Wake Forest Business - 2017-2018

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POTENTIAL New programs, partnerships, and collaborations bring innovation to business education



Dear friends, As we embark on a new academic year, we pause to reflect on the success of the Class of 2018 and the accomplishments of our School of Business family. From Farrell Hall to the far reaches of the globe, we have seen students, faculty, staff, and alumni unlock their potential over the past year. The School drives this success by combining excellence in teaching and research with cutting-edge practical experience, and aligning both with an unmatched connection to the market. This is what makes a Wake Forest education so special. As we prepare our students to be impactful professionals today and in the future, we are investing in new technologies, big data, and artificial intelligence — and ensuring that our students not only have practical competence in these areas, but also the leadership ability to make an impact in their organizations. At the same time, leadership is as important to society as it has ever been in the history of humankind. The ability to lead change and to pursue initiatives that help people around you reach a better place is crucial. There is a critical need for professionals who can lead from the front and from within groups, who can tackle change, and who can make the world better. This is a journey that doesn’t end, and neither will our unrelenting focus on character and leadership as core tenets of business education. Finally, we remain committed to ensuring our students embrace the global nature of the marketplace. We want our graduates to be effective in leading people of diverse backgrounds and harvesting the energy that comes from building an inclusive environment. Our vibrant community of faculty, staff, and students helps us accomplish this goal. As we welcome our students arriving on campus, we focus on our mission to unlock their potential to be change agents for their communities, companies, and industries as they steward the noble profession of business. Thank you for all you do to help us achieve that mission. In partnership,

Charles Iacovou Sisel Distinguished Dean & F.M. Kirby Foundation Chair Wake Forest University School of Business

EXECUTIVE EDITOR Sylvia Green CONTRIBUTORS Zsakual Arrington Sarah Bowen Katie Dickens Monica Lang Chris Miller Stacey Panchyshyn Stephanie Skordas Aleasha Vuncannon Amber Veverka Camilla Zanini EDITING AND DESIGN Dave Hunt PHOTOGRAPHY Allen Aycock Ken Bennett Mitchell Loll .........................

04 Big Data, Bigger Opportunities

Art + Business in Harmony

16 36 Wake Forest Foodies

We welcome feedback from readers. sbmarket@wfu.edu Business.wfu.edu © 2018 Wake Forest University School of Business Wake Forest University School of Business is accredited by: AASCB International, The Association to Advance Collegiate Schools of Business, which represents the highest standard of achievement for business schools worldwide. Accredited institutions confirm their commitment to quality and continuous improvement through a rigorous and comprehensive peer review. The Commission on Colleges of the Southern Association of Colleges and Schools to award bachelor’s, master’s, and doctoral degrees. The Commission can be contacted at 404.679.4501, 1866 Southern Lane, Decatur, GA, 30033-4097 and through sacscoc.org. Inquiries should relate only to the accreditation status of the institution, and not to general admission information.

4 Big Data, Bigger Opportunities

45 William “Coop” Cooper III: To Achieve Real Success, Just Add Grit


Faculty Awards


Retiring Faculty

46 Diego & Sergio Espinoza: Brothers Reconnect Through Wake MBAs


Faculty Publications

47 Adrian Wilkinson: Program’s Prestige Leads to Personal Growth

8 Ideas Worth Teaching

10 Team Science

12 Deacon Leaders On and Off the Field

16 Art and Business in Harmony


Peace Corps Volunteers Make an Impact



Global Immersion


Career Trek: Networking in New York

49 Maranda McBride: Investing in Her Future, One Saturday at a Time

50 MSBA: One Year Later 51

Mona Baset: Self-Discovery Spurs New Growth

24 Kimberly Ellison-Taylor on Accounting in the Age of Innovation / The Hylton Lecture Series

52 In the News

26 This Is Capitalism: The Only Way Entrepreneurship Works

56 Commencement 2018

28 Nothing But Net


35 Right Rules

62 Students Present Business Solutions to Industry Experts at the Inmar Analytics Forum

64 Charlotte MBA Students Challenged to Revitalize 100-Year-Old Non-Profit’s Brand

65 Master’s in Management Program Adds New Case Competition

66 Retail Health & Innovation Challenge: A Platform for Revolutionary Ideas

Insights From the 2018 World Economic Forum

Rankings: Where We Stand

36 Special Section: Wake Forest Foodies


P.S. Snacks Change the Sweet Tooth Game


Fill ’Er Up: Campus Gas Has a New Mission


Building a Tribe and Identifying Opportunity, One Dog at a Time


Doing Good with Good Doughnuts


Passion in Every Bottle and Bite: Village Juice Expands

68 In Community

42 Blake Jennings: Teamwork to Last a Lifetime


43 Devi Eddins: A Passion for Learning Was Her Wake-Up Call

74 Prepared for Impact



Grant Trivette: Opening Doors and Unleashing Potential

Special Honors Faculty Recognition

56 Commencement

The demand for professionals who can use data to identify insights, solve business problems, and inspire innovation continues to grow exponentially. Building on the success of the Wake Forest University School of Business Master of Science in Business Analytics (MSBA) program, the School has extended its program to a new audience of working professionals.

boardroom, and become leaders of their teams and organizations,” said Jeff Camm, associate dean and Inmar Presidential Chair of Business Analytics. “Our online program is unmatched because of our commitment to live, synchronous class sessions coupled with our commitment to educating the whole person, ensuring our graduates are prepared to be impactful problem solvers, as well as leaders, in their organizations.”

Beginning in May, the School welcomed working professionals to its MSBA program through an online experience. The new offering has been specifically designed for professionals with more than two years of full-time work experience and will enable them to earn a top-ranked Wake Forest School of Business degree while continuing to work.



Online Master of Science in Business Analytics graduate degree allows business professionals to enhance their big data skills

The expansion of the MSBA program into the online space comes at a time when industry leaders are investing in business analytics. According to a 2017 LinkedIn job report, data analytics roles have grown more than 650 percent since 2012, and only 35,000 people in the United States have these skills — highlighting the gap between demand and supply. The same study shows that skills like communication, collaboration, and leadership remain relevant and in demand.

“Analytics is a growth area in business education and more organizations are focusing on improving the analytical skills of their employees,” said Charles Iacovou, dean of the School of Business. “Our School is a leader in developing business analytics professionals who not only know how to generate insights but also know how to effectively communicate them and shape critical business decisions. As more professionals seek to enhance their education while continuing their careers, this new offering will provide the rigorous academics and flexible access they need.”

“The online MSBA is designed to meet our high standards of academic rigor and industry relevance. By leveraging the latest in digital education tools and techniques, the learning experiences designed by our faculty aim to achieve an industry-leading level of student engagement and learning. This will allow us to uphold our commitment to the highest levels of teaching and faculty-student relationships that are hallmarks of our School,” Iacovou said.

Our faculty has created a cutting-edge MSBA program focused on developing impactful problem solvers who lead with integrity. The curriculum was developed by Wake Forest faculty in collaboration with industry leaders and includes innovative courses such as Visual Analytics and Influencing, and Leading the Analytics Organization.

Joining the School of Business in this endeavor is Noodle Partners, whose team has been redefining online education for more than 10 years. “Online education is the fastest-growing segment in higher education, accounting for 20 percent of all enrollees and 30 percent of graduate-level certificates and degrees,” said Noodle Partners CEO John Katzman. “We are excited to add a premier institution like the Wake Forest University School of Business to our growing list of university partners.”

Graduates of the program will be proficient in descriptive, predictive, and prescriptive analytics; will be able to identify opportunities to improve their organizations through analytics; and will be capable of providing thought leadership on aligning the right tools and methodologies to solve business problems. They will apply what they’ve learned to articulate and advocate for the value proposition of data-driven decision-making within their organizations and use analytics to effectively influence decision-making and outcomes.

This program is the first online degree from the School of Business, and the fifth at Wake Forest University. The first class began this May and will graduate in 2020. The program will accept new students three times a year, with next classes starting in September 2018 and January 2019.

“The Wake Forest online MSBA program retains the best of our world-class business analytics program, teaching students not just how to handle data and find the insights, but how to influence the 4





Wake Forest University School of Business



Rigorous and Relevant Curriculum

Live Class Sessions

Onsite Immersion

The MSBA online program offers a unique 24-month (36-credit) experience that blends Applied Statistics, Management Science, and Business Domain knowledge, all with the goal of creating leaders who use data to solve the challenges of business.

Students in the program will attend live, synchronous classes where they will engage with their faculty and classmates. Faculty and students will meet face-to-face via webcam in our virtual classroom environment for 90 minutes, each week of an academic term, providing students the opportunity to reinforce coursework materials, apply academic concepts, and participate in focused discussions with faculty and colleagues.

The MSBA online program includes a twoday, in-person immersion at the end of the first term held on the Wake Forest University campus in Winston-Salem, North Carolina. The immersion allows students to solidify the skills learned in their first term while offering a chance to meet classmates in person and engage with the Wake Forest University School of Business community.



In the MSBA program, you’ll learn advanced methods for Business Analytics — methods that will help you identify, and solve, problems in a wide variety of business functions. Designed for working professionals with at least two years of post-college work experience, this online curriculum will also teach you the skills to become an influencer, promoting a datadriven culture at your organization.

24 months • 2 courses per term • 36 credits



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• Graduates will be able to identify opportunities to improve their organizations with analytics

• Graduates will be able to confidently articulate and advocate for the value proposition of data-driven decision making within their organization

The Masters in Business Analytics program at Wake Forest is designed with input from our corporate partners to ensure we are exceeding industry demands and our curriculum remains relevant to the real-world needs of today’s business environment.

Cohorts start fall, spring, and summer

Focus on experiential learning projects and highlighted with the Practicum Project that provides students handson experience with realworld problems to solve using analytics.

• Graduates will be able to provide thought leadership on aligning the right tools and methodologies to solve business problems




As data and technology become increasingly important drivers of business performance, job opportunities in Business Analytics are growing rapidly.

• Graduates will be proficient in descriptive, predictive, and prescriptive analytics

Commitment to develop communication, teamwork and leadership skills, and an understanding of the responsible and ethical use of data for making better business decisions.

Emphasis on training across the full spectrum of analytics methodologies with strong business knowledge from innovative courses such as Visual Analytics and Influencing, Multivariate Analysis and Experiential Design, and Leading the Analytics Organization.

Wake Forest Masters in Business Analytics Board of Advisors includes:

“By building this program and combining it with real-time, raw retail data available through the Wake Forest Center for Retail Innovation, the Wake Forest MSBA Program will be the gold standard for business analytics training in retail analytics and beyond.” ­­— David Mounts Chairman and CEO, Inmar

For more information, visit onlinebusiness.wfu.edu or contact one of our enrollment advisors at onlinemsba@wfu.edu or call 855-855-9688.


The Aspen Institute recognizes Wake Forest University School of Business course for its innovative contributions to business curriculum The Aspen Institute Business and Society Program has recognized the Wake Forest University School of Business as a global innovator and given the School’s “Why Business?” course a prestigious 2017 Ideas Worth Teaching Award.

Business?’ is an introductory course in business philosophy that also offers an environment for thinking critically about whether the business profession is something students want to be part of,” he said.

The award honors extraordinary teaching that redefines excellence in business education, and ultimately business practice. In 2017, the Aspen Institute honored 20 ideas from top-ranked colleges and universities in the United States, Australia, Canada, France, and Israel.

Michelle Steward, a marketing professor at the School of Business, was so fascinated by the concept that she audited the semester-long course. “Students come away with a sense of professional identity that is in keeping with Wake Forest’s motto, Pro Humanitate,” she said. “They understand that doing well in business is also doing good for society in a way that transcends corporate social responsibility.”

Wake Forest’s “Why Business?” course was developed by Wake Forest faculty led by Jim Otteson, Thomas W. Smith Chair in Business Ethics, over a period of three years. Otteson, a philosopher and Adam Smith expert, assembled a crossdisciplinary teaching team, including legal studies professor Matthew Phillips and economics professor Adam Hyde, to deliver the course to a broad audience of students considering a career in business.

Rachel Mair (BS ’20), a business and enterprise management major at the School of Business, said that she approaches team projects differently after taking the course. “I now look at my work in a more holistic way, and think about how I can better my team, instead of just getting the grade. I want to make a change in the world, and I think the most effective way I can do it is through business.”

“For years now, the Aspen Institute has been recognizing courses in business around the country that push the frontiers of how business education can be delivered to students in new and innovative ways,” Otteson said.

The course’s innovative curricula and successful results are what led to recognition by the Aspen Institute. “At a time when business leaders face intense scrutiny about their role in social issues, these award-winning faculty are bravely challenging the norms of what is taught in business school — and creating leaders who can navigate a highly uncertain environment,” said Claire Preisser, Associate Director of Aspen BSP.

“In the ‘Why Business?’ course, we also push beyond just technical business knowledge by relating business to other fields of humanities like philosophy, economics, and politics. I think the Aspen Institute recognized this was a new and innovative way to give students a bigger context to understand not just how to do business, but why to do business.”

“Many students are going to go to work for businesses,” Otteson said, “but even students who don’t will interact with business. They ought to know something about it from the inside, not just from the outside. That’s one of the great features of the course. It allows students to see these connections in a way that they might not otherwise have seen.” The Ideas Worth Teaching Award winners will be recognized at Working Towards Shared Prosperity: An Academic-Executive Dialogue in Ann Arbor, Michigan in October.

Phillips, who is also director of the School of Business BB&T Center for the Study of Capitalism, agreed that the way the “Why Business?” course connects differing fields together is one of the key things that makes the course unique. “‘Why


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TEAM SCIENCE Two faculty from the Wake Forest University School of Business partner with School of Medicine faculty for leadership coaching When the Clinical Translational Science Institute (CTSI) at the Wake Forest School of Medicine sought to improve how its research teams work together, it looked to the Wake Forest University School of Business for guidance. Associate professor Holly Brower and professor Amy Wallis partnered with CTSI Team Science leadership to develop a new program to teach the leadership and management curriculum medical schools do not offer. “We are helping them learn some of the principles that are automatic in our program such as team development, creating team charters, how to hold each other accountable, how to create concrete expectations, and how to manage teams well,” Brower said.


Team Science brings together professionals from different backgrounds who take their collective knowledge and translate it into clinical practice. These multi-disciplinary teams must be equipped with the necessary skills to work effectively and achieve their goals. “We are not taught these things in medical school. What is runof-the-mill for business schools are brand new skills for us to learn,” said Dr. David Miller, associate director of clinical and translational science and professor of internal medicine at the Wake Forest School of Medicine. The goal of the program was to equip all CTSI investigators engaged in translational research with the skills to foster collaboration, trust-building, and communication. Brower and Wallis worked with CTSI Team Science leadership to conduct a needs assessment, identify topics around effective teams, and develop workshops.

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The material was initially launched with CTSI’s Translational Research Academy, a group comprised of junior investigators seeking to develop new skills in translational science, before being introduced to the larger team.

Miller said. “I really see this partnership continuing into the future. We see our business school colleagues as partners in this endeavor.”

Since launching the program last year, Brower and Wallis have delivered four workshops focused on team dynamics, using team charters to minimize conflict, and how to have effective meetings. A half-day seminar was also conducted with 50 participants representing a diverse range of research teams working on aging, drug and opioid abuse, and cancer screening research. Brower and Wallis are also providing individualized coaching for specific teams.

The CTSI at the Wake Forest School of Medicine is part of a network of more than 50 medical research institutions in the United States. The network works together to improve the translational research process by sharing innovations in training, research tools, and processes. Miller is proposing to share the materials and lessons learned from the partnership with the Wake Forest School of Business with other CTSIs across the nation. “We will see more collaboration between schools of business and medical schools as we realize the need for these diverse skill sets when we look at healthcare as a whole,” he said.

“The program is exceeding my expectations. I’m pleased to see a very high-level demand from our faculty and trainees for the workshops,” 2017






a Deacon Leader. The core of the system is centered on a commitment to develop leaders who exhibit exceptional character, a positive attitude, competitiveness, commitment, and selflessness. “It was an amazing experience,” said John Wolford (BS ’18), who majored in finance while serving as team captain and starting quarterback for the Demon Deacons football team this year. “To get all the knowledge they were able to provide for us both on and

off the field, for me personally, has culminated in an effective season for us and personal growth during my time at Wake Forest.” From the time they arrive on campus and throughout their years at Wake Forest, student-athletes are immersed in a culture that will help them develop their leadership skills and give them the tools they need to effectively lead themselves and their teams.

The making of a college athlete is a blend of raw talent, discipline, and coaching. When they arrive at Wake Forest University, student-athletes are ready to perform at a high level. But what about their leadership development? A new program developed in collaboration with the Wake Forest School of Business Center for Leadership and Character (CLC) is poised to change the game both on and off the field. Launched in 2017, the Deacon Leader System fosters the development of all members of the Athletic Department and helps student-athletes transition from being high school leaders to leaders at Wake Forest and, ultimately, leaders in life. “The goal is to accelerate the leader development of all athletes and staff,” said Pat Sweeney, director of the Center for Leadership and Character. “Everyone has a common purpose in line with the University’s mission and the Department of Athletics’ mission to develop leaders who get results with integrity.” The CLC partnered with the Department of Athletics, the Department of Military Sciences, and the University to design the program. “We looked at the entire system,” Sweeney said. “We did a review of their culture, policies, and procedures.” The needs assessment incorporated feedback from coaches, student-athletes, and the athletic administration to define what it means to be 12

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“We are excited about the Deacon Leader System and how it is positively impacting the development of student-athletes and the Athletic Department,” said Wake Forest Director of Athletics Ron Wellman. “This program will produce individuals that are not only great leaders here at Wake Forest but also great leaders in life.” The system launched in summer 2017 with education programs for 19 sports teams. Classes included topics on building and leading high-performing teams, emotional intelligence, managing conflict to support team growth, managing stress and building resilience, and leading people who are different from you. A 12-session workshop for all sports team captains focused on helping them execute their roles as team leaders; classes for firstyear student-athletes provided them with a foundation for selfleadership and helped shape their identity as leaders; courses for assistant coaches provided education on leader development and addressed their needs. Peer mentoring circles were also established to help build relationships between teams and establish an educational support system. Freshmen athletes honored the start of their journey from being a high school leader to a Deacon Leader with the symbolic Walk of Champions. “Freshmen met at the quad and the team captains led them on a walk around it,” Sweeney described. “They then attended a dinner at Reynolda Hall where President Hatch talked about the importance of leader development and Wake Forest University’s mission.” A leadership speakers’ program rounded out the system’s launch with former Wake Forest student-athlete and NBA superstar Chris Paul speaking with student-athletes about what it takes to be a committed leader. Since August 2013, Paul has served as president of the National Basketball Players Association — an experience he described as being like a “business class on steroids.” For Sweeney, the program’s ultimate success will be found in its longterm impact. “If you have good leadership on the team, it is going to improve wins vs. losses. You can have great success on the field but when you graduate, employers will be seeking out the Deacon Leaders. Employers will line up to give them jobs. That is success.”

Q&A WITH THE QB School of Business finance major John Wolford (BS ’18) is the first quarterback in Wake Forest history, and just the eighth quarterback in ACC history with 8,000 career passing yards and 1,000 career rushing yards. He’s also the first Wake Forest quarterback to start four season-openers. He set 11 records at Wake Forest, many during his senior year. Wolford went through the Deacon Leaders program as it was implemented through the partnership between the School of Business, Athletics Department, and student team leaders.

What did you learn from the Deacon Leaders program?

The Deacon Leaders program gave me leadership tools, a better understanding of the importance of treating people with the same respect you would expect for yourself, and a better understanding of the importance of living by your values. All these things helped me be a better leader this year on and off the field. I know I will use these skills to shape my future.

How did you apply these lessons on the field?

At the beginning of the year, we came up with values that we thought would be beneficial to the team, and then as a team we lived by those values throughout the year.

NEW WAKE FOREST RECORDS SET BY JOHN WOLFORD Season passing efficiency . . . . . . . . . . . 157.98

Going into the season, I was competing for the starting job. One of the things we talked about was that a lot of guys were going to be competing and there was going to be a winner, and there was going to be a loser. If our values are “we, not me,” meaning the team comes first, then the guy who doesn’t win a starting position still has to be just as involved as if he were the starter.

Most consecutive games with . . . . . . . . . . . 7 multiple TD passes Most passing yards in a season . . . . . . . . . 3,192

Most touchdown passes in a season . . . . . . . .29

Most 300-yard passing games, career . . . . . . . . 7 Most total offense yards in a season . . . . . . 3,875

What was it like to balance your business studies with your sport?

Most touchdowns responsible for in a season . . .39 Most touchdowns responsible for, career . . . . . 78

I love playing football, but I love finance too. You find ways to make time for each and learn how to prioritize. It’s taught me a lot.

Most yards per play/total offense, season . . . .7.54

Most yards per game/total offense, season . . 322.97

Most total offense plays, season . . . . . . . . . 514

I think finance is the best major at Wake Forest. Business is in everything and the finance major is awesome. You will be challenged and learn a lot, have a lot of career opportunities afterwards, and grow as a person.


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Photo by Jeremy Cowart, courtesy of UNCSA

Educational collaboration promotes opportunities for UNC School of the Arts students to earn Wake Forest Master’s in Management graduate degrees


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The Wake Forest University School of Business and who will start businesses that create jobs, stimulate the University of North Carolina School of the Arts tourism, and generate tax revenue. These ‘artpreneurs,’ (UNCSA) have partnered to promote and support as we call them, must be business savvy as well as opportunities for UNCSA graduates to pursue graduate technologically adept and creatively inspired. studies at the School of Business in its nationally recognized Master’s in Management program. “I can think of no better partner for our graduates than the highly ranked and regarded Wake Forest “We are excited to launch this partnership with UNCSA,” University School of Business,” English continued. said Gordon McCray, vice-dean of academic programs “Enhancing their Bachelor of Fine Arts or Bachelor for the School of Business. “Our organizations share of Music degrees with the business knowledge and a commitment to excellence and a dedication to expertise of Wake Forest’s faculty will put them ahead providing the kind of education that encourages of the curve personally and professionally.” students to have an impact on society.” Part of the UNC System, UNCSA is America’s first The collaboration offers UNCSA students an accelerated public arts conservatory, training students at the application process, and access to merit- and needhigh school, undergraduate, and graduate levels for based scholarship awards for highly qualified students. professional careers in dance, design and production, The 10-month Wake Forest Master’s in Management drama, filmmaking, and music. program is designed for recent non-business majors with limited work experience. The graduate program “We are thrilled to work with our colleagues at the builds on the skills gained during undergraduate studies School of the Arts, and welcome their talented and provides business knowledge that can open new students to our program,” said John White, executive doors for future careers. director of enrollment management at the School of Business. “The Master’s in Management experience The Wake Forest Master’s in Management program values the kind of leadership, creativity, and social is one of the largest of its kind in the U.S. This year, awareness UNCSA students represent.” students in the program represented 69 colleges and universities and 48 unique majors. Within six Graduates of the Wake Forest Master’s in months of graduation, 99 percent of its students were Management program work in a range of industries successfully employed. The program was recently and nonprofit organizations, such as business ranked No. 4 in the U.S. by The Economist. development, consulting, marketing/sales, operations, and technology. Employers that have hired graduates “Arts and entertainment is a global, multi-billion-dollar of this program include Disney, PepsiCo, Deloitte, industry,” said UNCSA Provost David English. “At Facebook, Under Armour, and Live Nation. UNCSA, we teach our students to be entrepreneurs





Management program has given me tangible skills I need to be successful in my future career and the opportunity to learn from professors who are experts in their respective fields. It’s also great to be part of Wake’s expansive alumni network.”


Sydney Shapiro, Zambia


After graduating from Florida State with a degree in international affairs, Sydney Shapiro spent two years of service in an education development program in southern Zambia. She taught English to students ranging in age from 14 to 23. In addition to teaching, she worked on agriculture and health initiatives, conducting more than 24 workshops on various education, health, and agriculture topics. She also worked on long-term projects like building the first rural public school community library and planting more than 500 trees.



As a partner university with the Peace Corps, the School’s Master’s in Management program provides opportunities for returning volunteers to connect what they have learned with the business world.

“When I decided to join, I felt like I would never understand the world I lived in without taking myself out of it and seeing the opposite side,” Shapiro said. “I wanted a deeper understanding of the world from a less sheltered viewpoint.”

Cara McGrath, Uganda After studying abroad multiple times in sub-Saharan Africa while in college at the University of Oklahoma, Cara McGrath wanted to apply her degree in international security by living in another country after graduation.

Three former Peace Corps volunteers chose the School of Business as the next step for accomplishing their future goals. “I wanted to get outside of my comfort zone and gain an intimate Cara McGrath (MA ’18) and Blair Thompson (MA ’18) were understanding of how people outside of the United States live recipients of the Coverdell Fellowship from the Peace Corps, a their lives,” McGrath said. “Peace Corps taught me resilience, program that allows volunteers to continue their service while grit, flexibility, and determination. These skills have impacted also pursuing graduate studies at a reduced cost. Sydney Shapiro how I view the world, build relationships, and live and work.” (MA ’18) received the Dingledine Scholarship for positive social impact, a Wake Forest University scholarship that provides full McGrath worked as a literacy specialist in northern Uganda, tuition for students who worked in a nonprofit setting after with most of her work centered around literacy and youth completing their undergraduate studies. empowerment projects, as well as initiatives focused on gender equity, reproductive health, and sustainable farming. She Kaitlyn Cooper, associate director for integrative student managed a team of 17 Peace Corps volunteers to raise money for services for the Master’s in Management program, said Peace Books for Africa that brought over 36,000 books to the schools Corps applicants bring a unique level of passion and excitement in the area, benefiting more than 34,000 students and teachers. to the interview process. “The Peace Corps taught me to look at everything from a global “I love hearing their stories and imagining how they will connect and sustainable perspective,” McGrath said. She decided the everything they learned back to the business world,” Cooper Wake Forest Master’s in Management program was exactly what said. “We want our students to be honorable, professional, she needed when she returned stateside. impactful, and global. Peace Corps volunteers are prepared to be global citizens, and they share that experience with their peers “I’ve been able to apply the leadership and project management in the program.” skills I learned in Uganda to my rigorous coursework. The


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Blair Thompson, Togo Blair Thompson had planned on joining the Peace Corps since high school and applied during her senior year at UNC Chapel Hill, where she studied environmental science and geography. She soon learned she was assigned to Togo, a small country located next to Ghana on the west coast of Africa, where she worked alongside micro businesses like rabbit raisers and farmers. A majority of her time was spent with “Club des Mères,” a club of mothers that met weekly to work on agricultural activities in order to raise money to send their children to school and combat income inequality.

Shapiro worked as a recruiter for the Peace Corps after her two years in Zambia, but she knew she wanted to continue her education. She applied to Wake Forest when she saw that the Management program was geared toward students with limited business experience. “I didn’t want to be pigeonholed into only nonprofit or strictly international work,” Shapiro said. “In Zambia, I learned so many soft skills like communication, teamwork, and leadership. The hard skills were what I was lacking, and the Master’s in Management program has given me just that through my finance, accounting, and analytics courses."

“In Togo, I gained exposure to basic business concepts like marketing and bookkeeping for small businesses,” Thompson said. “Everything I learned, I learned by experience. Now I’m learning the terminology and scaling my knowledge up to be successful in corporate America.” Thompson found the School’s Master’s in Management program to be the best fit because of the academically challenging, yet comparably short length of the program. She applied from Togo, with limited wifi, and has no regrets. “I would recommend the program to people coming out of school or coming from an abroad program looking to round out their undergraduate experience,” Thompson said. “I have loved the faculty and seeing how passionate they are about what they’re teaching.”





GLOBAL IMMERSION “Being able to visit the world’s top growing global economies in one experience was an unexpected treat,” said Christina Cockey (MBA ’19). She and 16 fellow MBA students traveled to India and China as part of a global immersion course that visited both countries for the first time. In the past, students had to choose between visiting either India or China for the Asia Global Immersion Course. A third course takes students to Nicaragua. “Believing that students are interested in understanding the importance of both countries and their cultures as they impact our global economy, we wanted to give students the opportunity to experience both at the same time,” said Roger Beahm, marketing professor, WestRock Executive Director of the Center for Retail Innovation, and faculty advisor for this global immersion course. “We found from prior experiences that, while two weeks in a country is excellent, we could accomplish those objectives in a shorter period of time and give people a broader experience.” The experience began with a welcome dinner at the home of Anil Rai Gupta (MBA ’92), chairman and managing director of Havells India, one of the fastest-growing electrical goods companies in India. Then it was on to the third annual IBM case competition in conjunction with the Birla Institute of Management and Technology (BIMTECH). Instead of pitting the business schools against each other, the competition creates blended teams who begin their strategic solutions half a world apart. There were six teams and two cases provided by IBM India. One of the cases was about blockchain technology and whether it is a secure alternative for financial institutions, and the second was about the digital revolution and its impact on society. “It was a significant challenge because all your preparation takes place before you set foot in the host country. This puts you in a position where you are trying to understand the work and the cultural differences before you have any significant exposure to operating in that environment,” said Matt Phelps (MBA ’18).


“From the simple things like sharing meals or traveling together to the more complex things like experiencing two of the seven world wonders or visiting local villages and meeting representatives from local businesses, it’s impossible to choose a single moment that captures the standout nature of the entire trip,” Cockey said. “The moments that I cherish the most are those where I found myself staring in amazement at the beauty of the Taj Mahal, laughing with pride at having climbed an unimaginable amount of stairs at the Great Wall of China, and simply being able to participate in seeing new ways of life in local villages and local professions.”

“We were excited to offer a special celebration for our alumni in China,” Owen said. “It was a wonderful opportunity for education, networking, and fellowship with our School of Business community.”

The teams met in person for the first time when the Wake Forest students arrived at the Delhi campus, just a few hours before presentations began. “In terms of challenges, the time difference and long-distance communication provided some extra layer of complexity, but the synergies far outweighed the challenges,” said Spencer Tuttle (MBA ’18). “From my viewpoint, this opportunity simulated what it’s like to work within a multinational company where you are placed on teams with individuals that sit worlds apart. Learning to cope with the distance and consider the various viewpoints of the assignment allowed me to grow both personally and professionally.” A panel of judges selected a winning team for each case, and winners were announced at an awards dinner. While in India, the Wake Forest students also visited businesses and organizations in Delhi, Agra, and Jaipur as well as cultural sites like the Taj Mahal and Agra Fort. From Delhi, the students flew to Shanghai for the second leg of their journey. There, they visited businesses and organizations, along with cultural and historic sites including Tiananmen Square, the Great Wall of China, and the Forbidden City. Shanghai was also the location for the School’s first All-China Alumni and Student Day, featuring School of Business alumni Jun Tu (MBA ’94), chief financial officer of IHG, Greater China as guest speaker. Approximately 75 alumni, students, incoming students, and parents met at the Intercontinental Shanghai Jing’an hotel for a day of events. The itinerary included a luncheon, a visit to Starbucks Roastery — the world’s largest Starbucks — and a cocktail reception followed by dinner with Dean Charles Iacovou and Executive Director of Alumni Engagement Stacy Owen.

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Developing a new cultural awareness was a key highlight for many of the students, but connections of a different sort also had an impact.

The Shanghai visit also featured part two of the case competition. Wake Forest students from the top two winning teams went “The most standout moments for me center around the new head-to-head before an audience of alumni and judges. After connections and networks that I gained from the businesses dinner, the results were announced. Christina Cockey, Matt we visited and also from my fellow cohorts on the trip,” Tuttle Phelps, and Spencer Tuttle earned the $3,000 top prize, and said. “I gained new lifelong friends and colleagues thanks to this Kate Calder (MBA ’18) and Celia Flores (MBA ’18) took home global immersion experience.” $2,000, sponsored by the School’s Center for Retail Innovation.

Project Nicaragua: A Learning Exchange on Multiple Levels Twice a year, Wake Forest University MBA students travel to Nicaragua to visit micro-enterprises and learn about their operations, opportunities, and challenges. They then deliver a workshop, teaching business concepts in areas such as marketing, human resources, operations, and finance to these local business owners. Amy Wallis, director of global initiatives, continually seeks opportunities to enhance the experience for MBA students. “This year’s trip was different because we took an undergraduate student along,” said Wallis.

workshops. She made such an impression that the MBA students invited her to become part of their presentation team. Dickens found herself leading some of the business visits, interviewing entrepreneurs, and delivering a portion of the workshops.

“This is a learning exchange,” Wallis added. “Our students are learning as much from the businesses as these microentrepreneurs are learning from us.”

For Dickens, the experience made an indelible impact on her. Katie Dickens, an undergraduate in the School of Business “I felt very humbled. I’m an undergraduate student. I’ve never concentrating in marketing and minoring in Spanish, was run my own business and some of these businesses are family selected to support Wallis as a student assistant. Dickens worked businesses that have been in operation for generations. They are with Wallis throughout the year to organize the trips and update asking me for advice and I’m actually able to help them and offer the course materials and presentations. suggestions. That was very special,” she said. While in Nicaragua, Dickens was assigned to support one of the two MBA teams working with the micro-enterprises and teaching 2017






NETWORKING IN NEW YORK* “I’ve always been very excited about New York City and would love to work there,” said Romain Bogaerts (MSBA ’18). “We have great opportunities and great contacts with a lot of Wake Forest alumni in New York.” Bogaerts and 10 other Master of Science in Business Analytics (MSBA) students along with a Master’s in Management student traveled with their career coach to the Big Apple to network with alumni and meet with employers. A foot of snow in the forecast and freezing temperatures, despite the spring date, didn’t impede the students from making the most of their chance to learn about organizations, engage with recruiters, and network with alumni. “The opportunity to speak with employers and work with my career coach further on career opportunities made me want to come on this trek,” said Tanner Sowa (MSBA ’18). He said the resources provided by the Wake Forest University School of Business to its students go beyond anything he experienced as an undergrad. “Working with my coach, we amped up my resume, made my LinkedIn profile perfect, and practiced 22

behavioral and technical interviewing. My undergraduate degree didn’t provide the same exposure. Wake Forest has made a real impact on my professional future.” Visits to organizations such as Capgemini, Turner Sports, and EY allowed the group to explore career options within the analytics field in a variety of industries. Sharron Vogler, senior associate director of market readiness and employment, connects with employers in New York and other cities to arrange onsite visits for our business students. “The structure of each meeting is unique to the organization, and can range from company presentations, to Q&A sessions, or breaking into workgroups for a more in-depth networking event,” Vogler said. “We work with our students throughout the program experience to ensure they are polished and performance-ready.” Part of the preparation for the MSBA students is incorporating the real-world experience they’ve completed for clients into their interviews to show how they speak the language of analytics. During their course practicum, they hone their

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Wake Forest School of Business students have opportunities throughout the academic year to join career treks through the Office of Personal and Career Development. Students from the School of Business were among the hundreds of Wake Forest students who traveled to Atlanta, Boston, Charlotte, Washington, D.C., New York City, and San Francisco.

technical skills and develop critical communications and presentation skills that enable them to tell a story through data to help organizations make better data-driven decisions. “The reason I chose Wake Forest was for the business analytics program,” said Abigale Ding (MSBA ’18). “It’s a combination of business and big data, so not only will I learn the broader business concepts, I will also learn a lot of data analysis and statistical modeling skills.”

The career treks included visits to major employers such as Adobe, AirBnB, American Enterprise Institute, Berkley Research Group, Blackrock, Bloomberg, Carter’s, Cone & Wolfe, Credit Karma, Deloitte, Digital Foundry, Edelman, FactSet, FBI, GAP, Gartner, Genuine Parts Company, Google, Hamilton Place Strategies, Handshake, Hanover Research, Home Depot, IBM, Jefferies, Ketchum, Levi Strauss, Library of Congress, LinkedIn, Lyft, OshKosh B’Gosh, Navigant, Nielson, Stout Advisory, Synchrony Financial, Redpoint Ventures, Weber Shandwick, the White House, and Workday.

Sowa and several other students scheduled additional interviews with companies in the area to make the most of their time in New York. As he picked up his diploma at Commencement, he had just eight days to wrap up his time in Winston-Salem and begin his new professional life. “I’m headed to New York to be an investment banking analyst. I’ll do mergers and acquisitions for Guy Carpenter Securities,” Sowa said. “Because I was on the career trek, I had the opportunity to get this interview. I know I wouldn’t have had this opportunity otherwise. The MSBA program has been phenomenal. The whole experience. It’s been an outstanding year.” 2017








SERIES “Our profession is a profession of opportunity, where anyone can succeed,” said Kimberly Ellison-Taylor. “Even a little girl from the inner city of Baltimore.” Ellison-Taylor, global accounting strategy director for Oracle America, gave the 2017 Hylton Lecture to more than 300 students, faculty, and staff in Broyhill Auditorium. She spoke at length about the impoverished Baltimore neighborhood where she grew up and the career day that changed her life. “When I was in third grade, someone told us that accounting was the engine of business, and accountants manage the money. I thought, ‘If I manage the money, I’ll be the boss.’ “From then on I was laser-focused,” she told the crowd. “I didn’t know there were few women or minorities in the field, but people had high expectations, and I rose to exceed them.”

Kimberly Ellison-Taylor

Global Institute report suggests current technology could automate 49 percent of work activities, which translates to 1.1 billion workers worldwide.

Now the 104th chairman of the American Institute of CPAs (AICPA) Board of Directors, Ellison-Taylor said she was excited to be talking with graduate and undergraduate accounting “One of the things that is top of mind as I go into the profession students at Wake Forest. “Congratulations on your high CPA is how will the landscape of the accounting profession change pass rates, and on the caliber of your program. I have every with innovation and technology, and I felt like she addressed expectation that I’m looking at future managing partners, senior that point very well,” said Antonio Kornegay (MSA ’17). vice presidents, and chief financial officers. I’m looking at deans and future presidents of schools; I’m looking at CEOs and the “We are embarking on a huge change paradigm in the inventors of innovations we haven’t even thought of today.” profession. We have some major decisions and major changes to make,” Ellison-Taylor said. “We want to be sure our Ellison-Taylor discussed two subjects close to her heart: nextprofession is inclusive enough that everyone sees themselves at generation leadership and technology. the table. There’s room for all of us.” “I always understood I wanted to lift as I climbed,” she said. “Being a CPA is my competitive advantage. It’s microphonedropping wherever I go. The credential is so well-regarded. The CPA brand is rock solid.”

Looking ahead to the future of accounting, the AICPA board chair had some specific advice for students considering their careers. “Public practice, business and industry, government, education, consulting … there are many segments of our profession,” she acknowledged. “I’d recommend starting in public practice. We have the privilege of protecting the public interest, and the skill sets I learned there, I can take with me anywhere.”

Likening it to a “superpower,” Ellison-Taylor urged the audience to get involved in their state society of CPAs. She said her involvement gave her the opportunity to meet business leaders and mentors who helped her succeed in the field.

Kimberly Ellison-Taylor, CPA, CGMA Chairman, AICPA Board of Directors; Global Accounting Strategy Director, Oracle America

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During a question and answer session, a student asked EllisonTaylor for the one piece of advice she’d leave them to consider. “Technical skills are very important when you start your career, “I would say change the plan if you need to, but never the goal. but you can’t grow the practice through text messages. You Life has curves,” she said. “Sometimes you have to recalibrate have to go out, shake hands, kiss babies, and talk to people. the plan.” In the age of machines, these are things that are a competitive advantage,” Ellison-Taylor said. “That’s a skill set your society “I found the talk very inspiring. She came from a depressed can help you develop.” area and is a minority in multiple ways, and she’s now at the top of the profession. She’s vastly succeeded in the profession,” Kornegay added. “Her talk was a gift.”

Technology is driving transformation in the market. EllisonTaylor shared figures showing 28.4 billion smart devices connected worldwide — twice the number from 2014 and expected to nearly double again by 2020. A 2017 McKinsey 2017





THIS IS CAPITALISM: THE ONLY WAY ENTREPRENEURSHIP WORKS Insights from Warren Stephens, President and CEO of Stephens, Inc. “You come to work, work hard all day, and go to bed with your reputation intact. Then you have the chance to do it all again the next day.” Warren Stephens (MBA ’81) shared this advice from his dad with students, faculty, and staff in Broyhill Auditorium. The president and CEO of Stephens, Inc., one of the largest privately held investment banks in the country, was on campus at the invitation of the School’s BB&T Center for the Study of Capitalism. His talk, “The Only Way Entrepreneurship Works,” was a conversation with Jim Otteson, the center’s executive director. In Stephens’ opinion, capitalism is an essential factor. “Helping businesses grow their business is one of the most rewarding things we do,” Stephens explained during the talk. “Finance is a noble profession. In my firm, we are matching those who need capital with those who have capital, to expand their plants and to grow their business. Without that intermediary role, there would not have been as much success as our economy has had.”

for students who have broadened their perspectives. There’s something to be said for a liberal arts education coupled with business or finance. You’ve got to have something to talk with people about, to have some interest and some basis to establish a connection.” During the question and answer session, Master’s in Management student Noah Merkousko asked Stephens his reaction to being named CEO at age 29.

But it is the economy’s success, or lack thereof, that has young people turning away from capitalism, as Stephens suggested in a Wall Street Journal essay. He noted a Harvard survey that showed half the respondents between the ages of 18 and 29 do not support capitalism.

“I was overwhelmed,” Stephens replied. “I was 29, and the people guiding me were in their 60s. In hindsight, I should have been a little more aggressive. I was reluctant to go into a 55- or 60-year-old’s office and say here’s what we need to do. But I learned that sometimes a pair of fresh eyes is good.”

“They haven’t seen a robust economy,” Stephens said during the conversation. “We had the recession and then a weak recovery. What they have seen is a complete meltdown, federal bailouts of various entities that look like, and probably are, crony capitalism, which leads to criticism. I don’t think they’ve seen the benefits of a robust economy.”

Stephens’ answer made an impression on the student. “I learned the perspectives of a CEO, specifically on how free markets work,” said Merkousko. “I appreciated the down-toearth, applicable advice he gave.”

When it comes to hiring, Stephens said he felt today’s graduates are even more prepared for the business world than he was when he joined his family firm. “I like to look


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Learn more about the “This is Capitalism” initiative advocating for capitalism by visiting www.thisiscapitalism.com.







NET CHARLOTTE HORNETS GM RICHARD CHO AND ATLANTA HAWKS CMO MELISSA MCGHIE PROCTOR ('02) DISCUSS THE SECRETS TO THEIR SUCCESS Want a job with the Charlotte Hornets? Hornets General Manager Richard Cho is looking for people with writing skills that would make an English teacher proud. He scans candidates’ social media postings to weed out Michael Jordan autograph-seekers or those apt to spill team secrets. And through the entire process, he’s looking for signs someone is used to hard work. 28

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“If I see somebody who has been a busboy and a dishwasher at IHOP, somebody who worked their way through college and juggled all those things — that resonates with me,” Cho said. Cho spoke to School of Business students and alumni at the Wake Forest University Charlotte Center, describing his untraditional career path to NBA general manager and sharing what he’s learned. 29


For those with high-flying career dreams, his key advice may at first sound a bit pedestrian. “Even today, I get a lot of cover letters and resumes with misspelled words or poor grammar, and I don’t take those candidates seriously. If I ask an intern to write a letter to a player or an agent and there’s a misspelled word, it reflects badly on the Hornets.” Just how powerful can a well-written letter be? Cho’s own career was launched by one. He was an engineer with Boeing when he began itching to take a shot at a sports career. Realizing that many general managers of sports teams have law degrees, he enrolled at Pepperdine University School of Law. While there, he sent a letter to Seattle SuperSonics General Manager Walter “Wally” Walker, outlining his vision for an analytics approach to evaluating players — and asking for an internship. The bold move paid off. A couple of months later, the phone rang. It was Walker, asking him to meet. “I came with charts and ideas and luckily, we hit it off,” Cho said. Later, Walker told Cho that it was the letter that impressed him the most. Cho partnered with Microsoft programmers to build a groundbreaking data analytics system that allowed the SuperSonics to evaluate players. The internship eventually led to a job as assistant general manager for the team. But first came a lot of dues-paying. As an intern, Cho picked up his boss’s dry cleaning, fetched lunch, and, because he couldn’t afford rent, slept on the floor of his brother’s apartment.

What’s it like to work for Michael Jordan? “Jordan is one of the top five most recognizable people in the world, but he’s a lot more of a normal person than you might realize. He’s very, very smart, he’s savvy…he’s very competitive and wants to win. You have to go very prepared into a meeting with him.” And Jordan’s got a keen sense of humor, Cho said. A year after Cho was fired from the Trail Blazers, he and his new boss, Jordan, stopped at a Buffalo Wild Wings to watch the playoffs. Then, Cho said, “There’s this waiter coming by with a cake and a candle on it and they bring it to me.” Confused, Cho looked up to see Jordan displaying that day’s Oregonian, which featured a front-page photo of Cho with the headline “No party on this anniversary.”


“I get letters that’ll say ‘I want to be a GM of an NBA team.’ I think that’s great to have that goal,” Cho told his audience. “But what I want to hear is somebody who’s willing to do everything and anything — that there’s no job too small or large.”

From ball girl to CMO: Melissa McGhie Proctor (’02) shares her career journey to the Atlanta Hawks

Cho learned early that all jobs have value. He emigrated with his parents from Burma when he was 3 years old. To support the family, Cho’s father spent 15 years working the graveyard shift at a local 7-Eleven.

Authenticity, persistence, and perseverance. Melissa McGhie Proctor (’02), executive vice president and chief marketing officer of the Atlanta Hawks and Philips Arena, shared the importance of these guiding principles during a workshop she hosted at the School of Business.

Cho’s resiliency was tested in 2011. After 10 months — and what was regarded as a successful record — he was fired as general manager of the Portland Trail Blazers. “I thought I had a dream job there,” Cho said. Picking himself up after that shock wasn’t easy.

“Everything happens for a reason,” Proctor said. In high school, she was an artist and not very familiar with basketball until her cousin introduced her to the sport. Proctor fell in love with the NBA and soon dreamed of becoming its first female coach, despite never having played basketball.

But Cho’s fortunes soon changed. He joined the Hornets in June 2011 and now oversees scouting, draft preparation, salary cap management, training, and conditioning programs. In each turn of his career, Cho told students, he’s tried to remember “not to get too high with the highs or too low with the lows.”

In pursuit of this goal, Proctor wrote many letters to the Miami Heat seeking an opportunity to work with the team. “Eventually my persistence paid off,” she said. When the Heat called her back, it was for an undefined position because the team had only ball boys and wasn’t sure how to incorporate Proctor. Ultimately, she became the Heat’s first ball girl, leading to the team changing the title of the role to “team attendant.”

Students lined up after Cho’s speech to talk with him, among them, Cornell Thomas, a first-year Charlotte Evening MBA student. Thomas said he appreciated hearing Cho talk about the importance of character when it comes to finding the right candidates. But it was hearing Cho echo concepts from the School’s classes that made the biggest impression. “I’m studying business really for the first time, so to hear Cho make some of the same points that we actually study here really brings it together,” Thomas said.

As an NBA general manager, how do you motivate someone who has everything? “That’s really hard,” Cho said. “Your commodity is 21-year-old millionaires.” The key, he said, is gathering enough intelligence about players before you hire them. “We want to know what makes them tick, and we want to know that money isn’t going to change them.”

What are a couple of the best meals in Charlotte? Cho runs a food scouting blog, Bigtime Bites, highlighting great meals in cities around the world. In Charlotte, he gives “all-star” status to the shrimp and chicken dumplings at The Dumpling Lady, the lobster Cobb salad at BLT Steak, and the fire and ice ramen at Futo Buta.

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Proctor credited this opportunity to her ongoing persistence and finding ways to creatively market her authentic self to the organization. Her creativity stood out, and she served as an intern with the Miami Heat for six years up until she graduated from Wake Forest with a communications degree in 2002. After graduation, Proctor began her professional career with Turner Broadcasting Systems in Atlanta. A decade at Turner earned Proctor promotions, accolades, a solid reputation, and invaluable connections and relationships. She was chosen to lead a health and wellness startup within the organization, but when the company went in a different direction, Proctor and the entire business unit were laid off.

Proctor offered this advice:

While unemployed, Proctor remained involved in the marketing industry and continued to network. She encountered a former Turner colleague who had recently joined the Atlanta Hawks. “I was in the right place at the right time,” Proctor said. One conversation led to another and she was invited to consult with the team. A few months later, she was brought on as vice president of brand strategy.

•B e your authentic self. Find ways to market yourself and stand out. •B e persistent. Prove why you belong in the organization.

“It was truly humbling to hear Ms. Proctor share the journey that led to her position as the Atlanta Hawks CMO,” said Elton Jonuzaj (MA ’18). “She is a perfect example of authentically being yourself and still proving to others the quality of your work. I believe starting from the bottom gave her the experience to understand what it means to be a great leader holistically.” 2017

•P ersevere through tough times and stand tall. Everything happens for a reason.






Insights From the 2018 World Economic Forum Tim Ryan, Chairman and Senior Partner, PwC

“Picture this beautiful quaint little town that for 51 weeks out of the year is a ski town in the Swiss Alps,” Tim Ryan told students, staff, and faculty gathered in Broyhill Auditorium. “And then picture the world converging on this city.”

corporations like PwC or Facebook and used as spaces to meet and convene. “You could spend an entire day just going in and seeing what’s on display.” Ryan shared with students, staff, and faculty that he experienced a feeling of optimism from the business leaders at the meeting.

Ryan, U.S. chairman and senior partner at PwC, brought insights from the 2018 World Economic Forum, held annually in Davos, Switzerland, to the School of Business.

“The confidence level CEOs have is higher than we’ve seen since before the financial crisis. What we’ve also consistently heard is that CEOs are having a hard time finding the right talent.”

Around 3,000 world leaders from business, politics, and NGOs gather for the four-day Forum that features over 400 sessions on topics that range from cybersecurity to water safety to the importance of inclusion and the significance of new technologies. Many of these events take place at the Davos Congress Centre, where you might bump into corporate leaders like Ryan, or world leaders like Canadian Prime Minister Justin Trudeau. “It’s a tremendous experience, and a serious networking opportunity,” Ryan said.

He advised the students that they are entering the job market with the right soft skills and technical knowledge when supply is low and demand is high. “Organizations are looking for skills that are enabled by high technology acumen,” he said. “They’re looking for people who can be change agents, who can use data analytics to

To accommodate all of this, Ryan explained that virtually every store along the main stretch in Davos is rented out by


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solve complex problems that traditionally took a long time for humans to follow, and understand artificial intelligence — not just how to use it but how to regulate it and build a code of conduct around it.” Ryan also shared thoughts about how leaders must focus on diversity and inclusion. During his first week as senior partner in July 2016, the country was experiencing racial turmoil in Louisiana, Minneapolis, and Dallas. Ryan reached out to PwC employees with a message affirming they were there for each other. “What came back was over 1,000 emails to me and our team. Just two and a half weeks later we asked our employees to get together and have a day-long discussion on race.” Those discussions led Ryan to help spearhead a movement called CEO Action for Diversity and Inclusion. Over 400 CEOs joined with him to create www.ceoaction.com, a website repository of over 500 best practices from companies committed to making their workplaces more inclusive.

“At PwC, we want to have the most inclusive environment in the world,” Ryan said. “It’s the right thing to do, it will create a massive competitive advantage, and will stave off unwanted regulation that won’t get at the root cause of the problem.” And speaking more broadly of regulation, Ryan noted that while the current climate in Washington is one of deregulation, he doesn’t see that being the long-term trend. “What we’re hearing from CEOs is there are several major societal issues out there and they all emanate from the fact that the world is short financial resources for things like elderly care, healthcare, infrastructure, education, diversity and inclusion, and natural resources. Shortage of resources combined with the full transparency enabled by social media leads to policymakers feeling the need to regulate around society’s biggest opportunities because they want to be relevant to their constituents. So despite the fact that we have this short-term feel-good peel back of regulation, I think it’s inevitable that as these issues become more and more important to society, you’ll see more regulation. Ryan sees this as providing opportunity, however. “We’re going to get to a tipping point where the private sector gets pulled in to solve societal problems. It’s inevitable. I want our brand to be known for solving those issues.”


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Q&A WITH TIM RYAN Why is trust-based leadership important? The reality is no one leader can see it all. We need to have ethics, training, culture, and values, but then empower our people to make the right decisions so we can best serve our clients. It’s almost impossible for a company to survive today for the long term without trust-based leadership. I don’t even know how you attract the best talent if they’re not going to be trusted. How do you keep talent? Our biggest investment is trying to build a culture where people have the flexibility they need to make sure they have the right balance in their lives, they get the investment from technology upskilling, they get time to impact society, and they get time to make sure they are being inclusive leaders. Our strategy is to build the best place where we can build the best leaders. How will technology change the profession? I don’t see financial reporting going away. I don’t see auditing going away. In fact, I see the profession being more relevant going forward. A lot of the work we do today is because our clients give us disorganized stuff. As technology makes our clients more efficient, if we’re investing in our people to do world-class things with that data, then we’ll have the ability to be massively relevant and give insights in ways we’ve never dreamed possible. We’re already on that path. We’re helping our clients not through hours we charge but through intellectual property we’ve developed to solve our problems that clients can then use to transform their workforce.

“Great culture is an intangible created through a system of tangibles. These tangibles, ranging from the rhetoric of the upper management to the way entry-level employees are treated, separate good companies from great companies,” said Kellye Gordon, senior director of ethics and compliance at VF Corporation. Gordon came to the School of Business for a talk focused on the importance of integrity in the business world. More than 75 students, faculty, and staff gathered in Broyhill Auditorium for the event, sponsored by the School’s BB&T Center for the Study of Capitalism.

conversation between two ethics and compliance specialists while also asking questions of their own. “Company integrity is imperative to success, yet the definition of integrity can be ambiguous,” Gordon said.

Gordon faces the challenge of translating complex company policies into everyday action for over 60,000 employees at VF Corporation, a major apparel and footwear company headquartered in Greensboro, North Carolina, with an annual revenue of over $12 billion and more than 30 major brands including Jansport, North Face, and Vans.

“My favorite definition of integrity is the courage to meet the everyday demands of reality. Being ethical means having the courage to speak up for what’s right. Making that commitment to ethics is demanding. You will feel the pressure of the company and shareholders on your shoulders, yet you will know that you are leading them in the right direction.”

Despite the company’s size and international purview, Gordon focuses on ensuring that each individual is aware of the company’s values and vision. Gordon refers to VF’s ethical approach as “a process that creates cultural integrity and inclusion,” and she shared that VF Corporation was recently named to the 2018 World’s Most Ethical Companies Honoree List by the Ethisphere Institute.

Josh Nnaji, a Wake Forest sophomore, said he attended the event because he was curious about how business and ethics coexist. “I learned the importance of creating a culture that prioritizes ethics, and a dialogue that facilitates productive criticism,” he said.

The talk was a discussion of ethics and compliance between Gordon and Bryan Starrett, adjunct professor of the practice at the School. Throughout the conversation, students participated in electronic polls and submitted questions for Gordon through a text message survey. These features created an interactive environment where students listened to a 2017






P.S. Snacks • Campus Gas • Swizzler • Dough-Joe's • Village Juice “I took lessons I learned from case studies in class and directly applied them to my business.”

WAKE FOREST School of Business alumni experience the sweet taste of entrepreneurship

She also incorporated marketing concepts she learned in her consumer behavior class with professor Polly Black. Azzara knew she didn’t want to pursue a conventional banking or consulting career. Once she decided to produce her cookie dough as a packaged good, she crowdfunded $10,000 and joined Union Kitchen, a licensed food business accelerator in Washington, D.C. Her time at Union Kitchen allowed her to build an infrastructure for the business and network with fellow foodie businesses. She began to sell the product in the D.C. market through farmers’ markets, gyms, and boutique health stores.

P.S. Snacks changes the sweet tooth game


fter graduating from Wake Forest in 2014, Nikki Azzara headed to the beach with a dozen of her closest girlfriends. That first night, she whipped up one of her favorite healthy concoctions — chickpea cookies — and her friends devoured the guilt-free dough.

Originally marketed under the same Slender Seven name as her blog, Azzara worked with a North Carolina branding agency during the summer of 2016 and the name P.S. Snacks was born. “The idea behind the new name was that the health part is almost an afterthought because of the quality of the taste.”

She attempted making the cookies four more times that weekend and her friends loved the dough so much that the cookies never ended up making it to the oven. The cookie dough she made was gluten-free, vegan, and free of soy, preservatives, refined sugars, and gums.

Her rebrand in place, Azzara relaunched with a new package design in November 2016 and the dough started flying off the shelves. The brand’s three cookie dough flavors are now sold in all mid-Atlantic Whole Foods stores, as well as other health food stores, at universities like Wake Forest, through her online store, and Jet.com. The distribution now includes 130 stores across 15 states, and the small but growing team is focusing its attention on scaling the business for national distribution.

While talking with her dad after the beach trip, Azzara realized she could turn her recipe into a product. “As an undergrad, I studied business and enterprise management and minored in entrepreneurship,” Azzara said. “I loved to exercise and I loved to cook. I had a burning desire to create something related to health and wellness.”

“My education taught me that you need a good personal and professional network and excellent communication skills to be successful,” Azzara said. “I’ve come so far by knowing the right people in the Wake network and being open minded to opportunities that came my way. Wake Forest truly encourages One of her business school classes with Troy McConnell emphasized building a brand and primarily using social media, entrepreneurship among BEM students, and looking back, I can see that they set me up with the confidence and support which inspired Azzara to start Slender Seven, a health food network that I needed.” blog, during her sophomore year.


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Fill ’er up: Campus Gas has a new mission


or decades, Wake Forest students have seen Campus Gas & Service on Polo Road across from the University as a place to fuel up cars. But now three Wake Forest alumni see it as a place to fill up bellies and build a community that bridges the campus and the historic neighborhood to the north. “We thought this could be a kind of linchpin,” said John Clowney (BS ’05, MSA ’06). “We want to bring the community and the University together. We want to really maximize this real estate and restore it back to its former glory.” Clowney, Will Volker (’05, MSA ’06), and Ben Ingold (’05) envision this new iteration of Campus Gas as a bottle store selling juices, sandwiches, and salads to go, and a neighborhood eatery with craft beers, ciders, and a robust menu of American classics with a twist. The building where the new restaurant will open later this year is on the National Register of Historic Places, part of the Oak Crest neighborhood developed in the 1920s. Register documents note its dominant feature, a soaring winged canopy that shelters the gas pumps of the 1965 structure, built in the style of Phillips 66 gas stations named the Harlequin. To start their new business, Clowney, Ingold, and Volker went through a two-year rezoning process, meeting with neighbors and Winston-Salem officials to share their idea for their new restaurant. “Our vision is for something timeless,” Ingold said. “From the logo to the sandwiches, to the milkshakes, beer, and overall experience. We are keeping the historical design of the building and preserving the character of the place. We want to be a good reflection not only of ourselves and our businesses, but also Wake Forest alumni.”

Will Volker (’05, MSA ’06), John Clowney (BS ’05, MSA ’06), and Ben Ingold (’05)


The trio met as freshmen assigned to the same floor of Bostwick Residence Hall. Friends throughout their undergraduate years, the three drifted apart slightly after graduation. “I was doing minor league baseball, then law school,” Ingold said. “John was doing business school, Wall Street, and his real estate job. Will started his own business doing energy efficient tax credit accounting. Once we were back in the same area, we reconnected through a mutual friend and found we all had an entrepreneurial spirit.” Campus Gas is their latest venture, but not their first. The three began one of the first hard cider businesses in North Carolina, Bull City Ciderworks. The cidery has locations in Durham and Lexington, N.C., and sells its cider varieties on tap in pubs and restaurants, and in bottles in specialty shops and grocery stores.

Jesse Konig(’14), Ben Johnson (’14), and Jack Zimmerman (’14)

Four and a half years later, Swizzler is still teaching old dogs new tricks, and still relying on lessons learned from their time at Wake Forest.

Building a tribe and identifying opportunity, one dog at a time In 2014, the capstone group project in Professor Ben King’s entrepreneurship class was to launch an on-campus venture with a $100 budget.

“For me, the training that I had at the School of Business was invaluable. Learning the fundamentals and building blocks allowed me to find success after graduation,” Clowney said.

Jesse Konig (’14) told his group about the idea he and his friend Jack Zimmerman (’14) had to sell spiral-cut gourmet hot dogs as a way to fund post-graduation travel. Konig was an English major and Zimmerman was a Spanish major, so they also pulled in business and enterprise management (BEM) major Ben Johnson (’14), and Swizzler was born.

As the renovations continue, Ingold is preparing to be the chief operator at Campus Gas, but the teamwork involved is critical.

“Jesse and Jack thought I’d be a great addition to the team due to my major,” Johnson said. “But for the most part, I think they asked me to be a part of the team because I like to eat.”

“It takes a team to pull everything off,” Ingold said. “They’re trusting me to do some of the heavy lifting, but you can’t do any of it without the financial models Will’s coming up with, and the real estate background John has. It takes a village, and we’re lucky to have this entrepreneurial partnership.” “Your partnership and how that congeals is the key to success for replication, potential additional locations, or additional business,” Clowney said. “You can figure out financing, you can figure out an idea, but if you don’t have a strong partnership, then you’re not going to do well. It takes constant contact and communication. We take this opportunity seriously. We’re a reflection of Wake Forest, and now we are a part of this community. We have the responsibility to show up and do our best every day.”

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“The BEM program provided me with a base level of business knowledge I wouldn’t have otherwise had heading into the real world,” Johnson said. “An understanding of accounting practices along with a concentration in consumer behavior and digital marketing was very helpful. I’ve recently transitioned into more of an operations role within our team and those practices have proven very useful.” They also learned from professor Ben King that entrepreneurship is the pursuit of opportunity without regard for the resources currently in your control. “He told us that we don’t need to know all the details, we just need to be able to identify a great opportunity and have the persistence to be able to pivot and make changes as we go,” Konig said. Swizzler now features two food trucks, and this fall the team will open their first brick-and-mortar location in a renovated food hall in Ballston Quarter, the D.C. suburb where the group lived together during their challenging first year in business.

The project was so successful that it became the highest grossing venture in the history of the class. The group realized they had an opportunity to capitalize on their momentum.

“I’m proud of how we never gave up and that we are now at the point where we are offering jobs to others and adding value to people’s lives,” Konig said. “We’ve built a tribe with our customers who believe in us.”

After graduation, Johnson, Konig, and Zimmerman pursued their dream of launching Swizzler full-time in D.C. They recognized the market opportunity for a successful food truck that would allow them to reach different neighborhoods with a lower startup cost.

And while they start a new chapter in their business, Johnson said their Wake Forest experience guides their organizational values. “Pro Humanitate reminds us that the actions we take as business owners should always have a positive impact on our society. From the way we source our ingredients to our internal culture, Pro Humanitate values live amongst our founding team.”

The group worked with food incubator Union Kitchen, and on Halloween 2014, they hosted their first official gig, showcasing a menu featuring locally sourced, organic, grass-fed beef hot dogs with unique combinations of gourmet toppings.







Doing good with good doughnuts


hat do you get when you combine a boy, a girl, and a food truck with a recipe for darned good freshly baked cake doughnuts? If you’re in Winston-Salem, it can only mean Dough-Joe’s.

“Our mission is to serve incredible doughnuts while giving back to this place that is so dear to us,” Eric Disch (’14, MA ’17) and his wife Anna Margaret Roth (’17) wrote on their website. “We take pride in using high quality ingredients, recognizing our customers, and donating a portion of our sales directly to organizations that work to make food more accessible in the Winston-Salem area.” Disch and Roth met as undergraduates at Wake Forest University. Roth studied communication and music. Disch studied Spanish and then enrolled in the Master’s in Management program. Five months after graduation, the couple started their Dough-Joe’s food truck. “I was really enjoying the Management program, and I thought a lot about either pursuing a more traditional career or starting my own business,” Disch said. “We actually talked about opening a bakery, but there were really high capital requirements.” “We pivoted when we realized there wasn’t a boutique doughnut shop in town,” Roth said. “My dad always used to talk about opening a doughnut shop, so we borrowed his idea. A truck was on a smaller scale, and more manageable.”

Disch said his experience in the Master’s in Management program provided him with the necessary foundation to understand the inner workings of a business. During the program, he and his teammates consulted for Fifth Third Bank during their Action Learning Project, generating a recommendation for expansion to a new market by identifying key economic drivers for loan production and private wealth management offices and performing comparative analysis with test markets. The couple knew that they wanted to open their business in Winston-Salem after falling in love with the community while attending Wake Forest. When they decided to open DoughJoe’s, their inexperience in the food service industry was their main obstacle. “We had to learn so much in such a short period of time,” Roth said. “It was great that Eric had a business degree because he was able to handle the accounting and keep the financial side of the business in order. At the beginning, the easiest part of the business was making the food. The hardest part was everything else.” The response from the community has been overwhelmingly positive. The company’s social media following has taken off, and they now have regulars who visit the truck multiple times a week. “We’re becoming part of people’s weekly routine, which makes us a part of their life,” Disch said. “As long as you’re nice, honest, and hardworking and your customers see where you’re coming from, they’re very quick to offer you grace.” In addition to continuing their food truck business, expanding their catering presence, and increasing their special event bookings, Disch and Roth plan to open a shop in Reynolda Village by the end of the summer. “Ever since we opened the business, everything has moved so much faster than we would’ve thought,” Disch said. “It takes a lot of work but we’re learning really quickly.”


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and alternative medicine. Nathan and I became the support system to make Lonnie’s dream happen.” The team perfected their recipes and invested in a juicer they still use today. They began production in a commercial kitchen in 2015 and sold juice three days a week. Wake Forest MBA graduate Elizabeth Lucas-Averett (’01) then approached the trio with the idea of taking the juicery to a full-scale restaurant concept.

Passion in every bottle and bite: Village Juice expands

“Lonnie had the passion and the talent, and we both shared the same vision,” said Lucas-Averett, a Village Juice co-founder and investor, who is now the managing partner of The Trivista Group, a consulting firm that specializes in new business model development. “We worked together to create the business model but also a unique experience that you couldn’t find in Winston-Salem.”

Village Juice, Winston-Salem’s cult favorite juicery-turnedrestaurant, has outgrown its space on Stratford Road thanks to an ever-growing demand for freshly pressed juice and locally sourced, organic food. The owners of Village Juice, Nathan Atkinson (’98) and wife Lonnie, along with business partner Clyde Harris (’98), recently opened a second restaurant in the new commissary kitchen downtown in the former Quality Glass building. They are also expanding their partnership with Wake Forest this fall by opening a full-service restaurant in the current Bistro34 location near Farrell Hall.

As continued success brings expansion, the Village Juice owners reflected on what it took to grow to this point. Nathan noted how his Wake Forest degree helped him develop important critical thinking and problem-solving skills, and added that the Wake Forest network has contributed significantly to their success.

The owners of the business have their hands full at the moment, but Village Juice has humble beginnings and ties to Wake Forest.

For Lonnie, passion has been the team’s X factor. “Passion keeps you from giving up when it gets hard,” she said. “We started with two employees, grew to more than 30, and will hire 20 more for the new locations. By feeding people, we’re helping to make them happy and healthy. It’s really energizing to be part of the healthy, sustainable eating movement.”

Nathan and Clyde were roommates at the university for two years. Meanwhile, Lonnie was living in Los Angeles before she married Nathan. She wanted to launch her own juice business to share her passion for the health benefits of a plant-based lifestyle, which helped her mother in her fight with lung cancer. Clyde’s personal health journey also made him passionate about juicing and healthy eating. Twelve years ago, he was diagnosed with stage 4 sarcoma. “The first thing I did was buy a juicer,” Clyde said. “I was trying to help my body be healthy and strong by combining modern






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BS ’11

Teamwork to Last a Lifetime For Blake Jennings (BS ’11), teamwork is everything. That’s an ethic he absorbed during his time at Wake Forest University and it has become a cornerstone of Jennings’ professional life. “Teamwork is absolutely vital to success in organizations,” said Jennings, director of development at Greensboro-based Biscuitville Fresh Southern. “Group projects in my Business School courses taught me how to interact and learn with people who think about problems and solutions differently than I do. I now see why it is such an important aspect and pillar of the Business School,” he said. Jennings was drawn to Wake Forest in part because of the encouragement of a personal team of mentors who went to the Wake Forest School of Business and praised the program. Once there, Jennings found instructors who helped him to reach and grow. Among the professors who left a big impression was Dr. Bill Marcum, associate professor and undergraduate program director in finance. “Even though his courses were some of the more demanding, he truly motivated students beyond the classroom,” Jennings said. “His ability to challenge students to think outside the box helped me in my previous roles and my role today.”

As he reflected on what Wake Forest means to him, it’s clear that much of what Jennings took away from his time at the school transcended the academic — like the philosophy he carries with him in his professional life. “Surround yourself with people who work hard, and treat others with integrity and respect,” he said. “You don’t need to have the best grades, largest resume, and deepest contact list to be successful in this world. As long as you work hard, treat others as you want to be treated, and take what Wake Forest has taught you, you will find success not only in business but in life.” Success came to Jennings, in part from the Wake Forest team he turned to in order to launch his career. “I spent my first seven years working for Wake Forest graduates,” he said, “and to be able to put the Wake Forest name on a resume makes a difference.” In the end, the team you forge while earning a Wake Forest degree will be the team that helps you once you leave the University doors, Jennings said. “If you just take the contacts you have at Wake Forest — friends, professors, etc. — you will find that the Wake Forest network reaches much farther than you could imagine,” he said.

Outside his coursework, Jennings served as president of the Wake Forest Real Estate Investors Club and interned with Wachovia Private Bank in Winston-Salem. He stays in touch today with friends from those years. “I see my Wake Forest friends on various trips and in my new hometown of Greensboro,” he says. “I love attending Wake Forest football games, where I frequently run into many friends living throughout the country.”


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Constantly Pursue What Makes You Come Alive Devi Eddins Walters (’07, MA ’08) couldn’t wait for her next finance class with Rob Nash — or, on other days, her next marketing class with Kenny Herbst. Walters’ enthusiasm for the Wake Forest School of Business Master’s in Management program meant she met each day ready for a fresh challenge. Wake Forest professors’ passion and excitement for their area of expertise was infectious, said Walters, a senior leadership development partner with Duke Energy in Charlotte.

Today, Walters is intent on helping current students at the School that launched her career. She stays in touch with former students and instructors and recently served on a career panel for a talent management class. “It was a wonderful opportunity to stay connected and share my journey, insights, and lessons with students whose shoes I was in at one point in time,” she said. Walters encouraged students to pay attention to relationships. “Never underestimate the importance of building and maintaining a network,” she said. “When looking for a job, you could spend hours on end searching and replying to job postings on the internet. Use some or all of that same time to make connections, reach out, ask questions, and give thanks for people’s time. Every interview I’ve ever landed came from some connection I had.”

Walters, who earned her undergraduate degree in psychology at Wake Forest, chose the Master’s in Management program as a way to weave together her love for psychology and interest in business. She said the program helped her grow immensely and establish the foundation for a successful career. “It provided me with a very broad, yet robust background in all areas of business,” Walters said. “Pairing psychology with business gave me the perfect opportunity to ultimately land my dream job.”

Years after earning her Wake Forest master’s degree, Walters is still fueled by the enthusiasm she experienced as a student. She urged others to stoke that same flame.

And it wasn’t just the coursework that prepared Walters for her professional journey. Wake Forest, she said, demonstrated the incredible power of a deep network.

“Don’t lose sight of what you’re passionate about,” she said. “When something makes you come alive, pay attention to that and chase after it. Don't ever stop pursuing and feeding that feeling”

“Sherry Moss went out of her way to connect students interested in the human resources field with seasoned human resources professionals she knew and was my biggest cheerleader when I had an opportunity to attend a networking event that led to my first job,” Walters said. “I am still amazed that after 10 years since I graduated, I can reach out to many of my old professors and, not only do they remember who I am, they are willing to support me in any way they can. You simply don’t get that at just any school.”


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MA ’08



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MSBA ’17

Opening Doors and Unleashing Potential For Grant Trivette (MSBA ’17), earning his Wake Forest Master of Science in Business Analytics (MSBA) degree was like finding the key that unlocks the door to opportunity. Trivette had barely started his coursework in the inaugural MSBA class when he began receiving personalized advice on developing a resume, writing cover letters, and interviewing for the specific jobs in which he was interested.

Trivette urged future students to make the most of every class, not just the ones that seem tailor-made for a targeted career.

“I was kind of aimless my first three semesters,” Cooper recalled. “I had a little wake-up call when I took my first accounting class.”

All of his instructors instilled the importance of leading by example, and being authentic on the job, Trivette said, explaining that “actions speak much louder than words when you’re working across an organization.”

Trivette earned his degree at the same time that he was also embarking on a more personal challenge.

Just as a door was opened for Trivette by earning his degree, he absorbed the School’s focus on sharing what you know and opening doors for others.


“Always be ready to lend a helping hand or answer questions and you’ll be building trust," he said. “It is great to realize a Deacon helped me navigate the process to land a job and now I have the chance to reach back and do the same.”

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companies they’ve built. It’s a fast-paced, demanding, and highly rewarding profession that draws on an enormous range of skills, many of which Cooper first honed at Wake Forest.

William Cooper III (BS ’96, MSA ’97), known as “Coop” by his friends, said Wake Forest University developed in him a keen determination to succeed, to work incredibly hard, and to push through when the going got tough. That grit, he said, is evident in the Wake Forest graduates he hires today in his position as managing director and co-founder of BlackArch Partners, an investment bank headquartered in Charlotte. Cooper, a member of Wake Forest’s first Master’s in Accounting class, said his own Wake Forest success story is the best proof that work ethic and resilience are learned traits.

“I think the key moment was realizing very early on that the program is innately cross-functional,” said Trivette. “The deeper analytical knowledge I was gaining could be applied to any functional area in business, which helped me choose finance.”

Trivette credited the School of Business faculty and administration, particularly John White, executive director of enrollment management recruiting, for helping him

Excellent grades are important. Natural intelligence matters. But the most crucial ingredient to success is something else entirely.

coordinate a short hiatus so he could be home with his wife and newborn son and stay on track in his courses. Other School faculty and staff who made strong impressions include Jeff Camm, associate dean of business analytics, for his deep industry knowledge, and Jonathan Pinder, associate professor of management, for his rigorous coursework and “extremely pragmatic approach to analytics.”

“I was simultaneously leveraging the alumni network and finding Deacons working in the companies where I was applying, and asking them for advice and assistance in my “Go into each course ready to succeed and do your best to soak search,” Trivette said. It was a winning combination for the U.S. up all the knowledge,” he said. “Some of the topics I thought I Army veteran, who ultimately landed a coveted position as would not use in my career were front-and-center within the financial analyst with Hanesbrands, Inc. first month on the job.”

“I will never forget sitting in the data visualization class and getting a call from my wife that she was going into labor,” Trivette said. “There were a lot of cheers and well wishes as I grabbed up my things and left the classroom.”

To Achieve Real Success, Just Add Grit “Accounting is the base language of what we do,” he said. “A lot of what we do is tear apart a set of financial statements.” Yet even a solid understanding of a business’ financials isn’t enough — it takes the ability to step back and understand the possibly differing goals of a group of shareholders, he said. That stepping back from the details to marry data with objectives is a key component of the capstone course for the MSA program, a course Cooper had a hand in creating. The course helps students recognize there isn’t necessarily one right answer to a business problem. “It’s about the thought process you use and the data you apply — and then introducing new data and having to suddenly pivot.”

The class was taught by Wayne Calloway Professor of Accounting Jon Duchac, who Cooper said made accounting fun and exciting, fully engaging students and bringing the subject to life. The effect on Cooper was transformative. “I would not be sitting here today without that class, as well as some patient guidance from faculty advisor Dale Martin, Delmer P. Hylton Professor of Accountancy,” he said.

Original, creative thinking and a solid understanding of business and financials are key foundations for a great career, Cooper said, but tenacity takes a person over the top. It’s a quality he believes sets Wake Forest graduates apart. “Some of my very best hires over a 20-year period have come out of Wake Forest,” Cooper said. “I think a lot of it is that very intensive work ethic and being very thorough. Wake Forest graduates come very well-prepared — and that instilled work ethic is so important.”

Cooper landed an internship with Ernst & Young in the audit department, and later took on a different internship in the company’s mergers and acquisitions unit. That immersion into the world of investment banking opened Cooper’s eyes to the careers possible with an accounting degree. Today, Cooper and his team help people complete what will likely be the biggest transaction of their lives — selling the


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BS ’96, MSA ’97



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MBA ’10 and MBA ’13

Brothers Share Wake MBA Experience Brothers Diego Espinoza (MBA ’10) and Sergio Espinoza (MBA ’13) shared everything growing up: a crib, a room, even friends. In their 20s, their mother passed away unexpectedly, and the loss was compounded when the brothers were separated for the first time. Diego, the elder by a year and 10 months, left their home country of Costa Rica to finish his undergraduate studies in Kansas. He learned about Wake Forest through a friend in Costa Rica and from research on employer-recommended universities.

“Diego and others were telling me great things about Wake Forest University,” Sergio said. Sherry Moss, professor of organizational studies, connected Sergio with students who were planning to work in the financial industry. “Hearing their stories and experiences helped me decide that Wake Forest was the best option,” Sergio said. Sergio immersed himself in coursework, relishing his classes and, like his brother, taking advantage of global learning opportunities. A trip to India with Patrick McMullen, associate professor of management, gave Sergio and other students “a deep dive into India’s business dynamics and culture.” A capstone moment came when Sergio landed a summer internship at Morgan Stanley’s private wealth management division in New York City. “Wake Forest helped me open the door that ultimately led me to work at Morgan Stanley full-time, allowing me to fulfill my dreams,” said Sergio.


As Adrian Wilkinson (MBA ’14) considered school choices to help take his career to the next level, one thing stood out to him: the way the reputation of the Wake Forest University School of Business would resonate with his professional network and future employers.

happening without the help of my Wake Forest MBA, and I expect that same success will continue on my career journey.” For those serious about career growth, the School of Business courses are invaluable for the way they are immediately applicable to the work world. For Wilkinson, that was particularly true in classes taught by Rob Nash, Thomas K. Hearn Jr. Professor and BB&T Center Associate.

Today, Sergio is a Morgan Stanley financial advisor, Diego serves as international sales manager for New Way Trucks, a leading truck manufacturer in the waste management industry, and the brothers live just two miles apart in Atlanta.

“Rob brought real-world situations to class,” Wilkinson recalled. “He would print copies of newspaper articles, sometimes from that same morning, and tie those articles directly into the topic for that night’s class. Bringing the real-world situations was eye-opening and showed how what we were learning could be applied every day in the real world.”

The Wake Forest University School of Business brought them back together, and they are determined to stay close as they continue building careers that leverage all they learned through the School of Business. They both credit the School for instilling valuable lessons in building culture and meeting challenges in the workplace.

Diego quickly became impressed with the depth of knowledge his professors brought to the classroom and the opportunities to “I learned you should lead by example, and you shouldn’t ask travel to Japan and Nicaragua with Wake Forest professors and people to do things you are not willing to do yourself,” Diego classmates. While earning his MBA, he also interned with global said. “You build culture by being the person you want the agribusiness company Syngenta in Greensboro. organization to become.” While Diego was in school in the United States, Sergio was watching his elder brother’s adventures from afar.

Program’s Prestige Leads to Professional Growth

For Sergio, the program’s Pro Humanitate emphasis underscored the responsibility to give back and leave a positive impact on the world around him. “I strive to help others by going beyond my stated duties to add value to my co-workers, clients, company, and community.” Sergio said. “And I strongly believe in diversity so I try to create an inclusive environment that is inviting for people of all backgrounds and cultures.” For both brothers, Wake Forest proved an invaluable resource for allowing them to use their gifts. “Ever since I started doing finance, I knew I wanted to follow my passion and continue helping my clients achieve their financial dreams by working with a big financial institution in the U.S.,” Sergio said. “I also wanted to be closer to my brother. After 10 years apart, Wake Forest University brought us back together.”

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The program proved an excellent training ground for Wilkinson, who achieved Academic Distinction and earned the Class Leadership Award, all while working full-time and attending classes in the evening. It wasn’t easy, he said, but it shouldn’t be. “When you put in the hard work, the program’s quality leads to a wealth of future opportunities,” Wilkinson said.

“My No. 1 reason for choosing Wake Forest for my MBA was the school’s reputation for excellence,” he said. “This reputation is fueled in part by the leaders it produces, so I think it’s very important for alumni to stay involved with Wake Forest. Those alumni leaders can provide real-world knowledge and insight, and job connections for future alumni.”

And the rigor and depth of the program forges a lasting bond between students. “Any time I see a classmate, we don’t just shake hands or say hello. We hug, because we both made it through the trenches of a rigorous MBA program together!” he said.

Today, as senior manager of human resources research and analytics at Reynolds American Inc., Wilkinson uses datadriven insights to guide strategic decision-making. He credits the School of Business MBA program for helping him along the path of professional growth. “Across the entire program, I attained a much higher level of confidence with all business-related topics,” he said. “That improved confidence has enabled me to succeed at Reynolds American and receive my first promotion after just 10 months. I don’t envision that


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MBA ’14



in Action



MBA ’12

Self-Discovery Spurs New Growth What if your assumptions about yourself turned out to be too limiting? What if you had secret gifts inside even you didn’t know about? Mona Baset (MBA ’12) can tell you just what that’s like. Her Wake Forest University experience challenged what she thought she knew about herself — and revealed abilities that brought her new opportunities. When Baset began the Charlotte Evening program at the School of Business, she already had a job she loved. “I wanted to pursue my MBA to further round out my knowledge and increase my contributions,” she said. “I looked at many programs, and Wake Forest University was the clear winner based on a few key factors: the reputation of the program on a national level, the high caliber of both the professors and fellow students, the convenient location, and overall value of the program.” Among the highlights of her time in the program: being selected as part of a small group to fly to Omaha, Nebraska, to meet Warren Buffett. “It was one of my most memorable moments of my program, and I still keep the photo of Warren Buffett and myself on a shelf in my office,” Baset said. “Another highlight was a trip to Iceland and the Netherlands I took as an elective. The focus was on studying the collapse of the financial markets that preceded the Great Recession, and we also had the opportunity to take in the sights and culture.” But the discoveries didn’t stop with learning about global economic conditions or meeting the founder of Berkshire Hathaway. The School opened Baset’s eyes to something just as profound, if not more personal.

“After many years focused on the ‘softer’ side of marketing and communications, I discovered that I actually was a ‘numbers person’ as well,” she said. “I couldn’t have reached that conclusion without the engaging faculty and curriculum. That experience has opened my eyes to new opportunities and innovative ways of doing things.” Baset put her new knowledge to work in her professional life and the results were significant. “I learned how to approach challenges in a different way. Later, when it was time to move to a new opportunity, my MBA, combined with my broad experience, set me up to be an adaptable leader,” she said. “Within the first few weeks of my new position, my responsibilities expanded considerably, and I believe my Wake Forest MBA was a factor.” Today, Baset serves as assistant vice president of information and analytics services with Atrium Health in Charlotte, leading consumer and patient engagement strategies, along with the technologies and processes that help support them. Since completing her MBA, Baset has stayed in touch with her Wake Forest network. “I know what it takes to be successful in this program — focus, discipline, curiosity, intelligence, and the ability to connect with others. Those are the same qualities I want in people I spend time with socially and people I work with,” she said. “I hired one of my classmates for a key position in my organization, and it has been one of the best hires I’ve ever made. There have been similar stories for others — fellow Wake Forest University grads do what they can to help each other succeed, well after graduation.”

Investing in Her Future, One Saturday at a Time When Maranda McBride (MBA ’11) set out to earn her MBA, she faced the unique challenge of learning at one university while teaching at another. McBride, an associate professor at North Carolina A&T State University with a Ph.D. in engineering, wanted to continue teaching while earning her degree. The Wake Forest University School of Business program turned out to be an ideal fit.

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Today, McBride not only continues to teach, but also serves as director of the North Carolina A&T State University Transportation Institute, a role which calls on leadership skills she developed in part at the School.

“I was looking for a quality program that would fit my busy work schedule, and the Saturday MBA program was perfect,” McBride said. “I was able to confine my classes to one day a week, which made it easier to balance my school assignments and work tasks throughout the week.”

“I use the project management skills I learned in the MBA program daily in my current position,” McBride said. “I just completed an executive leadership development program at work and was happy to discover that I had already learned many of the leadership skills that were discussed in that program in my Wake Forest MBA classes.”

Working full-time while earning a new degree can be demanding, but McBride was highly motivated. “I was already established in my career in academia when I entered the Wake Forest MBA program. As an engineer teaching college courses in a business school, my purpose for pursuing the degree was to increase my knowledge of the various business disciplines so I could more easily connect the operations concepts I taught with my students’ majors,” she said. “Obtaining the MBA made me a more effective professor and made it easier for me to obtain tenure in the North Carolina A&T School of Business and Economics.”

The smooth segue from her Wake Forest classroom back to her workplace classroom was achieved by charting a plan for her MBA and making the most of the School’s opportunities. McBride encouraged new students to take the same approach. “Take your education seriously. Do not take the opportunity to attend a well-respected, quality educational program for granted,” she said. “Go into the program with goals that you want to achieve and use the multitude of resources you will have at your disposal to achieve them.”

To make it all work, McBride relied on her time management skills and help from Wake Forest faculty and MBA colleagues. “The way the professors organized the material made it so easy to plan ahead,” she said, “and an amazing team made it possible for me to perform well in this program.” That team bonded through Saturday sessions that were serious about learning — but also a lot of fun. “The fondest memories I have are of my team and the classmates who sat around me each Saturday,” McBride said.



“We were perfectly matched and it felt like we were a family. Even though I had to sacrifice two years’ worth of weekends, I always looked forward to class. I learned a lot not just from the professors but from my classmates. They made all of the difference.”

in Action






MBA ’11




With hugs and high-fives, nearly a dozen students from the first graduating class of the Master of Science in Business Analytics (MSBA) program entered their former classroom in Farrell Hall. After they greeted each other and started catching up, they found themselves returning to their regular seats in the classroom. “Coming back for a one-year reunion — you don’t get that many places,” said Grant Trivette (MSBA ’17). “Most schools make you wait a little longer. But this is just wonderful. I always love a chance to come back to campus.” Trivette, who was the first student enrolled in the program when it began in 2016, works not too far away at Hanesbrands in Winston-Salem where he still lives. But some of his classmates traveled from across North Carolina and out of state to catch up and mingle with fellow alumni, as well as faculty members, staff, and current MSBA students.

Top 20 in the U.S.,


in North Carolina U.S. News & World Report, 2018

Pictured left to right: Matt Avery (MSBA ’17), Jim Clark (MSBA ’17), executive director John White, Aneesh Kodali (MSBA ’17), professor and associate dean Jeff Camm, Grant Trivette (MSBA ’17).

Master’s in Accounting

Top 5

CPA Pass Rate — NASBA Since the program began in 1997, the School’s students have placed in the top five of all schools with accounting programs in 19 out of 20 years, and have placed #1 more than any other accountancy program in the U.S.

This is the 9th consecutive year the School’s MBA program has been #1 in North Carolina.


Public Accounting Report, Annual Professors Survey, Master’s Ranking 2017

Master’s in Management

#4 Top 25

in the U.S.,

Top 30


The Economist ranked the Master’s in Management program #4 in the U.S. and #21 in the world. 2017 was the publication’s inaugural ranking of pre-experience MA programs and the first ranking of the program for the School.

Undergraduate Program

Master’s in Business Analytics

He shared how his experience in the program allowed him to have an impact professionally. “We have a very large advanced analytics group at Hanesbrands, and I have the ability to connect with them and also connect with other business units like finance. Serving as a translator or facilitator between the two groups has been extremely valuable, and I’m able to do that because of my time at Wake Forest.” “I wasn’t totally sure I wanted to go full force into an analytics career at the beginning of the program, but by the end, I knew it was exactly what I wanted to do. It became my dream,” said Martha Dawson (MSBA ’17). “I loved every course in the program and that drove me to apply for analytics positions so I could do this every day. I love my job and I love every day at work.”



The School’s Master’s in Business Analytics program was recognized in its first year by QS World University Rankings as a top 30 global program and among the Top 20 programs in the U.S. in 2017.


U.S. News & World Report, Best Undergraduate Business, Program Specialty — Accounting 2017


Public Accounting Report, Annual Professors Undergrad Survey Ranking 2017

Professor Ron Thompson (left) catches up with Sitian Gao (MSBA ’18) and Denise Dubick (MSBA ’17).


for Best Undergraduate Business Programs by U.S. News & World Report, 2017

During the reunion, Jeff Camm, associate dean for analytics, spoke with the alumni about the School’s new online master’s in business analytics for working professionals.

This is the 11th consecutive year the undergraduate program has ranked in the top 10 percent nationwide.

“I was really excited to hear what’s new in the program,” said Denise Dubick (MSBA ’17). “I heard there was going to be an online program starting soon, so I was really interested to learn more about that, and it was also a great opportunity to meet the new graduating class.” While the group was visiting campus, they wrote personal notes to the graduating class of 2018, and shared advice for prospective class of 2019 students at a reception on the Terrace.


B U S I N E S S .W F U. E D U

Woody Shi (MSBA ’17), Vicky Zhang (MSBA ’17), and John White pause their conversation for a quick photo.








Find links to the full stories at business.wfu.edu/newsroom/2018news

Amazon and Whole Foods could revolutionize grocery delivery. But do shoppers want it? L.A. Times


Tax break or kickback? Energy benefit becomes a lightning rod New York Times Jonathan Duchac, a professor of accounting at Wake Forest University, goes a step further. In a paper on the subject in The ATA Journal of Legal Tax Research, he and his co-authors argue that simply giving away the deductions violates most state constitutions, which have anti-gift provisions. “Government can’t give away things of value without being compensated,” Mr. Duchac said.

a conceptual model that captures how high-performing organizations maintain excellence in the face of personnel turbulence. The Individual-RelationshipOrganization-Context, or IROC model, describes the complex relationship between organizations, individuals, and context and explains how these relationships influence trust and performance.

What Trump’s tariffs could mean for consumers U.S. News & World Report

“For instance, Canada has a thriving auto plant base and vehicles assembled there need supply of raw material and subassembly input that constantly goes Why you should buy the stocks across the border between the U.S. and that lobby the most Canada and Mexico. In some cases, the Forbes back-and-forth may occur even up to “Portfolios of firms with the highest a dozen times [with one car] and any lobbying intensities significantly increase in costs due to cross border outperform their benchmarks in the flow tariffs would destroy the current three years following portfolio formation,” state of the industry," says Haresh states a 2014 paper titled “Corporate Gurnani, the executive director of the Lobbying and Firm Performance” by Hui Center for Retail Innovation at Wake Chen, David Parsley, and Ya-Wen Yang, Forest University School of Business in of the University of Zurich, Vanderbilt Winston-Salem, North Carolina. University, and Wake Forest University.

Take these steps to become comfortable with change Fast Company Even when you anticipate that the outcome of change will be positive, there is still a tendency to experience anxiety when you’re asked to replace familiar practices with new ones, adds Amy Wallis, professor of organizational behavior at Wake Forest University School of Business in WinstonSalem, North Carolina.

How strong values sustain a team's performance Psychology Today Retired Army Colonel Patrick Sweeney, director of Wake Forest University’s Center for Leadership and Character, introduced 52

On guns, companies are getting out ahead of the politicians Associated Press Roger Beahm, a professor of marketing at Wake Forest University School of Business, said smaller retailers will probably capitalize on the situation by selling the weapons the major chains will no longer handle. This Associated Press story ran in some 600 news outlets.

You're getting a Master's in what? Wall Street Journal “Students want a deeper expertise in specific business disciplines if they’re pursuing a graduate degree,” said Charles Iacovou, dean of the business school at Wake Forest University, which discontinued its B U S I N E S S .W F U. E D U

traditional two-year M.B.A. program in 2014 and concentrated its resources around the school’s part-time M.B.A. offerings and its three specialized master’s programs. The Wall Street Journal also featured this story on Snapchat on June 21.

Facebook controversy: Love it or hate it, big data is here to stay Fox News In an opinion piece, Jeff Camm writes: News this week that a political consulting firm, Cambridge Analytica, improperly obtained data of more than 50 million users is troubling, but it’s nothing more than a bad apple. Now there are calls to delete Facebook profiles and turn away from authorizing the respected outlets with our data. To that I say, resist.

The hardest thing about working in the gig economy? Forging a cohesive sense of self Harvard Business Review Professor Sherry Moss and her co-authors discuss research regarding workers who hold more than one job: “The most prominent set of struggles our informants faced was centered on how to feel and be seen as authentic when they wear more than one occupational hat. Because one’s occupation is such a core part of one’s identity, those engaged in multiple jobs may find themselves plagued with issues of authenticity: who am ‘I’ really, if I’m all these things at once?”

How the bot stole Christmas: Toys like Fingerlings are snapped up and resold New York Times “When an advertised item is unavailable because of out-of-stocks, customers don’t blame bots, they blame the retailer,” Roger Beahm, a professor of marketing at the Wake Forest University School of Business, said in an email.

“Consumers are becoming accustomed to getting pretty much anything they want delivered right to their door today, just by clicking ‘Confirm and Pay,’ ” said Roger Beahm, the WestRock executive director of the Wake Forest School of Business Center for Retail Innovation. “Having perfected this buying behavior in categories such as books and apparel, it’s not hard to visualize consumers getting to a similar tipping point in retail grocery once the logistics are there.” This story also appeared in media outlets like the Chicago Tribune.

Allegations of ‘fake news’ stretch beyond politics Washington Post The problem is potentially more dangerous for retail investors who are attempting to make investment decisions on their own, said Ajay Patel, a finance professor at the Wake Forest University School of Business. The story also appeared in outlets like the Denver Post, the St. Louis Post-Dispatch, and the Worcester Telegram.

Trump is doing what workplace experts say a boss should never do The Washington Post In writing for the Harvard Business Review, Sherry Moss, a professor of organizational studies at Wake Forest University’s School of Business, said bully bosses can cause “psychological distress, job dissatisfaction, and emotional exhaustion. It’s also been linked to counterproductive behaviors, from the organizational to the interpersonal.”

Wake Forest Master of Arts in Management ranks #4 in the U.S. and Top 25 Worldwide Marketwatch The Economist has ranked the Wake Forest University School of Business Master of

Arts in Management program #4 in the Building diversity: The people U.S. and #21 globally. In this global ranking, that analytics often leaves behind The Economist placed the School #8 for the Wharton Knowledge blog diversity of recruiters, a measure reflecting Derek Avery at Wake Forest University the breadth of industries that seek Wake School of Business, agreed that people Forest MA in Management talent. The analytics has a “garbage in, garbage out” School placed #10 for salary and #11 for its problem. He observed that professionals rating of faculty by students and graduates. need to be careful when trying to build This is the publication’s inaugural ranking algorithms that encourage diversity, of pre-experience Master’s in Management because currently there isn’t even programs. agreement in the field about exactly This story appeared in 265 news outlets, what diversity is. including The Miami Herald, Ask.com, and the Minneapolis-St. Paul Star-Tribune. Wake Forest taps Noodle

Black Friday: 5 reasons we’re heading for a record holiday shopping season Fox News “Although leading retail forecasters can’t settle on an exact dollar amount, the consensus is already set: we’re going for a record holiday shopping season,” writes Roger Beahm, in his essay for Fox News.


International differences in procurement's use of digital purchasing tools BlogTalkRadio Today Buyers Meeting Point welcomes back Wake Forest researchers Jim Narus and Michelle Steward. They have been leading research into a number of different procurement behaviors and how they affect each company’s relationship with suppliers as well as individual industry peers.

How to encourage candor in your office Journal of Accountancy John Sumanth is an assistant professor of management and organizational behavior at the Wake Forest University School of Business. He puts it in terms of creating an “environment of voice,” where people feel free to speak up about issues and problems, whether between co-workers or organizational leaders. 2017



Partners to expand analytics degree online

Campus Technology Wake Forest University’s School of Business is expanding its Master of Science in Business Analytics program through a partnership with online higher education provider Noodle Partners. The new offering will cater to working professionals who want to hone their big data skills in an online format.

Visual and text analytics: The next step in forensic auditing and accounting The CPA Journal George Aldhizer, PwC associate professor of accountancy, penned this article, featured in the June 2017 issue. He details the benefits of visualizing structured data in more creative ways and how unstructured data can locate previously hidden red flags for material misstatements and fraud.

Can B-School rankings be reformed? Inside Higher Ed Jeremiah Nelson, director of enrollment management for the Charlotte Wake Forest University MBA program comments, “I’ve had the unique opportunity to work for several very different business schools. Some, like Wake Forest, are highly ranked and enjoy attention from prospective students due to the strong endorsement these rankings offer during the exploration process.”


A fundamental change Manufacturing Today


The price is wrong: Why merger activity is slowing in the U.S. and, well, everywhere

Denis Maier, professor of the practice in operations, wrote in a column: “Industry 4.0 is not another buzzword that can be Tampa Business News waited out like some other management trends in the past. It is real and will Wake Forest finance professor Ajay Patel fundamentally change the way we produce said that if past repatriation tax holidays goods and provide services, just like are any guide, public companies will use the other three industrial revolutions the bulk of that money to issue dividends did before. A closer look at the state of to shareholders and buy back stock. American manufacturing reveals that the “Even though a lot of companies had cash current course of many companies needs to parked overseas, they still had access to be corrected to leverage the opportunities plenty of financing at low interest rates," and to remain a key competitive player in Patel said. "Now that the cash is coming the global marketplace.” back to the U.S., you might see M&A go up a little. But most of that is going to go Wegmans, Sprouts, Lidl: New toward benefitting shareholders.”

grocers spark store wars

News & Observer “A lot of the retailers are looking at ways to expand their geography,” said Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University’s School of Business. He noted that most grocery store chains are regional.

Art Pope’s Variety Wholesalers comes up roses amid recent retail tumult Business North Carolina “There’s always going to be that segment of the market,” says Roger Beahm, a Wake Forest University marketing professor. The Popes “have always been very singular in their pursuit of value. And cost savings is the key.”

How having multiple jobs impacts your identity Quartz Professor Sherry Moss writes, “When my colleagues and I started research on what challenges this population faces, we expected individuals to struggle with the logistics of handling multiple responsibilities, especially juggling calendars and conflicting demands from employers. Less expected was a challenge that plural careerists we interviewed said was particularly difficult: fitting their multiple jobs into their identities.”


How Des Moines gave away the same tax deductions twice Des Moines Register Jon Duchac, an accounting professor at Wake Forest University in North Carolina who is researching the use of 179D among the nation’s 100 largest public school districts, said shoddy records and confusion about the tax break make it “entirely possible” that duplicated breaks happen frequently.

Corporate America is sitting on trillions in cash. Here’s who has the most dry powder in Portland. Portland Business Journal Ajay Patel, a finance professor at Wake Forest University, said a jump in M&A deal-making among those tech and life sciences giants is unlikely since so much of that cash is parked overseas. If companies were to repatriate those holdings, they’d take a huge tax hit, he said. The story also ran in the Houston Business Journal, Denver Business News, the Boston Business Journal, and other news outlets.

Actress used fake news to move market for clients, SEC alleges Toronto Star Online The problem is potentially more dangerous for retail investors who B U S I N E S S .W F U. E D U

are attempting to make investment decisions on their own, said Ajay Patel, a finance professor at the Wake Forest University School of Business. The story also appeared in The Baltimore Sun, the Orlando Sentinel, the Chicago Tribune and other news outlets.

How Dick’s weapons-sale decision is defining it as a company Pittsburgh Business Times Roger Beahm, a professor of marketing at the Wake Forest University School of Business, believes for a company to take a stand on social issues, it’s a reflection of the personality and character of its leadership. “Those are decisions that are made by a corporate conscience,” Beahm said.

How the Charlotte icon Belk has changed under new ownership The Charlotte Observer Private label expansion is happening all over retail, not just in department stores, said Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University. “Continuation of the growth in those (is) going to mean a reduction in inventory of national brands, and maybe dropping some national brands,” Beahm said.


Triad university launches online business analytics program Triad Business Journal Wake Forest University School of Business is expanding its Master of Science in Business Analytics program online, the university said Thursday. The program is designed for professionals with more than two years of work experience and will allow them to pursue a degree while working. The first class will begin in May, the university said.

UNCSA, Wake Forest business school form master’s level partnership Winston-Salem Journal Helping “artpreneurs” acquire the skills and savviness to succeed in business is the impetus behind a master’s degree partnership between Wake Forest University School of Business and UNC School of the Arts.

Studies find half of N.C. employees leave at least one vacation day unused Winston-Salem Journal

Pay college coaches like CEOs Winston-Salem Journal Professor Ben King penned a guest column in the Winston-Salem Journal. He writes: “The recent athletic scandals at universities demonstrate the importance of changing the compensation models for college coaches. The current, myopic model rewards coaches for short-term results and fails to account for the longterm reputational and financial impact of scandal and rule bending. While corporate America is not immune to malfeasance, corporate boards endeavor to align the behaviors of managers, both short term and long term, with compensation models that merit adoption by athletic departments.”

Julie Wayne, an associate business professor at Wake Forest University, said anxiety or fear can be powerful motivators in keeping employees from getting away Positive job prospects expected from work. “They can fear they are going for 2017 college graduates to get too far behind, that their bosses will discover that someone else can do their job, Winston-Salem Journal Kyle Johnson, a sociology major with that taking time off could be held against a focus in business and society at Wake them when it comes to promotions, or they think never getting away means better Forest, has been looking for jobs in Winston-Salem and his hometown of job security,” Wayne said. Atlanta. “I’m interested in the media and entertainment industry,” Johnson said. Just point and click: Cyber

Monday overtakes Black Friday as top shopping day

Greensboro News & Record According to an estimate from Adobe Analytics, online purchases on Cyber Monday will climb from last year’s $3.4 billion to $6.6 billion. “That’s a pretty amazing statistic when you think about it,” said Roger Beahm, the executive director of the Center for Retail Innovation at Wake Forest University. “Just in the last few years, the double-digit growth we have been seeing with online shopping suggests that we’re now at that tipping point where people are going to be shopping online more than there are people buying inside brick-and-mortar.”

Lowes Foods embraces disruptive nature of retail rather than be its victim

Winston-Salem med management firm raises $300K, targets $1.5 million Triad Business Journal And ahead of that in 2013 as it was ramping up, the startup had taken the top honors out of 21 teams from universities across the country at the 2013 Retail Innovation Challenge hosted by the Wake Forest University School of Business. The company at that time was comprised of Bowline and Oakman, along with Scott Coldagelli and Tripp Evans, with all four being full-time MBA students.

Toys R Us claims business as usual in bankruptcy; analysts not so sure Winston-Salem Journal “Toys R Us’ bankruptcy is a reminder that what we are going through right now in retail is not an evolution, but a real revolution,” said Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University School of Business. “Shopper behavior is shifting more rapidly — from brick-andmortar to online — than many retailers, including big-box, are able to adjust.

Triad motorists can play lottery while filling up at the gas pump

Winston-Salem Journal

Winston-Salem Journal

Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University, said Lowes Foods has recognized that it must use disruption to sustain growth today.

Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University School of Business, said Play at the Pump is another way to encourage an impulse purchase from consumers.

Krispy Kreme changes Panthers’ campaign: dozen doughnuts for $5.99 on Sundays

This story also appeared in the Greensboro News & Record.

Winston-Salem Journal The shift to a digital app and reward points system “reflects an important strategic shift for the company,” Roger Beahm, the executive director of the Center for Retail Innovation at Wake Forest University School of Business, said when the points campaign began in September.




Lowes Food spices up advertising with fresh edge Winston-Salem Journal Roger Beahm, executive director of the Center for Retail Innovation at Wake Forest University School of Business, said companies or brands that imply expletives in advertising “often walk a fine line between increased awareness and decreased appeal of their ads.”





B U S I N E S S .W F U. E D U





Caroline Holt Dillon (MA ’18) with Dean Charles Iacovou

A significant milestone occurred as the graduate students received their hoods. Caroline Holt Dillon became the 1,000th graduate of the Master’s in Management program. The School of Business established one of the first pre-experience master’s in management programs in the United States in 2006.

academic community,” said Charles Iacovou, Sisel Distinguished Dean of the School of Business. “This past year has been filled with challenges and triumphs, laughter and excitement, new community members arriving and old friends departing. It is an honor to be part of this academic community that takes seriously the responsibility we have to care for one another and support our mutual successes.”

“Traditions like this hooding ceremony serve as important markers in the life of our School as a tightly connected Carla Harris

Citation for Excellence


School of Business master’s degree recipients were honored at “Transformational leadership means you have to possess four the graduate hooding ceremony Sunday, May 20 in Wait Chapel. attributes. You have to be thoughtful and strategic, you have Holders of a master’s degree wear a symbolic hood draped to be transparent, you must be transcendent, and you must around the neck and over the shoulders, displayed down the be tenacious,” Harris said. back with the lining exposed. The hood identifies the level of degree, the field of learning, and the awarding institution. Harris exhorted the graduates to be their authentic selves in the world of business. “Your authenticity is at the heart “Graduates, you will be called on to lead at a much earlier of your power and it is at the heart of powerful, impactful, stage in your career than the generation of business titans influential leadership. Nobody can be you the way that before you,” keynote speaker Carla Harris shared during the you can be you,” she continued. “When you try to speak or Graduate Hooding Ceremony. “Yours will be the challenge behave in a way that is inauthentic to who you really are, of not only acquiring the skills to functionally do the job that you will create a competitive disadvantage. In the leadership you were hired to do, but you will also have to observe, study, seat, when you bring your authentic self, you will motivate and acquire an acumen for leadership so much earlier.” and inspire those who are working with you to bring their authentic selves. Any time any of us is in an environment Harris is vice chairman, managing director, and senior client where we can bring our authentic selves, we will motivate advisor at Morgan Stanley. She is also author of two books of and we will always outperform.” business advice and has released three gospel CDs. She has performed five sold-out concerts at Carnegie Hall and serves Harris’ stirring speech can be seen at http://go.wfu.edu/harris. as a motivational speaker. The entire hooding ceremony may be viewed on-demand at http://go.wfu.edu/wakeforestbiz2018.


B U S I N E S S .W F U. E D U

In recognition of the exemplary and extraordinary leadership exhibited in service to the Wake Forest University School of Business, two graduating business and enterprise management students received the School’s citation for excellence. Yunhao “William” Wang (BS ’18) and Hayden Lineberger (BS ’18) were honored for launching the Student Engagement Committee to increase student awareness of the Wake Will Lead Campaign and the importance of giving to support the School. The pair also served on the development committee of the School’s Board of Visitors and as student ambassadors at alumni and development events. Lineberger and Wang also led the student organization “The Media,” to help showcase efforts for the School’s annual fund and lay the groundwork for a 360-degree virtual reality tour of the School of Business. They were also key contributors to student-run competitions and events. The awards were presented by Dean Charles Iacovou with Chief Marketing Officer Sylvia Green and Executive Director of Development T. J. Truskowski. Family members of the two students were also in attendance.

Hayden Lineberger (BS ’18), Dean Charles Iacovou, and Yunhao “William” Wang (BS ’18)







LURA BAKER PADEN AWARD This award is given to recognize the outstanding academic achievement of a graduating business and enterprise management major. This year, the recipient is: Constance Crosby Kapp


DELMAR P. HYLTON ACCOUNTANCY AWARD This award is given to recognize the outstanding academic achievement of a graduating accounting major. This year, the recipient is: Jiangyue Hu

Bachelor of Science


PATEL PRIZE IN FINANCE AWARD This award is given to recognize the outstanding academic achievement of a graduating finance major. This year, the recipient is: Tanner Kenneth Owen

Master of Arts in Management (MA)


Master of Science in Accountancy (MSA)


Master of Science in Business Analytics (MSBA)


Master of Business Administration (MBA)

Winston-Salem and Charlotte 60


Wake Forest University School of Business congratulates the 461 master’s and 272 bachelor’s degree recipients recognized during the Wake Forest University Commencement on May 21, 2018. A crowd of almost 13,000 gathered on Hearn Plaza to celebrate the graduation of nearly 1,900 students who received their diplomas, flipped their tassels, and began the next chapter of their lives as alumni. Carla Harris delivered the commencement address, an inspirational message focused on four things: choice, chance, change, and courage.

“When faced with a choice, choose the options that position you to be a leader. Choose the options that create a multiplier effect, and make the choice that will inevitably push you and stretch you the most,” she said. Harris received an honorary doctor of laws degree during Commencement, with School of Business Dean Charles Iacovou investing her with the Wake Forest hood. In his address to students, University President Nathan O. Hatch emphasized the need for everyone to understand the other side in today’s divided and polarized society. “Today, as you depart Wake Forest, I call upon you to pursue ‘both…and’ — to hold out your hand, look into the eyes of your sisters and brothers, open your ears and listen,” he said.

Congratulations to our newest alumni, who left Wake Forest prepared to help businesses create a better world.

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ACADEMIC EXCELLENCE IN MATHEMATICAL BUSINESS AWARD This award is given to recognize the outstanding academic achievement of a graduating mathematical business major. This year, the recipient is: Kevin Christopher Politz

LEADERSHIP AWARD The faculty give this award each year to a student in each program who demonstrates outstanding leadership, scholastic performance, and integrity. This year’s recipients are: Ricky Lee Otey (Charlotte Evening MBA) Justin Tyler Polante (Charlotte Saturday MBA) Cynthia Lynn Emory (Winston-Salem Evening MBA) Bruce Anthony Hunt (MS in Business Analytics) Emily Mary Haggerty (MS in Accountancy) Emmaline Katherine Stilp (MA in Management)

SPIRIT OF WAYNE CALLOWAY AWARD This undergraduate award is given to recognize the graduating School of Business student who the faculty believes best embodies the ideals and values of Mr. Calloway. This year, the recipient is: John Thomas Wolford

OUTSTANDING GRADUATE AWARD — TAX CONSULTING This award recognizes a graduating MSA student who has demonstrated academic and leadership skills in the tax consulting field. This year, the recipient is: Emily Mary Haggerty

OUTSTANDING GRADUATE AWARD — ASSURANCE SERVICES This award recognizes a graduating MSA student who has demonstrated academic and leadership skills in the assurance services field. This year, the recipients are: Carly Marie Collette and Margaret Rene Collins

SCARRITT FAMILY PRO HUMANITATE AWARD This award recognizes an outstanding MA student who exemplifies the University’s motto, has enriched the MA program through his/her actions, and has demonstrated a commitment to the communities around him/her as both a student and emerging professional. This year, the recipients are: Abriana Lesha Kimbrough and Elton Jonuzaj

OUTSTANDING GRADUATE AWARD — FINANCIAL TRANSACTION SERVICES This award recognizes a graduating MSA student who has demonstrated academic and leadership skills in the transaction services field. This year, the recipient is: Brendan Edward D’Amato

IMPACTFUL PILLAR AWARD This award recognizes an outstanding graduating student whose actions, commitments, and personal values reflect the educational priority of the School of Business to develop and support IMPACTFUL businesspeople. The recognized student is exceptional for his/her demonstrated abilities to think strategically, act practically, and communicate effectively as an example for others. This year, the recipients are: Junlin Huang (MSA) and Jamila Isoke Diane Terrell (MSBA) PROFESSIONAL PILLAR AWARD This award recognizes an outstanding graduating student whose actions, commitments, and personal values reflect the educational priority of the School of Business to develop and support PROFESSIONAL businesspeople. The recognized student is exceptional for his/her demonstrated abilities to create value for others, embrace a professional identity, and steward the profession of business as an example for others. This year, the recipients are: Celine Vanderclock Olcott (MSA) and Lauren Elizabeth Formica (MSBA)




HONORABLE PILLAR AWARD This award recognizes an outstanding graduating student whose actions, commitments, and personal values reflect the educational priority of the School of Business to develop and support HONORABLE businesspeople. The recognized student is exceptional for his/ her demonstrated abilities to lead ethically and exhibit personal strengths as an example for others. This year, the recipient is: Aubrey J. Wright (MA) GLOBAL PILLAR AWARD This award recognizes an outstanding graduating student whose actions, commitments, and personal values reflect the educational priority of the School of Business to develop and support GLOBAL businesspeople. The recognized student is exceptional for his/her demonstrated abilities to leverage diversity, and demonstrate a global mindset as an example for others. This year, the recipient is: Sarah Haruko Hayakawa (MSBA)


Students present business solutions to industry experts at the Inmar Analytics Forum

A team of students from the Wake Forest School of Business Winston-Salem MBA program took first place in a student case competition during the Inmar Analytics Forum. The case competition was presented by the School’s Center for Retail Innovation and sponsored by Inmar. Teams were challenged to help a fictional 500-store grocery chain empower consumers to make healthier choices while positively impacting sales. Students were given just 10 days to work on the case, and then presented their business solutions at the Forum before hundreds of industry professionals representing the manufacturing, retail, healthcare, academia, and government industries. For the first time, a playoff round between five teams of students in the Charlotte and Winston-Salem MBA programs determined the two teams that would move on to compete at the Forum. “We selected the best from each campus,” said Roger Beahm, WestRock Executive Director of the School’s Center for Retail Innovation. “What made this program even more unique is that we partnered with the School’s Master of Science in Business Analytics (MSBA) program to embed a student with specific data experience on each team.” The MBA students are all working professionals who balanced the demands of the case competition with their coursework, full-


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time careers, and personal commitments. The first-place team of Alexis Gabard, Megan Smith, Daniel Orman, Jacob Horvat, and Chuck Fort (all second-year MBA students), and Oliver Yuan (MSBA ’18) received a check for $15,000.

Inmar CEO David Mounts announced the winners at a reception in the Benton Convention Center. “Wake Forest is a hot school,” Mounts said during his remarks. “The caliber of the students is wonderful. We’ve hired many Wake Forest students. They are team players, have high character, possess an incredible work ethic, and they want to win.”

“The case competition was a fantastic experience that gave us the opportunity to take all we’ve been learning in the classroom over the last year and apply it to a real-world business problem,” said

The winners were determined by a panel of judges that included Steve Anderson, president and CEO of the National Association of Chain Drugstores; John Kenlon, president, retail group Lebhar-Friedman, Inc.; and Diana Medina (MBA ’14), director of e-commerce merchandising, Lowes Foods. The Forum attendees also served as judges, voting via text at the end of the presentations.

Jacob Horvat (MBA ’18). “We were very successful at figuring out the individual strengths each of us brought to the team and we were able to divide and conquer through excellent communication.” “The case is very relevant,” said Medina. “Retailers are looking to incorporate more offerings into their store space to cater to The second-year students on the Charlotte MBA team health-conscious consumers and help their customers have were Jaclyn Hartzell, Jon Easton, L.G. Hillebrand, Ashley healthier lifestyles.” McWilliams, and David Root, along with Steffani Gomez (MSBA ’18). They received a $10,000 prize as finalists. “The pace of change in this sector is at warp speed,” Anderson said. “I’ve been dealing with food and drug companies for 37 years, and I’ve never seen more powerful changes than we’re experiencing. We find that anecdotal evidence doesn’t work anymore with the consumer. The presentations we heard at the Forum show the power of business analytics and data to ensure success for companies in the future.”

“Coming to Wake Forest and participating in a case competition allowed me to apply the knowledge from my undergraduate computer science degree and the skills I’m developing in the MSBA program,” Gomez said.

“Being able to present in front of industry professionals is an experience that rivals the prize money. You can’t even put a price on that.” 2017




Charlotte MBA students challenged to revitalize a 100-year-old nonprofit’s brand Adjunct professor Alan Kelly saw an opportunity to bring his students in the Charlotte Saturday MBA program a case that would not only challenge them, but also benefit a nonprofit organization with a worldwide impact on youth education and employment.

“It was an opportunity for us to think about how we apply our business skills to something that’s a global issue,” said John Montana (MBA ’19), a second-year student. Sue Burke-Lydon (MBA ’19) didn’t know anything about JA before the challenge, but once she started working with her teammates, she realized her 7th-grade daughter was a JA alumna, having participated in BizTown when she was in elementary school. “I think the biggest item that stood out to me is just how big the organization is and what the impact is


“In the business school we talk about how you can do well as an organization, as a community, and also do a good job at the same time by providing an impact,” Montana said.

Second-year student Matt Phelps (MBA ’19) said, “Our hopes for JA for the future are that they are able to claim their rightful position on the global stage as the force in youth employment and economic development.” His sentiments

If you are interested in supporting JA’s mission, please visit jaworldwide.org.

A two-day case competition gave Master’s in Management students the opportunity to explore business problems and present solutions to the board. The case competition sought presentations from all the student teams in the program. Judges named four finalists, and then ultimately, one winning team.

“What I wanted to do was create a scenario where you’re coming into a real live board room, and you’ve got 20 minutes to make your point,” Kelly said. He set a date for presentations and invited members of JA’s executive team, along with branding and marketing executives from agencies in the United States and England, to serve as judges.

In addition to their presentations, several of the students served as JA volunteers while juggling their work, family, and MBA commitments.

were echoed by many of his classmates, who said the project was not only a learning experience but a connection to the University’s Pro Humanitate motto.

Master’s in Management program adds new case competition

Kelly, the retired president of ExxonMobil fuels, lubricants, and specialties marketing, also serves as marketing chair for Junior Achievement Worldwide’s (JA) board, a nonprofit organization that delivers cutting-edge, experiential learning in financial literacy, work readiness, and entrepreneurship to more than 10 million students in more than 100 countries.

“The business case challenged students to use our 100th anniversary as a galvanizing moment to elevate the brand,” said Asheesh Advani, JA Worldwide’s CEO, who served as one of the judges. “We like to say that JA is the world’s bestkept secret, probably because it’s tough for nonprofits to raise funds to invest in marketing. But Alan thought that the clever students at this university could help us make a difference.”

Kelly enjoyed offering his marketing students real-world experience. “We are in business because it’s a noble profession,” he said. “We believe we raise the tide. And when you raise the tide, more boats will float.”

“Our sponsor FactSet is a multinational financial data and software company,” said Kaitlyn Cooper, associate director, Integrative Student Services. “They provide a natural partnership for the case, which focuses on financial and accounting concepts the students have covered in their classes since beginning the program in July.” worldwide,” she said. “It seems so strange that it’s a big secret because the programming is so good.” Nine teams presented their recommendations to executive leadership on improving brand visibility and reach, modernizing the brand, harmonizing brand standards, leveraging the nonprofit’s upcoming centennial, and mobilizing the Junior Achievement alumni network. Ideas from the challenge were presented to the organization’s board of directors for integration into the global marketing plan. Advani said he took pages of notes to bring back to the next board meeting. The organization is in the middle of a six-year strategic plan, with a refresh coming up in about a year. “This is the right time for us get some genuine feedback about the final phase of our plan,” Advani said. “We get the benefit of bright minds who are in a state of their careers where they are very creative and will help us push the envelope.”

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Four of the judges represented FactSet, and two of them are alumni of the program: Rachel Alexander (MA ’15), and JD Crossen (MA ’14) joined campus recruiters Marcia Molettieri and Ashley Peckham. Faculty and staff members on the judging panel included James Barricelli, Mike Crespi, Keith Gilmer, Rick Harris, Stan Mandel, Stacey Panchyshyn, Scott Shafer, and Bren Varner.

The students on Team #22, Kayla Pierle, Aubrey Wright, Emily James, Priya Advani, and Kimmy Zhang received Wake Forest pullovers, which were then embroidered with the win on their sleeves.

The final four judges were professors Susan Langlitz, Rob Nash, Norma Montague, and alums Crossen and Alexander.

This competition is followed by the fall Action Learning Project I, and then the spring Action Learning Project II. Coupled with a mini-case competition during orientation week, the Master’s in Management students participate in a series of experiential learning events during the 10-month program.

“It’s interesting to see how they are choosing to research the case and present their ideas,” Alexander said. “Case competitions like this one give the students real-world experience that will help them when they leave school and go into the market.”





RETAIL & HEALTH INNOVATION CHALLENGE A platform for revolutionary ideas Creative ideas presented at the Fifth Annual Retail & Health Innovation Challenge previewed how technology may help consumers track and manage their health in the future. The Challenge was hosted by Wake Forest University School of Business and its Center for Retail Innovation. CVS Health sponsored the competition. The Challenge sought a broad range of ideas at the intersection of retail and health that could be implemented in the marketplace, and ultimately drive retail revenue. Teams of student innovators pitched their ideas to a panel of industry judges at the event. Each team competed for cash prizes totaling nearly $40,000. “Competitions like this expose industry to how the emerging adult consumer sees their health being impacted and managed in the current environment,” said Matt DeSimone, senior director of member relations for the Association of National Advertisers, who served on the judges’ panel. “At the heart of them, the ideas were all digitally based. Some teams had specific ideas centered on digital engagement while others were taking concepts and activating them in a digital way to reach consumers.” Here’s how the Challenge works: Each team has two minutes to pitch their innovative idea to industry experts — no products, demonstrations, or materials allowed. At the end of the first round, five teams are selected as finalists. Each is invited to give the judges a 20-minute presentation to offer more information and answer questions.


Industry experts from the Association of National Advertisers, IBM Corporation, the National Association of Chain Drug Stores, and the Wake Forest University School of Business served as judges during the competition. The event delivers a real-life experience for participants who have to communicate their ideas and think on their feet. “The Retail & Health Innovation Challenge offers a great educational experience and it reflects the real world in terms of influencing investors and companies to support an idea or at least be open to learning more about it. All the teams were very competitive in explaining their ideas and making their elevator pitches to the judges,” said Roger Beahm, WestRock Executive Director of the Center for Retail Innovation. “We were also very excited to see the level of Wake Forest University engagement this year with more teams participating than any previous time in the event’s history.”

package of over-the-counter medications proven to be both safe and effective; a retail pharmacy subscription service that delivers OTC medications to increase compliance; and access to expert help at walk-in clinics like the CVS Minute Clinic would provide a total solution.

“Refill Rollback” would also collect data to share with insurance providers to help lower insurance premiums. Wake Forest students Samuel Mao (MSBA ’18) and Kimmy Zhang (MA ’18) proposed using data analytics to identify the potential misuse of prescription opioids and use the retail pharmacy channel to provide wellness education to at-risk individuals.

“People’s health is something I am passionate about, so it was a great opportunity to talk about my ideas,” Garmon said. “I think that will serve me well whether in future patient interactions or interactions with health administration when I’m a PA.”

A team of MBA students from Duke University pitched a personal nutrition platform that aggregates personal health, lifestyle, and nutrition data to identify gaps in a person’s diet. The digital app would act as a personal shopper and recommend products such as specific foods or supplements to narrow the dietary gaps. They took home a check for $20,000. The Retail & Health Innovation Challenge, and its predecessor, the Elevator Competition, has been run by students since it began 17 years ago. Student co-chairs handle all aspects of event planning and logistics for the annual competition. Organizing one of the biggest events hosted by the Wake Forest University Center for Retail Innovation gives students real-world experience and insights.

Garmon is enrolled in the Emerging Leaders Program, a 34-month sequential degree program where students first earn a Master’s in Management from the School of Business and then earn an MMS in Physician Assistant Studies within the Wake Forest School of Medicine. Master’s in Management student Maggie Whitley (MA ’18) proposed a digital app with a virtual wellness assistant named “Stevie,” which earned her a check for $5,000.

“A competition like this shows you what some of the big trends are right now, especially in the start-up space and with big data,” said Tyler Roberts (MA ’18), one of the student cochairs. “When we were deciding the judging criteria for the Challenge, it tied directly back to my classes, especially with marketing. How do you sell it? It can’t just be a good idea, it has to have its marketing twist.”

Wake Forest MS in Business Analytics (MSBA) students Tanner Sowa and Jamey McDowell won $2,500 for their idea for an incentive program that rewards consumers with discounts on retail products when they maintain on-time prescription refills.

The Wake Forest School of Business teams were made up of students from the Master of Arts in Management (MA) and Master of Science in Business Analytics (MSBA) programs. Both are 10-month programs for students with less than two years of work experience. Erin Garmon (MA ’18, MMS ’20) took home $10,000 for her idea. Garmon proposed a three-pronged service to help people with seasonal allergies treat their symptoms. A bundled

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Erin Garmon (MA ’18)

Maggie Whitley (MA ’18) 2017





Our students, faculty, and staff engage in meaningful discussions and activities to foster a vibrant and dynamic campus community. These are a few highlights from the past year. School of Business hosts international student celebration dinner The sound of festive music and the smell of delicious global cuisine greeted School of Business students, faculty, and staff who gathered in Reynolda Hall for the International Student Celebration dinner, part of International Education Week.

Share the Love

Chinese New Year

School of Business students, faculty, and staff enjoyed healthy Valentine’s treats as the Graduate Service Coalition helped us share the love by providing paper, stickers, markers, and decorations for handmade valentines. The greetings were picked up by Lowes Foods and delivered to seniors in assisted living facilities around the local area.

“Daily, I think about how grateful I am that you are a part of our community,” said Amanda Horton, senior associate director of integrative student services for the School of Business, as she welcomed attendees. “Tonight we are here to collectively celebrate your stories, your experiences, and your contributions to our school.”

In celebration of the lunar new year and the Year of the Dog, the MS in Business Analytics program held a celebration lunch with authentic cuisine including homemade dumplings. The following day, a school-wide celebration brought students, faculty, and staff together to celebrate culture and enjoy the community.

Luna Zhou, an undergraduate accounting major, was one of the students who attended. Zhou began her international education experience when she moved from Jiang Su, China to Asheville, North Carolina for her final year of high school. When it came time for college, she decided on Wake Forest. “The Business School creates a community for international students through teamwork,” she said. “My professors also help everyone to engage in class. It really makes a difference.” The audience heard many stories like Zhou’s during the student spotlight video that debuted at the dinner. In the video, international students share how they gained a global perspective by attending the School of Business. They discuss everything from finding their way around the area to using their English skills and fighting introversion.

Dean Charles Iacovou ended the evening by reflecting on his own experience as an international student 20 years ago.

“Being an international student studying abroad is not an easy “We wanted to shine the spotlight on our fantastic international endeavor,” he said. “I want to celebrate your courage. There is no doubt that the experiences you bring to Winston-Salem student community and highlight the tremendous diversity and Wake Forest and the stories you share about your journeys of experiences,” said Matt Imboden, executive director are creating a much richer and much more inclusive learning of integrative student services for the School of Business. environment in the classroom.” “Tonight’s video was just one more way to make our students the focus.” See the video at http://go.wfu.edu/international.


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welcoming remarks. “When imagining this particular event in its inaugural year, we wanted to create an atmosphere of celebration and community,” said Jamila Terrell (MSBA ’18), one of the organizers. She introduced Canisha Cierra Turner (MA ’15), an account executive at WGHP-TV, who served as alumni speaker.

Celebrating Black History Month The Business Students of Color (BSOC) organization hosted a dinner for faculty, staff, and students who identify as persons of color in Farrell Hall. The dinner served as an opportunity to enhance the professional network of students, faculty, and staff of color at the School, noted Dean Charles Iacovou in his 2017




Wake Forest School of Business Students Spread Cheer at Project Pumpkin More than 1,000 Winston-Salem children arrived on campus ready for an afternoon full of trick-or-treating and games at Project Pumpkin, an annual event started by Wake Forest students in 1988 with the goal of bringing together the university and the surrounding community. This year’s theme was “Superheroes vs. Villains,” and children sprinted around the colorfully decorated upper quad in every hero costume imaginable to visit booths sponsored by on-campus organizations. Each organization handed out treats and brought a different game to their booth, ranging from cornhole to Twister. Students also escorted groups of children around campus and spent the afternoon with them, helping to ensure a safe and entertaining Halloween celebration. From the School of Business, both Business Students of Color (BSOC) and the Master of Science in Accounting (MSA) students participated in the festivities and hosted tables and games. “I attended Wake Forest as an undergrad, and I absolutely loved the tradition of Project Pumpkin,” said MS in Business Analytics student Jamila Terrell (’18), a BSOC member, wearing her Incredibles costume. “We’ve had so many opportunities today to interact with the kids and show them the games we set up. We get to see if our game ideas actually work!” Across the quad, the MSA table was equally swamped with eager visitors. Lucas Prillaman (’17), said he was glad to participate in the event again. “We set up around 3 p.m. and the crowds of kids have been pouring in ever since.” Prillaman said. “I volunteered last year, and I couldn’t wait for this day this year.”


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Hit the Bricks

Forsyth Backpack program Master’s in Management students joined their new classmates in a week of orientation activities that culminated in packing more than 3,200 meals for Forsyth Backpack, an organization that aims to feed chronically hungry school children in the local school system. One in four children in North Carolina live in poverty and North Carolina’s rate of child food insecurity is almost twice the national rate. To kick off the project, Ethan Todd (MA ’15) led a discussion on servant leadership. Todd, an alumnus who works for Dell in Austin, Texas, helped connect with and plan the orientation partnership with Forsyth Backpack during his time at Wake Forest. Dell sponsored this year’s orientation service project.

Graduate teams from the Wake Forest School of Business participated in Hit the Bricks, donning weighted backpacks as they sprinted laps around Hearn Plaza to raise money for cancer research. This year, four teams represented the School with more than 50 student, faculty, and staff participants. For the third consecutive year, a School team placed first in the graduate division. Alyssa Frizzelle captained one of the MSA teams. “The scope of Hit the Bricks is incredible to me,” she said. “My undergraduate school didn’t have any event that could compare to this.” The Hit the Bricks tradition was started by two Wake Forest students in 2003 to support the Brian Piccolo Cancer Research Fund for patients and their families at the Wake Forest Baptist Medical Center’s Comprehensive Cancer Center. Since its beginning, Hit the Bricks participants have run more than 254,032 laps and raised $329,843.

Fit for Business 5K Over 75 people participated in the School of Business Third Annual Fit for Business 5K. The run/walk course begins and ends at Farrell Hall. The event raised $3,600 from registrations and donations for HOPE of WinstonSalem, a nonprofit that uses community volunteers to prepare and bring nutritious weekend meals to Forsyth County’s 40,000 children who are at risk for hunger.






School of Business students achieve noteworthy successes

Seniors receive Richter Scholar Awards Three seniors from the School of Business received Richter Scholar awards, the largest single awards at Wake Forest University for independent study projects. These life-changing research projects receive up to $6,000 to cover travel and living expenses. Zack Chan (BS ’18) is an accountancy major who planned to spend six weeks in Johannesburg, South Africa visiting a refugee camp to develop an anthology of biographical, bilingual poetry to show the movement of culture and language in the camp.

Yan Cheng (BS ’18) is an accounting and studio art major who planned to review traditional art works and consolidate classic aesthetics into contemporary art. Cheng’s project involves travel to Italy, Switzerland, and France.

Iris Lin (BS ’18) is a mathematical business major who planned a trip to Japan and China to explore the Japanese inspiration behind the art and explore the elements that influenced the growth of Japonism, as adopted by Impressionists from the 1870s.

Elijah Watt Sells Award School of Business grad recognized with national accounting award

High-performing students inducted into Beta Gamma Sigma honor society


Wake Forest University School of Business students who performed at the highest academic level in 2017-18 were inducted into the national Beta Gamma Sigma honor society.

The Wake Forest University chapter of Beta Gamma Sigma dates to 1961 and is one of more than 590 campus chapters worldwide. Senior business and enterprise major Katie Dickens led the chapter this year.

Membership in Beta Gamma Sigma is the highest recognition a business student can receive in a business program accredited by the Association to Advance Collegiate Schools of Business (AACSB) International.

Students from the Master of Arts in Management, Master of Science in Accountancy, Master of Science in Business Analytics, and Master of Business Administration programs earned initiation by ranking among the top 20 percent of graduate students in their class.

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Aubrey Ramsdell (BS ’16, MSA ’17) has earned the 2017 Elijah Watt Sells Award, which was presented by the American Institute of CPAs (AICPA). To earn this accolade, test takers earn a cumulative average score above 95.5 across all four sections of the exam, pass all four sections on their first attempt, and complete all four sections within a calendar year. “For me, this award is a validation that I am capable of turning one of the most daunting tasks I’ve faced into an unbelievable success,” Ramsdell said. “This award is also a reminder of the incredible support system I have been blessed with — I could not have achieved this without the education and guidance I received from the Wake Forest School of Business faculty and staff, my fiance Patrick O’Rourke ( BS ’13, MSA ’14), and my family and friends. The journey of preparing for this exam began many years ago. I think it takes a village to earn the Elijah Watt Sells Award, and I am very grateful for my village!”

To view a list of the inductees, visit go.wfu.edu/BGS.

The AICPA established the Elijah Watt Sells Award in 1923. Sells, one of the first CPAs in the United States, was active in establishing the group and played a key role in advancing the profession.






, Jorge Fournier (BS 18) Undergraduate School of Business Jorge Fournier’s first business venture was a lemonade stand-turned-general store. His parents, both CPAs, encouraged his interest in micro-enterprise, and when his childhood endeavors paid off, Fournier dutifully invested his profits under the guidance of his grandfather, whom he still consults with today. “I have seen how you can start things up from nothing,” Fournier said. “After falling in love with the CNBC ticker in fourth grade, I have not looked back.” It was not a surprise then when Fournier wanted to attend business school, where he has studied finance with a minor in entrepreneurship and social enterprise. “When I visited Wake Forest with my parents, we were awestruck by the 100 percent job placement for accounting students and by how helpful faculty, students, and administrators are.” Originally from Guaynabo, Puerto Rico, Fournier was named one of Poets & Quants Undergrad’s “Best & Brightest Business Majors of 2018.” And for good reason: he is a scholarship recipient many times over, has a list of extracurricular activities a mile long, and was selected to represent the entire undergraduate student body as this year’s student trustee on the University’s Board of Trustees.









Reflecting on his past four years, While earning her chemistry degree at Fournier said, “The biggest lesson I Alabama Agricultural and Mechanical learned is the value of integrity and University, her experience serving as the how building relationships is far more student ambassador for the Thurgood important than being proficient at Excel.” Marshall College Fund made her realize her love for developing talent and It is Wake Forest’s Pro Humanitate spirit sparked her desire for a career change. for which Fournier is most grateful. As a student, he volunteered for Habitat “My goal was to work at EY, and I for Humanity and Campus Kitchen, learned that the School of Business had and coordinated fundraising efforts for connections with the company,” White Puerto Rican hurricane victims. He’s said. “I then discovered that in just 10 also experienced the Wake Forest spirit months, the Management program at of service while networking with alumni. Wake Forest would bridge the gaps for “I have not met a fellow Deacon that me in the business realm. After speaking was not willing to help another Demon with a recruiter and alumni from the Deacon,” he said. program, I knew this was a place where I was going to grow professionally, After completing an internship last thrive, and achieve my goal.” summer at Barclays Investment Bank, he will return to New York to begin Along the way, White learned that work as an analyst there. “I have already the connections between business begun looking at organizations where I departments and functions determine can volunteer during my spare time in the success of a profitable company. New York,” Fournier said. “Long term, “Coming from a science background, I want to start a nonprofit organization these connections are not things that I focused on helping homeless people in would have ever understood if I had not Puerto Rico. I know that Wake Forest’s enrolled in this program.” Pro Humanitate spirit will always guide me toward the right direction as I She also experienced professors who progress through my career.” took a sincere interest in her success. “My professors pushed me to succeed and instilled in us the importance of effective communication so we stand out as we begin our careers,” she said.

, Nicole White (MA 18)

And White has thrived, serving as a student ambassador for the Management program and as the co-chair for the Student Engagement Council where she is a liaison between students and administrators. She has also actively engaged students across lines of difference to create a strong and cohesive community both in and beyond her program.

Master of Arts in Management Nicole White came to Wake Forest with a goal.

“My Wake Forest experience has been life changing. Working in teams with people

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who have different views, values, and experiences from me has taught me the value of diversity and understanding what it means for me to be my authentic self.”

Olcott. She discovered her passion for accounting in high school.

“I decided to take a math elective in accounting my junior year and So much so that White created a series immediately fell in love with it. There on authenticity in the workplace entitled, was nothing more satisfying than having “Don’t Give Up Your Seat: The Journey to everything balance out at the end,” she said. Authenticity.” “I know that as I prepare to leave this program, I have a better A student of Wake Forest’s five-year understanding of what it means to accounting program, Olcott finished at stand firm in my authenticity while also the top of her 2017 undergraduate class professionally contributing to the goals before continuing on to her final year to and objectives of my future employer.” earn her MSA this spring. Last year, she received the Spirit of Wayne Calloway As for that initial goal that brought her award, which honors a student who to Wake Forest? White has accepted exemplifies the best the School has to a job offer at EY in Charlotte as a offer the business world and society. business advisory consultant in the financial sector. “I knew I wanted to attend a college with a strong accounting program,” said Olcott. “I’m looking forward to the opportunity “With the number 1 CPA pass rate in the to bridge my passion and career country and a beautiful building to call together,” White said. She plans to use home, the School was very impressive. the next few years at EY to develop Specifically for the MSA year, I chose Wake even further professionally, and return Forest for the unique Financial Transaction to earn her MBA as part of the MBA Services track because I knew that would Advantage for Wake Forest Master’s of be more applicable to my career interests.” Management graduates. Her unwavering commitment to the field “I want to build a career in the diversity of accounting has been exemplary during and inclusion division of talent her five years at Wake Forest. She has management, and ultimately, I want to served as a teaching assistant for a medley become a chief diversity officer for a of accounting courses, eventually acting major corporation.” as a lead teaching assistant responsible for overseeing the work of more than three dozen TAs. She also organized an event called Why Accounting? to encourage sophomore business students to think beyond the traditionally bland accounting stereotypes.

, Celine Olcott (MSA 18) Master of Science in Accountancy Some people spend a lifetime figuring out what they love doing, but not Celine

“The introductory accounting course at Wake Forest has the reputation for being one of the most difficult courses at the University, so I invited some of Wake Forest’s distinguished accounting professors to share their unique professional career journeys to demonstrate to students the endless possibilities an accounting degree provides,” Olcott said.




Not surprisingly, her passion paid off when sophomores reached out to her after the event to say they were declaring accounting as their major. But perhaps what has inspired Olcott the most was the mentoring she received from professors Anna Cianci and Cynthia Tessien. “Besides accounting, they have taught me so much about joy. I find joy in helping others and continuously learning, so I hope for a career that gives me the opportunity to do those things.” Olcott is already beginning her career on the right foot. She’s been chosen to serve as a postgraduate technical assistant (PTA) at the Financial Accounting Standards Board. Her one-year term will allow her to become highly involved with the accounting standards-setting process and gain a deep understanding of the roles played by preparers, auditors, and financial information users. After completing the PTA program, she’ll return to PwC’s Deals Practice in their Capital Markets and Accounting Advisory group in New York City, where she interned last winter.

Steffani, Gomez (MSBA 18) Master of Science in Business Analytics Steffani Gomez hadn’t seen her grandmother from Venezuela in years, but that changed when Gomez graduated with an MSBA degree this May. To ensure that even the most distant of relatives can attend commencement


ceremonies, Wake Forest provides visa support to far-flung family members of graduating students like Gomez, a highachieving first-generation student with a promising future. Gomez came to Wake Forest directly from Brown University with a freshly minted computer science degree. “My undergraduate career was very technical and very academic,” she said, “but I craved a practical understanding of analytics and how analytics is used in companies across the world.” The school’s commitment to ethics also impressed Gomez. “With my undergraduate degree, I saw first-hand how important data privacy and ethics are from a software perspective,” she said, “but I found that these issues are rarely discussed outside of computer science. I was very happy to find that at Wake Forest there was not only a class on ethics in analytics, but that ethics was also a tenet of the program.”

, Russell Kratzer (MBA 18)

Gomez also appreciated the practical experience and real-world coursework at the core of the MSBA curriculum at Wake Forest. “One of the highlights for me was participating in a competition at Inmar and getting the chance to do analytics on a real-world dataset provided by Lowes Food,” she said. “I was able to present my work on market segmentation to a group of over 250 data science and analytics professionals, and receive real feedback from them.”

After serving in the Peace Corps in China, Kratzer received a National Security Education Program Fellowship to study Chinese at the graduate level. He thought he’d work for the federal government, but when a job opened up with an Asian food importer, Kratzer seized the opportunity. “I was immediately drawn to the challenge of how to make processes more efficient and how to lower the cost of goods for the company,” he said.

After graduation, Gomez will join the advanced analytics team within the consumer insights department at Retail Business Services, a subsidiary of international food retailer Ahold Delhaize. “I absolutely love exploring and learning new things. I am excited to be able to do analytics in a real-world setting and see the impact of my work.” She credited the Market Readiness & Employment team for helping her find 76

the perfect first step in her career, but she was quick to point out how supported she felt throughout the program. “The administration is very caring and committed to helping students be the best person they can be, not just the best professional,” she said.

Master of Business Administration (Winston-Salem) Russell Kratzer always knew he’d have a global career.

That curiosity led him to Krispy Kreme in 2012, where he served as director of International Supply Chain, a job that saw him travel to every continent except Antarctica. “It is always a thrill to share one of North Carolina’s signature foods with the world,” he said. Doughnut love notwithstanding, Kratzer knew he would benefit from a Wake Forest MBA. “I wanted to get my MBA

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what I am learning every day on the job and I know my classmates do, as well.”

to fill the gap in formal business and economic studies,” he said, “and Wake Forest has both a great reputation and a very strong alumni network.” So far, Kratzer has not been disappointed. Indeed, his position at Krispy Kreme is one he was promoted to just a year into the MBA program, and this summer he will join the procurement team at Reynolds America Inc. where he will work on projects for next-generation products. “I am looking forward to the challenge of joining a bigger company and learning about a new industry. I think the quantitative and analytical skills I have developed at Wake Forest will serve me well in this new role.” He also has already had opportunities to put the things he’s learning in the classroom into practice in the workplace. “One of my professors introduced me to a local CEO who needed help with an academic analysis regarding business strategy. At the end of the project, we presented our findings to potential investors. It was a unique opportunity to apply what I had learned in the classroom and it emphasized the extent to which the strategy concepts we studied matter in the business world.” And during a recent finance meeting, Kratzer found himself delighted to discover his education was already paying off. “Everyone else in the meeting was a CPA or had a strong background in finance,” he recalled. “I remember being surprised that after only one semester of financial accounting I was not only able to understand most of the key concepts, but I was able to contribute to the discussion.” He may have taken a winding route to the business world, but Kratzer is now on the direct road to success.

Michelle , Engarto (MBA 19) Master of Business Administration (Charlotte) Michelle Engarto has more than 30 years of business experience and is a successful vice president for the Wireless Solutions business at Corning, Incorporated. At first glance, she might not seem like a typical MBA candidate, but Engarto will be the first to tell you there’s always more to learn.

While Engarto’s immediate goal is executive leadership, she is looking even further down the road. “I have begun to think about how my priorities will shift once I retire from corporate life,” she said. “There is an element of additional credibility that a Wake Forest MBA lends, and I think the Wake Forest network will be helpful in identifying future opportunities that will likely be very different from those I am pursuing in the near-term.” With a robust alumni network that spans the globe, Engarto will have access to more than 65,000 Deacons to help her navigate the next leg of her adventure.

For mid-career students like Engarto, the benefits of attending school while working are immeasurable. “Since we are encouraged to study and solve real business problems related to our current jobs, we have the ability to quickly demonstrate acumen on a number of subjects to our colleagues,” she said. “I use

The Saturday program in Charlotte has proven to be the perfect solution for Carbone, his wife, an executive at Bank of America, and their two young children. And he’s already caught glimpses of how he’s growing professionally. The first was while interviewing the CEO of one of his clients during a routine audit last year. “During the discussion I noted how I was using expressions and concepts from the Managerial Economics and Strategy classes that I learned just a few weeks before,” he said. These daily on-the-job applications pleased him and strengthened his drive. Alumni events have also kept him inspired. “Wake Forest alumni are so positive, open, and confident,” he said. “The Wake Forest network is one of the reasons I chose this program.”

“I appreciate outside perspectives on business problems, the fresh ideas of younger minds, and the academic rigor that helps me hone my thinking,” she said. “I wanted to broaden my perspective on business problems and improve my effectiveness as a leader.” For Engarto, no ordinary MBA program would do. “I studied the backgrounds of the faculty and was looking for professors with significant real-world experience as well as academic credentials. I was also impressed by the students Wake Forest attracts to the MBA program in terms of breadth of industries, years of experience, and diversity.”

knew a Wake Forest MBA was his next step. “I was impressed by the staff ’s outstanding level of professionalism,” Carbone said. “I found such a great spirit and positive attitude at Wake Forest. Students, staff, and alumni make you feel special.”

Marco, Carbone (MBA 18) Master of Business Administration (Charlotte) Marco Carbone has devoted more than two decades to mastering the marine industry, from construction and design to auditing and management. He’s continued working in that industry as a consultant with a Fortune 500 company, but when he and his family relocated from Manhattan to Charlotte in 2016, Carbone saw an opportunity to make a turn in his career. After visiting the Wake Forest University Charlotte Center early the next year, he




Carbone is looking to join an international company in Charlotte and eventually secure a general manager position. “Wake Forest is providing me with all the tools and skills I need to get there,” he said. “I am learning concepts and skills I didn’t have before. Strategy, leadership, accounting, economics — I see them as pieces of a puzzle I am building every day. I am starting to see the person I am going to become and I am excited.” In addition to working and earning his MBA, Carbone also became a U.S. citizen during a naturalization ceremony last winter. By land or by sea, Carbone is poised for success.



RECOGNITION Avery receives 2017 Sage Distinguished Scholarly Contributions Award

Derek Avery, professor and David C. Darnell Presidential Chair in Principled Leadership, was the recipient of the 2017 Sage Distinguished Scholarly Contributions Award from Gender and Diversity in Organizations (GDO), a division of the Academy of Management. This award is presented annually to a nominee who has made outstanding scholarly contributions to the field. Sponsored by Sage Publishers, the award recognizes a present or past member of the division who has made significant contributions that have advanced our knowledge of gender and diversity in organizations. Scholarly contributions include the creation and dissemination of new knowledge in the form of empirical, theoretical, or applied developments. This award is given for an accumulated body of work.

The Practice Theme Committee (PTC) of the Academy of Management has named Professor Sean Hannah a winner of the 2017 AOM PTFC Impact Award for the impact his research on leadership and ethical decisions is having on organizations. The award will be presented at the Academy’s annual meeting in Atlanta. The Academy has more than 19,000 members worldwide and is the preeminent professional association for management and organization scholars.

Camm honored for contributions to teaching, chairs analytics program directors meeting

Sean Hannah, Tylee Wilson Chair in business ethics and professor of management, has been inducted as a Fellow in the Association for Psychological Science (APS) and the Society for Industrial and Organizational Psychology (SIOP).

Jeffrey Camm, associate dean of business analytics, professor, and Inmar Presidential Chair in Business Analytics, has been named an INFORMS Fellow, a member of the Class of 2017. The Fellows Award is given to individuals who have demonstrated exceptional accomplishments in operations research and the management sciences. Camm is being recognized for outstanding contributions to the teaching of Operational Research/Management Sciences (OR/MS), for outstanding advocacy and contributions to the practice of OR/MS, for excellent leadership in academia as an advocate for OR/MS and analytics, and for long-standing distinguished service to INFORMS and the profession. INFORMS is the world’s largest professional association dedicated to and promoting best practices and advances in operations research, management science, and analytics to improve operational processes, decision-making, and outcomes. 78

Camm also served as the organizing committee chair for the INFORMS Meeting of Analytics Program Directors (MAPD) designed for directors of analytics programs from around the U.S. and beyond to share best practices, network, and discuss trends.

Hannah receives Impact Award

Hannah named Fellow in two international scholarly associations

The APS awards fellow status to members who have made sustained outstanding contributions to the science of psychology in the areas of research, teaching, service, and/or application. The organization’s board of directors named Hannah to the board in May 2018. The group has 33,000 members and selects a limited set of top scholars as Fellows annually. Hannah was also selected as a fellow of the Society for Industrial and Organizational Psychology (SIOP), a professional body of some 7,000 members. SIOP selects about 20 of the world’s top organizational psychology/ organizational behavior scholars as fellows each year. They represent top contributors to the range of practice, research, teaching, administration, and service in the field of industrialorganizational psychology. Like APS fellowship, it is a lifelong appointment recognizing a scholar’s contributions to the field across their career.

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Sergey Myasoedov, dean of IBS and vice rector of RANEPA, asked Patel to be the first faculty member to teach under the new partnership signed by Wake Forest School of Business Dean Iacovou last fall.

Montague co-chairs Midyear Diversity Section Meeting

Associate Professor of Accounting Norma Montague served as co-chair for the American Accounting Association’s Thirteenth Midyear Diversity Section Meeting held in New Orleans. The conference explored differences among people in organizations and many other traditional and non-traditional accounting research topics.

Phillips recognized for pro bono work

Matthew Phillips, associate teaching professor, director, BB&T Center for the Study of Capitalism, and John Hendley Fellow, was named as one of 170 members of the first cohort of the Pro Bono Honor Society. The listing is maintained by the NC Pro Bono Resources Center on behalf of the North Carolina Supreme Court as a way of encouraging attorneys to fulfill the aspirations of the Court’s pro bono guidelines. Phillips offers nonprofit, tax, and probate counsel through Legal Aid of North Carolina, and he is the volunteer state-level general counsel for the U.S. Air Force’s auxiliary, the Civil Air Patrol.

Narus article called a 'must-read' by Harvard Business Review

The editors of the Harvard Business Review (HBR) have designated an HBR article coauthored by Professor of Business Marketing Jim Narus, “Tie-Breaker Selling,” as a Top-10 Must Read Article on sales. Previously, his co-authored article, “Customer Value Propositions” was named a Top-10 Must Read Article on strategic marketing. Ania Wieckowski at HBR confirms Narus’ “Tie-Breaker” article will be published in a new book and said, “This highly curated volume consists of articles selected by our editors for their quality and impact.”

Wayne honored for extraordinary research contributions

Wake Forest University School of Business Associate Professor Julie Holliday Wayne was named an “extraordinary contributor” to work and family research. At the 2018 Work-Family Researchers Network Conference in Washington, D.C., the organization recognized the top 60 scholars whose scholarship has made an impact on the field.

Otteson a featured speaker at WFU Rethinking Community conference

Jim Otteson, executive director, BB&T Center for the Study of Capitalism, professor of Economics, and Thomas W. Smith Presidential Chair in Business Ethics, was a featured speaker and panelist at Wake Forest University’s Rethinking Community conference, sponsored by the Pro Humanitate Institute and the Eudaimonia Institute. Otteson spoke about the role of free expression in higher education and moderated a panel on millennials, leadership, and the future of liberal arts.

The selection came after researchers at Brigham Young University analyzed metrics for researchers in the field including their publishing of articles and books, making landmark contributions that shaped the field, dissemination of research to policy makers and the public, providing service to the field, and reputation among work-family scholars.

Wilkerson serves as Resident Professor at WFU Flow House

Patel teaches at Russian business school

Each fall and spring semester, a group of Wake Forest students and a resident professor live and study together at the Wake Forest University Flow House in Vienna’s prestigious 19th district. D. Wayne Calloway Professor of Accounting Jack Wilkerson taught Introductory Management Accounting and Ethics and Business Leadership to students staying at Flow House for the Spring 2018 semester as part of the Wake Forest University Center for Global Programs & Studies.

Ajay Patel, professor, Thomas S. Goho Chair in Finance, Area Chair, spent 10 days in Russia teaching at the Institute of Business Studies (IBS) at the Russian Presidential Academy of National Economy and Public Administration (RANEPA). Patel taught a Mergers & Acquisitions course for two days to students in an Executive MBA program, a 90-minute class on the impact of behavioral biases in decision making to an undergraduate class, and an evening class on behavioral biases and decision making to students in the Master’s in International Management program.





FACULTY AWARDS The following faculty members have received awards for their teaching, research, or impact on our School

SENIOR CLASS TEACHING AWARD For outstanding contribution to the education and personal development of our graduating senior students: Cynthia Tessien MA TEACHING AWARD

For outstanding contribution to the education and personal development of our MA students: Kenny Herbst & Rob Nash MSBA TEACHING AWARD

For outstanding contribution to the education and personal development of our MSBA students: Tonya Balan MSA TEACHING AWARD For outstanding contribution to the education and personal development of our MSA students: Tim Janke WINSTON-SALEM EVENING MBA TEACHING AWARD For outstanding contribution to the education and personal development of our Winston-Salem MBA students: Denis Maier CHARLOTTE EVENING MBA TEACHING AWARD

For outstanding contribution to the education and personal development of our Charlotte evening MBA students: Dan Fogel CHARLOTTE SATURDAY MBA TEACHING AWARD For outstanding contribution to the education and personal development of our Charlotte Saturday MBA students: Mark Johnson


HORACE KELLY ALUMNI TEACHING AWARD For outstanding contribution to the education and personal development of our UG/MSA alumni who graduated 10 years ago: George Aldhizer KIENZLE ALUMNI TEACHING AWARD

For outstanding contribution to the education and personal development of our graduate program alumni who graduated 3 years ago Tim Janke T.B. ROSE FELLOWSHIP IN BUSINESS AWARD

To recognize a notable innovation or initiative related to instruction in our undergraduate or graduate programs: John Sumanth HIGH IMPACT SCHOLARSHIP AWARD

To recognize a faculty member for his/her significant influence on business practice or pedagogy: Sean Hannah COWAN FACULTY RESEARCH AWARD To recognize a faculty member who represents the highest standards of scholarship: Derek Avery SERVICE MVP AWARD

To recognize outstanding service to the School, above and beyond administrative duties: Bren Varner


To recognize a faculty member who displays good citizenship and positive attitude and inspires other faculty to high achievement: Amy Wallis

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“We are here to celebrate the contributions that five of our very best colleagues have made over their tenure at Wake Forest,” said Charles Iacovou, dean of the School of Business at a reception this spring. “We recognize them for great teaching, great research, and great service. They not only changed our School, but they changed our School into a community.” Iacovou spoke in front of an audience of faculty, staff, students, and more than 60 alumni who came to offer their best wishes. The five retirees honored have a collective service of 140 years to the School of Business. Here are some highlights of their impressive service, with memories provided by their students.

Ram Baliga

Professor Ram Baliga joined Wake Forest University in 1989 and has since held visiting professorships in Germany, India, and France. He has a long list of journal publications and served as a faculty advisor for student competitions. Among the long list of his awards, he is a four-time recipient of the Kienzle Teaching Award determined by alumni who remember him and the impact he had on them. “One of the most brilliant strategy professors,” said one of his students. “He has been a great coach and a wonderful friend throughout the years after graduation.”

Dale Martin, Bruce Resnick, Brooke Saladin, and Ram Baliga. (Lee Knight was unable to attend.) He challenged us and was the driving force behind Wake Forest distinguishing itself nationally each year on the CPA exam.”

Bruce Resnick

Joining Wake Forest in 1995, the Joseph M. Bryan Jr. Professor of Banking & Finance shared his expertise as a visiting professor in Australia and Finland. Like his colleagues, Resnick published many journal articles, and also served as an area chair and a member of the faculty senate. “I loved his teaching style and learned a lot from his classes,” one of his students wrote. “You are leaving a legacy that will not soon be forgotten. You are the epitome of what it means to be a scholar and a gentleman!” said another one of his students.

Lee Knight

Professor of Accountancy Lee Knight arrived at the School in 2000. She served as director of the accountancy program from 2002-07, held several honorary titles, and received the graduate teaching award during her time at Wake Forest. She contributed journal articles, many with her husband Ray Knight. She has been named one of the most prolific authors of accounting literature. “During one of the darkest times in both my personal and professional careers, you were a light,” one of her students wrote. “It is because of professors like you that I did not give up.”

Brooke Saladin

Beginning his Wake Forest career in 1983, Associate Professor of Management Brooke Saladin served as director of the evening MBA and full-time MBA programs during his tenure. He taught internationally in Japan, Helsinki, Oxford, Moscow, Estonia, and Latvia and was honored for his service and leadership by several organizations. One of his students wrote, “I still vividly remember our amazing experience in the classroom and use the practical knowledge and soft skills you taught us daily!”

Dale Martin

The Delmer P. Hylton Professor of Accountancy, Martin came to Wake Forest in 1982. He served as director of the accountancy program three times for a total of 14 years. Among the awards he received were the Horace Kelly Alumni Teaching Award in 2004 and 2015, and the Price Waterhouse Professor of Teaching Excellence in 1991, 1995-98. One of his students said, “Dr. Martin clearly represented the road less traveled by.

Gary L. Shoesmith

Award and the Winston-Salem Evening MBA Teaching Award; for his recognition as the Medlin Excellence Fellow; and for his dedicated service contributions to the institution and the larger academic community.

Gary L. Shoesmith retired earlier in December 2017. He was commended for over 31 years of commitment to teaching Macroeconomics to the graduate students of the School of Business; for his receipt of the Kienzle Alumni Teaching






F A C U L T Y Derek Avery Grandey, A. A., Houston, L., & Avery, D. R. (in press). Fake it ’til you make it: Emotional labor reduces the racial disparity in service performance judgments. Journal of Management. DOI: 10.1177/0149206318757019 Service providers who are Black tend to be evaluated less favorably than those who are White, hindering opportunities for advancement. A pilot study confirmed warmth and person-occupation fit judgments are lower for an otherwise equal Black than White service provider. This study then demonstrates that Black providers are held to a higher standard where they must “fake it to make it” in service roles. The study discusses implications for stereotype fit and expectation states theory, emotional labor, and service management.

King, E. B., Avery, D. R., Hebl, M. R., & Cortina, J. M. (2017). Systematic subjectivity: How subtle biases infect the scholarship review process. Journal of Management, 44(3), 843-853. In light of renewed debate regarding publication rigor and ethics, this commentary raises questions about the subjectivity of the peer review process. This study argues that the same biases organizational scientists consider as topics of this research — such as confirmation bias, negative bias, anchoring and adjustment, overconfidence bias, and social dynamics — may infect the scholarship process. Subtle biases that may be unique to or exacerbated within diversity management scholarship are also examined. The theoretical basis 82


of such biases is described, preliminary evidence of their nuanced manifestations is offered, and suggestions for their reduction are outlined.

is misaligned with the ethnic composition of employees in that organization. Ethnically dissimilar employees experience these effects more strongly.

Volpone, S. D., Marquardt, D. J., Casper, W. J., & Avery, D. R. (2018). Minimizing cross-cultural maladaptation: How minority status facilitates change in international acculturation. Journal of Applied Psychology, 103(3), 249-269.

Doug Beets

This study suggests that international students who have been a member of more minority groups in their home country have unique experiences working with dissimilar others that offer advantages when acculturating to new cultures and novel situations. These students who also possess higher cultural intelligence experience these advantages to an even greater degree. Psychological well-being was also positively impacted when an international student’s host institution was perceived to have a highly diverse climate.

Lindsey, A. P., Avery, D. R., Dawson, J. F., & King, E. B. (2017). Investigating why and for whom management ethnic representativeness influences interpersonal mistreatment in the workplace. Journal of Applied Psychology, 102(11), 1545-1563. Preliminary research suggests that employees use the demographic makeup of their organization to make sense of diversityrelated incidents at work. This study finds that higher rates of interpersonal mistreatment occur when the ethnic composition of managers in an organization

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Beets, S. D., Beets, M. G. (2017). An absence of transparency: The charitable and political contributions of US corporations. Journal of Business Ethics. https://doi.org/10.1007/s10551-017-3537-z Although stockholders may benefit from information regarding the frequently substantial charitable and political contributions of the corporations they own, U.S. corporations are typically not required to disclose any information about such payments in annual financial statements or information submitted periodically to regulatory agencies. This article enumerates the magnitude of the charitable and political gifts of 40 of the most generous public corporations in the USA, the current disclosure requirements for public companies, the role of foundations, rationales for withholding relevant information from owners, and ethically questionable strategies that corporations may use to manage those disclosures for their benefit.

Tom Canace

Mark Evans

Canace, T. G., Jackson, S.B. & Ma, T. (2018). R&D investments, capital expenditures, and earnings thresholds. Review of Accounting Studies, 23(1), 265-295.

Evans, M. E., Njoroge, K. and Yong, K. O. (2017). An examination of the statistical significance and economic relevance of profitability and earnings forecasts from models and analysts. Contemporary Accounting Research, 34: 1453-1488.

Prior studies find that firms cut research and development (R&D) expense in response to earnings considerations. This study further documents that firms narrowly achieving an earnings threshold also report unusually high capital expenditures. In addition, these firms’ total investments (R&D expense plus capital expenditures) do not vary in response to earnings thresholds, which suggests that, on average, reductions in R&D expense are offset by concurrent increases in capital expenditures. This study then infers that the increased capital expenditures are largely R&D investments that are capitalized, suggesting that overall investments in R&D are relatively unchanged.

Anna Cianci & Sean Hannah Beaudoin, C., Cianci, A., Hannah, S., Tsakumis, G. (2018). Bolstering managers’ resistance to temptation via the firm’s commitment to corporate social responsibility. Journal of Business Ethics, 2018, 1-16. This study hypothesizes that a company’s commitment to Corporate Social Responsibility (CSR) shifts managers’ focus away from self-interests toward the interests of the firm, bolstering resistance to temptation. Results indicate that under temptation, managers make decisions consistent with self-interest. More importantly, when commitment to CSR is present, managers are more likely to make ethical decisions in the presence of temptation. The results demonstrate CSR’s effects on ethical behavior and imply that through conducting and communicating its CSR efforts internally, firms can in part limit the detrimental effects of temptation on managers’ decisions.

This paper proposes and empirically tests a cross-sectional profitability forecasting model which incorporates two major improvements relative to extant models. Overall, the results document the increased accuracy and economic relevance of a cross-sectional profitability forecasting model which incorporates improvements to extant models in terms of model construction and estimation.

Haresh Gurnani Guan, H., Gurnani, H., Geng, X., Luo, Y. (publication forthcoming). Strategic inventory and supplier encroachment. Manufacturing and Service Operations Management. In a two-period model of a dyadic supply chain, this study examines the interaction between the use of strategic inventory withholding by the buyer and the use of a direct selling channel (encroachment) by the supplier in the second period. This study provides useful managerial insights into the strategic (joint) moves of the players in a supply chain. This study shows that both the players and consumers can benefit from vertical competition. Moreover, the first-mover advantage may not always increase profits for the players.




Boleslavsky, R., Cotton, C. S., Gurnani, H. (2016). Demonstrations and price competition in new product release. Management Science, 63(6) 2016-2026. This study incorporates product demonstrations into a game theoretic model of price competition. In this study’s model, demonstrations help individual consumers to learn whether they prefer an innovative product over an established alternative. When the innovative firm commits to demonstration policies and there is flexibility in prices, the firm is best off offering fully informative demonstrations that divide the market and dampen price competition. In contrast, when a firm can adjust its demonstration strategy in response to prices, the firm prefers only partially informative demonstrations, designed to maximize its market share. Such a strategy can generate the monopoly profit for the innovative firm.

Sean Hannah Waldman, D. A., Wang, D., Hannah, S. T., Balthazard, P. B., & Owens, B. (in press). Psychological and neurological predictors of abusive supervision. Personnel Psychology. Using both neuroscience brain mapping and survey methodologies, this study finds a positive relationship between narcissism and abusive supervision. Results further show that the relationship between narcissism and abusive supervision diminishes for those who possess strong political skill. When connectivity in executive control regions of the brain is lower, political skill becomes a more important factor in reducing the display of abusive behavior. Overall, the study demonstrates how combinations of characteristics (both psychological and neurological) can provide a more in-depth understanding of the emergence of abusive supervision.


Rick Harris

Norma Montague

Aitken, M. J., Aspris, A., Foley, S., & Harris, F. H. deB. (2018). Market fairness: The poor country cousin of market efficiency. Journal of Business Ethics, 147(1), 5-23.

Kelton, A. S., Montague, N. R. (2018). The unintended consequences of uncertainty disclosures made by auditors and managers on nonprofessional investor judgments. Accounting, Organizations and Society, 65: 44-55.

This study develops an evidence-based policy framework for assessing the effect of changes in security market design on market quality in which both fairness and efficiency are defined and measured. This study then builds a systems estimation model to examine the explosive growth in algorithmic trading (AT) on the London Stock Exchange and NYSE Euronext Paris. Results show that greater AT in top quintile stocks is associated with increased transactional efficiency and reduced information leakage. For less liquid stocks, manipulation at the close declines. This study also documents a tradeoff between reduced bid-ask spreads and increased manipulation/information leakage following the introduction of MiFID1.

This study finds that expanding the audit report to include an emphasis of matter (EOM) highlighting uncertainty in financial reporting has the unintended consequence of increasing investors’ perceptions of management credibility, leading to higher likelihood of investment. Moreover, despite the ability of ranges to highlight uncertainty and downside risk, management’s disclosure of an estimate range does not impact the positive effect of the EOM on investors’ propensities to invest, unless management provides a wide range. The results find that augmented auditor and management reporting may have unintended consequences on investor perceptions of management credibility and resultant investment decisions.

Philip Howard Howard, P., Croce, M., Colacito, R., & Ho, S. (in press). BKK the EZ way: International long-run growth news and capital flows. American Economic Review. Does capital always flow to the most productive countries? Does it matter whether productivity improvements are deemed to be short-lived or long lasting? This study answers these questions by investigating the impact of short- and longterm productivity risk on international risk-sharing and capital flows among developed and integrated G7 countries.


Sherry Moss Caza, B. B., Moss, S., Heather Vough, H. (in press). From synchronizing to harmonizing: The process of authenticating multiple work identities. Administrative Science Quarterly First Published September 26, 2017. https://doi.org/10.1177/0001839217733972 This study challenges the notion that consistency is the core of authenticity, demonstrating that for people with multiple valued identities (i.e., multiple job holders who enjoy their plural careers), authenticity is not about being true to one identity across time and contexts, but instead involves creating and holding cognitive and social space for several true versions of one’s work self that may change over time. It suggests that authentication is

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the emergent, socially constructed process of both determining who one is and helping others see who one is.

reviews. In addition, even positive internal reviews prompt exploration to confirm that relational bias is not present.

Martinko, M. J., Mackey, J. D., Moss, S., Harvey, P., McAllister, C. P., & Brees, J. R. (in press). An exploration of the role of subordinate affect in leader evaluations. Journal of Applied Psychology, doi:10.1037/apl0000302

John Sumanth

Leadership research has been encumbered by a proliferation of constructs and measures, despite little evidence that each is sufficiently conceptually and operationally distinct from the others. This study argues that leader affect (i.e., the degree to which subordinates have positive and negative feelings about their supervisors) underlies the common variance shared by many leadership measures.

Jim Narus, Michelle Roehm, & Michelle Steward

Gok, K., Demirtas, O., Sumanth, J., Arslan, A., Bommer, W., Eberhard, J., Ihsan Ozdemir, A. Yigit, A. (2017). You may not reap what you sow: How employees’ moral awareness minimizes ethical leadership’s positive impact on workplace deviance. Journal of Business Ethics, 146(2), 257-277. Contrary to popular opinion, this study suggests that ethical leadership may be unnecessary, or at the very least, redundant under certain conditions. Specifically, when employees possess the moral awareness and ability to

recognize situations that are likely to cause moral wrong or harm to individuals or entities, ethical leadership’s positive role in reducing deviant actions may be minimized. However, when individuals lack this strong moral disposition, ethical leadership may be instrumental in inspiring them to reduce their deviant workplace behavior.

Julie Wayne Casper, W. J., Vaziri, H., Wayne, J.H., DeHauw, S., & Greenhaus, J. (2018). The jingle-jangle of work-nonwork balance: A comprehensive and meta-analytic review of its meaning and measurement. Journal of Applied Psychology, 103(2), 182-214.

been somewhat limited and disjointed. This study reviews and statistically aggregates the available research and finds many different definitions and measures of balance. This study also finds that employees’ assessments of balance are associated with greater job, family, and life satisfaction, but the relationships differ depending on the measure used. Lack of consensus about what balance is or how best to measure it impedes scientific progress. To advance understanding of this important topic, this study proposes a comprehensive definition of work-nonwork balance, discussion on how it might be measured, and consideration for the implications for theory and organizational practice.

Despite the popularity of the “work-life balance” concept, scientific research has


Steward, M. D., Narus, J. A. & Roehm, M.L. (2018). An exploratory study of business-to-business online customer reviews: External online professional communities and internal vendor scorecards. Journal of the Academy of Marketing Science, 46(2), 173-189. This research examines the increasing use of online customer reviews in businessto-business (B2B) decision making. This research studies a unique aspect wherein buyers draw on two sources: external reviews posted on online professional communities and internal reviews in the format of vendor scorecards. This method creates a conundrum: What happens when a buyer is confronted with conflicting reviews from two different sources? The results indicate that B2B buyers are driven to resolve differences in reviews rather than dismiss negative


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