Currency Magazine Fall 2022

BEYOND

Kaela Dickerman on staying motivated

FROM THE DEAN

Anyone who lives, learns, and works on a college campus (online or in person) knows that fall is the season of renewal. It’s the start of more than an academic year.

All the promise and potential we bring to the classroom fills the air with hope. Change often accompanies hope, and as we begin another school year at the College of Business, both arrive right on time.

The business of higher education is the business of change, and at the College of Business, we are fortunate to see the direct impact of our work and the life-changing potential our school provides every student. We cannot ever know when that pivotal moment or turning point will happen in the lives of our students, but we give them the tools and insight to embrace the opportunity.

I am incredibly optimistic about our future and the people who define it. The anchor in a transformative time is always people. We are excited to introduce you to our new and returning students, our staff and faculty, including those who have just joined our Cardinal Community and those who have stepped into new roles. It’s exhilarating to see this much talent join our College of Business.

Those changes and transitions include me. It is truly an honor to be appointed as the Interim Dean at the College of Business. The last five years have provided a foundation for the work ahead and we are committed to building upon this momentum.

On behalf of the College, I welcome you as we return to the work that inspires and changes lives.

Jeff Guan, PhD Interim Dean College of Business

DACIA BERRY CULTIVATING RESOURCEFULNESS

Dacia Berry approaches the world with a razorsharp focus and clarity. Spend a few minutes with her, and Dacia’s attentive nature and keen professionalism belie that she’s on the verge of graduation—unsurprisingly, a year ahead of schedule.

“I’m a hard worker—I’ll say that about myself,” says Dacia. “I have always been driven since I was very little. It’s just a personality trait that I can’t shake.” Given that Dacia is walking across the Commencement stage with both a diploma and career direction already in hand, many are glad this character trait is as unshakable as her work ethic. Coming to UofL in 2019, Dacia was already involved in activities beyond the typical incoming college student. She had worked with her family as part of an arts nonprofit since 2010. Along with the nonprofit, Dacia had already done contract work for the Kentucky Derby Festival as an artist. Both experiences led her to a dual major of art and business, but early on at UofL, Dacia made a difficult decision.“I did a visual art program in high school, so I was encouraged to apply to the fine arts program through the Hite Institute,” says Dacia. “When I realized it would take me six years to do a double major, my mental health and my pockets would not have been very happy with that choice...I decided that the three-year track would be better for me.”

A TIMELY DECISION

This choice was spurred on in part by the great experiences she had at the College. “I wasn’t necessarily wanting to create art for my professional career,” Dacia reflects. “I wanted to interact more with people—working as a team. That was going to happen more from the business degree.” Pursuing a business degree put her in direct connection with the franchising world and Dr. Kathy Gosser. Taking classes with “Dr. G” rekindled Dacia’s interest in the franchise world.

“I had previously worked for a swim instruction franchise. So, I understand the business model, I liked it, and I was curious about it,” explains Dacia. UofL’s new partnership with YUM! Brands has already opened the doors to the world of franchising to many students. Dacia will be one of the first students to graduate from UofL with all the franchise courses under her belt. With a career path beginning to take shape, Dacia followed up with Dr. Gosser. “I said, ‘Okay, this is where I want to work. I want to get experience this way and start my career because I’m in love with YUM! as a company—how they treat their employees and how they run their business. I could potentially see myself as a franchisee.’ Dr. G was very excited that I was passionate about it. So, because of that passion, she was very quick to start putting me in the places that I needed to be to make these connections.”

UNSHAKABLE FOUNDATIONS

As Dacia began networking with franchisees, she continued developing her resume at UofL’s Testing Service Office and Digital Media Suite then as a marketing intern in the Family Business Center. Her resourcefulness helped Dacia build the skill sets needed to prepare her for the next phase of her career. Making the most of her time at the College and the opportunities afforded her, Dacia became a communications intern with the KFC Foundation. She couldn’t be more excited to join YUM!—even more so to be engaged in the company’s nonprofit organization. The KFC Foundation provides education and hardship assistance to resilient restaurant employees in an inclusive environment. Dacia’s eyes light up when discussing the foundation’s work. “My background is predominantly in nonprofit work. My heart is in helping others.” KFC Foundation Director Emma Horn shares in Dacia’s enthusiasm. “Dacia brings a level of professionalism, creativity, and passion that we couldn’t wait to add to our team. Her classwork, internships, and extracurricular activities (like founding the Intercollegiate Franchise Network!) prepared her to step onto our team, ready to hit the ground running...She knows what she wants for her life, and we love that we are a part of her journey.”

Dacia Berry Franchise Management Student

JULIO RODRIGUEZ: LEV

Recent MBA graduate Julio Rodriguez understands the value and impact his degree has on his career. It was a lesson learned months before graduating. “I’m such a tech-head, but it felt like I was seeing the Matrix code.”

Like the movie, Julio’s MBA gave him the perspective to see how all the aspects of his work interacted with the larger business model at Motorola Solutions. That context helped to bring this world into focus. As a result, with less than a semester away from officially earning his diploma, Motorola Solutions promoted Julio to Business Development Manager, Strategic

Accounts. Julio believes this game-changing opportunity was provided, in part, by his experiences in the online MBA program.

TIMING IS EVERYTHING

Timing has been instrumental in Julio Rodriguez’s professional career. When he was ready to pursue his MBA, Julio knew that he wanted to return to UofL. “[The College of Business] is well known. It’s well regarded and very marketable. I know that it’ll help me with my career at Motorola Solutions because they look for things like an MBA in their leaders as they move into the executive tiers of management.” This desire

Julio Rodriguez, Online MBA Graduate

to return to Louisville coincided with the development of the Online MBA program. The actual structure of the program not only fit Julio’s schedule, but he also discovered that the online MBA was a complement to his learning style. Julio had been diagnosed with ADHD. “The fact that these classes were sequential, one class at a time...all of these things lined up for me,” says Julio. “It’s just five weeks of this one topic, whether I loved it or hated it, it was only going to be five weeks...it was a very compressed timeline with, you know, ADHD, that helps because the number one thing that helps me do something is impending deadlines. Like it’s a short deadline.” Compared

Motorola Solutions every Friday, talking tech news and products from across the company. “I could use my nerd powers for good,” laughs Julio.

FROM PROMOTION TO INSPIRATION

While his promotion and graduation are significant to Julio, the moment he cherishes most during his time at UofL relates directly to his family. “I would say my proudest accomplishment is that I successfully navigated something so foreign to me as the MBA,” says Julio. “My dad and my grandfather both retired from Ford. My grandfather grew up a coffee farmer in Puerto Rico. He had a fifth-grade education...and my mom grew up in Guatemala and was adopted by missionaries out of Chicago when she was 12.

ERAGING EXPERIENCE

to a traditional 15-week semester, the online MBA schedule made it easier for Julio not only to plan and prepare but excel in the classroom. Along with the course structure, Julio also credits the cohort model with helping him succeed in the program. “I’m sales and marketing. There was another sales and marketing guy [in our cohort,]” explains Julio. “We had a quality control engineer and a purchasing person...we all had our strengths.” Being able to lean into one another’s skill sets meant a higher level of investment in each other’s growth and success. That personal success was present even before his promotion at Motorola Solutions. Julio livestreams for

So, it’s like I don’t have a pedigree of education in my family... So being able to graduate and have my kids see me do it...they now have this template that my wife and I didn’t have.”

…MY PROUDEST ACCOMPLISHMENT IS THAT I HAVE SUCCESSFULLY NAVIGATED SOMETHING SO FOREIGN TO ME AS THE MBA.

—Julio Rodriguez

GOALS BEYOND THE PITCH

Kaela Dickerman graduated from the College of Business in 2018. Five years later, she landed a role as assistant director of Marketing and Communications for UofL’s Alumni Relations Office. Kaela’s path from graduation to career was anything but average. She shares her story of how young alumni should never give up

Currency: Tell me about your undergraduate experience at UofL and how you decided on a marketing degree.

KD: I am originally from Cedar Rapids, Iowa, but I knew I wanted to go out of state to study. When the soccer coach at UofL showed interest in me, I came to visit and immediately fell in love with the campus and city. I loved my four years at UofL [so] after graduating I knew Louisville would be

Kaela Dickerman, Assistant Director of Marketing and Communications in the UofL Alumni Relations Office

my new home base! I originally went to school as a biology major, with the intent to go to medical school to become an anesthesiologist. I took one of those “weed out” classes and it weeded me out. I had to look for other options in the spring of my freshmen year and with help from teammates who spoke highly of the business school, I moved over to marketing!

Currency: What years were you on the Women’s soccer team? What was being on that team like and what did you learn from being on a college sports team that you have carried forward in your career?

KD: I played for UofL all four years from 2014 to 2018. I’ve played soccer all my life, so it fit well that I got to continue my education and continue playing the sport I love. Being on a team is truly a part of my identity and getting to have 24-ish other people experiencing the same things I was every year allowed me to have a lot of success, both as a student and an athlete.

I learned many things from being on a college sports team, but the biggest things that I’ve been able to recognize in my career are loyalty and teamwork. If you believe in what you’re doing as a career, you’ll feel motivated to stay

Kaela Dickerman, UofL Women’s Soccer team 2014-2018

IF YOU ARE ABLE TO WORK WITH LIKE-MINDED PEOPLE TOWARD THE SAME GOAL, SUCCESS IS NOT A QUESTION OF IF, BUT WHEN.

and you’ll have the confidence to be creative and innovative. If you are able to work with likeminded people toward the same goal, success is not a question of if, but when.

Currency: Tell us about your first job out of college. Where are you now and how did your degree prepare you for these opportunities?

KD: When I graduated from UofL in 2018, I knew in my heart my soccer career was not over. I played professional soccer for two and a half seasons in Switzerland and Iceland, up until the beginning of 2021. Trying to get recruited to play on a professional team is a crash course in marketing yourself, so I was able to use a lot of what I learned, especially aspects from a digital marketing perspective.

I started working part-time for UofL Alumni Relations in 2021 and had a lot of opportunities early on to work in the social media marketing side of it. Even a few years out from graduating, there are still moments where I am reminded of the advice I got from some of my marketing courses.

Currency: What is your current role at the University and what are your responsibilities?

KD: I am the assistant director of Marketing & Communications in the Alumni Relations office for UofL. Some responsibilities include social media marketing, website maintenance, creative content production, and writing stories for our socials and the UofL Magazine. I’m excited to get to hopefully engage more young alumni with our socials, website, and events! Even working

here for a short period of time, I’m learning that alumni relations is more focused on engagement and events than I initially expected. It’s cool to see from the back end some of the plans the office has for keeping our alumni around and connected.

Currency: What are your future career goals?

KD: It’s kind of funny because a soccer season is usually 3-5 months long, depending on where you play. Before getting this job with UofL I never had the opportunity to look at “future” as longer than a few months. All that to say, I’m not sure I’ve decided on my career goals yet! I love that I get to be in a marketing and communications role here at UofL, because I think it combines a few loves: marketing, content creation, and of course, UofL!

Currency: What advice do you have for young alumni?

KD: After spending a little over two years playing professional soccer –also known as, not getting any professional work experience –I had incredible difficulty finding a job. Even for entry-level positions, I didn’t qualify based on previous experience. It was really hard and sometimes I regretted playing professionally and not immediately starting a job after graduating, but even after months of searching, I was able to find a place to land. Throughout the search, I had many moments of doubt that I’d ever find a job. To the young alumni who may be in the same position, there is a spot for you in the working world, and although it may not feel like it right now, it will happen. Easy for me to say now, but I know it’s a very difficult path and all I can say is, you’ve got this, don’t give up!

…THERE IS A SPOT FOR YOU IN THE WORKING WORLD, AND ALTHOUGH IT MAY NOT FEEL LIKE IT RIGHT NOW, IT WILL.

—Kaela Dickerson

MANAGERIAL ANALYTICS CERTIFICATE

Learn to use data to

and

FAUL SPIRIT BY DESIGN

When Sonja Faul was named a Cardinal Spirit Award recipient, teammate Jill Wegenast was excited for her. “Sonja has the can-do attitude that is characteristic of a Cardinal Spirit Award winner... and she takes care of business with a smile on her face!”

Working behind the scenes to shape the look and story our College shares with a larger community means much more than creating Cardinal red colorways and tasteful layouts. It’s a deliberate choice to provide the fixture by which we amplify the work we do to empower and inspire the lives of our students and the UofL community. In a world that competes for attention, catching the eye and delivering substance may feel fleeting. A designer with empathy and energy is essential to capture those snapshot spaces. It means understanding the bigger picture, even when you’re holding only a handful of puzzle pieces. In her short time at the College of Business, Sonja Faul has helped build a better frame around our shared story. “I’m always learning something new from the people around me,” says Sonja. “It’s incredible to have the very same people I admire nominate me for this award!”

TRANSITION IN A PANDEMIC

As a graphic designer, Sonja joined the College of Business Marketing and Communications team at the heart of the pandemic. A Cincinnati native, she had previously worked for the Newport Aquarium and ArtsConnect in her hometown before moving to Louisville. While spending the first year at the College in a remote setting offered its challenges, her outgoing nature and work ethic made building chemistry with her teammates and collaborators easier. Adding new creative energy to the marketing team meant

new ideas and opportunities to share the College of Business’ story with our community. Sonja’s background in animation and motion graphics helped provide new flourishes to existing concepts and allowed her to showcase her talents. “I love the flexibility to create all sorts of projects with my skill set in graphic design,” says Sonja. “I’m always particularly jazzed about a motion graphics project.” These experiences have provided her the opportunity to hone her skill set further—her excitement about working on these projects is kinetic. “My current favorite is the work I do for the Louisville Bats ads. I create really cool motion pieces to energetic music that plays at the baseball stadium! Talk about a cool venue to showcase something you’ve created.”

INSPIRED DESIGNS

Along with her contributions to the design and visuals at the College, Sonja has helped offer her insight and design knowledge to departments via the College’s template design system. The Marq system offers branded content for a range of materials in pre-designed forms, so departments can make flyers and materials that have the official UofL look and feel. It also means regularly troubleshooting and updating materials and styles to accommodate user needs. That level of work is far from automated. Sonja works behind the scenes to support departments that promote programs and events in the College. While helping to shape the College’s story, Sonja also continues to build her narrative. This fall, she started the UofL MBA program. “I greatly respect the people I work with, and their goals and accomplishments inspire me,” explains Sonja. “It made me want to get out there and try to be the best I can be! Working at UofL has made for an amazing opportunity to grow in my career.”

OF BUSINESS

EXCELLENCE AWARDS

The College of Business Excellence Awards are given annually to alumni, corporate partners, and business innovators whose contributions have impacted the local, national, and global community.

Those honored have demonstrated significant success in entrepreneurship, enthusiastic partnership with the College, or through service.

We recognize our corporate partners, large and small, for their contributions and commitment to strengthening our business community and inspiring our students. These sustainable partnerships between campuses, communities, and corporations

enrich student learning/engagement and enhance community life.

Supporting the entrepreneurship ecosystem in Louisville is part of our mission. Through involvement and education, we work to nurture and honor exceptional innovators who show promise and have made an impact early in their careers. Recognition like this helps pave the way for future startups and works to inspire our students.

Congratulations to the following award winners:

DISTINGUISHED SERVICE AWARD

Presented to a volunteer/individual who has provided extraordinary service to the College. Jim Allen, vice chairman, Baird

CHRIS DISCHINGER Distinguished Corporate Partner Award (Mid-size Company)

JIM ALLEN Distinguished Service Award

RAY STROTHMAN— Strothman & Company

DISTINGUISHED CORPORATE PARTNERS

Thank you to our corporate partners, who have demonstrated extraordinary commitment to the success of the school’s students, faculty, and programs.

LARGE SIZE COMPANY: Wanda Williams, head of global franchising, YUM! Brands

MID-SIZE COMPANY: Chris Dischinger, co-principal and co-founder, LDG Development

RISING STAR IN ENTREPRENEURSHIP

We honor Louisville Alumni and those in the Louisville entrepreneurial community who show promise and have made an impact early in their careers.

Larry Horn, executive director, Amplify/Louisville

Presented annually to a College of Business/ University of Louisville alum who has demonstrated significant success as an entrepreneur. Names are permanently engraved in the granite monument in front of the College.

Susan Weiss, president & CEO, Net Tango Inc.

ENTREPRENEURSHIP CIRCLE OF FAME AWARD

LARRY HORN Rising Star in Entrepreneurship Award

WANDA WILLIAMS Distinguished Corporate Partner Award |(Large-size Company)

SUSAN WEISS Entrepreneurship Circle of Fame Award

EMPOWERING ENGAGEMENT

DENISE SPALDING

“I’m so proud of all the young women succeeding. It’s just so empowering, isn’t it?” says Denise Spalding, president and co-owner of HighNote, a Louisville-based print and marketing communications firm. Denise is a College of Business alum, Louisville native, family business owner, and Family Business Center board member.

FAITH IN FRANCHISING

The pride Denise takes in seeing new generations of female business leaders succeed has roots in her own business experience. In the early 90s, after 11 years of print and marketing experience, Denise and business partner Jennifer Eberle were ready to purchase their own business. They were stopped short, though, when they were unable to get a loan.

“Come to find out, not a whole lot of people wanted to give two women in their 20s any money. So that was a real slap in the face right off the bat,” she says.

Denise and Jennifer attempted to buy the Louisville location of Allegra Marketing Services, a national printing franchise. The owner told them they were just what the industry needed. With support from their families, they were able to borrow money and the owner agreed to finance them in order to get started.

“This gentleman had faith in Jennifer and me to start our own company, so we knew failure wasn’t an option because we had people to pay back…We had this big idea to turn the printing world on its head and do things differently than the typical print shops did. That’s exactly what we did,” says Denise.

Allegra Marketing Services provided raving fan service while helping clients feel as if they had their own “personal marketing company” that could produce targeted direct mail. For clients, Denise says each direct marketing piece they printed directly

targeted a consumer based on their customer information. “Say you’re a lapsed customer and they say ‘Hey, we haven’t seen you in the past year, here’s a special offer for you at 20% off.’ Our direct mail was personal and data-driven to increase engagement. We were on the cutting edge of that kind of marketing.”

FAMILY-POWERED ENTREPRENEURSHIP

Their success can be measured by two major milestones. One was when their company outgrew the franchise and they were able to branch off as an independently-owned company now called HighNote. The second was when they made the decision to become an all-digital printing company, enabling them to maximize various print capabilities. These decisions are continually validated by the numerous awards they’ve won over the years. One that stands out as their proudest came in 2014, when they won the Ernst and Young Entrepreneur of the Year award.

“This was for the south-central region [of the US]… we were finalists and we were like ‘We’re not going to win, don’t think that, we wouldn’t be seated in the back of the ballroom if we won.’” Denise’s table was shocked when their name was announced as the winner.

“We literally jumped up, screaming from the back of the ballroom,” she says. “That was one of my proudest moments because our families were there. It was a very prestigious competition.”

Denise hopes to use her experience to empower and influence others to succeed as well. As a member of the College of Business’s Family Business Center board, she believes in the power of family-owned businesses. “We want [Louisville businesses] to be successful, we want them to go on from first-gen to second-gen to third-gen and up. I’m always listening for opportunities to share the message of the FBC and that we need our family businesses to continue to thrive in Louisville.”

TOM ARONSON

JOHN W. GALBREATH AWARD FOR OUTSTANDING ENTREPRENEURSHIP IN THE EQUINE INDUSTRY

The University of Louisville Equine Industry Program has named Tom Aronson the 32nd recipient of the John W. Galbreath Award for Outstanding Entrepreneurship in the Equine Industry.

Aronson is an original business architect of two of the most successful companies in the history of horse racing, the Television Games Network (TVG) and Exacta Systems, both of which have become billion-dollar wagering companies since their creation.

“Tom Aronson is a true ‘horse enterprise architect,’ as defined by the criteria governing this award,” said Ted Nicholson, senior vice president of Kentucky Downs, in nominating him. “He turned a youthful fascination with horses and horse racing into what has been a remarkable career highlighted by repeated innovation, business building, and cutting-edge thinking for the industry.”

“Horse racing in Kentucky is only as strong as the health of the game. Many of Tom’s initiatives have been significant in building the industry and helping it become more mainstream and available to people,” said Karl Schmitt, president and CEO of the Louisville Sports Commission. “He is passionate about horse racing. He also is very analytical – he understands how to analyze an issue from a theoretical perspective, and he has practical experience, so that is the best of both worlds.”

“I am privileged to have had the opportunity to help build two of the horse industry’s greatest start-ups from the ground up,” Aronson said of his TVG and Exacta experiences. “Helping to make horse sports more economically viable in a challenging world has been an exciting and rewarding career for me, and the honor accorded to me here by the University of Louisville is truly gratifying. The list of previous winners is breathtaking, and I am deeply appreciative of the inclusion and recognition.”

Tom Aronson receives the Galbreath Award

Howard Behar, retired president of Starbucks, with Steve Gohmann, director of the Center for Free Enterprise

FALL SERIES GUESTS

This fall, the Center for Free Enterprise Menard Family Lecture Series will focus on business executives and different aspects of running businesses.

In September, the CFE collaborated with the Project on Positive Leadership and the Forcht Center for Entrepreneurship to present retired president of Starbucks Howard Behar. Behar spoke to students, faculty, staff, and the community about servant leadership, and how leading with values helped fuel the coffee company’s explosive growth from 28-15,000 stores during his tenure as president.

The Center’s focus this fall is based on student surveys, requesting business leaders as potential speakers. Other events this fall include entrepreneur Robert L. Luddy, founder and president of CaptiveAire Systems, and serial entrepreneur Magatte Wade, who founded her latest venture SkinIsSkin, to create jobs and prosperity in her home country of Senegal.

CFE events are free, open to the public, and are held in the College of Business auditorium.

CFE programs are recorded for those who are unable to attend the live events. For videos of past events and information on upcoming programming, visit UofLFreeEnterprise.org.

Support the UofL Center for Free Enterprise at the College of Business.

ROBERT L. LUDDY

Founder & President of CaptiveAire Systems The Impact of Regulation on Business & Consumers Monday, October 24, 4:00 p.m.

MAGATTE WADE Founder of SkinIsSkin Better Lives Through Business Tuesday, November 15, 4:30 p.m.

NEW FACES: FACULTY & STAFF

The College of Business is proud to welcome its newest staff and faculty to the Cardinal Community. These faces will help shape our students’ lives and enrich the University’s knowledge base.

CANDACE BENSEL Director, Family Business Center

PETER AGHIMIEN Associate Professor of Practice, Accountancy

JUSTINE AYCOCK Director of Development, Advancement

MARCUS BURKE Assistant Professor of Practice, Accountancy

RAY CHASTAIN Assistant Professor of Practice, ISAO

JEFF KOLEBA Executive-in-Residence & Instructor, Marketing

TONJA CRAIG Unit Business Manager Intermediate, Finance Office

RALPH ROLEN Instructor, Accountancy

ALFRED FRAGER Assistant Professor of Practice, Management and Entrepreneurship

ZARA HATAMI Assistant Professor of Practice, ISAO

JILLIAN MISBACH Recruiting Manager, Graduate Programs

JIAO WANG Instructor, ISAO

TONY OKAFOR Assistant Professor of Practice, Finance

ANNE MARIE ZWERG-VILLEGAS Associate Professor of Practice, Management and Entrepreneurship

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THE CoB CARDINAL

In Spring 2022, mentors from Yum! Brands worked with Cardinal Bridge Academy (CBA) students from the Academy at Shawnee to teach them about various professional topics, including effective communication, teamwork, emotional intelligence, innovation, and networking.

Yum’s involvement stems from the company’s Unlocking Opportunity Initiative, a $100 million commitment made in 2020, which aims to tackle inequality through equity and inclusion, education, and entrepreneurship in the communities in which it serves. Regular sessions helped develop deep and meaningful connections between mentors and mentees by providing a range of hands-on activities and oneon-one meetings.

“Some speakers come, speak, and we never hear from them again. I liked that these mentors came back multiple times and how they took the time to get to know us and provide ways to stay in contact with them,” Shawnee student Mercella Carter said. “The mentors could’ve gone anywhere, but they came to Shawnee. I really appreciated that.”

When asked what he learned from the mentoring sessions, junior Corey Garner said, “I learned that employers are looking for hardworking and dedicated people to help their businesses. Having this type of information is going to help me find success with my future employers.”

Kelly Schmidt, Director of Digital Recruiting and HR Operations at Yum! Brands served as a mentor and echoed similar sentiments

BRIDGE ACADEMY

regarding enjoying the reoccurring opportunities for connections. “I liked that it was an ongoing experience where I really got to know the students…I feel like I got to build relationships and understand who each of the students were as individuals. I also enjoyed being able to teach them skills that they can take away and use in a future career.” While the students gained much from the sessions, the mentors also learned valuable lessons. “I gained so much joy by working with the students,” said Kelly. “My time spent with them was a great way to break up my day and to do something good. I highly recommend becoming a mentor. You’ll get to meet some great kids, and even if you only have an impact on one student, it could leave a long-term and life-changing impact on that student. It is very rewarding.”

Kat Abner, Social Purpose Program Manager at Yum! Brands, also worked as a mentor. She was impressed with the students from Shawnee. “Being a mentor is a gift. You will gain so much from the students—perspective on what life is like for a different generation and a deeper understanding of your own strengths and weaknesses. Also, most importantly, you are giving back by encouraging young people along their personal and professional journeys.”

The CBA will be expanding its mentoring program throughout JCPS schools during the 2022-23 school year. We are looking for talented and service-oriented people to serve as mentors. If you are ready to make a difference in a student’s life by serving as a mentor, tutor, or sponsor, please contact us at cbabiz@louisville.edu.

SETTING THE BAR

“Online MBA (OMBA) has a near and dear place in my heart,” says Dr. Zachary Goldman, who serves as the director of Online Teaching and Learning for the College of Business. “It was the first committee, the first group of individuals I joined when I entered the College of Business.”

Being a part of the College’s online learning evolution (and the formative stages of the online MBA) has allowed Dr. Goldman to help build a program. In only its third year, the OMBA was ranked #42 by U.S. News & World Report’s list of the best online Master’s programs.

The OMBA was also ranked #29 in the nation for Veterans, and the Online Bachelors in Business Administration (BSBA) was ranked #26.

According to Dr. Goldman, if there is one word to describe the development of online programs at the College of Business, it would be intentional. “We try to make decisions very strategically, gathering and using important data to inform every decision we make,” says Dr. Goldman. “From the big decisions such as what programs to build online, to the day-today decisions like when we host online office hours, we want to be intentional about what our students need.”

Dr. Zac Goldman, Director of the Online MBA

INTENTIONAL GROWTH

It’s hard to overlook the rapid growth and evolution of the Online MBA over the last three years. This development results from the times we live in—a thought extending far beyond the pandemic and tapping into the potential that technology offers education. “We realized support-wise we needed more [in order] to deliver all that these students were looking for—resources, opportunities, connections, and just day-to-day support,” explains Dr. Goldman.

To best serve the OMBA and this rapidly growing segment, the College of Business created the Online Programs Office, headed by Dr. Goldman. “I think it’s one of the greatest things to ever happen to the College of Business. The OPO is an investment in the future and an investment in the short term for what we were able to.”

The OPO is just the tip of the iceberg; as Dr. Goldman stresses, “I genuinely believe that our faculty, our staff, and our students are prepared to adjust and adapt as needed if new technologies come along and there’s a clear and direct way in which they can enhance the learning experience. We’re very fortunate that we have faculty and staff willing to embrace that level of change.”

THE POWER OF COHORTS

While it has taken the collaboration of dedicated instructors, section leaders, and the OPO team to build a successful program, Dr. Goldman knows that the OMBA would not be where it is today without the students, especially the initial cohort. “I’ve said on many occasions that we owe a great deal of our current success to the fall 2019 cohort. Those 46 students are doing great things with their MBAs now, but before earning those MBAs, they helped us build the program. That’s a group of people who are, in many ways, the unsung heroes of the Online MBA.”

The feedback and time spent discussing their OMBA experience have been instrumental in developing the program’s infrastructure. This commitment to the program’s overall success speaks to the character of this cohort. “We’re preparing to welcome the fall ’22 cohort here in a few months,” says Dr. Goldman with a broadening grin. “I’m going tell them the same thing I told the fall ’21 cohort. There’s a high bar set for being an online MBA student at the University of Louisville. Now it’s up to them to reach that bar and eclipse it and continue to elevate the expectations of what online learning looks like [at the College].”

ABOVE AND BEYOND

The drive to build better for our students is reflected in the work of Dr. Goldman—a fact not lost on his peers. The College recently awarded the Faculty Service Award to Dr. Goldman. “Yeah, that was quite the surprise, but I was honored to be recognized by my colleagues,” says Goldman. He is quick to share the kudos he received in the same turn. “I think some of my online MBA faculty might have recommended me for that because we’re working on many different projects right now. And some of it, I think, goes beyond probably the traditional job description, but I’m grateful to work with an amazing group of collaborators and people who genuinely care about our students.”

In the end, redefining what the traditional experience looks like speaks to the very heart of online programs and, in turn, the College of Business. For Dr. Goldman, the journey is just beginning. “We’re making a difference here, and we’re continuing to invest in offering and delivering high-quality learning experiences online for all of our students. It’s attracting an audience that I think has been hungry for their education and opportunities to earn their education for a really, really long time. And I’m happy to see that we’re starting to provide those opportunities for these students who want to be Louisville Cardinals.”

THERE’S A HIGH BAR SET FOR BEING AN ONLINE MBA STUDENT AT THE UNIVERSITY OF LOUISVILLE.

—Zac Goldman, PhD

SARAH KELLEY

AWARD-WINNING SUPPORT

When Sarah Kelley told her parents she was leaving the world of boat sales to pursue a career in the family business, the response was supportive. “Higher education particularly has always been ingrained in my blood. My mom worked for UofL on the business side as staff. My dad is the chair of the computer science department at Bellarmine,” says Sarah. “He sees value in higher ed because that’s what he has also dedicated his life to doing. I think he is secretly proud that I’m keeping the family business going.”

THE FAMILY BUSINESS

Working in higher education themselves, Sarah’s parents knew the challenges she would face following in their footsteps. Still, as someone who grew up on college campuses, Sarah Kelley’s road to academia always felt inevitable. That journey brought Sarah to the College of Business. In a handful of months, her work earned her the respect of her peers and the 2021-22 Staff Excellence Award.

As a Student Services Program Coordinator, Sarah joined the Graduate Programs office in 2021. From event planning to fielding student questions and requests, Sarah wears many different hats. At the core, Sarah believes her responsibilities come down to one thing, “making sure that our student experience outside of the classroom and the academic side of the program is as excellent and wonderful and inspiring as it possibly could be.”

Student engagement is where Sarah believes she truly excels. “Whether [it’s] when they first come in at orientation, and they’re all abuzz… or graduation, where they’re all excited, and

you’re excited and proud of them—you’ve watched them move through their program…I love interacting with them.” Making that point of connection is essential for a student’s success. In many instances, Sarah’s ability to build a bond of trust speaks to her easygoing nature, and her willingness to step in and lend a hand has made her a go-to person in a short time.

IMPACT OF MENTORING

Sarah credits her successes at the College to various mentors, from friends and family to those at the office. “I cannot say enough good things about Kim Mallory and Kelly Watson. Each has talked with me about the importance of being a woman in higher education. They have supported professional development endeavors, letting me shadow and just learn as much as possible and giving me some freedom to make decisions— even if they don’t work out. I feel like I’ve learned a lot just being allowed to have a little space to breathe, and if something fails, there’s no ‘I told you so.’ It has been integral to my success.” This development as a professional includes pursuing a Master of Arts in Higher Education Administration and a Project Management Certificate. “I sometimes truly feel like there are not enough hours in the day,” she laughs.

Ultimately, Sarah says her successes, including the Staff Excellence Award, are a product of those who work behind the scenes at the College. Her earnest nature underscores her pride in being a team player. “I just want to acknowledge that the work I do wouldn’t be possible without the rest of the team—the Graduate Programs Office, even the Ulmer team, Marketing, Family Business, we all work so much…I appreciate the recognition, but I want to make sure everybody else gets their recognition too because we’re a really, really good team.”

I JUST WANT TO ACKNOWLEDGE THAT THE WORK I DO WOULDN’T BE POSSIBLE WITHOUT THE REST OF THE TEAM…

—Sarah Kelley

Sarah Kelley, Student Services Program Coordinator

RESEARCH HIGHLIGHT

THE CONSEQUENCES OF ECONOMIC FREEDOM

Daniel Bennett, PhD, studies the consequences of economic freedom, or the degree to which a nation or subnational region’s institutions and policies support free enterprise. To achieve a high economic freedom score, the institutional environment must provide secure protection of private property, evenhanded enforcement of contracts, and a stable monetary regime. It should also exhibit low levels of distortionary taxation and regulation and rely primarily on markets rather than the political process to allocate goods and resources.

Countries such as New Zealand, Switzerland, the U.S., and Denmark rate very high in terms of economic freedom. Meanwhile, countries such as Iran, Zimbabwe, Sudan, and Venezuela rate very low.

Bennett’s research interests were motivated by the popular narrative that the capitalist economic system is responsible for rising, unsustainable levels of inequality. Seeking to better understand the validity of this narrative, he identified two major issues.

First, according to his Empirical Economics study1, the theoretical relationship between economic freedom and inequality is ambiguous, and previous crosscountry studies have reached mixed conclusions. Particularly, the study highlights the sensitivity of previous findings to the sample of countries and period used, suggesting that the statistical relationship between the two variables is indeterminate. One reason for inconclusive findings may be that researchers tend to look at changes over time, but institutions tend to change slowly over time and inequality can be structural, meaning that it persists over long periods of time because of non-market mechanisms such as, colonization, slavery, and land distributions by the state that

create a distribution of income in favor of the politically favored elite.

In a Journal of Institutional Economics study2, Bennett finds that nations that historically developed stronger property rights institutions because of geographic conditions more favorable for small-scale farming (relative to large-scale plantation farming) today exhibit less structural inequality. For example, historical geographic conditions favored the emergence of weak property rights institutions in countries such as South Africa and Honduras, which today have very high levels of structural inequality. Meanwhile, the conditions were much more favorable for the emergence of strong property rights in countries such as Germany and Denmark, which today exhibit low levels of structural inequality.

In the context of the U.S., Bennett provides evidence in a Journal of Regional Analysis & Policy study 3 that increases in freedom may lead to higher inequality in states with low levels of freedom (e.g., New York, California, West Virginia), but this effect diminishes at moderate levels of freedom, becoming negative at high levels (e.g., New Hampshire, Texas, Florida).

A second issue with the capitalism-inequality narrative is that the proposed solutions typically involve greater government intervention in the economy, which reduces economic freedom and may, in turn, restrict some of its benefits. For example, Bennett finds in a World Development study 4 of former European colonies that countries in which the historical settlement conditions were

1. Daniel L. Bennett and Boris Nikolaev (2017). “On the ambiguous economic freedom–inequality relationship.” Empirical Economics

2. Daniel L. Bennett and B. Nikolaev (2016). “Factor Endowments, the Rule of Law, and Structural Inequality.” Journal of Institutional Economics

3. Daniel L. Bennett and R.K. Vedder (2013). “A Dynamic Analysis of Economic Freedom and Income Inequality in the 50 U.S. States: Empirical Evidence of a Parabolic Relationship.” Journal of Regional Analysis & Policy

4. Daniel L. Bennett H.J. Faria, J.D. Gwartney, and D.R. Morales (2017). “Economic Institutions and Comparative Economic Development: A Post-Colonial Perspective.” World Development

5. Daniel L. Bennett and B. Nikolaev (2017). “Economic Freedom & Happiness Inequality: Friends or Foes?” Contemporary Economic Policy

more favorable for the emergence of economic freedom (e.g., U.S., Hong Kong, Canada) are today much more prosperous economically than countries with poor settlement conditions (e.g., Pakistan, Cameroon, Uganda). He also finds, in a Contemporary Economic Policy study5, that there is less happiness inequality (as measured by the standard deviation of individual life satisfaction) in countries with greater economic freedom, and that individuals living in more economically free nations perceive greater control over their lives, according to the finding of an European Journal of Political Economy study6

Bennett’s recent research focuses on how economic freedom influences entrepreneurship and innovation. A Small Business Economics study7 demonstrates that more economically free U.S. cities exhibit higher rates of new business creation (e.g., Miami, Austin, Tampa, Dallas, Houston) than less economically free cities (e.g., Buffalo, Sacramento, Cleveland, Louisville). He also finds that the most innovative countries in the world tend to have high levels of both economic freedom and cultural individualism (e.g., U.S., Australia); however, the combination of high levels of freedom and low levels of individualism (e.g., Hong Kong, Singapore) is better for innovation than vice versa (e.g., Argentina, South Africa).8 In a recent Journal of International Business Studies article 9 , Bennett examines how populism, particularly the left-wing variety, deters individuals from pursuing entrepreneurship by creating uncertainty about the future stability of the free enterprise system

6. Daniel L. Bennett and B. Nikolaev (2016). “Give Me Liberty and Give Me Control: Economic Freedom, Control Perceptions and the Paradox of Choice.” European Journal of Political Economy

7. Daniel L. Bennett. (2019). “Local Economic Freedom and Creative Destruction in America.” Small Business Economics

8. Daniel L. Bennett and B. Nikolaev (In Press). “Individualism, Pro-Market Institutions, and National Innovation.” Small Business Economics.

9. Daniel L. Bennett, Christopher Boudreaux and B. Nikolaev (2022). “Populist discourse and entrepreneurship: The role of political ideology and institutions.” Journal of International Business Studies.

RESEARCH ROUNDUP

As an R1 institution, creating new knowledge is at the core of what we do. The College of Business celebrates our faculty’s research contributions to their respective fields in this quarterly summary of publications and reports. For more information visit: business.louisville.edu/research-and-publications

ACCOUNTANCY

Ben Foster, Andrew Manikas & J. R. Kroes. (2022) “Which diversity measures best capture public company value?” Corporate Social Responsibility and Environmental Management

Benjamin Foster, Lisa Blum, & Andrew Manikas. “For public manufacturing companies: Did application of the paycheck protection program match public perception?” Internal Auditing

ECONOMICS

Jose Fernandez, & Jayawardhana, J. “The effect of pill mill legislation on suicides.” Health Services Research. Advanced online publication.

Per Fredriksson, & Gupta, S. “Land productivity and colonization.” Economic Modeling

Thomas Lambert. “Byzantine empire economic growth: Did past climate change play a role?” Human Ecology. Advance online publication.

Thomas Lambert. “An evaluation of Churchill Downs’ tax increment financing district.” Journal of Urban Regeneration Renewal. Advance online publication.

Weihua Zhao, & Larson, L., Yezer, A. “Urban planning policies and the cost of living in large cities.” Regional Science & Urban Economics. Advance online publication.

INFORMATION SYSTEMS, ANALYTICS, & OPERATIONS

Sandeep Goyal, Venkatesh, V., & Shi, X. “Role of users’ status quo on continuance intentions.” Information & Management. Advance online publication.

Sandeep Goyal, & Venkatesh, V. “ Impact of an Enterprise System Implementation on Job Outcomes: Challenging the Linearity Assumption.” LEAD ARTICLE. Journal of Management Information Systems

Andrew Manikas, Zhang, Y., DeCarlo, T., & Bhattacharya, A. “To exploit or explore? The impact of crowdfunding project descriptions and backers’ power states on funding decisions.” Journal of the Academy of Marketing Science. Advance online publication.

MANAGEMENT & ENTREPRENEURSHIP

Daniel Bennett, Bourdreaux, C., & Nikolaev, N. “Populist discourse and entrepreneurship: The role of political ideology and institutions.” Journal of International Business Studies

Zachary Goldman, & Johnson, Z. “Student integration: an initial examination of student reports of markers of academic and social integration.” Qualitative Research Reports in Communication. Advance online publication.

DEPARTMENT NOTES

ACCOUNTANCY

Dereck Barr-Pulliam was recently named to the Editorial Advisory and Review Board for Current Issues in Auditing (CIIA) for a threeyear term that began July 1. CIIA is devoted to advancing the dialogue between academics and practitioners on current issues facing the auditing practice community.

ECONOMICS

Yong Chao was featured in Money Geek, “Expert Insight” Tips from the Pros, finding the right No Annual Fee Card.

Jose Fernandez was interviewed about his research on the New Bazaar Podcast, “When the economics is personal.” He speaks with Cardiff Garcia about his findings on topics like autism, suicide, and health. They also discuss how he has navigated a career in which he has chosen topics that are so personal to him.

INFORMATION SYSTEMS, ANALYTICS, & OPERATIONS

Manju Ahuja gave a keynote presentation at the pre-AOM symposium on Artificial Intelligence and Terence Holmes (Marketing ’82), marketing professor at Murray State University, published his first book last summer: Edward C. Brewer and Terence L. Holmes, Better Customer Service: Simple Rules You Can Apply Today, Routledge 2021.

Digital Transformation, Academy of Management Meeting on “Creating Social Value with Artificial Intelligence Using the United Nations’ SDG Framework.”

Manju Ahuja was a distinguished seminar speaker at Warwick University, United Kingdom on May 11.

MANAGEMENT & ENTREPRENEURSHIP

Daniel Bennett has joined the Editorial Team at Small Business Economics (HQA).

Isabel Botero received the Best Paper Contribution to Practice at the IFERA (International Family Enterprise Research Academy) Annual Conference. June 22 to 24, 2022. Santander, Spain.

Jim Fiet published a book, The Entrepreneurial Solution to Poverty and the Science of What Is Possible. He also published a book chapter, “A Better Way Forward for Doctoral Education in Entrepreneurship” in Annals of Entrepreneurship Education and Pedagogy.

NOTES

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EDUCATION

IN MEMORY OF DR. DANIEL HOLT

Dr. Daniel Holt, Lt Colonel (R) USAF, passed away June 14, 2022 at the age of 55. Called Danny by those that knew him or Uncle Dan by his nephews, he was never caught up in the formality of his professional accomplishments or military career. He approached all people that he met as equals and made everyone feel like they were his best friend.

Note however, fans of the “bad guys” of his UofL Cardinals or Auburn Tigers were put in a special “not friends” category. His passion for life and just having a good time no matter the circumstances epitomize his legacy.

A graduate of North Hardin High School, Danny earned an electrical engineering degree from the University of Louisville. He served 21 years in the Air Force, retiring in 2010 as a Lieutenant Colonel. He was awarded a Bronze Star for his service in the Middle East and would proudly tell you that he never fired his gun once. After earning his PhD of Management from Auburn University he continued his teaching at the Air Force Institute of Technology (AFIT) at Wright Patterson Air Force Base in Dayton, OH. Upon his retirement from the Air Force, he began his civilian career at Mississippi State University as Assistant Professor of Management, then to Louisiana State University as Associate Professor of Entrepreneurship before coming full circle and instructing at his Alma Mater, the University of Louisville, as Associate Professor of Entrepreneurship. His work in the field of family business, entrepreneurship, and organizational change allowed him to publish over 100 journal articles, book chapters, and presentations and have over 7,100 citations.

Few know that Danny was also a bulldozer operator, cartographer, licensed panhandler, bartender and pencil twirler. He loved competition in any and all games. Many of the games he played were made up on the spot and discussion around the rules and gamesmanship often lasted longer than the game itself. The man was a fierce competitor.

Danny was preceded in death by his parents, Carole and Jimmie Holt. He is survived by his wife, Kelly, sisters Margaret (Mac) Duncan, Alexia (Bryan) Sheroan and Kim (Brian) Bennett and eight nephews, Austin Duncan, Evan (Jocelyn) Duncan, Bates Bennett, Hayden Sheroan, Brody Bennett, Bennett Sheroan, Briggs Bennett, and Jacob Ryan (always in his pajamas) Sheroan.

Danny was a master of the one-liners. Most fittingly, his “my life doesn’t suck” brings peace to us all knowing that he lived this one to the fullest.

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