payment would not either reduce the amount on which the Executive is subject
to tax under Section 1 and Section 4999 of the Code or generate a refund of such
taxes.  In the event that the Accounting Firm, based upon controlling precedent
or substantial authority, determines that an Underpayment has occurred, any such
Underpayment shall be promptly paid by the Company to or for the benefit of the
Executive together with interest at the applicable federal rate provided for in
Section 7872(f)(2) of the Code.

          (e)  All fees and expenses of the Accounting Firm in implementing the
provisions of this Section 8 shall be borne by the Company.

          SECTION 9.     CONFIDENTIAL INFORMATION.  The Executive shall hold in
                         ------------------------
a fiduciary capacity for the benefit of the Company all secret or confidential
information, knowledge or data relating to the Company or the affiliated
companies, and their respective businesses, which information, knowledge or data
shall have been obtained by the Executive during the Executive's employment by
the Company or the affiliated companies and which information, knowledge or data
shall not be or become public knowledge (other than by acts by the Executive or
representatives of the Executive in violation of this Agreement).  After
termination of the Executive's employment with the Company, the Executive shall
not, without the prior written consent of the Company or as may otherwise be
required by law or legal process, communicate or divulge any such information,
knowledge or data to anyone other than the Company and those persons designated
by the Company.  In no event shall an asserted violation of the provisions of
this Section 9 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Agreement.

          SECTION 10.    SUCCESSORS.  (a)  This Agreement is personal to the
                         ----------
Executive, and, without the prior written consent of the Company, shall not be
assignable by the Executive other than by will or the laws of descent and
distribution.  This Agreement shall inure to the benefit of and be enforceable
by the Executive's legal representatives.

          (b)  This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns.

          (c)  The Company will require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. "Company" means the Company as hereinbefore defined and any
successor to its business and/or assets as aforesaid that assumes and agrees to
perform this Agreement by operation of law or otherwise.

          SECTION 11.    MISCELLANEOUS.  (a)  This Agreement shall be governed
                         -------------
by and construed in accordance with the laws of the State of Wisconsin, without
reference to principles of conflict of laws.  The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect.  This
Agreement may not be amended or modified other than by a written agreement
executed by the parties hereto or their respective successors and legal
representatives.

          (b)  All notices and other communications hereunder shall be in
writing and shall be given by hand delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as
follows:
          if to the Executive:

               At the most recent address
               on file at the Company

          if to the Company:

               The Ziegler Companies, Inc.
               215 North Main Street
               West Bend, Wisconsin  53095

               Attention:  General Counsel

or to such other address as either party shall have furnished to the other in
writing in accordance herewith.  Notice and communications shall be effective
when actually received by the addressee.

          (c)  The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision
of this Agreement.

          (d)  The Company may withhold from any amounts payable under this
Agreement such United States federal, state or local or foreign taxes as shall
be required to be withheld pursuant to any applicable law or regulation.

          (e)  The Executive's or the Company's failure to insist upon strict
compliance with any provision of this Agreement or the failure to assert any
right the Executive or the Company may have hereunder, including, without
limitation, the right of the Executive to terminate employment for Good Reason
pursuant to Sections 4(c)(1) through 4(c)(5), shall not be deemed to be a waiver
of such provision or right or any other provision or right of this Agreement.

          (f)  The Executive and the Company acknowledge that, except as may
otherwise be provided under any other written agreement between the Executive
and the Company, the employment of the Executive by the Company is "at will"
and, subject to Section 1(a), prior to the Effective Date, the Executive's
employment and/or this Agreement may be terminated by either the Executive or
the Company at any time prior to the Effective Date, in which case the Executive
shall have no further rights under this Agreement; provided that this Agreement
may not be terminated by the Company if it is reasonably demonstrated by the
Executive that such termination (1) was at the request of a third party that has
taken steps reasonably calculated to effect a Change of Control or (2) otherwise
arose in connection with or anticipation of a Change of Control.  From and after
the Effective Date, this Agreement shall supersede any other agreement between
the parties with respect to the subject matter hereof.

          IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to the authorization from the Board, the Company has caused
these presents to be executed in its name on its behalf, all as of the day and
year first above written.

                              /s/John J. Mulherin
                              -------------------------------------
                              John J. Mulherin


                              THE ZIEGLER COMPANIES, INC.


                              By   /s/John R. Green
                                   ------------------------------------------
                                   John R. Green, Chairman
                                   Organization and Compensation Committee



(ZIEGLER LOGO)
                                                     215 North Main Street
                                                     West Bend, WI  53095-3348

                                                     Phone:      262-334-5521
                                                     Toll-Free:  800-558-1776

                                                     www.ziegler.com

November 20, 2000

Mr. John J. Mulherin
5587 E. Waterford Road
Hartford, WI 53027

Dear John:

This letter will confirm our agreement that your service as the President and
Chief Executive Officer of the Ziegler Companies, Inc. (the "Company") is for a
term of three years commencing as of your date of hire on February 14, 2000,
subject to earlier termination by the Company as provided herein.  During the
employment term, you will report to the Chairman of the Board of Directors.
During the employment term, your annual base salary will be at least $300,000,
and you will have the opportunity to earn an annual bonus, based on the
achievement of corporate and individual performance goals, with such bonus to be
determined in the sole discretion of the Organization and Compensation Committee
of the Board of Directors.  Your performance will be reviewed at least annually
by the Organization and Compensation Committee.

The Company shall have the right to terminate your employment either with or
without "Cause" (as defined herein).  In the event the Company terminates your
employment without Cause prior to the third anniversary of your date of hire,
you shall be entitled to the continued payment of your annual base salary for
the remainder of the original three year employment term, as and when such
amounts are otherwise payable in accordance with the Company's payroll
practices.  For purposes hereof, "Cause" shall mean:  (i) your continued failure
to perform substantially your duties with the Company or one of its affiliates
(other than any such failure resulting from incapacity due to disability); (ii)
a violation of any of the Company's material policies; (iii) your engaging in
illegal conduct or gross misconduct; or (iv) any breach of any fiduciary duty
owed to the Company or its affiliates.

Your employment with the Company will continue to be "at-will", and nothing
contained herein will be deemed to constitute a contract of employment or confer
upon you any contractual right to employment or continued employment with the
Company.  In the event of a change of control of the Company, your rights will
be governed by any then applicable change of control employment agreement and in
no event shall you be entitled to any duplicate payments, whether hereunder or
otherwise.

November 20, 2000
Mr. John J. Mulherin
Page 2

The Company may withhold from any amounts payable to you such United States
federal, state or local or foreign taxes as shall be required to be withheld
pursuant to any applicable law or regulation.

Sincerely,

John R. Green, Chairman
Organization and Compensation Committee
of Board of Directors