Business Briefs - 2022

Business Briefs SUMMER 2022

Black School of Business DIRECTOR’S MESSAGE Excitement is in the air as we in the Black School of Business look to begin implementing our Strategy 2028 plan this fall, based on the work of our DR. GREG FILBECK Spring 2022 Strategic Planning Task Force.

This summer, we’re completing reviews of all undergraduate and graduate programs to include innovative changes based on feedback from stakeholders.

We’ve been approved to offer our highly popular Project and Supply Chain Management degree through World Campus, beginning in Fall 2023.

At the same time, we’re launching new initiatives in both sustainability and diversity, equity, and inclusion (DEI)—and developing a new video series featuring faculty members discussing their research.

Our newly launched Center for Family Business has received nearly $1 million in financial support to further the goal of helping family-owned businesses with programming, peer group involvement, networking opportunities, and more. The center was featured in the June issue of Erie’s Manufacturer & Business Association magazine.

We hope you enjoy reading about the activities and accomplishments of our students, faculty, and staff in this issue of Business Briefs.

Building Blocks of Financial Literacy THE CENTER FOR FINANCIAL LITERACY, an outreach program of the Black School of Business, recently teamed up with the Chartered Financial Analyst (CFA) Society Boston and CFA Pittsburgh to assess the effectiveness of an after-school financial literacy program. Additionally, the center’s team has been meeting with representatives from the state of Rhode Island to design a survey to gauge the effectiveness of financial literacy training, which is now mandated in all of that state’s high schools.

Closer to home, the center has been working with Intermediate Units in Edinboro and Clarion, Pennsylvania, sharing with curriculum directors the services that the Center can provide. In mid-summer, the center will sponsor school workshops.

A $15,000 donation from Erie Insurance, part of the company’s participation in the Educational Improvement Tax Credit (EITC) program, will allow the center to further expand its programming within K-12 classrooms.

Business Showcase 2022 AT BUSINESS SHOWCASE 2022, held on campus in April, students from across the Black School of Business’ academic programs presented projects they had undertaken individually or in teams.

“These student projects were excellent examples of Open Lab learning, a hallmark of Penn State Behrend, which provides hands-on learning experiences for students, while also benefitting business, industry, and community partners,” said Dr. Greg Filbeck, director of the Black School of Business.

Among the presenters was Jaydne Marshall, a Management Information Systems student who recently started NannybotsandProjects.com, an online site that aims to make STEM education tools more affordable.

The site sells a variety of STEM activity kits, such as a Jaydne Marshall talks about her coin-swallowing robot and a hand-operated generator new business, Nannybotsandfor as little as $6 per kit and offers classroom bundles Projects.com of twenty kits for $75.

Marshall was inspired by her experiences as an early school student, struggling in STEM classes until she joined a robotics team in middle school, which gave her the opportunity to apply STEM concepts in a hands-on way. She recently made her first sale—fifty products to a STEM summer camp in Georgia.

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INTRODUCING THREE NEW EXECUTIVES IN RESIDENCE Three new professionals are joining the Black School of Business’ Executive in Residence (EIR) program.

Jane Amend, executive director of global category demand planning for The Estée Lauder Companies, has more than twenty years of experience in demand planning. She will work closely with the Project and Supply Chain Management program.

Janel Bonsell, CPA, CFE, CFF, is director of human resources for the Erie accounting firm of Schaffner Knight Minnaugh & Co., where she is also a firm principal. She will work with the Accounting program.

Christopher A. Elwell is a Certified Public Accountant and partner in Erie’s Maloney, Reed, Scarpitti & Company, where he specializes in tax consulting, compliance, and preparation of tax returns. He will also work with the Accounting program.

These three join five returning EIRs this fall: Steven D. Bugajski, CIO, U.S. Steel; Matthew MacBeth, founder, Guidant Venture Studio; Eugene Natali, CEO and founder, Troutwood; Jeremy O’Mard, managing consultant, IBM Global Business Services; and Jeff Stempka, brand manager, Gibson USA & Custom.

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ARUJ BHARGAVA, RILEY KENNIS, AND ISAAC ECHARD

Meet the First Student-Managed Fund Scholars THE INTRIERI FAMILY STUDENT-MANAGED FUND, which began in 2012 with a $100,000 gift from alumnus Vincent Intrieri ’84, and his wife, Joanne, has grown to more than $1 million! Reaching this milestone has triggered a commitment to begin providing scholarships from a portion of the returns. Congratulations to Aruj Bhargava, Riley Kennis, and Isaac Echard, who were the first recipients of funding.

While the scholarships are a nice bonus, the value of the fund is evident for upper-level Finance students who have the opportunity to actively manage it. Many business alumni have told faculty members that their experience with the fund has directly contributed to their career trajectory.

Funding Makes Certifications More Accessible

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n the last academic year, more than thirty Black School of Business students received funding to help cover costs associated with pursuing business designations and certifications. Students are eligible for up to $1,000 in reimbursement for expenses such as study guides, training materials, and professional exam fees.

With the help of these awards, students have been able to complete certifications such as Chartered Financial Analyst, Certified Public Accountant, and Project Management Professional at little to no cost, something any business major can recognize as a smart financial move.

DR. YING CAO

MARY BETH WILCHER IS THE NEW DIRECTOR OF THE CENTER FOR FAMILY BUSINESS.

Center for Family Business is Booming RESEARCH SHOWS THAT FAMILY BUSINESSES FACE UNIQUE CHALLENGES, especially when it comes to succession planning. According to Businessweek.com, about 40 percent of U.S. family-owned businesses transition into second-generation businesses, approximately 13 percent are passed down successfully to a third generation, while just 3 percent survive to a fourth or beyond.

What is the difference maker when it comes to longevity? Experts have found that supportive resources can have a significant impact, which is why Penn State Behrend launched a new outreach program—the Center for Family Business.

“There are so many incredible family-run businesses in this region, and they are the lifeblood, particularly in a lot of smaller towns,” explained Dr. Greg Filbeck, director of the Black School of Business. “However, you see with many companies that where there’s not a succession plan in place, they sell off to an outside entity.

Often, they end up dismantling the best pieces of the business, and the company ships off somewhere, leaving communities in an economic hole.”

“Through the center,” Filbeck said, “we’re trying to leverage the wealth of knowledge that exists with these leaders to create a series of programs to help family businesses and the community, too.”

In January, the center appointed its first director, Mary Beth Wilcher, who brings extensive experience in the financial field to the mission of providing resources to support businesses. The center has a fifteen-member advisory board of leaders, representing diverse family businesses from throughout the region. Upcoming events include:

• JULY 26—Hiring and Keeping the Right Employees • AUGUST 16—Leadership Development Program Information Session

DIVERSITY, EQUITY, AND INCLUSION COMMITTEE FORMED TO FOSTER AN INCREASINGLY INCLUSIVE CULTURE, the Black

School of Business has formed a Diversity, Equity, and Inclusion (DEI) Committee that will advance initiatives and efforts to ensure that all students, faculty members, staff members, and stakeholders are respected, valued, and have the opportunity to thrive.

“Currently, we are working on establishing a seminar series to help faculty and staff understand the dynamics and challenges of DEI, and to provide information and resources about creating an inclusive climate for teaching and research,” said Dr. Ying Cao, assistant professor of project and supply chain management and chair of the DEI Committee.

“We also plan to develop a mentorship program for our diverse students to strengthen their sense of belonging.”

• OCTOBER 3, 10, 17 and 24—Four-part Leadership Development Program • NOVEMBER 16—Strategic Planning and Operational Benchmarks Additional sessions will be announced for August, September, and October. Visit behrend.psu.edu/familybusiness for additional information on events or membership.

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Penn State Erie, The Behrend College Black School of Business 281 Burke Center 5101 Jordan Road Erie, PA 16563-1400

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Business Faculty Are Publishers, Too Since 2017, faculty members in the Black School of Business have published thirty-two books and book chapters, authored more than 175 journal articles, and made 426 presentations about their research.

“Publishing amplifies the expertise of our school’s faculty, extending the benefits of their research and perspective to the broader business community,” said Dr. Greg Filbeck, director of the Black School of Business.

Scholarship Extends Faculty Member’s Impact

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arry Neizmik, a former banking executive and current lecturer in economics at Penn State Behrend, and his wife, Charlotte, recently committed $250,000 to endow the Larry D. Neizmik and Charlotte A. Neizmik Scholarship in Economics to benefit Behrend economics majors with financial need.

“Charlotte and I had the assets to form the scholarship, and giving back is such a great feeling,” he said. “I know from firsthand experience that the monies will help today’s youth. I very much enjoy teaching at Behrend and working with students, and the scholarship is a way for me to keep educating them long after I’m gone.”

Neizmik spent his first two years as a Penn State student at Behrend and earned his bachelor’s degree at University Park, since Behrend didn’t offer the economics major at that time. He earned his MBA in 1994 with a 4.0 grade-point average, receiving the “Outstanding Graduate of the MBA Program” award.

“The Neizmiks are an excellent example of how the support of alumni and friends can contribute to the success of Behrend

LARRY AND CHARLOTTE NEIZMIK

students,” Chancellor Ralph Ford said.

“Scholarships, especially, provide much needed financial support and also convey to our students that others believe in their potential to create bright futures for themselves.”

If you think you might like to make a gift to help future students, contact Penn State Behrend’s Office of Development and Alumni Relations at 814-898-6159 or BehrendDevelopment@psu.edu.

Business Briefs is published by the Black School of Business at Penn State Behrend, 281 Burke Center. Phone: 814-898-6107. Web: behrend.psu.edu/business. This publication is available in alternative media on request. Penn State is an equal opportunity, affirmative action employer, and is committed to providing employment opportunities to all qualified applicants without regard to race, color, religion, age, sex, sexual orientation, gender identity, national origin, disability, or protected veteran status. U.Ed. EBO 22-324.

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