Bus{in}ess University of Central Florida
the know
Spring/Summer 2009
Accent
Cameron Ford, Ph.D., director of the Center for Entrepreneurship & Innovation
The Center for Entrepreneurship & Innovation Celebrates Grand Opening
From the Dean Unfortunately, Florida has been hit hard by the recession. As a result, we have experienced budget cuts throughout our state, especially within our university system. Yet, I remain optimistic and am proud to share some good news with you in this publication. For example, you will read how our Center for Entrepreneurship and Innovation is thriving. We currently have more than 1,000 students enrolled in entrepreneurship courses and the Center recently moved to a larger space to accommodate their growing needs. Students involved in the program have the opportunity to obtain real-life experience outside the classroom and in some cases, outside the country. Members from one of our student entrepreneurship organizations, the Global Business Brigades, recently traveled to Panama to help villagers learn the necessary skills to run a profitable business. You will also read about our successful Professional Selling Program. Our marketing students consistently rank in the top 10 each year at the National Collegiate Sales Competition, helping us gain recognition among other business schools. While it is beneficial to send our students out into the real world, sometimes it is just as beneficial to bring someone from the real world to them. Such is the case of John Allison, chairman of BB&T Corporation. Allison visited the college and spoke to students about BB&T’s core values as well as their commitment to ethics. You can read about his presentation on page 9. As our college continues to struggle with budget cuts, we are learning how to do more with less. But one thing is for sure. A shortage of funds does not equal a shortage of success stories. I look forward to addressing you in the next issue and sharing more of our good news.
Thomas L. Keon Thomas L. Keon, Dean
Table of Contents 2
Facts & Figures
3
Professional Selling Program
4
Faculty News
5
Alumni
6
Cover Story
The UCF Center for Entrepreneurship & Innovation (CEI) relocates.
8
Entrepreneur Students Travel To Panama
9
A Lesson In Ethics
10 Biz Central 12 Dean's Executive Council
Dean: Thomas L. Keon Communications Director: Joanne Chive, ‘03 and ‘07 Graphic Design/Digital Artwork: Jonathan Gabriel, ‘06 Photo Cover and TOC photo: Jacque Brund UCF Business (In The Know) is published by the College of Business Administration at the University of Central Florida. We welcome your letters and comments. Please write to: Communications Director, University of Central Florida, College of Business Administration, P.O. Box 161991, Orlando, FL 32816, or e-mail jchive@bus.ucf.edu.
UCF College of Business Administration
Facts & Figures (Spring 2009)
Spring 2009 Enrollment
Male Female 4,767 3,156 511 421
Undergraduate Graduate
Total 7,923 932
Total Enrollment, Undergraduate & Graduate: 8,855
1% 4%
Undergraduate Enrollment Percentage
12% 15% 12%
College Faculty
18%
3% 2% 2%
18% 13%
Tenured/Tenured Track Non-Tenured, Full-time Faculty Administrators
79 41 4
Accounting
Finance
M.I.S.
B.A.B.A.
General Business
Real Estate
Economics (BSBA)
Management
Economics (BA)
Marketing
Undecided (Business Pending)
Non-Instructional Faculty Adjunct Faculty Total
7 18 149
All programs, as well as the Kenneth G. Dixon School of Accounting, are accredited by AACSB International—the Association to Advance Collegiate Schools of Business.
University of Central Florida Total Enrollment
Undergraduate 41,480 Graduate 7,172 Total 48,652 Number of states represented: 50 Number of countries represented: 142
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Students Learn How Sales Careers Produce Results Each year, a team of students from our Professional Selling Program is selected to compete in the National Collegiate Sales Competition…and each year UCF earns a top 10 ranking! We are quickly gaining national recognition as a top sales program for undergraduate students. The Professional Selling Program remains competitive by admitting only 35 new marketing students each year. Students participate in rigorous sales training sessions using our high-tech professional selling lab. The lab is equipped with state-of-the-art audio and video equipment that can be used to videotape and play back role-played sales calls.
Professional Selling students Jessica Cernell and Andrew Gaffka pose with their awards. Cernell and Gaffka were part of the UCF team that competed in this year's National Collegiate Sales Competition held at Kennesaw State University. Cernell made it to the quarter-finals; Gaffka was a semi-finalist.
Students also participate in a mentorship program and are paired with sales professionals from leading companies. Students partner with a different professional salesperson each term to broaden their experience and truly “learn by doing!”
Professional Selling Students Raise Money For Charities Last year, Nicole Howatt, CBA marketing instructor in the Professional Selling Program, created the “UCF Sales Apprentice” to help her students improve their sales techniques, gain real world experience and raise money for non-profit organizations all at the same time. As part of the program, students divide into teams and each group identifies a non-profit organization they want to support. Each team must meet with a minimum of four local businesses and do a sales presentation to encourage them to donate to the group's charity. At least four donations must come from companies they meet with in person. To encourage the students to raise as much money as possible, the groups compete against each other to see which team can bring in the most donations. An award is given to the first-place team, and they are congratulated for their outstanding performance on a billboard from Clear Channel Outdoor and a print advertisement in the Orlando Sentinel. The winning team this year (Lauren Barley, Bridget Biederman, Robert Cousin and Nathan Cliver) raised more than $75,000 in cash for the Victim Service Center, a non-profit organization that meets the needs of crime victims who reside in or were victimized in Orange County, Florida. In total, the 2009 Sales Apprentice teams raised $107,823 in cash and in-kind donations and services.
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Faculty News Carol Saunders Awarded Prestigious Fulbright Award MIS Professor Carol Saunders, Ph.D., was awarded a FulbrightVienna University of Economics and Business Administration Distinguished Chair. She is currently in Vienna, Austria working on research projects with faculty and teaching a doctoral seminar. Her lecture topic is “Organizational Impacts of Information Technology.” Fulbright Distinguished Chairs are among the most prestigious appointments in the Fulbright Scholar Program. Selected recipients are eminent scholars and have significant publication and teaching records. Saunders is widely published and was editor-in-chief of the top-ranked MIS Quarterly. She is a Fellow of the Association of Information Systems. She has been with UCF since 2001.
Djehane Hosni Awarded Professor Emeritus Status Djehane Hosni, Ph.D., who retired from the CBA as associate dean of Graduate Studies in December, was awarded professor emeritus status during the 2009 UCF Founder's Day ceremony. Emeritus professor status grants her a lifetime link to UCF. Hosni was a member of the Economics Department from 1977 to 2008, and was the chair from 2000 to 2005. She played a major role in developing the Ph.D. program in Economics.
Sean Snaith Hosts Money Talk$ America Sean Snaith, Ph.D., director of the Institute for Economic Competitiveness in the CBA, has begun hosting Money Talk$ America, a new 4
television series produced by UCF-TV. Each episode, Snaith breaks down complex economic issues into news consumers can use and discusses a wide variety of current topics such as interest rates and the job market. Snaith is a national expert in economics, forecasting, market sizing and economic analysis, and he publishes both state and national quarterly reports. Bloomberg News recently named him as one of the country’s most accurate forecasters.
Bob Case Named Director of EDC Robert B. “Bob” Case, a 1970 graduate of the UCF College of Business Administration, has been named the director of the Executive Development Center (EDC). Case will oversee the operations and programs of the EDC, which moved to a new downtown location in 2008. Case has significant management experience and retired as president of Sears Termite & Pest Control in 2000. During his tenure, the company grew to more than $120 million in annual revenue. After retiring from Sears, he founded RB Case Consulting, Inc., a company that provides strategic development services to senior executives of emerging growth firms. In addition to his professional experience, his strong ties to the College of Business Administration made him an outstanding candidate for the position. He is a member of the Dean’s Executive Council and was inducted into the college Hall of Fame in 2002. He has also served as a judge in numerous student competitions.
Alumni Dear CBA Alumni:
With the flurry of new social networking tools on the web, you can now join the Alumni Association group on Facebook or follow the College of Business Administration on Twitter. Some people might argue that with these new tools the traditional networking process is rapidly declining. These online tools can be powerful, but nothing can replace a firm handshake or an inviting smile. With the level of competition in the business world, today we need every available tool to get our message across. Face-to-face interaction is still the best way to build relationships and
communicate. The CBA Alumni Chapter creates opportunities to do exactly that. The chapter serves many interests and hosts several functions each year including networking opportunities, social events, a fundraising golf tournament, student interaction programs and community service projects. These efforts are overseen by the CBA Alumni Chapter Executive Committee. When working with this dedicated group of alumni, there is an enhanced opportunity to build business relationships and give back to the college and UCF. I hope you will join us at our
next monthly executive committee meeting or alumni event, and benefit from the opportunity UCF provides. Let me know if you have an interest by calling (407) 823ALUM or by sending us an e-mail at businessadmin@ ucfalumni.com.
Joseph Regenstein IV Joseph Regenstein IV CBA Alumni Chapter Chair, Alumni Association Board of Directors
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A New Home For New Ideas
The Center for Entrepreneurship & Innovation Relocates Aspiring entrepreneurs and innovators at the University of Central Florida have a new place to create and pursue business opportunities. The Center for Entrepreneurship & Innovation (CEI), a university-wide initiative developed by the College of Business Administration, has moved to a larger, more suitable location within the college. Expansion was necessary to accommodate the continuous growth of the entrepreneurship program. The new area is more than double the size of the previous CEI site and contains ample CBA Dean Thomas Keon confers with Dave Brim, '08, co-founder/ CEO of GroupTable.com and two-time Joust winner. meeting space, multi-media equipment including a 65-inch wall monitor and separate rooms for personalized coaching and group meetings. The CEI serves students across all of UCF's undergraduate and graduate programs. “UCF Stands For Opportunity, so the College of Business Administration created this academic center to provide the campus community with courses, programs, coaching facilities, and special events designed to create a culture of entrepreneurship throughout the university,” said Cameron Ford, Ph.D., associate professor and director of the CEI. According to Ford, the CEI offers opportunities in five main areas, all beginning with the letter C: Curriculum: More than 1,000 students are currently enrolled in entrepreneurship classes. Undergraduate students have the opportunity to either major or minor in entrepreneurship, and graduate students can earn a certificate in either entrepreneurship or technology ventures. A variety of internships are available for students. Coaching: The CEI partners with experts from UCF's Small Business Development Center (SBDC) and the Venture Lab to offer students individual sessions with seasoned coaches and mentors that have “been there, done that experience.” Student entrepreneurs also have access to resources and advice from SCORE, “Counselors to America’s Small Business,” in an office dubbed the Coaches' Corner. Competitions: Each spring, the CEI sponsors two business competitions that are open to all students 6
within the UCF community. The King of the Court is a 90-second business-pitch competition, and The Joust is a business plan contest. Both competitions are judged by a panel of business leaders and successful entrepreneurs. Winning teams are awarded cash prizes, and The Joust champion earns one year as a client in the UCF Technology Incubator. Connections: Entrepreneur students benefit from the connections and partnerships the CEI has established within the UCF community and beyond. Students have access to campus resources such as the Small Business Development Center, Venture Lab, Technology Incubator, Office of Tech Transfer and the Institute for Economic Competitiveness. They also have access to external resources including the Disney Entrepreneur Center, Orange County Government, the Florida High Tech Corridor Council and the Central Florida Partnership. Clubs: There are several student organizations that are geared toward entrepreneurship. Students interested in exchanging ideas, networking and interacting with their peers can join the CEO Knights, the Collegiate Entrepreneurs Society; the Innovation Club, which is supported by the National Collegiate Inventors and Innovators Alliance; or the Global Business Brigades (read more about them on page 8).
Management instructor Richard Quinn coached Helping Hands Healthcare, winners of this year's Joust Business Plan competition. From left to right: Vinny Tursi, Jennifer Jernigan, Quinn, Tavia Steele and Mary Huizenga.
Erik Halverson of Masonry Insulators, winner of this year's King of the Court, stands with competition judges. From left to right: Robert Case, director, UCF Executive Development Center; Michael Judith, president, Physician Capital Group Florida; Paul Gregg, UCF finance instructor; Frank Crum, president, FrankCrum; Halverson; Cameron Ford, director, the Center for Entrepreneurship & Innovation; and Rod Vargas, founder, Apex Environmental Engineering & Compliance.
Of course, ask any of the students involved with the entrepreneurship program and they will all agree—there is a sixth “C” that pulls this all together, Cameron Ford! His vision and dedication to the entrepreneurship program are the reasons for its success.
“We believe, as President Obama recently noted, that the answers to our problems exist in our laboratories, universities, and imaginations of our entrepreneurs. The CEI hopes to inspire, educate and support those trying to benefit society with economically sustainable innovations.”
—Cameron Ford, Ph.D.
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Entrepreneur Students Travel To Panama Operating a small business is challenging enough anywhere, but imagine trying to do so in one of the poorest communities in the Western Hemisphere. A group of aspiring entrepreneurs from UCF do not have to imagine what that would be like. The group traveled to Koskuna, Panama and learned first-hand that there is much more to entrepreneurship than just owning a business. The students are members of the Global Business Brigades (GBB), a socially conscious organization that uses business skills and a passion for change to assist developing communities around the world. The goal of the UCF chapter of GBB is to deliver sustainable micro-enterprise solutions to impoverished villages. In December 2008, 17 members of the UCF chapter traveled to Panama for seven days and worked with the indigenous Kuna community to assess the needs of two micro-enterprises: un comedor infantil (children’s kitchen) and una tienda junta local (local small community run store) in Koskuna, Panama. Even though the students were in Panama just seven days, their impact will make a difference for years to come. They taught the villagers how to expand their operations and stimulate economic development, while also providing lessons on personal finance, accounting and basic computer skills. Both the community kitchen and the local store contribute a portion of their proceeds to support Kuna’s local school and church, and plans are underway to use additional incoming revenue for future micro-enterprise growth. “This trip gave me many opportunities to learn. I learned more about servant leadership, human relations, working with a team of diverse students, and about myself,” said Kathy Nguyen, GBB president and program director. “I definitely felt I was taking a chance by doing all of this, but had I not, I would have missed out on meeting such an amazing group of people and an incredible opportunity to make a difference,” she added.
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After the trip to Panama, the students returned to Orlando and continued working on their business proposals. They went back to the village in May and implemented their strategic business plans. It is their goal to provide the entire Koskuna community with the knowledge and capability to be financially independent and self-sustaining.
A Lesson In Ethics Values are important at BB&T Corporation. So important, that the financial institution has identified 10 primary values that are used to achieve its mission and corporate purpose. John Allison, chairman of BB&T, recently spent the day at UCF and explained each value, as well the company’s overall strategies, during a presentation to CBA students. Allison gave each audience member a copy of the BB&T Philosophy, a 30-page booklet that is distributed to all BB&T employees. The publication is used to help staff members get the most out of themselves by implementing the 10 values by which to live and work. He argues that if employees are getting the most out of themselves, they’ll not only be better people, but better employees.
BB&T Professor of Business Ethics Marshall Schminke, Ph.D., second from left, recognized BB&T executives for their generous gift. From left to right: Scott Greer, Schminke, John Allison, Nan Hillis and Bill Klich.
Honesty and integrity are at the core of these values. They are the basis upon which BB&T’s reputation and success as a leading financial institution has been built over the years. BB&T will continue to rely upon them in the future. Allison thinks the banking industry is very important to the future of the United States. “The significance of the financial industry is evidenced by the impact the industry is having on the economy in general,” he said. He offers the following advice for students interested in entering the field: “My personal advice would be really what I talked about today. Having the right set of principles—which requires a long-term perspective on your life—is the foundation for your personal success and happiness,” he said. Allison began his service with BB&T in 1971 and has managed a wide variety of responsibilities throughout the bank. He became president in 1987 and was elected chairman and CEO in July 1989. During his tenure as CEO from 1989 to 2008, BB&T grew from $4.5 billion to $152 billion in assets. In March 2009, he joined the faculty of Wake Forest University School of Business as Distinguished Professor of Practice.
Gift Creates the BB&T Program for Business Ethics In recognition of our strong commitment to teaching and researching ethics, BB&T Corporation pledged $1 million to create the BB&T Program for Business Ethics. The college will receive $100,000 annually for the next 10 years to provide operational funding for business ethics programs as well as support for the BB&T Visiting Scholars Program and the BB&T Professorship in Business Ethics. Marshall Schminke, Ph.D., was named the inaugural professor. He joined UCF in 1999 and was selected due to his vast experience in researching and teaching business ethics and strategic management.
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Biz Central News From the SBDC The Small Business Development Center (SBDC) at UCF was inducted into the “UCF Millionaires Club” by the Office of Research and Commercialization. The SBDC was among a record 32 researchers within UCF who brought in $1 million or more in external research funding during the last fiscal year. In other SBDC news, the center, in conjunction with the CBA, has re-launched the Small Business Institute (SBI) program. The program allows graduate-level business students to participate in hands-on learning experiences by providing management consulting services to local small businesses. The purpose of SBI, a nationwide program, is to provide high-quality business assistance to companies in need while providing an extraordinary opportunity for business students to learn through field case studies. The program not only supports UCF’s goal of partnering with the local community, it also provides free professional assistance to small businesses that would not otherwise be able to afford consulting services. SBI was last offered at UCF in 2006 and is a graduate-level elective course within the CBA. The course is taught by Professor Emeritus Lloyd Fernald, Ph.D.
CBA Hosted Two Visiting Scholars During Spring Semester Stanley Fish, Ph.D., recently presented “Views from Professional Correctness: Literary Studies and Political Change and the Trouble with Principle,” to CBA faculty members. Fish is the Davidson-Kahn Distinguished University Professor and a Professor of Law at Florida International University. In addition, he has authored 10 books 10
and is a columnist for the New York Times. His presentation was part of the John and Darcie DuBrule Instructional Excellence Seminar Series. The series was established by the DuBrules in 2006 to promote high-quality teaching. John DuBrule is a 1983 graduate of the CBA. John G. Lynch, Jr., Ph.D., presented “Planning and Intertemporal Choice,” at the Andrew and Gail Titen Visiting Scholar Series. Lynch is the Roy J. Bostock Professor of Marketing at the Fuqua School of Business at Duke University. His research focuses on consumer decision making, and he has published numerous articles in academic journals on consumer behavior and marketing research methods. The Andrew and Gail Titen Visiting Scholar Series was established in 2005 to assist the college in hosting outstanding visiting scholars who can share their research with UCF faculty and students. Andrew Titen is a 1975 graduate of the college and a member of the CBA Hall of Fame.
CBA Students Honored For Leadership Beta Gamma Sigma: Thirty-two undergraduate and 25 graduate students were inducted into Beta Gamma Sigma during a spring semester ceremony. Beta Gamma Sigma is an international honor society for business students. Induction into the society is the highest recognition a business student anywhere in the world can receive from a school accredited by AACSB International—the Association to Advance Collegiate Schools of Business. All our CBA undergraduate and graduate programs, as well as the Kenneth G. Dixon School of Accounting, are accredited by AACSB International. President’s Leadership Council: Eight students from
Biz Central the CBA were selected to serve on the 20092010 President’s Leadership Council (PLC). The students are: Melissa Blette, marketing; Shelley Frick, MBA; Michael Kilbride, accounting; Cody Maciejewski, finance; Michael Newman, business administration; Lauren Rehm, management; Vincent Rossi, business administration; and Jonathan Villadolid, MIS/finance. Students are selected to serve on the PLC for their excellence in leadership, scholarship, and service to the university and the community. They serve UCF as official student ambassadors at all times and at special events such as commencements, Board of Trustees' meetings, Board of Governors' meetings and gubernatorial visits. Order of Pegasus: Three CBA students received the Order of Pegasus, UCF’s most prestigious student award. The award honors outstanding undergraduate academic achievement, university involvement, leadership and community service. Graduate students are selected separately based on academic achievement, professional or community service, leadership and publication or research experience. The students are: Gregory D. Austin, Jr., a master’s student in the DeVos Sport Business Management program; Gaston Blanchet, an undergraduate business management major and international business minor; and Demetrius Frazier, an undergraduate accounting major.
Alumni Golf Tournament Raises Scholarship Money
Dean Thomas Keon with the winning team. From left to right: Dave DiMauro, Erik Kohler, Keon, Todd Woodard and Karl Furno.
The 11th Annual CBA Alumni Chapter Golf Tournament was held in May at the Rio Pinar Country Club; it grossed more than $15,000. The money was raised from sponsorships, participants and a silent auction. Proceeds will be used to benefit student scholarships and chapter operating expenses. The golf tournament is held each spring. For more information, contact the CBA Alumni Chapter via e-mail at businessadmin@ucfalumni.com.
CBA News Available on Facebook and Twitter! Are you looking for the latest news and event information from the college? If so, you won’t have to look long. The college has joined the social networking craze! Be sure to sign up to be a fan of our Facebook page, follow us on Twitter or subscribe via RSS to keep updated on the CBA.
http://bit.ly/ucfbusiness
http://twitter.com/ucfbusiness
Feeds: News: http://feeds2.feedburner.com/UcfBusinessNews
Events: http://feeds2.feedburner.com/UcfBusinessEvents 11
Dean’s Executive Council Members
N. Lois Adams, ‘85 President and CEO HHCS Health Group Jim D. Atchison, ‘92 President and Chief Operating Officer Busch Entertainment Jim G. Balaschak, ‘86 and ‘92 President Deanja, LLC Richard O. Baldwin, Jr., ‘80 Chief Executive Officer Celebris Memorial Services, Inc. G. Thomas Bland, Jr., ‘75 and ‘79 President and CEO AquaFiber Technologies R. Todd Bowers, ‘77 Executive Vice President SunTrust Banks, Inc. Robert B. Case, ‘70 President R B Case Consulting Lawrence J. Chastang, ‘80 President and Managing Shareholder LarsonAllen Roy H. Davidson, ‘77 Private Investor Kenneth G. Dixon, ‘75 CPA and Real Estate Developer Kenneth G. Dixon Foundation, Inc. Bill Donegan Orange County Property Appraiser Les Eiserman, ‘81 and ‘82 Partner LarsonAllen Andrew J. Fore III, ‘76 and ‘83 Managing Director Citigroup Business Services-Americas Paul Gregg, ‘74 and ‘76 Instructor UCF College of Business Stan Horton, ‘73 Laurette Koellner, ‘77 Ivan Lefkowitz, ‘73 Attorney and Partner Lefkowitz and Shaw, P.A.
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Douglas F. Long, ‘82 CEO The Pinnacle Companies
Joe Durek, ‘78 CEO Durek Investments
William A. Long, Jr., ‘73 VP of Finance and Administration Southern Crafted Homes, Inc.
Edward Haddock, Jr. CEO and Co-Chairman Full Sail, Inc.
Alex Martins, ‘01 Chief Operating Officer Orlando Magic
Karl Hodges, ‘82 Vice President, Business Development Orlando Health
Nan B. McCormick, ‘83 (Chairperson) Partner and Senior Vice President CB Richard Ellis, Inc.
Glenda E. Hood
Gerald R. McGratty, Jr., ‘71 and ‘72 President Westhampton Realty
Robert A. Mandell
Ben McMahan
George Mezo Senior Director Oracle Corporation (retired)
Craig S. Miller, ‘74 Michael M. Runda Vice President, Global Technical Support Services Intuit, Inc.
Louise P. Kilcourse
Gary P. Mann
Heidi M. Nadjafi, ‘89 Chief Financial Officer APG Behavioral Healthcare, P.A.
Rocky Santomassino, ‘79 RJS Interiors
Richard A. Nunis President New Business Solutions
Theresa Schefstad, ‘80
Ray Otis, ‘98
Blaine Sweatt, ‘76 Ivanhoe Design
Joseph Russell, ‘80 Vice President of Finance Rotech Healthcare Inc.
Andrew B. Titen, ‘75 President and Chief Operating Officer Bisk Education John D. Vander Werf, ‘77 President Technapack, Inc. Maureen A. Walker, ‘81 Principal and Senior Vice President Helman Hurley Charvat Peacock Architects, Inc. Richard J. Walsh, ‘77 and ‘83 President KnobHill Group
Emeritus Members James G. Atkins
Randy Berridge President Florida High Tech Corridor Council, Inc. J. Kenneth Bryant, ‘77
Ann Sonntag Publisher Orlando Business Journal Michael Stapp, ‘81 Director of Outside Sales Gooding’s Hospitality Services Marshall Vermillion
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