Tips for Building a Successful Business

The Wake Forest Schools of Business Family Business Center and Business North Carolina magazine presented North Carolina Family Business of the Year Awards on April 28.

This year’s honorees consisted of Prentiss Baker III (’65) of Baker Roofing Co., Russ Stephenson (’60) of Stephenson Millwork, Philip Kelley Sr. (MBA ’77, P ’11) of Salem Printing and Roger Vaughn (’74) of Ruff Housing.

Wake Forest Magazine asked the winners to share tips for building a successful business.

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1.     Employ and retain quality people (who we are).

2.     Customer focus delivering world-class customer service and quality installations.

3.     Truly care for our employees and customers.

~ Prentiss Baker III (’65 ) of Baker Roofing Co. of Raleigh, third largest U.S. roofing company and employing eight family members among the 750-person work force.

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1.     A successful family business needs to regard all employees as part of the family. You demonstrate this with benefit programs that are concerned with the well-being of the employee’s family unit with safe and comfortable working conditions, and a verbalized appreciation for each employee’s specific contributions to the success of the company.

2.     You can’t manage what you can’t measure. Set realistic goals and standards of performance and make sure that process includes input from those who will be responsible for meeting those targets. Then make sure you have a good feedback system.

3.     The founder of our company, my dad, always reminded us that if we concentrated on the quality of our products, sales would always follow.

~ CEO Russ Stephenson (’60) of Stephenson Millwork Co. of Wilson, a third-generation architectural millwork family business, with 120 employees.

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1.     Communicate clearly and frequently to customers and to employees. Most problems can be avoided or minimized if there are open lines of communication. Listen closely. Plan every job. And do it right the first time, with a sense of urgency that exceeds that of your customer.

2.     Surround yourself with great people. I have been lucky to have worked with, simply put, The Best. People who want to be successful, who are treated with respect for the successes they create, always take care of our customers when they are given the proper tools, equipment and working conditions. We surround ourselves with smart, motivated people who quickly become part of our family.

3.     Take care of the customers. Every customer is a privilege. Meeting customers’ escalating demands for better quality, shorter lead times and lower prices in a global economy is an opportunity to improve both the company and the stability of the workforce. Loyal, long term relationships lead to profitability for us and especially for our customers. We work hard and we continually invest in the latest technology to make sure we bring a higher level of efficiency and productivity to our customers.

— Philip Kelley Sr. (MBA ’77), vice president of Winston-Salem-based Salem Printing Co., which has four family members among its 80 employees.

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1.     Focus on the customer (convenience, transparency, safety, value).

2.     Build a staff that shares the vision (recruit carefully, train, reinforce).

3.     Take a long-term view (invest for the future in technology, infrastructure, etc.).

— Roger Vaughn (’74), owner of Ruff Housing of Winston-Salem, specializing in doggie daycare and boarding and with a work force of 40, including three family members.

Touching Lives: Raising Funds for Kids of Childhood Cancer

“To face this cancer world should be enough. However, it’s not.
Many families are dealing with severe financial difficulties that come along with this cancer world.”
~ Charlie DiGerolamo

In the hallways of the Worrell Professional Center, Charlie DiGerolamo always greets students, faculty and staff with a comforting smile. The retired police officer, now a security officer at Wake Forest University, has dedicated his professional life to keeping others safe. However, there was nothing he could do to protect his son Vinny when cancer attacked.

Vinny was four years old when doctors broke the news to Charlie and Sarah DiGerolamo that their little boy had a cancerous tumor. The DiGerolamos began spending countless hours at Brenner’s Children’s Hospital Pediatric Oncology Ward at Wake Forest Baptist Medical Center. There, their family grew when they met others on the journey of fighting childhood cancer.

“We quickly learned that many families were not as fortunate to have the support system we are blessed with,” Sarah said.

“It’s a 24/7 job when you have a child with cancer. At any given moment, that child might have to go to the hospital for a night, a week, a month, or the rest of their life,” Charlie explained. Job loss is common for parents of children with cancer, he said. “How can you keep your job when you don’t want to leave your child’s side in case he or she passes away when you are at work?”

When Vinny was in remission, the DiGerolamos teamed up with friends to create Kids of Childhood Cancer, a nonprofit that raises money to provide some financial assistance to families of children going through cancer treatment at Brenner’s Children’s Hospital. The foundation provides food vouchers, gas cards, clothes and toys, and helps pay small household and medical bills
to ease the financial burden families are facing.

On April 15, Wake Forest University Schools of Business students, alumni, faculty and staff showed their support for Kids of Childhood Cancer during the annual Student Government Association Charity Auction at Forsyth Country Club. There wasn’t a dry eye in the room when Charlie and Sarah shared the story behind their foundation. That night, more than $20,000 was raised for Kids of Childhood Cancer. The individual item receiving the highest bid of the night at $3,000 was an “East Meets West Texas BBQ” party donated by professors Ram Baliga and Chuck Kennedy. Other top items donated by faculty, staff and students included stays at beach and mountain homes.

“We could not have been happier with the turnout for this very special event,” said Brian Price (MBA ’11), the chairman of the 2011 Charity Auction. “To see months of preparation rewarded by the crowd’s enthusiasm for Kids of Childhood Cancer was an incredible experience.”

In closing, Sarah told the charity auction attendees, “We want to thank Wake Forest University Schools of Business for making a difference in the lives of these families and choosing Kids of Childhood Cancer as your North Carolina charity for 2011.”

Wake Forest Honors Beta Gamma Sigma Inductees

As the leaders of tomorrow, Wake Forest University alumnus Ben Jones (’94) wants all business students to remember one thing—it all boils down to attitude. This important professional mantra was the focus of Jones’ keynote speech at the Spring 2011 Beta Gamma Sigma Induction Ceremony on April 7.

As a Senior Managing Director at Conway, Del Genio, Gries & Co., LLC and member of the Wake Forest University Schools of Business Board of Visitors, his words of wisdom come from many years of providing restructuring services to corporations throughout the nation. Jones noted that, while many companies will blame the economy or various other external factors for financial failures, more often than not, such incidences are self-inflicted. From his experience, many corporate failures are inevitably tied to a dysfunctional corporate culture coupled with, denial, complacency or resistance to change.

Jones implored inductees into the international honor society to live the Wake Forest ideals of Pro Humanitate and remember that, while attitude can determine failure, it can also determine success. He shared that “behavior and attitude will carry you far” and encouraged the audience to adopt the same advice he shares with companies—maintain a clear vision and strategy while remaining open to the possibility of change.

Caroline Reinert (’11), co-president of Beta Gamma Sigma, appreciated the insight. “Knowing you’re accountable for your attitude is both intimidating and empowering because it means you are the only one responsible for the behaviors and motivations that control your life.”

This year, Wake Forest had 89 new inductees at the undergraduate and master’s level.

The Beta Gamma Sigma inductees join an expanding worldwide network of more than 625,000 outstanding business professionals who have earned recognition through lifetime membership in Beta Gamma Sigma. Students ranking in the top 10% of the baccalaureate and top 20% of graduate programs at schools accredited by AACSB International are eligible for this invitation. Election to lifetime membership in Beta Gamma Sigma is the highest honor a business student can receive anywhere in the world in an undergraduate or master’s program at a school accredited by AACSB International.

Good Fellows

Ten undergraduates have been named Wake Forest Fellows and will work in the President’s Office, Information Systems, University Advancement and in other offices for the next year.

This is the third year that a select group of seniors has been selected as Fellows to work in the University administration for a year. They will begin working following graduation next month.

Fellows for 2011-2012 are:

• Hadley Beier-Green, Topeka, Kan.: START Gallery
• Caitlin Brooks, Mechanicsville, Md.: Sustainability Office
• Elizabeth Garrett, Wilmington, NC: Student Life
• Kendall Hack, Hilton Head Island, SC: Provost’s Office
• Evan Leadem, Chapel Hill, NC: President’s Office
• Caroline Naughton, San Francisco, Calif.: Personal and Career Development Office
• Tyler Pruitt, Winston-Salem, NC: Information Systems
• Austin Shrum, Southlake, Texas: University Advancement
• Varian Tunstall, Vienna, Va.: Dean of the College
• Beth Ann Williams, Willow Park, Texas: Humanities Institute

The fellows program was established in 2008. In addition to working in a particular department, the fellows also participate in leadership activities and interact with top administrators and faculty to learn about higher-education administration.

Community Garden Spring Planting Event

Interested in helping Net Impact with its spring garden? Please complete the following survey if you plan to attend. http://survey2.business.wfu.edu/TakeSurvey.aspx?PageNumber=1&SurveyID=m8MK3853&Preview=true

The agenda involves meeting Sat., April 30, at 8 am at Worrell Courtyard for a Chick-Fil-A breakfast. The team will leave at 8:45 am for the garden. Directions can also be found at http://www.foodbankgarden.blogspot.com/

From 9 am – noon there will be fun in the sun, getting our hands dirty in the garden! No previous gardening experience required. Wear clothes you can get dirty in. If you can't stay the entire time, that's OK!

Questions? Contact Julie: almeje0@wfu.edu

The Community Garden grows produce for the Second Harvest Food Bank of NW North Carolina. Your help will be very appreciated.

Marketing for Good: Leveraging Corporate Responsibility to Drive Sales

Julie Almendral (MBA ‘12) attended a recent talk on corporate responsibility at the Wake Forest University Schools of Business. This is her firsthand account of the lecture, conducted by David Robertson.

 

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On Tuesday afternoon, David Robertson led a conversation on leveraging corporate social responsibility to drive sales. Robertson is an adjunct professor in the Wake Forest University Schools of Business and the director of marketing for Hanesbrands Inc.

To start, Robertson pointed out that the word “responsibility” is an odd word to use in “corporate responsibility” because it sounds like a burden. If done right, however, corporate responsibility can truly add value. If companies take a longer term view over immediate gratification, this can be a tool to differentiate them in the marketplace and can provide revenue-growing opportunities.

Robertson illustrated examples of successful initiatives: the cause-marketing efforts of Tide Loads of Hope and Pepsi Refresh, and the sustainability endeavors of Hanes EcoSmart and Clorox GreenWorks.

The most successful, cause-marketing initiatives are built on a brand’s core benefit, such as Tide’s Loads of Hope. That initiative sends out trucks loaded with washers and dryers to disaster-stricken areas, ad has the capacity to wash up to 9,000 loads of laundry every day. Here, Tide leverages what they stand for—clean laundry—to provide an essential service to people in need.

Successful initiatives also tie in a retail component, which not only drives sales, but also gets the consumer involved. Using the Loads of Hope example, Tide sold specially marked Tide containers and donated a $1.00 from each sale to disaster relief.

In addition to linking a cause to your brand purpose and involving retail customers, other key components of a success corporate responsibility initiative are making the cause meaningful to the consumers, transparency, a long-term perspective, and creating something that employees can engage in as well. These key takeaways not only increase your chance of being responsible, but more importantly, create value for your customers and shareholders.

This talk was hosted by the Schools of Business Net Impact Chapter and the Graduate Marketing Association. Net Impact hopes to host more future discussions to supplement the classroom experience. If you have an idea, send it to almeje0@wfu.edu.

More Details from Faculty Gala

The faculty of the Wake Forest University Schools of Business gathered at the Milton Rhodes Center for the Arts in Winston-Salem, North Carolina on Wednesday, April 20th for its annual Faculty Awards Gala.

Charles Iacovou, senior associate dean for faculty, opened the evening and welcomed his colleagues to the gala which recognizes the outstanding achievements of Wake Forest Schools of Business professors. “I am honored to be here tonight to celebrate you and the work that you do to shape the minds and hearts of our students, in our pursuit to help them become leaders of tomorrow.”

Steve Reinemund, Wake Forest Dean of Business, noted the accomplishments of the Schools, including the undergraduate program’s #1 ranking in Academic Quality for three straight years in BusinessWeek, the World Championship title in the KPMG Global Case Competition brought home by our undergraduate student team earlier this month, and the significant increases in business program rankings, including being recognized among the top 5% in the nation for results in helping students secure jobs.

“None of these achievements would have been possible without your leadership and support,” Reinemund said as he addressed the faculty. “You are the key driver in the success of our school and in the education the students receive here. What I hear most in my interactions with students and alumni is how much the special relationships you have with them enrich their lives. Not only do you teach them in the classroom, but you serve as mentors as they navigate through their collegiate and life journey. I thank you for everything you do and am proud to work alongside you.”

Jill Tiefenthaler, Wake Forest University Provost shared the University’s strategy to build the best group of teacher scholars in the world with a mission to educate students and produce knowledge that will make a difference to our global society. “I celebrate this faculty who has accomplished so much, both individually and collectively. You have improved your game in both teaching and research and you continue to raise the bar by challenging our students, the administration and each other,” she said.

The full list of faculty awards was as follows:

Teaching Awards:
Ajay Patel received the Full-time Master of Business Administration (MBA) Teaching Award which recognizes a member of the faculty for outstanding contribution to the education and personal development of our Full-time MBA students and is based on a ballot of the graduating Full-time MBA students.

George Aldhizer received the MSA Graduate Class Teaching Award which recognizes a member of the faculty for outstanding contribution to the education of our Master of Science in Accountancy students and is based on a ballot of the graduating MSA students.

Melenie Lankau received the Master of Arts in Management (MA) Program Teaching Award which recognizes a member of the faculty for outstanding contribution to the education and personal development of our MA students and is based on a ballot of the graduating fulltime MA students.

Arun Dewasthali received the Senior Class Teaching Award which recognizes a member of the faculty for outstanding contribution to the education and personal development of our undergraduate students and is based on a ballot of all graduating seniors across our undergraduate degree programs.

Pat Dickson received the T.B. Rose Fellowship in Business Award which recognizes a notable innovation or initiative related to instruction in undergraduate or graduate programs. This honor is chosen by a committee of past year’s winners and senior associate dean of faculty. This award is funded by David Cameron Rose.

Sheri Bridges and Clay Hipp received the Horace Kelly Alumni Teaching Award which recognizes faculty for outstanding contribution to the education and personal development of our undergraduate / Master of Science in Accountancy (MSA) students who graduated 10 years ago and is based on nominations from alumni from the tenth anniversary class.

Jonathan Pinder received the Kienzle Alumni Teaching Award for outstanding contribution to the education and personal development of our MBA / MA students which is based on a vote of alumni three years after graduation.

Derrick Boone, Dan Fogel, Charles Iacovou, Patrick McMullen and Chet Miller were acknowledged for receiving Working Professional Program Teaching Awards earlier in the year. The honor recognizes outstanding contributions to the education and personal development of students in our Winston-Salem and Charlotte Working Professional MBA programs and is based on ballots from the graduating students of the fall 2010 and winter 2011 classes.

Research Awards:

Holly Brower and Jack Meredith received the Cowan Faculty Research Award which recognizes faculty members who represent the highest standards of scholarship. This honor is chosen by the Schools of Business Research Committee.

Jim Narus received the High Impact Scholarship Award which recognizes a faculty member for his/her significant influence on business practice or pedagogy. This honor is chosen by the Schools of Business Research Committee.

Service Awards:

Ken Middaugh received the Service MVP Award which recognizes outstanding service to the school, above and beyond administrative duties. This honor is based on nominations from the Schools of Business faculty and chosen by the executive team.

Sheri Bridges received the Spirit Award which recognizes a faculty member who displays good citizenship and positive attitude, and inspires other faculty to strive for high achievement. This honor is chosen by a ballot of the Schools of Business faculty.

In his closing remarks, Reinemund congratulated all the award recipients, noting the honor and privilege that comes from working with such a dedicated group of remarkable people, and recognized the entire group for its tremendous accomplishments in driving the positive momentum of the Schools of Business.

Iacovou and Moss Gain Full Professor Status

Dear Schools of Business Students,

I want to share the awards and promotions that were recognized last night at the faculty awards gala. Attached is a recap of the evening event and the full list of faculty awards that were presented.

Additionally, as I announced last night, it gives me great pleasure to share that the board of trustees has approved the promotion of Charles Iacovou and Sherry Moss to full professor at Wake Forest University, effective July 1.

Charles joined Wake Forest in 2001 and has since held numerous teaching and administrative positions including director of the full-time MBA program, senior associate dean of graduate business programs, and now senior associate dean of faculty. While at Wake Forest, he has earned numerous awards including the Kienzle Teaching Award, Cowen Research Award, the Spirit of the Schools of Business Award, and multiple graduate business program teaching awards.

Sherry joined Wake Forest in 2005 and is currently the director of the full-time MBA program and teaches Organizational Behavior. While at Wake Forest, she received the Cowan Research Award and has been featured as a blogger in the Huffington Post, writing about issues such as finding meaning in work, workplace flexibility and work-life balance.

Please join me in congratulating Charles and Sherry on their promotions and all the faculty members who were recognized for their outstanding contributions at the gala last night.

 

Steve Reinemund
Dean of Business
Wake Forest University
Schools of Business

Q&A: Econ Professor Worries About Deflation

Rising food and gas prices make consumers worry about inflation, but Assistant Professor of Economics Sandeep Mazumder (left) says they should be more concerned about deflation. Mazumder, who studies macroeconomics, explains how low rates of inflation can actually give the U.S. economy a boost. He argues that traditional economic models of inflation predict little-to-no growth in the inflation rate for 2011-2013. Mazumder recently made a presentation at the Brookings Institution to economists examining inflation in the recent recession and making predictions for whether deflation is on the horizon. He received positive feedback on his work from Federal Reserve staff, International Monetary Fund economists, and Council of Economic Advisers members.

Q. Concerns about inflation seem to be growing. Is this fear justified? Can inflation be a good thing?

Increases in some prices, such as gas, do not mean the sky is falling. Since the 1990s, research shows that U.S. inflation has not been as responsive to oil shocks as it was in the 1960s, 70s and 80s. I think people fear rising gas prices are a sign of higher inflation mainly because gas prices are the only prices that are visibly and publicly displayed! Typically macroeconomists focus on “core” inflation rates, which excludes food and energy prices. This essentially gives us an idea of the long-term underlying trend of inflation, rather than transitory changes in inflation. Typically we think total (also called “headline”) inflation should converge to core inflation, and changes in things such as gas prices are often just temporary price changes and not necessarily reflective of the underlying trend.

A low, stable inflation rate can be a good thing as it allows the labor market to cut real wages during a recession. It is very difficult for an employer to cut wages, since who wants their wages to be cut? But a wage freeze combined with a positive inflation rate amounts to a cut in the real wage (which is: how much can I buy with my wages), which is often necessary during a recession to allow the labor market to clear. Thus, some inflation can be good (especially if it is in line with inflation expectations).

Q. Why is deflation or falling prices for goods and services a greater danger for Americans than inflation?

Deflation is very dangerous for three main reasons: (1) it makes people spend less. Suppose I am in the market to buy a car and a choose a car that is priced at $20,000 in 2011. Due to deflation that car will be priced at $15,000 in 2012, and $10,000 in 2013. So why should I buy the car in 2011? I should wait, and allow the purchasing power of my money to grow as prices fall. If this happens economy-wide, then spending is severely cut back which will likely lead to a recession. (2) Debtors are worse off when there is deflation since their debts are more valuable in real terms when prices fall. (3) Real wages actually rise when there is deflation; meaning employers are paying workers more in terms of purchasing power. This could lead to layoffs if production doesn’t match the level of the real wage rate being paid.

Q: What impact do “anchored” inflation expectations have on the economy?

Traditional models of inflation predict deflation will occur in the next three years. We find in our upcoming Brookings paper that one key thing that can help us avoid deflation is the anchoring of inflation expectations. Americans expect inflation rates of about 2%. This expectation is “fixed,” which means it doesn’t change even it there are short-term jumps in prices. That expectation is encouraged by the Federal Reserve, which has been fairly credible, so the public has tended to believe what they say. However significant problems for our economy could await us if inflation expectations become “de-anchored.”

Q. How much impact does the U.S. have on oil prices?

Consumers in the U.S. have very little impact on oil prices. On the supply side, the oil producing nations in the Middle East directly control what oil prices are by their production of oil. Events such as wars or civil unrest in Middle Eastern countries will only serve to reduce the supply of oil and thus increase oil prices. On the demand side, recent research has shown that in the next 10-20 years China will predominantly determine the price of oil. China is a huge developing country, and their demand for oil has been growing rapidly. Their demand for oil could grow to be so high that it far outweighs the U.S. demand for oil, meaning that the price we pay for gas could largely depend on how much oil China is buying. This clearly does give us reasons to invest in cost-efficient alternative sources of fuel, as well as exploring the possibilities of drilling more of our own oil. Lastly, there has been increasing speculation on oil futures in recent months, which also has led to rises in gas prices. Speculators are betting that oil prices will rise in the future, which indirectly affects the prices we pay at the pump. Gas stations usually work on a system where they must raise the funds for the next shipment of gasoline from the sale of its previous shipment. Thus gas stations think that future shipments will be priced higher and therefore they must charge more for the existing supply of gas that they have in order to raise enough funds to pay for their future shipment of gasoline.

Q. How will budget decisions in Congress affect the economy? What are the key questions going forward?

The standard textbook answer to the recent budget cuts is that they will have a downward impact on inflation. That means inflation should be reduced. But, there are two key questions that we need to consider alongside this: will the private sector make up for the cuts in government spending and what will happen to unemployment. If the unemployment rate falls, this will offset the impact of the budget cuts on inflation. This might mean that the recent budget decisions may not have too big of an impact on the inflation rate.

Q. What is the single most important factor to watch as an indicator for what will happen in the economy?

Whether or not unemployment starts to decrease in the next year or two will almost certainly be the key macroeconomic indicator for our economy. Also, whether inflation expectations remained anchored at 2 percent or possibly become de-anchored to a lower level will potentially be very important for our economy.

Q. Is the Great Recession over?

The National Bureau of Economic Research business cycle dating committee has officially said it’s over, but I wouldn’t say we are out of the woods until we see unemployment rates fall to more “normal” levels.

~ By Cheryl Walker ('88) Office of Communications and External Relations

Jump Ball: Round Robin Tournament

A team comprised of Charlotte Evening students won the Working Professional Programs Round Robin Basketball Tournament April 9 in Charlotte.

The Charlotte team members are (L to R): Harry Byrd, Ryan Gravender, Brad Daniel, Jonathan Stout, Cynthia Wood and Chris Wood. They defeated a Faculty/Staff team from Winston-Salem comprised of Wayland Caldwell, David Clark, Yvonne Hinson, John Owen, David Powell, and Gary Shoesmith.

Two other teams competed in the tournament. The Winston-Salem Evening Program team members were: Susan Redman, Leigh Stone, Vinson Wilson, and Andrew Wimmer. The fourth team, representing alums, was comprised of some recent alums from the Charlotte Saturday program plus some willing Charlotte evening students. Members included: Ron Bowker, Keith Burney, Ben Gilman, Mack Hedrick, Hilary Huffstetler, and Zach Lynn.

Four teams faced off in a round-robin format in which each team played every other team. The two teams with the most cumulative points over the first three games played to determine the overall champion.

The tournament was held at the Klein Childress Y in Charlotte, just blocks from the Wake Forest University Charlotte Center, where the Charlotte programs will move in December. Rachel Hallmark, a Y employee and Charlotte Evening student helped with logistics, and Pasquale Quintero, assistant director of student affairs in Charlotte recruited the Charlotte teams.

The tournament emphasizes the team nature of the WPP programs and it was an opportunity for the Winston-Salem and Charlotte students to spend some time together.

Got Ethics?

Wake Forest University is preparing to sponsor a Case Competition Team that will attend the first annual Ethics Bowl, sponsored by the North Carolina Independent Colleges & Universities.

The theme for the 2012 Ethics Bowl is “Ethics in the Workplace.” An interest meeting will be held Tuesday, April 19th, 2011 at 11am in Benson Room 401C/D.

All who will be undergraduates as of February 2012 are invited to apply. Students from each of our schools – Undergraduate College, Divinity, & Business – are encouraged to apply!

Participation on this team will provide students with valuable skills and experience. Students will exercise and improve their analytical thinking skills and will become more aware of the responsibility and accountability they will be charged with as members of their communities. Also, students will be better prepared to serve as leaders in these communities, as well as in public and private sector organizations.

During preparation sessions, participants will be asked to understand the ethical dimensions of various environments as well as to critically evaluate key moral issues. An emphasis will be placed on problem-solving and effective communication skills.

For more information, please contact Charles Lankau, coordinator, at lankauca@wfu.edu or Simina Stefan, the assistant, at stefs8@wfu.edu.

Entrepreneurship Club Unveils New Leaders

It is our pleasure to announce that the new leadership for the Entrepreneurship Club is Casey  Crowley (left) and Don Ware. Given their strong interest and talent, I am particularly excited for the future of the club.  They have several initiatives that will deliver great value to the program next year and beyond.

For those of you returning next year, we hope that you take advantage of the opportunities that the Entrepreneurship Club has to offer.

The Entrepreneurship Club exists to provide networking opportunities for business students interested in new venture creation, internal corporate venturing, venture capital or family business. The club's activities serve to foster the entrepreneurial spirit within the graduate business school community and encourage the development of entrepreneurial skills that are important in all industries and career tracks.

Director’s Corner: The Home Stretch

As we begin the excitement of finishing up the school year and look forward to Summer internships and graduation, I’d like to take this opportunity to remind you of a few important things. Just this last weekend, we had our Red Carpet Weekend, showing prospective students from each program lots of Wake Forest love! We had some wonderful candidates visit and I am excited about the new crop coming in. Thank you to all who participated in the weekend’s various events. Your engagement means a lot to those who are looking for a supportive environment in which to complete their graduate business studies.

Secondly, we are coming up on another exciting weekend! Friday night, we have the Annual Charity Auction which will benefit the Kids of Childhood Cancer. This is a wonderful opportunity to come out and support a charity that  helps one of our very own in the Schools of Business. You all know Officer Charlie, who keeps us safe and always has a friendly smile. This organization has provided wonderful support for Charlie’s son and his family during Vinnie’s illness. Every dollar we raise will go directly to benefit other families with members suffering from cancer. On Saturday, following the Charity Auction, you will have a chance to demonstrate your golf prowess (or lack thereof) at the Annual Alumni Golf Tournament. If you haven’t signed up, it’s not too late! Come out and enjoy the wonderful weather and the networking opportunity!

Some of you will also notice that I’ve sent out a number of requests for you to complete various rankings surveys. Your participation in these surveys is critical to our continued success and improvement. I know you are busy with papers, exams, quizzes and other deliverables, but we’d really appreciate you taking the time to respond to our requests.

As I look at the calendar, I can’t believe were only a few weeks away from the end of another school year. I know that it has flown by for you, but I sincerely hope that you have had a wonderful year and that Wake Forest has been good to you. For those moving on to bigger and better things after graduation, I wish you the very best. I hope you will stay in touch and let me know how you’re doing. For those who will be back, I hope you have a wonderful summer and that you are able to practice all of the things you’ve been learning this year! In either case, stay in touch with your faculty and staff and let us know how you’re doing. It’s awfully quiet around here in the summers!

Family Business Center Names 2011 Winners

The Wake Forest University Schools of Business Family Business Center and Business North Carolina will recognize the community contributions and achievements of family-owned businesses during a special event on Thursday, April 28, at 6-9 pm at the Reynolda House in Winston-Salem.

Baker Roofing of Raleigh will be honored with the Generations Award for exceptional longevity in family ownership. The company was founded in 1915 by W. Prentiss Baker Sr. and specializes in roofing, sheet metal, renewable energy, coatings, maintenance and repairs, restoration, siding and windows. Baker Roofing is the third-largest roofing company in the United States. Eight family members actively work in this business which employs 750 people in 10 locations.

Stephenson Millwork Co. of Wilson will receive the Family Business of the Year Award in the large category (100+ employees). Stephenson Millwork is a third generation architectural millwork family business founded in 1946 by Russell Stephenson. It is the largest millwork company in North Carolina and one of the largest in the Southeast, employing 120 people in two locations.

Salem Printing in Winston-Salem will be awarded in the medium-sized business category (50-100 employees). Salem Printing was founded in 1987 by Philip and Janette Kelley along with family friend and partner Don Whitaker. The company provides complete commercial, packaging and flexographic printing service solutions. Salem Printing has four family members among more than 80 employees in the Triad.

Ruff Housing of Winston-Salem is family business specializing doggie daycare and boarding. It will receive the Family Business of the Year award in the small business category (less than 50 employees). Kim and Roger Vaughn bought Ruff Housing in 2008 and have three family members among 40 employees. The business has grown sevenfold over the past two years.

Judging criteria for the Family Business Awards include: innovative business strategies and practices, business growth and new development, contributions to community and industry, involvement by different family members and generations, and commitment to family well-being.

To be nominated, a business must have its headquarters in North Carolina. The nomination process runs from July through November each year.  Nominations and competed applications can be submitted online at (www.business.wfu.edu/fbc). Tickets to the awards event on April 28 are $125 each or (8 for $800).

The Family Business Center at Wake Forest University Schools of Business was established in 1999 to address the unique issues faced by closely held and family-owned firms. Utilizing the capabilities and educational resources available at Wake Forest, in our community and nationally, the Family Business Center provides closely held and family firms the assistance they need to grow and succeed from generation to generation.

Hospital CFO to Talk to Wake Forest Clubs

This is a reminder that the Healthcare Club and Finance Club will be jointly hosting a Lunch and Learn session with Ed Chadwick, the chief financial officer of Wake Forest Baptist Health. The event is set for Tuesday, April 11, at 12":30 pm in Worrell 1108.

The clubs will be providing the food. To make sure there is enough for everyone please complete the brief survey below to give us a better idea of expected turnout, if you have not done so already.

http://survey.business.wfu.edu/TakeSurvey.aspx?SurveyID=86MJ9961

Deja Vu: Wake Team Wins KPMG Competition

A team of undergraduate students from the Wake Forest University Schools of Business earned the world championship title on April 8 at the KPMG International Case Competition in Istanbul. Wake Forest, representing the United States, defeated the Czech Republic, Russia and Sweden in the final round of competition.

The Wake Forest team is comprised of accountancy major Megan Petitt ('11) of Orlando, Fla., finance majors Tim Rodgers ('12) of Corrigan, Texas, and Swayze Smartt ('11) of Dallas, Texas, and business and enterprise management major Afton Vechery ('11) of Woodbine, Md.

To advance to the global competition, the Wake Forest team was victorious at the campus level, at the regional round in Atlanta, and in the national finals in New York City. Wake Forest competed against teams from more than a dozen other countries in the KPMG International Case Competition April 6-8 in Istanbul, Turkey.

“Our faculty, staff and students are so proud of this team and the fine job they have done representing not only Wake Forest, but the entire country,” said Dean of Business Steve Reinemund.

This is the second consecutive year that Wake Forest was victorious at the international level. The sole returning team member, Smartt said, “Presenting in front of a panel of judges from several different countries is a unique experience that really challenges the team to think differently about all possible solutions to business problems.”

Competitors had three hours to come up with a solution to overcome a business challenge. The KPMG International Case Competition showcases agile thinking and tests the ability of teams to come up with interesting solutions to real-life problems.

“This is a tremendous accomplishment for Wake Forest against some terrific competition,” said Jose Rodriguez, KPMG Regional Professional Practice Partner and Wake Forest University Schools of Business Board of Visitors Member. “The Wake Forest students demonstrated an impressive array of skills as well as effort and teamwork, and we offer our congratulations to them.”

For more information about the KPMG International Case Competition, click here.

Large Group Gathers for Farrell Hall Groundbreaking

More than 200 faculty, staff, students and guests gathered to celebrate the groundbreaking for Farrell Hall, a new home for the Wake Forest University Schools of Business, at 3 pm Friday at the building site across from Poteat Field near the Polo Road entrance to campus.

“For the first time in a decade, Wake Forest is breaking ground on a new academic building,” said President Nathan O. Hatch in his remarks.

“Clearly this one is special, because it represents the first ground-up effort to construct space that reflects and supports the teacher-scholar ideal and the distinctive needs and mission of our Schools of Business,” he added. “In some ways this is the most important groundbreaking since President Harry Truman turned the soil just across the street in 1951.”

Dean of Business Steve Reinemund began his remarks by sharing the news that Schools of Business students had won the KPMG International Case Competition today. He then described how Farrell Hall will have the character and personality of Wake Forest and abundant technological resources.

“We are going to put a Georgian wrapper around a modern building,” Reinemund said.

The 120,000 square-foot Farrell Hall, designed to change the nature of business education, will feature sophisticated technology and innovative design to create an environment where faculty-student engagement can thrive. Built around a “living-room” concept that brings faculty and students together in new ways, the building was designed to include flexible classrooms and collaborative spaces, allowing both graduate and undergraduate students the opportunity to learn intimately and intuitively within a shared space.

Hatch said, “Our goal was to answer the question, ‘What do we want to be in management education and how can we translate this into a physical space?’ This new facility is at once the culmination of Dean Reinemund’s thorough and creative integration of the Schools of Business and the foundation for the promising future of business education at Wake Forest and for our vision for the collegiate university. Mike and Mary are committed to values-based education, which is central to the mission of Wake Forest. We share a joint commitment to quality, personal attention and values.”

Reinemund said, “Farrell Hall will be a world-class home worthy of the exciting future of the Wake Forest Schools of Business. A building does not make a program, but this state-of-the-art facility will provide the platform for inspiring scholarly work and social dynamism.”

Plans for the new building were announced in October, when Mike and Mary Farrell of Summit, N.J., parents of Michael Edward Farrell, a 2010 Wake Forest graduate, made history with their $10 million pledge. It was the largest cash commitment ever by living individuals to the University and the largest commitment to the Schools of Business to date.

Mike Farrell is chairman, chief executive officer and president of Annaly Capital Management Inc., the largest listed residential mortgage real estate investment trust on the New York Stock Exchange.

Despite the sluggish economy, Farrell sees the push for the new building as timely: “The Empire State Building, the Rockefeller Center – these things were built during the Depression when people didn’t think they were achievable. When people are confused, scared and concerned about direction, you need to send a strong message that we can’t stop thinking about the future. We need to make sure we have the right leaders in place, and places like Wake Forest create those leaders.”

Calling Wake Forest “a unique American institution,” Farrell said, “This is the largest gift we’ve given, and I think, importantly, from the perspective of our family, it is probably the only project we would ever put our name on.”

In naming the building, the Farrells are paying tribute to Mike Farrell’s late father, Michael John Farrell, a maintenance engineer who worked for the New York City Transit Authority.

The three-story building will include a 400-seat auditorium funded by the Broyhill Family Foundation. The Broyhill Auditorium will be home to the Broyhill Leading Out Loud Executive Lecture Series, created to educate and inspire business students through exposure to industry leaders shaping today’s business world.

A central 8,200 square-foot Founders Living Room, which Reinemund refers to as the “soul of the Schools of Business,” will provide a collegiate environment to enhance interaction among students, faculty and staff. Adjacent to the Founders Living Room, the Reynolds American Foundation Terrace and Gardens will extend into a naturally wooded area. Students, faculty, staff and visitors will have access to a vibrant open-air space, which complements the overall aesthetics of the building and allows the collaborative space in the building to extend outdoors.

Classrooms will also reflect a flexible, interactive approach and will use a flat-floor design where desks can be easily reconfigured from a lecture-style set up to a style suited to group projects.

The Bern Beatty Colloquium, an innovative space for learning and meeting, will be named for Bern Beatty, a long-time professor of management at Wake Forest. The space is designed for faculty presentations and small lectures.

The majority of the estimated $53 million needed to complete Farrell Hall has already been raised.

Robert A.M. Stern Architects designed the building to meet LEED (Leadership in Energy and Environmental Design) certification standards.

~ Cheryl Walker ('88), Office of Communications and External Relations

Coca-Cola Exec to Speak at Wake Forest

The Center for Energy, Environment and Sustainability, Net Impact and The Sustainability Group in the Working Professional Programs in Charlotte is sponsoring Brian Kelley, the chief product supply officer at the Coca-Cola Co. He will be speaking on "Greening the Supply Chain" and include information about Coca-Cola's sustainability efforts. You can review their current work here.

Kelly will speak at Worrell 1108 from 2:15-3:15 pm on Thursday, April 14. He will also appear at the Charlotte campus later that day, speaking from 5:15-6:30 pm.

Breaking New Ground

The groundbreaking ceremony for Farrell Hall, a new home for the Wake Forest University Schools of Business, will take place April 8 at 3 pm at the building site near the Polo Road entrance to campus.

Wake Forest University President Nathan O. Hatch and Dean of Business Steve Reinemund will make remarks. Mike Farrell, who with his wife Mary contributed $10 million toward the building, will tell why he supported the project.

The 120,000 square-foot Farrell Hall, designed to change the nature of business education, will feature sophisticated technology and innovative design to create an environment where faculty-student engagement can thrive. Built around a “living-room” concept that brings faculty and students together in new ways, the building was designed to include flexible classrooms and collaborative spaces, allowing both graduate and undergraduate students the opportunity to learn intimately and intuitively within a shared space.

President Hatch said, “Our goal was to answer the question, ‘What do we want to be in management education and how can we translate this into a physical space?’ This new facility is at once the culmination of Dean Reinemund’s thorough and creative integration of the Schools of Business and the foundation for the promising future of business education at Wake Forest and for our vision for the collegiate university. Mike and Mary are committed to values-based education, which is central to the mission of Wake Forest. We share a joint commitment to quality, personal attention and values.”

Dean Reinemund said, “Farrell Hall will be a world-class home worthy of the exciting future of the Wake Forest Schools of Business. A building does not make a program, but this state-of-the-art facility will provide the platform for inspiring scholarly work and social dynamism.”

Plans for the new building were announced in October, when Mike and Mary Farrell of Summit, N.J., parents of Michael Edward Farrell, a 2010 Wake Forest graduate, made history with their $10 million pledge. It was the largest cash commitment ever by living individuals to the University and the largest commitment to the Schools of Business to date.

Mike Farrell is chairman, president and CEO of Annaly Capital Management Inc., the largest listed residential mortgage real estate investment trust on the New York Stock Exchange.

Despite the sluggish economy, Farrell sees the push for the new building as timely: “The Empire State Building, the Rockefeller Center – these things were built during the Depression when people didn’t think they were achievable. When people are confused, scared and concerned about direction, you need to send a strong message that we can’t stop thinking about the future. We need to make sure we have the right leaders in place, and places like Wake Forest create those leaders.”

Calling Wake Forest “a unique American institution,” Farrell said, “This is the largest gift we’ve given, and I think, importantly, from the perspective of our family, it is probably the only project we would ever put our name on.”

In naming the building, the Farrells are paying tribute to Mike Farrell’s late father, Michael John Farrell, a maintenance engineer who worked for the New York City Transit Authority.

The three-story building will include a 400-seat auditorium funded by the Broyhill Family Foundation. The Broyhill Auditorium will be home to the Broyhill Leading Out Loud Executive Lecture Series, created to educate and inspire business students through exposure to industry leaders shaping today’s business world.

A central 8,200 square-foot Founders Living Room, which Reinemund refers to as the “soul of the Schools of Business,” will provide a collegiate environment to enhance interaction among students, faculty and staff.

Adjacent to the Founders Living Room, the Reynolds American Foundation Terrace and Gardens will extend into a naturally wooded area. Students, faculty, staff and visitors will have access to a vibrant open-air space, which complements the overall aesthetics of the building and allows the collaborative space in the building to extend outdoors.

Classrooms will also reflect a flexible, interactive approach and will use a flat-floor design where desks can be easily reconfigured from a lecture-style set up to a style suited to group projects.

The Bern Beatty Colloquium, an innovative space for learning and meeting, will be named for Bern Beatty, a long-time professor of management at Wake Forest. The space is designed for faculty presentations and small lectures.

The majority of the estimated $53 million needed to complete Farrell Hall has already been raised.

Robert A.M. Stern Architects designed the building to meet LEED (Leadership in Energy and Environmental Design) certification standards.

Ready to Test Your Green Thumb?

Net Impact is gearing up for its Food Bank Community Garden spring planting on April 30. More details to come, but in the meantime please fill out the survey by Tuesday, April 5, so we can let the garden how many helpers to expect. Breakfast will be provided!

Istanbul Bound

Four Wake Forest University Schools of Business students will represent the United States in the KPMG International Case Competition April 6-8 in Istanbul, Turkey.

The Wake Forest team is comprised of accountancy major Megan Petitt (’11), finance majors Tim Rodgers (’12) and Swayze Smartt (’11), and business and enterprise management major Afton Vechery (’11).

To advance to the global competition, the Wake Forest team was victorious at the campus level, at the regional round in Atlanta, and in the national finals in New York City. Wake Forest will go up against teams from more than a dozen other countries while trying to bring the global championship title to Wake Forest for a second year in a row.

“Our team has been practicing and we hope to keep the title with Wake Forest and the United States,” said Smartt, who is returning to the global competition for the second year in a row. “Presenting in front of a panel of judges from several different countries is a unique experience that really challenges the team to think differently about all possible solutions to business problems.”

Competitors will have three hours to come up with a solution to overcome a business challenge. The KPMG International Case Competition showcases agile thinking and tests the ability of teams to come up with interesting solutions to real-life problems.

For more information about the KPMG International Case Competition, click here.