The Rinker Report 2022-2023

The

Rinker Report 2022-2023

2022-2023 Academic Year

What’s Inside

Graduates

PBA Earns AACSB Accreditation

4-5

Sam Lenes’ New Coffee Business

6-7

American Free Enterprise Day

8

Titus Center for Franchising

9

Sailfish Fund

10

Faculty Achievements

11

87

654

Rinker School of Business Student Enrollment 19.3% increase year over year

Undergraduates

Total Faculty

567 23

A MESSAGE FROM THE DEAN

Business School Highlights

The 2022-2023 academic year was a banner year for the Marshall E. Rinker, Sr. School of Business.

We achieved AACSB accreditation, welcomed our largest freshman class in school history, launched new, innovative programs, increased student engagement, grew our faculty size, added advisory board members and continued to develop the plans for a new business school building. God has really blessed the Rinker School of Business!

PBA is just the tenth Council for Christian Colleges & Universities (CCCU) university to earn AACSB accreditation for its business school, joining the ranks of Baylor, Pepperdine, Samford, Lipscomb, Mississippi College, Ouachita Baptist, Seattle Pacific, Whitworth and Abilene Christian. This makes the Rinker School of Business the only CCCU AACSB accredited business school in Florida and the only one on the east coast of the United States. A huge thank you goes out to Associate Dean Lane Cohee who marshalled his immense project management skills to lead this accreditation effort on our behalf.

Undergraduate enrollment in the Rinker School of Business was up 24% year-over-year. Our fall 2023 freshman class is projected to set yet another enrollment record. With this growth, we have been adding new faculty to our team. During the 2022-2023 academic year we welcomed Dr. Alexandra Cook (Accounting), Dr. Mike Huang (Management), Dr. Christos Kelepouris (Entrepreneurship and Associate Director for the Titus Center for Franchising) and Dr. Madison

Ngafeeson (Data Analytics) into the Rinker School of Business family. Four more faculty, Dr. Emanuel Garcia-Munoz (Economics), Emily Webster, (Marketing), Steve Panczak (Marketing) and Paige Baltzan (Information Systems) joined the team in fall 2023.

This was Professor Mike Tillett’s (Accounting) last year teaching full-time for the Rinker School of Business. After thirty-three years of awardwinning teaching and service, Professor Tillett announced his retirement. Thankfully, he will continue to teach the “Taxation with the IRS” course. Professor Tillett’s impact on the Rinker School of Business and its students cannot be overstated. The Palm Beach County business community is littered with former students who continue to sing his praise. We wish him the best and hope that he misses us half as much as we will miss him.

This year brought implementation of new Rinker School of Business programs in Business Data Analytics, Business Economics and Mathematical Economics. We also added 3+2 versions of our MBA and Master’s of Accountancy programs, along with new courses in real estate. But wait, there’s more! The coming 2023-2024 academic year will see the Rinker School of Business launch its second center of excellence, a center for financial literacy.

In 2023, the RSB welcomed Justin Girard, Robert Johnson, Beth Maliakkal and Jeff Swindell to the Rinker School of Business Advisory Board. Upon the board’s recommendation, the RSB added a new entrance requirement, strengthened our business core by adding a focus of soft skill training and brought the instruction of business information systems back under Rinker School of Business control.

The board’s continued financial contributions have also facilitated increased student engagement opportunities for our students.

The Sailfish Student Managed Fund made its inaugural investments in Spring 2023 as they began to manage a $100,000 fund under the oversight of Dr. Scott Pearson. Dr. Cohee again ran our Mentor-Protégé Program that lined up juniors and seniors with Christian business mentors. Professor Henry Webb took Rinker School of Business students to Vietnam in December 2022 and to Southeast Asia in June 2023 as the school looked to set the post-COVID pace of offering two study abroad trips per year.

Furthering student engagement outside of the classroom, Dr. Pearson took students to present research at the Association of Private Enterprise Education annual conference where the 2023 Rinker School of Business outstanding graduate, Gabriel Parke, won third place in the student research competition. Dr. Alexandra Cook and Dr. Scott Pearson also took students to the annual Berkshire Hathaway shareholders meeting in Nebraska. Student engagement is a team effort, and we have a great team of engaged faculty in the Rinker School of Business.

The 2022-2023 academic year witnessed increased growth, innovation and engagement with the Rinker School of Business. We can’t wait to see what God has in store for us in 2023-2024.

Dr. Brian Strow Dean, Marshall E. Rinker Sr. School of Business Professor of Economics

THE RINKER REPORT

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PBA Earns Prestigious AACSB Accreditation, Creating Even More Opportunities for Students In May 2023, Palm Beach Atlantic University (PBA) earned accreditation from AACSB International (AACSB), putting the Marshall E. Rinker Sr. School of Business in the top 6% of business schools across the globe. Widely regarded as the gold standard of business education, this accomplishment places PBA amongst the top-tier of Council for Christian Colleges and Universities (CCCU) business schools.

“Obtaining AACSB accreditation will help the Rinker School of Business attract, retain, equip and graduate the business workforce of tomorrow that is needed in West Palm Beach and Palm Beach County,” said Dr. Brian Strow, Dean of the Rinker School of Business. “We are proud to be part of an organization dedicated to the continuous improvement of business education at the highest level.”

This milestone came just a few months after PBA announced the launch of its new $75 million God-Sized Dreams Campaign for the Marshall and Vera Lea Rinker Business Hall, which will be located in the heart of “Wall Street South,” also known as West Palm Beach. The new, flagship building will allow the school to produce more top-end talent with the addition of a stock trading room, a 400-seat tiered lecture hall, expanded space for the Titus Center for Franchising and LeMieux Center for Public Policy, room to develop more Centers of

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PALM BEACH ATLANTIC UNIVERSITY

Excellence and more. This recognition will further the Marshall E. Rinker Sr. School of Business’ outstanding reputation in the community, as well as create even more demand for graduates who already enjoy a wealth of meaningful job opportunities in South Florida.

“Today’s students are tomorrow’s business leaders, and the addition of the Marshall E. Rinker Sr. School of Business to the network of AACSBaccredited business schools will have a lasting positive impact for their institution, both locally and globally,” said Stephanie M. Bryant, executive vice president and chief accreditation officer of AACSB.

Our new Marshall and Vera Lea Rinker Business Hall will take us to even further heights.

President Debra A. Schwinn, MD

“We are grateful for the vision the Rinker family had to establish the Marshall E. Rinker Sr. School of Business, and we are thrilled to receive the same prestigious accreditation that top business schools in the world have earned… while also experiencing unprecedented growth in our student body, and specifically in our business school,” said President Debra A. Schwinn, MD. “Our new Marshall and Vera Lea Rinker Business Hall will take us to even further heights.”

To learn more about the God-Sized Dreams campaign and find ways to support, visit godsizeddreams.pba.edu.

Artist renderings showcase the future Marshall and Vera Lea Rinker Business Hall which will house the Marshall E. Rinker, Sr. School of Business.

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Sam Lenes Brews Up Plans for His New Coffee Business When Sam Lenes, ’23 was recruited to run cross-country for the Palm Beach Atlantic University Sailfish, he had no idea his college career would lead him to entrepreneurship.

The Waterford, Conn. native learned about PBA from his sister’s childhood friend, who ran track under Coach Maryellen Powers. Other family members and friends trained under the coach, and Lenes knew PBA was where he wanted to be.

In 2019, Lenes was just a freshman in the Marshall E. Rinker, Sr. School of Business learning to juggle classes, practices and meets and social events.

That’s when the finance and marketing double major started making cold brew for himself.

“I didn’t want to spend $5 on a Starbucks drink, so I started making it,” he said.

“My roommate liked it. Then I thought [I’d] give some to [the] team—they loved it and wanted to pay me.”

After realizing he could make delicious coffee for everyone, Lenes started by carrying a backpack of bottles and a card reader around campus. He sold the coffee to students in the library, outside of the cafeteria and elsewhere.

One day, Ann-Marie Taylor, associate vice president of Auxilary Services and Procurement, introduced Lenes to the Aramark team at PBA, who let him brew coffee in the Dining Hall. Rolling Hills Coffee Company was born.

Lenes’ relationship with Aramark, one of the largest U.S.-based food service providers, proved to be fruitful—the team introduced him to several college campuses in Florida. They also introduced him to Sysco, one of the world’s largest food distributors.

Eventually, Lenes was permitted to sell his cold brew off-campus. He started selling his cold brew to the University of West Florida, the University of South Florida and Celis Juice Bar in West Palm Beach.

As Lenes was getting ready to stock his bottles across more Florida colleges, he received a phone call that changed everything. Due to prior bottling agreements, he learned he could no longer sell the cold brew on most campuses.

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PALM BEACH ATLANTIC UNIVERSITY

“I thought we would sell thousands of cold brews—the next thing I know, in one phone call, [I couldn’t],” said Lenes.

Brewing up a new plan Lenes wasn’t ready to give up. In the summer of 2022, he changed his focus from cold brew to becoming a wholesale coffee provider for food service, with a focus on colleges.

Before starting Rolling Hills’ Farm to Cup program, Lenes asked all the young people he knew what they wanted out of their campus java. Their answer? Fresh, specialty coffee that was ethically sourced.

With this in mind, Lenes created a unique framework for college food services. Through Rolling Hills’ Farm to Cup program, he now sources ethical, single-origin beans, which are imported, roasted in West Palm Beach and shipped to participating colleges.

Once a college or university signs on to serve Rolling Hills’ coffee, they’re gifted a state-of-the-art grinder, allowing them to quickly grind and brew the coffee—so it’s always fresh. And unlike most coffee companies, Rolling Hills uses specialty-grade beans, which go through a strict grading scale to ensure quality.

By changing his business model, Lenes could continue to work with Aramark. He created a thorough business and marketing proposal for PBA’s Dining Hall and became the University’s coffee provider—in addition to other Southeastern colleges, including the University of South Carolina, Erskine College and more.

An outpour of support Lenes credits his success to his network—including his Rinker School of Business professors, friends and family and Aramark colleagues.

“My professors were there to help if I had finance or business questions,” he said. “I had nothing but support. When we first put [the cold brew] at The Market at PBA, we sold 60 bottles in one day. Everyone was posting about it on social media.”

Despite the success, Lenes had to overcome several hurdles along the way, including changing his initial business model and covering unforeseen costs (like accidentally ordering bottles with pry-off lids instead of twist-offs)— even working long hours at Target to cover startup costs. Still, he says, the trick is to not give up.

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After graduation, Lenes plans to spend some time in West Palm Beach before traveling the country to try and get more fresh coffee into colleges across the nation. He’s also considering pursuing an MBA and would like to start mentoring young entrepreneurs.

“I kept trying to be a problem solver and find a solution,” he said. “Don’t quit. There is always a way through, but you have to start—and you can’t be afraid to fail.”

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American Free Enterprise Day Medalist Steve Forbes Praises Spirit of Innovation The pioneering spirit of America’s early entrepreneurs built the nation into what it is today, and it is entrepreneurs who will continue to drive progress, said Steve Forbes, chairman and editorin-chief of Forbes Media.

Palm Beach Atlantic honored Forbes, as well as Hive Collective CEO and Creative Director Sara McCann and WenCo Restaurant Group Chairman Eddie Rodriguez, at the university’s American Free Enterprise Day celebration on November , 2022.

In addition, nine scholarships were presented, with more than 100 students receiving them.

Palm Beach Atlantic has celebrated American Free Enterprise Day since 1984. A medal ceremony honors individuals whose hard work and achievement exemplify the best of the American free enterprise system.

Forbes, the third-generation leader of his family’s enterprises, began his remarks praising McCann and Rodriguez for their entrepreneurship. He was the American Free Enterprise Day Medalist; McCann and Rodriguez were companion medalists.

Forbes said it was a great honor to receive the American Free Enterprise Day medal, especially from a university that understands how capitalism

flourishes with true values.

“You have to have the right environment,” Forbes said. “You don’t have the right environment, people don’t believe in the future. … People have to feel that what they’re doing ultimately has nobility and purpose.”

Despite its critics, “capitalism is a moral system,” Forbes said. “When you hear some of these criticisms about how bad some of the people are in the free enterprise system: welcome to humanity.

We know what fallen means. We have to cope.

People are imperfect. The glory of the system is it takes human nature and directs it in a positive direction.”

pass any human resources check. But Jobs later learned to be an effective leader and put together creative teams, Forbes said.

“It’s not enough to see an opportunity,” Forbes said. “It’s the grit to make it happen.”

Currently, progress is painfully slow due to inflation and excessive government spending, Forbes said.

But unlike in dictatorships, people – voters – can make corrections, he said.

Further, “What’s going to rescue us are the people we honored here today,” Forbes said.

“Entrepreneurs are doing things when we get the right environment.”

People mistakenly think that “you have commerce on one hand and philanthropy on the other,” Forbes said. Though it seems counterintuitive, “they’re really two sides of the same coin.

Commerce encourages philanthropy.”

Despite the coming winter of a tough economy, “doing the right things,” Forbes concluded, will “turn it into a glorious spring.”

Forbes elaborated on advances in car manufacturing, the invention of freight shipping containers, the advent of Black hair products, the development of the cell phone, the opening of banks that serve immigrant populations, the creation of the whooping cough vaccine and the development of commercial fracking technology to extract natural gas from shale.

Forbes didn’t shy away from talking about obstacles and failures amid those successes. Steve Jobs, for example, got fired from Apple – the company he cofounded – and his personality profile would never

PALM BEACH ATLANTIC UNIVERSITY

A Message from the Director Historically, business schools rarely offer even one course in franchising, but at Palm Beach Atlantic University’s Rinker School of Business, we offer a Concentration in Franchising through the Titus Center for Franchising. The center was established in 2017 after the Titus Family of West Palm Beach, Florida, donated $1.5 million to create the university’s fifth Center of Excellence.

When the AACSB peer review team completed its report to recommend our business school for accreditation, the Titus Center for Franchising was recognized several times for “uniqueness” and “significance.”

The Concentration in Franchising includes three academic courses: Principles of Franchising, Franchise Creative Ventures and Franchise Management & Operations. Students also enroll in an intensive franchise specific internship where they work for at least 90 hours. Internships are provided by Chick Fil A, United Franchise Group, Scenthound, Get Simple Box, Home Run Franchising, Retro Fitness and several other companies.

After six academic years, more than 100 students have enrolled in a franchise course and 50 PBA students have graduated with a Concentration in Franchising. Currently, more than 60 students are enrolled in the concentration.

Until recently, no student enrolled at PBA with the intent to study franchising as few students know much about franchising and are unaware of the franchising concentration. However, once on campus, students hear about the center and decide that franchising could be in their future. For the fall 2023 semester, two students have selected PBA for their university of choice specifically to study franchising!

Steve Forbes, chairman and editor-in-chief of Forbes Media, speaks with PBA students and guests at a luncheon following the American Free Enterprise Day Medalist ceremony.

PBA’s Rinker School of Business plays a pivotal role in American Free Enterprise Day. The school offers two courses, Freedom in American Society or American Free Enterprise, and all PBA undergraduate students are required to take one of the two courses. Students are able to explore important economic, political and philosophical questions in these courses. American Free Enterprise Day was also sponsored by Young America’s Foundation (YAF), an organization that is “committed to ensuring that increasing numbers of young Americans understand and are inspired by the ideas of individual freedom, a strong national defense, free enterprise and traditional values” and which works closely with the YAF student chapter at PBA to host various speakers each year. PBA remains committed to instilling in students an understanding of why the American free enterprise system exists and of how it has brought human flourishing to past generations.

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Titus Center for Franchising

The franchising concentration complements most majors because it provides specific skills that enable students and graduates to acquire a franchise or go to work for a franchise company. With nearly 5,000 franchise brands in North America, many employers seek college graduates with franchise knowledge and skills and employers are discovering them at PBA. However, most students in the franchising concentration do not want a job; 97% of our students say their goal is to own at least one franchise. To date, six graduates are franchisees (one is a franchisee of two brands) and another dozen are employees of franchise companies including Scenthound, United Franchise Group, Midas, Image One, Get Simple Box and others.

Ray Titus, Founder & CEO of United Franchise Group, who donated $1.5 million to PBA to establish the Titus Center, poses here with six of the 2023 graduates. From left: Ben Brickett, Michal Precikowski, Steven Kronenberger, Micah Droescher, Matthew Cancino and Chloe Poston.

Titus Center is supported by a dynamic advisory board that consists of 63 companies and 76 franchise professionals. In addition to providing guidance about our curricula, the Advisory Board mentors students, speaks to our classes and supports our programs such as the Selling Franchises Summit, offered every January. Through dues and sponsorships, board members generously contribute more than $125,000 annually to support the center. Many board member companies provide internships and use them to recruit our graduates.

In addition to its academic program, Titus Center develops numerous other opportunities to benefit students. For example, two students are selected annually to attend Franchise Springboard where they can network with hundreds of franchise professionals. The sponsors of the event donate two tickets with all expenses paid to accommodate our students. Similarly, four students are selected to attend the International Franchise Association’s annual meeting with several thousand franchise professionals. In 2023, the IFA provided free registrations for our students and their expenses were paid by TBC Corporation, United Franchise Group and Home Franchise Concepts, all members of the Titus Center Advisory Board.

The Titus Center extends its programming into the franchise community at large in numerous ways including the Franchise Hot Seat, a YouTube program now in its third season. To date, more than 20 franchisors have taken their place in the “hot seat.” They tell their story to our Dream Team panel which then provides critiques and guidance to help the franchisors expand their brands.

Tune in and learn about the amazing opportunities in franchising!

If franchising is in your future, or the future of someone you know, come to the Titus Center for Franchising where we are educating franchising’s future generations.

John P. Hayes Titus Chair for Franchise Leadership THE RINKER REPORT

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Palm Beach Atlantic University’s Student Managed Investment Fund program has successfully completed its first year. The program, known as the Sailfish Fund, allows a select team of students to manage a live $100,000 stock portfolio for the University, to gain experience in investment management and develop marketable skills.

The student leaders presented the fund’s first annual report to the University Investment Committee and the President last week. Despite challenging market conditions, the fund performed very well during the inaugural team’s tenure.

The group photo is the inaugural Sailfish Fund team: (front, left to right) Maddie Fahnestock, Nancy Zabiegalski, Emily Kintz, Elana Figliuolo, Anna Albert, Maria Nacif-Golac, (rear, left to right) Gio Aparo, Gabe Parke, Tanner Pohl, Spencer Besant, Luken Cisick, Mason Chaikin, Luke Bartolf, Will Labrinos, Dr. Scott Pearson (faculty sponsor).

Congratulations

In June 2023, 20 PBA students spent two weeks studying abroad in Thailand, Laos, Cambodia and Vietnam. Students toured Bangkok and Chiang Mai, Thailand, spent two days boating down the Mekong River in Laos, visited the Angkor Wat temple ruins in Cambodia and toured the rural Mekong Delta in Vietnam. Students also visited a socially conscious, woman-owned business in Luang Prabang, Laos, and a school in Siem Reap, Cambodia that prepares its students for employment in the hospitality industry. Professors Henry Webb and Emmanuel Mwaungulu accompanied the students as faculty co-sponsors.

to these Rinker School of Business faculty!

Professor Barbara Vanderwerf receives the 20222023 Rinker School of Business Teaching Award

Advisory Board Members Gary Adkin

Director of Investments, Stifel

Jorge Cabrera, Jr.

In 2022-2023, the Rinker School of Business (RSB) started the Black Business Students Association (BBSA). The BBSA’s mission is to provide social, academic and career support for the Rinker School of Business’s black students, and the organization is open to all currently enrolled business majors. Events hosted by the BBSA included a presentation on career development and entrepreneurship by local business leader Mark Parks, and a Black History Month panel discussion featuring PBA professors Dr. Emmanuel Mwaungulu, Dr. Madison Ngafeeson and Dr. Thomas Parham.

Alan Crowetz

Scott Roads

Real Estate Broker, Century 21 Real Estate

Justin Girard

President, Spectra Investment Management

Scott Roads

President, Spectra Investment Management

Michael Sothen

Robert. D. Johnson

Senior Vice President and Chief Financial Officer, Walt Disney World Resort

David Light

Director of Healthcare Advisory Services, Daszkal Bolton LLP

Chief Financial Officer, Nation Safe Drivers

Jeff Swindell

Nancy Tallent

Senior Vice President of Human Resources, Reyes Holdings

Steve Templeton

Chief Financial Officer, White Owl Family Office Group Limited

CPA, President, Templeton & Company, LLP, Chair, RSB Advisory Board

Chris Markgraf

A.J. Titus

Christy Markgraf

Adriana Willmutz

Beth Maliakkal

Owner/Partner at SMPLY Brand Director, Total Rewards Carrier

Dr. Lane Cohee receives the 2022-2023 Rinker School of Business Dean’s Award

Chief Executive Officer, Arizona Nutritional Supplements (ANS)

Executive Director and Wealth Advisor, J.P. Morgan Wealth Management Girard & Associates Former Chief Financial Officer, J.M. Family Enterprises, Southeast Toyota Distributors

Dr. Scott Pearson receives the 2022-2023 Rinker School of Business Service Award

VP, Wealth Management Nickler Group, Morgan Stanley

Douglas Reader

William Cummings Dr. Marcus Valenzuela receives the 2022-2023 Rinker School of Business Research Award

Patrick Nickler

Vice President – Accounting, Technology & Supply Chain, The Breakers Palm Beach President and CEO, Infostream

In honor of Women’s History Month, JP Morgan Private Bank invited the top women in finance from the Rinker School of Business for a behind the scenes tour and advice for women pursuing a career in finance.

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Rinker School of Business

Brian McPherson

Attorney, Gunster, Yoakley and Stewart Law Firm

Ryan Morgan

Principal, Tax Technology, Price Waterhouse

President, Signarama Student Advisory Board Member MBA student, Rinker School of Business

Melina Willson

Student Advisory Board Member MBA student, Rinker School of Business

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Palm Beach Atlantic University’s mission is to equip students to grow in wisdom, lead with conviction and serve God boldly.

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