wa k e f o r e s t u n i v e r s i t y | fa l l 2013
We rolled out the red carpet for our admitted students ... but first, a little teambuilding and boatbuilding! See our Red Carpet Weekend story on page 54.
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Accomplishments & Achievements As we reflect back on a busy year, we celebrate the accomplishments of our graduates, students, faculty and staff of the Wake Forest University School of Business. We are excited to continue our momentum in the year ahead, driving excellence in everything we do and achieving our shared vision and goals. Our move into Farrell Hall, the new School of Business, brings our undergraduate and graduate schools under one roof, and we are finding new ways to collaborate, educate and engage. Our vision is clear: We will develop passionate, ethical business leaders driven to achieve results with integrity through a dynamic combination of thought leadership, rigorous academic preparation and unrivaled connection to the market. The strong commitment of our faculty, staff, students, alumni and friends of the School makes our vision real. Together, we will help our students develop their personal and professional goals and find their true calling, so their lives have significance to themselves and society. We want to take this opportunity, especially, to thank our alumni, for their willingness to offer time, talents, mentorships, internships and job opportunities to our students. We appreciate your ongoing support and connection to the School of Business and Wake Forest University, and hope that the stories shared in this issue of Wake Forest Business will inspire you to strengthen that connection.
Steve Reinemund
Dean of Business
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FE ATURES 4 Design Thinking 8 Century Links Generations of Graduates 12 E-commerce Entrepreneur EVENTS 14 Dawn with the Dean 16 Facing the World’s Energy Challenges 18 Best-Selling Author Ken Blanchard Inspires Charlotte Community Leaders 20 Leadership Learned from the Front Lines 22 Fraud Experts tell Accounting Students “Trust but Verify” 24 Donovan Campbell: The Leader’s Code 26 Ursula Burns - Impatience is a virtue 28 Entrepreneurship Panel COMPETITIONS 32 Biotechnology Conference & Case Competition 34 G ot Your Elevator Pitch Ready? 36 Wake Forest University hosts 23rd Annual Marketing Summit 38 M A Students Take on 70 B-schools in Executive Leadership Foundation’s Business Case Competition 40 M BA Students noted at Venture Capital Investment Competition
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S TUDENT LIFE 42 Project Nicaragua: Where Pro Humanitate and Good Enterprise Meet 46 Mentoring - It’s all about the relationship 48 Financial Football 50 Turning Conceptual Knowledge into Practical Competence 52 C elebrating A Final Commencement in Worrell 54 Rolling Out the Red Carpet 56 Wake Forest Students Interview the Oracle of Omaha PRO HUMANITATE 57 Charity Auction and Golf Event 58 3rd Annual Walk 4 Our Kids 5K 58 "Soup for the Soul" Crock-off Event 59 School of Business Staff Donates to the Backpack Program 59 Students See a Class Project and a Chance to Help Others MA 60 M A Grads: How Did I Get Here? 61 Bloomberg Businessweek Features WFU School of Business Dress Code MSA 62 MSA Students Meet the Firms 64 Beta Gamma Sigma Honor Society Inducts New Members
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65 Accounting Blogger Advises Students 66 MSA Students Achieve the Top Pass Rate in the Nation on the CPA Exam MBA 67 First Group of MBA Students Completes Inclusive Leadership Skills Certification 69 M BA Students Earn Six Sigma Certification ALUMNI/DEVELOPMENT 69 The Battle of the Banks – The “BOB” 70 Not-So-Secret Agents 71 Honoring Graham Denton FACULT Y 72 L andscape of a Leader’s Brain 73 Spouse’s Attitude Affecting Your Job? 74 Faculty Honored at End of Year 76 New Faculty
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D E S I GN THINKI NG INNOVATIVE PROBLEM-SOLVING CLASS BUILDS HIGH-PERFORMING TEAMS
In the quest to build a better mousetrap, the usual approach would include schematics, engineering and experimentation — generally following the scientific method. But if you put on your “design-thinking” cap, you might ponder these questions: What attracts mice? Is catching them the solution? If you ask potential mousetrap users these designthinking questions, you’ll discover different perspectives. Humane Hannah might want to trap and release them, Parent Paul might want to protect his young toddler and Greenie Gabe might want to be able to compost the whole thing.
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Design thinking, an innovative problem-solving approach, balances art, science and business perspectives, and asks, “what is to be achieved?” It’s part of a new class taught in the entrepreneurship and social enterprise (ESE) minor for undergraduate students.
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They presented their findings to their class, Wake Forest IS team Two Wake Forest University School of Business faculty members members and their client — Cisco executives who pulled strings — Evelyn Williams, associate vice president for leadership development as well as professor of practice, and Gordon McCray, to give this class access to the brand-new WebEx Social platform, even before publicly announcing it. senior associate dean of the School of Business — developed the class to focus on collaboration and the need for high-functioning “Working with Cisco was empowering,” said Clark. “It was an teams in the workplace. amazing experience to have an actual client take the time and the effort to hear what we had to say. I think it speaks volumes for the “I have learned so much about teamwork and communication design-thinking method and how effective it can be at identifying through the design-thinking lens, and it has helped me further a client’s needs, creatively fulfilling those needs and delighting a explore what it means to work effectively in a group,” said senior real-world client with our ideas.” psychology major Hannah Clark. “Design thinking allows you to explore a need, whether it is a product, service, class or experience, through different filters,” Williams said. “You can use anthropology to consider how communities and cultures form and work, or history to ask, “how did we get here?” — or psychology to figure out what emotional factors might exist.”
Ted Mead, a Cisco unified communications and collaboration specialist, said his team was inspired by the design-thinking class projects. “They empathized with the target users and delivered a vision of a solution that gave us some great ideas about how to personalize WebEx Social. Their input will help make some nextgeneration collaboration technology more useful.”
DESIGN THINKING APPLIED For the final project, the students created a digital experience for their fellow Wake Foresters that would increase collaboration. They evaluated existing tools, such as WIN, Gmail, Sakai, Facebook, and new ones, such as Cisco’s new WebEx Social, to see how they could best help students.
Nancy Crouch, deputy chief information officer at Wake Forest, said the design-thinking class provided valuable input to her team of developers.
The teams identified specific kinds of users, researched experiences and imagined ways to improve the digital experience.
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“What we heard is that students are using multiple programs for bits and pieces of their lives as Wake Foresters,” said Crouch. “They are visiting WIN to register, Sakai to find coursework, Gmail to communicate and collaborate, and Facebook to find out what their friends are doing. What the
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J O H N B UR NLE Y WIN SLOW’S GR A D UAT I ON P R E S E N T IS A 1 9 1 3 WA K E FOR E S T Y E AR BOO K. When Winslow walked across the stage to get his diploma, it was exactly 100 years after his greatgrandfather Albert Rufus Phillips earned his Wake Forest degree in May of 1913. The tan, leather-bound yearbook, with the formal black and white photo of his great-grandfather, ties him to his family’s impressive five-generation history with Wake Forest.
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As a Wake Forest student soon after the turn of the 20th century, Albert Phillips studied Greek and Latin, lived in a boarding house, ran track and prepared to be a minister. One hundred years later, his great-grandson studied Spanish and mathematical economics, lived in Polo Residence Hall, played golf and prepared for a career in business. While many things about Wake Forest have changed in a century, Winslow says one thing remains the same: “The quality of the professors. “That is why people come here. It is why they have always come to Wake Forest.” Among his favorites: Eric Carlson in physics and Fred Chen in economics.
A L O NG L E GACY
Winslow remembers his grandfather, John Dalton Phillips (’49), talking about attending Wake Forest reunions with his father, Albert, when he was growing up. While visiting the Old Campus, John Dalton Phillips met legendary professors such as George Paschal. Wake Forest College was located in the town of Wake Forest until 1956, when it moved to Winston-Salem.
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Nearly 40 years after Albert Phillips got his Wake Forest diploma, John Dalton Phillips enrolled. As a high school senior, he traveled from his home in Stokes County to Wake Forest with his father and two high school friends. “Come and bring your $50 to register for summer school,” the bursar, E.B. Earnshaw, said to him. Soon, he had his own favorite professors: Jasper Memory in education, K.T. Raynor in math, Owen Herring in religion and Hubert Poteat in Latin. After graduation in 1913, Winslow’s great-grandfather went on to seminary. Then, he and his wife served as missionaries in Buenos Aires, Argentina. Later, he became pastor of First Baptist Church in Nashville, N.C. Finally, he moved back to the family’s home in Stokes County in 1927, and was a teacher and principal in a number of schools in Stokes and Surry counties. Three of the Phillips’ children attended Wake Forest: John Phillips (’49), Anne Radford Phillips (’58) and William Rufus Phillips (’60 BA, ’63 MA).
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The Phillips/Winslow family’s Wake Forest legacy actually stretches back to 1875, when Winslow’s great-great-grandfather Matthew Dalton Phillips and great-great-uncle John Y. Phillips earned their Wake Forest degrees.  According to a brief family history compiled by William Rufus Phillips, Winslow’s great-uncle, the curriculum at Wake Forest College in the late 1800s included four years of Latin; four years of Greek; four years of mathematics and four years of English. Both brothers came to Wake Forest in 1871. They graduated together in June 1875, in a class of nine men. John Dalton Phillips has the 1875 class picture hanging on the wall in his Raleigh home.
‘T HIS F EELS LIKE HO ME’
“I don’t think there’s another legacy like this. It makes me excited and proud and gives me goose bumps,” said Winslow’s mother, Catherine Phillips Winslow, who recalls driving over to the Old Campus with her father, and visiting with her father’s friends and professors when she was growing up. She remembers the sense of history and belonging.  “John made up his mind in seventh grade that he was going to make straight As and get into Wake Forest,” Catherine Winslow said. Was her son pressured to follow in the family footsteps and become a Demon Deacon? No, John Winslow said, even though his father, Robert Raymond Winslow III, is also a Wake Forest graduate. “It came down to what was going to be the right spot for me. I set foot on campus, and it was magical, and I thought, ‘this feels like home.’”
Two Wake Forest awards were established in the brothers’ honor in 1975. The Matthew D. Phillips Award recognizes an outstanding student in the classical languages department each year. The John Y. Phillips Award honors an outstanding math student each year. 10
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J ohn W i ns l ow ( ’ 13) ta l k s w i th hi s g re a t -u n c l e , Wi l l i a m R u f u s Ph i l l i p s ( ’ 6 0 , M A ’ 6 3 ) , h i s g r a n d fath e r J ohn D a l ton P hi l l i ps ( ’ 49) a nd hi s g re a t -a u n t A n n e R a d f o rd Ph i l l i p s ( ’ 5 8 ) i n f ro n t o f R e y n o l d a Hal l .
F I V E GE N E R ATION S OF PHILLIPS / WINSLO W GRA DU AT IO NS 1875
Matthew Dalton Phillips
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John Y. Phillips
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1913
Albert Rufus Phillips
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1914
Matthew Dalton Phillips Jr.
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1921
Ernest Nicholas Phillips
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1949
John Dalton Phillips
Grandfather
1958
Anne Radford Phillips
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1960, '63
William Rufus Phillips
Great-uncle
1977
Robert Raymond Winslow
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2013
John Burnley Winslow
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As the sun rises on the Reynolda Campus, the steady
Throughout the school year, special guests like Winston-Salem pounding feet of Dawn with the Dean joggers beat a rhythm. Mayor Allen Joines, Primo Water’s David Haas, Wells Fargo’s Stan Kelly (P ’09), Scott VanDuinin and alumni Jack Dubel The fifth year of the program got underway with a record (MBA ’77), Scott Plumridge (BS ’98) and Chris Cathcart 118 Wake Forest University School of Business students, (BA ’98) joined the road crew. faculty and staff rising early to hit the trails. Dean Steve Reinemund started the tradition with his belief that exercise leads to both healthier bodies and sharper minds. “You should be proud of making the commitment to join us here this morning,” Reinemund said on the morning of the first run of the academic year. “Remember, this is not a race, but better yet, it’s a fundamental part of living a balanced and healthy life.”
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Dawn with the Dean happens every Thursday morning during the school year, with runners, joggers and walkers of all ability levels welcomed and encouraged to take the threemile journey through campus. The group gathers at 6:20 a.m. at Farrell Hall on the Wake Forest University campus, and departs at 6:30 a.m. sharp.
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Alan Kelly, president of fuels, lubricants & specialties marketing, ExxonMobil
FACING THE WORLD’S ENERGY CHALLENGES Alan Kelly of ExxonMobil wants the world to focus on efficient energy use. As president of Fuels, Lubricants & Specialties Marketing, Kelly has a view on markets ranging from automotive to marine, aviation to asphalt and almost everything in between. He shared his thoughts on world energy during his noontime talk at Wake Forest University Charlotte Center on June 3.
Kelly says the largest future source of energy will be savings from efficiencies we develop. In addition, the creation of a global system for carbon management will help both developed and emerging economies. But reducing emissions by 7 gigatons a year — one of the group’s recommendations — isn’t as easy as it sounds.
“Other companies are disintegrating, dividing their divisions into separate companies, but ExxonMobil believes in integration,” Kelly told the 50 or so lunchtime attendees on North College Street. The integration seems to be working for ExxonMobil. Of the $450 billion in revenues the company earned last year, about half came through Kelly’s area.
Kelly offered some examples of alternate energy sources and how they could replace just 1 gigaton of emissions. For solar power, we would have to install 6 million acres of photovoltaics to replace that 1 gigaton of carbon emissions and find a place to store the energy. If you want to do this with wind power, you’d need to install 650,000 wind turbines.
In 2006, Kelly served as project director of the National Petroleum Council’s Global Oil and Gas Study, commissioned by the U.S. Department of Energy. The study, published both online and in print, focused on a long-term look at global energy supply and demand. “We didn’t foresee the explosion — forgive the pun — of shale gas, but we got most of it right,” Kelly says of the study. Its five main points are: • Increase efficiency by moderating demand • The United States must expand and diversify energy supply • Strengthen global energy trade and investment • Enhance science and engineering capabilities • Promote a global framework for carbon management Kelly says the group suggests that all of the recommendations must be pursued in order for global energy to be abundant in 2040 — the year the group used as a long-term forecast model. For example, the group predicts 50 percent of all passenger cars will be hybrids by 2040.
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Kelly’s main point — all the countries on earth will need to follow the five points of the suggested energy policy and continue to use oil, gas, nuclear, coal, hydropower and renewable sources to continue to have the necessary energy to meet demand.
A question-and-answer series after the presentation gave the audience room for discussion about innovative ways some companies are reducing energy demand, a focus on LEED certification and the future of organizations like OPEC. “Bringing in corporate leaders like Alan Kelly helps our existing students and alumni connect with current market needs and innovative ideas,” says Todd Johnson, executive director of the Wake Forest University Charlotte Center. “It’s just one way our campus provides academic business thought leadership for the Charlotte region.” To see a video of Alan Kelly’s talk, visit go.wfu.edu/wfuccexxonmobil.
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BEST-SELLING AUTHOR KEN BLANCHARD
INSPIRES CHARLOTTE COMMUNITY LEADERS
Management consultant and best-selling author Ken Blanchard inspired some 300 nonprofit sector leaders who heard him speak at Charlotte’s Booth Playhouse. Blanchard’s talk kicked off the Wake Forest University Annual Nonprofit Symposium at Wake Forest University Charlotte Center. Blanchard drew on decades of experience to deliver his message that a clear, inspiring vision, the ability to work with people and an attitude of servant leadership were essential not only for the success of individual organizations, but also for communities and the country. “To move to this philosophy, you have to have a different definition of what your life is about,” he said. Instead of looking at status and recognition, Blanchard told the crowd, “We need to look at significance.” After his talk at the Booth Playhouse, participants went back to Wake Forest University Charlotte Center and broke into small groups to discuss the topics Blanchard raised and the issues they face as nonprofit leaders. Blanchard is the best-selling author of "The One Minute Manager," a seminal management book that has sold more than 13 million copies. He’s also spent more than three decades as one of the country’s most sought-after speakers and management consultants.
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Blanchard said that vision and values were vital for organizations that want to be successful. For instance, he said, companies and nonprofit organizations both do better when they have a small number of values they focus on, and when they rank those values in order of importance. “Walt Disney had four rank-ordered values,” Blanchard said, describing how the entertainment entrepreneur set up his hugely successful amusement parks. The No. 1 value, safety, took precedence over the No. 2 value, courtesy, so that Disney employees knew how to act when they encountered conflicts between those values. Blanchard also talked about his involvement with Vision San Diego, a nonprofit group that aims to bring together government, business and the social sector to solve community problems, such as a lagging high school graduation rate. Key to that effort, Blanchard said, was the organization’s ability to bring people from different sectors — the media, business, education and government — together with a common aim.
“If you really want to try to solve a problem, don’t just focus on one sector of society,” Blanchard said. “How can you get all these sectors interested in what you’re trying to do?” Wake Forest Charlotte Center offers a popular nine-course nonprofit management certification program that aims to help not-for-profit sector executives, staff, volunteers and board members run programs more efficiently and effectively. It addresses topics ranging from leadership and human resources to fund management and advocacy. For a complete video of Ken Blanchard’s talk, visit go.wfu.edu/kenblanchard.
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FRAUD EXPERTS TELL ACCOUNTING STUDENTS
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Two of the country’s leading experts on forensic accounting and fraud urged students to never believe a financial transaction is correct based solely on personal trust, but rather to verify it first. “Trust but verify,” urged Tom Golden, the author of a textbook on forensic accounting and the founder and former partnerin-charge of PricewaterhouseCoopers’ (PwC) Chicago Investigations & Forensic Services practice.
Pope has produced a documentary film about white-collar crimes. She interviewed dozens of convicted felons about their crimes and why they committed them, along with lawyers, law enforcement officers and other experts.
Golden appeared with Kelly Richmond Pope, an associate professor in the School of Accountancy and MIS at DePaul University and a former Wake Forest University School of Business visiting professor.
She got the idea for the documentary after seeing Walter Pavlo, who was convicted for embezzling millions of dollars from MCI/Worldcom, talk at a fraud conference about why he committed his crime.
During the annual Hylton Lecture last year, the two talked about fraud in the modern economy and the role of accountants, and accounting education, in detecting fraud. The lecture is named for Delmar P. Hylton, who founded Wake Forest University’s accounting program in 1949; he retired from teaching in 1991 and died in 2008.
“Walt was talking about things like this desire to be successful in a very competitive work environment,” Pope said. “He also talked about the pressure to meet Wall Street expectations.”
Jaclyn Sokulski (MS Accounting, ’13), president of the graduate Accounting Club, introduced Pope and Golden. She said Pope brought up forensic accounting in an undergraduate accounting class she took two years ago, and that sparked students’ passion for the subject. “Her love for this area just really spread to all of our class and even inspired me to go on to a career track toward forensic accounting,” Sokulski said.
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His description of the pressure he felt, Pope said, reminded her of what she heard from friends and colleagues who worked in corporate environments (though, she added, most people, even under intense work pressures, don’t commit fraud). Pope’s documentary, "Ordinary People Committing Extraordinary Crimes," has been shown at universities, professional conferences and other settings. Pope had interviewed with Golden at PwC years earlier (and declined a job offer from him), but she reconnected with him as she was filming the documentary. He was one of the experts on fraud and investigations highlighted in the film.
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Her message: Impatience IS a virtue. She believes people SHOULD be impatient about certain problems we face in this country, whether it is in the workplace, in our schools or in the community. These problems demand to be addressed and not put aside. Burns encouraged the audience to take note of the important issues we face today and work toward fixing them. Dean Reinemund asked Burns to share her thoughts on overcoming obstacles regarding race and gender barriers. Burns replied, “It’s
interesting that we can think about race and gender being barriers. It’s only in a country like this that race and gender can be a barrier. But then you can actually change that on its ears and make it not a barrier because it’s really not. It’s basically who you are; it’s a part of who you are. Part of my journey is about making that easier to be — a little bit easier to be a woman and be an African-American woman in business.” Burns shared her beliefs about what it takes to be an effective leader, transforming a company on the brink of bankruptcy into a company that is leading the way in new technologies and new services. When she talks about mentors in her life, including her husband (now retired), who worked at Xerox as a principle scientist for 44 years, she emphasizes the importance of learning from other people. Anne Molcahy, former CEO of Xerox, who Burns talked about frequently, played a huge role in her success — from preparing her to take over as CEO to her incredible people skills. Overall, Burns attributes all of her continuing success to her mentors, whose guidance helped her lead Xerox to new heights. The company now offers services such as customer call centers, health information exchanges, accounts payable and receivables, IT infrastructures and networks, and HR benefits programs among other new services, and it is continuing
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to grow. Burns stressed, “There is still a lot of work to do.” Burns discussed being raised by a single mother of three and living in a low-income housing community on the Lower East Side of Manhattan. Despite the odds her family faced, Burns said her mother’s expectations about discipline were very clear and extremely strict. Every penny her mother made went to providing a better life for her children. She took in ironing and ran a home day care, and on the weekends she would clean offices. To understand the level of poverty they experienced, Burns said, “Her highest pay in a year was $4,400.” Because of her mother’s hard work and dedication, all three children were able to attend a Catholic school, which provided a safer, better education than the neighborhood schools. Later, Burns earned a bachelor of science degree in mechanical engineering from Polytechnic Institute of NYU and master of science degree in mechanical engineering from Columbia University. Burns said she did well enough to get noticed and received a Higher Education Opportunity Program Scholarship, a scholarship program for underprivileged students. Speaking in front of large crowds, she has the opportunity to address an issue that she is very passionate about, calling it her crusade. Burns says, “There’s this insidious nature about money that you kind of get wrapped up into, getting more for the sake of getting more, when you’re not clear about what enough is.” She elaborated by explaining that once you reach a certain point, your family is taken care of and the bills are paid, money makes no difference to your happiness. “The things that make you happy, I mean like comfortable happy, have very little to do with money.” Burns stressed. After audience questions, Burns ended with words that she encouraged every person in the room to live by and to really think about; words her mother taught her: “You have to leave behind more than you take away; where you are is not who you are; and we should feel unsettled if there are things around us that need to be changed — it is our job to figure out a solution.”
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Kim Westmoreland ~ KeraNetics, LLC – MBA ‘81 Phil Johnston ~ The Center for Board Excellence, an entrepreneurial fellow at the WFU MBA program Roger Cubicciotti ~ NanoMedica, Inc. Tina Stearns ~ Go Free Pants ~ MBA ‘88 Ryan Marston ~ Co-founder of United Medical Response, MBA ‘09 Brad Bennett ~ Wildfire Ideas
moderator:
Professor Stan Mandel
Networking is an essential skill for any successful entrepreneur. That was just one of the unanimous conclusions drawn from an Entrepreneurship Panel hosted by Dr. Stan Mandel, professor of practice and director of the Angell Center for Entrepreneurship at the Wake Forest University School of Business. The panel featured a group of “rock star” entrepreneurs from a range of industries, including several School of Business alumni who shared their stories, experiences and insights with a group of about 40 MBA students.
Panel members included Kim Westmoreland (MBA ’81), co-founder and managing director of KeraNetics, LLC; Phil Johnston, (JD), CEO for The Center for Board Excellence (CBE); Roger Cubicciotti, president and CEO of NanoMedica, Inc.; Tina Stearns (MBA ’88), founder of Go Free Pants; Ryan Marston (MBA ’09), co-founder of United Medical Response; and Brad Bennett, co-founder and principal at Wildfire Ideas.
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Professor Mandel introduced the panel, while paying them the highest of compliments. “If you are a good networker or ‘collector of people,’ there is no finer group to be associated with than these successful entrepreneurs,” said Mandel.
The night’s panel discussion began with an overview of how each entrepreneur conceived and arrived at the idea of starting his or her own business, which provided excellent insight into the mind of an entrepreneur. Kim Westmoreland had hopes of becoming a doctor after college, but instead caught the entrepreneur bug early and turned his interest in medicine into a successful health care startup. It was a career choice that paid off for Westmoreland, as he’s now on his seventh startup. Along the way, the self-described “serial
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entrepreneur found time to serve as an assistant dean and professor of entrepreneurship at Wake Forest. Westmoreland stressed the importance of networking, including building solid relationships with your fellow business school students. “Success as an entrepreneur can boil down to three traits: courage, confidence and commitment. Without them, you’re likely not going to make it,” he counseled the budding entrepreneurs in the audience. Roger Cubicciotti, a self-described “aging rocker” who has had drinks with Jimi Hendrix, Janis Joplin and Eric Clapton, turned the questions on the audience, asking “How many of you have had an idea for a business?” While nearly everyone raised their hand, Cubicciotti was quick to stress that “an idea has no value unless it’s presented to someone who can understand and support it.” He says the cold truth is that a major activity for nearly all entrepreneurs is securing the required funding to back your idea and support growth. “For investors, it boils down to how much money will I make, and when will I see it,” said Cubicciotti. “If you can’t instill the confidence in investors, it will be a tough road ahead to get your idea off the ground.” Fundraising was a major topic of discussion as the panelists debated the pros and cons of traditional venture capitalists versus angel investors, relating their own experiences across a range of startups and funding needs. Highlighting the importance of good networking, Ryan Marston described his successful efforts to raise funds on Facebook. “This strategy is more broadly known as ‘cloud funding,’ and has gained increasing popularity with the advent of the Internet and social media.” Ryan received his MBA just four years ago, and has taken advantage of social media to fund and grow his ambulance service in the greater Atlanta area. As a result, he has expanded his reach from a single vehicle to more than 45 in just three years.
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Next, Brad Bennett shared his experience in what he termed “forced entrepreneurship.” Bennett, a Winston-Salem native, worked in marketing and advertising at an agency until a merger shook things up and forced his hand. Brad left that company and reexamined his life in light of his newborn child and changing priorities. Deciding to parlay his strengths in marketing, Brad founded Wildfire Ideas with a neighbor and two laptops. Over time, they grew this respected marketing and communications agency to 55 employees, and it was recently named WinstonSalem Small Business of the Year. While Bennett admitted that he would like to tell the audience that it was all the result of his grand plan, the simple truth is that he set out with a core philosophy and strong work ethic but that the plan changed daily along the way toward fulfilling his goal. Tina Stearns had one of the most intriguing stories of the evening. She introduced herself as a member of the first graduating class for the Evening MBA program at the Wake Forest Winston-Salem campus, a distinction she wears proudly. As a hospice worker for more than 10 years, Tina is highly attuned to women’s health issues. Her light bulb moment as an entrepreneur occurred while watching unrelated news stories on bladder infections and Brittney Spears. She subsequently identified a need for women’s pants that blended fashion and functionality, while addressing certain health concerns. The result was Go Free Pants, a line of women’s pants that can be worn comfortably without underwear. It’s been a labor of love for Tina ever since, but this faithful, compassionate 50-something entrepreneur advises students to “be willing to let your path change and allow yourself to be guided as your business develops.” She also stresses the importance of active networking, while also “trusting your gut instincts and letting the signs lead you to your success.”
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After many engaging stories of the highs and lows for life as an entrepreneur, the panel fielded questions from the audience. One that generated significant discussion on a personal level related to the primary motivator for entrepreneurs — profit versus passion.
company in 2002 based on three key beliefs: do what you love to do, in a way that supports your family and the local community. He and his business partner have stayed true to those principles and have done just fine.
For Phil Johnston, the answer is clear: “You need to bring passion to your work, but, in the end, you also deserve a payday. Without one or the other, the chance for success is much less. Obviously, the best of both worlds is to find something you love that can also bring you financial rewards.”
Professor Mandel summarized the general consensus by describing the social entrepreneur who measures success with the triple bottom line — social return on investment that incorporates financial and sustainability success.
Cubicciotti, who founded 10 companies over the years, agreed that “you need to first have a passion, and, as a result, the money will follow.” He echoed a philosophy that everyone seemed to agree upon. “The universe will conspire to support those with good intentions,” and “doing good for others will allow you to do well in life.” For Brad Bennett, motivations changed based on life stages. Admittedly, his initial motivator was profit and having financial success despite toiling 80-hour work weeks. That all changed when his daughter was born and 10 days later came the attacks on Sept. 11. At that point, a switch went off that forever changed his priorities from finances to family. As a result, he founded his
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The panel closed with a 30-second lightning round question regarding the best methods to raise funds in support of a true home run idea. The panel’s collective experience offered the following words of wisdom: “Don’t
overlook government grants as a terrific untapped resource,” “invest your own money to show investors you have skin in the game,” “make sure you can pass the elevator test when asking any investor for money,” “never seek funds too early before you have a solid business plan,” “favor investors that you know, and always be networking!”
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WAKE FOREST SCHOOL OF BUSINESS HOSTS
BIOTECHNOLOGY CONFERENCE AND CASE COMPETITION Business, law, science and medical students from top universities around the country explored their common interests in health and technology during the fourth annual Biotechnology Conference and Case Competition held at Wake Forest School of Business in February. Graduate students traveled from across the country to join us for the competition. Teams came from Johns Hopkins University, Northwestern University, University of CaliforniaBerkeley, University of California-Los Angeles, University of California-San Diego, University of Florida, University of North Carolina-Chapel Hill and our own Wake Forest University. The eight five-member teams were challenged by medical device maker and lead sponsor Boston Scientific to develop and recommend a strategy for entering a new geographic market for its urology business. Before the competition heated up, the weekend events opened with a keynote address by Dr. Eric Tomlinson, DSc, PhD, president of Wake Forest Innovation Quarter and the chief innovation officer for Wake Forest Baptist Medical Center. His overall message to the audience of MBA students, scientists, doctors, lawyers and engineers was focused on “boosting innovation,” and was based on the revolutionary transformation that is taking place in Winston-Salem. Wake Forest Innovation Quarter is one of the fastest-growing urban research parks in the United States, and by the end
of 2014, it will generate more than $520 million in spent or planned investments and create work for around 2,800 people,” Tomlinson said. He stressed the importance of it being a collaborative opportunity and effort, while creating an exciting environment that is sustainable, giving people a place to live, work, play and learn. Following the keynote, Justin Catanoso, Wake Forest University director of the journalism program, moderated a panel discussion focusing on innovative health care, transformational technologies, and the challenges and opportunities of life science business developments. The panel included Anthony Atala, MD, director of the Wake Forest Institute for Regenerative Medicine; Banks Bourne, senior managing director and CEO of Bourne Partners; John McConnell, MD, CEO of Wake Forest Baptist Medical Center; and Derrick Lenz, group manager and marketing of Urology and Women’s Health Division at Boston Scientific. During this time, members from the eight competing case teams had an opportunity to ask questions on a range of topics from health care IT to nanomedicine to the FDA approval process.
Co-chairs (left to right): Maria Bahawdory (MBA ’12, PhD ’13), Jeanelle Feimster (MBA ’13), Galen Price (MBA ’13), Monica Cu (MBA ’13)
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Wake Forest student team
The real competition began the next morning in the Worrell Professional Center when the eight student teams presented their business plans to a panel of judges, including several representatives from Boston Scientific. Student teams had one week to prepare their analysis and presentations in a concise 25-minute format. Winners were announced later that evening during an awards gala at Biotech Place in downtown Winston-Salem.
Faculty adviser Len Preslar congratulated all the teams at the awards dinner and thanked the many sponsors. “The Biotech MBA case competition is unique in that it unites students from a variety of educational backgrounds to solve a strategic challenge,” he said. “The quality of the presentations was very impressive in their analysis and recommendations. Take advantage of these learning opportunities as they will surely benefit you in your careers.”
The first-place prize of $10,000 went to Johns Hopkins University. Wake Forest University captured second place and a check for $5,000, followed by University of Florida in third with a $2,000 prize.
The Biotechnology Conference and Case Competition was organized by student co-chairs Jeanelle Feimster (MBA ’13), Galen Price (MBA ’13), Monica Cu (MBA ’13) and Maria Bahawdory (MBA ’12, PhD ‘13). The faculty advisers were Len Preslar, distinguished professor of practice and executive director of Health Management Programs at Wake Forest University School of Business, and Scott Shafer, PhD, professor of management at Wake Forest University School of Business.
Boston Scientific invested additional prize money for the following surprise honorable mention awards worth $500 each: Northwestern University: Best Document. University of California-Berkeley: Best Targeting Strategy. University of California-Los Angeles: Best Partnership Proposal. University of California-San Diego: Best Analysis of Given Data. University of North Carolina-Chapel Hill: Most Creative
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The event was made possible by generous support from sponsors Boston Scientific, Wake Forest Baptist Health, Banner Pharmacaps, Benefit Advocates, BlueCross BlueShield of North Carolina, Bourne Partners, Cornerstone Health Care, Covidien, Merz Pharmaceuticals, North Carolina Biotechnology Center, Sanofi and TransTech Pharma.
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Sponsors included The Angell Center for Entrepreneurship, The Center for Retail Innovation, PepsiCo, Inmar, Truiliant, The Fresh Market, Chick-fil-A and Erich Kahner (MBA '08).
'13) and Jordan Wesley (MBA '13). The faculty adviser is Elevator Competition co-founder Stan Mandel, professor of practice at Wake Forest University School of Business and director of the Angell Center for Entrepreneurship. The Elevator Competition Retail Innovation Challenge was part of the Retail Futures Conference presented by Inmar and the Center for Retail Innovation. John Ross, executive vice president of Inmar, and Britt Beemer, chairman of America’s Research Group, Ltd. (ARG), conducted a fireside chat about the future of retail; and John Phillips, senior vice president of Customer Supply Chain and Logistics at PepsiCo, presented the Retail 2020 keynote address, giving attendees a look at future megatrends in retail technology and consumer behavior.
The event was organized and produced by student volunteers led by co-chairs Cooper Warren (MBA '13), Guy Groff (MBA
Videos, blogs and a photo gallery of the event may be found on elevatorcompetitionlive.com.
capitalists. This year, Wake Forest’s Center for Retail Innovation came forward to challenge students to come up with ideas that could help the retail community create, deliver and capture value. Teams delivered two-minute pitches, while literally riding in an elevator at the BB&T Financial Center in downtown Winston-Salem. The best five retail innovation ideas advanced to the Board Room for a formal 20-minute presentation.
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Thirteen teams from around the world converged at Wake Forest University to compete for a record $107,000 in prize money in the 23rd Annual Marketing Summit, hosted by the Wake Forest University School of Business Center for Retail Innovation. The three-day case competition is the longestrunning student-run event at the School of Business and this year attracted applicants from more than 50 different schools.
While student teams toiled over their cases, day two of the Summit offered other students, guests, faculty and business leaders multiple opportunities to expand their marketing skills and professional networks. As a presenting sponsor for the second year, the Center organized several events designed to inspire learning, collaboration and innovation, while furthering the Center’s mission to bring together key players and influencers in the retail space.
Case sponsor FedEx Corporation challenged the student teams to spend 36 hours developing a comprehensive marketing plan The events included an advertising industry panel on “Measurement and Accountability” sponsored by 4As Carolina that would identify innovative customer benefits for FedEx Council. Local retail solutions provider Inmar sponsored shipping solutions using the Microsoft Windows 8 platform. a marketing luncheon featuring CEO David Mounts, who Eight graduate and five undergraduate teams of business students presented their solutions to the case challenge in front expounded on the realities of being “Offline Never.” The afternoon session featured marketing guru Bryan Welsh, vice of a panel of distinguished judges. president of shopper marketing at Pepsi Beverages Company, The case competition officially began at the Marketing Summit who led a shopper insights presentation focused on “Building kickoff party hosted at the FedEx distribution center in Brands at Retail.” The day ended with a student networking nearby Kernersville, N.C. Dean Steve Reinemund addressed event and graduate marketing reception at the Deacon Tower the crowd by congratulating the teams for getting through a sponsored by IBM. fiercely competitive selection process. “This event gets better Day three of the summit was all about the case competition. every year, with more teams, a larger pool of exceptional Sleep-deprived students took turns presenting their solutions judges, and expanded networking and learning opportunities to the judges and fielding pointed follow-up questions. After for all attendees.” The spirited opening celebration included just a few hours to catch some rest during judge deliberations, an impressive tour of the high-tech distribution facility as participants made their way to BB&T Field for a gala dinner well as a surprise appearance by the No. 11 FedEx-sponsored event sponsored by PepsiCo to honor the winners and NASCAR vehicle. The FedEx driver delivered the cases on celebrate the efforts of all participating teams. time — sealed in official FedEx overnight pouches — directly to the 13 teams who wasted no time diving into the case and A team of MBA students from the University of Southern working around the clock on their presentations, which were California Marshall School of Business walked away with the due just 36 hours later. first-place cash prize of $75,000 and the Cheerwine Cup for
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presenting the best solution to the FedEx case challenge. Wake Forest University finished second in the graduate competition and received a $10,000 prize for its recommendations to FedEx. Carnegie Mellon University Tepper School of Business placed third and took home a $5,000 check. Other participating MBA programs included Cornell University, University of California-Berkeley, University of Chicago, University of Michigan and University of Navarra (Barcelona). Donald Comer, director of digital access marketing for FedEx, addressed the crowd at the awards event. “FedEx is proud to sponsor the Wake Forest Marketing Summit MBA and undergraduate case competitions. We are very impressed with the intellect, energy and insights demonstrated by the students. The teams really showcased their talent and generated a number of thought-provoking ideas for our business consideration.”
in the undergraduate case competition, and The Wharton School of the University of Pennsylvania finished third among the undergraduate business teams. Other competing undergraduate schools included Boston College and Wake Forest University. Carnegie Mellon University received a $1,000 prize for winning the Fan Favorite award, as people from across the globe voted online. More than 16,300 votes were cast for the Fan Favorite award during the 36-hour case competition. “The Wake Forest Marketing Summit is truly an international event,” said Marketing Summit co-chair Jeanelle Feimster, MBA ’13. “More than 80,000 hits were logged in over the weekend on our social media website. People from 59 countries joined in the festivities through participation in team voting, viewing photo galleries, watching videos and reading student blogs.”
Christina Marshall from the University of Southern California The Marketing Summit is produced annually by more than 100 Wake Forest University School of Business students led by received a plaque and a $1,000 check for the John A. Scarritt ’79 Marketing Summit MBA MVP Award. The award was given three co-chairs and faculty adviser Roger Beahm. The 2013 coto the one participant who showed distinction and outstanding chairs were Jeanelle Feimster (MBA ’13), Adam Hanson (MBA contributions during the presentations. Upon giving the award, ’13) and Lauren Williams (MBA ’13). In addition to lead sponsors FedEx and PepsiCo, other corporate sponsors for this Scarritt, a Wake Forest MBA alumnus, said, “I am so proud to year’s event included Wake Forest Center for Retail Innovation, be associated with Wake Forest University School of Business American Association of Advertising Agencies (4As), Bellomy and pleased to once again provide this award at this world-class Research, Bridgestone Golf, Cheerwine, IBM, Inmar, Lowes marketing event.” Foods, Marriott, SymphonyIRI Group, John Scarritt ’79, Texas Pete and Twin City Quarter (Marriott). A team of students from the University of Maryland won For more on the Marketing Summit including, competing first place in the undergraduate case, also presented by teams, videos, photos, blogs and news feeds, visit: FedEx, taking home a $10,000 cash prize and the 2013 marketingsummitlive.com. Lighthouse Trophy. Northeastern University finished second
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MA STUDENTS TAKE ON
70 B-SCHOOLS IN
EXECUTIVE LEADERSHIP
FOUNDATION'S BUSINESS CASE COMPETITION
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A team of five MA in Management students from the Wake Forest School of Business earned third place in The Executive Leadership Foundation’s (ELF) 2013 Business Case Competition, which focused on developing workforce talent with skills in science, technology, engineering and math (STEM). The Wake Forest MA team competed against MBA students from 70 business schools to take home the honors. A Bloomberg Businessweek article about the competition mentioned the Wake Forest team. ELF’s annual competition invited teams to analyze a compelling business issue that challenged their critical thinking, analytical and communications skills. It was sponsored by ExxonMobil and held at the company’s headquarters in Virginia.
Eddie Appeadu and Sydney Blount took home a $15,000 cash scholarship for their entry, which recommended setting up a mentorship program and a regional college and internships for college students, then extending outreach into K-12 education to encourage STEM skills at an earlier age. A panel that included leaders from corporations and nonprofits such as Lockheed Martin, Merck, BAE Systems, Sustainable Star, The Johns Hopkins University and the National Council of La Raza judged the competition entries.
MA students Portia Jones, Alan Arias, Jonathan Ford Jr.,
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M B A S T U D E N T S N O T E D AT
VENTURE CAPITAL INVESTMENT COMPETITION
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A team of MBA students from Wake Forest University School of Business competed against 60 schools and a total of 1,200 MBA students in the Southeast regionals of the 14th annual Venture Capital Investment Competition (VCIC) held at Georgetown University in February.
The team of Andy Bowline, Scott Coldagelli, Sergio Espinoza, Katerina Ketsy and Matt Zimmerman won the Entrepreneur’s Favorite category while competing in a bracket with UNCChapel Hill, Duke, Emory, Virginia and Vanderbilt. A team from Emory took home the regional prize.
The competition bills itself as the premier MBA competition for venture capital and entrepreneurship since 1998. At VCIC, the students are the investors and real entrepreneurs pitch to them, with about 25 percent going on to raise venture capital after participating in the competition, which holds its international finals at UNC-Chapel Hill.
Stan Mandel, professor of practice and director of the Angell Center for Entrepreneurship, says this is the third year in a row a Wake Forest team has won some part of this competition, with last year’s team winning the regionals.
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Despite the bureaucracy, language barriers and atmosphere of scarcity, students often describe their experiences as the most inspirational of their business school careers.
Many of the business owners have pointed questions about how they can translate American business principles in a developing country.
Listening to the students answer those questions helps School Alex Tsuji (MBA ’14) said that the program has helped him of Business faculty see whether students have picked up on the recognize not only the universality of good business practices nuances of the material covered in their own classes, Patel said. but of people’s shared humanity across different cultures. “I meet entrepreneurs who have less education and resources, Students and business owners must communicate through yet such an ambition to make their businesses succeed,” he translators, and that adds another layer of complexity — and said. “This is very humbling. In class, I learned many of the technical skills of business. However, I realized that sometimes, opportunity for learning. you just need courage and will to make businesses work.” “Students learn to watch, evaluate and interpret body language,” Patel said. “They begin to understand when certain owners are Scott Burgess (MBA ’13), who worked on preparing material struggling with the material being taught, or when the light for the courses, said that sometimes he wondered if the bulb has suddenly gone off.” business owners were really grasping the material and if it was helping them. For American students, who are often weaned on the American free enterprise system with its emphasis on profit He received his answer when he and some other students margins, working with Nicaraguan business owners can be a made the two-hour trip to a remote co-op farm, where the transformational experience. owner was hoping to move toward promoting and teaching farmers about the benefits of organic farming. Many of the business owners students “I couldn’t believe she was making that drive to classes in encounter are not primarily motivated Managua six times a year. Getting that knowledge must have by making large profits, Thompson said. meant a lot to her,” he said. “She was one of the students who They are mainly interested in improving was asking a lot of questions.” the lives of their families and employees. The Nicaraguan business owners are not the only ones who learn at Casa Dingledine. “We hope that they will begin to see that being successful in business does not necessarily mean accumulating more money “Preparing and delivering the seminars forces the students to than someone else,” Thompson said, “but rather using the really master the conceptual material that they have learned resources gained to achieve some purpose, such as improving in classes at the School of Business,” said Ron Thompson, the lives of others.” professor of management.
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Executives like Facebook’s Sheryl Sandburg, author of the best-selling “Lean In,” credit mentors along the way with being a sounding board, offering crucial career advice or even the kick in the pants needed to take on a new challenge. Creating a valuable mentoring relationship can change an employee’s life. “Mentoring means helping someone with whatever they may need. Whether it is just someone to vent to, bounce ideas off, or get advice from,” says Andrew Finnerson, district manager executive for ALDI grocery stores and a 2013 MA in Management graduate. “Mentoring is leading by example as well as motivation.” Finnerson was matched with Steve Adams, an assistant athletics director with Wake Forest Athletics last year.
“Most of our mentors and students plan to continue their relationship after the program ends,” said Angie Lynde, who served as associate director of the School’s graduate mentor program.“We’ve found the more relevant relationships happen when students and mentors are aligned by job function or industry. The chemistry of a match is the most important aspect.” Wake Forest University School of Business has matched more than 500 students with mentors in the last four years. Mentors are located mainly in the Triad, but also in the Raleigh and Charlotte areas. Once matched, mentors and students aren’t just turned loose to have maybe a weekly phone call or email check in. Instead, both attend workshops on creating a good mentoring relationship and are given guidelines on how to create a successful partnership. “We match students and mentors September through January,” Lynde said. “In some industries, students need to be ready for internships or job interviews in the fall, so we help the pairs work through the skills needed for those opportunities. Starting in the 2013-14 academic year, we will ask every mentor to set up a mock interview for the students to practice. The mentor can conduct the interview or arrange it with a colleague. But either way, the mentor will be responsible for giving the student feedback on his or her performance.” “I sought mostly professional advice about job searching, interviewing and deciding between job offers,” Finnerson said. “Steve was the first person I contacted, after my parents, when
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I received job offers. I knew he would be proud and a great resource to help me with my decision. The things he taught me and told me about his career have also helped me in my professional career as well.” While career preparation is one important aspect of the program, it’s not all job search chats and mock interviews. “We set up networking events at special occasions on campus, like basketball games or speaker series, to help the teams develop their relationships,” Lynde said. “Establishing that connection helps both the mentor and the student find rewarding outcomes.” There are about 200 business people who have signed up to be mentors to students at the School. Not all of them are mentors each year, but many enjoy the experience so much that they serve several years in a row, Lynde said.
Want to know more about the Wake Forest University School of Business mentoring program? Connect with Angie Lynde at lyndeaj@wfu.edu.
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FINANCIAL F O O T B A L L
When it comes to financial literacy, do American schoolchildren know the ropes? That was the question a friendly game of football attempted to settle. A friendly game of financial football. And did we mention the playing field? Only the Wake Forest University Charlotte Center, during the Democratic National Convention.
Washington Redskins star linebacker London Fletcher and U.S. Senator Kay Hagan (North Carolina) coached a team of Charlotte schoolchildren and School of Business students for Financial Football, a video game that helps children learn about managing their finances. They squared off against a team led by N.C. Treasurer Janet Cowell and a group from the Carolina Panthers' front office. The teams answered financial questions to earn yardage on the field.
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According to the Charlotte Business Journal, Fletcher says he promotes financial literacy partly because he had some issues with credit cards in college that affected him when it was time to buy his first home. But who won the game? The team led by Cowell, the N.C. Treasurer. Want to see how it ended? You can watch the video at go.wfu.edu/financialfootball. Financial Football is produced by Visa and distributed as part of its partnership with the NFL.
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Turning conceptual knowledge into practical competence S T U D E N T S A P P LY W H AT T H E Y L E A R N
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In the business world, there’s no substitute for hands-on experience. It’s not enough to just learn course concepts, Wake Forest University School of Business ensures its MA in Management students participate in a world-class experiential learning opportunity. Last year, 23 student teams partnered with 22 companies for an action-learning project (ALP). The students apply what they are learning in the School to create business solutions for their organization. “We assign five MA students to form a consulting team to work with a business client who sponsors the project,” said Michelle Horton, director, Experiential Learning and Leadership Development. “This project becomes an extension of the classroom, and the organizations become educators. It’s a partnership for learning that creates a win-win for both groups: students develop their professional skills while solving a business problem for the organization.” This year, MA students partnered with Allegacy Federal Credit Union, Amarr Garage Doors, Apple Rock Displays, B/E Aerospace, Garner Foods, Green Resource, Habitat for
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Humanity, hiSoft, IMG College, Inmar, Legacy Consultant Pharmacy, Old Salem Museums & Gardens, Pace e-Commerce, Pactera, PepsiCo Beverages Co., Primo Water, Small Footprint, Syngenta, Vulcan Materials, WFU Athletics Department, Wake Forest Baptist Medical Center, Winston-Salem Dash and the Winston-Salem Sustainability Resource Center. At the end-of-year celebration, two student teams were awarded the ALP Excellence Award. The team of Shani Collins, Andrew Williams, Arpita Dirghangi, Julissa Prado and Jackie Mei worked with Amarr Garage Doors. A second team of Ebizimor Oweifie, Alan Arias, James Harrison, Ashley Reid and Christine Davis partnered with Old Salem Museums & Gardens. “Several students spoke at the year-end celebration about the impact this project had on their personal and professional development,” Horton said. “And one company in particular — PepsiCo – hired 50 percent of their team!” For the 2013-14 academic year, this project takes on a new urgency. The MA students will participate in “The Hunger Project.” The ALP teams will address the issue of hunger in the Piedmont-Triad by applying their course concepts and real-life, hands-on experience.
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Celebrating A F I NA L C O M M E N C E M E N T I N WO R R E L L
and advocacy organization in the United States, delivered the hooding address. Murguia urged the graduates to open the door to the American Dream to others by practicing inclusive leadership. In closing, she offered the advice her
Wake Forest University School of Business congratulates 375 master’s and 217 bachelor’s degree recipients who were recognized during the Wake Forest University Commencement on May 20.
School of Business master’s degree recipients were honored at a hooding ceremony Sunday, May 19, in Wait Chapel. Holders of a master’s degree wear a symbolic hood draped around the neck and over the shoulders, displayed down the back with the lining exposed. The hood identifies the level of degree, the field of learning and the awarding institution.
parents gave her and her siblings: “Work
hard, follow your passion, live your values, give back and remember that integrity matters.” Bachelor of Science degrees were awarded to 217 School of Business students with majors in Accountancy, Business and Enterprise Management, Finance and Mathematical Business during the Wake Forest University Commencement ceremony on May 20.
This year’s graduate business students who received hoods include 102 in the Master of Arts in Management program, 115 in the Master of Science in Accountancy program, 55 Dean of Business Steve Reinemund told the graduating class, in the Full-time MBA program, 27 in the Winston-Salem “I trust that you are leaving here with a clear sense of your true Evening MBA program, 46 in the Charlotte Evening MBA North, that your moral compass is well tuned and calibrated, program and 26 in the Charlotte Saturday MBA program. Four so that your success will come with integrity.” graduates received joint degrees as part of programs offered with other Wake Forest schools: three with the School of Law After the Commencement ceremony on Hearn Plaza, new (JD/MBA) and one with the Graduate School of Arts and graduates celebrated with a luncheon in the courtyard of Sciences (PhD/MBA). Worrell Professional Center. It’s expected to be the last time this event will be celebrated there, since Farrell Hall will be Janet Murguia, CEO and president of the National Council open for the 2014 graduates. of La Raza (NCLR), the largest national Hispanic civil rights
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Students Honored at Awards Ceremony STUDENTS RECEIVING CLASS LEADERSHIP AWARDS FOR OUTSTANDING SCHOLASTIC PERFORMANCE AND INTEGRITY WERE:
Full-time MBA: Mark Adam Hanson W-S Evening MBA: Stefano Marsella Charlotte Evening MBA: James Buchanan Ferguson Charlotte Saturday MBA: Robert Graham Hink MS in Accountancy: Jaclyn Susanne Sokulski MA in Management: Peter Wesley Geissinger OTHER HONOREES INCLUDED:
Stephen B. Tips Award for Outstanding Character: Cynthia Porter Redwine Luther Award: Govind Ravikumar Andrea Mitchell Metzler Award: Mark Adam Hanson Marketing Award: Mark Adam Hanson Patel Prize in Finance: Sergio Espinoza Baviera Finance Award: Christopher James Delp Entrepreneurship Award: Kevin William Keller Operations Management Award: Kimberly Fisher Health Care Award: Galen Price Business Analytics Award: Guy Groff Jr. Robert N. White Award: Amy Frances Garner and Martha Lee Spears Federation of Schools of Accountancy Achievement Award: Melanie Green Outstanding Graduate Award — Tax Consulting: Melanie Lynne Green Outstanding Graduate Award — Transaction Services: Donghyun Kim Outstanding Graduate Award — Assurance: Victoria May Stewart Action Learning Project Excellence Award: Alan Bernard Arias, Shani Nicole Collins, Christine Elizabeth Davis, Arpita Dirghangi, James Harrison III Jiaqi Mei, Ebizomor Tamaraprebi Oweifie, Julissa Prado, Ashley Simone Reid and Andrew Wallace Williams
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Rolling out
t h e R e d Ca r p e t The Wake Forest School of Business hosted its 12th annual Red Carpet weekend in April. Eighty-six admitted graduate candidates and their guests attended the two-day event. Enrolling in graduate school usually means getting to know a new city, a new campus and new classmates. So why not become familiar with all three in a single weekend? It sounds like it could be a whirlwind trip, but it’s actually the fun and functional Red Carpet Weekend. The School of Business welcomed 86 graduate candidates and their guests for a two-day visit in the late spring. The 12th annual event kicked off with a breakfast for the students, current faculty and staff on a Friday and then took off. The weekend’s highlights included a tour of Farrell Hall, mock classes, parent sessions, apartment-hunting assistance, a walking tour of downtown Winston-Salem and a closing dinner at Bridger Field House. “I think it’s a great opportunity to meet my future classmates. I think it’s a great opportunity to connect before school actually starts, and to learn more about the people I will be spending the next two years with,” said Rob Mellon, a Wake Forest undergrad alum who entered the Evening MBA program.
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Elise Prete, an MA in Management student, attended the event with her parents, Ralph and Alix, to familiarize herself with the campus and soak up the atmosphere. “I came this weekend to take tours, visit the bookstore and remind myself what a great campus this truly is,” Elise recounts. Torin Martinez, a full-time MBA student, chose to attend to connect with current MBA students and get their perspective on the program.
“I’m loving being able to talk to the students who have already been here, who are already enrolled and are giving such good advice. They’re telling me their stories of how they’ve interviewed and their approaches, and what they think I should do beforehand. It’s overwhelming almost, but in a good way,”
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said Martinez.
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WAKE FOREST STUDENTS INTERVIEW THE ORACLE OF OMAHA
Students from Wake Forest University School of Business had the chance to ask Berkshire Hathaway Chairman Warren Buffett questions during a live one-hour interview on Fox Business on May 6, 2013. The interview was held in Omaha after the annual Berkshire Hathaway shareholders meeting, with live connections to Wake Forest University School of Business students in the WFU Charlotte Center, Columbia Business School and Georgetown’s McDonough School of Business.
Charlie Munger. He asked, “What keeps you motivated? After achieving as much as you have and being as successful as you have, what keeps you coming into the office every day?” See his video clip at go.wfu.edu/alexsturges.
Buffett is generally considered the most successful inventor of the 20th century, earning the nickname “The Oracle of Omaha,” so getting some insight direct from the source is a once-in-a-lifetime opportunity.
Buffett says he’s found that job, and while it’s true he could be doing other things, he’d rather come into his office than be sitting on a yacht.
MA student Alex Sturges, who graduated in 2013, was selected for the honor. Sturges, a Charlotte native, posed a question for Buffett, along with Microsoft’s Bill Gates and Berkshire’s 56
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Buffett’s response: “That’s a great question. Well, I am 82, and I am getting Social Security now, so I really don’t have to do it for the money. I always advise students as much as possible to find the job they would have if they were independently rich.”
Host Liz Claman liked the question so much, she posed it to others on the panel. The story about the live interview was featured on Bloomberg Businessweek the next day.
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P R O H U M A N I TAT E
The captain’s choice format, coupled with the impressive skill level from the School of Business students and alumni, produced some notable scoring. The winning foursome, with a low score of 56, included Scott Burgess, Cooper Warren, Rachel Warren and Jordan Wesley. Second place, with a score of 57, was the team of Josh Citron, Jim Kluttz, Brian Sights and Andrew Wilber. And rounding out third place were Nick Heyland, Eric High, Michael Kleffner and Matthew Welborn with a score of 58. Overall proceeds from the charity auction, golf event and direct donations totaled $17,000, the majority of which was donated to support Victory Junction, an NC camp founded by Richard and Lynda Petty for kids with chronic medical conditions and serious illnesses. A portion of the funds was also donated to The One Fund Boston, a charity to assist victims and families affected by the tragic events at the Boston Marathon on April 15, 2013.
Charity Auction and Golf Event The School of Business hosted its annual Charity Auction and Charity Classic Golf Tournament to benefit Victory Junction. Late last spring, the weekend activities began on Friday with a silent and live auction at the Milton Rhodes Center. Students, faculty and staff participated by donating items or services to auction off, as well as bidding on auction items during the night’s festive gathering, which raised nearly $10,000. Some of the more exciting items up for bid included tickets to a Boston Red Sox game, East vs. West BBQ for 20 with Professors Ram Baliga and Chuck Kennedy, dinner for six with Professor Rick Harris and a handmade quilt donated by Evening MBA Program Manager Pat Peacock.
The School of Business is grateful to all the event organizers, volunteers, participants, and those who donated and purchased items for the charity auction. We are looking forward to another strong year of participation and support in 2014 for this wonderful charity.
The fundraising and fun continued on Saturday at the Tanglewood Golf Club, an award-winning 18-hole layout, which provided the venue for the 2013 Charity Classic Golf Tournament. About 20 teams of four enjoyed lunch in the clubhouse before the afternoon shotgun start on the beautiful championship course. The event attracted students, faculty, staff, local business people and numerous alumni who traveled from out of state for the competition.
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P R O H U M A N I TAT E
"Soup for the Soul Crock-off" Event
Third Annual Walk 4 Our Kids 5K Last May, students, faculty and staff participated in the Walk 4 Our Kids 5K to benefit the Kids of Childhood Cancer Foundation. Our Business School team had 28 participants, several additional donors, raising a total of $955 for the Foundation. Our own “Officer D,” Charlie DiGerolamo, and wife Sarah, started The Kids of Childhood Cancer Foundation as a legacy and memorial to their son Vinny.
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In the spring of 2013 students, faculty and staff of both the School of Business and School of Law held a "Soup for the Soul Crock-off." They raised $3,500 to support the family of Worrell Professional Center security officer Charlie DiGerolamo, whose son recently lost his five-year battle with cancer. Local chef Don McMillan from The Stocked Pot judged more than 35 slow cooker entries. Kathy Bunn, associate director of student academic administration for the School of Business, took home the honor of best entry.
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School of Business Staff Donates to the BackPack Program at Clemmons United Methodist Church The School of Business Staff donated items to support the program
Each month the Sisters in Christ Organization at Clemmons United Methodist Church meet to stuff 200 bags with nonperishable snacks to feed childern at Easton Elementary for an entire weekend. Through the BackPack Snack Program started by Feeding America more than 15 years ago, 50 children in need receive a bag each Friday. The cost to feed these children each month is roughly $1,000. To help, School of Business staff members donated bags of nonperishable items at their year-end celebration to provide snacks for May.
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Students See a Class Project and a Chance to Help Others The week following the Boston Marathon bombings, four sophomore accounting students from a Managerial Accounting class taught by Cynthia Tessien organized a sale of caramel popcorn with proceeds going to the Red Cross in Boston. Tessien divided her class into groups and tasked them with creating a small business that produced and sold products for one day. In this particular group, two of the four team members were from the Boston area. “Given the attack on Boston on Monday, it seemed like an obvious choice to our group to send our profits to the Red Cross to support their efforts to help after the Boston Marathon,� one team member explained.
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BLOOMBERG BUSINESSWEEK FEATURES SCHOOL OF BUSINESS DRESS CODE
When you walk into Farrell Hall, you won’t see too many shorts, flip-flops and sweatshirts on students hanging out or studying in the Founder’s Living Room. Instead, you will primarily see professionally dressed MA in Management students. The MA students, in particular, are standing out because they are following a new dress code instituted for the 201314 academic year. The requirement caught the attention of Bloomberg Businessweek, which featured the School’s dress code in its publication. MA students will be expected to dress in business casual attire for all classes and campus activities, with a smart casual day on Fridays. That means sport slacks and a dress shirt for men, and pants suits, skirts or blouses for women. Tennis shoes, jeans and flip-flops are banned. Additionally, the students
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will be expected to remain on campus all day, to simulate the workplace environment. The story quotes Chief Enrollment Management and Market Readiness Officer Matthew Merrick, “We’re taking them to the next level. We want them to get into the mindset of ‘I get up in the morning, I’m going to dress in professional attire and I’m going to be in the office’ — which is school — from 9 to 5.” The dress code is just part of the preparation MA students are given to enter the business world upon graduation. Want to learn more? Read the Bloomberg Businessweek story at go.wfu.edu/dresscode.
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MSA STUDENTS MEET THE FIRMS Master of Science in Accountancy (MSA) students have a leg up in finding jobs. Held each spring, Meet the Firms introduces current and incoming students to numerous accounting firms seeking to hire Wake Forest School of Business graduates. “I could really tell from the first Meet the Firms event that it Recruiter Catherine Morris from Dixon Hughes Goodman would help me to get a job where I wanted to be,” said MSA explains why her firm comes back year after year. “Our Wake Forest graduates are always our superstars in the firm. They are student Chelsea France, who accepted the position of audit Associate at Deloitte in Charlotte. the ones we look to as future leaders, and so obviously that’s why we come back year after year to compete for graduates Twelve firms participated in Meet the Firms 2013: because we know that a Wake Forest graduate will most likely Avalon Bay, Bernard Robinson & company, Cohn Reznick, rise to the top of their peer class. It’s obviously a great win for us.” Deloitte, Dixon Hughes Goodman, Ernst & Young, Grant Thornton, Johnson Lambert, KPMG, McGladrey, This event is unique in that it often opens doors to paid PricewaterhouseCoopers and SPC Corporation. internships and future employment.
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BETA GAMMA SIGMA HONOR SOCIETY INDUCTS NEW MEMBERS Twelve Wake Forest University School of Business Master of Science in Accountancy students recently accepted an invitation to join Beta Gamma Sigma, the international honor society serving business programs accredited by the Association to Advance Collegiate Schools of Business (AACSB) Election to lifetime membership in Beta Gamma Sigma is the highest recognition a business student can receive anywhere in the world. The following students joined Beta Gamma Sigma for ranking in the top 20 percent of their Master of Science in Accountancy (MSA) class: Caroline Bowman, Stephanie Cardwell, Victoria Chen, Adrian Cole, Claire Covington, Brett Hayes, Drew
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Heimbrock, Stacy Jiang, Shanay Martinez, Wes Matelich, Chandra Tripp and Alan Yang. “I’m extremely proud of the academic accomplishments of these newly inducted members of Beta Gamma Sigma. These students epitomize the extremely bright and highly motivated students who enroll in our MSA program,” said Jack Wilkerson, senior associate dean of Accountancy Programs. Graduates of Wake Forest’s Master of Science in Accountancy program have earned the highest passing rate in the nation on the CPA exam in six of the past seven years, and historically 100 percent of the graduating Wake Forest MSA students have secured jobs prior to graduation.
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ACCOUNTING BLOGGER ADVISES STUDENTS Finance students gathered to meet and speak with Caleb Newquist, founding editor of the accounting and business finance blog “Going Concern.”
Newquist spoke about his work and the trends facing today’s
Among the advice he gave, he stressed the idea of a work-life
financial industry at the event hosted by the Graduate
balance. “Everything they say about the work-life balance is
Accounting Club.
fundamentally true, but the part they don’t tell you is that you have to make the life part happen. It’s up to you to make that
Before he became editor of “Going Concern,” Newquist
balance happen, and a lot of you don’t realize that until later,”
worked in financial services with KPMG. But when in
said Newquist.
December 2008, he and 200 of his colleagues lost their jobs, he began blogging during his frustration at being unemployed.
As far as trends in today’s finance industry, he noted that firms
Newquist says in early 2009 he responded to an inquiry from
are being more selective with their hires and that “Wake Forest
popular “Dealbreaker” looking for accounting bloggers.
students should feel lucky,” as many of them are highly sought
A few months later, he was named founding editor of “Going
after by the top firms.
Concern.” Although he has been very successful and has gained international recognition for his work with the blog,
Though blogging about finance wasn’t the career path he
Newquist says he owes his career to KPMG, and all the
originally planned, Newquist says he couldn’t imagine a better
connections made and experience gained there.
way to make a living.
Much of the evening involved Newquist answering students’
Said Newquist, “I love my job very much. I love covering the
questions and offering them advice. Questions ranged from
accounting industry. We keep things offbeat, irreverent and
the advantages and disadvantages of financial services to
fun. We try to appeal to students and follow you through your
Newquist’s most memorable blog posting.
careers. We hope you guys will follow us for a long time.” business
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MSA STUDENTS ACHIEVE THE TOP PASS RATE IN THE NATION ON THE CPA EXAM School of Business students ranked No. 1 for the 10th time since 1997, more than any other school during the same period. Students in the Master of Science in Accountancy (MSA) program at Wake Forest University School of Business achieved the top pass rate in the nation on the Certified Public Accountant exam once again, according to the 2012 edition of Uniform CPA Examination Candidate Performance. Wake Forest had the highest pass rate among 793 institutions with 10 or more candidates sitting for the exam, as well as the No. 1 pass rate for large programs (a total of 258 institutions with more than 60 candidates.) Wake Forest students have earned the top ranking 10 times since the School began offering a Master of Science in Accountancy degree in 1997, more than any other university during the same time period. “Having established a broad foundation in the liberal arts, built on that foundation through an intensive set of accounting
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courses and seminars, and put into practice what they’ve been learning in a professional internship with an accounting firm during the busiest time of the year, our students are thoroughly prepared to do well on the CPA exam and, as importantly, to do well in their careers,” said Jack Wilkerson, senior associate dean of Accountancy Programs, Wake Forest University School of Business. Traditionally, 100 percent of Wake Forest’s MSA graduates have accepted job offers prior to graduation, with many students receiving multiple offers. The Wake Forest accountancy programs, including the MSA program, are accredited by the Association to Advance Collegiate Schools of Business (AACSB). Students have the option of specializing in the career tracks of assurance services, tax consulting or transaction services.
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FIRST GROUP OF MBA STUDENTS COMPLETES INCLUSIVE LEADERSHIP SKILLS CERTIFICATION “You have all demonstrated a strong curiosity to better yourself, and that commitment will ultimately make you better leaders.” — Melanie Lankau
“To be an inclusive leader, one has to challenge your assumptions and leave your comfort zones behind,” says Melanie Lankau, senior associate dean of diversity and global issues. It’s a mission the Wake Forest University School of Business takes seriously — and so do our students.
Melanie Lankau hosted the event and congratulated participants for their extraordinary efforts to complete the required work to earn the certificate. “Thanks for being the first group of students to complete our inaugural program, and for setting the bar so high,” said Lankau. “You have all demonstrated a strong curiosity to better yourself, and that commitment will ultimately make you better leaders.”
Seventeen MBA students earned their Certificate in Inclusive Leadership Skills, the first group to complete the extracurricular, faculty-certified program. The second-year students To earn the certificate, students must attend an orientation session, complete two assessments and debriefs on cultural were celebrated at an awards reception on April 25. competence, attend a minimum of four workshops, participate
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in four campus or community events on diversity or global topics, complete an international trip or community immersion experience, and prepare a culminating reflection essay. Brennan Lewis was awarded $1,000 for his Outstanding Essay. The award is dedicated to the memory of School of Business colleague Erica Holloman, who demonstrated a passion for multicultural education.
While Lankau congratulated the students for their hard work and success, she also thanked the faculty and staff who supported the program with their time and talent, mentioning Terry Baker, Janice Branch, Holly Brower, Lisa Bryant, Matt Imboden, Tiffany Johnson and Amy Wallis. Lankau and the program team look forward to next year’s crop of inclusive leaders, which currently consists of 23 first-year MBAs who are enrolled in the program.
Students earning the certificate are:
Roopali Bahal
Grier May
Carling Boyles
Venkata Raman Perivela
Walt Elder
Sathya Rmachandran
Jeanelle Feimster
Mayank Singh
Amy Garner
Martha Spears
Andreas Hellwich
Seth Taylor
Brennan Lewis
Alex Thomas
Bret Maffett
Lauren Williams
Joe Mercaurelle
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MBA STUDENTS EARN SIX SIGMA CERTIFICATION In May, 14 first-year full-time MBA students became certified Green Belts and 8 second-year full-time MBA students became certified Black Belts in Six Sigma. Six Sigma is a set of tools and techniques or strategies originally developed by Motorola, but gained in popularity after General Electric’s Jack Welch made the system, which seeks to improve manufacturing and business processes, part of his business strategy 10 years later.
The quality management methods used in Six Sigma create a special infrastructure of people within an organization who are experts in the methods. They are known by their certifications, such as Green Belts or Black Belts or Champions. In May 2004, Wake Forest became the first university in the country to host its own seating of the Six Sigma certification exams, and to date, we have 98.9 percent pass rate on the Green Belt exam and a 94.6 percent pass rate on the Black Belt exam. ALUMNI / DEVELOPMENT
The Battle of the Banks – The “BOB” A Bank of America vs. Wells Fargo Wake Forest University Challenge
As our alumni look to engage and support the Annual Fund of the School of Business for Wake Forest, what better way than to do so within the premise of seeing which of these fine organizations has the most engaged, most supportive alumni base? The Details What? A "friendly" competition for all Wake Forest School of Business alumni at Bank of America and Wells Fargo. Our Goal: to see which bank could raise the most money for the Wake Forest Fund for the School of Business. Why? The Wake Forest Fund for the School of Business provides resources for strengthening both the undergraduate and graduate programs. This fund (and the funds that support the Babcock and Calloway programs) supports the increased quality of our students and faculty. In addition, alumni participation in our Annual Fund has a direct impact on our ranking as a top business school.
Results Bank of America $63,485 | 58.09% Wells Fargo $45,802 | 41.91% TOTAL RAISED: $109,287 Bank of America wins
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Not-so-secret Agents Michael Darrow
We sat down with Michael Darrow (MBA ’87), assistant director of development and annual fund manager for the School of Business, to talk about the Class Agent program. His responses have been edited for clarity and continuity.
connect with their classmates and keep them informed, help set class goals and update their class on participation stats. We have found that the shared emotional connections naturally help giving conversations evolve.
Q: Why are class agents so important to the School of Business? A: With our limited staff, we obviously can’t see and stay in touch with all of our alumni on a regular basis, but by having 50 to 60 class agents, we find ourselves better connected and better able to leverage relationships. These liaisons are our arms and legs of advancement. They are like our troops on the ground. By talking regularly with these 60 people who are truly committed to their class and their alma mater, we are able to stay better connected with our large alumni network. We are able to get unbiased opinions, perceptions and important feedback from alumni that we would not necessarily be aware of without the work of the class agents.
Q: How many class agents do you currently have? A: We have 64 agents representing 53 classes. There are some co-class agents, but we are always looking for new people to become an agent for a class without one or to be next in line for a particular class.
Class agents are also an important factor in fundraising for the School of Business. Their personal relationships with their classmates help to foster strong emotional bonds with the school and influence alumni gifts. Q: What are some important personality traits of a class agent? A: A class agent is someone who was well connected in his or her class and ideally has maintained that connection since graduation. They should be willing to share information and ideas, and be a liaison to the School of Business. This is a volunteer position with a one-year minimum commitment, but we do understand that sometimes situations change. We have a good number who have been serving as their class agent for multiple years. It’s really a position that can be short term or long term. Q: What are class agents’ primary responsibilities? A: The most basic role of the class agent is to assist the alumni office in maintaining current contact information on classmates. They also keep their classmates informed on alumni-related current events and news. Secondarily, they encourage classmates to make a gift to the Annual Fund and make a leadership gift themselves. While class agents encourage giving, we aren’t just looking for a bunch of fundraisers. We want someone who will
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Q: What is it like working with class agents? A: We hold quarterly conference calls and send monthly emails to discuss upcoming events, share best practices and give updates on class giving. There are also one-on-one phone calls, meetings and emails between advancement officers and the agents. In the future, we plan to host webinars with the Dean and are looking into the idea of granting exclusive privileges. Q: What are the benefits of being a class agent? A: A class agent receives two key benefits. One, you are able to build your professional and personal network of connections. This can be a huge networking opportunity that has the potential to enhance your career. Two, you are able to reconnect with your classmates and engage with your alma mater in a meaningful way. Q: What makes the class agent program unique? A: One of the beauties of the program is the flexibility that class agents have. Each one approaches the role in his or her own way and brings something different to the table. We purposely keep the program loosely structured because we don’t know how each individual class operates. Many class agents go above their basic duties and create unique ways for his or her class to interact. I like watching how each class agent interacts with their classmates. It’s fun to see what works for each class — I’ve seen everything from online networking to tailgating.
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To find out more, contact Mike Darrow at darrowma@wfu.edu or 336-758-2978. To contact your class agent or to see which classes have open positions, visit business.wfu.edu/alumni for a complete list.
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Honoring Graham Denton for his service to Wake Forest University School of Business
University Trustee Graham W. Denton Jr. (’67), who held numerous volunteer leadership roles with the University and the Medical Center during the last 20 years, died Jan. 8, 2013, in Charlotte. He was 67. Denton, who was first elected to the Board of Trustees in 2000, received the University’s Distinguished Alumni Award posthumously in April. In recent years, he chaired both the boards of directors of Wake Forest University Health Sciences and Wake Forest University Baptist Medical Center. He had also served on the College Board of Visitors, and as president of the Alumni Council and Parents’ Council. Denton, and his wife, Anne, were generous donors to the University and had established faculty and scholarship funds on the Reynolda Campus, and a cancer research fund at the Medical Center. He was also a member of the Samuel Wait Legacy Society. A native of Charlotte, Denton graduated with a degree in history and earned his MBA from Georgia State University. He spent two years in the Army, mostly as a supply officer in Korea, before beginning his career in banking.
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He joined what was then North Carolina National Bank in 1971, and held a number of leadership roles as the bank evolved into NationsBank and then Bank of America. In 2002, he was named president of both Bank of America in North Carolina and Charlotte. Two years later, he was also named market president executive, overseeing about 145 market presidents across the country. He retired in 2007 as president of Bank of America in North Carolina. Last October, Bank of America colleagues and Wake Forest honored him by naming the main reception area at the Wake Forest University Charlotte Center in his honor. Denton is survived by his wife, Anne, and three children: Mary Denton Lunsford (’93, PA ’96), Elizabeth Denton Shah-Khan (’97) and Graham “Wills” Denton III (’10). His father, Graham Williams Denton, graduated from Wake Forest in 1930. Donations may be made to the Anne and Graham Denton Cancer Research Endowment Fund, Wake Forest Baptist Medical Center, P.O. Box 571021, Winston-Salem, NC 27157; or to Rumple Memorial Presbyterian Church, 1218 Main St., P.O. Box 393, Blowing Rock, NC 28605.
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Landscape of a Leader’s Brain WFU School of Business professor finds neuroscience provides insights into the brains of complex and adaptive leaders. Sean Hannah
Wake Forest University’s Sean Hannah and a team of researchers have found measuring activity in the prefrontal cortex of the brain can help assess that person’s potential for leadership —which could have a big impact on how future leaders are tested and trained. brain's resources are available at any one time to handle other “This study represents a fusion of the leadership and situations or tasks. neuroscience fields, and this fusion can revolutionize approaches to assessing and developing leaders,” says Hannah, “Think of it as a single core versus a multicore computer’s the Tylee Wilson Chair in business ethics and professor of management at the Wake Forest University School of Business. central processing unit (CPU),” Hannah says. “A multicore CPU can multitask because one core can process a task, while Hannah is lead author of the paper in the May 2013 Journal of Applied Psychology titled “The Psychological and Neurological the other CPU cores remain free to process new tasks. More complex brains are also more efficient in locking together Bases of Leader Self-complexity and Effects on Adaptive only the brain resources needed to process a task and then Decision-making.” efficiently releasing them when no longer needed.” Hannah and four colleagues tested 103 young military leaders The study showed the high complex brains of the great between the ranks of officer cadet and major at a U.S. Army leaders had a different “landscape.” The scans showed base on the East Coast. They administered psychological more differentiated activation patterns in the frontal and exams to assess the complexity of leaders’ identities, and prefrontal lobes of leaders who demonstrated greater neurological exams to assess the complexity of soldiers’ decisiveness, adaptive thinking and positive action brain activity. For the brain tests, the researchers attached orientation in the experiment. quantitative electroencephalogram (qEEG) electrodes to 19 areas of each soldier’s scalp. “Further, individuals who have developed richer and more elaborate self-concepts as leaders were found to be more Hannah and his fellow researchers wanted to know if great complex and adaptable,” Hannah says. “These findings have leaders had more complex brains — measured by the important implications for identifying and developing leaders electrodes that reported which parts of the brain were firing who can lead effectively in today’s changing, dynamic and together at the same time. A low complex brain shows more often volatile organizational contexts.” areas of the brain operating at the same time, at the same electrical amplitude and frequency – which suggests those The researcher team suggests that once they validate areas converge to process the same task, leaving fewer brain neurological profiles of leaders with high complex brains, they resources for other tasks and processes. It’s a process called will be able to use established techniques like neurofeedback to “phase lock.” enhance these leadership skills in others. Neurofeedback has been successfully used with elite athletes, concert But in high complex brains, the activity patterns are much musicians and financial traders in their training. These more different and varied — which suggests more of the
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profiles can also be used to assess leaders and track their development over time. These findings have relevance to the WFU School of Business’ new student development framework, which focuses on developing practical wisdom, strategic thinking and critical thinking skills, along with the ability to embrace complexity and ambiguity. Hannah’s co-authors include Pierre Balthazard, dean of the School of Business at Saint Bonaventure University; David A. Waldman, professor of business at Arizona State University;
Peter L. Jennings, of the Center for the Army Profession and Ethic at West Point; and Robert W. Thatcher of the University of South Florida. This research team is at the forefront of applying neuroscience to study effective leadership. The team previously published a 2012 paper in the Leadership Quarterly, which identified unique brain functioning in leaders who are seen by their followers as highly inspirational and charismatic. That paper has been named the best paper of 2012 by the publication. Hannah and his team will be presented with an award in October 2013.
Spouse’s Attitude Affecting Your Job? Wayne’s research finds your spouse’s happiness with your organization affects your own loyalty and work. Julie Holliday Wayne
Family-friendly policies not only help employees create work/ life balance, but may actually affect how the employee’s spouse feels about the company. And that could mean more employee satisfaction and less turnover. A Wake Forest University School of Business researcher and three colleagues studied the spouse effect and found if the spouse isn’t happy with the employer, the employee isn’t likely to be either. These findings were published in the July issue of the Journal of Applied Psychology. “The big takeaway here is that the spouse’s attitudes toward the employee’s firm matter,” says Julie Holliday Wayne, associate professor in the WFU School of Business. “Our findings show that when the spouse isn’t happy with or loyal to the organization, it causes the employee to be less loyal.” It is well known that when workers view their employer as family supportive, they report less work-to-family conflict, less intent to leave, less burnout, and greater commitment and job satisfaction. Until this study, however, little research had been done on the role of spouses in that equation. Wayne and her colleagues surveyed 408 employees at a large engineering consulting firm in the United States and their business
spouses. The couples were asked questions to assess their perceptions of whether the firm was supportive of families. They were also asked about work/family conflicts, the degree to which work enriched family life, and how committed the nonemployee spouse felt to the firm. They found that when employees’ work interfered with their family lives, spouses were less satisfied with the employee’s job and less loyal to the firm, which, in turn, related to the employee’s commitment to the company. They also learned that spouses’ attitudes were affected by work interfering with family but not by work enriching family life.
“Bad events are more psychologically powerful than are good ones,” explains Wayne.
She says the study indicates that firms might be able to boost employee commitment — and reduce turnover costs — by minimizing instances where work interferes with family and ensuring that spouses perceive the firm as “family friendly.” Including families in work-related activities and celebrations when possible is one suggestion. Better communication around family-related efforts might help, also. .wfu.edu
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“A newsletter informing spouses of family-friendly policies or practices could be helpful,” Wayne said. “It could provide examples of day-to-day managerial support for work/life balance or profile employees and leaders involved in life outside of work as role models.” The researchers recommend that firms solicit and use the input of partners and spouses in needs assessments about work/ family issues.
The results are detailed in a paper titled “Family-supportive Organization Perceptions and Organizational Commitment: The Mediating Role of Work/Family Conflict and Enrichment and Partner Attitudes.” In addition to Wayne, the authors are Wendy J. Casper of the University of Texas at Arlington, Russell A. Matthews of Bowling Green State University and Tammy D. Allen of the University of South Florida.
Faculty honored at end of year The Wake Forest University School of Business Faculty celebrated a successful and very busy year with an awards dinner at the Proximity Hotel. The awards and recipients are: Full-time MBA Teaching Award 2012-13 Jon Pinder
Spirit of the Schools Award Kenny Herbst
MSA Teaching Award 2012-13 Tripp Petzel
UG Adjunct Teaching Award Kris Martin
MA Teaching Award 2012-13 Kenny Herbst
Graduate Adjunct Teaching Award Troy McConnell Len Preslar
UG Teaching Award 2012-13 Bren Varner T.B. Rose Fellowship in Business Norma Montague Cowan Faculty Research Award Sean Hannah High Impact Research Award Julie Wayne Horace Kelly Alumni Teaching Award Bill Marcum Kienzle Alumni Teaching Award Derrick Boone Service MVP Award Sherry Moss
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THE SE AWA R DS WE R E PR E SE N T E D E A R L IE R IN THE Y E A R :
Charlotte Evening MBA Teaching Award Adam Hyde Charlotte Saturday Teaching Award Bill Marcum Winston-Salem Evening MBA Teaching Award Gary Shoesmith
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Please take a moment and extend a warm hello to our newest
faculty:
Sherrie Aycock joins us as an adjunct instructor. She is co-CEO, and co-owner of AllPoints Research, Inc.
(Formally Horace Kelly and Associates). With more than 50 years of combined product commercialization experience, Aycock brings the dynamic interactive workshop approach to WFU's undergraduate marketing research program. Her client base of Fortune 100 and 500 global corporate research projects will provide the basis for the experiential learning segments of class, to be integrated with presentation of market research strategic foundations. Her research with co-CEO and co-owner Tara Olson into entrepreneurial innovation during the recession and impact of access to capital was presented to the currently seated President of the United States in a closed door one-on-one session.
Tara Olson joins us as an adjunct instructor. She is co-CEO, and co-owner of AllPoints Research, Inc.
(Formally Horace Kelly and Associates). With more than 50 years of combined product commercialization experience, Olson brings the dynamic interactive workshop approach to WFU's undergraduate marketing research program. Her client base of Fortune 100 and 500 global corporate research projects will provide the basis for the experiential learning segments of class, to be integrated with presentation of market research strategic foundations. Her research with co-CEO and co-owner Sherrie Aycock into entrepreneurial innovation during the recession and impact of access to capital was presented to the currently seated President of the United States in a closed door one-on-one session.
Pete Brewer joins us as an accounting lecturer after spending 19 years at Miami University, where he was
an accounting professor. Prior to joining the faculty at Miami University, Brewer was employed as an auditor for Touche Ross in the firm’s Philadelphia office. Brewer is a member of the editorial board of the Journal of Accounting Education and has served on the editorial board of Issues in Accounting Education. He has published more than 35 articles in a variety of journals. Brewer holds a BS degree in accounting from the University of Virginia and a PhD from the University of Tennessee.
Carol Cain joined the faculty of Wake Forest University in the summer of 2012. She teaches financial
accounting courses for both the undergraduate and graduate levels in the School of Business. Dr. Cain received her Ph.D. degree from the University of Michigan. Her research interests include capital markets, mergers and acquisitions, and managerial strategies, incentives and behaviors in financial reporting. She has published in the Journal of Accounting and Economics. Prior to earning her Ph.D., Dr. Cain worked as an assistant controller for Dinex International, Inc. and was a manager and trust officer in the Estate Tax and Accounting Department for Shawmut National Bank (n/k/a Bank of America).
Luis Dopico joins us as an adjunct instructor. Luis consults on public policy and financial regulatory issues for research institutions, trade associations and government agencies. His areas of research include capital requirements, deposit insurance, housing markets, credit unions and securitization. He received his PhD in economics with a specialization in financial institutions from Auburn University.
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Sean Hannah is the Tylee Wilson Chair of Business Ethics and professor of management at
the School of Business. He focuses on the study of character-based leader development, exemplary leadership and its positive effects, behavioral ethics, and the building of high-performing teams and organizations. Prior to his arrival at Wake Forest, he served for 26 years in the U.S. Army, most recently as the Director of the Center for the Army Profession and Ethic (CAPE) at West Point – The United States Military Academy in New York. CAPE is the Army’s overall proponent and subject matter experts for the profession, ethics, and character-based leader development. He previously served as the Director of Leadership and Management Programs at West Point. Dr. Hannah has served in command and staff positions in Infantry units in Europe, Cuba, Panama, Southwest Asia and the United States. He served in combat with the 3rd Armored Division during Desert Storm, where his unit was awarded the Valorous Unit Award and he was awarded the Bronze Star; and also in other contingency operations such as Operation Sea Signal (Panama and Cuba), and Joint Task Force Los Angeles (L.A. Riots). He has served from the lowest tactical levels to the highest strategic levels, having worked for two Chiefs of Staff of the Army and an Assistant Secretary of the Army. Upon his retirement from the Army, he was awarded the Legion of Merit for his service and was inducted into the Officer Candidate School Hall of Fame.
James Johnson joins us a visiting instructor. James received his undergraduate degree in psychology from Baylor University, and an MBA from SMU. He is finishing his dissertation at the University of Georgia, where his specialty areas are mergers and acquisitions and microstructure. Prior to Wake Forest, he taught financial modeling, investments and introductory finance at UGA. He worked for 10 years in database programming and software development before beginning a career in finance at Citi’s Commercial Banking Group.
Mark McNabb joins us as a visiting professor of practice. McNabb has taught undergraduate and
graduate finance classes at leading schools around the southeast, which makes him well-schooled in the finer joints of good BBQ. Having moved from Dallas, McNabb has a doctorate from the University of Texas at Austin, a master's from the University of Virginia, and an undergraduate degree from the University of North Carolina-Chapel Hill. He and his wife, Elena, are in awe of the size of the trees and the beauty of the Wake Forest campus
Charles “Chuck” Melman joins us as an adjunct instructor. Melman graduated from Eastern Michigan University in 1976. Chuck spent more than 30 years with PricewaterhouseCoopers (PwC) before retiring in June 2010. Melman co-founded Park Meridian Business Advisors, LLC, a financial and consultancy firm based in Charlotte, N.C. Most recently, as an entrepreneur, Melman was instrumental in the formation of The New London Arms Company; a shooting sports retailer, where he serves as president and CEO. Outside of work, Chuck has served as a board member of the American Red Cross (Charlotte), the Fletcher School and the WFU Business School Board of Advisors. He also served The Carolina’s Partnership and Board of Advisors of the Charlotte Chamber of Commerce. Other interests are travel and outdoor activities, including golf and hiking, as well as shooting sports.
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Peter Mitchell joins us as an adjunct instructor and will be teaching Buyer Behavior to second-year
MBA candidates in the full-time program this fall. He holds a BA in journalism from UNC- Chapel Hill and MBA from the Tuck School of Business at Dartmouth College. Mitchell spent 18 years on Madison Avenue heading up accounts such as General Mills, Quaker Oats, Reynolds Metals and Procter & Gamble. He returned to North Carolina in 2000 and is currently president, CEO of Woodbine, a premier agency specializing in brand revitalization, headquartered in Winston-Salem.
Michael Naor joins us as a visiting assistant professor. Michael Naor received his PhD in operations
and management science from the Carlson School of Management, University of Minnesota. Naor’s dissertation received the Buffa Award from the Decision Science Institute. He has been conducting research in the areas of global operations strategy, quality management in health care, theory of constraints and sustainable operations. Prior to beginning his career in higher education, Naor worked in project management for the Ashtrom Group in Tel Aviv, Israel.
Dr. James Otteson is the new executive director of the WFU BB&T Center for the Study of
Capitalism and a teaching professor. He served as joint professor of philosophy and economics at Yeshiva University for the past six years, and his scholarship has focused on the intersections of philosophy and economics. He is particularly recognized as a scholar of Adam Smith, a Scottish philosopher and economist who is best known as author of “An Inquiry into the Nature and Causes of the Wealth of Nations” in 1776. Otteson’s book, "Actual Ethics," received the 2007 Templeton Enterprise Award, a program sponsored by the Templeton Foundation to honor publications that “advance the cause of ordered liberty around the world” by an author under the age of 40. His new book, "The End of Socialism," is expected to be published by Cambridge University Press later this year.
Tracy Rishel is a professor of practice. She specializes in inventory control and motorsports
operations, and spent several years teaching production and operations during the Summer Management Program at Wake Forest University School of Business. She received her B.S., M.S. and Ph.D degrees from Pennsylvania State University.
Victoria “Tori” Stewart joins us as an adjunct instructor. She graduated from Wake Forest in
May 2013 with a Master of Science in Accountancy. Beginning in January 2014, Tori will serve as a postgraduate technical assistant with the Financial Accounting Standards Board for one year in Norwalk, Connecticut. After her time with the FASB, Tori will return to PwC in Charlotte, North Carolina, to work as an assurance associate
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John Sumanth is an assistant professor at the School of Business. His areas of interest and research are in
upward communication, leadership, trust and the role of power and status in organizational hierarchies. His research has been published in sources such as Administrative Science Quarterly, the Journal of Applied Psychology, Personnel Psychology and Organizational Psychology Review. John obtained his B.S. in Industrial Engineering from the University of Miami, his M.B.A. in Marketing from the Warrington College of Business Administration at the University of Florida, and his Ph.D. in Organizational Behavior from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. Prior to higher-education, John spent about ten years working for large, multi-national corporations in the insurance, global tourism and fast food industries.
George Violette is a visiting professor this academic year from the University of Southern Maine in
Portland, Maine, where he is the BerryDunn Distinguished Fellow of Accounting and Taxation and professor of accounting. He received his PhD from Arizona State University and holds a Maine CPA license. George and his wife, Judy are looking forward to their time in Winston-Salem, learning more about North Carolina and this area, and experiencing the many opportunities Wake Forest has to offer.
Amy Wallis is visiting professor of practice in organizational behavior. Dr. Wallis is an organizational
development leader with experience in organizational strategy, talent and leadership development, and succession planning. She received her B.A. in International Language-Business from the University of Scranton. As a consultant for Monitor Company, Dr. Wallis worked in Latin America helping organizations build successful partnerships; she also consulted within the U.S., providing organizational development and leadership training for both external clients and internal staff.
Jim Willis joins us as a professor of practice and comes from the corporate world, where he has spent the
past seven years as the chief financial officer of a large, closely held commercial real estate company with properties throughout the southeast. Jim has over 30 years’ experience in accounting and tax, including 24 years in public accounting in the tax departments of Coopers & Lybrand (now PwC), Ernst & Young, BDO USA and a large local firm. Jim holds a BS in accounting and Master of Taxation from Virginia Commonwealth University, where he has served as an adjunct professor in the Master of Taxation program.
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EXECUTIVE EDITOR
Sylvia Green
MANAGING EDITOR
Stephanie Skordas CONTRIBUTORS
Mary Giunca Mallory Johnston Gina Katzmark Kerry King Eric Olson Stacey Panchyshyn Nicole Steele Mark Tosczak Cheryl Walker PHOTOGRAPHY
YOU’VE GOT QUESTIONS. WE’VE GOT ZOMBIES
& HOTDOGS. END THE MYSTERY SURROUNDING THE WAKE FOREST FUND.
VISIT go.wfu.edu/zombiesandhotdogs
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Allen Aycock Nick Babladelis Ken Bennett Joel Friedman Garrett Garms Kory Riemensperger ......................... We welcome feedback from readers. greensm@wfu.edu Phone 336.758.3559 business.wfu.edu © 2013 Wake Forest University School of Business Wake Forest University is accredited by: AACSB International, The Association to Advance Collegiate Schools of Business, which represents the highest standard of achievement for business schools worldwide. Accredited institutions confirm their commitment to quality and continuous improvement through a rigorous and comprehensive peer review. The Commission on Colleges of the Southern Association of Colleges and Schools to award bachelor's, master's and doctoral degrees. The Commission can be contacted at 404.679.4501, 1866 Southern Lane, Decatur, GA 30033-4097 and through sacscoc.org. Inquiries should relate only to the accreditation status of the institution, and not to general admission information.
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Your classmates want to hear from you. And so do we.
There are so many ways for our alumni, students and friends to stay engaged with the Wake Forest Schools of Business Network. facebook.com/WakeForest.Experiences twitter.com/wakeforestbiz go.wfu.edu/linkedin.WFUSBAlumni
Stay in touch with your classmates and encourage further involvement with the Schools of Business by becoming a class agent. To learn which classes are still in need or for further information, contact Mike Darrow, Assistant Director of the Annual Fund, at 336.758.2978 or darrowma@wfu.edu. The Wake Forest Schools of Business network is valuable because of you! Keep the network active by updating your contact information. Please visit wfu.edu/alumni for links to our change of address/class notes update form or send an email to alumrec@wfu.edu.