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In Review
2013 – 2014
Inside See how College of Business students are encouraged, supported and engaged.
Dean’s Message
I
recently received a letter from a former student living in Denver, Colo. Beautifully crafted, single-spaced, two-page, and typed on personal letterhead, the correspondence was full of details about his learning journey—from Minnesota State University, Mankato to Alaska to Morocco. The alumnus’ letter was a gift beyond measure. It was affirming as well as a call to action. This edition of the College of Business In Review magazine, is a celebration of our current and past students. Alumni like Craig Lloyd ’72, Suresh Mathews ’75, Linda Korselman ’83, Heather Ludwig ’87, ’98, and DQ Spencer ’09 demonstrate how their experiences, relationships and impact endure today at the University and beyond. Despite reports of the current generations’ skills gap, examples abound at the University of stunning student talent, work ethic and vision. This is a generation eager to engage in real-world experiences that develop, test, and refine their leadership, technical, and entrepreneurial abilities. The article “Student Focused; Student Centered; Student Led” is a tribute to our student organizations and the difference they are making in the lives of students as well as in the College of Business. We have stepped up our partnership actions and outreach activities this year to bring even more internship, project, and career opportunities to students. The response from partners like Taylor Corporation, Cambria, Eide Bailly, Unisys, Lloyd Companies, and Rembrandt Foods has been phenomenal. For our alumni and partners, as well as for the College of Business, students are the Minnesota State Mankato magnetism. Join us in our quest to be the clear choice for those who want to engage in learning that launches careers and solves real-world problems.
Dr. Brenda L. Flannery Dean, College of Business Minnesota State University, Mankato
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contents 6
Student Focused; Student Centered; Student Led Student organizations have an active history within the College of Business and provide unique opportunities for leadership and networking.
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Dean’s Message COB Student Numbers of Note
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Student Focused; Student Centered; Student Led
Reinvigorated Mentoring
An Executive in Residence:
Rembrandt Foods: Global
Eide Bailly’s Culture
Interns Get Innovative
New Minor offers
Innovative Use of Technology Extends Masters of Accounting Program
10 Program Adds Face Time 12 Suresh Mathews Returns
15 Leader Partners with COB 16 Alumnus Profile: DQ Spencer 18 Creating a Legacy
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20 of Service
21 with Taylor Companies
18 An Executive in Residence: Suresh Mathews Returns Suresh Mathews, 1975 alumnus and CIO of Unisys, served as the COB’s first Executive in Residence.
CEO of Lloyd Companies and 1972 alumnus, Craig Lloyd gives gift to establish a Minnesota State Mankato student entrepreneur competition.
Printer Minnesota State University, Mankato Printing Services
Editor/Writer Carol Jones
Print Coordinator Doug Fenske ...............................................................................................
Graphic Designer Terri Poburka photographers Greta Fennell Elizabeth Johnson SPX Sports
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Creating a Legacy
Dean, College of Business Brenda Flannery
Contributing Writers Greta Fennell Elizabeth Johnson
22 Major Benefits
The mission of In Review is to inform and to connect the reader to the College of Business community. In Review welcomes story ideas supporting this mission. In Review is copyrighted in its entirety. This volume and all articles, images and photographs within may not be reproduced in any form without written permission from the editor.
College of Business 120 Morris Hall, Mankato, MN 56001 507.389.5420 | cob.mnsu.edu A member of the Minnesota State Colleges and Universities System and an Affirmative Action/Equal Opportunity University. This document is available in alternative format to individuals with disabilities by calling the College of Business at 507-389-5420 (V), 800-627-3529 or 711 (MRS/TTY). BUSC131NE_8/14
2013-2014 in review // 3
College of Business
student Numbers of note international students: 158 from 43 countries The programs and faculty at Minnesota State Mankato’s College of Business attract students from across the country and around the world.
102
4
No. America
ASIA
22
Europe
8
So. AMERica
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22 AFRICA
students in the COB:
1897
Enrolled in the following departments:
369 Accounting 305 Finance 440 Management 379 Marketing/IBUS 404 PRE College of Business
Mavfund growth
The Maverick Student Investment Fund (MavFund) gives students experience in the field of finance. Through a finance elective course, student investment management teams practice stock valuation and investing skills. What began with University Foundation funding of $250,000 in 2012 has grown more than 60 percent in two years.
Alumna Brittany Kruse Receives Prestigious 2013 Elijah Watt Sells Award The American Institute of Certified Public Accountants (AICPA) recently named Minnesota State University, Mankato alumna Brittany Kruse, a 2012 graduate of the College
June 2012
June 2014
$250,000
$402,472
60.99% Growth in 2 years
of Business,
one of 55
nationwide winners of the 2013 Elijah Watt Sells Award. The prestigious Elijah Watt Sells award was created in 1923 by the AICPA in honor of one of the first CPAs in the United States. The award recognizes outstanding performance on the Uniform CPA Examination.
Award recipients must have a
average score of 95.5 across all
minimum cumulative The IBE gives students a semester-long experience in running a business including development, financing and product delivery. All profits, along with hundreds of hours of volunteer work, are donated to a local charity.
attempt.
More than 94,154 candidates sat for the CPA exam in 2013, and Kruse’s achievement placed her in the
top .0006 percent
$8000
Total Gross Sales
$7000
$24,999
$6000
Total Loan Amounts
$5000
$11,078
$4000 $3000
Total Donations to Charities
$2000 $1000
four sections of the exam on their first
of those candidates. Among Kruse’s fellow award winners, 65 percent already had a master of accounting degree or the equivalent. Kruse was one
of two award winners to complete their accounting degrees in Minnesota. The other is a University of Minnesota graduate.
$11,812
Spring 12
Fall 12
Spring 13
Fall 13
Spring 14
2013-2014 in review // 5
Student Focused; Student Centered; Student Led College of Business Dean Brenda Flannery exudes pride and excitement when talking about the College’s student organizations. “Our student organizations are really having an impact on the learning of other students,” she says. “They are making great things happen.” The College has a strong history of students making things happen for students. For example, Delta Sigma Pi, a co-ed business fraternity, has been active on campus since the 1960s. Other groups, including the Council Of Student Business Organizations, which is made up of presidents of COB student organizations and COB Minnesota State Student Senators, have been active since the 1980s.
“The 2011 redesign of the Crossroads area on the second floor of Morris Hall was made a reality through the hard work of COSBO,” says Flannery. The area’s design was dated and offered limited functionality. COSBO applied for and received a University Big Ideas Grant—the only student group to receive a grant that year. Recognizing that students have different needs at different times, COSBO created a dynamic space that offers options for students to use the area in different ways—from an individual standing to send a quick email to a small group working together to students lounging between classes. Now it is a popular space that can accommodate more than 30 people and is in close proximity to professors and classrooms.
STUDENT organizations 6 // minnesota state university, mankato // college of business
While acknowledging that all COB services are studentfocused, Flannery explains that student organizations offer unique opportunities for students to develop leadership skills. Faculty members serve as organization advisors. “I am so proud of and grateful to the faculty advisors. They are involved mentors and supporters, often helping to connect students with guest speakers, campus resources, and industry experts,” she says. COB staff also provide support to help students’ visions become a reality, but students act as leaders and initiators. “Within the student organizations, there is a vision to connect with people and seek opportunities,” says Flannery. “As a result, students are helping students learn and launch careers. The student leadership has been especially impressive. “Last year, Evan Karambelas, the new president of the Finance Club, walked into my office and said, ‘I want this to be an important year,’” says Flannery. “He asked for support in raising participation, securing quality speakers and helping finance a trip to Chicago.” Staff, faculty and students worked together to make those things happen. Nick Linde, development director for the College, worked with Mike Mitchell, the former CFO of Ridley, Inc.,
to secure funding that would help offset student costs for the Finance Club trip to Chicago. Mitchell serves on the College of Business Advisory Council and is a 1971 COB alumnus. Although he donates to the University annually, he was looking for a little different opportunity. “I wanted something that would give students some hands-on experience,” says Mitchell. “A trip to Chicago allowed them to see the investment industry in action and relate things they learned in the classroom to the real world.” The Marketing Club traveled to St. Louis. Part of the trip included hosting a riverboat dinner for St. Louis area alumni. Heavy rains cancelled the riverboat, but club president Jessica Gumbert didn’t let that cancel the event. “Within 30 minutes of receiving the news about the riverboat,” says Flannery, “Gumbert secured another location, made reservations for 40 and began contacting alumni. She was amazing.” For Flannery, these are just a few of the many examples of the good things students are making happen for other students. “We work to provide the right kind of encouragement and the right kind of contacts and then let students take over,” she says. “I love seeing them step up, act as leaders, and make things happen for other students.” Continued on page 8—
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Student Focused; Student Centered; Student Led 1. Finance Club Visits Windy City Twenty-three students traveled to Chicago. Sponsored in part by Mike Mitchell, the trip gave students the opportunity to tour various influential finance firms, meet industry professionals and gain insight about the field. But it wasn’t all work and no play. Students took advantage of their time in the city to tour the Willis Tower Skydeck, watch a Cubs baseball game and visit local cultural sites and shopping districts.
2. Marketing Club— Meet Me in St. Louis The Marketing Club organizes a trip every year that gives students an opportunity to network, visit companies and explore cities where they might work or intern. In spring 2014, 26 students traveled to St. Louis, where they attended a Blues hockey game, experienced the creative City Museum, toured the Anheuser-Busch Brewery, met with the leadership of three public relations and marketing companies and hosted a dinner for Minnesota State Mankato business alumni. In addition to the annual spring trip, the Marketing Club hosts marketing professionals who share information on the industry and job opportunities every
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other week. “Several students have been offered internships through these connections,” says Dr. Kristin Scott, club faculty advisor.
3. SHRM Mediates Human Resources Panel The Society for Human Resource Management (SHRM) is the world’s largest professional organization devoted to human resource management. Mavericks for SHRM is an affiliated student chapter of the organization. “Being a member of Mavericks for SHRM offers students significant benefits, such as taking on leadership roles within the organization, learning about the field of human resources directly from industry experts during weekly meetings and expanding their professional network,” says Dr. Paul Schumann, faculty advisor. In spring 2014, Mavericks for SHRM organized and mediated a community-wide human resources panel presentation. Panel members examined a myriad of modern management challenges and opportunities, from organizational culture to the importance of technical skills versus soft skills and from learning to build professional relationships to recovering from professional mistakes.
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4. Accounting Club— More Than Just Numbers Accounting Club faculty advisor Dr. Byron Pike says, “The accounting profession is diverse and allows graduates a multitude of careers. Club membership provides students with opportunities to learn more about the profession as well as network with firms and companies seeking interns and fulltime employees.” Weekly meetings include visits from elite accounting firms and distinguished private companies. The club also coordinates tutoring sessions and shares information about scholarships, internships and job openings.
5. IBO Tops World Trade Center Illinois In March 2014, eight student members of the International Business Organization traveled to Chicago to attend the MBAA International Conference, tour companies and visit the World Trade Center Illinois, where they met Director Bill Lada. Faculty advisor Dr. Omer Genc says, “The IBO’s purpose is to increase student awareness about international business.” However, the experiences and networking activities also help students increase their confidence in professional situations. “Collecting business cards and getting out in the professional world is definitely much easier with a group of your friends and professors at your side,” says Nekeya Broadnax, IBO member.
6. Delta Sigma Pi Active on Campus for More Than 50 Years Delta Sigma Pi is a national co-ed business fraternity that has been active on the Mankato campus since the early 1960s. Dr. Queen Booker serves as the Epsilon Iota chapter’s faculty advisor. Students organize tours of companies such as 3M, Taylor Corporation and Best Buy and participate in community service activities such as the Red Cross blood drive, Rake the Town and Adopt-a-Highway. Members also regularly act as campus escorts for visiting COB dignitaries, gaining extended access to industry game-changers and leaders. “Our members are eager to learn about everything around us, help those in need, develop professionally and create new possibilities,” says Vadim Firfa, chapter president. n
2013-2014 in review // 9
Mark Braun (left) ’81, ’88, provost & dean at Gustavus Adolphus College, Daniel Rasmussen
I
Reinvigorated Mentoring Program Adds Face Time
n 2013, Heather Ludwig ’87, ’98, revamped the College of Business’s long-time Mentoring Program. “When the Mentoring Program began more than 10 years ago, it was designed as an e-program, which was a very progressive idea. All contact was conducted via email,” says Ludwig. “However, we found that today’s students want a combination of e-contact and face-to-face individual mentoring.” So the reinvigorated Mentoring Program went old school and now provides opportunities for group and individual interaction. For the first time in its long history, the program was expanded to include first-year students. “Now it is
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designed to help students learn, develop and grow over the course of their college career,” says Ludwig. “Rather than focusing primarily on résumé writing and interview skills, mentors cover much broader topics that range from choice of major to student organization involvement to workplace expectations and culture.” Mentors include alumni, donors and community professionals with positions that range from CEOs to second-year professionals. “They have been fantastic, meeting regularly with students and offering job shadowing to one or more students,” says Ludwig. “It is exciting to watch the students grow in ways that wouldn’t be possible without the generosity of our mentors.” n
Here is what some of the participants of the Mentoring Program had to say about the experience:
“
Serving as a mentor provided me with a great opportunity to stay in touch with the “workforce of tomorrow.” It was thrilling to see the energy and passion the program participants shared for their future careers! I highly recommend participating in the program!”
—Daryl Timmerman, Agstar
“
I had the opportunity to be matched with a mentor, who helped me figure out that the path I was on wasn’t the path I wanted. It also allowed me to find a professional within my new career path. I highly recommend anyone who has the opportunity be involved.”
—Jeremy Herkenhoff, COB student
“
I recommend the Mentoring Program to anyone who is curious to learn more about business in general. The program paired me well with a mentor who was passionate about his career and helped me to gain a better insight on my major. Both played a key role in helping me with career building and developing soft skills.” —David Vang, COB student
“
My mentor allowed me to tour his company and learn about all the projects he was in charge of and developing. He answered my random questions and got me in contact with an international marketer. That connection gave me an idea of what working in the international setting might be like. The Mentoring Program is great and allows [students] to expand [their] horizons to fields we may not have initially considered.” —Bridget Enninga, COB student Seth Ferkenstad (left) ’10, sr. accountant with Abdo, Eick & Meyers LLP, Bai Vang Aaron Scanlan (left) ’95, principal auditor with Minneapolis Federal Reserve Bank, Stephanie Perry Joan Schafer (left), multi-media specialist with Southwest Newspapers, Christa Hurley
“
Being in a hiring position, it is great to have first-person access to the knowledge coming out of the education system. These students are bright. It is wonderful to see their energy and help guide it with my past experiences. Listening to a student dream out loud about their future endeavors makes me pause and think about my own career, where I am and where I am going. It helps me think outside my comfort zone.” —Caroline McGowan ’93, entrepreneur and owner of Sweet Caroline’s, LLC
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An Executive in Residence:
Suresh Mathews Returns By Elizabeth Johnson
W
hen Suresh Mathews arrived in Mankato in 1971 at the age of 17, one thing was immediately clear: He needed warmer clothing. As he stepped off the plane from Brunei, a small equatorial country on the northern coast of Borneo, he wasn’t prepared for the harsh, cold climate of Minnesota— even in August.
Today, Mathews serves as the global chief information officer and senior vice president of Unisys, a worldwide information technology company and one of the oldest computer companies in the world. While he has residences in Texas and Arizona, his work takes him around the world. He returns to Minnesota regularly for work, family, friends and Minnesota State Mankato.
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In the 1960s and 70s, students from Brunei commonly traveled abroad to pursue university degrees. Most went to Australia, India or the United Kingdom. Mathews was the first student from Brunei to study in the United States. Very much on his own, Mathews arrived in Mankato two weeks before the start of the fall semester—two weeks before he could move into the dorms. He stayed with Gerald and Barbara Graham and their family as part of the Friendship Family Program, and Barbara took him shopping for warmer clothes. Forty years later, the Mathews and the Grahams still consider each other family. As a student, Mathews studied computer science, which at the time was a College of Business program. He quickly became well known around campus. He performed as a musician in the Student Union Underground
Suresh Mathews, global chief information officer and senior vice president for Unisys, served as the featured speaker of the Morgan Thomas Executive Lecture and the College of Business’s first Executive in Residence. The two days he spent on campus provided opportunities for students and faculty to engage with Mathews in smaller settings, resulting in a bigger impact.
Several members of the Mathews and Graham families attended the Distinguished Alumni Awards reception honoring Suresh Mathews in April 2014.
coffee house, attended a protest and accidently wound up leading it, and met his wife, Kathy, at a fraternity party. When he graduated in 1975, Mathews wanted to work for Unisys—but Unisys wasn’t interested in him. Instead, he took an internship with another company and created his own opportunities. Over the years, Mathews continued to make things happen for himself as well as the companies for which he worked. In recent years, he has become known for his ability to turn companies around. Companies now seek out Mathews. One employer called him with a job offer, saying, “I know you’re crazy, you like risk-taking, and you like to fix things that are broken.” It was true. He took the job and fixed the company. Mathews has worked with several companies including PepsiCo and Sprint and now Unisys.
President Richard Davenport (right) congratulates Suresh Mathews at the University’s Distinguished Alumni Achievement Awards reception.
In April, Minnesota State Mankato honored Mathews with a 2014 Distinguished Alumni Achievement Award. More than 30 of his family and friends attended the awards ceremony, including all members of the Graham family. Mathews also spent two days at the University, sharing his time, knowledge and vast experience with the campus community. What began as an invitation to speak at the annual Morgan Thomas Executive Lecture, expanded into the first College of Business Executive Residency. The residency, with its extended time frame, provided multiple opportunities for students and faculty to engage with Mathews in smaller settings and resulted in a bigger impact. Mathews has served on the College Advisory Council for years, but this degree of student and faculty interaction was unprecedented and invaluable. Continued on page 14—
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Unisys Offers Exclusive Internships Suresh Mathews, chief information officer for Unisys, feels strongly about encouraging and supporting students. He also feels strong appreciation for the opportunities afforded to him as a computer science student at Mankato State College in the 1970s. He and several members of the Unisys executive team recently visited the Mankato campus to launch an exclusive internship program for Minnesota State Mankato students. Unisys is a global leader in technology services. This partnership provides unique opportunities and experiences for Minnesota State Mankato students, both in business and computer science.
Continued from page 13— It allowed the College of Business to provide opportunities to its students and extended community. Mathews presented at a faculty seminar on turnaround strategies, met with the co-ed business fraternity Delta Sigma Pi to talk about the world of business, ate breakfast with international students, and toured Project Maverick with the College of Science, Engineering and Technology. In addition, several executive team members from Unisys accompanied Mathews and helped launch a new internship program set up exclusively for Minnesota State Mankato students. In just two days, Mathews engaged with more than 400 members of the Minnesota State Mankato community and made connections and partnerships that will have a meaningful impact on the lives of students for years to come. At 17, Mathews didn’t know how Minnesota State Mankato would shape his future. Today, he can see the potential in current students, and he’s joined the College of Business to help launch careers and change lives. n
Mathews and members of the executive team (Paul Roberts, global vice president for Unified Social Business, Texas; Steven Birgfeld, vice president of information technology, New Mexico; Christopher Hawley, manager IAM & PKI, Minnesota; Charles Hill, senior HR business partner, Pennsylvania) conducted interviews on campus in an effort to fill several internship positions. They were specifically looking for business students and students studying information technology. “During their internships with Unisys, our students work alongside industry experts, gain experience, practice what they’ve learned in class, and develop additional skills,” says Luke Howk, internship and external partnership coordinator for the College. “Experiences like these, made possible by partners like Unisys, help differentiate our students from their competition in the employment market.” As a computer science student at Mankato State College in the 1970s, Suresh Mathews worked on Univac computer systems. Univac later became Unisys, a global leader in technology services.
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AddRichard Caption. the Schmitz Executive Lecture
As the 2014 Richard Schmitz Executive Lecturer, Dave Rettig shared a high-energy lecture that charted Rembrandt Foods incredible growth, global opportunities and cutting-edge innovations as well as experiences from his own career path. As founder and CEO of Rembrandt Foods, Rettig cited the importance of passion, grit and curiosity for entrepreneurs as well as students.
Minnesota State Mankato alumnus Richard Schmitz earned his bachelor’s degree in accounting in 1964. He worked in food retail for nearly 40 years, owning numerous stores. In 2000, Schmitz and his wife, Mary, created an endowed lecture series to encourage food entrepreneurship education in the College of Business. In 2002, Schmitz received the Harold J. Fitterer Distinguished Alumni Service Award. He served as President of the University’s Foundation Board from 2005-2007.
Global Leader Partners with COB As featured speaker at the 2014 installment of the Richard Schmitz Executive Lecture, Dave Rettig, founder and president of Rembrandt Foods, shared a high-energy lecture that charted the company’s incredible growth, global opportunities and cutting-edge innovations. Rettig also shared experiences from his own career path, citing the importance of passion, grit and curiosity for entrepreneurs as well as students. Eight members of Rembrandt’s executive leadership team joined Retting at his appearance at Minnesota State Mankato. The College of Business was excited to have the Rembrandt team on campus for the day. The team’s visit allowed them to arrange several individual and small group conversations about critical skill development and Rembrandt’s global initiatives, research and development projects. Founded in 2000, Rembrandt Foods is one of Glen Taylor’s many business holdings. Rembrandt has become one of the largest producers and processors of egg products in the world. Its core egg business develops functional and nutritional eggbased products. As Rembrandt continues to explore global opportunities and expansion in the food industry, its need for people with
diverse areas of expertise and interest increases. Recently, Minnesota State Mankato’s College of Business and Rembrandt Foods developed a unique internship program that recruits students from across the University, not only those majoring in business. “We are looking for high-energy, driven people in all areas to join our team,” Rettig says. Jessica Gumbert, a marketing major, feels fortunate to have recently completed an internship with Rembrandt Foods. “I made connections during an amazing day spent with Rembrandt Foods’ executives on campus,” she says. “That led to a great internship opportunity focused on international market research.” “The partnership between the College of Business and Rembrandt Foods expertly illustrates how a strong universityindustry partnership can be mutually beneficial,” says Luke Howk, internship and external partnerships coordinator for the College. “Minnesota State Mankato students gain practical experience working alongside the innovative minds at Rembrandt; in-turn, Rembrandt strengthens its employment brand while building relationships with quality future talent prospects.” n
2013-2014 in review // 15
Alumnus Profile
DQ Spencer DQ Spencer (left), partnership and development coordinator of operations for Cambria, and Luke Howk, internship and external partnership coordinator for the College of Business, work closely to educate Minnesota State Mankato students about opportunities at Cambria and build a strong pool of qualified professionals for the growing company.
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COB adds new position DQ Spencer—the student, track star and football player—took advantage of as many opportunities as possible while at Minnesota State Mankato. Now, DQ Spencer—the professional—helps create opportunities for other students as the partnership and development coordinator for operations at Cambria. Spencer’s position at Cambria is one that he helped create, which is one of the benefits of working for a company that encourages people to think like entrepreneurs. In fact, it is his third promotion since joining the company after graduating in 2009. Spencer’s primary focus at Cambria is to establish partnerships related to recruiting, training and development. “My goal is to increase exposure,” he says. “Of course, recruiting is a big emphasis but I also strive to educate students about the kinds of opportunities available at Cambria. “The manufacturing industry is rapidly evolving,” he adds. “It is no longer just factory work. We offer opportunities for engineers, leadership, management, sales and marketing and more. In fact, we doubled our operations capacity in 2013, and we are looking toward similar future growth. Our partnership with Minnesota State Mankato will help us establish a larger pool of qualified applicants.” Spencer works closely with Luke Howk, the internship and external partnership coordinator at the College
of Business. “By collaborating with Luke, the partnership has taken off a lot faster than I could have imagined,” Spencer says. “Luke has been great about introducing Cambria to students, alumni and other partners. And I have been promoting the University, its great students and its great facilities.” While pursuing a management major with an emphasis in human resources, Spencer learned a lot about the important skills necessary to develop relationships. “Dr. Howard Miller did a great job teaching the practical side of meeting and talking with people,” says Spencer. “In my opinion, the world is based on relationships and connecting with people. The more we can connect and relate to individuals, the more we can all achieve. “Minnesota State Mankato offers a diverse environment, which allowed me to related to people from different backgrounds and different cultures who had different personalities and different behaviors,” continues Spencer. “I use and apply all of that experience in my career now. “I feel very connected to Minnesota State Mankato. Beside the fact that it is my alma mater, it has one of the best business programs I have seen. And,” he adds, “I visit a lot of universities.” n
The College of Business recently added the position of internship and external partnership coordinator. The goal is to connect students and employers for internships and entry-level employment opportunities. “Hundreds of employers pursue College of Business students each year for internship and/or entry-level employment opportunities,” says Luke Howk, COB’s first internship and external partnership coordinator. “My focus is the College of Business.” Howk spends half his time coaching students on the importance of internships, recommending relevant internship opportunities and providing résumé, job search, and interview tips. He dedicates his remaining time to employers, coaching on best internship practices, helping optimize their employment brand on campus, making effective connections with student and faculty groups to help employers meet recruitment goals, and exploring partnership opportunities. “Partnerships with companies like Cambria allow us to connect students with a wide variety of fulfilling learning experiences and entry-level employment opportunities,” says Howk. “We also assist industry partners in connecting with the quality talent needed to meet their goals.” For more information about business partnerships, contact Luke Howk at 507-389-1827.
Cambria prides itself on being the only family-owned, American made producer of natural quartz surfaces. A rare combination in today’s increasingly globalized marketplace, it results in quality that can be felt from start to finish. The legacy of Cambria and the Davis family began in the butter business when Stan Davis took an apprenticeship in 1936. Stan’s son Mark Davis, 1963 business alumnus, now serves as chairman of Cambria and Stan’s grandson Marty Davis serves as company president and CEO. From the beginning, the Davis family has taken calculated risks, investing in technology and people. With a passion for creating a winning environment, the company expanded from a single creamery to an international dairy operation and diversified into quartz surfaces, financial services, and the airline industry. The company constantly examines their business to ensure they are delivering high quality of products and service to their customers. Growth and change through calculated risk is nothing new at Cambria; the entrepreneurial instinct is a Davis family legacy.
2013-2014 in review // 17
Creating a
Legacy 18 // minnesota state university, mankato // college of business
Members of the Lloyd family (pictured left to right: Pat, Craig, Christie Ernst) presented a gift to the College of Business that will help create a student entrepreneurial contest in which students compete for start-up capital awards.
Building a family business over the past 40 years hasn’t always been easy, but Craig Lloyd ’72 says he still wakes up excited everyday.
“
I love what I do. I love to get up everyday. It is fun being able to take ideas and create new value,” he says. “It is a long-term dream and we have been fortunate to see it happen.” Lloyd is accustomed to making things happen, especially things that others didn’t think he would accomplish.
Approaching things differently “I was not a good student,” Lloyd says. “My high school counselor told me I would never graduate from high school or college and if I did, I would never amount to [anything]. At the time, I was really mad at him and I was determined to show him.” Lloyd happens to be dyslexic and adds, “If I were tested, I am sure I would be diagnosed with ADD. Because of that, I had to learn to approach things in different ways. I learned to really listen. “I also had great teachers at Mankato State,” Lloyd adds. He especially appreciated the practical experience they brought into the classroom. “They helped us understand business theory by showing us how they applied business concepts in their practice. They asked us things like, ‘Why is a balance sheet important? What numbers do you pull out?’” Lloyd attended college classes in the mornings, worked for his uncle Robert at Lloyd Lumber in the afternoons and helped with apartment management on weekends. After graduating from Mankato State College in 1972, his uncle asked Craig and his wife, Pat, to move to Sioux Falls, S. Dak., and manage a new apartment community.
Having more than one path By that point, Craig and Pat Lloyd were well on their way toward building a successful business. Then, in the late 70s and early 80s, interest rates hit 22 percent. Things got tight, and the Lloyds’ entrepreneurial spirit and creativity were challenged. “We did anything to generate a dollar. We made pallets. We made waterbed frames. We remodeled. I had it figured so that if we replaced a screen door, I could pay our secretary for two hours,” says Lloyd. “We survived. We paid the bank. We got through and we built a different kind of company. Now we offer property management, construction, real estate and property development.” Lloyd Companies today is, indeed, a different company. In 2014, it has investments in 90 properties located in 10 cities and manages more than 3,200 apartment units along with 1.3 million square feet of commercial space. Christie Ernst, Craig and Pat’s daughter who serves as Lloyd Companies’ family business transition coordinator, says, “It goes back to having more than one path—not getting stuck doing it one way. My father can usually see his way out of hardship. It does not cripple him. I am still learning from him.”
Lloyd says the company’s business plan is in a constant state of review. Are they building the right things? Are they involved in the right projects? “Diversification helped, but our business thrives because of the relationships we have built over the years,” says Pat. “And it takes time to cultivate relationships.”
Building relationships and community When Lloyds moved to Sioux Falls in 1972, they didn’t know anyone. Craig joined every club he could. At times, Pat became frustrated with the amount of time he was away. “Now,” says Lloyd, “there are very few places I go and don’t know someone. My advice to young business people is to join organizations, get involved, give back to the community. Those things will pay you back 10 times over.” In fact, Lloyd Companies, based in Sioux Falls, S. Dak., are so supportive of community involvement that all senior staff members are required to be involved and are given time during their workday for community service. “Our name is associated in the community with giving back. As we become involved, we get to meet with the people who make decisions,” says Lloyd. “It is a very important factor in our business.” Watching her parents build a legacy in the community has been eye opening for Ernst. Although she has immense respect for her father’s business acumen, Ernst says his investment wisdom is not always apparent to her. “Some of the things my dad invested in looked like real losers,” she laughs. “For example, I advised him not to purchase an apartment. I told him it wouldn’t be good for our reputation. But he bought it, invested in it, made it a better place and secured residents who care. Crime is down significantly in the area and his investment improved the community as a whole. “As business owners and entrepreneurs, you have to decide if you are going to develop a business and sell it or if you are in it for the long haul,” continues Ernst. “It changes the way you make decisions. For Lloyd Companies, sometimes dollars and cents don’t make any sense at all, but it is right for the community and right for the values of our company.” In addition to investing in communities, Lloyd Companies has committed to investing in the entrepreneurial spirit of Minnesota State Mankato students. Their 2014 gift will help create a student entrepreneurial contest. Coached by alumni entrepreneurs, contestants will develop a business plan and feasibility study, as well as learn about venture capital and comprehensive marketing strategies. Students will pitch ideas to alumni entrepreneurs in hopes of being awarded start-up capital to turn their idea into a business and perhaps create their own legacy. n
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Eide Bailly, a Culture of Service
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n 2014, Eide Bailly pledged $40,000 to the College of Business in support of the accounting program. Linda Korselman is a partner at Eide Bailly and a 1983 alumna of Minnesota State Mankato’s accounting program. She served for years as the national director of Eide Bailly’s Financial Institutions Services Group. Last year, Korselman was named managing director of the Mankato office and elected as chairman of the Board of Directors. “We understand the importance of our relationship with the University,” says Korselman, “and we are thrilled to give back to the College of Business at Minnesota State Mankato.”
Recently, Korselman and colleagues Chuck Christiansen and Jennifer Faust sat down with Nicholas Linde, COB director of development, to talk about Eide Bailly’s investment in Minnesota State Mankato.
Nicholas Linde: Eide Bailly is the 25th
Linda Korselman ’83, partner and managing director of Eide Bailly’s Mankato office
Chuck Christiansen ’79 partner at Eide Bailly
largest accounting firm in the country, serves more than 44,000 clients, employs 1,400 professionals and has offices in 24 locations, including Mankato. What inspired Eide Bailly to invest in Minnesota State Mankato?
Linda Korselman: Many of us are Minnesota State Mankato grads. There is an allegiance with the University and it makes good business sense. The graduates are excellent and the school is a great source of recruitment. When Dean Brenda Flannery invited us to participate in a working relationship with the University, the offer really appealed to our partners and our people. NL: Your investment is more than providing scholarships.
LK: It is. Within our firm, there is a culture to give back. We approached our partners, our staff and administration. There are contributions from every level. It is not simply a corporate gift. Our investment is from the people who believe in the University and the students educated here. Jennifer Faust, marketing coordinator at Eide Bailly
Chuck Christianson: We are grateful for the opportunity to provide input such as, ‘What should we be teaching our students? What do you want graduates to know?’ We appreciate sharing ideas back and forth.
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Jennifer Faust: In addition to providing scholarships, our staff regularly visits student organizations, provides mentorship programs on the importance of the CPA exam and looks for ways to share values of being a serviceoriented industry. We also invite students to get to know us through our Meet Eide Bailly Day, which is hosted during our busy season. It allows students an opportunity to see what life is like for an accountant during that time of year. NL: So community service is part of the company culture?
CC: Absolutely. But we don’t tell our people what to do; instead we encourage them to find something they are passionate about and get involved.
LK: We are a service profession. Initially, I went to college to get a degree in social work. My work now is not a lot different from what I think that would have been. It is serving others, and that is what gets us excited about our work. At Eide Bailly, there is an expectation that people will give back to the community because we understand if it weren’t for the community, we wouldn’t be the firm we are today. n
INTERNS GET INNOVATIVE WITH TAYLOR COMPANIES By Greta Fennell
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ne year ago the idea was a dream, a concept, a vision. In less than a year, Taylor Corporation has taken a big idea and created cutting-edge, real-world learning experiences for interns. The Taylor Innovation Center provides the kind of internship opportunity one might think could only be found in the Silicon Valley or in some big city… and it’s right here in Mankato. Identifying Needs Taylor Corporation subsidiaries need market and product development services, such as market research and prototypes. Minnesota State Mankato College of Business students need a variety of internship opportunities where they can apply classroom lessons in the field. “One of the first things we spotted was an opportunity to help Taylor Corporation companies to create new products in new markets,” said Dr. Glenn Bottomly, chief technology officer for Taylor Corporation. “The Innovation Center provides an alternative set of resources to help companies grow.” Taylor companies gain access to a team of innovation architects that can complete competitive market evaluations and create product development initiatives. The team presents their findings, which allows companies to make informed decisions about pursuing an opportunity or not. “[Taylor Corporation] is getting high-octane work from these students on real-world projects,” explains Bottomly.
Real World Experience Student interns, employed as innovation architects, are involved in the full gamut of project development and gain a rich, dynamic educational experience. “The experience in the Innovation Center is different from a typical internship,” says Hassan Fall, Minnesota State Mankato finance intern. “We get to work on a wide variety of projects, including different phases of launching new or redesigned products.” The Taylor Innovation Center launched on August 26, 2013, and has employed 12 interns. Megan Chilman, Innovation Center coordinator, began as an intern at the inception of the Center and was the first to be offered a full-time position within Taylor. Chilman explains the one-of-a-kind experience Minnesota State Mankato students gain from working at the Center, “This internship allows individuals to both excel by working on projects in their field of study, while also learning key skills that may not be taught in class. By collaborating on projects and interacting with other interns and professionals with different fields of study, it also helps them become well-rounded and better prepared for post-graduation.” The Taylor Innovation Center has completed 13 projects to date and has onboarded more than 45 projects from Taylor Corporation and its subsidiaries. There is room for growth: ten additional computers will allow for up to 20 innovation architects. Projects range from web development to graphic design to financial projections, with endless future possibilities. n
Dr. Glenn Bottomly, chief technology officer for Taylor Corporation, checks in with student interns working as innovation architects.
Whiteboards cover the walls of the Taylor Innovation Center. Minnesota State Mankato students use the whiteboards during project-development brainstorming sessions for Taylor Corporation subsidiaries.
2013-2014 in review // 21
New Minor
in entrepreneurship & innovation offers
Major Benefits
Dr. Kathy Dale (left) and April Femrite attended a symposium for entrepreneurship educators at Babson College in Mass. As the first entrepreneurship and innovation fellow for the College of Business, Femrite works with Dale to engage students in entrepreneurial activities, connecting in-class learning to practical experience.
S
ome of Minnesota State Mankato’s most successful alumni are entrepreneurs. The practical strategies they learned as students helped prepare them as business people. However, the strategies and skills needed for entrepreneurial endeavors require real-world thinking and doing. Fortunately, the College of Business now offers a minor in entrepreneurship and innovation, which will accept its first students in fall 2014. “The world and technology are changing rapidly. Business leaders from all sizes of corporations are increasingly telling us that they need employees who can think like
entrepreneurs,” says Dr. Kathy Dale, faculty chair of the United Prairie Bank Integrated Business Experience (IBE). “We wanted to offer something a bit more entrepreneurial. We do a really good job of teaching students to make decisions in predictable situations. But we want them to experience making decisions when the path isn’t so clear and the future is unknown.” The 18-credit minor includes the award-winning United Prairie Bank IBE program, where students develop, launch and close a business within a 15-week semester. In addition, students pursuing the entrepreneurship and innovation minor take courses in entrepreneurship, creativity and innovation.
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Dale recently returned from Wellesley, Massachusetts where she attended a weeklong symposium for entrepreneurship educators at Babson College. Babson offers the number one entrepreneurship program in the country. “The symposium at Babson gave us new strategies and techniques aimed at teaching idea creation and creative problem solving,” says Dale. “The IBE and the entrepreneurship and innovation minor give students a lot of autonomy,” adds Dale. “They gain the opportunity to practice the skills of idea creation and creative problem solving—skills that are difficult to acquire without the experience of being faced with a problem and having no easy solution. We encourage students to take initiative, make mistakes, reflect on those mistakes, learn from them and move forward.” The new program is as much for business majors as it is for psychology, engineering and computer information systems majors. It is a program for all Minnesota State Mankato students who are entrepreneurial or who want to implement more innovative thinking and behavior in their professional practice. “I am so impressed with our business faculty for designing a minor that will reach across campus,” says Mike Nolan, Small Business Development Center director. “At its core, entrepreneurship is about seeing an opportunity and turning it into reality, whether it is building a new product line at a Fortune 500 company or launching the next great social media company,” he says. “Employers are looking for leaders who look beyond today into the future.” n
Innovative Use of Technology Extends Masters of Accounting Program
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ith the exception of three large screens in front, Dr. Steve Johnson’s graduate accounting classroom seems unremarkable. Tables are arranged in semi circles; Johnson sits near the front and greets students as they trickle into the Mankato classroom. There is a comfortable banter among group members.
Soon, there is movement on the screens—and the space suddenly transforms into something much more remarkable. The classroom expands as Johnson and other members of the class greet the four people who appear on the screens. They are also students pursuing their masters in accounting (MAcc). They just happen to be doing so via TelePresence. Using large screens, desktop microphones and surround-sound speakers, the immersive TelePresence technology creates an environment where two locations are able to function as one collaborative space. “It is hard to understand its effectiveness unless you see it in use,” says Dr. Bill Brown, accounting department chair. “The immersive experience removes distractions associated with typical distance learning.” Zhongwei Lu attends Minnesota State Mankato’s MAcc classes at the Partnership Center at Normandale Community College in Bloomington via TelePresence. “Traveling a short distance to Bloomington was much
more convenient than traveling to Mankato. And, amazingly, I didn’t feel like I was without a physical instructor,” says Lu. “It is almost scary how real it feels. The technology works very well.” Adapting immersive TelePresence as a standard operating procedure in the MAcc program was the vision of Brown and others in the department; it works due to the commitment of the accounting faculty. “We want as many students as possible to have access to our MAcc program as well as our faculty members—who are some of the best in the region,” says Brown. “Our tuition rates are competitive, and if a student wants to get to 150 credit hours to qualify for the CPA exam, it’s an excellent value. In addition, a graduate degree from an accredited program improves career mobility.” The MAcc program began in fall 2013. It was one of the first programs on campus—and may be the first masters in accounting programs in the country—to be offered via TelePresence. With only three accredited masters in accounting programs in Minnesota and the demand for masters-level accounting graduates increasing, courses offered using TelePresence offer great growth potential. Other Minnesota State Mankato programs offered through at the Partnership Center at Normandale include the MBA and the Twin Cities Engineering Program. n
2013-2014 in review // 23
{ one c ol or l o go
Looking to the future: Please join the College of Business as we help students expand their future. Whether through technology, coursework, partnerships, student organizations or internships, our faculty, staff, alumni and external partners team up to create opportunities for students that could not be achieved alone. Be a part of our future. Contact Nick Linde, director of development, at nicholas.linde@mnsu.edu or 507-389-5420.
Ways to Connect: Facebook: www.facebook.com/MSUMankatoCOB LinkedIn: http://www.linkedin.com/groups/ Minnesota-State-University-Mankato-College-124122
cob.mnsu.edu