Exhibit 24
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                           MACC PRIVATE EQUITIES INC.

                                POWER OF ATTORNEY

      For Executing Forms ID, 3, 4 and 5 and Schedule 13G and Schedule 13D

         Know all by these presents, that the undersigned hereby constitutes and
appoints Kent Madsen his true and lawful attorney-in-fact to:

         (1)      execute for and on behalf of the  undersigned (i) Forms ID, 3,
                  4 and 5  (including  any  amendments  thereto)  which  may  be
                  required to be filed in  accordance  with Section 16(a) of the
                  Securities  Exchange Act of 1934 and the rules  thereunder and
                  (ii) Schedules 13G and 13D (including any amendments  thereto)
                  which may be required to be filed in accordance  with Sections
                  13(d) and 13(g) of the Securities Exchange Act of 1934 and the
                  rules thereunder as a result of the undersigned's ownership of
                  or transactions in securities of MACC Private Equities Inc.;

         (2)      do and  perform  any and all  acts  for and on  behalf  of the
                  undersigned  which may be  necessary  or desirable to complete
                  the  execution  of any such Form ID, 3, 4 or 5 or Schedule 13G
                  or 13D and the  timely  filing of such  form  with the  United
                  States  Securities  and  Exchange  Commission  and  any  other
                  authority; and

         (3)      take any other  action of any type  whatsoever  in  connection
                  with   the   foregoing   which,   in  the   opinion   of  such
                  attorney-in-fact,  may be of benefit to, in the best  interest
                  of,  or  legally  required  by,  the  undersigned,   it  being
                  understood    that   the    documents    executed    by   such
                  attorney-in-fact on behalf of the undersigned pursuant to this
                  Power of Attorney shall be in such form and shall contain such
                  terms and conditions as such  attorney-in-fact  may approve in
                  his discretion.

         The undersigned hereby grants to such  attorney-in-fact  full power and
authority  to do and perform all and every act and thing  whatsoever  requisite,
necessary  and proper to be done in the exercise of any of the rights and powers
herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally  present,  with full power of substitution or revocation,
hereby  ratifying  and  confirming  all  that  such  attorney-in-fact,   or  his
substitute or  substitutes,  shall  lawfully do or cause to be done by virtue of
this power of attorney and the rights and powers herein granted. The undersigned
acknowledges that the foregoing attorney-in-fact, in serving in such capacity at
the  request  of the  undersigned,  is  not  assuming  any of the  undersigned's
responsibilities  to comply  with  Section 16 or  Section  13 of the  Securities
Exchange Act of 1934.

         Photographic copies of this Power of Attorney shall have the same force
and effect as the original.

         IN WITNESS  WHEREOF,  the undersigned has caused this Power of Attorney
to be executed as of this 7 day of August, 2003.


                                    /s/ ROBERT MADSEN
                                   -------------------------------
                                    ROBERT MADSEN