Tag: Undergraduate



Brant Tagalo, BSBA ’20, contributed this post on behalf of Olin’s Center for Experiential Learning. Lexi Bainnson, BSBA ’21, edited and formatted this CEL blog post.

In October, the Center for Experiential Learning sent a team of student-consultants to Quito, Ecuador, to advise the innovation and entrepreneurship department of ConQuito: The Agency of Economic Promotion.

The startup or incubation ecosystem is a complex and unpredictable environment that fuels technological progress, the ecosystem in which the seeds of the most innovative and revolutionary technologies are planted and cultivated. The opportunity to step into and examine this environment has been—so far—the highlight of my academic career.

Entering the landmark historical building in which ConQuito operates, the team was welcomed by ConQuito members to their impressive co-working space. Designed with the vision of merging the past with the future—the historical significance of the building and ConQuito’s efforts to engender a culture of innovation and entrepreneurship—the co-working space symbolizes ConQuito’s goal to cultivate the seeds of innovation to pave the way to economical improvement in Ecuador. Our client ConQuito is a pioneer of promoting innovative and entrepreneurial activities that stimulate the economy.

Working with a team of welcoming, collaborative, and dedicated professionals has served to increase the team’s motivation and interest in this project. The team’s objective is to provide the innovation and entrepreneurship department of ConQuito with a recommendation that optimizes the strategy for fostering a culture of innovation, ingenuity and progress.

The CEL practicum is the culmination and application of all the business concepts I have learned in Olin Business School. The experiential value of a real-world consulting project has shaped my future career aspirations. It has given me the assurance that I want to pursue a career in consulting.

Pictured above: Enrique Crespo, director of innovation, ConQuito (the CEL client); David Paquette, MBA ’19; Stephanie Feit, MBA ’19; Brant Tagalo, BSBA ’20; Mimi Wang, MBA ’19; Laini Cassis, MBA ’19.




The work of building and improving the WashU business school has been rewarded with an uptick in most of our rankings throughout the 2018 ranking season, with rare exception.

Several of the rankings saw substantial increases, including the 18-place jump in the Financial Times‘ global MBA ranking and the nine-place increase in the FT‘s business schools of the Americas ranking. We also saw a substantial increase in The Economists‘ global MBA ranking.

In a few rankings, we saw declines—a clear indication that the work goes on, or that we must keep vigilant in order to stay competitive with peer schools. The Poets & Quants undergraduate ranking, for example, included participation by more competitive schools than we saw in the ranking’s first outing two years ago.

Global Rankings

Ranking 2017 2018 (Change)
Economist
Which MBA?
43 37 (+6)
Financial Times
Global MBA
68 50 (+18)
Financial Times
Top MBA for Women
N/A 4 (-)
Financial Times
Executive MBA Shanghai
7 6 (+1)

US Rankings

Ranking 2017 2018 (Change)
Bloomberg Businessweek
Domestic MBA
36 32 (+4)
Bloomberg Businessweek
Global MBA
N/A 37 (-)
Financial Times US
MBA-US
28 23 (+5)
Financial Times Americas
All Programs
17 8 (+9)
Poets & Quants
BSBA
2 3 (-1)
Princeton Review
Entrepreneurship-Undergraduate
7 7 (-)
Princeton Review
Entrepreneurship-Graduate
22 18 (+4)
TFE Times
Master of Science in Finance
N/A 4 (-)
US News & World Report
MBA
21 23 (-2)

Copy of Robert S. Brookings portrait that hangs in the lobby of the Alumni House.

The Robert S. Brookings portrait hangs
in the lobby of the Alumni House.

For more than a century, the histories of WashU business education and the Brookings Institution in Washington DC have been intertwined. Robert S. Brookings, the St. Louis businessman, philanthropist, and WashU board president who built the Danforth campus and elevated the university to the world stage, was also passionate about the intersection of business and government policy education.

That passion, in fact, led to the establishment in 1916 of the precursor to today’s Brookings Institution, which was for a time a part of Washington University.

President John F. Kennedy recognized the need to bridge policy and business when, in 1962, he greeted Brookings attendees to the White House: “My experience has been that those businessmen who have worked in Washington, who have held positions of responsibility, who know something about the public responsibilities of those who hold executive office, are a good deal more understanding and a good deal more successful in their business work later on.”

Today, we begin the process of taking the Brookings-WashU partnership to another level. Construction begins this month to expand Olin’s space at Brookings from 2,000 to 12,000 square feet—a significant undertaking with implications for what we can offer. The new space bears the iconic street address of 1776 Massachusetts Avenue NW, overlooking the main Brookings building across the street.

Space is tough to come by in Washington and a larger footprint means we can serve more students who are waitlisted for our master of science in leadership, our certificate programmes in public leadership and policy strategy, and our executive education courses.

In fact, if this space had been available last year, every waitlisted student would have been able to participate in a Brookings programme, according to Ian Dubin, assistant dean and director for Brookings Executive Education. And while that will help us expand our offerings to DC-based students, it will also bring us closer to another goal of mine: making sure every Olin student has a Brookings experience.

“This space is going to allow us to really grow what is the real advantage we have, which is this opportunity for immersion,” Ian said recently. “The global MBA program will soon begin, Olin’s Mumbai students will be coming, BSBA students will be coming.”

In addition to the construction work, I’ve also recently elevated the role that Lamar Pierce, Olin professor of organization and strategy, plays at Brookings. He now adds Associate Dean for the Brookings-WashU partnership.

“We believe this new space better reflects the important and lasting partnership between Brookings and Washington University,” Lamar said recently. “The new classrooms, which look out over Brookings and Dupont Circle, will provide state of the art instructional spaces for both our executive education and for the many Olin programs with Washington residencies.”

Optimistically, we expect to complete the expansion around late April or early May, but definitely in time for the arrival of more than 115 full-time MBA students in July, when they begin their round-the-world global immersion in Olin’s revamped two-year programme.

As we approach Robert S. Brookings’ 169th birthday on January 22, it’s fitting that we take note of this important milestone in the partnership between Olin and his namesake institution, the world’s premier think tank in arguably the world’s most important global capital.




By Carlos Restrepo, originally published in the 2018 edition of Olin Business magazine.

Spencer Burke

Spencer Burke

Before launching Washington University’s first family business course, Olin Business School’s Spencer Burke felt confident in his knowledge of the topic. After all, Burke, principal at the St. Louis Trust Company, had worked as a corporate lawyer for 15 years and an investment banker for 25 years.

“It wasn’t until the course started that I came to understand just how difficult some of the issues are,” said Burke, an adjunct lecturer at Olin. “The challenge arises from the inherent complexity of doing two difficult things—often in conflict—simultaneously: One, having family harmony. And the second is running a successful business. Those are two very challenging tasks, especially when put together.”

In the five years since starting the course, Burke has taught students the complexities of family-owned business, an area of study he believes is necessary for students seeking any business career.

In fact, the need is great enough that Olin is well on the way to establishing a full-fledged research center on the topic. The Koch Center for Family Business is in the planning stages thanks to a donation of more than $9 million from Roger, Fran, Paul, and Elke Koch. Paul, BSBA ’61, JD ’64, MBA ’68, and Roger, BSBA ’64, MBA ’66, are co-chairmen of the board, and the third generation in leadership at Koch Development Co., a St. Louis-based developer and manager of commercial real estate and owner/operator of select entertainment attractions.

The Koch’s donation will also endow an Olin professorship and Dean Mark P. Taylor is seeking a candidate for the position, a faculty director for the new family business center. The center is the next phase of a family business program begun under former Dean Mahendra Gupta in 2016 with an initial $1.09 million gift from the Kochs.

“There are really three heroes in this,” Paul Koch said. “Mahendra, who comes from a family business in India and saw the need; Spencer Burke, who kept the fire burning; and Dean Taylor, who is an internationally experienced business leader and he picked up that this is a huge issue all over the world.”

The Koch Center for Family Business will not be a brick-and-mortar space, but rather a program within Olin aimed at developing research and disseminating knowledge into the dynamics of family businesses.

“This is not about creating some building or monolithic thing,” Burke said. “This is about addressing the unique issues that family businesses have and giving people interested in that an opportunity to learn more.”

Student-Led Initiative

When John Stupp III began his Olin MBA in 2013, the school had no family business program, prompting him and fellow students to inquire with Gupta about developing a curriculum around the topic. He commissioned five students to analyze the feasibility of a formalized family business program.

From both a practical and theoretical standpoint, there are a significant number of differences among business approaches between family and non-family enterprises, Stupp said. They include issues of succession planning and estate taxes, as well as separating personal and business related-matters.

“The team felt the differences between family and non-family enterprises were drastic enough that it demonstrated a need,” Stupp said. He and his colleagues saw their vision grow further when Burke agreed to teach the family business course and begin to launch Family Business Program.

That program includes a half-semester course, a student-run club, and an annual symposium and speaker series. “These different avenues allow students to experience a diversity of theoretical and practice thought and gain insights into family business best practices,” Stupp said.

Stupp said his interest in family enterprises came about in part from his family’s 162-year-old business, Stupp Bros. Inc., which provides infrastructure development and banking services across the United States. While at Olin, Stupp said he wanted to prepare to continue his family’s tradition of success by learning more deeply about succession planning and how to effectively manage a business while separating family and professional matters. He now serves as director of project management for the company.

“Students get totally focused on big, publicly traded companies. They get no exposure to what family businesses are like,” Roger Koch said. “Family businesses by far create more jobs than any other sector of the economy. There are great careers to be had in family businesses. They’re very long-term oriented. They don’t only think about the next quarter.”

Global Impact, Regionally Based

Dean Taylor said expanding the family business initiative into a full-fledged research center supports Olin’s strategic plan by leveraging the school’s world-class research to create and disseminate knowledge in an innovative way and preparing students for careers in enterprises with global reach.

“Family businesses are among the biggest job creators internationally, nationally, and regionally,” Taylor said.  “Therefore, we are thinking about how we can enhance our research and the body of knowledge in the area. We want to support and enhance family-run and closely held businesses.”

The existing course is not only popular with students who are planning to join or start their own family business, but it’s equally important to students planning to go into fields that work with family-owned businesses.

Such is the case of Jeff Wertenberger, MBA ‘18, an investment banking associate for financial services firm Robert W. Baird & Co. In his role, Wertenberger is occasionally confronted with situations that are specific to family-owned businesses. Taking the family business course and attending the symposiums helped him understand those situations more deeply.

Stupp and Wertenberger said all Olin students should be exposed to the dynamics of family businesses—even if they’re not family business practitioners. Even leaders who don’t work for family owned businesses are likely to work with them at some point in their career.

“It’s important to be knowledgeable of these unique dynamics, what motivates them and what’s important to them,” Wertenberger said. “That’s how important it is.”

Creating First-Hand Connections

In his curriculum, Burke brings real-life cases from around the world to illustrate the importance of understanding the nuances of family-owned businesses.

There are approximately 5.5 million family-owned businesses in the country, which Forbes magazine says contribute to more than 50 percent of gross domestic product and employ more than half of the nation’s workforce. As vital as they are to the nation’s economy, fewer than a third of all US family-owned businesses survive the transition from the first to the second generation of ownership. Another 50 percent don’t make it to a third generation.

“How can we—as students, as faculty, as a school—help the people in these businesses do a better job and how can we help the people who aren’t in the family businesses do a better job helping family businesses?” Burke said.

One component of the existing Family Business Program that will expand with the research center is the ability to study real cases and hear speakers from dozens of companies—including Todd Schnuck of Schnuck Markets, Sue McCollum of Major Brands, and Kyle Chapman of Barry-Wehmiller—at different generational stages and with a unique perspective to the craft.

The program also collaborates with the Olin Center for Experiential Learning, pairing students with family businesses on consulting projects to tackle different challenges unique to those firms, applying principles from the classroom to real-world problems.

Fran and Elke Koch, first row. Paul Koch, Dean Mark Taylor, Roger Koch, and Chancellor Mark Wrighton on February 20, 2018, when the Kochs' gift was announced.

Fran and Elke Koch, first row. Paul Koch,
Dean Mark Taylor, Roger Koch, and Chancellor Mark Wrighton
on February 20, 2018, when the Kochs’ gift was announced.

“A course on family business taught with a case book would not be great,” Burke said. “What’s fun about this is the real-life examples that illustrates the conflicts and how challenging the resolution is.”

Taylor said he anticipates the Koch Center for Family Business will contribute to bettering local and global economies by preparing students to assist these unique, yet essential enterprises.

“It is part of our duty as an institution,” Taylor said. “We seek to have high impact internationally, nationally and regional—and this is an opportune area.”

For the Kochs, they envision a thriving Family Business Center as a world-class resource supporting academic research, preparing students to confront these unique issues, and driving long-term success for family business owners.

“We have friends who spend tens of thousands going to Stanford or Harvard to learn about these burning issues—and we think St. Louis could be one of those centers,” Paul Koch said. “We can make a mark in this area that would make us unique.”

KEY ISSUES

The dynamics of family-owned businesses pose unique challenges for business leaders. The challenges are substantial in a segment responsible for 80 percent of global job creation and 64 percent of the US economy.

  • Succession planning and growth. Distribution of assets can become an issue as the business spans generations.
  • Lack of transparency. Closely held firms hold information close to the vest, which constituents may view as being secretive.
  • Competing motives. Profit may not be the singular success driver for leaders in family-owned businesses. They can be more purposeful, but their purposes may vary.
  • Lines of authority. The person truly calling the shots may not have the title or the corner office, affecting how others effectively engage with a family business.

BY THE NUMBERS

Some key metrics about family-owned businesses.

  • 82 percent of US survey respondents said they trusted family businesses versus 58 percent who trusted “businesses in general.” Globally, the numbers were 75 and 59 percent, respectively.
  • Half of respondents know which companies they buy from are family owned.
  • 81 percent of the world’s largest family businesses practice philanthropy.
  • 25 percent describe family businesses as “transparent” in their business operations.
  • 52 percent say they are “well-prepared” for a sudden succession.
  • Of the world’s 500 largest family businesses, nearly 28 percent are in North America.
  • One in five firms are family owned.

Sources: Edelman; EY Global Family Business Center of Excellence; Forbes.




“We’d like to think it’s a straight path, but it’s more like a marathon. Your career is a long winding course with people cheering you on. But ultimately, it’s all on you.”
– Karen Branding, senior vice president of public affairs at the Federal Reserve Bank of St. Louis.

Branding helped round out this semester’s Women and Leadership series by giving the class some life perspective. One’s career is more than just a straight climb to the top. There are going to be setbacks and “hills.” However, Branding believes anyone can successfully cross the finish line if they keep three lessons in mind: strategic relevance, great personal branding, and persistence.

Strategic relevance

According to Branding, achieving a strategic edge for a business positions it for more success than other organizations. Even broader, a personal strategic edge will keep you relevant throughout your career. It’s important to continuously ask yourself, “What gives me an edge?”

Branding explains that one’s competitive edge will constantly change throughout a “marathon,” which is why it’s important to adapt, create, and recognize your changing advantage.

Branding cautions, “we’re all on a slow path to irrelevance,” citing Polaroid as an example. While they were too busy focusing on their past competitive advantage, they allowed themselves to fall behind in the digital space. Polaroid wasn’t focusing on what Branding refers to as their “opportunity gap.” It’s important for people to focus on their own opportunity gap, looking to how they’ll compete in the future and transfer current skills.

Personal branding

In order to create a promising personal brand, you must first practice self-awareness. Branding recommends seeking out what others think of you, especially if you can get information from trusted advisors.

In order to do so, find mentors and coaches. Branding notes that it’s easy to get caught up in finding a formal mentor, but “mentoring moments” are just as important. It’s much easier to ask someone you admire for a piece of advice during lunch than have them take on the lifelong commitment of mentoring. In living up to your personal brand, it’s essential to be a team player; you must lead with integrity and collaborate well with others.

In terms of Branding’s personal brand, what stood out to me was her incredible vulnerability. As she reflected on her career thus far, she opened up about how her career had affected her personal life and vice versa. In creating a personal brand, over everything, you must be yourself.

Persistence

“Leap and the net will appear,” Branding said, quoting John Burroughs. Branding taught the class that we can only keep learning and growing if we’re not afraid to try new things. Throughout Branding’s setbacks, both personal and professional, her common theme was persistence.

If you keep running, you will eventually get to the top of the hill. Branding’s marathon metaphor gave a class of mainly young women embarking on their careers the perspective they need to leap.