Fall 2018

TRUE



NORTH










LABOVITZ SCHOOL
OF BUSINESS
AND ECONOMICS




Fall 2018





IN THIS ISSUE



SALES EDUCATION
DISTINCTION
LSBE embarking on new
partnership with 3M
Page 3


INTERNATIONAL
COMPETITIONS
WE’RE ALL IN SALES!
Financial Markets team
captures Midwest first
Whether or not you claim to be a salesperson, you are one. Robert Louis
Page 4 Stevenson, author of Treasure Island and other famous novels and poems,
recognized this in the late 1800s, coining the phrase “Everyone lives by
FED PRESIDENT selling something.”
VISITS UMD
Impactful session with Think about all the times you’ve shared a new idea that would benefit your
President Neel Kashkari department or communicated to a potential employer how you can bring
Page 5 value to an organization. At that moment, you are acting as a salesperson.
Selling doesn’t require the exchange of products or services for monetary
purchase. Rather you can be selling things like time, commitment, ability,
ideas, and trust. Salesperson = you.




LSBE, always attuned to the business industry,
is building a Sales Major and Sales Center in
response to the industry’s noted needs.




cont. pg. 3

DEAN’S UPD A TE










Welcome to a new academic year!

The 2018-2019 academic year is starting off well as we greet increased
numbers of freshmen, transfer, and MBA students to the Labovitz School of
Business and Economics (LSBE). We are delighted to bring you updates via
the second issue of our new LSBE newsletter, True North.

In this issue, we share with you the news of our Financial Markets Program
(FMP) student team’s success in the CFA (Chartered Financial Analyst)
Institute Research Challenge this past spring. For the first time ever, an LSBE
FMP team competed in the global final, one of five teams worldwide. Be sure
to read more about the team’s journey online at lsbe.d.umn.edu/news. Kudos
to Director Joe Artim, his Financial Markets Program, and the students
competing on the LSBE team.

We also share with you the recent announcement from our Story of Sales event that LSBE has been named by 3M
as one of only 14 universities nationally that offers students access to 3M’s Frontline Sales Initiative Program. This is
outstanding recognition for the professional sales training available within LSBE. Dr. Rajiv Vaidyanathan, Department of
Marketing head, discusses the value in a professional sales career and our efforts to launch a Sales Center in that story.

We also hosted Neel Kashkari, President of the Federal Reserve Bank of Minneapolis, who spoke on the UMD campus
to students and faculty from UMD and a number of other local universities. He also spoke to business and community
members at the Regional Economic Indicators Forum in Duluth.

There are many more stories for you to peruse, either here or online. We also highlight two faculty and staff who won
prestigious University of Minnesota system-wide awards (Dr. Geoff Bell and Director of Academic and Advising Services
Tracey Bolen). In every issue we will continue to showcase alumni and students and inform you of faculty and staff hires
and/or departures.

The Labovitz School of Business and Economics continues to flourish and make a significant difference in the lives of
our students, our community, and the region. Support from alumni and organizations is critical to our ongoing success;
we are deeply appreciative of your generosity. As this
issue highlights, it is exemplary programming and people
that continue to drive excellence in our School. With your
involvement, commitment, and ongoing support, we will
continue to seek innovative ways to bring outstanding value to
those we serve. Thank you for all that you do.

Yours in gratitude,







Amy B. Hietapelto, Dean
Labovitz School of Business and Economics
Dean Amy B. Hietapelto (bottom center) with LSBE faculty University of Minnesota Duluth
& Story of Sales event sponsors. (from top left) John Kratz,
Rajiv Vaidyanathan, Clint Miller, & Andy Boyd. (from bottom
left) Candace Mailand, Dean Hietapelto, Mike Bosworth, &
John Hastings. Story on page 5.

PG. 2 UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS
PG. 2

FEA TURED S T ORIES





3M’S FRONTLINE SALES INITIATIVE
PROGRAM: MORE THAN JUST AN
INTERNSHIP
continued fr om cover
3M has designated LSBE as one of only 14
Business sales involves influence with the goal of universities nationwide in its Frontline Sales Initiative
satisfying the needs of consumers. In that sense, Program, which provides students with a high
marketing and sales are closely related. The focus of caliber experiential learning opportunity in the sales
a sales education is on building the problem-solving industry. The eleven-week program couples an
and interpersonal skills necessary to create successful orientation and training period with nine weeks of
relationships. selling in a designated assignment for one of the
company’s divisions.
In its traditional sense, sales can be a rewarding and
lucrative career. And it’s especially rewarding when Brianna Walton, senior marketing analytics major,
graduates are able to enter the field with the passion had her internship this past summer within 3M’s
and skills needed to hit the ground running. Global Key Accounts area in Rogers, Arkansas.
“I have been challenged and put to the test, but
Dr. Rajiv Vaidyanathan, Marketing professor and throughout each step of my internship, someone
Department of Marketing head, said this combination of has been there to assist and encourage me. And I
desire and skill is just what the industry needs. think that supportive, collaborative atmosphere is a
big reason why 3M has been as successful as it is.”
“When a company hires salespeople, it invests a
huge amount of time and money to train those new Jeremy Freeman graduated this past spring with a
employees. When the employees work there for two B.B.A. in Marketing and a Certificate in Professional
years and leave or decide that a sales career doesn’t fit Selling. He interned in the Industrial & Safety
their goals after all, it’s frustrating to companies.” Market Center in Minneapolis. “The best part of the
Frontline program was the people and resources
LSBE is well positioned to solve these industry with whom 3M surrounded us. They gave us an
concerns. The creation of the Sales Center at LSBE will amazing opportunity to develop professionally and
identify students with an interest in and an aptitude for add applicable experience to our resumes.”
a career in sales, give them the skills that employers
are looking for, and provide experiential insight into the Walton, Freeman, and Kendra Stone were all offered
sales profession. full-time positions with 3M upon completion of their
Frontline program. Freeman and Stone, hired in
LSBE has also established rapport with employers, who field sales, are already working. Walton will work in
already view LSBE graduates as good investments. business analytics after her spring 2019 graduation.

“Organizations have told us that the LSBE students
hired for sales positions tend to stay longer than other
hires do and that they’re better prepared for the rigors of
a sales career,” said Vaidyanathan.

The proposed Sales Center along with the recently
added Certificate in Professional Selling reinforces
LSBE’s commitment to training graduates who meet
industry needs and emerging trends.



Please visit the back page of this newsletter
2018 LSBE student interns participating in the 3M Frontline Sales
to learn how you can partner with us on the
Initiative Program. (from left) Brianna Walton, Kendra Stone, and
creation of the Sales Center at LSBE. Jeremy Freeman.


PG. 3
UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS PG. 3

SCHOOL HAPPENINGS Imagine embarking on an international trip to vie
for the global and final trophy in a competition
that is coordinated by your chosen career field’s
professional organization – what a way to round
out your college career!
A GROUP PROJECT Ryan Woitalla, Reed Leonidas, Nawal Mirza,
LIKE NO OTHER Frank Takkinen, and Ryan Kimbrel, Financial

Markets Program students who graduated this
spring, traveled to Kuala Lumpur, Malaysia, in
April to compete in the global final of the CFA
(Chartered Financial Analyst) Institute Research
Challenge.

The team captured the Americas title the month
prior beating out over 26 other teams from North
and South America. They were the first Midwest
team to advance to the global final.

While the team didn’t win globals, it was still
an amazing experience. “Traveling overseas to
compete with the top five schools in the world
Ryan Woitalla, Reed Leonidas, Nawal Mirza, Frank Takkinen, &
was an incredible accomplishment in itself,” said
Ryan Kimbrel capturing the Americas title
Takkinen, who was hired by Lake Street Capital
Management as an Equity Research Associate.

Read more on the team at lsbe.d.umn.edu/news.







UMD BUSINESS DAY


Area high school students interested in business
careers spent a half day on campus for the UMD
Business Day event to learn about business fields.
Brandon Sauve (far right) networking with health care representatives
“We wanted to highlight the value of a college
HEALTH CARE CAREER DAY - A WIN FOR EVERYONE education to prospective students and raise
awareness about business disciplines and career
Students interested in careers within the health care field paths,” said Tracey Bolen, Director of LSBE Advising
gained insight through UMD’s first Health Care Career and Academic Services.
Day. Employer representatives and students met casually,
exchanging information and making connections. Over 150 students and teachers from high schools
within roughly a radius of 110 miles attended this
“Health Care Career Day is not all about handing LSBE inaugural event, which featured an overview
someone your resume or receiving an application,” said of business education, interactive business-related
Brandon Sauve, a spring 2018 Health Care Management activities, a luncheon, and student resource fair.
grad, who is now employed as a Research Project
Coordinator at Duluth’s Essentia Health after receiving The feedback from students and teachers was
three lucrative job offers. overwhelmingly positive. Students enjoyed engaging
in hands-on learning activities and were excited to
“Students need to take time to converse with each learn about the diversity of career options available
organization, learn what they can offer, and explore the to graduates of business schools. The event will be
limitless possibilities offered in the health care industry,” held again next spring.
continued Sauve. “Had I not taken time to pick the
representatives’ brains, I wouldn’t be where I am today.”

PG. 4 UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS

SCHOOL HAPPENINGS
ADVICE & HUMOR FROM THE
MINNEAPOLIS FED PRESIDENT


Approximately 150 people gathered on campus in
April to hear from Neel Kashkari, President of the
Federal Reserve Bank of Minneapolis. While UMD
students comprised the majority of the audience,
UMD faculty and staff along with students and
faculty from other area colleges attended as well.

The event was hosted by LSBE with Dr. Ariuna
Taivan, associate professor of Economics, and
Dr. Jason Turkiela, assistant professor of Finance,
spearheading the initiative.

The Federal Reserve “manages the ups and
downs of the economy and is independent of the
government. We were assigned two goals from Dr. Rajiv Vaidyanathan, Department of Marketing head
Congress,” Kashkari explained, “ensure a stable
economy and maximize employment.”
A BIG EVENT FOR BIG NEWS
“The more we can expose our students to public
Being named by 3M as one of only 14 universities
and private figures, policy makers, and industry
nationwide that offers students access to the Fortune
leaders, the more we bring the subject area to life,”
500 company’s Frontline Sales Initiative Program is a
said Taivan. “It was a very informative and useful
pretty big deal. And LSBE wanted the community to
talk. Our students were able to hear from the actual
know it and be reminded that LSBE students are getting
person who is in charge of monetary policy and
a high caliber education and make good employees.
connect what they have learned in class with actual
implications.”
The school held a soirée to make the prestigious
announcement. Approximately 300 donors, alumni,
Following his introduction, the audience peppered
students, faculty, staff, and friends of LSBE gathered
Kashkari with approximately 30 questions in a lively
at the historic and newly restored NorShor Theatre in
Q & A session. Kashkari responded not only with
Duluth. Dr. Rajiv Vaidyanathan, Marketingprofessor
answers but also with questions of his own.
and Department of Marketing head, made the
announcement prior to the showing of the worldwide
Topics covered included the labor shortage,
business school premier of the full-length film, The Story
education and student debt, cryptocurrency, and
of Sales. Produced by Salesforce, the film explores the
purchasing a house, among others.
history, evolution, contribution, and future of sales.
“The 3M Frontline Sales Initiative Program is the type
of immersive endeavor that we want to incorporate
into our array of exemplary programs,” said Amy
B. Hietapelto, LSBE dean. “News of this significant
addition to our programs needed to be recognized
and celebrated.”

Lively audience Q & A followed the film with insights
provided by Mike Bosworth, film cast member, best-
selling author, authoritative sales industry leader and
owner of Mike Bosworth Leadership. Joining Bosworth
on stage were Andy Boyd, Product (P&L) Marketing
Manager at 3M and John Hastings, Senior Vice
President of Sales at Loffler. See photo on page 2.



Neel Kashkari, President of the Federal Reserve Bank of Minneapolis
UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS PG. 5

F A CUL T Y/S T AFF NEWS
DEPARTURES


BOLEN RECEIVES PRESTIGIOUS
ADVISING AWARD In 2011, Sara Pitterle was hired as
Director of the newly established
Twenty-six. That’s the number of Marketing Analytics Major. The
years that LSBE students have Program has flourished under
benefited from academic advice Pitterle’s guidance because of her
provided by Tracey Bolen, passion and zeal for analytics.
Director of LSBE Advising However, with so much currently
and Academic Services. He happening in the world of marketing
joined LSBE in 1991 as an analytics, Pitterle’s interest in new
academic advisor, advanced in techniques and the challenges facing the industry has
the department over time, and resulted in her decision to return to the industry.
became director in 2007.
LSBE’s Marketing Analytics Program has graduated
While his longevity in the role seven cohorts of between 18 - 24 students to
of student advisor is amazing, date. Graduates have secured analytic positions in
it’s Bolen’s passion for the job that earned him the 2018 companies, such as maurices, Hormel, 3M, Schwans,
University of Minnesota John Tate Award for Excellence IRi, and Nielsen.
in Undergraduate Advising.
“The program is structured in such a way that I had
“I enjoy working with college students,” said Bolen. a unique opportunity to mentor, teach, and coach
“Every student is unique. No appointment is ever students over their two and a half years in the program,”
the same; no day is ever the same. Each student, Pitterle said. “This provided me a front row seat to
appointment, and day presents its own issues and the students’ development as analysts and to their
problems. I find that very refreshing.” transition from college students to young professionals.
I loved seeing students who were initially unsure of their
skills grow into confident, articulate analysts. This is a
very broad field, and it has been amazing to see where
BELL HONORED WITH students have taken their careers.”
AWARD FOR OUTSTANDING
TEACHING Pitterle brought almost 20 years of industry experience
in a variety of roles both in the U.S. and overseas to her
Dr. Geoff Bell, associate position at LSBE.
professor of Strategic
Management, received the U Pushkar Raj will take over the Marketing Analytics
of M’s Horace T. Morse award Program this fall. Look for our story on Raj in the Spring
for outstanding contributions 2019 edition of True North.
to undergraduate education.
Recipients of the Award
become members of the
Academy of Distinguished Daniel Hsaio, Associate Professor of Accounting,
Teachers. moved to Texas A&M after 10 years with LSBE. “Daniel
was very passionate about his students,” said Randy
“It’s an honor to be mentioned Skalberg, associate professor and Department of
alongside others at LSBE who Accounting and Finance head. “He provided extensive
have previously been named Morse scholars,” said Bell. time both one-on-one and in groups to work on projects
and ensure his students clearly grasped the concepts
Bell has consistently scored among the top teaching he taught.”
evaluations in LSBE, while maintaining rigorous
academic standards. He engages in high-level advising, Brian Yang, Assistant Professor of Finance, moved to
assisting students through academic and personal San Francisco State University. He earned his doctorate
difficulties. Alumni say he fostered their career success. in Finance from the University of California Irvine – The
Paul Merage School of Business.
“We in LSBE have some of the best students anywhere,
and it’s a great privilege to teach them,” said Bell.

PG. 6 UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS

AL UMNI UPD A TES



BRIAN VITO



Owner/President - Pit & Quarry Supplies



Sometimes it isn’t the end result that counts the most but After graduating, Vito worked in banking. However, he
rather the route to getting there. Such was the case for found his niche in heavy equipment sales, working in
Brian Vito, Owner and President of Pit & Quarry Supplies. Virginia, Minnesota, then Colorado, and finally back to the
Iron Range, where his success led to becoming Ziegler-
A 1972 UMD Business Administration alum with minors Caterpillar director of sales for Minnesota and Iowa.
in Economics and Psychology, Vito credits his professors
with teaching him how to learn. “It wasn’t a specific With his business acumen in the heavy equipment
career being pursued but rather the overall method of industry, he was approached by a manufacturer who was
teaching me how to learn that led me down a successful looking for a distributor on the Iron Range. “After months
career path. of surveys and diligent research with mining personnel
and weighing the pros and cons of owning our own
“Great professors, such as Dr. Jerrold Peterson, business, we jumped in with both feet and hoped for
[economics] promoted this learning to me when I was a success,” said Vito.
young student who was married with a child and working
nights at a factory. UMD provided me with a positive light Thus, he and his wife, Jayne, started Pit & Quarry
at the end of the tunnel looking toward a strong future.” Supplies Inc. in 1992 in their home’s basement. The
company has grown considerably over the years.
“Starting your own business requires a lot of thought,
planning, and fortitude to stay the course — never panic
and never give up,” said Vito.

Though he is nearing retirement, Vito offers the advice
of “never stop learning. The University, my professors,
and fellow students taught me how to learn, and I am still
learning every day.”




































UMD LABO VITZ SCHOOL OF BUSINESS AND ECONOMICS PG. 7

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THE SALES CENTER



Driving the local, national, and global business
community are trailblazers who push boundaries,
take risks, and think beyond what could be.

Armed with a commitment to elevate the
education of new trailblazers, LSBE has identified
the need for a Sales Center.

Our Sales Center will train and equip students
with the specialized skills needed to hit the
ground running in entry-level sales positions.

Join us as we embark on a journey towards the
creation of our Sales Center. It’s one of our four
campaign priorities, which also includes the
Entrepreneurship Center, Student Support, and
Experiential Learning.

WE LOOK FORWARD TO MAKING THIS
JOURNEY WITH YOU





lsbe.d.umn.edu/give



The University of Minnesota is an equal opportunity educator and employer.
This publication/material is available in alternative formats upon request. Direct requests to [email protected] or 218-726-7281.