Wichita Business Magazine - Winter 2023 by E2 Communications & Publishing

WINTER 2023

WICHITA Business Magazine

WINTER 2023

WICHITA Business Magazine

Photo by FERNANDO SALAZAR

CONTENTS

42 Basics of Charitable Giving & Tax Planning Strategies

Leadership Wichita Class of 2023

Dedication to Fashion

Beyond Hall of Fame

Achieving Success Through Play

Leveraging Behavioral Economics for Business

Ashley Mapel, CPA and Keegan McKinney, CPA of FORVIS Private Client Group share strategies on charitable giving and tax planning.

Leadership Wichita is an immersive program that empowers local achievers by inspiring them to take on more significant roles within the community. Meet the members of the Leadership Wichita Class of 2023.

Mark Lozada has transformed his love of fashion into the brand Young Bag Getters (YBG), a thriving business that breathes new life into vintage and discarded materials.

The inaugural “Beyond” Hall of Fame inductees, Frank Barton, Clark Bastian and Fran Jabara, will be honored for their commitment to the Barton School of Business and the larger business community.

Photo by AARON PATTON

Gwen Ottenberg transformed her love of creativity, imagination and play into her success as a local independent toy store owner of Imagine That Toys.

The Barton School of Business Behavioral Economics Laboratory is committed to help local businesses make better marketing and economic decisions through online experimental studies aimed at understanding decision-making processes.

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WICHITA Business Magazine

WINTER 2023

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CONTRIBUTORS PUBLISHER

Tara Dimick

CREATIVE DIRECTOR & DESIGNER

Janet Faust

EDITOR

LOCAL INNOVATION. LOCAL INSPIRATION. LOCAL GROWTH. LOCAL LEADERSHIP.

Lauren Jurgensen

SALES DIRECTOR

Braden Dimick braden@wichitabusinessmagazine.com 316-706-0178 MARKETING DIRECTOR

Valerie Williams

CONTRIBUTING WRITERS

Hope Dimick Amy Geiszler-Jones Lisa Loewen

CONTRIBUTING PHOTOGRAPHERS

Nikole Babb Aaron Patton Fernando Salazar

CONTRIBUTING EXPERTS

Ashley Mapel Keegan McKinney Siyu Wang, Ph.D.

WEBSITE DIRECTOR

MAILED DIRECTLY TO YOUR DOOR. NEVER MISS AN ISSUE. SUBSCRIBE TODAY.

Cordell Dimick

2023 Wichita Business Magazine is published by E2 Communications, Inc. Reproduction or use of this publication in any manner without written permission of the publisher is prohibited. Every effort was made to ensure accuracy of the information in this publication as of press time. The publisher assumes no responsibility of any part for the content of any advertisement in this publication, including any errors and omissions therein. E2 Communications, Inc. makes no endorsement, representation or warranty regarding any goods or services advertised or listed in this publication. Listings and advertisements are provided by the subject company. E2 Communications, Inc. shall not be responsible or liable for any inaccuracy, omission or infringement of any third party’s right therein, or for personal injury or any other damage or injury whatsoever. By placing an order for an advertisement, the advertiser agrees to indemnify the publisher against any claims relating to the advertisement.

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Get expert business advice and up-to-date information on business in Wichita at

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BUSINESS NEWS ALL PHOTOS SUBMITTED

Foulston Siefkin LLP Adds Associates Across Kansas Foulston Siefkin LLP’s three offices in Kansas added attorneys as new associates joined the firm, bringing the firm’s attorney roster to more than 90. Cameron Bernard is based in Kansas City, Andrew Wiederholt is based in Topeka, and Luke Kennedy, Lauren Page, Keiteyana Parks, and Jacob Schmidt work out of the firm’s Wichita office.

Wichita State Partners with Rocket City to Aid Military Readiness Two Wichita State University organizations, the National Institute for Aviation Research (NIAR) and FirePoint Innovations Center, have established a solid presence in the heart of downtown Huntsville, Alabama, showcasing 6,000 square feet of newly renovated space in the building. Caresource Names President for Kansas Market CareSource announces the appointment of Chad Moore as president of the Kansas market. Moore will also serve alongside leaders of the CareSource HealthAlliance and compete in the procurement to serve KanCare members.

Illuminations Nominated for USA Today’s 10Best Botanica’s Illuminations event has been nominated for USA Today’s 10Best Readers’ Choice Awards for 2023.

The Trust Company of Kansas Welcomes Jeri Rowe as Vice President & Trust Officer The Trust Company of Kansas added Jeri Rowe as vice president and trust officer to its Wichita team. She is an experienced wealth management professional with more than 18 years serving in various roles including financial advisor, retirement plan counselor and trust officer.

River City Painting Names New Chief Operations Officer River City Painting, Inc., announces Britt Houser as its new chief operations officer. Britt comes to River City Painting with more than 21 years of experience in the painting industry.

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WICHITA Business Magazine

Expleo and Spirit AeroSystems Sign Strategic Agreement for Aerospace Services Expleo, a global engineering, technology and consulting service provider, has signed a strategic agreement with Spirit AeroSystems to deliver advanced digital engineering services for major aerospace programs out of a new location in Tulsa, Oklahoma. WSU Innovation Campus Wins Emerging Research Park Award The Association of University Research Parks (AURP) has awarded Wichita State’s Innovation Campus with the 2023 Emerging Research Park Award for creating an exceptional ecosystem which brings technology from inception to market, creates high-paying jobs, and contributes to the economic health of its region.

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WICHITA Business Magazine

CHARITABLE GIVING

PHOTO SUBMITTED

Basics of Charitable Giving & Tax Planning Strategies

PHOTO SUBMITTED

Ashley Mapel, CPA Tax Senior Manager FORVIS Private Client Group

Keegan McKinney, CPA Tax Associate FORVIS Private Client Group

Many taxpayers use charitable giving to reduce their tax liability while supporting the issues they find most important. This article examines some important considerations you need to make when planning and making charitable contributions. These considerations include various deduction limitations, types of property contributed and various planning strategies you can employ when making charitable contributions.

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This article is for general information purposes only and is not to be considered as legal advice. This information was written by qualified, experienced professionals at FORVIS, but applying this information to your particular situation requires careful consideration of your specific facts and circumstances. Consult a professional at FORVIS or legal counsel before acting on any matter covered in this update.

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WICHITA Business Magazine

WINTER 2023

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CHARITABLE GIVING

Limitations & Types of Property Contributed The deduction you can claim for charitable contributions is based on the fair market value (FMV) of the property contributed, the type of property donated and the charity receiving the donation. For example, the deduction claimed for a cash donation is different than the deduction claimed for a contribution of stock. The table to the right summarizes the various limitations and the order for claiming a charitable deduction.

TYPE OF ORGANIZATION

TYPE OF PROPERTY CONTRIBUTED

AGI LIMITATION

FIRST CATEGORY OF

CASH

60%

AGI * 60%

(50% Limit Organizations)

Noncash — Capital Gain Property

30%

AGI * 30% – (60% + 50% contributions)

Example: Churches, Educational Organizations, Hospitals, etc.

Noncash — Other Property

50%

AGI * 50% – 60% contributions

CASH

30%

AGI * 30% – (60% + 50% contributions)

Noncash — Capital Gain Property

20%

Least of: AGI * 20% or AGI * 30% – 30% contributions, or AGI * 30% – 30% contributions of capital gain property, or AGI * 50% – (60% + 50% + 30% contributions)

Noncash — Other Property

50%

AGI * 50% – 60% contributions

ADJUSTED GROSS INCOME (AGI) LIMIT CALCULATION

QUALIFIED ORGANIZATIONS

SECOND CATEGORY OF QUALIFIED ORGANIZATIONS (30% Limit Organizations)

Example: Private Nonoperating Foundations

Tax Planning Strategies Following the passing of the Tax Cuts and Jobs Act of 2017, far fewer taxpayers claim itemized deductions on their tax returns. This could result in a charitable contribution providing no tax benefit since a taxpayer must itemize their deductions to claim a charitable contribution deduction for federal tax purposes. We will look at different tax planning strategies related to charitable giving that still allow a taxpayer to receive the tax benefit of their charitable giving.

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APPRECIATED ASSETS One strategy is to donate appreciated assets. Because the deduction for donated property held for more than a year is generally based on the FMV of the property donated, taxpayers should consider donating property that is worth substantially more than the original purchase price or basis. These assets could include stocks, real estate or any other appreciated assets.

BUNCHING

Another common strategy is called “bunching.” Bunching is when the taxpayer saves funds for multiple years and then donates all the funds in one given year when the total contribution is more than the standard deduction. This method is common among

WICHITA Business Magazine

By donating the property instead of selling the asset and donating the cash, the taxpayer can avoid paying tax on any gains from the sale and receive a charitable contribution deduction. Further, the charitable organization will not have to recognize income and pay tax on the eventual sale of the asset. However, if the donated property is not cash or publicly

traded securities and the value of the contributed property is $5,000 or more, the taxpayer must have the property appraised by a qualified appraiser. Further, the qualified appraisal must be attached to the return if the deduction claimed is $500,000 or more. Failure to provide a qualified appraisal in the year of the contribution will result in a disallowance of the deduction.

taxpayers who do not have substantial itemized deductions outside their charitable contributions. For example, a taxpayer who gives $10,000 per year but has no other itemized deductions would likely claim the higher standard deduction of $27,700 for 2023.

However, if the taxpayer decides to set aside $10,000 per year for five years, the taxpayer could make a charitable contribution of $50,000 in the fifth year and claim the contribution as an itemized deduction when the total itemized deductions are greater than the standard deduction.

DONOR-ADVISED FUND Taxpayers wishing to supply even contributions of assets to charity could set up a donor-advised fund (DAF) and contribute the $50,000 to the DAF. A DAF is a separate fund managed by a 501(c)(3) organization called a sponsoring organization. The taxpayer receives a deduction when the funds are contributed to the DAF. The taxpayer can then advise the fund when to make distributions to the charities of their choice.

QUALIFIED CHARITABLE DISTRIBUTION One other common strategy for charitable giving is called a qualified charitable distribution (QCD). A QCD is a distribution taken directly from your taxable individual retirement account (IRA) and given to a charitable organization without passing through the hands of the IRA owner. Individuals aged 70.5 and older can contribute up to $100,000 per year to one or more charities. Married couples can contribute up to $200,000 per year by each contributing $100,000. A QCD is a great strategy to implement one or more of the following: • Satisfy annual required minimum distributions (RMDs). • Reduce RMDs in future years by reducing the balance of the IRA. • A QCD excludes the amount donated from taxable income, possibly preventing donors from being pushed into higher-income tax brackets.

Note: A qualified charitable distribution is not included as an itemized deduction for charitable contributions. Essentially, taxpayers are moving the deduction from Schedule A to “above the line,” which can be beneficial if a taxpayer has certain deductions/credits that now may not phase out due to AGI limitations. • To make a larger charitable gift that doesn’t require AGI limits to apply. An important reminder to note when choosing to make a QCD is to confirm the receiving organization is qualified to accept QCDs. Starting in 2023, as part of recently passed SECURE Act 2.0 legislation that expanded the type of charities that can receive a QCD, donors can make a one-time gift up to $50,000 to a charitable gift annuity, charitable remainder annuity trust or a charitable remainder unitrust. Also, the QCD annual limit will now be indexed for inflation, starting in 2024.

TOPIC

FULLY OR PARTIALLY MISSED RMD

PRE-SECURE 2.0 ACT

50% Excise Tax

SECURE 2.0 ACT

25% excise tax *only 10% excise tax could apply*

REQUIRED MINIMUM DISTRIBUTIONS (RMDS) Employer-sponsored retirement plans, SEP or SIMPLE IRAs and traditional IRAs require an annual amount of money to be withdrawn called an RMD. The Securing a Strong Retirement Act of 2022 (SECURE 2.0 Act) implemented several changes for RMDs and several of these changes are detailed below. • In 2023, the required RMD beginning date was extended to participants who turn 73 and in 2033, the age limit increases to 75. • In 2023, a special needs trust that was established for a disabled beneficiary and funded with an inherited IRA is now allowed to retain stretch RMDs over the lifetime of the chronically ill or disabled beneficiary. • In 2024, the pre-death RMD requirement for Roth 401(k) accounts is eliminated. This was already the case for Roth IRAs and now aligns Roth designated accounts in employer plans. • In 2024, surviving spouses can elect to be treated as the plan participant for RMD purposes. This allows the surviving spouse to defer the distribution period to begin no earlier than the date of which the deceased spouse would have attained the age of RMDs (73 or 75 as mentioned above). By utilizing this election, the distribution period is determined using the longer uniform lifetime table rather than the single life table. The table below summarizes changes to excise tax.

TREATMENT Excise tax reduced from 50% to 25% on RMD failures. A 10% deficiency excise tax can apply instead of 25% if the RMD is corrected and received during specified vorrection window. The correction period begins on date when tax is imposed and ends on the earliest of: • Mailiing date of IRS notice of deficiency. • Date on which tax imposed imposed is assessed. • Last day of second taxable year beginning after the end of the taxable year in which tax is imposed.

If you have any questions regarding these tax considerations or need assistance, please contact a tax professional.

Applies to taxable years beginning after December 29, 2022.

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WICHITA Business Magazine

CLASS OF 2023

LEADERSHIP WICHITA Photos by NIKOLE BABB

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WICHITA Business Magazine

Leadership Wichita is an immersive program that empowers local achievers by inspiring them to take on more significant roles within the community. Over the span of five months, participants can step out of their comfort zones and walk in the shoes of emergency responders, local school principals and more. Guided by influential community and business leaders, these interactive sessions provide a unique opportunity for participants to gain firsthand knowledge of important matters that resonate with them. Since its inception in 1983, Leadership Wichita has produced nearly 1,000 graduates, including dedicated individuals from the business, government, and military sectors. Meet the members of the Leadership Wichita Class of 2023.

CECILIA THIBAULT

INTRUST Bank Diversity, Equity and Inclusion Strategist

ANGELA CASSETTE Music Theatre Wichita Managing Director

What characteristics do you value most in your coworkers? Everyone at our organization is a team player. Theatre is very collaborative by nature, and I’m fortunate to work with creative, relational, smart people who are happy to be part of the team. What is non-negotiable for you? Family. My husband and I have two little guys (ages six and three) who are the light of our lives. We want our boys to always feel secure in how much they are loved. It’s hard to balance family life with active careers, but our boys are a North Star for us. What is your leadership style? I strive to be a leader who adapts to the needs of those I’m leading. I’m also consistently trying to balance my view of the best direction to take the organization I work for with the input and feelings of a multitude of stakeholders.

What critical skills help you at work? Listening to understand, not to respond. Keeping respect at the core of every interaction by treating others like they want to be treated. Storytelling through data. What motivates you? When I get to mentor. Young people have so many dreams and aspirations, and they are so bright! They motivate me to see life through a different lens full of possibilities. What music artist do you never get tired of? Love me some Karol G right now. Her newest album “Mañana Será Bonito” has been playing on repeat. What are you grateful for? For the opportunities INTRUST has provided me. I have experienced leadership development opportunities, career growth and work-life balance. My community involvement jump-started in 2017 when INTRUST nominated me as a campaign ambassador for United Way. Since then, I have continued to be a champion for the City of Wichita.

ALEX HAMEL Spirit AeroSystems, Inc. HR Generalist

What do you love most about your work? I love the challenges I get to work through as a part of my job. I’ve been very lucky that Spirit has allowed me to rotate through different positions to give me a broad base of what HR means within our organization, and have helped me become a strong asset to the company. What characteristic do you most admire in others and why? Drive and determination. I love having conversations with people who are working to attain their career or personal goals. I always come away from those conversations energized to continue working towards my own goals. What do you do for fun or to recharge? I can typically be found going to the gym or working out. For fun, my wife and I are usually hanging out with our friends, and in the last few years a couple of my buddies and I have picked up bow hunting as a new skill to learn.

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Photos by NIKOLE BABB

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LEADERSHIP WICHITA

KRISTEN STINNETT Office of the District Attorney Eighteenth Judicial District

ZACH THEADEMAN Yingling Aviation Vice President – Support Services

What characteristics do you value most in your coworkers? Reliability, integrity, and strong work ethic. What is the most important part of your work? Ensuring that my employees are equipped with the necessary tools to be successful. What should one never take for granted? Trust. What is non-negotiable for you? Disrespect. Who are your mentors? Lynn Nichols. He’s an exceptional business leader and man. He made Yingling Aviation what it is today. William Theademan (father). His ability to prioritize family and work. He started a business 37 years ago with nothing to his name. He built that into a nice success, but being a good dad and raising his children was his #1 priority.

What does a day in your life look like? I usually spend most of my days in court or in my office preparing for jury trials and other evidentiary hearings. What three critical skills help you in your work? Critical thinking, the ability to think on my feet and good communication skills. What is the secret to a good life? Doing what makes you happy! What is the most valuable lesson you have learned? Never give up! You never know how close you are to reaching that goal or dream. What do you do to recharge? I hang out with my family, friends, adorable puppy, Apollo, and lots of self-care. What’s the last series you bingewatched? Big Little Lies. What music artist do you never get tired of? Jasmine Sullivan.

MANDY FOUSE

WSU Tech Director of Public Relations & Marketing What are you an expert in? I would describe myself as a “jack of all trades, master of none.” While I don’t consider myself an expert in any specific field or discipline, I do have a diverse skill set that allows me to be proficient in a wide range of areas. What do you collect? I find so much joy in gathering new experiences. It might be touring a place I’ve never been, or trying something that pushes me out of my comfort zone or jetting off to a new destination. What do you love most about your work? The combination of the ever-changing nature of my role. Our mission is to make a difference in the community and I get to witness the tangible impact of our students lives right here in Wichita. It’s a professionally and personally fulfilling journey that I’m grateful to be a part of.

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Photos by NIKOLE BABB

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Washburn University’s Master of Business Administration program provides the knowledge and real-world experience necessary to advance your career and enhance your professional skills, regardless of your academic background or prior work experience. Whatever type of program you’re wanting – traditional in-person, completely virtual or something in-between – Washburn’s MBA program can accommodate. Our program is designed to be flexible and completely customizable to meet the needs of working professionals like you. You can take classes part-time at your own pace or finish your degree in as few as 12 months. In our program, you’ll learn from our diverse faculty with vast real-world experience and professional connections. You’ll build on your managerial, communication and leadership skills, leading to numerous personal and professional opportunities to transform your career and take you to the next level professionally.

Master of Business Administration

Apply today at washburn.edu/mba Three convenient start dates: January, June and August WINTER 2023 WICHITA Business Magazine 17 For more info: mba@washburn.edu or 785.670.1308

LEADERSHIP WICHITA

and then

RENEE CHALOUPKA Thrive Restaurant Group Director of People Experience

What do you wish someone had told you early in your career? I would have significantly benefited if I had known the difference between “power over” versus “power with” and its impact on the people I worked with. Since working for Thrive Restaurant Group, I have learned that “power with” promotes collaborations, empowerment and equality, emphasizing collective decisionmaking and positive outcomes. What’s a valuable lesson you’ve learned in your journey? The most valuable thing I have learned is the importance of healthy relationships. The work is the work, but how we do it with those we spend so much time with is what matters. What’s the last series you bingewatched? Quarterback on Netflix. What music artist do you never get tired of? I’m a big Americana/Folk country follower but if I have to pick one it would be Sturgill Simpson.

TRAVIS FRANCIS Ascension Via Christi Health Director Operations

MISTI HOHEISEL Wichita Public Library Technology Trainer

What do you love most about your work? Witnessing people achieve success that I have helped. After completing a class or a Book-A-Librarian session and then observing the significant boost in confidence in the person I assisted, fills me with a deep sense of pride. What three critical skills help you in your work? Interpersonal skills, rapid learning and patience. What are your core values? Teaching skills, effective communication, being supportive and possessing knowledge. These four values guide me through my daily life.

What led you to this career? I got a scholarship to play college football and tore my ACL during camp and decided that it wasn’t worth it. However, I didn’t want to stop being a part of it all; so, I decided to major in athletic training. The idea of teamwork, problem solving, collaboration and being a part of someone’s recovery continues to be a driving force in why I work in health care. I no longer provide athletic training coverage, but every day I get to work on issues that affect our community’s health care. Who is your greatest inspiration? My wife. She put her professional life on hold until our kids were raised then went back to school and completed her degree in elementary education. She is now working on her master’s degree in special education. She valued the life we both wanted to give our kids as they grew up and she has run our family with dignity and grace for close to 30 years.

What motivates you? Knowing that I can make a meaningful difference in someone’s life. What do you collect? Craft supplies. I tend to discover new projects that I want to try before finishing the current one.

Photos by NIKOLE BABB

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SUZY FINN

Wichita Public Schools Marketing and Strategic Partnerships Supervisor

ALEX IBARRA J.P. Weigand & Sons, Inc. Commercial Broker

What led you to this career? The WSU Center for Real Estate program, and more specifically, Dr. Longhofer and his mentorship. What is the most important part of your work? Forming relationships with people in our community and helping them accomplish their commercial real estate goals. What characteristic do you most admire in others? Kindness, because it gives you the opportunity to make someone else’s day. What book are you reading now? My Life in Full by the former PepsiCo CEO, Indra Nooyi. It’s easy to be underestimated.

What do you love most about your work? I love the opportunities to coach and develop staff, from high school interns to seasoned professionals, while constantly learning new things myself. I also love having a direct role in influencing the future success of individual students and the Wichita community. What is the most valuable lesson you have learned? To seek to understand and learn from the life experiences of the people around me, especially those whose backgrounds are most different from my own. What are you grateful for? For the people in my life who support, challenge, include, and celebrate me, and for whom I can do the same. Who are your mentors? All the volunteers I worked with at Young Professionals of Wichita. I learned something about leadership, passion, creativity and more from each one.

WENDY HUMMELL Sedgwick County Sheriff’s Office Health and Wellness Manager

What is the most meaningful part of your work? While all of my work is important, knowing I can help someone who may be struggling is by far the most meaningful.

JENNIFER WHITE ICT SOS Executive Director

What characteristics do you value in your coworkers? They are some of the most driven, passionate and empathetic humans I know! Working with students in middle and high schools, survivors of trauma and exploitation, and people from many different backgrounds can be heavy and exhausting. They not only serve clients, students and the community, they look out for each other. What is your leadership style? I’d describe my leadership style as servant leadership. I believe that if I do all I can to serve and care for the people I’ve been entrusted to lead, they will excel in the work they are tasked to carry out. Who would play you in a movie about your life? Probably Emma Stone or Jennifer Lawrence. Not because I look like either of them but because I think they could accurately capture my humor, sarcasm (we call her Salty Jen) and awkwardness!

What should one never take for granted? Family. As a career detective, I was on call for 15 years, worked countless weekends, and overtime hours. As much as I love the work I do, my husband and two daughters are my number one priority. What do you do to recharge? Yoga and time in nature.

What book are you reading now? Master Mentors: 30 Transformative Insights from Our Greatest Minds. The author [Scott Jeffrey Miller] highlights those he interviewed on his podcast and shares an important message he took away from their conversation. As a podcast host, I found this concept interesting.

Photos by NIKOLE BABB

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LEADERSHIP WICHITA

NICOLE ALEXANDER Nicole Alexander Co Owner

BRANDON CONVERSE The Converse Team President & Financial Consultant

What does a day in your life look like? A day could consist of client meetings, company education presentations, responding to incoming calls/emails from 401(k) participants or business owners/ HR teams, prospecting, marketing event planning, team meetings or attending events within our community. There is usually a significant amount of preparation and follow-up time required at my desk, also. How have you grown during your career? My biggest areas of growth have been empathy, self-confidence, leadership and communication. What is your biggest professional accomplishment? Creating a name for our team in Wichita, The Converse Team. We have multiple affiliations and partners that clients often associate us to. Being an independent, standalone team with a small part in shaping in the future of Wichita is extremely humbling. What is one piece of advice that has served you well in your journey? “Life is 10% what happens to me and 90% how I react to it.” — Charles Swindoll

What do you love most about your work? Helping leaders, and women in particular, gain clarity and close gaps from where they are now to where they aspire to be. What do you wish someone had told you during your career journey? You often learn and grow the most in the hard chapters, but you don’t have to go it alone. What is your foundation? Relationships – with God, myself, my husband and children, and my family and friends. What is the most valuable lesson you have learned? Taking ownership, working diligently, being genuine and stepping out in faith is a powerful package. What is one word you would use to describe yourself? Authentic. I strive to be true to myself and bring my whole self to everything I do. What motivates you? Serving others and providing meaningful, high-quality work.

MATT BYRUM Hutton Architect/Team Leader

What is the most important part of your work? Seeing a client’s dream go from an idea on paper to a tangible, built product. What is a piece of advice that has served you well in your journey? My father taught me years ago to “Never burn a bridge.” You just never know what the future holds. What is the most valuable lesson you have learned? Work hard, play hard! (And don’t sweat the small stuff.) What do you do for fun or to recharge? I absolutely love to travel. It always “fills my tank” when I am running low. What are your core values? Honesty, Loyalty, Exploration, Fulfillment. If you could choose one superhuman ability, what would it be? The ability to fly! To be able to go anywhere at any time.

Photos by NIKOLE BABB

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WICHITA Business Magazine

STEPHANIE WISE Street Commercial, Inc. Broker

What is one word you would use to describe yourself? Wise. No pun intended. I am very thoughtful, observant and usually the friend you will ask for advice. I’m not sure I even know many of the answers, but I usually have some wisdom to share to help find the solution or get to the next step. What is your favorite app? eMeals. A lifesaver for our busy family.

What do you do for fun or to recharge? My husband and I love to attend concerts. We aren’t always picky on the band or even the music genre. Good, live music is always fun! How are you most likely to spend a weekend? You are guaranteed to find me at a ballfield. I love watching sports and have two kids playing at all times.

BRANDON GAIDE Sevenfold Principal

What has been your “Aha!” moment? Recently, I realized just how rarely I’ve intentionally exercised leadership. I’ve often been in leadership positions, and assumed my actions in those positions equated to leadership. But my aha moment was discovering that people were responding to me because of my position, not my leadership. What motivates you? The opportunity to illuminate the lives of others with insight, goodness, and beauty. I love storing up ideas,

relationships, stories, perspectives, metaphors, resources, etc., in order to share them with others. I think there’s so much to see in this world, and my passion is to see it and then show it to others. What do you collect? I’m an avid woodworker, so I collect large slabs of hardwood wherever I can find them. What is your most-used emoji? Poop. It’s one of the ways I say “I love you” to my 11-year-old.

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Photos by NIKOLE BABB

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WICHITA Business Magazine

LEADERSHIP WICHITA

BOBBY BERRY

Wichita State University Assistant Dean for Diversity and Outreach College of Applied Studies

KRISTY HAWKINS

The Arnold Group Vice President Business Development & Executive Search What characteristic do you most admire in others? The power of the pause. Not every situation needs a quick response. Allowing the time to contemplate a situation before taking action. What three critical skills help you in your work? The ability to have tough conversations, empathy and the ability to be genuine and authentic without an agenda. What is your leadership style? I am a collaborative leader. I foster a team environment, where all voices are heard. I like to take a collective approach, rather than dictate what will take place. I encourage others to take challenges head on. I also promote a safe space to be able to discuss challenges.

Who is your greatest inspiration? My mother. She taught me a lot of great lessons. I learned my work ethic, love for people and leading with empathy. What are your strengths? I feel like I have a strong ability to connect with people, to navigate challenging environments and to see the lesson in every situation. These strengths help me to maneuver successfully, both professionally and personally. What makes you unique? To be thought provoking, yet empathetic. To be able to leverage my identity to create opportunities for others. What do you collect? Shoes! I think of shoes as art. They have the ability to elevate an outfit and even start a conversation. How are you most likely to spend a weekend? Coaching at Orangetheory, trying a new restaurant or at the movie theater.

JENNIFER RAY The Monarch Owner

What is the most important part of your work? Being a role model to so many that work with me. I love sharing the ups and downs of my life, especially since my career path was an untraditional one. I love reminding my staff that if I can be in the position that I am, anyone else can, as well. What do you love most about your work? The opportunity to build personal relationships with our customers. Hearing their stories, learning about their lives and being able to collaborate on ways to make Wichita better brings so much value and joy to my career. What is the secret to a good life? Living each day with gratitude. What has been your “Aha!” moment? There is no such thing as “work-life balance.” Things ebb and flow and understanding that (and appreciating it) changed the way I was trying to manage my time.

SARAH LESLIE Leslie Coffee Co. Owner and Barista

How have you grown during your career? I think one of the things I have had to do at Leslie Coffee Co., that I never really did in other jobs, was let go of control and really let go of the idea of perfection. I feel like I’ve been in the weeds since day one,

and I’m constantly reminding myself to give myself grace. What are your strengths? I think my biggest strength is my big heart. It makes me courageous and generous. I’m not sure if I can explain why. You either get it, or you don’t.

What are you grateful for? My son. Being a mom is the best thing that has ever happened to me. What music artist do you never get tired of? Explosions in the Sky. What is your most used emoji? The sparkly heart. Photos by NIKOLE BABB

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LEADERSHIP WICHITA

ANDRE J. MBOULE JR. KAJ Hospitality Director of Sales

TANYA BULLUCK Child Start, Inc. Executive Director

What do you think the secret to a good life is? Ultimately, it may be a combination of so many elements, like work-life balance, gratitude and positivity, positive relationships, health, purpose and meaning and financial security. Money does not guarantee happiness, but it does alleviate stress and allow opportunities for growth and happiness. It’s your own personal journey of selfdiscovery and self-reflection that helps determine what brings happiness and fulfillment for someone. What is your leadership style? I use a combination of leadership styles, but do well with adapting my approach to the needs of my team and the context of each situation.

What characteristics do you value most in your coworkers? Positive attitude, adaptability and reliability. What led you to this career? Growing up across three different continents, I constantly found myself meeting new people, with many first friendships blossoming thanks to the warm and welcoming staff at the hotels we stayed at. These experiences kindled a deeprooted passion for hospitality in me, teaching me the value of first impressions and the joy derived from serving others. What is non-negotiable for you? Respect. What do you think the secret to a good life is? Believe in Christ, express gratitude, have a harmonious blend of nurturing relationships, pursue knowledge and mastery in your interests, and work steadfastly toward your financial goals.

What do you do to recharge? Binge-watching mindless shows is a way for me to unwind and relax, and really serves as a form of escapism from the stresses of daily life.

DAVID HEWLETT

184th Cyberspace Operations Group Commander What is the most important part of your work? Defending our country and way of life while taking care of our airmen. What should one never take for granted? Family, friendship, and freedom. What has been your biggest “Aha!” moment? When I realized God’s plan and my plan may not be the same, but his is better than I could ever imagine. What are you grateful for? God, family, and friends. What are your core values? Integrity, service before self, and excellence in all I do. What is your biggest pet peeve? Punctuality. If you are on time, you’re late.

Photos by NIKOLE BABB

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WICHITA Business Magazine

BEN SAUCEDA

SCOTT ELPERS

Kansas Aviation Museum Executive Director

Wichita Regional Chamber of Commerce Vice President of Marketing & Communications What do you love most about your work? The Wichita Regional Chamber of Commerce is the voice of the business community, which means I spend a significant amount of time with business and community leaders whose critical thinking abilities are unmatched. What is something you wish someone had told you during your career journey? Your career path will undergo significant changes over time. As new technology and industries emerge and existing ones transform, your skill set and responsibilities will adapt and open new opportunities you never knew existed. It will allow you to explore different roles and opportunities, seeking to make a broader impact and contribute to meaningful projects. What is non-negotiable for you? Never say we do it this way because we’ve always done it this way. Nothing makes me want to change something like that exact phrase. What is your most used emoji? So, I was misusing the peach emoji for the longest time...

DAWN SHEPLER

Mental Health and Substance Abuse Coalition Executive Director What does a day in your life look like? While advocating for community members and providers, I get the opportunity to talk to groups, organizations and individuals about the amazing efforts that are being made right now in Sedgwick County to better serve those struggling with mental unwellness and/or substance use addictions. What makes you unique? I don’t know if this is unique, but I want others to be heard. Showing compassion and active listening is how we get to know others, how we make things better and how we support each other. What is the biggest professional goal you have accomplished? Taking the step to apply for the position that I am currently in.

How have you evolved and grown during your career? Surrounding myself with folks who think differently than me, and live in different circles than me, have helped challenge my perspectives and learn valuable life lessons. What do you love most about your work? I love getting to tell the story of Wichita from an aviation perspective. We are the air capital of the World, and telling our heritage is so valuable. What is one piece of advice that has served you well in your journey? As long as I live − I learn. As long as I learn − I live. Who would play you in a movie about your life? I would want Chris Evans to play me, but I don’t think there’s much resemblance. What book are you reading now? I’m not the biggest reader, but the one I read through each year is the Bible.

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What style of music speaks to you? There is something about 80’s country music. It takes me back to the good, the carefree and adventures I had growing up.

Photos by NIKOLE BABB

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WICHITA Business Magazine

LEADERSHIP WICHITA

TAMMI SCHULTE

Fidelity Bank SVP, Director of Residential Operations

TYLER YORK

Office of US Senator Jerry Moran District Representative Director of Creative Media How have you evolved and grown during your career? For most of my life, I thrived in political debate. These days, I try anything to avoid it. My experience in Washington, DC taught me that I will never be the smartest person in the room, and the time I’ve spent within diverse communities in Wichita has taught me the value of speaking less and listening more. What led you to this career? I didn’t intend for this to be my career path. I earned a degree in Horticulture and Landscape Design from Kansas State University. During my final semester, my signature on a volunteer sheet led to a job on a U.S. Senate campaign, which led to a 13-year Congressional staff career both in Washington, DC and in Kansas. The longevity should be a sign of how fulfilling the work has been, along with a boss willing to notice and invest in me.

What do you love most about your work? Witnessing the growth and development of individuals under my guidance. Being able to contribute to their success is incredibly fulfilling and motivates me to adapt methods to meet the unique needs of each individual. What are you an expert in? I have extensive expertise in residential mortgage lending, having worked in this industry for 21 years. Throughout my career, I have gained valuable experience in almost all functions of the mortgage process. What’s the last series you bingewatched? Special Ops: Lioness. If you could choose one superhuman ability, what would it be? It would definitely be teleportation. Just imagine, no more long flights or traffic jams. I could instantly zap myself from one place to another and have so much more time for important things.

LAURA RITTERBUSH Goodwill Industries of Kansas President & CEO

What is the most valuable lesson you have learned? Working alongside those who do the job day in and day out is the best way to see things from their perspective and gain understanding of what changes may improve systems. What do you do to recharge? I love reading a great mystery that I can’t put down! I also enjoy baking and just relaxing on the front porch with a cup of coffee. What would we mostly likely see you doing on a weekend? Visiting the farmers market or attending a community event, grocery shopping for the week ahead, walking the dog, holding babies in the church nursery, spending time with family, and some weekends just relaxing with a good book or binge watching my favorite TV series.

Photos by NIKOLE BABB

WINTER 2023

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DEDICATION TO

N O I H S FA

MARK LOZADA | Owner | Young Bag Getters (YPG) Photo by AARON PATTON

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WICHITA Business Magazine

By HOPE DIMICK Photos by AARON PATTON

Mark Lozada’s journey into the fashion industry began with a simple hustle in high school: tie-dyeing socks and selling them between classes. Little did he know that this small venture would ignite a passionate fulltime career. Fast forward to the present, and Mark has transformed his love of fashion into the brand Young Bag Getters (YBG). It’s now a thriving business in Wichita that breathes new life into vintage and discarded materials. “What I basically do now is take a lot of vintage, old blankets and quilts, that people would throw away or don’t use, and I rework them and bring them back to life,” Mark said.

PASSION & INSPIRATION His journey was not without challenges. Mark’s inspiration came from Peder Cho, owner of the brand Utopia, who had transformed a jersey into a pair of shorts with a hefty $500 price tag. Mark knew he couldn’t afford it, so he took matters into his own hands. “I decided to go out, buy a sewing machine, and reworked some jerseys I already had at home. It just started from there,” he said. The hustle was real, but Mark’s drive is what pushed him forward. The balance between passion and hard work became apparent as he navigated pop-up markets and gradually built a following for YBG.

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WICHITA Business Magazine

Photo by AARON PATTON

“Finding my niche and target audience and adjusting to what they wanted from me was a learning process.” — Mark Lozada Owner Young Bag Getters (YBG)

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“It started out as a passion, and then people kept saying, ‘I think you should do more and more.’ Then it started to become a hustle because I have to live off of it, too,” Mark said. One of the biggest challenges YBG faced was growing the brand while staying consistent. “Getting recognized, growing, and being consistent was tough,” said Mark. “Also, finding my niche and target audience and adjusting to what they wanted from me was a learning process.” FUELED BY ENCOURAGEMENT Pop-up markets played a significant role in YBG’s journey. It was

WICHITA Business Magazine

through these events that Mark was able to connect with his audience and showcase his one-of-a-kind creations. People were very receptive to the pieces Mark had created and were always looking for more. The positive reception and encouragement from his customers fueled his motivation. YBG was featured in the ICT Fashion Tour and even hosted its own fashion show at Chain Link Art Gallery in Wichita, further establishing its presence within the fashion scene. “The consumers of my product, they want more, so I gave them more. I do it all for the people that support me,” he said.

Photo by AARON PATTON

Mark credits The Garages, a retail incubator program, for recognizing the potential in his style and providing tools to help his business thrive. “The Garages program definitely helped me get into my first brick-andmortar building. That was about three months ago at Revolutsia,” he said. CARVING A FASHION NICHE Mark’s new storefront, YBG Studios, located at 600 E. Douglas Ave, is a testament to his vision and work ethic. The space is shared with Two:AM Fits, which focuses on vintage pieces. Together, the two businesses offer a unique blend of reworked and vintage fashion. The store has also partnered

with Knockout Sneaker Boutique, which specializes in selling new and used shoes and operates on a buy, sell and trade model in Wichita. “We noticed how people would put all of our things together and build a whole outfit. And we’re like, ‘Man, this would be cool if we just expanded and made it bigger, officially,’” Mark said. Mark’s journey is defined by a genuine desire to make a difference in people’s lives. From dyeing socks in high school to creating one-of-a-kind fashion pieces from vintage materials, Mark and YBG have carved a niche for themselves in Wichita. Their story proves that with determination and creativity, anything is possible.

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Mark Lozada, owner of Young Bag Getters (YBG), specializes in repurposing vintage and discarded materials into fashionable wearables.

WICHITA Business Magazine

BARTON SCHOOL OF BUSINESS

HALL OF FAME By LISA LOEWEN The W. Frank Barton School of Business at Wichita State University welcomes the first three inductees into its inaugural “Beyond” Hall of Fame to recognize their longstanding dedication to the school and the education it provides. Through their extraordinary contributions, these visionary leaders have shaped the Barton School and helped chart a new course for business innovation that will inspire students both today and in the years to come.

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WICHITA Business Magazine

The inaugural Hall of Fame inductees — Frank Barton, Clark Bastian and Fran Jabara, will be honored for their commitment to the Barton School and the larger business community at an induction celebration at Mark Arts on February 17, 2024. “Inducting these remarkable leaders into the Barton School ‘Beyond’ Hall of Fame is a testament to their exceptional contributions and dedication,” said Dr. Larisa Genin, dean of the Barton School. “Individually, they have played an instrumental role in shaping the trajectory of the Barton School and have left an enduring impact on our institution and the business community.” The signature gala, designed to provide guests with exquisite cuisine and live entertainment, will bring together business luminaries, university leaders and esteemed alumni to commemorate these industry trailblazers. Proceeds from this event will support Barton School’s student experience and success initiatives with a special focus on attracting and retaining top student talent, contributing to the development of a strong workforce pipeline for businesses in Wichita, across Kansas and beyond. “We are thrilled to host this momentous occasion as we honor these extraordinary individuals,” said Stephanie Luetters, chair of the Barton School’s Hall of Fame event and a member of the Dean's Advisory Board. “Their achievements serve as an inspiration to future generations of business leaders and entrepreneurs.” “Beyond” Hall of Fame inductees will also be enshrined on a permanent Hall of Fame wall located on the second floor of Woolsey Hall.

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A Legacy of Leadership and Philanthropy

Wichita’s business climate would not be what it is today without the leadership and generosity shown by Frank Barton. His life’s work and philanthropic contributions left an indelible mark on the landscape of Wichita, and more specifically, the W. Frank Barton School of Business at Wichita State University.

W. Frank

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HUMBLE BEGINNINGS Barton started his career in 1937 as most people of his generation did: at the bottom. He worked as a salesman at the Montgomery Ward store in Shawnee, Oklahoma, quickly earning a promotion into management. Accepting a job offer as regional manager at Western Auto’s Wichita division twelve years later, was the beginning of a lifelong commitment to business and community that would forever leave its mark on Wichita. Three years after moving to Wichita, Barton could no longer ignore the entrepreneurial spirit burning within his heart. So, in 1952, he started Barton Distributors, which handled appliances, electronic equipment and consumer durable goods.

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WICHITA Business Magazine

Over the next several years, Barton Distributors grew rapidly, serving more than 300 dealers across much of Kansas and earning Barton recognition for being one of the leading distributors in the nation for companies such as Gibson, Motorola and Coleman Heating and Air Conditioning. A VISIONARY ENTREPRENEUR In 1973, that entrepreneurial fire in Barton’s core began burning once again. He suggested to Tom Devlin to create a partnership and start Rent-A-Center, a concept that allowed customers to purchase furniture, appliances and electronic equipment through a rentto-own purchase contract. Over the next 15 years, Rent-A-Center became a prosperous nationwide chain of stores, drawing the attention of global investors. Barton and Devlin sold Rent-A-Center to a British company, Thorn EMI, for $594 million in 1987. A GIFT THAT CHANGED A SCHOOL The sale of Barton’s business marked a pivotal moment in the history of

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Wichita State University. Frank Barton, along with his wife, Patsy, who was a WSU graduate, donated $12 million to endow WSU’s College of Business Administration. In recognition of this transformative gift, WSU’s Business School was later dedicated in Frank Barton’s name, linking his legacy with the institution. The W. Frank Barton School of Business, as it stands today, is a living testament to the impact of his extraordinary generosity. A LEADER AND ADVOCATE Frank Barton’s commitment to Wichita State University extended beyond financial support. His dedication to the university was evident in his service on the WSU Board of Trustees. This position allowed him to actively participate in shaping the future of the institution. His tireless efforts and visionary thinking made him a driving force behind the university’s continued progress. Furthermore, Frank Barton was honored with the Doctor of Humane Letters, Honoris Causa degree, a recognition of his

WICHITA Business Magazine

outstanding contributions to the fields of business and education. His dedication was further affirmed by his appointment as the chair of the WSU Foundation Board, where he played a pivotal role in advancing the university’s mission. A FOND FAREWELL The legacy of Frank Barton is one of dedication, innovation, and philanthropy. He was not just a successful businessman but also a visionary leader who understood the importance of investing in the future. Frank Barton’s unwavering commitment to education and community has had a lasting impact, leaving a permanent mark on Wichita State University. Although Frank Barton passed away in September 2000, his influence endures, carried forward by his family. As the W. Frank Barton School of Business inducts Frank Barton into its inaugural “Beyond” Hall of Fame, it pays tribute to a man whose legacy transcends his lifetime. It’s a testament to the power of visionary leadership and a reminder that the impact of one person can shape the future for generations to come.

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Craig Korol Certified Financial Planner ®, ChFC®, CLU®, RICP® & CPFA™

10333 East 21st Street North Suite 203 Wichita, KS 67206

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A Beacon of Leadership and Community Dedication

Wichita State alumnus Clark Bastian has impacted both the University and the community through his unwavering commitment toward making Wichita better. Bastian, the Chairman of Fidelity Bank, has shown leadership and generosity that reflects the passion he and his family have for our community.

Clark

BASTIAN 38

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A JOURNEY OF EXCELLENCE Bastian’s journey into the world of business began in 1976 when he joined his family-owned business, then known as Fidelity Savings, after earning a degree in business administration from Wichita State University. But learning about business really began for Clark at age 14 through a variety of customer-facing roles at — an apartment complex, a hardware store, a clothing store, a collection department, and an outdoor products retailer. Bastian credits these internships and his Barton degree as foundational to his successful leadership within the bank, culminating in the role of chairman and CEO. Through his leadership, Fidelity Bank prospered,

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Interim HealthCare offers wide range of services

growing 100 times its size to $3 billion in assets and 480 employees. It has transitioned into a successful commercial banking institution, expanding its presence with offices in the metro areas of Kansas City, Oklahoma City, and Tulsa. A LEADER IN EDUCATION Clark Bastian’s commitment to education and the betterment of future generations is evident in his three-year term as Chairman of the Dean’s Advisory Board of the Barton School of Business at Wichita State University. In this role, he actively participated in shaping the trajectory of the Barton School, ensuring that it continues to provide excellence in business education. He serves as a member of WSU’s National Advisory Council, demonstrating his enduring commitment to the university’s mission and values. His contributions extend further, as he has served on numerous boards, including the Wichita State University Foundation, Ulrich Museum, the Wichita Foundation, and the Rotary Club of Wichita.

At Interim HealthCare of Wichta, the commitment to improve people’s lives isn’t just a company motto. “We are family owned, and we put family first,” said Jay Stehley, who with his sister Jill Harrison owns and operates the Wichita and Topeka Interim HealthCare franchises. The Wichita franchise was launched by their parents, Don and Judy Stehley, in 1979, and has been a leader in the home health industry since then. Interim HealthCare offers four key areas of service in the Wichita market, which covers Wichita and surrounding communities. Those are: hospice, mostly in-home; home health, both Medicare and Medicaid certified in both; staffing, for hospitals and doctors offices; and personal care and support services, from non-medical to skilled nursing. “A majority of our work is in patients’ homes, whether that’s at home or in a facility,” said Jay. “We do our very best to help keep people in their

own homes as long as possible, and we provide the services to enable that.” The family-owned business started when Don Stehley, who was a quarterback with Kansas State University in the 1940s, then a coach, and then with the KSU Alumni Association, came to Wichita to launch the Interim HealthCare franchise. Jay, who has a B.S. degree from Emporia State University in business administration, took over operations in 2001 after a 17-year career with PPG, an automotive paint and chemicals company. “I grew up in Manhattan, and was involved in sports like my dad,” said Jay. He played football for Butler Community College, and later attended KSU and ESU. Jay and his sister launched the Topeka franchise in 2012, and Jill runs that operation while Jay concentrates on the Wichita location. “We take it one client at a time and improve their situation,” said Jay. He noted letters from families who have benefited from Interim HealthCare’s

hospice services, and felt their loved ones were able to die with dignity. “Those kinds of responses from families help keep us going,” said Jay. “And it isn’t just Jill and I – our staff is dedicated and committed, and they all help us live the company’s mission.” With its diverse service offerings, Interim HealthCare has been able to meet a variety of needs in the Wichita market. In addition to meeting home health needs and hospice care for families, the personal care and support services can help individuals and families in even more ways, with non-medical help around the house, up to around-the-clock skilled nursing services. And, Interim HealthCare also helps other arms of the medical field in Wichita through its staffing services, providing skilled workers for hospitals and doctors offices. For more information about Interim HealthCare of Wichita, visit www.interimhealthcare.com, or call 316-265-4295.

Home Healthcare | Hospice Private-Duty Care

(Bathing, housekeeping, shopping, & medication reminders)

Staffing | Skilled Nursing

(Infusion therapy, wound care, & high-risk cardiac care)

Physical, Occupational, & Speech Therapy

In addition to serving Chronic Disease Management on advisory boards and More than 42 years of homecare experience. giving of his time, Clark Our compassionate and loving employees will make your and his wife, Sharon, have family member feel like a treasure. made significant gifts in support of When the university, it Matters Most, Count on Us for ALL Your Needs... 24 Hours/7 Days a Week including to the campaign • Hospice 9920 E. Harry, Wichita, KS 67207 to build Woolsey Hall, now • Home Healthcare & medication reminders) • Private-Duty Care (Bathing, housekeeping, shopping, 316-265-4295 the home of the• Staffing W. Frank • Skilled Nursing (Infusion therapy, wound care, & high-risk cardiac care) 121 W. &Central, El Dorado, KS 67042 Barton School of Business. • Physical, Occupational, Speech Therapy 316-600-5190 • Chronic Disease Management

More than 40 years experience 525ofN.homecare Main St., Hutchinson, KS 67501 A LEGACY OF GIVING | 800-593-4295 compassionate make your family member feel like a treasure. ClarkOur Bastian has and loving employees will620-663-2423 tirelessly devoted his time 314 N. Washington, Wellington, KS 67207 24 Hours/7 Days a Week 620-359-1127 9920 E. Harry, Wichita, KS 67207 and talents to various 316-265-4295 causes, embodying the 525 N. MainSt., St., Hutchinson, 67501 1005 W. South Salina, KSKS 67401 620-663-2423 • 800-593-4295 785-404-3800 spirit of community service. 1005 W. South St., Salina, KS 67401 785-404-3800 He serves as a testament to www.interimhealthcare.com the impact that a dedicated individual can have on their community, university and the broader world. As the W. Frank Barton School of Business inducts Clark Bastian into its inaugural “Beyond” Hall of Fame, it recognizes a leader who has not only excelled in the world of finance but has also selflessly dedicated his time and energy to enriching the lives of others. Clark Bastian’s influence is a testament to the power of commitment, dedication, and a passion for giving back. And, he’s never been prouder to be a Shocker.

BE SEEN. WHERE LOCAL BUSINESS IS THE SPOTLIGHT.

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A Trailblazer In Entrepreneurship And Education

Fran

JABARA 40

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Fran Jabara forever changed the intersection of education and entrepreneurship. A staunch advocate for entrepreneurs, Jabara sought to foster a more conducive environment for facilitating entrepreneurial development in higher education. After serving for three years in the U.S. Army during World War II, Jabara received his undergraduate degree from Oklahoma A & M (Oklahoma State University) in 1946. He completed his graduate studies at Northwestern University and earned his CPA. EDUCATOR AND LEADER Jabara joined the faculty of Wichita University (now Wichita State University) in 1949, a career that would span 40 years. He was appointed Distinguished Professor in 1971 and served as Dean of the College of Business Administration for seven years. His leadership was marked by a deep commitment to fostering a culture of entrepreneurship and innovation. Under his guidance, the Barton School of Business flourished, with a focus on preparing students to become innovative leaders and business visionaries. Jabara founded one of the first Centers for Entrepreneurship at

Wichita State in 1977, a program that became internationally recognized as one of the finest and most comprehensive in the nation. He also co-founded the Association of Collegiate Entrepreneurs (ACE), the largest national organization for collegiate students interested in entrepreneurship and was instrumental in assisting other universities in creating entrepreneurship programs, including Cornell University, University of Calgary, University of Notre Dame, Arizona State University, St. Thomas University, Marquette University and the Monterey Institute of Technology in Mexico. ENTREPRENEURSHIP BEYOND ACADEMIA Jabara chose to leave Wichita State in 1989 to pursue his own entrepreneurial dream, founding Jabara Ventures Group, a private equity and investment company, as well as the Jabara Family Foundation. Leaving the realm of higher education behind did not mean letting go of his dedication to developing future entrepreneurs, however.

Jabara established numerous accounting and entrepreneur scholarships and awards at several universities and colleges to help deserving students pay for their business education. He also mentored thousands of individuals and companies over the years, sharing his expertise and advice with those who asked, solidifying his reputation as a guiding force in the entrepreneurial landscape. A recognized national leader in entrepreneurship, Jabara received several prestigious awards including Entrepreneur of the Year in 1991 by Ernst & Young, Merrill Lynch, Inc. and Financial Services Advocate of the Year in 2003 by The U.S. Small Business Association. A HALL IN HIS HONOR In addition to national accolades, Wichita State recognized Jabara’s extraordinary contribution to the University with its dedication of Jabara Hall in 1996. This building stands as a testament to his pioneering spirit and tireless efforts to shape the future of entrepreneurship

education. It is a place where budding entrepreneurs can gather, collaborate, and bring their innovative ideas to life. Jabara also received the Faculty Lifetime Achievement Award from the College of Business Administration in 2001 and the President’s Medal in 2002. A LEGACY REMEMBERED Although Jabara passed away in 2015, his impact on entrepreneurship and education continues to resonate, carried forward by his family. As the W. Frank Barton School of Business inducts Fran Jabara into its inaugural “Beyond” Hall of Fame, it pays homage to an individual who reshaped the landscape of entrepreneurship education and left a permanent mark on the entrepreneurial community. Fran Jabara’s legacy serves as an enduring source of inspiration for aspiring entrepreneurs, educators, and innovators. He stands as a testament to the transformative power of vision, dedication, and unwavering commitment to fostering the next generation of business leaders.

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WICHITA Business Magazine

“My job is to put the right toy in the right hands at the right time.” — Gwen Ottenberg Owner Imagine That Toys

ACHIEVING SUCCESS THROUGH PLAY By AMY GEISZLER-JONES Photos by FERNANDO SALAZAR

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WICHITA Business Magazine

Gwen Ottenberg is an expert at playing — and she has the certificate to prove it. She transformed her love of creativity, imagination and play into her success as a local independent toy store owner. That’s something she backs up with a certificate, too. Ottenberg earned both her Certified Play Expert (CPE) and

Photo by FERNANDO SALAZAR

Certified Master Retailer (CMR) certifications from the American Specialty Toy Retailing Association (ASTRA), the major trade association for independent toy stores, vendors and manufacturers. As part of the CPE certification, participants learn about the many aspects of child development and working with children.

She’s also a past winner of ASTRA’s Retailer of the Year award. Today, she sits on the association’s Excellence Committee, helping select recipients of the same award. FILLING A VOID Ottenberg opened Imagine That Toys, which is located in the Comotara Retail Center at 29th and

Rock Road in East Wichita, in 2007. “I’ve always been in the kid world,” Ottenberg said, describing the time she spent working for both an amusement park and a family fun center when she was still in her home state of Pennsylvania. She and her husband, Albert, moved to Wichita in 2005 for his aviation career. Ottenberg spent

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WICHITA Business Magazine

Photo by FERNANDO SALAZAR

Imagine That Toys staff (L to R): Karen Clark, Sandra Williams, Gwen Ottenburg, Nicolas Quinones and Paula Moffett.

the first few years as the manager of the Explore Store at Wichita’s Exploration Place science center. “When I was there, I would constantly hear, ‘Why doesn’t Wichita have a great toy store?’” Ottenberg recalled. “It took me a few years to convince myself that we could do it. So here we are — we have a toy store.” Ottenberg, who earned a degree in communication with a minor in business from the University of Pittsburgh, was very deliberate when choosing the location of her store. Knowing that women tend to be the decisionmakers when buying toys for

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their children, she set up shop near other businesses that cater to women, such as the Beau Monde Spa and Boutique, Mike Seltzer Jewelers and The First Place gift, jewelry and home decor store. Although Wichita did have two Toys “R” Us locations before the retailer went out of business in 2018, Ottenberg had the advantage. She hired and trained her staff to understand the products they were selling so that they could make the best possible recommendations to their customers. RIGHT TOY. RIGHT TIME. “We’re clear on what we do,” said Ottenberg. “My job is to put the right toy in the right hands at the right time. And people want that expertise. They want the best thing for their child at

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the time when they need it, whether that’s a game or they want to have the right birthday party present. That’s not something big box stores can offer. “I’ve played with every toy in here. I know how it works. I know how to play the game. I’ve done the science kits. Plus, I buy stuff that’s quality and that’s going to last through the child. I want to have items that kids interact with and not things that just perform for the child.” Imagine That Toys has 5,000 square feet of selling space. Working with about 1,000 vendors, Ottenberg has as many as 60,000 items in her store’s inventory. These range from plush animals and baby dolls to nostalgic items like lava lamps and kaleidoscopes. She also sells books, science kits and Lego sets. The one thing you won’t find in the store is electronics.

"I want to have items that kids interact with and not things that just perform for the child.” — Gwen Ottenberg Owner Imagine That Toys Several years ago, Ottenberg — who is an only child, as well as the parent of the only grandchild in the family — convinced her parents to move to Wichita from Pennsylvania. Her mom is now one of her seven employees, most of whom are full time. PLUSH, FIDGETS & LEGOS So, what are shoppers buying most often these days? “A lot of plush. Kids still want to be loved and hugged and want the plush. We’re seeing a ton of fidgets and things to keep their hands busy. I can’t believe we’re still selling massive amounts of fidget toys, but kids need that decompression. Lego is going to have an incredible year, but Lego has had incredible years in the past. We just got to preview the 2024 new items for Lego and they’ve got amazing things coming out,” said Ottenberg, who attended the Toy Fair convention in New York City this past September. However, the nondisclosure agreement she signed prevents her from sharing any insights about Lego’s new items. It’s clear that Lego bricks are among Imagine That Toys’ most popular items. The store has a wall that is stocked from floor to ceiling with boxes of Lego toy sets for every age group. For the past decade, Imagine That Toys has earned the distinction of being a Lego Gold Standard store. This is an exclusive recognition that The Lego Group grants to only a select group of independent retailers. For customers, shopping at a Lego Gold Standard store means they gain access to certain Lego sets before their official release date. It also

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Photo by FERNANDO SALAZAR

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WICHITA Business Magazine

Photo by FERNANDO SALAZAR

The staff at Imagine That Toys make sure to understand the products they sell in order to make the best possible recommendations.

means they can trust that they’re buying authentic Lego sets. Many of Ottenberg’s Lego customers are adults. Even before the pandemic, the Danish toy company was already targeting the adult demographic by marketing their building brick sets as a way to destress. A January 2020 article in The Washington Post noted that Lego had not only revamped instruction booklets, but also created new kits meant to provide a “joyful, creative challenge.” These include Lego’s botanical collection, in which builders can use Lego bricks to create impressive displays of succulents and flowers.

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Items like Lego bricks, puzzles and board games became hot sellers during the pandemic because people were seeking ways to alleviate stress and boredom. This helped Imagine That Toys stay in business. “People found their love of play again,” Ottenberg said. SUCCEEDING BY ADAPTING As a United States Postal Service collection site, Imagine That Toys remained open throughout the pandemic. They increased their marketing for their concierge, online shopping and local pickup services, which

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they had always offered but had become more necessary due to social distancing. Ottenberg and her staff created window displays where customers could simply approach the window and point to the item they wanted to buy. The ability to adapt is not out of character for someone who makes a living by working in “the land of children,” as Ottenberg calls it. “If you’ve ever talked to a three-year-old, you can be discussing dinosaurs and then aliens, or even at the same time and you just roll with it,” Ottenberg said. Learning to “roll with it” is what also helped Ottenberg and her husband face an early challenge in their lives. When they were both 17, her husband, Albert, was diagnosed with Hodgkin’s lymphoma. “Because we were so young, he said, ‘We can get through this. We need to live for the moment.’ So, that’s very much how we’ve lived our lives because you may not have tomorrow. That’s what gave me the guts to start the store,” Ottenberg said. Knowing that life can be challenging is also why she enjoys helping people celebrate life through play and imagination. “Not a lot of businesses can say they show up for all the important events, like your birthday, Christmas, when you pooped in the potty and when you slept in your own bed. There’s nothing too big or too small that can’t be celebrated.”

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Leveraging Behavioral Economics

ss e n i s u B for By LISA LOEWEN

Most people are familiar with the idea of behavioral economics as it relates to psychology, sociology and other disciplines dealing with the subject of human actions. However, they may not be so familiar with how experts use behavioral economics for business.

The Barton School of Business Behavioral Economics Laboratory at Wichita State University is committed to help local businesses make better marketing and economic decisions through online experimental studies aimed at understanding decision-making processes. Dr. Siyu Wang, associate professor in the Department of Economics, heads up the Behavioral Economics Laboratory housed in Woolsey Hall, the new home for the Barton School of Business. Inspired by the groundbreaking work of Nobel laureate Vernon Smith in experimental economics, Wang says the lab’s primary mission is to bridge the gap between academic theories and practical challenges.

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DR. SIYU WANG Associate Professor Department of Economics Barton School of Business Wichita State University “The idea of behavioral economics is not new,” Wang said, “but most businesses in our community may have no idea how it can be used to assist with marketing and policy decisions.” RESEARCH BASED ON EXPERTISE Wang says the expertise of researchers at the lab spans a wide range of skills including experimental design, A/B testing, empirical and online data analysis, as well as managerial decision analysis. While many businesses already have access to significant amounts of big data about customer usage and patterns, it can be challenging to answer the ‘why’ question hidden behind the data. Without understanding the ‘why,’ making accurate high-level decisions in the dynamic environment we face every day is difficult. “We design experiments with control and treatment groups to understand ‘why’ and accurately measure causal relationships that inform actionable strategies. We are extremely precise in our experimental design and analysis because we want to make sure that we gain a clear picture of the decision-making process.” Wang and her fellow researchers meet with industry leaders and business owners who are interested in using behavioral economics as part of their decision-making process. They listen to their goals and ask questions to help them understand the complex

environment a company wants to explore. After thorough research into the industry and market trends, including a detailed literature review, the team will build an experiment designed to gather specific behavioral data. Once the experiment is designed, they can test it within Wichita State University’s student population in a very controlled environment within the onsite lab, or they can launch it online or in the field to a specified population segment based on demographic and behavioral factors. “We can also test an organization’s existing client base using their prevailing platform,” Wang said. “We are working with organizations right now to help them determine the best course of action to improve their business. Once we know what they are trying to measure, we design an experiment designed to test options A or B or C. We guide them step-bystep on how to launch those different treatments in a way that will help them look at their data, compare the results and provide accurate policy recommendations.” ACTIONABLE RESULTS The statistical power you need in order to conclude that a certain approach works better than another is dependent on a number of factors. Wang says that is why the size of the participant pool is part of the initial research that is conducted prior to implementing the design of an experiment to ensure the results are valid. “When you sit down with us to talk about what you need from the experiment, we look at everything that will affect your results, including the amount of data you need to collect to get an accurate representation,” Wang said.

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BEHAVIORAL ECONOMICS IN PRACTICE Behavioral economics is a field that merges insights from psychology and economics to understand how people make economic decisions. This research develops a realistic understanding of human decision-making, on which businesses and policymakers can design effective strategies. Strategies that are aligned with individual behavior and preferences have been impactful in various sectors, including public policy, finance, marketing, and consumer behavior. Numerous prominent companies have embraced behavioral economics to enhance their decision-making processes: •

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Amazon uses behavioral insights to optimize their interfaces, recommendations, and pricing strategies. Ride-sharing companies like Uber and Lyft implement behavioral techniques to manage surge pricing and reduce cancellation rates. Walmart appointed a behavioral economist as their chief economist to leverage insights for improved strategies. Netflix personalizes content recommendations based on viewing history, using behavioral tendencies to engage users. Social media platforms like Facebook use behavioral insights to enhance user experiences and optimize ad targeting.

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RETURN ON INVESTMENT “The Behavioral Economics Laboratory is committed to solving some of the most pressing issues of companies in innovative and impactful ways,” Wang said. In return, they ask the businesses who work with the Behavioral Economics Laboratory to share their data so they can publish the results in academic journals and further the research efforts. Businesses can also show their appreciation by sponsoring the lab so that it can expand on its programming and capacity. A mix of graduate and undergraduate students participate in the research process as paid research assistants. In addition to helping businesses make informed policy decisions, Wang says the Behavioral Economics Laboratory plays a vital role in educating students about decision-making in real world operations. “Many of these students are interested in applying for Ph.D. programs and become researchers or professors in the future. This

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kind of training not only has a good return on the effort they invested in, but also helps them pursue the education they need for their future career.” Wang said. UNLIMITED POSSIBILITIES Wang says this behavioral approach to decision-making can be used for countless applications. For example, a company may want help determining the best interface to encourage customer interaction. An A/B test could help them decide if customers would prefer certain graphical representation. Other companies use this type of testing to decide what type of sales promotion would be most effective with potential customers. The Behavioral Economics Laboratory is conducting several projects, including the reduction of safety accidents in metro stations, encouraging electricity conservation, optimizing pricing on freelance websites, developing online education tools, and designing financial health advice apps. Companies that incorporate behavioral economic experiments as a basis for decision making can collaborate with the lab to explore new ideas; or they can also receive help deciding which of their existing ideas will be the most effective. “When a business asks for our help in designing a test, they could already have an idea of what options they have,” Wang said. “Our process provides them guidance to obtain the causal data and help them make the best decision based on the feedback.” The Behavioral Economics Laboratory exemplifies a model where academia and real-world

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businesses converge for mutual advancement. By leveraging behavioral economics, businesses can refine their decision-making, and through collaboration with academic institutions, they foster innovation and practical solutions. Dr. Wang and her team’s commitment to this synergy underscores the transformative potential of behavioral economics in reshaping the business landscape.

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The process of designing an experiment, launching it and evaluating the results can be lengthy at times depending on the research problem under consideration. Gathering the client information, historical and industry perspective and conducting a comprehensive literature review is essential to maintain the academic integrity expected from an institution of higher education, but it is also vital to ensure the business receives timely and actionable data. “As with all research, thoroughness is the key to a quality outcome,” Wang said.

Dr. Siyu Wang, associate professor in the Department of Economics, heads up the Behavioral Economics Laboratory housed in Woolsey Hall, the new home for the Barton School of Business. Her research spans diverse areas such as business decisionmaking, information economics, managerial strategies, public policies, and environmental and energy economics. In her role as an associate professor in the Department of Economics, she not only excels in research and teaching but also serves as the Director of the Masters in Economics and Quantitative Analysis (STEM-designated) program. In addition, Wang serves as a research fellow at the Institute for the Study of Economic Growth, furthering her contribution to the field.

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