PEN N STATE BEH RE N D
Black School of Business W INT E R/SP RING
8 Innovation Through Collaboration
Students help café owner streamline business tasks 3 Etiquette Still Matters 5 Office Gossip Can Be Costly 6 Alumnus Managing Global Events for Lenovo 10 Students Do Well in Case Competitions
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DIRECTOR’S MESSAGE As interim director of the Black School of Business, I am honored to share with you the vision, achievements, and aspirations of our school. DR. OZGUN C. DEMIRAG Following a remarkably favorable evaluation from the Association to Advance Collegiate Schools of Business International (AACSB), our School’s accreditation has been extended with no requirements. AACSB is the premier accreditation agency for business programs, and our reaccreditation solidifies our position among the world’s top business schools and renews our commitment to delivering excellence in business education. Guiding our journey is our five-year strategic plan—Vision 2028. We are already achieving success in multiple areas of this plan. This issue of Business News illustrates our progress. Our students and faculty are collaborating on industry-supported projects, delivering hands-on learning experiences for our students and benefits for organizations and society (e.g., the Juice Jar project and case competitions profiled in this issue). We offer high-quality, innovative programs that set us apart in content, scope, and reach (e.g., our Project and Supply Chain Management program now offered via World Campus). We support our students’ career readiness through programs like Executives-in-Residence and business etiquette initiatives (also highlighted in this issue). Our faculty and students are contributing to knowledge in their fields, getting published in prestigious outlets, and being named among the most highly cited researchers worldwide. Our former director, Dr. Greg Filbeck, now serves as the college’s interim vice chancellor and associate dean for Academic Affairs. I extend my gratitude on behalf of the Black School of Business faculty, staff, and students for his exceptional leadership, vision, and contributions to the school. I am excited about the opportunities that lie ahead for our school and look forward to sharing our future successes with you!
In Brief
CONFERENCE EXPLORES ECONOMIC POTENTIAL OF PROJECT RESOLVE This year’s ERIE Conference—the marquee gathering of the Economic Research Institute of Erie, an applied research unit of Penn State Behrend’s Black School of Business—explored the economic potential of Project RESOLVE, a regional strategy for shifting the plastics, metal-casting, and transportation industries to a circular economic model. Though led by Behrend, the multi-year initiative will require a coordinated approach, with input from other universities and government and private-sector partners, said Dr. Kenneth Louie, director of the Economic Research Institute of Erie and an associate professor of economics at Behrend. “This is, in fact, a community-wide effort,” Louie said. “It has to be, if we are going to improve the quality of life for everyone in the community.” Project RESOLVE is designed to make
manufacturing companies in the Erie region more competitive. Those companies employ approximately 17 percent of all workers in the region. The initiative also aims to reduce the plastic and waste pollution that affects local freshwater systems, including Lake Erie. Behrend’s expertise in plastics and material science makes the college an obvious fit for the project, said Joseph Sinnott, director of economic development for Erie County. “We have to focus on what we’re good at,” Sinnott said. “We have a significant history of plastics manufacturing and metals manufacturing in this region, and we should build on that.” To learn more about the initiative and the planned Center for Manufacturing Competitiveness at Behrend, visit the Project RESOLVE webpage at behrend. psu.edu/resolve.
ON THE COVER: Black School of Business students, from left, Michael Paul, Brad Dalton, and
Jonas Bruno participated in an Innovation Through Collaboration project this summer. The trio helped Holly McMaster, far right, owner of The Juice Jar in Erie, come up with solutions for some of her business challenges.
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Executives Enhance Business Education Ten business leaders with experience in management, finance, and product innovation are serving as Executives in Residence in the Black School of Business this academic year. They are: • Janel Bonsell, C.P.A., C.F.E., C.F.F., principal, Schaffner, Knight, Minnaugh & Company, P.C. • Steven D. Bugajski, former chief information officer, U.S. Steel • Chris Elwell, C.P.A., Maloney, Reed, Scarpitti & Company, LLP • Keith C. Farrell, C.P.A., M.B.A., chief financial officer, RH energytrans
• Melissa Gustafson, vice president, Sales and Product Strategy and Program Management, Erie Insurance • Jeff Hollenbeck, director of operations, Barnhart Transportation and Affiliates • Kim Kaercher, corporate marketing officer, Erie Insurance • Matthew MacBeth, founder, The Billion Dollar BHAG Movement • Eugene Natali, CEO and founder, Troutwood • Jeremy O’Mard, managing consultant, IBM Global Business Services
Executives in Residence lead workshops, sponsor class projects, judge business competitions, and provide career advising and mentoring to students. Each brings industry perspective and expertise to the classroom environment, student research, and student networking. The program is an asset for students who gain hands-on, portfolio-building opportunities and begin to develop their professional networks. The guidance, mentoring, and firsthand experience the executives provide is invaluable.
Etiquette Will Set You Apart If you want to stand out in the corporate world, brush up on your business etiquette. “It will be the skill that sets people apart in the professional world,” said Eric Robbins, associate teaching professor of finance and associate director of corporate outreach and research for the Black School of Business. “The people who will rise to the surface are those with good soft skills for virtual meetings, email communications, and in-person interactions.” That’s why, this spring, the Black School of Business put together “May the Fork Be With You,” a business etiquette dinner that included a presentation on the importance of professional etiquette and communication. Speakers at the event included George Emanuele, then senior director of Global Investments for BNY Mellon, and Ann Scott, now retired community outreach manager for Erie Insurance. While there are many nuances to business etiquette, Scott summed it up with a single rule of thumb: “The basics of etiquette are to make other people feel comfortable and confident.”
10 TAKEAWAYS FROM “MAY THE FORK BE WITH YOU”
• Do not overshare or make the conversation all about you. • Find common ground when networking—vacations, hobbies, etc. Have a list of conversation starters.
• Introduce and include others in conversation. • Stay positive. Do not complain or talk about co-workers. • Follow the lead of your host (in choosing your meal based on price, whether or not to order an alcoholic drink, and where you’re seated).
• If seated, introduce yourself to everyone at the table. • Look for ways to give, help, and share in a conversation. • Demonstrate good table manners. Avoid ordering “messy” foods, eating too quickly, and be sure to put your napkin on your chair if you leave it.
• Respect everyone, including the staff serving you. • Follow up with contacts you met at the event a day or two later.
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Faculty and Staff News The Black School of Business welcomed one new faculty member, Dr. Soomin Park, assistant teaching professor of supply chain management. In addition, Ginny Schwartz has joined the school staff as administrative support assistant.
PROMOTIONS Two School of Business faculty members have been promoted: Richard Hedderick to associate teaching professor of finance and Dr. Joongseo Kim to associate professor of management.
HONORS Dr. Bill Johnson, professor of management, has been selected for the 20232024 Fulbright U.S. Scholar Program to conduct research in Thailand. Dr. Michael Brown, professor of management, and Dr. Jeff Pinto, professor of management, have been included in the 2023 ranking of the top 2% of the world’s most-cited researchers, compiled by Stanford University. An article by Dr. Pinto has received the most-cited article for the year award by the International Journal of Project Management. Carol Putman, associate teaching professor of management, received the Guy W. Wilson Award for Excellence in Academic Advising for 2023. Dr. Hyunsoon (Sean) Yim, associate professor of marketing, received the best paper award for the Emerging Markets Showcase by the Decision Sciences Institute.
RESEARCH AWARD Dr. Ken Louie, associate professor of economics, is part of a team of researchers that was awarded a $775,438 National Science Foundation grant to study “Future of Digital Facility Management.” It is a multi-year grant to run from November 2023 through October 2027.
OTHER NEWS Dr. Greg Filbeck, former director of the Black School of Business, is serving as the interim vice chancellor and associate dean for Academic Affairs. Dr. Ozgun Demirag, professor of operations and supply chain management, is the school’s interim director. Dr. Joongseo Kim, associate professor of management, is the interim associate director.
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Business Bites AACSB ACCREDITATION EXTENDED The Association to Advance Collegiate Schools of Business (AACSB) has extended its accreditation of the Black School of Business at Penn State Behrend until 2028. The extension follows an intensive site visit and review by an AACSB Peer Review Team. Fewer than 6 percent of all colleges and universities obtain AACSB accreditation. The process recognizes business schools that excel in learning and teaching, strategic management and innovation, academic and professional engagement, and active participation by students, faculty, and staff. “AACSB accreditation is widely regarded as the gold standard for excellence in business education,” said Dr. Ozgun Demirag, interim director of the Black School of Business and a professor of operations and supply chain management. “Being accredited by AACSB means that our curriculum meets the highest standards, our students learn from the best business minds, and our graduates are equipped with the skills, knowledge, and experience critical to achieving lifelong career success.”
theories, concepts, and techniques learned in courses—including project planning and resource management, project risk management, purchasing and materials management, and operations planning and control—to real-life business scenarios. “The fact that it is residential or online does not matter. They will have some kind of learning-by-doing scenarios in every course,” Venkataraman said.
CHAPTERS HONORED The Delta Sigma Pi Professional Business Fraternity Chapter recently won two regional awards: Outstanding Alumni Relations Award for a Collegiate Chapter and District Director of the Year. The Black School of Business’ chapter of Beta Gamma Sigma, the business honor society, recently earned Honors status. This achievement brings recognition and the opportunity to nominate candidates for global awards.
PSCM MAJOR NOW ONLINE Penn State Behrend’s Project and Supply Chain Management degree is now being offered online through Penn State World Campus. The 120-credit program provides students with skills and knowledge to effectively manage projects, programs, and supply chains. Dr. Ray Venkataraman, department chair of the Black School’s marketing and project and supply chain management programs, said the online program’s curriculum consists of the same elements as the successful program that has been taught on campus. He said the Black School of Business prepares its students with a learningby-doing approach. Students can apply
BUILDING FINANCIAL LITERACY The Center for Financial Literacy, based in the Black School of Business, has a singular mission: to improve financial literacy skills and decision-making around money matters in high school students, secondary school educators, and adults. The Center for Financial Literacy has partnered with the CFA Society of Pittsburgh to offer online resources, including video presentations on a variety of financial topics such as insurance, interest, student loans, credit cards, and understanding debt. Learn more at behrend.psu.edu/ financial-literacy.
Student Madison Dambach and Dr. Joongseo Kim, associate professor of management in the Black School of Business.
PSST: OFFICE GOSSIP CAN BE COSTLY
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orkplace gossip often targets the boss. She’s in over her head. He’s overextended. There’s trouble at home, supposedly. When the boss is the one spreading gossip, sharing private insight about a team member’s performance or personal life, that can lead to a far more damaging dynamic—a behavior researchers refer to as moral disengagement. “Leaders set the tone for an organization,” said Dr. Joongseo Kim, an associate professor of management. “When a leader participates in gossiping behavior, other employees pick up on that right away. They are less likely to feel shame or guilt when they gossip. They think, ‘Even the leaders are doing this. It’s acceptable in this organization.’” Kim runs the Raimy Behavioral Lab at Behrend. He studies business ethics and workplace deviance. In the spring of
2023, working with Madison Dambach, a senior in the Black School of Business, and Yun Kim at Oklahoma State University, he began a study of gossip contagion in the workplace. “Gossip can be fun,” he said. “It’s sharing a thing that began as a secret, and that makes it a social-bonding mechanism.” Positive gossip—sharing the news of a colleague’s promotion, for example—can increase a team’s sense of organizational identity, according to a 2022 study by the National Institutes of Health. That type of watercooler talk can boost efficiency and employee retention. “It’s all about intent,” Kim said. “If you gossip to motivate a person, or to elevate the reputation of a person, that’s a positive thing. If what you are saying is purposefully hurtful, however, and if you’re saying it to sideline or neutralize a colleague, that can do real damage.”
An employee with a calculative mindset—someone who approaches social relationships as a means of achieving another goal, such as financial gain—is more likely to gossip when a supervisor participates in the behavior, said Dambach, who presented the study at the Society for Industrial and Organizational Psychology conference in Boston. “People with a higher calculative mindset see gossip as an opportunity,” Dambach said. “It’s a way to undercut a competitor or cast doubt on their abilities or their commitment to the organization. Some people will use that to their advantage, especially if the supervisor is listening.” Over time, negative gossip can have devastating consequences. “It weakens the cohesiveness of the group and leads to resentment,” Dambach said. “Ultimately, it can lead to the failure of a business.”
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WORKING FOR THE
‘WOW’ Young alumnus manages company’s multimillion-dollar global marketing events budget
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hen Jon Wolff wrapped up his last Lion Entertainment Board (LEB) After Dark event before graduating from Penn State Behrend in May 2013, he remembers the sense of relief. “I thought, I won’t have to worry about planning events anymore,” he said. The joke was on him. Turns out his club activities would be as vital to his career preparation as his classes were. Just ten years after he managed a $150,000 LEB budget, Wolff, 33, is now in charge of a $5 million budget as the Global Events Manager for the Solutions & Services Group of the computing products and services company Lenovo in North Carolina, where he “leverages experiential and digital marketing tactics for enhanced brand management.” In plain English: Wolff puts together events that showcase Lenovo products and technologies to meet the company’s strategic business objectives. And today’s event marketing encompasses far more than just a table with a banner. “It includes a spectrum of strategies, ranging from digital marketing, including website, email, and social media, to traditional approaches, such as outdoor ads and magazine placements, as well as collaboration with sales teams,” he said. It also requires strategic planning to meet key objectives and goals, said
Wolff, who aims to infuse the process with creativity. “We consistently seek to generate memorable and impactful moments.” In October, Wolff and his team scored a “wow” moment when they hired DJ Diesel, otherwise known as Shaquille O’Neal, for a Lenovo-sponsored reception in Orlando, Florida, that also featured a miniature Formula 1 Lenovo remotecontrolled race track that Shaq was seen enjoying a few turns on. Until recently, Wolff was a one-person show, managing thirty to forty events a year and flying around the world to oversee Lenovo events. He’s been to London, Lisbon, Barcelona, Singapore, and, most recently, Amsterdam. While it sounds glamourous, Wolff said the majority of his time is spent in airports, hotels, and convention centers. “Thankfully, we’ve brought in a new team member to assist with many of the events, allowing me to concentrate on the broader strategy,” he said. “I have full confidence in her ability to bring our vision to life at the events.” Wolff works long hours—12-hour days are not unusual—but he said the most challenging part of doing his job in the global market is juggling time zones. “Being situated five to twelve hours behind poses a challenge when we require same-day task completion,”
1 he said. “I am constantly strategizing, ensuring we utilize the available time efficiently to deliver results to the local team. The most demanding aspect of my role is orchestrating activities across multiple time zones.” But Wolff enjoys the challenge. He said one of the things that excited him about the job with Lenovo was having the opportunity to create a global events strategy from scratch—from concept to execution. “I liked the idea of putting a strategy in place and then seeing it come to life,” he said.
“I LIKED THE IDEA OF PUTTING A STRATEGY IN PLACE AND THEN SEEING IT COME TO LIFE.” JON WOLFF
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VITAL STATISTICS FAMILY: Wife, Marissa, a 2014 Behrend graduate; son, Gavin, 18 months. CAREER TRAJECTORY: Larson Texts, event marketing and inclusive digital marketing, sales, and analytics, 5 years; Parker Hannifin, senior events specialist, 3 years.
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ON WORKING IN A GLOBAL SETTING: “The people make the job. Getting exposure to different markets and working with international colleagues has led to a broader skill set, improved adaptability, and a more wellrounded professional profile as well as making a positive impact on a broader scale.” FAVORITE COUNTRY HE’S BEEN TO: “I really enjoyed Portugal (Lisbon) and Singapore. Singapore was a good initiation into the Asian Pacific market because there are a lot of English speakers, and the city is rich with history and impressive architecture.” ADVICE FOR CURRENT STUDENTS: “Take international marketing or business classes. In the United States, we tend to be fixated on North America, but most companies are global today. You will be working with people from around the world.”
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ON GIVING BACK: Wolff has stayed in touch with the Black School of Business and has worked with Dr. Severine Patanakul, coordinator, global programs, and other faculty members to develop mentorship programs with students, and serve as a guest speaker. CONNECT: linkedin.com/in/ jondwolff
A few of Jon’s favorite “Wow” moments at Lenovo: 1. Hiring DJ Diesel, a.k.a. Shaquille O’Neal, for an event in Orlando 2. Showcasing an interactive race course with Lenovo CEO Yang Yuanqing. 3. A VIP event featuring a performance from “Hamilton” 7
INNOVATION THROUGH COLLABORATION: THE JUICE JAR Squeezed for time, business owner taps into students’ ingenuity to streamline processes
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wning and operating a small business can be a challenge even for a high-energy go-getter. From creating a product line and managing inventory to hiring staff and handling marketing, every aspect of the business rests on the owner’s shoulders. Now imagine that everything your business sells is made from scratch. One will find few shortcuts at The Juice Jar in Erie, where owner Holly McMaster uses fresh ingredients for the made-fromscratch items on her cafe’s menu. Offering high-quality products and top-notch customer service are McMaster’s priorities, so she wanted to find ways to streamline other time-consuming business tasks.
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McMaster reached out to the Black School of Business, which formed an Innovation Through Collaboration (ITC) project to address her business challenges. ITC projects pair corporate partners with a team consisting of a faculty expert and two to three students. For fifteen weeks this summer, Kyle Chalupczynski, lecturer in Management Information Systems, oversaw a group of students majoring in various disciplines who worked to enhance aspects of McMaster’s business operations. McMaster said Chalupczynski’s guidance was vital. “Hats off to Kyle,” she said. “He asked clarifying questions that helped the students determine what was essential to meeting their goals.”
The student team—Jonas Bruno, a sophomore majoring in Finance and Accounting; Brad Dalton, a senior majoring in Management Information Systems (MIS) and Project and Supply Chain Management; and Michael Paul, a senior majoring in MIS and Finance— had several objectives to meet. (See sidebar on p 9.) “We divvied up the work based on our respective majors and specialties and then set goals,” Paul said. “Weekly team meetings helped us stay connected and cognizant of the big picture, while working independently on our own aspects of the project.” They weren’t required to stay in their lanes, however. Bruno, who began over-
Kyle Chalupczynski, lecturer in Management Information Systems, oversaw the group of students majoring in various disciplines who worked to enhance aspects of McMaster’s business operations.
To-Do List THE JUICE JAR ITC PROJECT OBJECTIVES
• Enhance the online ordering
system, including digitizing the customer loyalty program, optimizing mobile ordering, and optimizing the menu and inventory management.
• Implement automation options to improve the accuracy and speed of order processing.
• Strengthen the company’s social media campaign.
• Leverage QuickBooks for business insights.
• Explore the use of advanced web tools such as ChatGPT.
seeing the business’ financial platforms, ended up diving into social media with Dalton. They presented McMaster with an AI-enhanced social media process, accompanied by intuitive guides and industry-standard practices. “That will really help lighten my load,” McMaster said, adding that the team also walked her through social media best practices. “There were features in the social media platforms that they suggested I turn off and others to turn on for cybersecurity reasons.” By the end of the fifteen weeks, the team had accomplished all of the project objectives, and then some. McMaster has implemented most of the suggestions and said the digitized customer loyalty
program has been a tremendous hit with her customers. “I was very happy with the work they did,” McMaster said. “They met their goals on time and were responsive to feedback and any tweaking that needed to be done. I could tell that they really enjoyed what they were doing and were excited to help.” The students said that they gained not only professional experience working with a real client but confidence in their own skills and abilities. “This experience challenged me to be a problem-solver and independent thinker working on tasks that didn’t always have a clear path to a solution,” Dalton said. “Also, it required strong communication
and collaboration with other group members, as well as the client, which is good practice for the future.” “This project proved to me that I have the ability to be a mature, diligent team member,” Bruno said. “It helped to quell the fear and anxiety that I think many students suffer from as we grow closer to self-sufficiency and wonder, ‘Will I succeed in the workplace?’ I’d encourage any student to get involved in an ITC project.” Paul said the project was gratifying as well. “I didn’t know that we could have such an impact,” he said. “It was rewarding to see our suggestions implemented and to know that we were able to help the client save time and money.”
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CASE COMPETITIONS TEST STUDENTS’ SKILLS
Intellect and creativity collide in case competitions where students work together in teams, competing against other colleges, to analyze a problem specific to a case study, and strategically develop the best solution(s) within the guidelines they are given. The Black School of Business recently had two teams do well in two different competitions. SMEAL SUSTAINABILITY CASE COMPETITION A team of Behrend students took third place at the third annual Smeal Undergraduate Sustainability Case Competition in March. The topic of the competition was addressing food insecurity on our college campus. Specific topic criteria included financial, social, and environmental impacts plus feasibility, partnerships, and risk analysis. To prepare, the team met with multiple resources, including the finance office, the Lion’s Pantry, and community entrepreneurs. The Behrend team proposed moving the Lion’s Pantry to a more central location on campus and reformatting it as a grocery store layout so students could choose food that meets their individual tastes. Additionally, they suggested including access to fresh produce such as items harvested from Behrend’s student-run garden. The Behrend team was one of five teams that went to the finals out of nearly twenty teams in the competition. “The organizer/funder for the competition spoke with the team afterward and indicated that he thought their plan was the most focused and feasible, and said that he could offer additional funding if their changes were implemented,” said Carol Putman, associate teaching professor of management. “We will likely submit for that extra funding this year.” The revamped Lion’s Pantry, which will also include a refill shop and clothing transit, will be located in the Reed Union Building and is expected to open in 2024.
Smeal Sustainability Case Competition student team members Rachel Matteson, Jenna Seigworth, Natthanan Nithithanatchinnapat, and Carolyn Magee, pose with Lance Breitstein, center, founder of the Impact Competition.
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Dr. Ying Cao, assistant professor of project and supply chain management, left, poses with the team of Behrend students that took second place in the Race to the Case competition at the University of Pittsburgh. With Cao, from left, Chris Annear, Joshua McGee, Aaron Kovatch, and Matthew King.
RACE TO THE CASE COMPETITION Two Penn State Behrend student teams competed in Race to the Case, a supply chain case competition hosted by the University of Pittsburgh this fall. One team took silver, winning second place in the competition which Dr. Ying Cao, assistant professor of project and supply chain management, called “intense” with ten schools participating, including Carnegie Mellon University, the University of Pittsburgh, and Duquesne University. Teams were required to have two business majors and two engineering majors. Behrend’s winning team was made up of Matthew King, Project and Supply Chain Management and Interdisciplinary Business with Engineering Studies; Joshua McGee, Interdisciplinary Business with Engineering Studies; Chris Annear, Industrial Engineering; and Aaron Kovatch, Industrial Engineering. The Race to the Case competition is modeled after the Emmy Award-winning television show “The Amazing Race.” It presents real-world situations to the students, who race between locations on the University of Pittsburgh campus as they solve problems and present their solutions to the judges at the final destination. “As a member of the faculty judging panel, I had the privilege of seeing our students showcase their exceptional dedication and efforts,” Cao said. “I’m very proud of them! I also received feedback from event organizers and fellow judges who were impressed by our students’ achievement.”
Snapshots Out and About with the Black School of Business
BACK TO (SPRING) BUSINESS TRIP: After a three-year hiatus, Behrend’s Black School of Business reintroduced its annual spring trip for students in March. More than forty Behrend business students, including Finance majors studying through World Campus, traveled to Pittsburgh for two days of company visits and networking opportunities at several companies and with Black School of Business alumni in the area.
SPRING CELEBRATION: About 100 people attended the school’s Spring Banquet at the Sheraton Erie Bayfront Hotel in April. The annual event celebrates the accomplishments of faculty and staff over the past academic year. Attendees also included the academic leadership team, corporate partners, and advisory board members.
INSIGHTS INTO ERIE INSURANCE: This spring, Dr. Peerasit Patanakul, professor of management, took a group of PSCM students to tour the Erie Insurance campus with the help of Black School Executive in Residence Melissa Gustafson, vice president of sales and product strategy and program management at Erie Insurance. The company, headquartered in Erie, is the twelfth largest home and auto insurer in the United States and employs more than 6,000 in its home and field offices.
A COLORFUL START: Students and faculty members were welcomed back to campus in August with a tie-dye party, where they could create their own T-shirts, enjoy free food and ice cream, and mingle with other Black School students, staff, and faculty members.
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WORLD CAMPUS FINANCE GRAD WINS ALUMNI AWARD Tim Kluska, a 2018 Finance graduate, was recently honored with a Penn State World Campus Outstanding Alumni Award. After graduating, TIM KLUSKA Kluska worked for five years with the investment firm Vanguard. He said the knowledge he gained from the finance bachelor’s degree program, taught by the faculty of Penn State Behrend, is directly responsible for his career trajectory. “Eric Robbins and Dr. Greg Filbeck were huge parts of my success, and the Penn State curriculum, which was rigorous and challenging, prepared me for Vanguard and the CFA charter,” Kluska said. “Because of that, now I’m at Harvard Business School.” Kluska completed his studies while serving active duty in the Marine Corps.
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SHEETZ PRESIDENT VISITS CENTER FOR FAMILY BUSINESS “Today, entrepreneurs want to have scale immediately,” said Travis Sheetz, president and chief operating officer of Sheetz Inc., during a recent talk at Behrend. “They feel pressure to get out there and grab some venture capital and grow quickly. “I get that,” he said. “If you have a really good idea, there’s an incentive to move fast, because you don’t want someone to beat you to it. “My uncle Bob, who bought the first of our stores in 1952, took a different approach,” Sheetz said. “It took him ten years to open a second store. And I think it was better, in the end, for the business to have that foundation. It’s really difficult to prove out a business model on a moving train, and to scale up before you really understand what your competitive advantage is.” For Sheetz, the slower approach has paid off. From that first store, which was purchased for $990—$900 for the inventory and $90 more to put in the cash drawer—the Altoona-based company has built an $11.7 billion business, with nearly 700 gas stations and convenience stores in six states. Travis Sheetz is one of fifteen family members who work at the company. He talked about that dynamic during “Your Business, Your Family, Your Legacy,” the fall showcase event of Behrend’s
Travis Sheetz, the president and chief operating officer of Sheetz Inc.
Center for Family Business. The center, an outreach unit of the college’s Black School of Business, connects and supports family-run businesses in the Erie region. Sheetz shared his perspective in a fireside chat format, taking questions from other business owners. To learn more about the Center for Family Business at Penn State Behrend, or to become a member, visit behrend. psu.edu/familybusiness.
Black School of Business News is published annually and provided free to alumni and friends of Penn State Behrend Black School of Business by the Office of Strategic Communications, William V. Gonda, wvg2@psu.edu, senior director. Editor: Heather Cass, hjc13@psu.edu. Designer: Martha Ansley Campbell, mac30@psu.edu. This publication is available in alternative media on request. Penn State is an equal opportunity, affirmative action employer, and is committed to providing employment opportunities to all qualified applicants without regard to race, color, religion, age, sex, sexual orientation, gender identity, national origin, disability or protected veteran status. U.Ed. EBO 24-177
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