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13 Jun 2017, 04:46
| FROM Kenan- Flagler Admissions Blog: Translating a love for wine into a career |
 Elizabeth Schneider (MBA ’05) Elizabeth Schneider (MBA ’05) never felt at home in corporate America – so she decided to use her business skills to focus on her passion for wine and created Wine For Normal People. Her company translates the world of wine into “normal” – easily accessible – terms that she shares through a podcast, a blog, speaking events and her upcoming book, a re-imagined intermediate wine primer appropriately titled “Wine for Normal People.” Schneider spends her days studying wine, talking to people around the globe who are doing interesting things in the vineyards, and finding ways to put practical information into the hands of people interested in wine. Schneider shared how she learned to listen to her gut and do what she loves at the 2017 MBA Reunion Weekend. She credits her time at UNC Kenan-Flagler for helping her choose a career path. “The reason I feel so tied to this University is because it changed my life in so many fundamental ways,” she says. Before applying to UNC Kenan-Flagler, Schneider quit her job at a top research and advisory firm and moved to St. John in the U.S. Virgin Islands where she slept under a mosquito net, waited tables, took the GMAT and applied to the full-time MBA Program. As a student Schneider got involved in international experiences and projects, traveling to India on a Global Immersion Elective and to South Africa with a classmate. She spent her summer internship at an over-the-counter drug company and disliked the “do this, act like this, wear this, and say this to get ahead” atmosphere of the corporate world. Schneider had always had an interest in wine and in her early 20s she took introductory wine classes, which started her on the path toward figuring out how she could incorporate this fascinating subject into her life in a meaningful way. Today’s she is a certified sommelier. After graduating from UNC Kenan-Flagler, she worked at a large, industrial winery in California. She launched several successful brands and co-authored a nationally acclaimed wine training program for servers in restaurants worldwide. But when the focus became profits at the expense of product quality, she left her job. After traveling to the Galapagos Islands for a wedding of a MBA classmate, she listened to her gut and decided to create her own company. Wine for Normal People was born. “I realized I could not go back into corporate,” said Schneider. “I loved the culture of wine, but hated the politics of it.” Average people face many barriers to entry for appreciating wine – the lexicon, the geography, and the regional complexities make it difficult to jump in without help. “You actually can’t fake it until you make it with wine,” says Schneider. Schneider began her award-winning podcast, which has an international audience, and teaches online classes, does corporate speaking events about wine around the U.S. and is the face of a new online wine company, The Weekly Tasting. She is thriving in a career that makes her happy. As an entrepreneur in the niche market of wine-related media, Schneider had to create her own blueprint. Through trial and error, she discovered successful business models that included her podcast and corporate speaking. “I decided instead to be an advocate for wine, not for a specific brand,” she says. “My number one concern is my audience. I want to be the person I wish I had met when I was first getting into wine – a helpful, nice friend who knows a lot, but doesn’t make you feel bad when you ask a question. My focus is not pandering to big wineries. I’d rather make less money and have integrity about what I do and how I do it.” Sticking to your values and listen to your gut in your careers and personal lives, advises Schneider. “Despite what people tell you, life is actually very long,” she says. “When you make mistakes like neglecting your relationships or not keeping up with friends you’ll live with that for a very long time.” 
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13 Jun 2017, 04:46
| FROM Kenan- Flagler Admissions Blog: Connect with alumni and students at our 2017 Summer Welcome socials |
 As part of our annual tradition, the UNC Kenan-Flagler alumni engagement team – in partnership with the School’s degree programs and alumni clubs – is hosting a series of Summer Welcome events across the U.S. Join us at an event near you! These casual, after-work gatherings connect students with alumni in the cities where they are interning and welcome our newest UNC Kenan-Flagler grads in a fun and relaxed setting. Find an event near youRegister for your local Summer Welcome gathering and other alumni events in your area. View our Events Calendar Be sure to update your contact information to ensure you receive email invitations to events in your area. Join us at an upcoming Summer Welcome event:
Thanks to everyone who helped make the Summer Welcome events in Charlotte and Seattle such a success! Join us at an upcoming Alumni Club event:
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13 Jun 2017, 17:00
| FROM Kenan- Flagler Admissions Blog: You are the key to our success. |
 Last fiscal year, a record 6,577 alumni, students, parents, faculty, staff and friends made gifts to UNC Kenan-Flagler. Now we need your help to ensure that this number continues to grow. Our 2017 fiscal year ends on June 30, and 6,380 donors already have given to the School. This number includes 3,680 alumni, 554 students, 211 faculty and staff, 165 parents and numerous friends of the School. Are you one of the 6,380 who have given this fiscal year? If so, thank you! Your support makes a tremendous difference. If not, why? Do you think that a smaller donation won’t make a difference? A donation of just $150 to the Fund for UNC Kenan-Flagler pays for two students to participate in Leadership Day skill-building activities. Give a little more and you could help fund a study abroad scholarship for a student who couldn’t otherwise afford a global experience. Or you could pay for a laptop for a first generation college student who doesn’t have a computer. We make very sure that every dollar donated to the School makes a difference. After all, our dean is an accountant. Do you think the Business School doesn’t need your money? Times have changed at UNC Kenan-Flagler. Fifteen years ago, in fiscal year 2003, the state funded 28 percent of our overall School budget. Today the state appropriation is less than 10 percent of our total budget. Creating revenue producing programs and growing our philanthropic support from donors like you has allowed us to survive and thrive, but a great deal of work needs to be done. Despite recent philanthropic strides, we still trail nearly all of our peer schools in both endowment size and alumni giving participation – currently at 12 percent across all degree programs. So we need support from our alumni and friends now more than ever. High rates of alumni giving help to strengthen the value of everyone’s UNC Kenan-Flagler degree! Are you tired of being asked? We understand you receive many requests. But we believe that it’s important to support the worthy cause of educating the next generation’s leaders. As a friend of our School, we hope you will make UNC Kenan-Flagler one of your philanthropic priorities. We need your support, and we will put your funds to good use helping current and future Business School students. Please make a gift today. 
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13 Jun 2017, 17:00
| FROM Kenan- Flagler Admissions Blog: Adams Blog Post |
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I was raised in a first-generation immigrant family, one that taught austerity and hard work. I often inherited my older brothers’ t-shirts, and learned algebra early in the summers. Both of my brothers and my parents are entrepreneurs, stunning and bold forces of nature. I have always admired the framework and practice of entrepreneurship for its inherent value of moving quickly, or often enough, beginning to try at all. The capacity to prototype, iterate, and solve problems is practical. However, the youngest of three children, with a love of questions, disengaged from the sacrifices and toil of my grandparents, I began wondering about the profit bottom line. After all the resources my background has afforded me, is entrepreneurship still the best way to share them? How far can profitable innovation take us toward generating a healthy world? One particular turning point in answering this question was participating in the Adams Apprenticeship San Francisco Trek. Two companies stood out to me: Omada and LinkedIn.   When sitting down for breakfast with us, Co-Founder and President, Adrian James’ eyes sparkled and his hands moved descriptively. He sat on a swivel chair, one leg tucked under him, showing us videos of Omada and marveling at his team’s work. He explained how they use technology, science, and human connection to reduce risk for type 2 diabetes and heart disease. Adrian showed us data points from two anonymous clients – one who successfully stuck with the pre-diabetes coaching and another who didn’t. By tracking data from every movement on their technology platform, they gather an immense amount of data. Omada can respond and iterate as needed, directly able to tailor their product for the honest health of someone else and financially survive.  Alison Dorsey, who works on City and State Partnerships at LinkedIn, also revealed the depth of data that LinkedIn has. Well postured with a clear and decisive voice, Alison explained how she looks at the employment and skills gaps in various regions according to what has been posted on LinkedIn. She then partners with local government to implement tailored job trainings and other employment factors. By pulling on their hundreds of millions of accounts and relevant information, LinkedIn has access to trends vital for economic development and regeneration. Both companies prove to me that with intentions for a healthier world and entrepreneurship, a lot can happen – invaluable data, engagement, tangible action, a difference. Whereas my love for entrepreneurship had been born from my family and had ended with its practice only in particular cases, I am beginning to recognize its unique power to create equity and health on large scales. Entrepreneurship is not an ends, it is a means – a remarkable tool. By Kristen Lee June 1, 2017 
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13 Jun 2017, 17:02
| FROM Kenan Flagler Executive MBA Blog: Reunion Weekend 2017 Recap |
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Click to view slideshow. Thanks for the memories – and the support. More than 400 alumni, faculty, staff and friends of UNC Kenan-Flagler Business School traveled from all over the globe to reconnect with classmates and celebrate milestone years during Reunion Weekend in April. Reuniting alumni raised more than $1 million for the School in support of the Reunion Class Campaigns. The total was announced during the Saturday evening celebratory event on the floor of the Dean E. Smith Center. Many classes distinguished themselves as MVPs through their attendance and support:
Reunion activities included talks by alumni and faculty, including “Finding Truth in Wine” led by Elizabeth Schneider (MBA ’05) and “The Business of Beer” with local brewers and beer industry professionals. Read more about the Reunion Weekend program. Thank you to all alumni who traveled to Chapel Hill to celebrate this year – and especially to the more than 50 alumni who volunteered as Class Connectors to encourage your classmates to come back and give back to UNC Kenan-Flagler. Class Connector John Bartelme (MBA ’72) wrote this about Reunion Weekend: “It was a real pleasure for me to walk down memory lane preparing for our 45th MBA class reunion. As I wrote the letter to my classmates encouraging them to attend the reunion, I could not help but think back on all the wonderful times we had – from meeting and getting to know so many new classmates, to working on case studies and other projects together, to experiencing and learning from our excellent faculty and staff, to having fun at Quickie Take Out’s “happy hour” to golfing together on Finley on Friday mornings. The Reunion Weekend was very memorable. Not only to relive past memories, but also to make new ones such as the private tour of the UNC Basketball Museum with Phil Ford, coffee with the dean, and dinner on the floor of the Smith Center, the home of the 2017 NCAA National Basketball Champions. My only regret is that we can’t be the designated class each year. So, here’s to being honored again in 2022 for our 50th!” Class Connector Kathy Shaw (MBA ’97) shared this: “I loved being a Class Connector for my MBA Class of 1997. In the months leading up to Reunion Weekend, I enjoyed reconnecting with members of my class via e-mail, phone and social media. It was great to have a reason to call and reconnect – to hear stories about growing families, new jobs, life changes, etc. These interactions helped to build excitement among our classmates for the weekend when we all came back together to celebrate and remember our years at UNC. Sharing this time with classmates – whom I love like family – was wonderful! These bonds of friends were tightly woven 20 years ago, and have certainly stood the test of time. We know we never have to say ‘goodbye after we are together… it’s only, ‘until we meet again.’” Mark your calendars for the 2018 Alumni Weekend, April 13-15, 2018. We will welcome back all alumni for all degree programs to celebrate milestone reunion years. Sign up now to serve a Class Connector. We are recruiting Class Connectors from the Undergraduate, MBA, Executive MBA and MBA@UNC classes of 1968, 1973, 1978, 1983, 1988, 1993, 1998, 2003, 2008, 2013, and 2017. E-mail Carrie Dobbins, assistant director of development for reunions, today if you’re interested. 
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15 Jun 2017, 21:00
| FROM Kenan- Flagler Admissions Blog: Dream big: Making your dreams a reality |
 Using visualization to make your dreams a reality was the subject of a recent TEDx talk by Pete Canalichio (MBA ’90), founder, principal owner and president of Licensing Brands, Inc. “With each dream, I would picture what I wanted, and I would visualize myself in that place,” says Canalichio. “The visualization gave me the clarity I needed, along with the ambition and courage to risk possible failure. As the saying goes, ‘You can’t make a basket if you never take the shot.’” Canalichio was a Richard H. Jenrette fellowship recipient and salutatorian at UNC Kenan-Flagler. Throughout his career with companies such as Coca-Cola and Newell Rubbermaid, he has worked in more than 40 countries and managed projects across national and continental borders. Before starting his business career, Canalichio attended the U.S. Naval Academy where he earned a bachelor’s degree in physics and served in the U.S. Navy as an aviator during the height of Cold War tensions. He later served in the Navy Reserves, retiring at the rank of commander. Canalichio is a part-time instructor at Georgia State. Watch Canalichio explain how he has used visualization to overcome challenges and achieve his goals. 
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20 Jun 2017, 14:00
| FROM Kenan- Flagler Admissions Blog: Business with a higher purpose |
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We all know that the least respected institution in America is Congress. But do you know which institution is the second-least admired in America? It is big business. Countless politicians and millions of Americans contend that a preoccupation with stock prices, quarterly earnings and executive pay has undermined the fabric of our nation. Today fewer than one in five Americans have confidence in big business, an all-time low. Corporate America has a serious image problem.  With so many academics and politicians arguing that capitalism is fatally flawed, we need to consider whether to abandon our nation’s traditional economic model or whether there is a superior form of capitalism that better serves all stakeholders. There is compelling evidence that companies that focus on a higher purpose and serve their many stakeholders effectively achieve superior results for their owners. By embracing stakeholders – such as employees, customers, suppliers and communities – as partners, rather than inputs, all parties fare better, including shareholders who will see superior returns in the long run. This isn’t a replacement for or an alternative to capitalism – it is a higher form of capitalism. Our financial system encourages short-term behavior that sub-optimizes long-term outcomes. In a study conducted by Al Rappaport, one of the most distinguished finance professors of our generation, he found that fully 80 percent of companies occasionally forego investment decisions with a positive net present value if they hurt short-term earnings. But there is no reason this needs to be the case. The reality is that the stock market has a very long-term focus when companies effectively articulate their end game. How else can you explain why Tesla – which has had only two quarters of meager profits since its inception – has a market capitalization greater than Ford and GM? While most CEOs accuse Wall Street of encouraging dysfunctional myopic behavior, I believe America’s business schools are equally to blame. We teach MBAs to base investment decisions on discounted cash flow analyses that ignore massive economic considerations which are difficult to quantify. We teach finance as a science, when it should be taught as a blend of art and science. A fast-food case study As a case study, consider the fast-food industry. The primary indicator of a fast-food concept’s financial potential is sales per unit. Wendy’s averages $1.5 million in annual sales per unit. McDonalds is near the top with $2.5 million per unit in revenues. The number two fast-food company produces revenues of $2.7 million per unit. Chick-fil-A generates more than $4 million of revenues per unit, 50 percent more than any other concept. And it is consistently the leader in customer satisfaction and same-store sales growth, other key performance metrics. To understand how Chick-fil-A does it, you need to appreciate the culture of the organization which was infused by its founder Truitt Cathy, whose mantra was “People before Profits.” Its mission statement says nothing about food or financial success. It has financially outperformed every fast-food company in the country with a simple mission: “To glorify God by being a faithful steward of all that is entrusted to us. To have a positive influence on all who come in contact with Chick-fil-A.” A company’s higher purpose does not have to be spiritual. IKEA’s mission statement is “to create a better everyday life for people … by offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them.” A recent Gallup study concluded seven in 10 American workers are not engaged at work. How does a business maximize long-term profits with an apathetic workforce? Or transient customers? Or intimidated suppliers? Or ambivalent communities? Companies achieve superior financial results in the long run by offering a unique value proposition to their stakeholders by standing for something they believe in. If stakeholders receive psychic income from being affiliated with your organization, not every interaction is transactional, predicated solely on economics. I ask this question on the final exam in my corporate governance class: If you served on Chick-fil-A’s board, what considerations would you explore in deciding whether to open the stores on Sunday? Chick-fil-A is closed on Sundays because its founder believed that the Sabbath was meant to be a day of rest. In a typical MBA class you would research other fast-food companies and determine what percentage of their revenues come on Sundays to forecast your incremental revenues. You would then project all the marginal costs of being opened an additional day, such as wages, product costs and incremental power bills. By leveraging fixed costs such as property taxes, rent and insurance you would conclude that you could grow the bottom line by opening on Sundays. In your finance class, you would get high marks for this analysis. A different framework Not in my class. There are profound economic considerations that you would have ignored. Chick-fil-A employees choose to work for the company because they feel a sense of shared values. Many cherish their Sundays off to be with their families or to attend church. Other employees enjoy Sunday off to ride bikes, play golf or go to the beach. Muslim employees are given Fridays off and Jewish employees are given Saturday off, if requested. Regardless of their faith, an applicant must fully buy into the notion of serving others to be hired or to run a store. Chick-fil-A received more than 40,000 applications from potential franchisees to operate the 150 locations opened last year. If cashiers, cooks and store managers were told they could no longer take Sundays off, it would profoundly impact morale. The new policy would be regarded as a betrayal of values by employees and many customers. Numerous store managers and hourly workers would quit or come to work less motivated. We don’t teach MBAs how to build a line into a cash flow model for the cost of employee turnover. It is expensive to hire and train workers. Plus, you lose institutional knowledge and capabilities. How do we quantify a reduction in employee morale, which can be the greatest point of differentiation in a competitive market? It’s not easy, so we ignore it. Many consumers support Chick-fil-A with their retail dollars because they believe the company shares their personal values. Those customers would consider being opened on Sundays as selling out and would visit the stores less frequently, it at all. I believe that if Chick-fil-A changed its policy and opened on Sundays, its profits would decline in the long run. And so does the company. Many of Chick-fil-A’s policies make no sense in a traditional discounted cash flow analysis. The company pays its employees more than most fast-food chains. It invests more in training. It has implemented a program to recycle its Styrofoam cups. Many operators require employees to perform community service. We don’t teach MBAs how to build such strategies into the financial models that drive corporate decision making. Some teach the notion of a “triple bottom line,” which can be a simplistic paradigm that offers no way to reconcile potentially mutually exclusive objectives. Rather than demonize profits, we need a far more sophisticated approach to accurately project profits. Today’s financial models are a blunt and inadequate tool to evaluate complex economic behavior. Traditional finance is not obsolete; it is just immature. Behavioral economics has turned traditional economic theory on its head because people don’t act in a purely rational, unemotional manner. The time is long overdue for building behavioral factors into financial models. Conscious Capitalism Practicing “Conscious Capitalism” is not easy. As Whole Foods learned, it is no substitute for having an effective strategy to respond to competitive threats. But those who get it right are handsomely rewarded. A study by a Harvard Business School professor showed that companies which function with a higher purpose have far superior shareholder returns. And the investment community is taking notice. Sustainable, responsible and impact investing funds now manage $9 trillion in assets in the U.S. and have grown 33 percent a year over the past two years. Companies that scored in the top third on environmental, social and governance characteristics outperformed the stocks of companies in the bottom third by 18 percent. So rather than discard capitalism as a heartless anachronism that undermines the social good, as so many academics and political leaders in certain circles propose, we need to develop more sophisticated tools to demonstrate how Conscious Capitalism is a superior form of capitalism that better serves society. My guess is that if we made Conscious Capitalism a core concept of every MBA curriculum, the reputation of corporate America would improve dramatically, along with the success of business and the wealth of its owners. By Michael Jacobs Michael Jacobs is professor of the practice of finance at UNC Kenan-Flagler. 
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28 Jun 2017, 10:00
| FROM Kenan- Flagler Admissions Blog: Five ways that Accounting courses will instantly upgrade your business IQ |
 Ever walked out of a meeting, or read a memo from the executive suite, and said to yourself “Why did they decide that?” Ever had an idea that you thought was great unceremoniously shot down with some vague comment about “the numbers won’t work.” Accounting and financial considerations are vital in nearly every decision made by a company, nonprofit or government agency. That includes the decisions made by your organization. If you want to understand more about why certain decisions are made or, even better, make smarter, more persuasive decisions yourself, consider increasing your accounting knowledge. >> Want to add value to your company? Access our learning guide “How Thinking Like an Accountant Can Help You Make Smarter Business Decisions”. Completing a Master of Accounting (MAC) program will help you upgrade your career. But even before you complete the degree, you’ll get an upgrade to your business savvy. Here are five situations where you’ll be able to wow your peers and your managers — or at least understand how they really think — once you start taking MAC classes. 1. Sales are great, but in a team meeting your boss has asked everyone for ideas to reduce operating costs. You want to help, but you’re wondering why cost reductions are a focus if sales are up. What you’ll learn while earning your MAC: Sales increases don’t always translate to immediate cash in the bank. Depending on when and how revenues are recognized, and what your company must do to provide products or services, higher sales can sometimes even mean a cash crunch in the short term. Your instant upgrade: Knowing why your company needs to cut back on spending, even as sales rise, helps you make smarter recommendations about costs that could be reduced. 2. Your company’s making a widget that costs just $2 to manufacture, is flying off the shelves for $20 a pop. But profits aren’t exactly sky high – why? What you’ll learn while earning your MAC: The cost of making a product is just one part of the cost of doing business. The “cost of goods sold” includes everything from salaries of manufacturing employees to raw materials. But the company has other expenses, too, including leases on office space, customer service costs and some employee salaries (maybe even yours!). Your company doesn’t start recording a profit until all those expenses are paid. Your instant upgrade: Understanding that the costs of manufacturing a product are just part of your company’s expenses. 3. Your company has lots of cash on its balance sheet, but the stock price has dropped. What you’ll learn while earning your MAC: Investors think more about the future than the current state of your company when they decide how much they’re willing to pay for your company stock. Your company’s sitting on a lot of cash? That might mean there’s no profitable new ventures to invest it in, which means growth prospects are poor. The result: Investors downgrade your stock and share prices sink. Your instant upgrade: Understanding that stock prices depend mostly on how profitable a company will be in the future, and less on how it’s done in the past. 4. Despite its large cash reserves, the CFO has just announced the firm is going to borrow money to pay higher dividends. You wonder if this means something’s wrong with the business. What you’ll learn while earning your MAC: Your CFO is pretty smart. Borrowing is cheap right now, thanks to low interest rates, and paying higher dividends to shareholders will boost the stock price. Got co-workers who are asking the same thing? With your MAC classes, you’ll be able to explain the decision to them. Your instant upgrade: Knowing what’s behind your company’s financial decisions will help you better understand why and how top management make certain decisions, and what that could mean for your future with the firm. 5. Your employer has recently added “non-qualified stock options” to the compensation plan for you and many of your peers. You know that means you can buy company stock in the future, but what are they truly worth? What you’ll learn while earning your MAC: The concept of stock options isn’t too hard, but to get the most value from them takes smarts. The value of options depends on the stock price when you exercise it — usually that’s NOT when the options are granted to you. Typically there are limits on when you can exercise those options — when they “vest.” Also, once you exercise an option and buy stock, there are tax implications depending on what you do with those shares and when you do it. Your instant upgrade: Being able to analyze complex compensation choices, such as stock options. That’s useful if you’re receiving those options, and useful if, one day, you’re the one deciding whether to grant them to employees. Interested in learning more about how taking accounting classes will make improve your business savvy and fiscal intelligence? Download this free learning guide about some of the other financial insights you’ll receive as you earn a MAC degree. What’s your next career move? The online Master of Accounting (MAC) degree from the UNC Kenan-Flagler Business School can give your career the boost it needs.
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10 Jul 2017, 18:00
| FROM Kenan- Flagler Admissions Blog: Paying the MBA experience forward – in an unexpected place |
 In Professor Chris Bingham’s Strategy class – a core curriculum requirement in the MBA Program – we were challenged to share what we learned with someone in the community who could benefit. His lesson was in my mind this summer as I traveled to a small college town in my home state to teach a workshop on entrepreneurship, economics and finance for teenagers. Not many kids want to go back to school during summer vacation. Yet I found myself surrounded by a classroom of students eager to spend three weeks absorbing the language of business. The 16 students in my class belonged to a cohort of more than 70 rising high school juniors and seniors at the Mississippi Governor’s School, an academic enrichment program for gifted students. Twenty-three states have Governor’s School programs, including North Carolina. While each is unique, what they all have in common is that they are publicly funded by state legislatures to provide a tuition-free college prep experience. Through Governor’s School, high schoolers are exposed to advanced topics they would not normally cover, with an emphasis on critical thinking and interdisciplinary activities. I attended the Mississippi Governor’s School 14 years ago. At the time, the idea of going to business school never crossed my mind. I was determined to work in politics, and I mentally blocked off other career pathways that would have gotten in the way. I didn’t seriously think about pursuing an MBA until I was 25. When I started researching MBA programs, I was stunned by the misconceptions I had had about business school – and worried that I had put myself at a disadvantage by assiduously avoiding the world of business in my single-hearted quest to change society through government. Once I got to UNC Kenan-Flagler, I realized there was another way I could achieve my goal of effecting social change. I was just as excited about the intellectual stimulation it offered. I’ve always enjoyed a good debate and in business school, we were encouraged to ask provocative questions. Writing assignments weren’t about blustering your way through a five-page essay, but rather, succinctly delivering your assessment of a firm’s situation. Most surprisingly, I discovered that doing the math was not an insurmountable barrier. In fact, the math made sense! Things I never realized would matter, like memorizing the formula for the slope of a line in junior high, turned out to reappear in everything from linear regressions to the capital asset pricing model. I wanted to bring each of those aspects I loved about business school to my class at Mississippi Governor’s School. My students were capable of conquering everything from the time value of money to Michael Porter’s five forces – they just needed someone to show them the ropes. I took this role of mentor seriously. Mississippi ranks last among the states in per capita income and second-to-last in college degree attainment. While kids in New York and California might hear about venture capital deals at the dinner table, kids in Mississippi don’t have that privilege. That’s why the Mississippi Governor’s School exists – to even the playing field in an intensive boot camp for the most talented students up for the challenge. It’s free so that no one is turned away – a critically important public service in a state containing the poorest counties in the nation. And it serves two particularly important populations – girls, who consistently outnumber boys in applications and attendance, and African-Americans, who make up 37 percent of Mississippi’s population, the highest density in the U.S. Now, my 16 students know how to do math for coupon bonds and mortgages, and they know not only the difference between stock exchanges and stock indices, but also why 40 percent of equity trading volume now takes place on dark pools. They wrote up business strategy assessments of major Mississippi-based companies and performed consulting projects evaluating Mississippi’s viability as a business location using SWOT analysis. When news broke of Amazon’s acquisition of Whole Foods during the middle of our session, we spent an entire class analyzing the deal. We learned about the financial crisis by role playing as executives, policymakers and middle-class Americans in another class. My students made class fun with their curiosity and sense of humor. During our session on GDP, they made up a dance based on the YMCA for Y = C + I + G + X. Their final presentation was the pièce de resistance. All by themselves, my students came up with a stock market game show, complete with a series of mini-games testing three audience members’ knowledge of prominent U.S. CEOs, the relationship of risk and return and game theory. I could not have been prouder – that is, unless some of them end up going to business school at UNC Kenan-Flagler. Emily Liner (MBA ’15) is a senior policy advisor in the economics program at Third Way, a think tank based in Washington, D.C. 
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20 Jul 2017, 15:00
| FROM Kenan- Flagler Admissions Blog: Café McColl has gone green |
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Waste not Café McColl has gone green. Now it takes just three seconds for diners to make a positive impact by tossing waste into three separate bins. Thanks to a semester-long effort by students, faculty support, vendors and the facilities management team, UNC Kenan-Flagler debuted a new waste management initiative with the introduction of compost bins in Café McColl alongside new bins for recycling and trash. A 2016 waste audit revealed that 30 percent of waste in McColl Building trash bins was compostable compared to 35 percent that was recyclable. The new composting initiative tackles these waste figures head on while fueling the School’s vision for sustainability – optimizing waste management by ensuring it’s disposed of in the most responsible way possible. “While the priority should be to eliminate food waste, composting prevents food waste and other organic materials from going to the landfill, where its decomposition creates methane – a greenhouse gas that’s 25 times more potent than carbon dioxide,” says Professor Carol Hee. A group effort Student research showed that a successful composting program requires educating people about proper waste disposal – namely, showing people which items are compostable. There’s a risk the partnership with the composting firm could fall through if there’s too much contamination in the compost bins. MBA students in the Net Impact Club helped with the education – explaining and guiding diners to correctly use the new bins in Café McColl. “Having the bins staffed was a huge part of minimizing the contamination rate and removing contaminants from the bins while answering any questions as people threw their garbage away,” says undergraduate student Samantha Buckshon, who participated in the project. The students took extra measures to maximize use of the composting bins – working with Keegan O’ Connor, Café McColl’s assistant manager, and Christen Jester, manager, to switch nearly all packaging to compostable materials while removing items that could cause contamination. Adjustable signage hangs near the bins, displaying current packaging materials and other waste items grouped according to the bins in which they belong. “As a new item is taken on or off the menu, we’re able to adjust the signage,” says Paul Peterson, director of facilities at UNC Kenan-Flagler. “The signage is purposefully simple to make learning easy because that’s so important for this project.” After the semester of preparation, the project came together in time for an Earth Week rollout with help from UNC Kenan-Flagler’s Housekeeping Services crew, UNC’s Office of Waste Reduction and Recycling and Carolina Dining Services. The composting initiative dovetails with the objectives established in the campus Sustainability Plan, including Chancellor Folt’s Triple Zeros Initiative, which puts the University on the path to water neutrality, zero waste going to landfills and greenhouse gas neutrality. 
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20 Jul 2017, 16:53
21 Jul 2017, 14:00
| FROM Kenan- Flagler Admissions Blog: Family care, Fortune 500 discipline |
The Breakers is the only large, historic luxury resort still in the hands of the original family owners. Founded in 1896 by Henry Flagler, the hotel is now owned by the Kenan family, Flagler’s descendants. As the hotel aged so did many of its policies and practices. Fortunately, the family had the wisdom to bring in non-family executive Paul Leone to make changes that dramatically improved the company’s customer satisfaction, employee satisfaction, financial results and social impact. Leone, CEO of The Breakers, is a shining example of a successful non-family executive. He embodies the values of the family while bringing a needed financial discipline and new ideas to the growing company. When Leone spoke to our family business class he shared a few keys to The Breakers’ success. Servant leadership Leone embodies everything it means to be a servant leader. He is people-centric, humble and truly believes that the employees are the Breakers’ greatest asset. After being hired by The Breakers in 1985, he spent a little more than 30 years working in various roles before becoming CEO in 2016. He never forgets what it is like to be a line employee. He treats all employees – who he calls “team members” – with respect and gratitude, giving them the autonomy and responsibility necessary to reach their full potential. Guest experience “We are proud of the asset, but we don’t sell rooms, we sell experience,” says Leone. While The Breakers prides itself on its five-star rooms with lavish amenities, the experience is the reason guests return year after year. Guests are treated like family with the world-class service of a bygone era, providing a respite from the stresses of everyday life. Social responsibility The Breakers has implemented important green environmental initiatives and programs for the “greater good” which focus on improving the lives of team members and the community. Long-term perspective As a family business, The Breakers maintains a long-term perspective when making decisions. Instead of making decisions that lead to short term gains, Leone has the support of the family owners to think long-term and invest in strategic initiatives to ensure the growth and sustainability of the business. This is a major advantage in the high-end resort industry because it allows the business to “rig for bad weather” and withstand financial turmoil, such as the 2008 financial crisis. By identifying strong non-family executives, like Leone, professionalizing financial and HR processes, and maintaining a long-term, patient-capital approach, The Breakers is sure to thrive for many generations to come. By Caroline Pevonka (BSBA ’18) 
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28 Jul 2017, 15:00
| FROM Kenan- Flagler Admissions Blog: Staying sane in the membrane and starting a company |
I think starting a company is like anything else in life – you start because you love it, you think you can be really good at it, there is a promise of money or someone told you it’s what you should do (I hope it’s not that one).  Then, after a while of actually doing it, you get a moment to come up for air and think, “Wait, what’s going on?” You get so wrapped up in the details of staying on-track with fundraising, user acquisition and product that you forget about the most fundamental thing – yourself. No one talks too much about how people are doing on a personal level and why would they? It’s weird, and unless you really know the person and have an hour to listen to them rant about the 500,000 different things that are going on, you’ll probably just get a classic, “Yeah, I’m good” as a response. But, let’s be real – making sure you’re not going “insane in the membrane” (Cyprus Hill, 1993) is pretty important. And that is only up to you to figure out. I took approximately 10 minutes and came up with the three most important things to focus on daily to keep my mind right. For me, they are: be present, have fun and be myself. I went a little deeper than only thinking about words – so here’s some substance. Be present. Remember in the Harry Potter series when we found out that Harry and Voldemort are linked, allowing Voldemort to infiltrate Harry’s thoughts, on-demand? One minute Harry is strolling around Hogsmeade having a few butterbeers with Ron and Hermione, and the next he’s blacked out on the ground looking like he got hit by a truck. This is my relationship with the company I co-founded, Sideline (minus Sideline being a dark Lord who wants to kill me … I think). Thoughts attack from every angle at any point in the day. But, much like Harry had Snape to help him work through his mind-control abilities and issues, I have my wife. Now, granted she’s much better looking than Snape, she’s equally relentless in making sure I activate the synapse in my brain to take a break every once in a while. (You’re welcome for the spot-on Harry Potter reference). It is SO easy to drift and fall into a stream of thoughts around whatever the topic of the day is in your mind. It’s impossible to prevent, but super important to control. When you are home and have downtime, be at home. When you’re in the office and people need your undivided attention, give it to them. Don’t get lost in your own universe – stay here on earth with all of us nice people. Whatever you’re thinking about can definitely wait a few minutes, or dare I say, hours. Have fun. My main criterion for whether I’m making the right life move, career-wise, has always been this: would 13-year-old me think this is cool? Some people laugh at that, but I really think me at 13 had it going on. He’s the definition of an idealist – dreams, on dreams, on dreams. If I can impress him, I’m doing something right. If you were to tell 13-year-old me that I co-founded a fantasy sports company where you make legal sports bets, in a fantasy league, with the premise of competing against and beating my friends – that kid would be so pumped. (Granted, I was more obsessed with sports and outcomes of games than most 13-year-olds). So that should naturally mean that I’m having fun every day, right? Psshhhh … 45 seconds ago, I was comparing myself to Harry Potter being mind-attacked by Voldemort. But imagine if, when you are having those deep, stressful thoughts, you zoomed out to think if you were having fun. Seems small and maybe stupid, but perspective is king. In my case, I zoom out and think about all the good things going on. We are lucky enough to be working on something we love and can make a career out of – why am I not having fun right now? Be yourself. When I was in middle school – which I think is the most impressionable time in life – I wasn’t too concerned about being the smartest person, the most popular or the kid with the most Pokémon cards. I was pretty fine with just taking the tidbits here and there that I liked, and meshing them all together into the blob that became me. I had some pretty proud moments – I never used hair gel and didn’t dip into the blonde tips. (Note: This was during peak N’SYNC). I also have some things I still shake my head at – like rocking my Timberlands from sixth to eighth. (I heard they are back!☺) As first-time founders, we have circled back to a new, but equally impressionable time. We are the new kids on the block and we are just trying to find our way. There are our peers who are on the journey with us, eighth graders (successful entrepreneurs) who have found their way and can share helpful tips, teachers (advisors and mentors) who can open our minds to the things we need to learn, and coaches (investors) who we hope will pick us to be on their team. As we get going, we notice that all of the influences and thoughts from all the people you come across are wildly overwhelming – you constantly wonder what the right thing to listen to is, if you should do it more like they do or if you should talk or act a certain way to be more accepted. Here’s the rub: none of that matters if you don’t know who you are – both as a person and as a company. And the solution: we think it’s tapping into the mind of a confident sixth grader. Pick and choose the stuff you like and discard the stuff you don’t. Only you and your team truly know the company, so be confident in that, and let it guide you. By adding a few reminders to day-to-day life, I’m hoping we can enjoy the daily ups and downs from a different perspective. At any rate, at least nothing bad can come from being present, having fun or being yourself – so I think we are safe there. By Tyler Eshraghi (MBA ’15), co-founder of Sideline Fantasy Sports 
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28 Jul 2017, 15:00
| FROM Kenan- Flagler Admissions Blog: Advice for next-gen women in family business |
Some 70 percent of family businesses worldwide are considering a woman for their next CEO, according to Camden FB*. So it is not surprising that our students founded a new peer group: Women in Family Business. These young women have the usual next-generation questions like:
Over the course of a year, they learned powerful lessons of experience from Pamela Mars Wright of Mars, Incorporated; Shelayne Sutton, a parent of two UNC Kenan-Flagler graduates, of Daly Seven, Inc.; Kathryn Howlett (UNC ’11, MBA ’14) of Beacon Properties & Investments, and Kathleen Warren (MBA ’10) of Cardinal Capital Management. “You can do it all, but you cannot do it all at the same time.” Being a working mother requires juggling under any circumstances, but working in a family business can be all consuming, with few breaks from family or from the family business. Being clear about priorities for both career and family and setting realistic (not Wonder Woman) expectations for yourself are key. Set clear boundaries. After working with your parent in the business all day, it is OK (and necessary) to set specific end times for work conversations. Family dinners and holidays should be times for celebrating familial bonds and not rehashing office matters. One female executive shared that if her dad calls her at home at 10 p.m. she has made it clear to him that he should be calling her as her dad, not as her boss. Professionalize your family business. Benchmark the HR policies of companies that the senior generation respects and make sure that your company has written policies that reflect sound professional practices, such as maternity leave. Communicate openly. View your communication style as an asset. Avoid being put in the middle of disagreements between family members who work in the business. One student shared that she has strong relationships with both her father and her brother, while the two of them often disagree. By refusing to take sides and encouraging them to listen and try to understand the others’ perspective, she has helped them to work together more smoothly. At her suggestion, the three of them started weekly meetings to talk about critical issues in the business. By Cooper Biersach (BA ’91, MBA/JD ’96), co-founder and director of the Family Enterprise Center *Read more about why women are leading more family enterprises than ever before. 
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08 Aug 2017, 15:01
| FROM Kenan Flagler Executive MBA Blog: YOU made a difference |
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Thank you for making fiscal year 2017 the greatest year of fundraising in the Business School’s history! Together we set new records for donors to UNC Kenan-Flagler – 6,801 – and cash and commitments – $40.7 million in fiscal year 2017. Most donors in a fiscal year6,801 alumni, students, faculty, staff and friends of the School helped us set a new record in fiscal year 2017 – that’s 227 more than the previous record. The highest annual giving total in historyTogether we raised $3.5 million for the Fund for UNC Kenan-Flagler. Record-setting student supportMajor gift donors created 14 new scholarships and fellowships for students across degree programs The greatest Giving Day in School historyWe raised $415,611 from 1,257 donors in just 24 hours – and we BEAT DUKE! Class-based giving successMilestone reunion classes and graduating students participated at historic rates That adds up to $40.7M in cash and commitments! More important than the records, though, is the impact that you collectively made as supporters. Annual gifts made in fiscal year 2017 generated essential funding for our top priorities through the Fund of UNC Kenan-Flagler. These gifts went directly to fund the areas of greatest need at the Business School, supporting the continued success of our students and faculty. Endowed gifts made in fiscal year 2017 resulted in five new MBA fellowships, three new study abroad scholarships, four new Undergraduate Business scholarships, along with other key priorities, such as distinguished professorship, military veteran support, leadership initiatives, capital projects, and MAC and PhD fellowships. YOU made a difference as UNC Kenan-Flagler donors and we are so very grateful for your support. CLICK HERETO MAKE A GIFT 
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