Currency Magazine Spring 2024

FROM THE DEAN

Thank you for reading Currency. In this edition, I want to reflect on the vibrant connections that bridge our academic pursuits with the thriving business ecosystem surrounding us. The heart of the College of Business is not just in the rigor of academic excellence but also in how we extend this knowledge beyond the classroom, fostering impactful collaborations with our local businesses. This teamwork not only enriches our community but also equips our students with invaluable, hands-on business experience. In the spirit of celebration and aspiration, I am delighted to share some of our College’s outstanding accomplishments.

It’s a well-known fact that family businesses are the backbone of the American economy, contributing significantly to the nation’s GDP, employment, and job creation. Hence, it is with immense pride that I announce our recent recognition in the top 40 for family business research by Texas State University Family Business Research Productivity Ranking. Moreover, we celebrate the individual rankings of our esteemed faculty members, with Isabel Botero standing at #8 and remembering the valuable contributions of the late Daniel Holt at #35. These accolades are a testament to the impactful research and dedication of our faculty.

I also want to celebrate the latest exciting news – U.S. News & World Report has recognized our online business programs. We’ve been ranked #17 for best online bachelor’s in business, #26 for best online MBA programs for veterans, and #42 for best online MBA programs. We’re honored to receive this recognition for our dedication to providing high-quality education to our students. As you read the pages of this issue, we invite you to join us in the ongoing narrative of transforming lives at our College. It is heartening to witness the remarkable endeavors of our students, alums, faculty, and staff. Your engagement, whether through a philanthropic contribution to a scholarship fund, offering an internship, or envisioning a novel way to support our mission, fuels the virtuous cycle of empowerment we are fostering. Your investment helps our students take charge of their futures.

Sharing our collective stories is a vital part of who we are, and it is a privilege to connect with you through these stories. We hope that as you read, you see the reflection of your commitment through our community’s successes and feel inspired to renew your connection with us. Together, let’s continue to build a legacy of opportunity and innovation.

Jeff Guan, PhD Interim Dean College of Business

PROFESSIONAL MBA STUDENTS

REAL PROJECTS. REAL PROGRESS.

by Erica Hulse

“We wouldn’t have been able to do it without the students’ help…[and it] reinforced my belief as to how well the College of Business is educating these students, and how bright the future is,” shared Mike Norman, CEO for the Kentucky Science Center.

Norman is just one of many business founders and leaders who have successfully partnered with teams of students in the PMBA program. They consult on projects for business startups, largescale companies, and non-profit organizations as part of their final capstone project for their PMBA program.

CREATIVE CONSULTING

IT’S A LESSON ABOUT HOW BUSINESSES WORK, [AND] WHERE THE CHALLENGES ARE.

—Linda Ruffenack

An entrepreneur in her own right, having founded and launched two companies, Whiskey Chicks and Execuity, the College’s Executive in Residence, Linda Ruffenach, currently oversees the capstone project, MBA 670. “The goal of the capstone is to get students to use the skills they’ve been taught during their MBA program and put them to use in a real-life scenario. It’s one of my favorite classes to teach,” she shared. “There are a variety [of students] doing research – some are doing marketing plans…a lot of times they’re doing some social media strategies for these companies. It’s a lesson about how businesses work, [and] where the challenges are.”

Joan Hale, founder of Necessary Comforts, also worked with a PMBA team and noted that the partnership with her group gave them a chance to see some of those unique business challenges first-hand. “This partnership provided these students a peek into the reality of a small-scale, lean startup.”

After learning about this consulting opportunity, Norman was paired with and met PMBA team members Lukas Boston, Sam Brekke, Rosie Devine, Sonja Faul, and Sean Kennedy, who developed and presented market research about potential growth opportunities for the organization – and the information they shared provided valuable insights. “We are just overwhelmed, and we don’t have enough staff. We have a couple of folks with great analytics [skills], but they just don’t have the capacity to take on a special project like this. So, we wouldn’t have been able to do it without the students’ help,” noted Norman. Additionally, Hale shared that the feedback she received from her team helped her consider ways to reach consumers better locally and further develop and grow her brand. “We got a lot of great advice from the students we worked with on things like opening a physical location, marketing ideas, and more.”

From an academic perspective, Ruffenach sees the unique opportunity for MBA students to offer consultation to executive leadership as a way for those businesses to learn about cutting-edge, innovative strategies that will better help them to think outside the box when problem-solving. “The team…did phenomenal research and went directions I never even thought of,” said Ruffenach. “They looked regionally, they looked nationally, they looked at different statistics. They looked at things related to tourism [and] the bourbon industry. Their perspective was on a broader appeal and looked at how they could help the

Kentucky Science Center CEO Mike Norman with PMBA students Rosie Devine, Sonja Faul, Sean Kennedy, Sam Brekke, and Lukas Boston

Kentucky Science Center achieve the goals they’re trying to achieve.”

PROMISING PARTNERSHIPS

The bonds built between PMBA students and participating businesses can open doors for future College collaboration with companies and organizations. Whether they are potential internship experiences or continued consultation experiences with current and additional companies for future PMBA cohorts, Ruffenach reflected on the difference positive word-of-mouth can make, increasing interest in PMBA consultation opportunities across the Louisville business community. “It creates that connection between the University and what could be an established or a new and upcoming business. When you create those kinds of connections, they’re going to have an impact on their business. They’re going to remember that moment for these individuals or these business owners or leaders [and think], ‘Wow, that was a great experience.’”

Hale echoes her PMBA team’s positive impact on herself and her company and believes that other area businesses should take advantage of this unique opportunity available to area businesses. “These students are the future of the business world, and they have access to the latest business trends as well as insights into things that more established businesses may not understand the importance of.”

From a non-profit perspective, Norman explained how word-of-mouth could impact area support-related organizations that could benefit from participating in this collaborative consultation experience. “The one thing I would do in my non-profit leadership circles is talk this up because I don’t want them to be overlooked because what we do is essential. There are social service agencies that are feeding people, they are keeping people in homes, but they need the business acumen to help them.”

PMBA STUDENT SHARES HER CAPSTONE EXPERIENCE

by Sonja Faul

After a full year of MBA classes, students start their capstone – teams are assigned a company to work on a specific project. Coming into my capstone, I was ecstatic to get a local Louisville favorite to test my newfound business chops. My team comprised Lukas Boston, Sam Brekke, Rosie Devine, Sean Kennedy, and myself. With a group chat titled 4vengers, we were off to meet our client on-site, got behind-the-scenes tours, talked business strategy, and developed a plan for researching and presenting a market analysis. One of the best parts about early capstone was the flurry of ideas. The energy and creativity of my peers and our client were electrifying. Our client’s passion was contagious,

SONJA FAUL

PROFESSIONAL MBA CAPSTONE REFLECTION

and I was honored to assist such an enthusiastic bunch.

I won’t get into the dirty details, but I will say communication was key during this twomonth process. There were so many moving parts. For the first few weeks, I found myself anxiety-ridden over all the details. For example, everyone on my team is pursuing an MBA while working full-time. Attending every single planned meeting was a struggle for all of us. We cultivated a culture of flexibility, grace, and respect. This allowed us the freedom to be real and honest humans, something sitting in a classroom won’t teach you. So, when I couldn’t attend a vital update meeting because I was on a plane on the other side of the country, my team eased my mind by insisting that they had it covered. I knew I could trust them. We bounced ideas off one another, elevating simple ideas into extraordinary insights. It took a lot

of time (and snacks) to bring together the necessary information, but through crafting a story and hours of prep, we delivered one heck of a presentation to be proud of.

The result was a shoutout from our client to the dean and an A for the capstone. As a student, an A is always a win, but this course brought me irreplaceable experience, working in the real world and with peers. The insight our client had on his industry was astounding. Who knew a CEO could be brilliant, approachable, and so much fun? Our presentation included a 4-story theater, with our slides larger than life. Truly a once-in-a-lifetime experience! At my day job as a graphic designer, this capstone was a massive leap out of the box I usually work in, yet I learned a lot that applies to my work. Most impactful of all is the confidence boost. I’ve proven to myself I can do it.

EILEEN DAVIS

CRAFTING A CAREER STORY

by Erica Hulse

“Eileen not only cared about my academic success but also cared greatly for my well-being outside of school…[she] helped me expand on some business plans of my own and…put me in contact with other colleagues to help give me more specific guidance in that industry,” shared Innovation MBA graduate Keyera Jones, when reflecting on the impact former Ulmer Career Management Center Director Eileen Davis made on her graduate experience.

With a passion for people and the unique stories they share, Davis made it her professional mission to aid those College of Business students and alums she advised to look at themselves, the work they were doing, and their professional dreams and goals through a new lens. “I want people to empower themselves by understanding themselves

better,” she explained. “They don’t see how good they are, and my job is to find whatever they can contribute that’s different from what other people contribute.”

Having decided to retire from the College in January 2024, Davis leaves behind a 20-year legacy she built from the ground up with the launch of the College’s dedicated career center, named after a generous donation by Helen and Dan Ulmer. Today, the Center provides lifetime career coaching to all degree-earning graduates of the College, resume services, mentorship, and interview preparation, and it hosts career fairs geared toward business students and graduates. Senior Executive Director Vernon Foster spoke of the importance of the positive changes that Davis made not only in the development of the Center but also in the individuals she assisted along the way. “For the people around her and those who

sought her counsel…she was highly impactful in their lives. Empathetic and caring, she gave a little piece of herself to each person she worked with. We will always cherish her influence on the UCMC.”

As she steps into the next phase of her life, Davis spoke to the strength of the Center’s staff, who she noted are well-prepared to navigate the landscape of career coaching as it grows and evolves, continually and successfully serving students and alums of the College. “I feel very comfortable that the Ulmer Career Management Center will evolve and continue to produce the results we’ve been producing because I know I can leave it to Paige Erhart, Greg Priester, Chester Delph, and Colin Gatenbee. I mean, these people are all very good at what they do, and it’s nice to know that I can retire because there’s a great team here.”

FROM COUNSELOR TO COUNSELING

Davis’ fascination with learning the stories of people, cultures, and events began early in her life, eventually leading her to earn her bachelor’s degree in history. Upon graduating and recognizing the need for a versatile advanced degree, Davis decided to pursue her Juris Doctor. While she opted to work outside law upon graduation, she noted, “I think I learned to think differently – to unpack problems differently. It was a whole different way of looking at issues and problems.”

Through this newfound perspective, Davis used her knowledge to move into the field of human resources, taking on both specialist and more general HR roles before coming to the University of Louisville. She explained, “I was running a career center for LG&E employees…and Frank McKinney… he’d heard that I was running this career center, and it was going well, so he called me up and said, ‘Would you like to help us out?’ I came in as a consultant, and I ran a few workshops. The Ulmer Center was going to open in 2006. So, they created a full-time role, and I interviewed for it, [and it] worked out well.”

THE POWER OF PEOPLE

Reflecting on her most impactful experiences within the College, Davis noted the impact faculty bring to the practical educational experiences of

students. “I think…[our] faculty understand the connection between education and work more than you might see at some other colleges…and [understand] there are outcomes that are beyond just having knowledge.” Going on to share more about the professional and personal relationships she has built with staff members, she highlighted the commitment to education shown by staff on both an individual and collective level. “That’s inspired me – to [be able to] work with so many very smart people with really good ideas. Many people are focused on the outcome here – helping students with whatever they need so they can have productive [and] successful lives and careers in however they define success. It’s [been] pretty cool to work in a place that cares about human development as a goal and an outcome.”

WEAVING A FUTURE PATH

Davis also elaborated on the future of career consulting with advisees as artificial intelligence (AI) software continues to be used to create and enhance resumes. “It’s going to give us a lot of great tools that we can use to train students in using the best of AI and avoid the pitfalls and the things that are not serving them well.” Looking ahead to the rapid growth of online learning, Davis also explained that aiding the online student and alum population will most likely continue to be an area of focus and development. “I’m sure there are going to be more ways to engage with online students because we’re going to continue to grow the online population. We always have new things coming up.”

Passionate about continuing to learn the stories of others and her self-development, Davis noted that while she may be retiring from the College, she is not yet ready to leave work behind. “I plan to keep working for a while. I’m going to continue career coaching because it’s a mission for me to do that,” she shared. Elaborating on one of her favorite hobbies, she noted, “I’m a knitter. So, I’m going to continue doing that…because I think making things with your hands is a very important activity for people, and they don’t always realize it. I think you use different brain connections, but I like it because you get to talk to people and interact.”

Fadel

by Erica Hulse

“At first, I felt a little undeserving, but I was very grateful and honored to be recognized,” shared undergraduate student Sam Fadel when reflecting on being named as the Fall 2023 College of Business Outstanding Graduate and Outstanding Graduate in Economics and Finance, along with his recognition as Banner Bearer for the College as part of the University of Louisville’s upcoming commencement ceremonies.

“I was proud of myself…oftentimes I think we get so caught up in what we’re doing [and] what we’re striving for we don’t take time to appreciate what we’ve accomplished and the things we’ve done,” he reflected.

PHILANTHROPIC PATH

Earning dual bachelor’s degrees in business economics and finance while maintaining leadership roles in Beta Alpha Psi and the Student Organization Advisory Board and as a student tutor, Fadel has more than earned these prestigious recognitions. However, while he finds fulfillment in the quantitative nature of

economics and finance, Fadel has and continues to be dedicated to giving back to others and the community. His dedication to philanthropy began as a member of his middle school Beta Club, where Fadel liked to volunteer his time when he could. He shared that “it was a nice and fulfilling thing to do…on the weekends, we would help out with Habitat for Humanity.”

CAMPUS CONNECTION

Drawn to the opportunity to attend in-person classes on the UofL campus, Fadel transferred from another university that provided only onlinebased business courses. Intending to complete coursework part-time, once he enrolled in classes, he realized this was where he wanted to earn his degree. “I knew that [UofL] would be more conducive to my learning style and just help me succeed better academically… after going part-time, I realized this is where I want to be. I liked my classes. I liked my professors. I liked my classmates. I liked just the general environment. So, I chose to stay here on a full-time basis.”

VOLUNTEER VENTURES

Noting the impact business faculty made on him during his time in the College, Fadel shared

Sam

INVESTING ADVOCACY

the organization during his tenure as president, resulting in rapid growth of the organization’s membership and visibility across the College.

“[Dr. Blum] helped me a lot with building membership because, after the pandemic, our membership [had] dwindled,” he shared.

Relaying his experience in Beta Alpha Psi as one of his most important collegiate experiences, Fadel noted, “That was meaningful because it… sparked my interest in becoming more involved in other activities…[and] realizing that I enjoy being part of an organization that does so many things and helps other students that don’t necessarily directly benefit me.”

Fadel also shared how the opportunity to take on a different type of leadership role as a tutor for undergraduate finance courses profoundly impacted him as both a learner and leader. “Tutoring is not anything I’ve done before,” said Fadel. “I think [for] a lot of people, if you ever assume that kind of role, you underestimate the knowledge required to teach something to

something and to have that ‘aha’ moment.”

DEFENDING DREAMS

With a future geared toward bridging the worlds of finance and advocacy, Fadel plans to continue his educational journey as a law school student next fall to become a legal negotiator. He attributes this interest to one of his courses, which created “mock case negotiations where you have a prosecutor…a defense, [and]… emulates a real-life legal negotiation. My experience there exposed me to advocacy. I realized…I like[d] this aspect of advocating for [and] helping someone. I found it very fulfilling, like with tutoring.” With this insight, Fadel shifted his career goals toward this new and unfamiliar path. “I pivoted from the advocacy of finance to the financial side of advocacy. I still wanted to pursue finance because I like numbers, and that was something [I] was good at, but I wanted a more involved role in terms of advocating for clients in a legal setting.”

WELCOME NEW 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.

NICOLE KAFORSKI Recruiting Manager Graduate Programs

LEXUS GARDNER Program Director Cardinal Bridge Academy

NATALIE LOWEN Admissions Counselor Senior Graduate Programs

TROY PRICE Program Manager, YUM! Center for Global Franchise Excellence

SARA KAPP Senior Academic Counselor

PATRICK NESSENTHALER Finance Instructor

SWINGING FOR SUCCESS

JOIN THE UofL GRADUATE BUSINESS ALUMNI COUNCIL GOLF SCRAMBLE

MONDAY, APRIL 22, 2024 | 11:00am REGISTRATION | 12:00pm SHOTGUN START

The UofL Graduate Business Alumni Council is thrilled to announce its annual signature event, the Graduate Business Alumni Council Golf Scramble, a tradition that combines sportsmanship, networking, and philanthropy. This year, we invite all UofL alumni, faculty, staff, students, and friends to join us at the prestigious University of Louisville Golf Club for an exciting day of golf played in a four-person scramble format.

A DAY ON THE GREENS SUPPORTING A BRIGHTER FUTURE

As you navigate through the carefully manicured fairways and greens, you’re not just playing for the thrill of victory or the perfect shot. A portion of your entry fee goes directly to the T. Vernon Foster UofL MBA Alumni Endowment Fund, supporting the next generation of business leaders.

Format: Four-person scramble, welcoming players of all skill levels.

Fees: $125 for individuals ($25 as a gift) and $475 for teams of four ($75 as a gift).

Purpose: Proceeds benefit the T. Vernon Foster UofL MBA Alumni Endowment Fund.

With individual entries at $125, of which $25 is considered a charitable gift, and team entries for $475, with $75 as a gift, your participation is a swing toward making a significant impact.

NOT JUST A GAME—A CELEBRATION OF EXCELLENCE

Following the competition, the Graduate Business Alumni Council will host an awards ceremony. This gathering is more than just a chance to recognize the top finishers and contest winners; it’s an opportunity to celebrate the spirit of the UofL community. The ceremony will honor our generous sponsors, whose support is pivotal to the event’s success and the fund’s growth.

CALLING ALL SPONSORS

This event is an excellent opportunity for businesses and individuals alike to showcase their support for education and community development. By clicking “Registration” and selecting “I am a sponsor,” you can explore the various levels of sponsorship, each offering unique benefits and recognition opportunities. Your partnership will not only elevate the event but also reinforce your commitment to fostering educational excellence and alumni engagement.

PARTICIPATE, SPONSOR, SUPPORT

Whether you’re aiming for the leaderboard or simply looking to enjoy a day of golf with friends and colleagues, your participation is what makes this event special. The Golf Scramble offers a unique blend of competitive sport and casual networking, all in the service of a worthy cause. Don’t miss this chance to be a part of a cherished UofL tradition.

Register as a player or sponsor and mark your calendar for an unforgettable day of golf, camaraderie, and community support.

College of Business Alumni Council uoflcobalumnicouncil@gmail.com

Graduate Business Alumni Council uoflgbac@gmail.com

SARAH BHATIA

BALANCING ACT

by Erica Hulse

“Moms are out here killing it,” said Principal Product Owner for Slingshot and College of Business graduate Sarah Bhatia. “We’re successfully running meetings and pumping breastmilk off camera; we’re leading teams, planning meals, growing humans, and hitting professional goals.”

An alumna of the 2020 Professional MBA (PMBA) cohort, Bhatia believes in advocating for women who balance the grueling schedule of both a parent and professional and is committed to giving a voice to a rapidly growing population in the world of technology. Her recent article featured on the Slinghot website, “Why Moms are Tech’s Secret Weapon,” examines the skillset moms bring to the table and how many of those skills are serving to fill a gap not just in the tech world but across multiple industries. “Nobody talks about the professional soft skills that parenting provides you and how those are such huge assets. My article explored some of the unique strengths parents possess and how they’re quite attuned to being an asset in the tech space.”

THE M(om)BA EXPERIENCE

Bhatia decided to pursue an MBA at the University of Louisville because “I hit a point in my career where I knew I needed more formal business training if I wanted to be able to take on more elevated roles. I enjoy working in strategy, but I lacked a lot of the business knowledge I needed to have a seat at the table. I chose UofL because…it was important for me to get the actual education, not just the degree, and the…inperson classes ensured that I was absorbing the material and could take that education and apply it to my real-world career.”

While enrolled in her MBA program, Bhatia learned she was pregnant, which presented a unique challenge. However, committed to furthering her education, she decided to continue to move forward with her courses. “I was undergoing infertility treatments when I started the program and finally got pregnant a few months in. Balancing a full-time job with a demanding MBA program is enough of a challenge on its own – I really had no idea how I’d be able to throw in pregnancy and a newborn on top of that.”

DIAPERS AND DEGREES

Speaking about the connection of her cohort members to one another, Bhatia shared the most impactful points of her PMBA program, both of which occurred during her pregnancy with her first child, which left a lasting, powerful memory. “Towards the end of my pregnancy, my cohort surprised me with a diaper shower – almost everyone in the cohort showed up to class one night with a box of diapers. It was my first real lesson in parenthood: surround yourself with people who will support you as not just a friend or colleague but as your whole self – kids included.”

Along with the strong bonds formed between Bhatia and her cohort members, she also acknowledged Richard Germain, PhD, Stephen Gohmann, PhD, and Ryan Quinn, PhD – faculty members whose content, innovation, and support made a difference in her experience in the College and her professional roles. However, one faculty member provided her encouragement and support beyond measure. “During the time I was enrolled in Dr. Manikas’ course, I had my first child. I had so much anxiety leading up to that moment, trying to plan for how I’d navigate missing classes and just learning what life is like juggling a newborn with other commitments. Dr.

Manikas approached the situation with so much kindness, grace, and understanding, and I just had such a sense of relief and support during what could have been a much more challenging time.”

TURNING THE TABLES

Today, Bhatia utilizes her MBA in new and innovative ways at Slingshot, a Louisville-based software and app development company specializing in strategizing, designing, and creating technology to best help their clients achieve their missions. While she feels fortunate to be raising her three children, Zane, Miles, and Beck, with her husband, Ravi, while working in a company culture that supports women tackling multiple full-time roles with resilience and perseverance, Bhatia believes that more tech companies will follow suit with this mindset, increasing their hiring and promotion practices to accommodate a population of highly skilled and educated women bringing a wealth of practical skills gained by navigating the

unique challenges associated with motherhood.

“The biggest prediction I have is an increase in representation. I think we’re finally seeing women enter the industry who were raised in a post ‘STEM is for boys’ world, and that’s incredibly exciting to me. Not only do [moms] deserve a seat at every table, but those tables should actively want us there for the unique and beneficial perspective we bring to product development.”

Are you a working professional interested in earning your MBA in person? Visit https://business. louisville.edu/academics-programs/graduateprograms/professional-mba/ to learn how to get started.

Sarah Bhatia

CENTER FOR POSITIVE LEADERSHIP

LEADERSHIP BASED ON VIRTUES

by Erica Hulse

“We have built our work on leadership around virtues,” Academic Director Ryan Quinn, PhD, shared when discussing the goals of The Center for Positive Leadership. “Courage, compassion, honesty, [and] humility…anything that’s a standard of excellence that you could call a virtue. The idea is to get people to not only try to be honest or compassionate…but to do so in a way that breaks norms, to exceed expectations.”

With a positive, innovative, and emotionally intelligent approach, the Center has and continues to tear down traditional frameworks of leadership. Founded in 2018, the Project on Positive Leadership was launched thanks to initial funding from a gift provided by former UofL Athletic Director Vince Tyra, a repeating joint gift for ten years from the Department of Athletics

and Adidas, as well as gifts from the Sam and Bonnie Rechter family.

After only five years, in April 2023, the University board’s Academic and Student Affairs Committee unanimously approved a proposal to create the Center for Positive Leadership. Emerging from the Project for Positive Leadership, the newly formed Center is grounded in research from positive psychology and positive organizational scholarship and focuses on increasing positive leadership globally. To best achieve this goal, the Center actively promotes interdisciplinary research, provides instructional tools on positive leadership development to individuals, businesses, and university instructors, and hosts events such as the Tyra Family Distinguished Conversation Series and Leadership Tools Showcases, presenting a suite of affiliated professionals and professors.

Additionally, the Center focuses on providing opportunities with its signature initiative, local WorldChanger groups. This endeavor consists of individuals motivated toward improving the world in some specific way, irrespective of positions or rewards, and who are already working to make that change. These teams take seriously the adage to “think globally but act locally” to make our community better, and the Center empowers these teams by removing barriers to collaboration through six months of project design, team design, measurement, training, coaching, and accountability structures. Joanna Erny, Chief of Staff for Metro United Way, spoke about the profound and positive impact this collaborative experience had on her staff. “Each of our team members has learned new ways to expand leadership skills and work through challenges,” she explained.

With a newly designed website highlighting the Center’s mission, strategic plan, upcoming events, Center updates, and a comprehensive overview of the Center’s Local WorldChanger Teams, those interested in learning more about the Center’s

offerings, participating as a WorldChanger team member, or wish to donate to the Center, can now do so with ease.

The Center is staffed by Dr. Ryan Quinn, Academic Director, Ramie Martin-Galijatovic, Program Director, student interns Davis Fritz and Obadah Abozaid, and an eight-member board of advisors. They can be reached at cpl@louisville.edu or 502-852-9403.

Follow the Center for Positive Leadership on social media via LinkedIn, Facebook, and YouTube.

Photos from the CPL Leadership Tools Showcase on Remote Work

GRADUATE PATHWAYS TO SUCCESS

by Christopher Dye

In an era where business acumen is as crucial as expertise in one’s chosen field, the University of Louisville College of Business is pioneering partnerships that promise to elevate the professional trajectories of graduates from Hanover College and Kentucky Wesleyan College. These alliances are tailored to harness the rich potential of students, offering them expedited paths to prestigious Master’s degrees in Business Administration, Business Analytics, and Accounting and Analytics.

At the heart of these partnerships is a shared recognition of the exceptional caliber of students and alumni from Hanover and Kentucky Wesleyan. Both agreements streamline the admission process into UofL business graduate programs. Students at Hanover College have a distinct advantage should they decide to take the fast track toward reaching their professional goals by applying for enrollment into a Master of Business Administration (MBA) or Master of Science in Business Analytics (MSBA) program. The same advantage is available to Kentucky Wesleyan students who want to apply for the Master of Science in Accounting (MSAA) and Analytics. Qualified students from these colleges can look forward to waived application fees, waived GMAT/GRE requirements, and priority merit scholarship reviews, thereby reducing the cost and uncertainty usually associated with graduate school applications.

The partnerships with Kentucky Wesleyan and Hanover College go beyond acknowledging academic achievements; they provide accelerated one-year program options that seamlessly integrate UofL’s established curriculum with the added benefit of optional paid internships. This innovative format caters to recent graduates and working professionals, enabling them to efficiently pursue their undergraduate and graduate degrees.

Moreover, pathway students pursuing an MBA or MSAA at UofL will have the opportunity to participate in an international study trip, offering insights into global business management. In addition, Kentucky Wesleyan graduates will benefit from a curriculum that integrates real-life experiences and CPA examination review, reflecting the program’s emphasis on analytics and the needs of the global business community.

…THESE PARTNERSHIPS CREATE THE PERFECT ENVIRONMENT FOR STUDENTS TO EXCEL.

—Vernon Foster

Vernon Foster, Senior Executive Director of Graduate Programs at UofL, believes that “these partnerships create the perfect environment for students to excel. The commitment to an intensive, one-year accelerated program equips graduates with the knowledge and skills demanded by the industry, providing them with a competitive edge in the workforce.”

Dr. Jeff Guan, Interim Dean at UofL, highlights the long-standing relationship with Hanover, emphasizing the clear path the agreement paves for future generations. Similarly, the partnership with KWC, championed by Dr. James Cousins, Kentucky Wesleyan’s Provost, and Michael F. Wade, a Kentucky Wesleyan alumnus and director of the School of Accountancy at UofL, underscores a mutual acknowledgment of the quality and potential of Kentucky Wesleyan’s graduates.

“Our aim is to establish pathway programs with liberal arts institutions across the region. We acknowledge the excellence instilled by a liberal arts degree, equipping students with invaluable skills. Our graduate business programs are tailored to complement these strengths, providing students with the business acumen necessary to apply their well-honed critical thinking skills in real-world nonprofit and corporate enterprises,” said Stephen Swan, Director of Graduate Student Recruitment.

For more information, aspiring students are encouraged to contact the UofL College of Business graduate programs, where opportunities for transformative learning experiences await. Email MBA@Louisville.edu to connect with one of our Recruiting Managers.

FORCHT CENTER FOR ENTREPRENEURSHIP

UNDERGRAD PITCH COMPETITION

by Amal Hassan

Congratulations to the talented competitors in the College’s recent undergraduate pitch competition: Austin Smith and Lana Finley, Amran Umair Zubair, Eric Nelson, Iziah Washington, and Jayden M. Your ideas were phenomenal.

A special thank you to our judges, Jack Manzella, Linda Ruffenach, CEPA, and Anne Marie Zwerg, for mentoring the students and helping them deliver outstanding pitches.

Eric Nelson, finance major, won first place with SmileFile, a dental app. Amran Umair, a CIS major, secured second place with KinderArte, a holistic childcare solution. Eric will now represent the CoB in the ACC Pitch Competition in Florida, where 15 ACC teams will compete on national TV for a chance to win $30,000 in prizes.

We are immensely proud of our students’ entrepreneurial spirit and confident their innovative minds will continue shaping the future.

Anne Marie Zwerg, Linda Ruffenach, Eric Nelson, and Jack Manzella

Iziah Washington

Lana Finley and Austin Smith

Anne Marie Zwerg, Linda Ruffenach, Amran Umair Zubair, and Jack Manzella

THE COLLEGE OF BUSINESS

BARDSTOWN COLLECTION SCHOLARSHIP

The Bardstown Collection has generously donated $40,000 to establish the Bardstown/ Nelson Co. Tourism and Convention Commission Scholarship for both undergraduate and graduate students at the UofL College of Business. This scholarship is a testament to the organization’s dedication to supporting the education and future of Nelson County students who are passionate about pursuing careers in tourism, distilled spirits, hospitality, or related fields.

We want to express our genuine gratitude for the collaborative spirit behind the 2023 Bardstown Collection bottles—featuring top distilleries, such as Bardstown Bourbon Company, Heaven Hill, Log Still, Lux Row, and Preservation Distillery + Farms. Thank you for your shared commitment to academic excellence, empowering our next generation of hospitality and distilled spirits professionals.

Members of the Bardstown Collection with dean Jeff Guan, Allison Commings, and Vernon Foster of the College of Business

CELEBRATING DIVERSITY FROM ACROSS THE GLOBE

Our CoB D&I Committee has added new international flags in the atrium, reflecting the vibrant diversity within our student body, faculty, and staff. These flags, as a visual reminder of unity, embody our commitment to fostering a sense of belonging for everyone who walks through our doors.

As we continue to grow our CoB community, our hope is for every new member to instantly see themselves in our College.

“Every time I see the flag of my country, I really feel proud because my country has had great progress. I also feel so happy to have something that can remind me of my country and my hometown.”

Rong Zhang, MSBA Student

Country: China

“When I entered into the College of Business building for the initial orientation, I saw all these flags, and I was like, ‘Wow! There are this many countries that students are from and studying at the University of Louisville.’ I was surprised, and I couldn’t believe that so many country flags are here.”

Sakthiraj Kandasamy, MSBA Student

Country: India

“Interacting with a diverse student body and engaging with international faculty has provided me with invaluable insights into various cultures and business practices. The inclusive environment of the College challenges me to think beyond regional boundaries and consider the interconnectedness of the global business landscape.”

Yasein Elgammal, Economics Major Country: Egypt

“When Interim Dean Jeff Guan organized a Panamanian meetup... [it was] a genuine effort to celebrate and acknowledge the diversity within the College of Business. It also allowed Dean Guan to personally engage with Panamanians and learn about our backgrounds, experiences, and aspirations.”

Justyne Hermayony Aranda Alfu, Management and Marketing Major

Country: Panama

“I would be very happy to see my flag included because it is a representation of where I came from and to see that we are people who are traveling to get our education. So, it would be exciting to see the Zimbabwean flag up there one day.”

Alderton Magaba, MSAA Student

Country: Zimbabwe

“I love to talk to students from different countries, and most of all, I love to learn the meanings of their names. Sometimes, people want to shorten their names, and I tell them that their names are their identities and not to let go of that.”

Manjiri Menezes, Student Services Manager for Graduate Programs

Country: India

“I think flags are just one of those things to say that, ‘Hey, I know you’ve traveled, you know, 5000 miles to get here. And listen, here’s your flag. We appreciate you, and we are aware that you’re here, and that’s why the flag is there.’”

Vitaliy Skorodziyevskiy, Assistant Professor of Management and Entrepreneurship

Country: Kazakhstan

UofL & YUM! BRANDS ACCELERATING GROWTH

by Betty Coffman

Yum! Brands, Inc. and the University of Louisville have announced the launch of new “Accelerating Growth” executive education programs at the Yum! Center for Global Franchise Excellence.

The new programs will focus on equipping operations leaders to take on senior management roles in franchise organizations, an area identified as a key opportunity by franchisees and leadership at the Yum! Center for Global Franchise Excellence, which has been providing education for aspiring entrepreneurs through the UofL College of Business since 2021.

As part of its $100 million global Unlocking Opportunity Initiative, Yum! Brands is providing more than $800,000 in funding to launch the “Accelerating Growth” programs, which is in addition to the $3.5 million commitment the company made to launch the Yum! Center for Global Franchise Excellence in 2021. The goal of Yum! Brands’ Unlocking Opportunity Initiative is to create opportunities for education and entrepreneurship for employees, frontline restaurant teams, and communities around the world.

The two new “Accelerating Growth” education tracks will launch in the summer and fall 2024 semesters and will focus on training attendees to upskill their franchising education.

“Yum! Brands is passionate about the franchise business model, and capable franchise leaders are the lifeblood of every successful franchise system. As the franchisor of choice for the industry, we are thrilled to partner with the University of Louisville and address a need of the industry – training a new generation of leaders to take on senior management roles in franchise businesses,” said Wanda Williams, head, Global Franchising, Yum! Brands. “Since its launch in 2021 as part of our Unlocking Opportunity Initiative, the Yum! Center for Global Franchise Excellence has helped prepare hundreds of students for successful careers and business ownership opportunities by building knowledge about the franchising industry.”

Two new education tracks will be offered as part of the “Accelerating Growth” program, which will develop the skills necessary to run and grow a large franchise business: a six-month Level 1 program designed to train general managers and area coaches for a vice president role, and an advanced oneyear program customized to prepare vice presidents for a role as president of a franchise organization. Both programs include online and experiential education, and the advanced program also includes a final simulation and development of a business plan.

“The ‘Accelerating Growth’ program is an exceptional addition to the multilevel franchise education offered by our Center at the University of Louisville and is yet another way

we can create opportunities for professionals across the franchising industry. We are incredibly grateful for Yum!’s continued support for the Center and this opportunity to expand the Center’s programs,” said Kathleen Gosser, director of the Yum! Center for Global Franchise Excellence and assistant professor in the UofL College of Business.

Since the launch of the Yum! Center for Global Franchise Excellence at UofL, total enrollment has exceeded 900 students –418 undergrad, 50 graduate-level and 500 executive education enrollees.

In addition, the Center launched the annual Yum! Franchise Accelerator Fellowship in 2022, a collaborative effort between UofL, Howard University, and Yum! Brands, which offers a unique opportunity for four MBA students from the two universities. Participants in the annual program are granted $10,000 scholarships and receive personalized training and mentorship from industry experts during an immersive educational journey centered around the franchise business model. Each accelerator program culminates in a pitch competition featuring a $10,000 cash prize, while establishing winners as top candidates for promising franchising careers.

The Yum! Franchise Accelerator Fellowship is open to all eligible students regardless of race, color, national origin, sex, disability or age

Kathy Gosser with Wanda WIlliams at a recent event co-sponsored by the Center for Free Enterprise and the Yum! Center for Global Franchise Excellence

Wanda WIlliams, head of Global Franchising at YUM! Brands

MARCHING TO THE

Molly Spicer, Tenzin Vincenti, Teddy Moya, Laren Hines, Amru Thirumalai, Darrell Liwanag, Silas Foster, and Jaxson Eric

BEAT OF BUSINESS

by Erica Hulse

“It’s the passion – it’s all about that. I truly believe that if you have passion for something, you’re always going to make time for it, and that is how marching band has been for me,” said Laren Hines, a marketing major in the College of Business and Drum Major for the University of Louisville’s Cardinal Marching Band (CMB). “If you love something, you’ll make it work.”

For Hines and CoB students Molly Spicer, Tenzin Vincenti, Teddy Moya, Amru Thirumalai, Darrell Liwanag, Silas Foster, and Jaxon Eric, the time investment and necessity of balancing rigorous academic and extra-curricular schedules is worth it to be part of the Marching Cards.

LEADING THE GUARD

Participation in the CMB isn’t simply for students, however. Chris Dye, Director of Marketing for the

College, has led the Color Guard for the CMB for 10 seasons. Immersed in the world of music at a young age by his mother, Dye developed an interest in playing the saxophone – a decision that led him to join his school’s marching band program. Eventually discovering a talent for the color guard, he later performed as part of a professional drum and bugle corps before beginning to train color guard students.

TAKING CENTER FIELD

Dye noted the uniqueness of the CMB and how Louisville’s successful football program has allowed the Marching Cards to gain greater visibility on a national scale. “What makes the program special is our national exposure and our ability to find ourselves in unique situations. One can argue that the CMB is the most televised marching band in the nation, not only because of the strength of our football team.” Whether performing at the Kentucky Derby as the event’s official marching band or taking the field for a bowl game, the CMB is making a name for itself, and Dye is excited for the opportunity that brings his students, “be it standing next to a famous person at the Derby singing the national anthem, walking around with a Heisman Trophy winner, or bumping into Jack Harlow at a home game.”

Chris Dye leading the Cardinal Marching Band Color Guard

Laren Hines directing the Cardinal Marching Band

HORSING AROUND

Tom Lambert, PhD

With a purse of knowledge and decades of research and publications concerning the equine industry, economics, and public policy, it’s a safe bet that Dr. Thomas Lambert is a subject matter expert. We recently discussed with Lambert how his interest in these fields began and the track that led him to his career in the College of Business at the University of Louisville.

CoB: Could you tell our readers about your background?

TL: I am originally from Louisville and attended Bishop David High School. I have a BA in Political Science, an MS in Economics from UK, and an MBA and PhD in Urban and Public Affairs from UofL. I have taught in economics and public administration and have done research and publishing in these areas. I have taught full-time at NKU and IUS and part-time at IU, Purdue, and Simmons College.

CoB: How did you develop an interest in economics and the equine industry?

TL: I have been teaching economics and business statistics for several decades now. Fourteen years or so ago, I started doing research on gambling, casinos, and racinos (a combo of a horse racetrack

and casino) and how these impacted local economic development and economies. I found racinos to be the most productive and efficient establishments when compared to stand-alone casinos or tracks. I was a lecturer in the College’s Economics Department, when the Dean asked me to apply for an opening in the Equine Industry Program. I have a joint appointment with both departments. If time allows, I still do research in urban economics and economic history.

CoB: What are some of the courses you teach most often, and why do you enjoy educating students on those topics?

TL: I have mostly taught business statistics, equine economics, equine and sports analytics, and equine capstone courses. I have also taught macroeconomics for the Department of Economics. I truly enjoy helping students achieve their educational goals and helping them learn more about their chosen professions or about our society. I think these are important for their development.

CoB: What are some of the greatest lessons you have learned in your role as a professor?

TL: Learning to be patient with other people is important, as well as trying to cover all sides of an issue or profession to help our students learn as much as possible. It’s important to try to see and respect all sides and views of an issue.

CoB: What do you enjoy most about teaching at the College of Business?

AROUND WITH THE ODDS

TL: We have wonderful support from our administration when it comes to teaching, especially when it comes to technology, classroom facilities, and opportunities to work with professionals at the Delphi Center. We have administrators at the CoB who are truly concerned about the faculty and students. I also work with an excellent group of fellow faculty members who provide a supportive and intellectually stimulating environment in which to work. These factors are a big help and provide positive motivation.

CoB: Which of your research projects or papers do you consider the most significant throughout your career, and why?

TL: My papers on gambling, innovation, emergency services, and economic history have had some citations and have been used in other research. Some of these have been referenced in the popular press, or I have been interviewed by members of the popular press on some of these. Most of all, I have been able to use these papers in my classes, and I think/hope that the insights from them have been useful and beneficial to students.

CoB: What aspects of research and publishing do you most enjoy?

TL: Doing research allows one to contribute to her/ his field of study, and this is something encouraged in every discipline in order to advance and improve. Being able to share my research with students in the classroom and with my peers at conferences is enjoyable and rewarding. One also learns even more from his/her discipline as one does research,

and this is very rewarding as well. I also try to disseminate some of my research results through a local radio show, Economic Impact, which addresses mostly local economic issues in the Louisville area.

CoB: What projects are you currently working on that are particularly impactful?

TL: I am currently studying the impact of fixed odds wagering on horse racing. Currently, in the US, pari-mutuel wagering is the dominant, if not almost entirely exclusive, form of horse racing wagering in the US. If fixed odds are allowed to take root and expand in the US, then a variety of impacts will occur with its arrival. I am also still doing studies on competition [in] sports, horse racing, casinos, and lottery gambling. My other area of current research is on long-wave economic cycles in the US and their possible political effects…I work on this as time permits.

CoB: What else do you hope to accomplish professionally?

TL: I am still considering doing a book someday. I just need the time to write one.

CoB: Is there anything else you would like to share with our readers?

TL: I am truly grateful and honored to be part of the faculty at the CoB. Again, we have wonderful administrative and collegial support, which helps us to thrive as faculty. I think we have a positive impact on students’ lives, and this is truly wonderful for us as well as the Louisville area community.

CENTER FOR FREE ENTERPRISE

COLLABORATIVE EFFORTS BENEFIT STUDENTS, BUSINESSES

by Donna Zinser Clark

The Center for Free Enterprise has partnered with the College of Business dean’s office and local business leaders during the past two academic years to provide programming to help advance important relationships between the College of Business, UofL alumni, and various industries.

In spring 2023, the Center hosted The Future of the Bourbon Industry, a panel discussion featuring bourbon industry leaders who were also College of Business alumni. In the fall 2023 semester, the Center presented The Business of Hospitality & Tourism in Kentuckiana, a discussion with hospitality/tourism leaders. And in spring 2024, Reinventing Downtown Louisville: Exploring PostPandemic Real Estate Opportunities featured commercial real estate leaders discussing the revitalization of downtown Louisville. This panel discussion was held in conjunction with the launch of a real estate minor in the College of Business. All of the programs gave students advice and information on jobs available within the industry as well as how to break into the job market. These programs give students a better understanding of how business enhances well-being in society.

leaders and the CoB on how to best prepare students to be successful in their chosen careers.

Truist Senior Vice President/Portfolio Manager Jeff Shrensker says collaborations such as these are critical to the College’s progress, as well as beneficial to the business community. “Strong business relations can significantly enhance the student body’s workforce preparedness by providing real world perspectives relative to the academic one, and by providing internships to grow student experience, thus providing a pipeline of new hires,” (for businesses).

THE WORKPLACE NEEDS TO BE UNDERSTOOD …BY GRADUATES WHO ARE ENTERING THE JOB MARKET.

—Jeff Shrensker

Shrensker, who is a finance BS and MBA alum, said guest speakers like those the Center for Free Enterprise present each semester, play an important part in rounding out a student’s educational experience. “The reality is that no matter how good the academic component of a higher education may be, the workplace needs to be understood at a base level by graduates who are entering the job market.”

The Center plans to continue its series of industryfocused programming, with upcoming events featuring executives in the fields of healthcare and artificial intelligence.

These cooperative efforts underscore the importance of the College of Business’ relationship with the local business community and open the doors for critical dialogue between business

For more information on the Center for Free Enterprise and its programming, visit UofLFreeEnterprise.org

These events are extremely helpful and important. They allow me to connect with business leaders, which has led to internships and jobs, as well as meaningful connections. The events have expanded my knowledge of the business world in a way that the classroom cannot.

—CoB student Caroline Thomas, senior marketing major

Panel on the Business of Hospitality and Tourism in Kentuckiana

Panel on the Future of the Bourbon Industry

Panel on Reinventing Downtown Louisville: Exploring Post-Pandemic Real Estate Oportunities

Jeff Shrensker, Truist Senior Vice President/ Portfolio Manager

STEPHEN HERRON

GRIDIRON TO GRAD SCHOOL

by Erica Hulse

UofL FOOTBALL STAR TACKLES ONLINE MBA WITH STYLE

Returning to his Louisville roots after earning his undergraduate degree at Stanford University, University of Louisville football defensive lineman and Online MBA (OMBA) student Stephen Herron took an unexpected yet thrilling path toward earning his graduate business degree in the city he calls home.

Balancing his passions for football and leadership, Herron seamlessly navigates the demanding terrain of the OMBA program at UofL, proving that he can excel on and off the field. The flexibility of this distinctive MBA program has become his playbook for success, allowing him to tackle a rigorous athletics schedule while pursuing academic excellence. As the son of a UofL College of Business alum, Herron is not just following in his father’s footsteps; he’s sprinting toward a future where football stardom and business acumen converge in the pursuit of greatness.

HOMECOMING

“After graduating from Stanford back in December, I figured that coming back home to indulge in this program would be a great opportunity. My dad graduated from the program…in the entrepreneurship side of the [MBA program],” he shared. However, unlike his father’s pursuit of the Innovation MBA (IMBA), Herron required programmatic flexibility, technology, and innovation to best balance the dual roles he fulfills as part of UofL’s football program and as a graduate student. His needs were met through the OMBA program, which allows you to be “flexible with your life. You

don’t have to change your life a lot. There’s people in my cohort who have full-time jobs, two jobs even, and being able to complete all this at the same time is great.”

OMBA Program Director Zac Goldman, PhD, echoes Herron’s point, sharing that the intention and commitment UofL and the College of Business have put toward building engaging online graduate learning opportunities can provide students like Herron the chance to advance their education while maintaining busy personal and professional lives. “We are committed to using technology and online learning to maximize flexibility for all of our students. Flexibility is important for everyone, but programs like our Online MBA have intentionally prioritized it without compromising the rigor and value of our programs and the quality of our alumni. As a graduate student, football player, and active member of the community, our OMBA is a perfect fit for students like Stephen. Like so many MBA students, Stephen’s schedule

Herron interviewing with the College of Business

varies from week to week, but through the design and delivery of our Online MBA program, he and others can still successfully pursue their degrees without sacrificing other important aspects of their lives. We are incredibly proud of Stephen, our student-athletes, and all of our working and professional students who are able to balance the busyness of their lives with their ongoing commitment to learning and growth.”

MBA (IMBA) in 2007. Sharing gratitude for the unexpected opportunity to spend more time with his son and see him follow a path parallel to his own, he explained “I’m glad to see him at UofL, albeit that’s a surprise, but it was very good to see him come back home for a little bit to [be] closer with his family and friends.”

NEW SEASON

The entrepreneurial success of his father, spawned from his IMBA experience, left a lasting impression on Herron and served as a motivator for him to pursue the challenging journey of balancing a rigorous athletic schedule alongside a demanding graduate program. “He and the people in his cohort…they took what was their final project and ended up making a company out of that. That company was a liqueur company, and they ended up being voted the world’s best-tasting liquor back in 2012. I thought that was such a cool experience: to be able to actually take something you learned in school and be able to apply it for life and [make] money.”

Herron’s story is a familiar one for his father, Stephen Herron, Sr., who graduated from UofL’s College of Business with an Innovation

Owner and publisher of Prospect Living magazine, Herron, Sr. attributes his business acumen to the knowledge and opportunities gained through his IMBA program in the College. “I’ve been on my own now since September 2008. I weathered many storms over the years and have learned through the challenges and had a few successes along the way. I think the best thing that I can say is going through [the] IMBA empowered me [with] the know-how to figure it out. That program, while working and being a present father, was extremely difficult. [However,] through that experience I developed grit, determination, perseverance, and the sheer will to win, but win with integrity.”

GREAT COACHING

Impacting him on many levels, Herron notes the impression left on him by faculty who have been committed to helping him achieve academic

Stephen Herron, Jr., with his father, Stephen Herron, Sr.

success. “Dr. Nat Irvin. I had him for a lot of those optional classes early in the program and having him for probably like four or five of those classes has been so cool. Learning from him on a day-today basis was [great] because I felt like it took me back to some of my undergrad experiences, having these in-person talks and being able to just bounce ideas off one another.” Through his experiences in Irvin’s courses, Herron shared some profound takeaways that are influencing and shaping his own leadership strategies. “You’re not always going to get that exact job you want or with the exact specifications, so you’re going to have to do different things from time to time outside of your comfort zone,” he explained. “I think [Dr. Irvin] did a great job of leading us up to that and getting us prepared for that in the professional world.”

COMMUNITY IMPACT

Focused on achieving professional success in his own way in the future, Herron notes that “I want to feel like I’m moving in the right direction.

football program to give back by providing guidance and support to younger athletes – a responsibility which to him is of great importance – he shared that “Being an older guy in this locker room has been really cool. You’ve got to learn a lot about a person – how hard they work, where their head is at, where they want to be. Being able to come back home [to Louisville] and have this impact on this team has been incredible.”

Recognizing his son’s varied talents and degree of commitment, be it athletics, academics, or philanthropic endeavors, Herron, Sr. hopes his son continues to “work to leave this world a better place.” Reflecting on what he has already achieved, he shared that he believes his son is “destined to be great at whatever he chooses to do in life. I expect him to be in a position to control his own destiny, whether that’s being a very successful businessperson, an accomplished practicing attorney, sports agent, Power 5 Coach, or Fortune 500 CEO.”

I want to set myself up [by] being able to have this professional degree…and having a good understanding, a good base for the professional world.” However, the future of leadership is now for Herron. Recognizing the opportunity in UofL’s

Are you considering earning your MBA, but need the flexibility of an online program?

Learn more at: louisville.edu/online/programs/ masters/master-of-business-administration.

Herron volunteering for SJ’s Kids at Scribner Middle School.

CORPORATE PARTNERSHIPS

Discover a transformative collaboration opportunity with the University of Louisville’s College of Business Corporate Partner Program. By joining, companies gain priority recruitment strategies, direct influence on future educational skill sets, and engagement opportunities with our Cardinal Community. Enjoy executive education discounts, prominent visibility, and roundtable participation to shape today’s students and tomorrow’s leaders. It is completely free for companies to join.

To become a Corporate Partner, your company will need to commit annually, provide logo permissions, host our representatives once a year, and nominate a director-level representative for biannual roundtable meetings. Elevate

UofL College of Business at your company as a top choice for hiring interns, employees, and executive education.

GRADUATE INTERNSHIPS

The College of Business Graduate MS Business Analytics and MS Accounting Analytics programs welcomed approximately 30 new students who will be searching for internships for this year. Graduate interns may work newto-them part- or full-time roles as long as they can apply what they are learning in the program to the role and will receive coaching and guidance from their direct managers. Internships must be vetted by the graduate internship advisors, and employers must complete a performance evaluation on the intern once a semester.

PARTNER WITH US business.louisville.edu/ corporatepartner/

YUM! BRANDS INTERNSHIP

When I first moved to Louisville five years ago, I applied for positions at Yum! every so often, but nothing would stick. Last fall, I attended UofL’s FTMBA program, knowing about their corporate partnership with many great companies in the area. This was another way into Yum! and I set my sights on finding an internship there.

I applied for two internships through the UofL program at Yum! but did not hear anything back for some time. Undeterred, I met with Yum! Recruiters at the College of Business career fair and expressed my passion for HR and diversity, equity, and inclusion. After interviewing with leaders across HR and EIB (Equity, Inclusion, and Belonging) in Yum!, I was thrilled to be offered a summer paid EIB internship. My first intern assignment entailed designing and piloting Yum!’s first virtual career fair. With collaboration

from many departments and the restaurant brands, the event exceeded expectations with over 1,000 registrants and 250 resumes collected!

Yum!’s culture is personal and welcoming –nothing like I’ve experienced before since being in the workforce. I’ve gained incredible first-hand career advice from Team members, Directors, and Chief Officers. Yum! allows me to use my current talents while providing coaching for me to develop new ones. With tried-and-true values, thriving in an encouraging environment empowers me to pilot innovative programs like the virtual career fair. Yum! has provided incredible opportunities to grow on this unexpected and rewarding career path. My advice – if you want something, do not accept the first no, nor the second. Take as many steps as it takes to achieve it.

—Jasmine Shepherd

Jasmine Sheperd

MINOR IN COMMERCIAL REAL ESTATE LAUNCHED

Louisville community businesses and political leaders, University of Louisville executive leadership, and College of Business faculty, staff, alums, and students celebrated the launch of a minor in commercial real estate available for students beginning in 2024.

UofL President Dr. Kim Schatzel, College of Business Interim Dean Dr. Jeff Guan, and Co-Owner of LDG Development Chris Dischinger participated in the ribbon-cutting ceremony to inaugurate the beginning of this exciting new academic chapter for the College, UofL, and the city of Louisville.

Deputy Mayor for Economic Development Pat Mulloy, President and CEO of Greater Louisville Inc.The Metro Chamber of Commerce Sarah DavasherWisdom, and Real Estate Program Director Patrick Nessenthaler also attended.

FIND OUT MORE ABOUT OUR REAL ESTATE MINOR

https://business.louisville.edu/ learnmore/real-estate-minor/

Dean Jeff Guan, Chris Dischinger, and President Kim Schatzel

President Kim Schatzel and Chris Dischinger

Patrick Nessenthaler

DELIVERING FUTURE BUSINESS LEADERS

by Erica Hulse

“I had to sacrifice a lot of my free time, but that determination also helped me get internships and was definitely worth it in the end,” shared Jacob Day, CoB senior who will complete a double major in accounting and finance this May. Day, an undergraduate student working part-time for UPS, joined the Metropolitan College program to assist him in achieving his academic goals at UofL.

Determined to earn his bachelor’s degree affordably, Day shared that “the main reason I chose UofL was to keep the costs of university relatively low.” The partnership between UPS and UofL fit his needs.

PACKAGED PARTNERSHIPS

The Metropolitan College program is a partnership between UPS, UofL, and Jefferson Community and Technical College (JCTC). Participating students get their full-time undergraduate tuition paid, as well as fee payment, bonuses, and other benefits. Student Success Counselor for the Metropolitan College program, Tiffani Thornton, has seen the program benefit the UofL students she advises – both financially and professionally. “For many students, this program serves as the sole option for pursuing higher education. The program not only offers free tuition but also equips students with essential workforce preparation skills,” she noted.

REROUTED GOALS

Day had not always planned on pursuing a businessrelated career. “I actually started at UofL back in 2017 as a biology major, but I wasn’t very motivated and ended up taking a few years off to work and take advantage of the fresh start program,” he shared. Day’s experiences with classmates, faculty, and activities have provided him with multiple positive experiences. In particular, he noted the impact Lisa Blum, PhD, had on him as a member of Beta Alpha Psi, the College’s professional organization for students pursuing degrees in accounting, finance, and computer information systems. As faculty advisor, Blum “consistently encourages students to get more involved on campus and push themselves as they start internships.”

HANDLING TAXES WITH CARE

Dedicated to giving back to the College, Day is currently serving as a student volunteer for the Volunteer Income Tax Assistance (VITA) program. Part of the IRS, VITA offers free basic tax return preparation to qualified individuals. VITA sites are operated by IRS partners and staffed by volunteers who want to make a difference in their communities.

Do you currently work for UPS and want to further your education at UofL? If so, Metropolitan College may be for you. Visit https://metro-college.com for more information.

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.

ACCOUNTANCY

Dereck Barr-Pulliam, PhD, Calvin, C., Eulerich, M., & Maghakyan, A. (2023) “Audit evidence, technology and judgement: A review of the literature in response to ED-500.” Journal of International Financial Management and Accounting

Dereck Barr-Pulliam, PhD, Eulerich, M., & Sakel, N. (2023) “The effect of the internal audit function’s perceived assurance versus advisory purpose on the external auditor’s reliance decision.” Managerial Auditing Journal

Xi Ai, PhD, Lin, C. & Newton, N.J. (2023) “The Value of Auditor Verification Amid Economic Uncertainty: International Evidence from Small Business.” Auditing: A Journal of Practice & Theory

Benjamin Foster, PhD (2023) “Revisiting Germanbased Organizations’ Costing Techniques.” Cost Management

EQUINE

Thomas Lambert, PhD (2023) “Mergers and Consolidation in the U.S. Gambling and Horse Racing Industries: What It Means for Local Economic Development and Taxation.” The Journal of Gambling Business and Economics.

FINANCE

Chris Stivers, PhD, Sun, L., & Saha, S. (2023) “Abnormal stock returns and shorting around securities class action lawsuits: The role of pre-filing news releases.” Journal of Financial Markets

MANAGEMENT & ENTREPRENEURSHIP

Sergey Anokhin, PhD, & Eggers, F. (2023) “Social

venture scaling: Does the technological environment matter?” Technological Forecasting & Social Change

Peng Ren, Isabel Botero, PhD, & James Fiet, PhD. (2023) “Not all crises are the same: the effects of crisis triggered succession in family firms.” Family Business Management

Michael Araki, Daniel Bennett, Phd & Wagner, G. (2023) “Regional innovation networks & high-growth entrepreneurship.” Research Policy

Isabel Botero, PhD, & Collazos, L. (2023) “Women ownership as a form of leadership: The role of context in understanding its effects on financial performance.” Business Research Quarterly.

Carl Maertz, Smit, B. & Boyar, S.L. (2023) “Spoiled for choice: When work flexibility improves or impairs work-life outcomes.” Journal of Management.

Vitaliy Skorodziyevskiy, Chandler, J. A., Chrisman, J. J., Daspit, J. J., & Petrenko, O. V. (2023) “The family business CEO: A review of insights and opportunities for advancement.” Journal of Small Business Management

Isabel Botero, PhD, & Fediuk, T.A (2023) “A receiver’s approach to governance in family firms: The role of justice perceptions.” In: S. Prigge and H. Fleischer (Eds.): Family Firms and Family Constitution (pp. 63-80).

Manju Ahuja, PhD, Dwivedi, Y., Jeyarai, A., Hughes, L., Davies, G., Manju Ahuja, Albashrawi, M., Al-Busaidi, A., Sharhan, S., Al-Sulaiti, K., Altinay, L., Amalaya, S., Archak, S., Ballestar, M., Bhagwat, S., Bharadwai, A., Bhushan, A., Bose, I., Budhwar, P., Bunker, D., Capatina, A.,… Walton, P. (2024) “‘Real impact’: Challenges and opportunities in bridging the gap between research and practice – Making a difference in industry, policy, and society.” International Journal of Information Management

Isabel Botero, PhD, Vazquez, P., Arzubiaga, & U., Memili, E. (2024) “What makes Latin American family firms different? Moving beyond cross-cultural comparisons.” Journal of Family Business Strategy

Carl Maertz, Boyar, S., Smit, B. (2024) “Empowered or overwhelmed? Procrastination extinguishes the positive effects of work flexibility on work –family conflict.” Occupational and Organizational Psychology

Carl Maertz, Lauren Zettel, Robert Garrett. (2024) “Affect and adaptation in entrepreneurial goal pursuit.” International Small Business Journal.

MARKETING

Aaron Barnes, PhD & Shavitt, S., (2023) “Top Rated or Best Seller?: Cultural Differences in Responses to Attitudinal versus Behavioral Consensus Cues.”

Journal of Consumer Research.

Aaron Barnes, PhD & Shavitt, S., (2023) “In What Ways Do Accessible Attitudes Ease Decision Making? Examining the Reproducibility of Accessibility Effect Across Cultural Contexts.”

Journal of Personality and Social Psychology

KUDOS!

Yong Chao’s paper titled “A Combination of Loyalty Discounts and Resale Price Maintenance under Differential Retail Service Investments” in Economic Research Journal《经济研究》(2021) won First Prize of Jiangxi Provincial Outstanding Achievement Award in Social Science.

James Fiet, PhD, has published a book, titled “Religious Doctrines and their Influence on Entrepreneurship”. Springer Publishing

Thomas Lambert (2024), Book review: John Komlos, Foundations of Real-World Economics: What Every Student Needs to Know, Third Edition. In: S. Prigge and H. Fleischer (Eds.): Family Firms and Family Constitution (pp. 63-80). Series - Law and Management in Family Firms. Leeds, UK: Emerald Publishing. Volume 12: Issue 1. Pages 147-149. doi. org/10.4337/roke.2024.01.07.

Connect to our Research: https://business.louisville.edu/ faculty-research/researchpublication/

Manju Ahuja, James Fiet, Per Fredriksson, & Mahesh Gupta are recognized as UofL researchers among the top 2% most-cited in the world, according to a new list compiled by Stanford University and Elsevier.

UOFL COLLEGE OF BUSINESS

RESEARCH HIGHLIGHTS

AUDITORS’ USE OF IN-HOUSE SPECIALISTS

Dereck Barr-Pulliam, PhD, finds Subject Matter Experts (SMEs) are increasingly crucial in the audit process. Companies are becoming more complex in their organization and global presence, and financial statements contain more estimated values (e.g., for hard-to-value assets and liabilities like investments).

Using Public Company Accounting Oversight Board (PCAOB) inspection data from 2006 to 2018, we examine the use of auditor-employed specialists in audit engagements. First, we find that the use of specialists is increasingly prevalent and related to clients’ size and complex accounting estimates. Second, the use of specialists is positively associated with the incidence of audit process inspections) but is not associated with output-based audit-quality proxies (restatements or absolute discretionary accruals). Hence, although process deficiencies

for more effective use of specialists. Collectively, our findings align with concerns noted by the PCAOB and prior experimental and survey studies. Although specialists assist auditors with the audit of complex estimates, engagements with comparatively high specialist use entail an incremental risk of audit process deficiencies.

CLIK CONFERENCE AND MARKETING DEPARTMENT’S PIONEERING CONSUMER RESEARCH

Understanding consumers is central to the practice of marketing. Consistent with this marketplace focus, over the last several decades consumer research has emerged as one of the most important areas of academic research in marketing.

engagements with higher use of specialists, financial reporting quality is not negatively impacted. is positively associated with the likelihood of goodwill impairments negatively associated engagement profitability.

Dereck Barr-Pulliam, PhD

Finally, crosstests suggest that board accounting expertise is a salient condition

Approximately 10 years ago, the Marketing faculty made the decision to establish consumer behavior as its core research area to recognize and build upon the work of several consumer researchers in the department. This focus on consumer research has subsequently guided the Department’s hiring of new faculty working in this area. Collectively, this group has published highly cited articles on cutting-edge topics involving pricing, cause-related marketing, prosocial behaviors, and cultural influences on consumers’ behaviors. This research productivity has enabled the Department to forge an international reputation among the academic community of consumer researchers which has increased with its hosting of an annual conference on consumer research called CLIK.

The CLIK Conference is held annually at the University of Louisville. Since its inception in 2017, this conference has grown from approximately 20 faculty and doctoral students from area universities (Cincinnati, Louisville, Indiana, Kentucky) to over 40 consumer researchers from schools that include Northwestern, Ivey School of Business, Notre Dame, Ohio State, Vanderbilt, University of Washington–Seattle, University of Virginia, and Washington University–St. Louis. CLIK has matured into an

academic-industry forum focused on new consumer research findings that hold important marketplace implications. Reflecting this emphasis, CLIK is supported by the Doe Anderson agency, which provides generous financial support and media coverage highlighting these new insights.

The Department’s consumer research group is in the process of conducting innovative new research examining consumer behavior from numerous angles. This leading-edge research examines topics such as the role of artificial intelligence (AI) on how consumers behave in the marketplace and the impact of cultural and political influences on consumer decisions involving recycling and sustainability-related behaviors.

THE EFFECT OF CRISIS TRIGGERED SUCCESSION IN FAMILY FIRMS

Peng Ren, Isabel C. Botero, and James Fiet

Leadership succession is one of the most critical events in a family business. To successfully navigate this process, family businesses are encouraged to create a plan in case the unexpected occurs. However, many family firms postpone the planning process.

So, what happens when a sudden event, like a crisis, triggers a change in leadership without any prior planning? This study looks at how this sudden change impacts the business’s financial performance and how the successor’s education and experience can diminish the potential negative effects that can ensue.

The study finds that not all crisis-driven successions negatively affect the financial performance of a family business. The impact depends on the type of crisis. Crises driven by changes in the market, like economic downturns, can harm the business financially after an unplanned change. However, if the successor has a good education and significant work experience, the negative effects on the business’s performance are lessened.

In simpler terms, when a family business faces unexpected changes, like the previous leader falling ill or an economic crisis affecting the market, the new leader stepping in without proper planning can hurt the business. But, if the new leader is well-

educated and has worked in similar roles before, the damage to the business isn’t as severe. This highlights the importance of preparing the next generation for leadership roles in family businesses.

OR ARE WE?