MARRIOTT ALUMNI MAGAZINE

fraser bullock: A Gold Medal Turnaround

Winning the Web Wars

Retrofitting the CPA Profession

MARRIOTT SCHOOL OF MANAGEMENT | BRIGHAM YOUNG UNIVERSITY | WINTER 2002 marriott school mba director henry eyring and mba students celebrate best “bang for the buck” honors. according to forbes magazine, the school’s graduates are able to recoup their mba investment in 2.5 years—the shortest time for graduates from any small business school in the nation. the magazine also reported that byu’s class of 1996 saw their pre-mba salaries rise more than 250 percent from 1994 to 2000, five years after graduation. low tuition costs, good jobs, and career advancement enabled marriott school graduates to earn a faster payback than graduates from other top small schools. CONTENTS

at work alumni exchange trends speeches special feature

retrofitting the question: winning the find your oil; make fraser bullock: 4 cpa profession 9 How can you stay on top 10 web wars 16 your mark 22 a gold medal by Jeannie Patton of the latest business and by Jeffrey H. Dyer & by James W. Ritchie turnaround technical developments? William Hesterly by Gregory Taggart motivators in 18 business by L. Aldin Porter

NEWS

2 dean’s message Faculty recognized for authorship, awards, and professional Integrity: Hallmark of a BYU Graduate advancement. New faculty hires. by Dean Ned C. Hill 32 alumni 27 school news Report of fall Alumni Board meeting including announcement School announces creation of H. Taylor Peery Institute of of new members. Financial Services, executes successful E-business Day, and hosts Korean professor. Alumni achievements, Class Notes, and Management Society updates. Students commended for excellence in field study, entrepre- neurial, and academic efforts.

Cover photo by Brad Slade, inside cover photo by Jaren Wilkey/BYU here than at other universities. One BYU large stake center. I was curious to see that student comment in the Duke study is people attended from the diamond capi- very insightful: “When someone under- tals of the world—Antwerp and stands the importance of integrity, no Johannesburg. Their messages were read at policies, rules, or guidelines will have any the funeral. I paraphrase, we knew Lowell more effect than the person’s own con- as an excellent man of business. More science. My belief in God and the princi- importantly, he was a man of integrity. He ples of the LDS Church are my main drove a hard bargain, but he could always monitors for not cheating. Everything else be trusted to keep his word. Lowell’s suc- is secondary.” cess was built on integrity. What is integrity? A person of high Jon Huntsman, Sr., is one of the most integrity is inwardly what he or she pro- successful businessmen in America. He has claims to be outwardly. It is not difficult founded a number of companies in the to claim to stand for certain values when republics of the former Soviet Union. Two the pressure is off—but much more dif- of his former employees were in my MBA ficult to live those values when life’s class at BYU and told me of the box facto- pressures come. Similarly, it is relatively ry he founded in Russia to help this emerg- easy to proclaim to be a follower of ing economy with its exports. After the company started producing boxes, a tax administrator came and informed the dean ned c. hill company that tax rates were being increased—to a point that made the com- pany completely unprofitable. However, the official said, if certain Integrity: Hallmark of a amounts could be paid under the table directly to the tax official, he could “take BYU Graduate care of them.” It is Jon Huntsman’s policy never to pay a bribe. The official was insis- tent. Jon Huntsman decided to sell the fac- tory to local management for one dollar YU students are known for their Christ. The person of integrity, however, rather than pay a bribe. He lost his invest- Bintegrity. Last spring’s special MBA will not only proclaim outwardly to fol- ment of millions of dollars but he would ranking issue of the Wall Street Journal low the Savior but will, under the pres- not compromise his integrity for money. that came out 30 April 2001 made several sures of life, demonstrate attributes of the A few years ago, one of our top very favorable mentions of the Marriott Savior on a consistent basis, day in and Marriott School MBA graduates accepted School. Of all the positive comments, the day out. To say our students have integri- a lucrative job with a prestigious company. most significant to me was “respondents ty is to pay them the highest compliment. He and his wife moved to a large city and [recruiters who hire our graduates] said the The Lord highly values integrity. He were enjoying the prospects of a rapid Provo, Utah, school’s students are appeal- promised great blessings to Solomon: move up the success ladder. But he was ing because of their integrity” (p. R8). “Walk before me, as David thy father asked to engage in business practices that An academic study conducted by walked, in integrity of heart” (I Kings 9:4). compromised his integrity. He approached Duke University is evidence of BYU stu- Unfortunately, David did not retain his his superiors and told them he could not dents’ integrity. It revealed that 92 percent integrity throughout his life. do what they were asking him to do. He of BYU students report they have never There are many examples in modern was fired. He spent several months out of seen someone cheat, compared to 55 per- times of people with integrity—and some work. Fortunately, he finally did get another cent of students from other universities. who lack it. Let me illustrate from my very good job—even better than the first. Eighty-two percent of BYU students report own observations related to the business A father was preparing his taxes late “never” having received test questions and world. one night. He had assembled all the appro- answers from someone compared to only Last year, I attended the funeral of priate records and worked hard to deter- 58 percent for the norm group. Lowell Benson, executive vice president of mine what he owed the IRS. When all was BYU students report that the univer- the O.C. Tanner Company and their chief computed, he found that he qualified for a sity provides a strong environment for buyer of diamonds and gold. He was also small refund. But then he suddenly developing integrity. And at the same a stake president in Salt Lake City and a remembered a transaction. He had been time, our students report that competi- great friend and graduate of BYU and the paid for one fairly large job in cash. No tion for good grades is more intense Marriott School. His funeral packed a records were made of the transaction. He

2 MARRIOTT realized that the IRS couldn’t have Am I a true friend when that friend is not Marriott Alumni received a report of this income and like- around? How do I behave when no one is ly would never know about it. Reporting watching, when no one can find out what Magazine it would cost him more than $1,000 in I did? When I give my word, can it be state and federal taxes—a sizeable relied upon implicitly? When I make a amount to his young and growing family. commitment, do I keep it? When I make But then he thought, “I am a man of sacred covenants, do I uphold them? integrity. This is a small price to pay for While it takes years to become a resting well at night knowing I have been proven person of integrity, it is easy to honest.” He had to take out a short-term lose integrity—and difficult to restore it. loan from the bank, but he paid the extra How do we know when we are losing our taxes and slept well. integrity? The still, small voice will tell What can we learn about integrity us—the whisperings of the Holy Ghost. from these stories? First, to be a person of In my experience, if we listen and heed his winter 2002 integrity we must be willing to pay a price. warning, we will know clearly if we are marriott school It cost Jon Huntsman literally millions of getting on the wrong track and need to brigham young university dollars. It cost the MBA graduate his job. make a course correction. Neither had any hope of monetary reward In contrast, if we ever become too for living with integrity. busy or too insensitive to listen, then we Ned C. Hill, Publisher Second, living with integrity may may find ourselves as Laman and Lemuel. Joseph D. Ogden, Managing Editor bring recognition from the world—but Nephi said of them: “and he hath spoken J. Melody Murdock, Editor not always. Worldly recognition is not unto you in a still small voice, but ye were Byron Bronk, Copy Editor necessarily the object, nor should it be past feeling that ye could not feel his Liddy Walseth, Art Director expected. The young father was not words” (1 Nephi 17:45). Jenny Stathis, Assistant Editor rewarded with public acclaim but rather While we have many examples of with a clear conscience, peace of mind, people of integrity all around us, we must Seth Christensen, Assistant Editor and a good night’s sleep. look to the Savior to see the perfect exam- Tyler Walseth, Contributing Designer Third, the decision to live with ple of integrity. Throughout His life, He Wade Hansen, Contributing Writer integrity is not always the easiest path to never wavered from doing His Father’s Nina Whitehead, Contributing Photographer follow—especially if one measures deci- will. He stood ever ready to pay whatever sions by worldly standards. The MBA price His integrity demanded—ultimately Published by the Marriott School of graduate’s decision to leave a prestigious paying that enormous, incomprehensible firm over an issue some might consider price for us in Gethsemane and then on Management at Brigham Young University, “just business” would not have been con- Calvary. He refused to “shrink” but drank Provo, Utah. Copyright 2002 by Brigham sidered wise by worldly career consult- from the bitter cup that was placed before Young University. All rights reserved. ants. Living with integrity may prove dif- Him. ficult initially, but living without integrity It is worth whatever price we must pay All communication should be sent to is much more difficult in the long run. to become people of integrity. The Lord Marriott Alumni Magazine How do we know if we are becoming needs to rely on us as people of integrity so a person of integrity? Here are some ques- that we may bless His children. Oh, how 775 Tanner Building tions to ask ourselves. Is there integrity in sweet it would be to have the Savior say of Brigham Young University my business dealings? If I received more you and me: “blessed [are you] for I, the Provo, Utah 84602 than I should have in a business transac- Lord, love [you] because of the integrity of Telephone: (801) 422-5083 m tion would I return the excess? Would I [your] heart.” Email: [email protected] ever represent my product to a potential customer as something it is not? [Adapted from a devotional address given Am I honest in my taxes? Am I hon- at BYU–Idaho, 28 November 2000.] For a free subscription to Marriott Alumni est in my tithing and fast offerings? Am I Magazine online, click the subscribe link honest in my relationship with my at marriottschool.byu.edu/marriottmag employer? Can I be counted to provide fair value to my organization? Can I be The views expressed in completely trusted with my employer’s Marriott Alumni Magazine assets? Can I be trusted with another’s reputation—in other words, can I be are those of the various authors and not trusted to avoid gossiping about another? necessarily the Marriott School.

RETROFITTING the CPA PROFESSION Taking a Visionary Approach to Change

Ken Batson has been a CPA for thirty-two years—getting up, eating breakfast, STRATEGIC INFLECTION POINT and heading to work. A partner at Sharp, Thunstrom, & Batson, a small account- If not already there, most CPAs and their ing firm in La Mesa, California, Batson was complacent as a CPA. He’d heard firms will soon hit what Andy Grove, for- the warnings about massive changes coming to his profession, but gave little mer chair and CEO of Intel, named the heed to the cautions. “I read the predictions in trade publications, but I didn’t strategic inflection point. He describes it see them happening around me or feel the effects on my business,” he says. “I as “the point in the life of a business [or doubted the change was real.” industry] when its fundamentals are In June 2001, his outlook began to change. about to change. The change can mean an Batson attributes his professional turnaround to a session he attended at opportunity to rise to new heights. But it the Marriott School’s Seventh Annual Management Conference. Batson was rat- may just as likely signal the beginning of tled by Jeannie Patton’s presentation on the CPA profession in flux. CEO of the the end.” Utah Association of CPAs, Patton told participants the CPA profession was Grove explains that strategic inflec- changing so subtly and quickly that many in the industry hadn’t even noticed. tion points can be caused by more than Underscoring her assertions with concrete examples, Patton illuminated the just technological changes and competi- warning signs and left Batson with no doubt the changes were real. tors. He calls them “full-scale changes” in “I realized I had to broaden my view,” he says. “My firm had to expand and the way business is conducted and says adapt its services so we didn’t make the mistake of trying to change too late. We simply adapting to new technology or want to be ready.” fighting competition in the traditional To help CPAs like Batson heed warnings and retrofit their firms, we present ways is no longer sufficient. “You may excerpts from Patton’s presentation that describe the accounting profession’s have a hard time even putting your finger strategic inflection point, the need to recognize change, the AICPA Vision on what has changed,” Grove says. “Yet, Process, and the importance of becoming a leader of change. you know something has.”

illustration by Nicholas Wilton BY JEANNIE PATTON INTRODUCTION AND CONCLUSION BY J. MELODY MURDOCK, EDITOR If you haven’t already hit this point, you general, because others are ahead. There’s a commodity—one they can probably soon will. Look around. Has the company a web site called MyCFO.com, developed get cheaper in a software package. or entity you worry most about shifted? If by Jim Clark, that provides CFO-type you’re in public practice, you’ve probably services to small firms. These types of “on ADMITTING AND ADAPTING TO CHANGE noticed that your competition is no demand services” are popping up all over CPAs need to reposition themselves and longer just the CPA firms in your com- the web. their companies. For example, it’s unreal- munity—it’s a whole lot more. Changes are taking place not only in istic to think enough classes can be offered To find out if you are at a strategic public practice but also in the finance fast enough to keep CPAs e-business savvy. inflection point, take the silver bullet test. industry. According to a KPMG study We have to elevate to a strategy far beyond If you had one bullet, who would you called “Finance of the Future,”the finance continuing education. CPA State Societies shoot? If you are not already targeting department will no longer exist in 2010. are working on a strategy that brings the your key competitor, you’re at a strategic Mobil has already outsourced its entire CPA into services offered on the web. inflection point. financial services to PWC. Another exam- With partners like Microsoft, Thomson You also know you’re there when the ple of financial services being deregulated Publications, and others, the idea is to company whose work you rely on to is HDvest. They sell investment services. position the CPA in the web e-enabled make your product more available has At first, the profession’s response was neg- environment to provide reliable web- changed. If you’re in public practice, ative. Accounting professionals felt it was based services to businesses—positioning those you rely on most might be doing an unethical practice for CPAs to be the CPA as the resource. things differently. People you’ve worked involved in. Despite the criticism, HDvest Forbes said, “If you’re not bloodying with for years might suddenly sound like hung in there and was recently bought your nose in today’s warp-speed econo- they’re from Mars, talking about things out by Wells Fargo. my, we have a name for you—dead.” that don’t make any sense to you. Think about what happens when There are lots of folks who have died in The marketplace is full of examples you combine the potential of information this battle. Students coming out of school that reflect the rapid changes taking place resources collecting in bank’s databases now are expected to have between eight all around us—for example, the rise of from online check payments and other and ten different careers in their lifetime. super stores like Barnes & Noble, Office investment services—and the financial Think about your professional lifetime. Depot, and Home Depot. These kinds of resources of banks and financial institu- Has your career really shifted that much? changes can dramatically affect public tions to market to their clients—who If that’s what new graduates are going accountants. You must consider who your could also be your clients. through, why do you think you will avoid clients are and what’s happening to them. Change will continue to come from it? The shelf life of education is dropping Did you forewarn your bookstore or unanticipated places. It’s not going to be an off significantly. We can’t teach people office supply client that these changes advertisement you see in a paper from a enough basic information to remain valu- were happening? Did you even think competitor that you recognize. It’s going to able when the marketplace is changing as about these changes yourself before your happen when your clients sit down to talk fast as it is. CPAs will have to return to the bookstore or office supply store client about their accounts and investments— foundation of the profession—professional closed their doors? with their bank or financial institution— judgment applied to new services—in Think back when PCs first gained like Wells Fargo. Before you know it, your order to remain viable and to thrive in popular appeal. IBM was the king of the clients are going to be offered a whole array this new economy. universe. Now they’re struggling to stay in of integrated services from elsewhere— There’s still a sense within the profes- business, and they’re not alone. some of them for free. For example, a car sion that all of this new economy non- Companies like Burroughs, DEC, Unysis, dealer offered free tax preparation services sense is going to settle down, that we’re and HP—the best of the best—had abun- last tax season so buyers could apply their going to get back to where the real world dant resources but still managed to fall refund to their down payment. That’s a is. It’s not going to happen that way. Too from the top. They failed to recognize huge shift when people start giving away many things have fundamentally changed fundamental changes as they occurred. one of your main line products as a loss within the environment. Yes, there’s been Similar changes are taking place in leader for other business. a downturn in the economy and attention the accounting world. Companies like Accountants need to start thinking has to be paid to the core elements of Cisco, KPMG, Ernst & Young, Cap about what’s changed and what clients accounting. But the value is also found in Gemini, PWC, and HP are merging, buy- value. If you are mailing or handing something beyond that. Think about what ing, and selling—continually reinventing your clients their tax return, and you’re it means to account in today’s environ- themselves. The accounting profession is not talking to them about what that ment. What needs to be accounted for? in turmoil as accountants at all levels are means or what their financial situation What needs to be measured? The things struggling to find the right business is, you are no different than a software that you measure will continue to be the model to provide value added services. package—you’re not telling them where things that get focus. If we’re measuring the CPAs need to pick up the pace in your value is, you are simply producing wrong thing, we’re blind sided by the

6 MARRIOTT measurement or accounting process. Testing against the end goal is a great way to envision future success. It is an inductive process that requires working from the future backward. Typically we build a solid foundation, and we chart forward. The problem with this traditional- linear method is that we may miss what’s changed within our context or environ- ment—things that can have a significant or even fatal impact. Creating a vision requires deciding where you want to be and then what it takes to get there working from the future backward to the present. We took this nonlinear approach to developing the Vision Process.

THE VISION PROCESS Recently, we guided nearly four thousand CPAs through an eight-hour Vision Process that included taking an intensive look at the context of the global business environment, who CPAs are, what the marketplace says they need to be, and what they want to be. These CPAs came from every state in the United States and from all segments of the profession. This was done to identify the challenges and opportunities the accounting profession will face in 2011 and beyond. After com- piling the findings, we identified core services, competencies and values that will help the profession make sense of a TESTING AGAINST THE END changing and complex world. One of the outcomes of this process was the creation of a comprehensive and GOAL IS A GREAT WAY TO integrated vision of the CPA profession’s future, which states: ENVISION FUTURE SUCCESS. CPAs are trusted professionals who enable people and organizations to shape • leverage CPAs’ core competencies and and services are and demonstrate where their future. Combining insight with values, and the value is, many traditional services integrity, CPAs deliver value by communi- • guide current and future initiatives in such as tax preparation and financial cating the total picture with clarity and support of the profession and the protec- statements really are commodities. We objectivity, translating complex information tion of public interest. must learn to communicate the total pic- into critical knowledge, anticipating and cre- The vision statement identifies what ture with clarity and objectivity. ating opportunities, and designing pathways CPAs are and where they want to be in We can begin by communicating the that transform vision into reality. 2011. It is a major shift in how we see the total picture behind financial statements The new vision is designed to: profession. For example, we haven’t and other accounting and tax documents. • build awareness of future opportunities always described insight and integrity as There’s an opportunity factor here. It may and challenges for all segments of the pro- ingredients that deliver value. This was a be in the paperwork but it’s most likely in fession, major discussion during the Future the dialogue that follows review of that • lead the profession as it navigates the Forums with CPAs, because there’s a mar- document. We can translate complex changing demands of the marketplace, ketplace perception that many of our information into critical knowledge. • draw the profession together to create a products and services are commodities. What is it that I need to measure? What’s vibrant and viable future, And if we don’t explain what our products meaningful? How do I use that information illustration by Nicholas Wilton

winter 2002 7 or knowledge to make the right kinds of to break down your walls and get rid of 5) Use involvement and empowerment par- decisions? By answering these questions, your own blind spots. adigms. One of the challenges of the anticipating opportunities, and designing changing environment is that hierarchies pathways, the CPA transforms vision into 2) Determine how value is created. Many and silos are disappearing. A public prac- reality. As a result, the CPA becomes a enter the accounting profession with the tice firm may still have a tax department, partner with his or her clients and helps view that, “value is created within a cer- an accounting and audit department, and them navigate the complex financial envi- tain paradigm that we view from a finance a consulting department. In this setting, ronment they live in. function.” Caught in this paradigm, we value is lost as people and groups fail to fail to think about how value is created communicate about what the client need BECOMING A LEADER OF CHANGE beyond the things that we are directly opportunity is. The opportunity costs are When change comes, we can either make measuring in financial terms. We need to enormous. Firms must flatten out their the decisions the change requires or defer be aware of not only the traditional com- hierarchy, empower each arm of their to someone else to make the decisions ponents of value but of all components organization to collaborate, and make a using their own methods—leaving us in a that create value. way for these groups to leverage the firm’s reactive position. As CPAs, we are perfectly opportunities. positioned to help people and organiza- 3) Become more customer and operations tions deal with change, but we’re going to oriented. When working with small firms, 6) Make sure your strategy is aligned with have to step up to the plate to make that I love to ask how they deliver their prod- all other business processes. This point happen. The following are six suggestions ucts. I’ve found that many firms mail alone, if ignored, can sink the ship. designed to help today’s CPAs become them. In many cases, these firms seldom Getting the business systems aligned with leaders of change. have face-to-face meetings with their where the profession needs to go is a chal- clients. If this is the case, there isn’t much lenge we all face as we try to move forward. 1) Learn how to scan for changing condi- separating the firm’s product from that tions. This takes time. If you fail to read produced by software packages. What dif- Five months into their change plan, publications outside of your professional ferentiates you? What value do you offer Sharp, Thunstrom, & Batson has been scope, you increase your chances of being your client? Do you understand what busy expanding and adapting its caught off guard by change. Reading is a your market and business model is? Do services. The small firm has added loan way to break down your own prejudices you even have a business model? There brokerage services, begun consulting in about the world. That’s the key challenge— are many questions that you’re going to small-end software accounting, adapt- have to answer in order to understand ed its CFO-services, and started to VISIONARY’S READING LIST how to change—questions that are aggressively market itself. “We look answered often by creating a business for every opportunity to get our name Built to Last model. out there,” Batson says. “And it’s by Jim Collins and Jerry Porras been worth it.” The Visionary’s Handbook 4) Get involved with strategy formulation. The company’s steps to change by Watts Wacker and Jim Taylor Whether you’re in public practice or in are proof that taking a visionary Competing for the Future industry, you must have a strategy to serv- approach pays off. “We’ve had a by Gary Hamel and C.K. Prahalad ice your customers. If you’re in industry, steady increase in clientele and profits you might be confused about who your over the last five months,” he adds. Only the Paranoid Survive customer is. It could be your boss or the “It’s our best performance in more by Andrew Grove other entities of your organization. In than three years.” m Leading Change some cases, the sales and marketing by John Kotter department might consider you a service ABOUT THE AUTHOR provider. However, in many cases, you are Jeannie Patton, CEO of the Utah Association of viewed as an inconvenience. CPAs, was named by Accounting Today maga- FOR MORE INFORMATION . . . You have control of information they zine in 1997 and 1998 as one of the top one www.cpavision.org need or provide them information they hundred most influential people in accounting. www.cpa2biz.com don’t need or provide it in a form that From 1997 to 1999, she led the CPA profession’s makes it less useful. If you sat down and www.govci.com nationwide Vision Process initiative. She serves interviewed different segments of your on the Change Management Executive Council www.uacpa.org business and asked them what their prob- and has served on various AICPA committees www.fastcompany.org lems are you could provide answers that and subcommittees. She is past president of the www.cfonet.com change how they see the accounting and national CPA Society Executives Association www.businessfinance.com finance departments—change their per- and was awarded the first-ever AICPA ception of your value. Distinguished Service Award in May 1999.

8 MARRIOTT ALUMNI EXCHANGE A forum for alumni to share ideas about challenges facing Marriott School graduates.

how can you stay on top of the latest business and technical developments?

as a community college business infrastructure should be sufficiently up-to- PARTICIPATE: instructor, I must stay current on the latest date and flexible to allow the entity in question Send us your response or question business developments and technologies. I to run the software necessary to effectively for a future issue. have incorporated three things into my con- compete. With this in place, the purchase tinuing education regimen that I have found decision for individual applications becomes Next issue: Is there anything helpful. a fairly straightforward question of return on employees can do to insulate 1) Newspaper Business Section: Every investment. themselves from company morning with breakfast I digest the previous layoffs? day’s news. This section highlights the most Matt Weed important and relevant happenings and can Assistant Vice President, E-business Due date: 1 March 2002 be completed in ten minutes or less. Intermountain Health Care Length: 100-150 words 2) Industry Books: As a management Salt Lake City, Utah Each submission should include: student at the Marriott School, we selected MBA ’84 • Name and read a new book each semester. I contin- • Phone number or email the ability to keep current ue this practice today. If I find myself under- with • Graduation year and program educated or just interested in a certain busi- business and technology may mean the dif- • Work position or title ness topic, I buy and read a book. ference between growth and stagnation on • Company name 3) Continuing Education Classes and your career path. There are many simple Seminars: Many colleges and organizations things to do to maintain a cutting edge. Email: [email protected] offer short-term classes and seminars where Nourish an appetite for reading. Fax: (801) 422-0501 experts share their knowledge and experience Surround yourself with worthwhile newspa- with inquiring minds. Topics from market pers, trade journals, and literature. Clip articles Or send to: globalization to PowerPoint presentations are to keep in a travel folder to read on airplanes, Marriott Alumni Magazine taught to any willing taker. while commuting, or at the doctor’s office. 775 Tanner Building Staying current in today’s fast-paced, Consider time your most valuable Brigham Young University high-tech business world is not an easy chal- resource and invest wisely. Surfing the Provo, Utah 84602 lenge; however, these three methods have Internet and watching television are two of helped me become better informed and more the greatest time wasters in our century. Contributions may be edited and will thoroughly prepared. Philo Farnsworth, the inventor of television, not be returned. Because of limited wouldn’t let his own children watch it. space, some contributions may not be Gene Blackum III When making technological purchases used. Responses may not necessarily Marketing/Management Instructor for work or home, consider the use and ask reflect the views of the Marriott School. Santiago Canyon College, California yourself, “Will this make my life easier?” Take BS Business Marketing ’92 advantage of customer service, training, installation, and maintenance contracts pro- there are two aspects to this issue— vided by the seller. These options will save the one intellectual and the other the actual valuable time and make use of the product purchase of physical assets. For the non- more effective. technician, staying on par intellectually will Continue to learn. The late Camilla often be reasonably accomplished through Kimball took one class a year throughout her reading the right technical trade journals life following her college graduation. associated with the respective line of business. Community colleges and local school districts Staying current with “owning the latest offer technological training at reasonable technology” on the other hand, can be a los- prices. Education slows aging and keeps you ing proposition because of technology’s rapid both interested and interesting. expansion. It’s not a bad idea in technology planning to separate “infrastructure” from Andrea Woodfield “applications.” Infrastructure involves the PricewaterhouseCoopers platform-type materials that must be in place Portland, Oregon

illustrations by Martin Jarrie for the individual applications to play. Base MAcc ’01

winter 2002 9 gaining competitive advantage in the online marketplace

“It’s Dot-Com Doomsday... appear to have the upper hand. Not sur- Second-tier dot coms are prisingly, as pure-play valuations have now nothing more than fallen, recent headlines question whether nuclear waste....It could pure plays will survive. get worse.” —Fortune1 Results from our study of pure plays, spin-offs, and integrated online businesses Forecasts predicting the viability of in eight key online retailing sectors— brick and mortar retailers as well as their books, music, toys, clothing, office sup- Internet-only competitors have dramat- plies, drugstores, furniture, and financial ically shifted over the last year. Experts who services—show that doomsday predic- used to say that “old economy” retailers tions for both brick and mortar compa- would get blown away by so-called “new nies and pure plays have been overblown. economy” e-tailers are changing their tune. We interviewed top executives from Conventional retailers have had to both conventional retailers (e.g., Charles quickly come to grips with how to best Schwab, OfficeMax, Toys-R-Us) and react to new Internet-only competitors. Internet-only retailers (e.g., CDNOW, E- Most have chosen either to attack cyber- Trade, SmarterKids.com), and conducted a space from within the mainstream or to survey of one hundred retail companies. spin off their online business. As conven- Our findings reveal how companies can tional retailers have become “click and gain competitive advantage in the online mortar” retailers, many Internet-only marketspace. The results also help pre- companies find the tables have turned. dict online winners and suggest Hybrids have been winning online cus- survival strategies for Internet- tomers away from pure plays and now only and conventional retailers. by Jeffrey H. Dyer & William Hesterly illustration by Brad Holland c/o the ispot Predicting Online Winners In other cases, customers value per- are complex and when the operational Conventional retailers compete better sonal contact. In an investment decision, complexity of managing the physical online by leveraging their complementary for example, a customer might need to value chain is high, the online winners assets to deliver value to the customer. An discuss how various stocks or financial will be brick and click companies that asset becomes complementary by increas- investments fit into his or her portfolio. effectively leverage the value of comple- ing in value when used in combination Because the value of retail branch opera- mentary physical, human, and intangible with a second asset. For example, if a tions and human assets is high in financial assets. In contrast, when product-selection company’s web site is significantly more services, brick and mortar banks are gain- decisions are simple and the operational valuable because the company also has ing more online accounts than pure online complexity of managing the physical brick and mortar stores, then the stores banks. The higher the product selection value chain is low (as in books, music, are viewed as complementary assets. complexity and the need for complementa- and software), pure plays and spin-offs Spin-offs or imitations of pure plays can ry assets, the more we expect integrated will emerge triumphant. be a barrier to leveraging complementary click and mortar companies to have com- assets in the online marketspace. The petitive advantages in the marketplace. Surviving as an figure below provides a useful model in There are cases when customers may Internet-Only Company predicting online winners. value complementary assets even when Even though pure plays may be success- The two key dimensions that deter- product-selection complexity is low. We ful in terms of marketshare in the lower mine whether hybrids or Internet-only found drugstore pure plays soma.com, left quadrant of the model, they may companies will have online advantages drugstore.com, and planetrx.com did not never make sustainably high profits. are: 1) product selection complexity and have the complementary assets required This is because these products tend to 2) specialized operational complexity. to meet customers’ convenience needs. be commodity-like with few barriers to When product selection complexity is Brick and mortar drugstore chains Rite entry. The real challenge for Internet- high, customers require information that Aid, CVS, and Walgreen owned or had only firms is to figure out how to compete is difficult to capture in concise, standard preferred access to Pharmacy Benefit in retailing sectors characterized by high terms. Customers often place a high value Managers (PBMs)—companies that han- product selection and operational com- on the ability to physically examine the dle complex insurance paperwork. plexity. Pure plays can only compete product in stores. For example, customers Customers who need immediate access to effectively in highly complex retailing buying furniture consider an array of fac- medicine value the option of ordering sectors by: 1) free riding on competitors’ tors such as color, comfort, and style. As a online and picking up their order at the assets; 2) destroying competitors’ assets; or result, physical examination of the prod- local drugstore. These advantages have 3) accessing the value of competitors’ uct is important—increasing the value of prompted all major pharmacy pure plays assets. brick and mortar assets. Internet-only to seek a merger or an alliance with a companies are virtually nonexistent in brick and mortar pharmacy. 1. Free Riding on this retailing sector. When product-selection decisions Competitors’ Assets One way for pure plays to compete effec- tively in retailing sectors characterized by INTERNET STRATEGY FRAMEWORK high product-selection and operational HIGH 7. • custom. complexity is to determine whether it is homes possible to “free ride” on competitors’ 6. •toys assets. This involves figuring out how to get •furniture customers to check out products off-line 5. and purchase products online. office •. For example, 1800-Mattress 4. • drugstore (1800mattress.com), an Internet-only books •. •clothes mattress retailer, has been successful at 3. • music free riding on the store investments made 2. by conventional mattress retailers such as Sears and JCPenney. 1800-Mattress knows most customers prefer to lie down on a SPECIALIZED OPERATIONAL COMPLEXITY SPECIALIZED OPERATIONAL 1 LOW 1 2 3 4 5 6 7 mattress before buying it. Instead of LOW PRODUCT-SELECTION COMPLEXITY HIGH building stores, it develops an inventory of products that match what customers ADVANTAGE: PURE . ADVANTAGE:INTEGRATED. can buy in conventional stores. PLAYS & SPIN-OFFS CLICK AND MORTAR HYBRIDS Then, it advertises that it can always provide lower prices

12 MARRIOTT than its brick and mortar competitors for other brick and mortar assets such as ware- The last way to destroy competitors’ the same product. All customers have to houses and inventory systems dramatically assets is to develop new virtual technolo- do is go to mattress.com (or call 1800- declines. gies that deliver similar value to cus- Mattress) to identify the brand name and As broadband connections become tomers. For example, Lands End’s “dress SKU of the desired mattress. Customers more common, this trend will accelerate. yourself” technology is an attempt to pro- receive a price consistently 10 to 20 per- Online sales for software are predicted to vide a virtual dressing room for cus- cent lower than prices at the local mat- reach nearly 50 percent of total software tomers. Customers provide information tress store. sales as early as 2003.2 Though the time on their body type/size and select an arti- A free-riding strategy works best horizon is likely to be considerably cle of clothing to “wear.” This gives them when a product’s inventory costs are high, longer, books and music are other areas the opportunity to “see” the product and when customers need to touch and feel where the value of complementary get a sense for how it will look. In addi- the product before buying, and when the assets will decline as products become tion, Land’s End will mail customers online retailer can offer an identical or more widely available in digital form. swatches of material so that they can feel virtually identical product. Automobiles, In addition to digitizing products, the fabric and see color options. While expensive consumer electronics, and mat- there are two other ways to destroy the dress-yourself technology is still quite tresses are examples of products that fall value of conventional retailer’s assets. The primitive, the idea is to use less expensive in this category. first is standardizing or commoditizing virtual technologies to perform similar the product being sold. This involves sim- functions as brick and mortar assets. 2. Destroying Competitors’ plifying the product-selection process by Complementary Assets identifying areas of product-selection 3. Accessing Competitors’ Internet-only companies can also com- complexity and standardizing them. For Complementary Assets pete by destroying the value of their example, purchasing a personal computer A final option for Internet-only companies competitors’ brick and mortar assets. used to be a relatively complex decision is to access needed complementary assets The easiest assets to destroy are those before Dell and others simplified the deci- through partnerships with conventional used to provide information or products sion-making process. Today, with four to retailers that are capable of managing that can be digitized—such as software. five pieces of information, most customers complex physical product flows. Just When products can be distributed more can make a purchase decision—as a result, as traditional brick and mortar online sales are booming. illustration by Brad Holland c/o the ispot feasibly online, the value of stores and firms in many industries

winter 2002 13 have discovered, alliances are a fast and Another way that pure plays may online businesses will need to be managed flexible way to gain access to complemen- access complementary assets is to partner differently. tary resources. Pure plays can provide the with firms specializing in areas such as Conventional retailers must figure know-how in online transactions that fulfillment and logistics. Both UPS and out how to create enough separation for some traditional retailers lack. At the Federal Express have formed units spe- the online business to flourish, while at same time, online retailers gain access to cializing in what they term eLogistics. the same time integrating the two business complementary resources they may need, Partners with strong logistics capabilities units to ensure there are not missed syn- such as brand names, purchasing power, might dramatically reduce the costs of ergies. Harvard scholars Paul Lawrence physical outlets, and distribution net- fulfillment for online units and make and Jay Lorsch showed long ago that it is works that address both product selection them more competitive with click and possible to achieve differentiation and and distribution concerns. mortar companies. As with any alliance, integration simultaneously without Amazon’s recent alliance with Toys- success is largely determined by partner using spin-offs. R-Us may foreshadow more alliances selection and structuring a relationship Successful businesses in dynamic between pure plays and traditional brick that is mutually beneficial to all parties in environments have long faced the dual and mortar firms. Amazon gets the bene- the alliance. An alliance with the wrong challenge of separation and integration. fit of Toys-R-Us’ brand leadership in toys partner—one lacking the most critical Different functional units often possess and access to its enormous purchasing complementary assets, or an alliance different mindsets, clock speeds, and even power. Toys-R-Us gains from Amazon’s where the financial terms greatly favor the subcultures. These differences help the considerable online know-how and its brick and mortar retailer—will only various units adapt to the differing tasks access to online eyeballs. accelerate a pure play’s demise. they face. To be successful online, hybrid retailers must effectively balance the How Complementary Surviving as a demands for separation and integration. Brick & Mortar Assets Brick and Mortar Company They must create some separation or the online business will not develop the dis- Add Value to Customers Over the long run, hybrid click and brick retailers must develop strategies to pre- tinctive values, processes, or resources vent Internet-only companies from free necessary to succeed within an online ADVANTAGE OVER riding on, destroying, or accessing their business model.3 They must also put in INTERNET-ONLY COMPETITORS valuable complementary, physical, place integrative mechanisms to facili- human, and intangible assets. The major tate coordination with brick and mortar •Physical Observability of companies. Product short-run challenge for hybrid click and •Delivery Speed (or Cost) brick retailers is organizational rather The following evolutionary •Customer Convenience than strategic. In the near term, conven- approach is designed to help click and •Customer Education tional retailers should focus on exposing mortar companies achieve the benefits •Customer the weaknesses of pure plays that do not of both separation and integration. Awareness/Security possess complementary assets. Touting the advantages of choosing 1.Create a Separate HOW ASSETS DELIVER VALUE an online retailer with complementary Organizational Unit with a •Store front allows customer physical, human, and intangible assets “Re-Integration” Plan to examine product for fit, will resonate with customers in retailing When traditional brick and mortar busi- quality, etc. sectors characterized by high product- nesses move online, they need new skills selection complexity and high operational and processes to adapt to fast-paced •Stores, warehouses, and complexity. To effectively leverage those “Internet time.” Because there isn’t time to trucks allow for supperior complementary assets in delivering value develop these skills within the existing delivery response time at organizational structure, it is important to lower cost to online customers, conventional retail- ers must make sure they effectively coor- create a new organizational space where •Store front provide options dinate the activities of their online and appropriate new skills and processes can be for pick-ups and easy returns conventional business units. developed. To facilitate the development of Because there are large differences new skills and processes, companies may •Store personnel can provide between running conventional versus want to look outside their company for tailored information to customer online businesses, there are real risks if a the leaders of their online unit. Outsiders are not locked into old ways and rhythms •Store fronts inform customers firm doesn’t create some separation regarding new products, sales, between the new online business and the of doing business and are less likely to etc., signal commitment traditional business. Although integration impose the brick and mortar is the key to leveraging complementary processes and values on the assets, retailers must also realize that online business. The

14 MARRIOTT problem with “star” executives from tra- ization. One of the virtues of spin-offs— Pure plays have the opposite problem. ditional businesses running an online greater accountability—stems from clearer Rather than leverage complementary business is they often don’t know that performance measurement. Because there assets, they must figure out a way to they don’t have the knowledge required to are fewer interdependencies with other destroy, free-ride on, or access the comple- successfully run an online business. units, profit and loss measures are less mentary assets of click and mortar com- Of course, a major challenge facing ambiguous. This measurement clarity petitors. Internet-only competitors that outsiders is they lack company-specific makes managers of these separate units do not develop an effective strategy for knowledge and may not design the online more directly accountable for the results destroying the value of brick and mortar unit with an eye towards future integration they achieve. assets will find it tough going in retail with the conventional business unit. Historically, the only way to clearly sectors characterized by high product- Special attention must be given to help- measure an activity was to separate it and selection and operational complexity. ing outsiders understand complementary reduce its interdependencies with other Understanding who will be successful resources within the firm to ensure that the activities or units as much as possible. in the online arena and how the changing online unit is designed to fully leverage the Without complete separation, overall market affects Internet-only and con- company’s brick and mortar assets. performance measures existed only at high ventional retailers will give companies Building a separate organizational levels of aggregation. Advances in infor- the insight needed to gain competitive unit creates the separation necessary for mation technology and accounting inno- advantages in the online marketspace. m new skills and processes to flourish but vations, such as activity-based accounting, must be accompanied by key integrating now make it more feasible for firms to get END NOTES mechanisms. One option for getting the clear measures of performance without 1. Fortune, 1 May 2000, 40. necessary integration is to set up a senior isolating activities into separate units with 2. The Wall Street Journal, 23 October 2000. level integration team with the explicit separate profit and loss statements. 3. Christensen, Clayton & Michael Overdorf assignment to identify potential synergies (2000). “Meeting the Challenge of Disruptive Change.” Harvard Business Review, March-April, between the two businesses and coordi- Winning the Web Wars 67-76. nate on strategy. Managers of today’s firms are often faced 4. Kelly, Kevin (1998). New Rules for the New While the integration team may be with “bet the company” decisions as they Economy: 10 Radical Strategies for a Connected advisory in nature during the early stages struggle to develop an effective online World. New York: Viking, 147. of developing an online business, over strategy. The traditional wisdom offered time it may be useful for this group to to conventional retailers has been to spin About the Authors have the decision-making power neces- off the online business as a separate Jeffrey H. Dyer is the Donald Staheli Chair in sary to ensure synergies are realized. entity, allowing it the freedom to “canni- International Strategy and an associate profes- balize” the parent. We remind managers sor in the department of Organizational 2.Begin with Different Metrics, but that there are considerable risks to spin- Leadership and Strategy at the Marriott School. Increasingly Use Common Metrics offs, because they make it more difficult His research focuses on strategic alliances, e- The right metrics help focus attention not to leverage complementary brick and commerce strategy, and interorganizational only on key success factors but also on mortar assets. learning, knowledge management, and trust. accountability. The best measures for The online strategy or structure Dyer taught at the Wharton School of Business traditional brick and mortar businesses choice should be driven largely by cus- at the University of Pennsylvania for six years may not be the best for online activities. tomer needs—not by Wall Street. Spin- before coming to the Marriott School. He earned Kevin Kelly’s statement that, “productiv- offs, while appropriate when product- his PhD in management strategy and organiza- ity . . . is exactly the wrong thing to care selection and specialized operational tion from the University of California—Los 4 about in the new economy” may over- complexity are low, may result in missed Angeles in 1993 and his MBA in 1984 and BS in state the case somewhat, but his general synergies, brand confusion, and an inabil- psychology in 1982 from BYU. point is worth noting. ity to offer an effective and well-coordi- A focus on efficiency often leads nated path for existing customers to William Hesterly is the Zeke Dumke Faculty managers to neglect exploring new migrate to the new technology. An inte- Scholar and a professor of management in the opportunities. Particularly in mature grated click and mortar strategy may be David Eccles School of Business at the businesses, firm measures tend to focus more effective than a spin-off when prod- University of Utah. His recent research focuses on efficiency more than opportunities. uct selection complexity is high and when on the effects of new technologies introduced in Online businesses need to be rewarded retailers can leverage complementary an industry on established firms and upstart and measured more for growth than effi- brick and mortar assets to provide superi- attackers. He received his PhD in 1989 from the ciency. The different metrics for the tradi- or customer service. The overall strategy University of California at Los Angeles in tional and online business—and the logic should be designed to have brick and organization and strategic studies and his for the different metrics—should be prop- click companies coordinate closely in MOB and BS in psychology in 1980 from BYU. erly communicated throughout the organ- delivering value to customers.

winter 2002 15 tremendous power and opportunity in serving the academic world. Others in the audience have different success stories about where they’ve found oil—oil of some sort that has allowed them to be successful and gain self-confidence. It doesn’t mat- ter whether it’s academics, farming, or real estate. The formu- la works. Get up early, work hard, and find some kind of oil. The second formula I’d like to suggest to you today was given to me during an interesting experience I had with Elder David B. Haight, who was my mission president in Scotland in the early 1960s. The last preparation day of my mission we were on a boat cruise with the members of the Church in Scotland. Elder Haight came up to the side of me on the rail of find your oil; that ship as I was meditating about the last week of my mission and said, “Go home Jim. Get your education. Make your mark. make your mark And get prepared to be used.” That statement had a dramatic impact on the way I’ve by James W. Ritchie lived my life and on what kind of objectives and goals I have set. I went home and became obsessed with doing exactly what he had said in the order he said to do it. Get my education, t’s an honor for me to be here today. Every time I get in an make my mark, and get prepared to be used. awesome situation like this I think of a story that took Let’s combine the two formulas: “Get up early, work hard, I place several years ago when my family and I lived on the find your oil, make your mark, get prepared to be of service, west coast. Our oldest boys, who were seven and eight at the and have a wonderful, adventurous life.” time, decided to take a friend to church with them one Sunday. Now, let me tell you two quick stories. A few years ago This young boy had never been to our Church before. It hap- when we lived in California, I was reading the L.A. Times when pened to be a fast and testimony meeting that Sunday—always an article struck me. It published the results of a study of suc- a unique time to take a new friend to church. Our friend cessful Jewish people, especially those living in the Los Angeles watched in awe as several people marched up to the stand to basin. The researchers tried to identify common denominators say nice things. After seeing a few young people do it, he decid- to their success. One of the common denominators that stood ed, without any hesitation or warning, to jump up and head out to me was their participation in a twenty-eight-day Jewish for the podium. When he finished what he had to say it was camp in Simi Valley for young Jews called the Brandeis Bardein obvious he had not yet mastered how he should conclude his Institute. The reason that caught my eye is because I happened remarks. As he pondered for a moment, and as we held our to be living in Simi Valley. Nearly every day I drove past this breath, he finally smiled and looked over the audience and sign that said Brandeis Bardein Institute pointing up into the said, “Holy Moses, amen.” foothills of Simi Valley. It looked like an old farmhouse. I’d I think about that in relationship to how I feel as I stand never paid any attention to it until I read that report. in the presence of such awesome people and outstanding grad- The next day I drove up to the farmhouse, knocked on the uates—people who are going to make a major difference in the door, went inside, and said, “I need to know who you are.”As a world. I feel honored to have this opportunity and obligation. stake president involved in Church education, I was very inter- I am going to share two formulas today that I expect you to ested in the Church’s youth. I questioned, “Tell me what hap- memorize, internalize, and add to the education you have pens here that makes you so significantly powerful in the lives gained during your stay at BYU. If you do this, you will find of your people.” They said, “Come and see.” that these two formulas combined will have a dramatic impact They invited my wife and I to come and spend a Jewish on your future success. I can say that boldly because neither weekend with them, a day and a half where they introduce one is my formula. their program to Jewish parents. The wealthy parents then The first formula comes from an autobiography written spend thousands to bring their sons or daughters to this twen- by J. Paul Getty, an oil tycoon. He wrote, “Get up early, work ty-eight-day camp. We accepted their invitation, and we hard, and find oil.” I used to kind of laugh it off as an intro- turned out to be the first non-Jewish guests at the camp. They duction until I began thinking about it. It began to dawn on called us their Mormon spies. They were very gracious hosts. me how true it is. If we could learn how to get up early, work They shared fun and interesting experiences, trying to convert hard, and then find some kind of oil—not necessarily the us in a sense, to what they did at their camp that had such a gooey type of oil—we would be successful. These people on long-term impact on the lives of their youth. the stand, academic achievers, have found their oil in academ- On Sunday morning when we left the camp, we had our ics, consulting, writing books, or teaching. They have found answer. We knew their secret. From one twenty-eight-day

16 MARRIOTT experience, twenty-five years later these young people were “get up early, work hard, find giving this institute credit for their success in life. Their mes- sage was, “Thou art a Jew, and Jews are successful. You have to your oil, make your mark, and be successful. You are a Jew. There are no mediocre Jews.” Man, was I impressed. get prepared for a great life I began to ponder that if there was ever a group on the planet that ought to be able to infiltrate the minds of its young of service and adventure.” people with truth, with an impact on who they are, it ought to be Latter-day Saints. It ought to be us. It ought to be graduates you, “because you are of the house of Israel and because you of BYU. Today you become a member of a great group of peo- came from a divine heritage and a foreordained past, you are ple called BYU graduates. There are things expected of you. going to make a difference in the world.” You came as a final You cannot be mediocre. You must not be average. You cannot generation of young people. You are honored and privileged to go into the communities of life and be mediocre or fail. You have be some of the finest graduates this school has ever produced. to succeed. You are of the house of Israel. You are going to make a difference in the world. Because you I believe that with all my heart. It’s a “Holy Moses, amen” are the house of Israel you knew what was expected of you experience as I look in your eyes and see the two to three hun- when you came here. You came to earth with all kinds of dred of you who are going to leave these hallowed halls today expectations. You were foreordained to do great things. with the formula in your mind. Get up early, work hard, find It’s time for you to drive the bus! It’s time for you to take your oil, make your mark, and get prepared for a great life of charge. It’s time for you to reach back in your heritage and service and adventure. The world needs you to be successful. back in your mind and to read your patriarchal blessing and You have to make your mark. You have to get ready to be used. stand up and say, “I am a Latter-day Saint. I am the house of Let me conclude with one story that happened a few years Israel. I know who I am, and it’s time for me to drive the bus. ago. Because five of our children were mutual age, I accompa- It’s time for me to take charge. It’s time for me to pay back.” nied our ward youth group on a houseboat trip to Lake Shasta My fellow graduates, you are an awesome sight. You are a in Northern California. We left Simi Valley at midnight on “Holy Moses, amen” experience. You are the people who are Sunday. We were nearly to the lake when we approached a going to make a difference in this world. May I leave you with steep, very winding road. It didn’t take long for the big, long, the formula? Leave these doors today. Tomorrow morning, get full-sized bus to lose control with the front of the bus heading up early. Work really hard. Find your oil. Find something in over a cliff and the back of the bus against the mountain. For this life that you’re best at, that you’re really good at, that you safety reasons, we proceeded to unload everyone from the bus. can do better than anybody else. And with that oil make your The last person off the bus was a man named Ray mark. Let your communities know you’re there. Let your fam- Hutchingson, an engineer from Bonneville Corporation. He ilies see what a BYU graduate does. Thou art a Latter-day waited until last, and as he got to the bus driver at the head of Saint. Thou art a BYU graduate. Get ready for an adventurous the bus, he leaned over and said to him, “Would you like me to life. May God bless you. In the name of Jesus Christ, amen. m drive the bus?” We then watched from the safety of the rocks, as this bus driver stood up and abandoned his seat. Ray about the speaker stepped into the driver’s seat and began to maneuver this bus When James W. Ritchie “retired” the first time at the age of thirty-five, back and forth, an inch at a time, until he finally got it away he owned and managed twenty-six different entrepreneurial ventures. from the cliff and back on the road. The rest of us then got Included among his businesses were Ritchie Enterprises, LP; First back on the bus, and Ray drove us the rest of the way to the World Travel; a Chevrolet dealership; an International Harvester deal- houseboat. ership; a Ski-Doo dealership; a Sears catalog store; a tire store; a KOA Later that evening, I asked Ray, “Why did you do that? campground; a Meadow Gold dairy products distributorship; a feed Imagine the liability that you assumed taking over this processing plant, a farm store, several trailer parks, several restaurants $100,000 bus.” He said, “You know, I’d been watching this bus and motels, and various land development projects. After retiring, Ritchie spent time with his eight children and driver all night long, and he was a nervous man. When he got served as an institute director, stake president, mission president, and in a jam I knew he was in trouble.” He continued, “I remem- regional representative. Eleven years later, he joined Franklin Quest as bered back in my early days at BYU, the summer between my senior vice president over sales and training. freshman and sophomore year I hauled hay driving a big diesel Following a second retirement, he and his wife, Carolyn, accept- rig. Two other summers, I drove a cement truck.” He said, “I ed a two-year Church assignment in New Zealand and Australia. In remembered back those fifteen years and the experiences I had September 2001, he began his calling as area director of the Church driving those diesel rigs,” and he concluded, “I could see the Educational System in Southeast Africa. driver was in a jam, and I offered to drive the bus.” Ritchie has a BS in accountancy from BYU and has done gradu- What’s that got to do with the formula and your gradua- ate work in law and business at the University of Utah and UCLA. tion success? I believe that not only can I say to you, “Thou art a BYU graduate. Thou must be successful,”but I also can say to

winter 2002 17 by L. Aldin Porter am honored to speak to you tonight. Note also that Mormon precedes this maturity separates the majority of You are a very select group whose statement with, “For there were many mankind from the few. contributions in the years ahead will merchants in the land, and also many Rarely have I seen one who is highly I lawyers, and many officers.” 2 be monumental. I know many of those motivated by excellence fall prey to the who will be your teachers and your It appears that merchants have some disease of pride. mentors. You are not likely to under- part in people being distinguished by stand tonight what a rare group they are. ranks. If you are not motivated by greed, BELIEF IN A CAUSE You will be marvelously blessed through the day will come when additional money This becomes a strong motivating factor their efforts. will lose part of its powerful motivating when you no longer are the primary As you can see, I am getting along in force in your life. focus. This moves people when they see a years, and old men love to give advice to larger purpose than their own. This high- young people. But be careful. I have COMPETITION er level of motivation is quite common to learned that free advice often costs more Often, money and competition march parents, missionaries, and priesthood and than the kind you pay for. Tonight, I together. It is healthy to compete. It can be auxiliary leaders. In fact, it is very com- would like to visit and share some con- a positive motivator and a major factor in mon in the Church and quite rare in the cepts I wish I had known or at least been helping achieve goals. But it can also business world. reminded of at your age. I also want to raise harden us and blind us to the needs of Abigail Adams, as reported in David a voice of warning to those of you who will others. McCullough’s outstanding biography on make business your lifelong work. The day will come when you will John Adams, said: “Posterity who are to I have been honored to be a General have earned the respect of your peers and reap the blessings will scarcely be able to Authority these past fourteen years. But won enough competitions that this factor conceive the hardships and sufferings of today would like to focus on the nearly will lose much of its appeal. Control the their ancestors.”3 Note the sacrifice was thirty years I spent working in the busi- desire to be seen as the best. Striving to be being made by those who would not like- ness world. During my career, I learned seen rather than striving to be is danger- ly “reap the blessings.” that four things generally motivate people ous. I have observed as much dishonesty When you are willing to make con- in business. If you will consider these four caused by a desire to be seen as number siderable sacrifices for posterity or anyone sources of motivation, you will have addi- one as I have seen caused by a desire for besides yourself, you are on the brink of tional criteria to consider when planning a money. Either one can cause you to make finding a cause. course of action for yourselves and, eventu- decisions that will later bring you a great On one occasion I was in the East ally, for those you supervise. deal of regret. having breakfast with a very prominent If you prove successful in obtaining man in the financial planning world. I MONEY money and receiving the plaudits of men, had played a small part in a presentation It is understandable that money is moti- beware of pride. he was preparing—a retirement plan for vating. It is appropriate that you expend I draw your attention to counsel several thousand employees of a major great effort in earning it. Money will per- given by President Ezra Taft Benson. He corporation. He told me of the hours into mit you to raise a family and also to make said: “The proud make every man their the night he had worked on the presenta- substantial contributions to the Church adversary by pitting their intellects, opin- tion. I looked at him for a long time and and to other worthy causes. But this desire ions, works, wealth, talents, or any other must be controlled. When we are motivat- worldly measuring device against others.” ed by money, we can let it explode into C. S. Lewis said: “Pride gets no pleas- When you are greed. At one point in my life, I realized ure out of having something, only out of that I was constantly going into the having more of it than the next man.” willing to make counting house to see how much money I had made that week or even that day. A DESIRE FOR EXCELLENCE considerable Beware! A desire for excellence is different than a sacrifices for Mormon understood the results of desire to win awards for excellence. That this problem. properly falls under competition. This prosperity or objective is not for anyone else, not for And the people began to be distinguished money, and not for fame. It is to rise to a anyone besides by ranks, according to their riches and benchmark set by you and only you—an yourself, you are their chances for learning; yea, some were internal standard that is one’s own accept- ignorant because of their poverty, and able level of performance. This motivator on the brink of others did receive great learning because will keep you up at night when your of their riches.1 peers, supervisor, and president of the finding a cause. company are happily asleep. This level of

winter 2002 19 said, “You have more money than you or stumble in the economy in Jakarta or your children can possibly spend. You are Moscow can immediately affect the entire recognized in the entire industry as a man world. It can eventually reach down to each I can assure of superior talents. You have received all of us as individuals. There is a portent of of the major awards. Why would you stormy weather ahead to which we had bet- you that many work so hard and so long on this project?” ter give heed. His response indicated what I am times when trying to convey. He said: “I am plagued Might I say that those words are by the knowledge that if I don’t do my filled with warning from one who is a you are work well, someone will suffer.” His pri- seer, one who can see afar off and through mary concern was not about the senior his prophetic insight raise a warning under stress officers of the company. They would not voice. Here is one counseling us who is suffer. He was greatly concerned about the immersed in a cause. President Hinckley you will receive rest of the people in that organization. continued: Those are the four powerful motivat- helpful ing factors of the business world. Other I am troubled by the huge consumer factors that fall into additional categories installment debt which hangs over the peo- impressions. are also helpful to discuss. ple of the nation, including our own people. I recognize that it may be necessary to MONEY AS A TOOL borrow to get a home, of course. But let us ments and be courteous and patient. The Money is the means by which you can buy a home that we can afford and thus next morning the young man was invited accomplish important things. A hammer ease the payments which will constantly into the personnel officer’s suite and told is a tool. If one learns to use it well, a hang over our heads without mercy or by him that he would not be happy there. house can be built. If one doesn’t use it respite for as long as thirty years. He said,“You just don’t fit in.”The young well there will be many broken and I urge you, brethren, to look to the couple was crushed. They couldn’t bruised and very painful thumbs. condition of your finances. I urge you to be believe it. Let me explain. Assume your income modest in your expenditures; discipline They came to see me. I had been his is fifty thousand dollars a year. Your outgo yourselves in your purchases to avoid debt stake president during his high school is fifty-two thousand. Eventually you will to the extent possible. Pay off debt as quick- days. They felt the Lord had let them find yourself in slavery. Your creditors will ly as you can, and free yourselves from down.“If you feel that way why didn’t you own you. If your income is fifty thousand bondage. agree to drink and participate?” “Because and your outgo is forty-eight thousand, This is a part of the temporal gospel in that would be wrong.” “Well, you had a you will almost certainly live in a world of which we believe. May the Lord bless you, choice. You could have denied what you freedom. You will control the tool of my beloved brethren, to set your houses in believe to be true and kept the job or have money. Money is a tool—use it wisely. order.4 stood by your convictions and lost the When I returned as a young man job. What should it have been?” They from my mission, I reported to Elder WHAT YOU STAND FOR answered: “We did the right thing.” “Of LeGrand Richards. He gave me counsel You should know by now what you stand course you did.” on very practical matters. One was to pay for and where you draw the line. Permit Decide early in your life where you tithing. He said: “Save an equal amount.” me an example. stand. It will save a lot of time and energy Invest it first in education for you and your A young man graduated from the in the future. Keep your covenants. Be spouse. Second, invest in a home. Third, University of Idaho in business at the top worthy of help from unseen sources. I can invest wherever you think wise. But be of his class. He received a job with a major assure you that many times when you are more concerned about the return of your corporation in the East. He and his wife under stress you will receive helpful money than the return on your money. traveled to their new location with so impressions. President Gordon B. Hinckley in much excitement and enthusiasm. He was One statement the Lord made has October 1998 Priesthood Session of to begin on a Monday morning. helped me many times when I did not General Conference said: When they and other trainees know how to escape a problem: “All flesh arrived, they were invited to a get- is in mine hands; be still and know that I So many of our people are living on the very acquainted party Sunday evening at the am God.”5 edge of their incomes. In fact, some are liv- president’s home. There were cocktails, ing on borrowings. inappropriate language, and stories that HUMILITY AND We have witnessed in recent weeks were embarrassing to both husband and RECOGNITION OF OTHERS wide and fearsome swings in the markets of wife. They talked about it that night and Kathryn Graham, the owner and publisher the world. The economy is a fragile thing. A decided they would live the command- of the Washington Post, invited Ronald

20 MARRIOTT and Nancy Reagan to her home near the Please forgive me for a personal objectives than if she had continued to end of President Reagan’s administration. example. Sister Porter graduated from the work outside the home. There were five to six hundred people in University of Houston with a degree in Our six children had a mother—a attendance. accounting about the time she turned full-time mother. You cannot imagine the There was an accident, and a glass and twenty. She then learned to run the large impact that has had on our happiness in its contents fell to the carpet. Graham came banking machines then in use in major life. Without a doubt she has done that on the scene, and recalls, “I was dumb- banks. This was at the time the computer which has brought the greatest return to struck at seeing the President of the United was just being developed. us. In addition, her contribution to my States on his hands and knees in the mid- She then became an instructress for capacity to earn an income is beyond cal- dle of the crowd picking up the ice.” Burroughs Adding Machine Company. culation. Our family has brought us many On the phone the next day Nancy When Burroughs would sell a machine, times more joy and happiness than any Reagan told Graham of the time the she would go into a bank for several weeks worldly recognition or wealth could. President was in the hospital after the and teach others how to use it. She was, Let me close by saluting you for your assassination attempt. The President was for that era, highly paid. decision to continue to prepare your- not to be out of his bed. But he got up selves. You will leave here well educated and went to the bathroom. In the process and go out into the world. You must be he spilled a pitcher of water. When the men and women of integrity who will attendants came in he was on his hands Decide with spread wide the principles of this institu- and knees wiping it up. When Nancy tion and of the kingdom of God. That you asked him why, he said that he was afraid may do so is my prayer in the name of the nurse would get into trouble.6 your spouse Jesus Christ, amen. m Remember others—most of you will achieve much in your life—be humble. what it is end notes And be aware of the contribution others 1 3 Nephi 6:12 will make to your success. you really want 2 3 Nephi 6:11 Understand that you aren’t likely to 3 David McCullough, John Adams, 169. accomplish much in this world alone— in life. What 4 Gordon B. Hinckley,“To the Boys and to the not in business—certainly not in family, Men,” Ensign, Nov. 1998, 54. not in church, and almost never in any- do you want 5 Doctrine and Covenants 101:16 thing that will bring you happiness. 6 Kathryn Graham, Personal History, 612. Always remember others who helped you to leave succeed. about the speaker behind L. Aldin Porter is a senior President of the YOUR SPOUSE—THE MOST Seventy of The Church of Jesus Christ of IMPORTANT FACTOR OF ALL when your Decide with your spouse what it is you Latter-day Saints. For more than thirty really want in life. What do you want to work here is years, Elder Porter worked as an under- leave behind when your work here is fin- writer for Mutual of New York and ished? Think lifelong. What I am going to finished? Certified Life. He is past president of the say may not be politically correct, but I Idaho Chapter of Certified Life believe it to be true nevertheless. Underwriters and has been president of the A good marriage has a division of Think life- labor. After deciding your lifetime objec- Utah Real Estate Planning Council. He has tive, decide how the two of you will divide long. also served as a member of the Board of the work to achieve it. Directors of the Beneficial Life Insurance For example, a superb executive secre- Company. He gave this speech at the tary could be paid as much as $35 an hour. She could earn considerably more Marriott School Graduate Student But the same person may be a money than I could even after I graduat- Orientation 31 August 2001. superb writer—understandable, graphic, ed from BYU. I was a sophomore at BYU and clear. That person might be paid as when we were married. We decided we much as $100 an hour. would not put off having a family. Shirley What should that person do with his worked until it was time to quit when she or her talent? Wisdom would dictate that was expecting our first child. he or she should put the talent to the The return on having her at home highest and best use. was far greater in contributing toward our

winter 2002 21

FRASER BULLOCK A GOLD MEDAL TURNAROUND

You pull up to seven Gs in a bobsled—seven times earth’s management. “I always joke that I was already living in Utah, and Slade gravitational pull. It’s tough sledding. Fraser Bullock knows that Mitt wanted to save the relocation expenses,” Bullock adds. from his experience on the bobsled track at Utah’s Olympic Actually, saving those expenses was a harbinger of things to Park. He had just signed on as CFO and COO of the Salt Lake come. In short order, Romney and Bullock discovered that what Olympic Committee and wanted to understand what it was like you don’t know can hurt you. It was no secret that the media’s to be an Olympic athlete. “I looked in the sled and there were new favorite target was SLOC, that the Justice Department was chains, apparently to keep people from climbing out halfway looking for skeletons in SLOC’s closet, and that radio talk show down,” he laughs. Bullock quickly discovered why someone hosts were shouting SLOC’s name from the rooftops. Moreover, might want to climb out. “It was like a monster roller coaster SLOC had no operations plan, they weren’t using appropriate ride times ten,” he continues. “And when you get to the bottom, financial systems, and they had no Paralympic organization— you realize that the difference between gold and silver is one SLOC is the first organizing committee to do both games. Morale one-hundredth of a second. The expertise of these athletes is was nonexistent. “The organization was virtually paralyzed; it mind boggling.” didn’t know which way to turn,” Bullock explains. Bullock is no slouch himself. Besides the occasional bob- What wasn’t readily apparent at the time of the scandal was sled ride and freestyle aerial—yes, he also wanted to better that there was a severe financial crisis. Adding up all the numbers, understand the highest-flying Olympians—he runs the opera- Bullock and Romney discovered that SLOC was headed for a pro- tional side of the Salt Lake Olympic Committee (SLOC). jected $400 million budget shortfall. And the previous twelve According to his boss, SLOC President and CEO Mitt Romney, months gave little reason for confidence that they could fix the “he is one of the best CFO/COO’s in the country, if not the problem: SLOC had raised only $13 million the year before the best.” And Romney needed the best because when he took over scandal hit the headlines. “It doesn’t take a math degree to figure on 11 February 1999, SLOC was tottering at the top of a very chal- out that with about three years to go, the Salt Lake Olympics were lenging bobsled run of its own, one littered with tawdry headlines in trouble; and at that rate, we weren’t going to be able to raise the

Salt Lake City skyline © SLOC photo by David Quinney, Fraser Bullock photo by Brad of tarnished Olympic rings, unhappy sponsors, and financial mis- funds to close the budget deficit, ” Bullock explains. BY GREGORY TAGGART instance, where most businesses have six or seven major functions—sales, marketing, media relations, HR, operations, and finance—Bullock learned that it took forty-two different functions to get bob- sleds, skiers, and skaters across the finish line. And the magnitude of those func- tions is, well, he likes to use the words “mind boggling.” For example, twelve thousand mem- bers of the media will be in town for a month. Seven hundred heads of state and twenty-five hundred athletes, representing eighty-one countries, will be there for the media to cover. To help them all, more than seventy thousand volunteers have signed up. Transportation alone will require thousands of buses and more than four thousand cars and trucks. SLOC has even imported light rail cars from Texas to increase the capacity of Salt Lake’s new light rail system. “What’s really amazing is that Fraser has a detailed, intimate familiar- ity with all facets of the Olympics,”explains Salt Lake City Mayor Rocky Anderson. “He can discuss any issue and have a detailed knowledge, including transportation, security, and programming.” Top: Deer Valley Resort will host slalom, freestyle aerials, and freestyle moguls events. One of the more important func- Bottom: The Peaks Ice Arena will host ice hockey events. © 2001 SLOC photos by David Quinney. tions Bullock had to understand was ven- ues—they cost almost $270 million to A math degree he didn’t have. An the table. “At our board meetings we’d build. And one of the subfunctions of MBA from BYU he did have. That plus have gaggles of reporters and cameras all venues is building temporary facilities at time doing turnarounds at Bain Capital over the place.” With media looking over the base of the downhill in Snow Basin, with Romney—also a BYU graduate and their shoulders, Bullock looked for ways next to the ice rink in Kaysville, in the a member of the Marriott School to cut costs, and Romney assumed the center of the cross-country complex at National Advisory Council. His education role of salesman, running from sponsor Soldier Hollow, and in and around the and time at Bain combined with his expe- to government to newspaper and back to twelve other competition and noncompe- rience doing rollups for his own company, sponsor, telling and retelling the Olympic tition venues. Alpine Consolidated, prepared Bullock story. It worked. After six months of open The result is a small, temporary city for the daunting task of putting SLOC’s meetings and measurable performance, at each venue that will house broadcast financial house in order. the public’s skepticism turned to opti- compounds, operations compounds, Calling on that experience, Bullock mism. “People don’t get the impression security compounds, as well as cater to and Romney turned to six fundamental that, ‘Gee, are they hiding anything?’” the two thousand spectators who show up keys to any business turnaround. First, Bullock explains. “They understand we each day to watch curling on the ice sheet they needed to set a clear tone, a tone that are completely open.” in Ogden or the fifty-two thousand who included high ethical standards coupled Second, they had to ride the bob- attend the opening and closing cere- with relentless dedication to professional- sled. They had to learn the business. monies at Rice Eccles Stadium in Salt ism and teamwork.“SLOC is not a buddy- According to Bullock, that means rolling Lake. To build those minicities, Bullock buddy club,” Bullock declares. “It’s a up your sleeves and diving into the detail and his people must keep track of seven professional organization.” until you understand where every dollar hundred 12’ x 56’ trailers and an equal To show that things had changed and is. “You need to know the detail, inside number of 50’ x 60’ and 50’ x 120’ tents. to restore the public’s confidence in and out, to be able to make judgments Of course, those tents and trailers will SLOC, they opened SLOC’s books and both now and later.” Little surprise, the need power, heat, computers, fax meetings to the media. Everything was on detail was of Olympic proportions. For machines, restrooms, and the list goes on

24 MARRIOTT and on, even as the start date for the ‘nice to haves.’And generally speaking, we sized banners of athlete images in down- Olympics grows nearer. “The scale of this eliminated all of the nice to haves.” town Salt Lake and at some of our venues. operation is massive,” Bullock emphasizes. The penny pinchers out there will be They will be absolutely spectacular.” To manage the operation, Bullock glad to hear that because of this disci- Where SLOC didn’t cut, and in some followed the third and fourth keys to a pline, SLOC’s fifty-three member board cases invested more, was in what they call successful turnaround: Build a superb has gone from fancy catered meals to “field of play”: slalom runs, luge tracks, team and communicate a clear vision of Domino’s Pizza and sack lunches. “And ice ovals, and ski jumps. After all, the that team’s objectives, making sure to everybody has to chip in for the pizza,” games are for the athletes. Romney and hold each person accountable on a week- Bullock says. The next thing to go was Bullock want to make sure the athletes ly basis. Yet, even team building came SLOC’s web site, a $13 million budget have the best field of play in the world. with a set of problems peculiar to the item under the old SLOC. The new SLOC Case in point: They poured the concrete Olympics. decided that though it would be “nice to for the speed skating oval in Provo two “All of my staff, everyone, guess have” a web site, they were not going to times. “We inspected it. Our contractor what?” Bullock asks. “We fire them in have one unless a sponsor donated it. And inspected it. And we said, ‘you know February or soon after. Try to get people someone did. “Any business turnaround what? It’s good, and it’s good enough, but to interrupt their careers to come work requires management to come in and it’s not good enough for us.” It is now. In for you on those terms.” But hiring was understand the business and identify key the recent World’s Single Distance only half the problem. Some people leverage points in terms of cost reduc- Championships for speed skating, they already on staff when Bullock arrived tion,”he declares.“You look at the big cost had five world records out of ten races. didn’t fit. He had to let them go to make categories and work on them one by one.” “The fastest ice in the world is in Utah,” room for the new talent he was bringing What Bullock calls “the look of the Bullock smiles. in. “One of the lessons I’ve learned is games” was another one of those cate- Getting his arms around this political- when you need to make a change, make a gories that took a hit, going from $22 mil- ly charged and logistically mind-boggling change. Treat people humanely. Work lion dollars down to just $9 million— business has been no easy task. “For the with them so they can get a new job, but apparently, looks are only “nice to have.” first thirty days, you just know you don’t where you need to make a change, do it— Things like banners and posters moved know anything,” Bullock moans. “After and quickly.” from the budget ledger to the projects- about sixty days, you start to get some The last two keys, as Bullock saw looking-for-a-donor ledger. In many confidence that you know something them, were to have fun and kill lots of cases, those projects have found donors. about the Olympics and the various snakes. “It’s something an old friend told “I’m not sure there hasn’t been a door that constituent groups. But what’s interesting me,” he explains. “When you’re in a room hasn’t been knocked on by SLOC, locally is it all comes down to basic business full of snakes, kill the closest one. And so and nationally,” Bullock reports. “And principles, the same ones I learned in we said, ‘okay, what is the closest snake?’” we’ve been able to bring back some ‘nice BYU’s MBA program.” In the end, Not only did the budget turn out to be to haves.’ For example, we’ll have building- Bullock’s team eliminated $200 million the unlucky snake, it was the biggest to boot—an anaconda in a river of red ink. Consider the following: Bullock and INFORMATION TECHNOLOGY BY THE NUMBERS his team control a budget of approxi- mately $1.3 billion—$300 million for 23,000 Fibermiles of Optical Fiber Cable technology alone. But that’s only part of 20,000 Tasks in the SLOC IT Project Plan the picture. They also manage the $400 14,000 Desktop Phones million federal budget for transportation 10,000 Mobile Phones and what they call their “match” budget 7,000 Two-Way Radios for accommodations. “We will arrange 4,500 PCs and Laptop Computers 20,000 hotel rooms during the games, 4,000 Televisions none of them for spectators,” he says. 2,900 Games-Time Technology Staff “And all the rooms will go through our 1,850 Fax Machines and Copiers accounting system, so when you add it all 1,150 Printers up, our budget is really close to $2 billion 550 Computer Servers dollars.” True to his philosophy, he rolled 50 Major Application Systems up his sleeves and reviewed every dollar 20 Million Pages of Printed Reports of that budget, looking for fat. “We went 10 Million Unique Web Site Visitors through every line item, every depart- 2 Games Data Centers ment, every dollar, and we instituted a 1 Salt Lake 2002 Information Technology Team simple discipline: ‘Must haves’ versus out of SLOC’s core budget by cutting the again,”Romney reports.“When I came on though SLOC found the nerve to ask $885 excess and asking companies and individ- board, all that had been done.” for a seat at the opening and closing cere- uals to pony up for the enhancements. Done, and the Olympics were still monies. “We said, ‘we need to do this, so “Fraser has worked incredibly hard and is projecting a huge deficit. And so it was on we’re going to soak the rich,’” Bullock passionate about his work,” Mayor to what Romney calls the missionary sale, laughs.“We’ve got to raise the money, and Anderson reports. “The results show that.” knocking on doors, cold calling, trying to we don’t apologize for it because we stand Of course, cutting costs is only half convince companies that they ought to on our own.” the game. Bullock would have to cut all become Olympic sponsors for the first And they’ve stood tall. As of the end costs unless Romney could raise the time. To do that took as much ingenuity of October, SLOC had raised $859 million money to close the rest of the deficit and as it took effort. You see, in the Olympics, dollars, $395 million more than Atlanta, get the Games to break even. “On top of there is only one sponsor for each catego- the previous high. Because SLOC gives 40 the $400 million, we were also seeking ry. So, for example, Visa is the credit card percent of what it raises to the United more than $183 million in support from sponsor. Kodak got the nod for film, and States Olympic Committee and because the federal government,” Bullock says. Delta won the race to be the airline that some of the donations were in kind and “And they were saying, ‘do we want to brings the Olympic torch from Greece to therefore not budget relieving, the net support a tarnished Olympics?’” Romney the United States. But after you’ve chosen impact of the fund raising was to reduce was stepping out onto a very long and York as the “official mint” and Hallmark the budget deficit by about $200 million bumpy road. as the “official card” of the Olympics, dollars. Add that to the $200 million To marshal support among existing you’ve pretty much run out of categories. Bullock and his team were able to cut, and sponsors and sign on new ones, Romney That didn’t stop SLOC. They created the snake was dead. “So at this point, we used a three-point sale: 1. We have some new ones, lots of them.“Everything, believe we’re in a break-even situation, restored integrity to the organizing com- everything imaginable, we have invented,” which is exactly where we want to be,” mittee; 2. The Games are really about the Bullock smiles. “We even have General reports Bullock, who recently relin- athletes anyway, and that’s where the Mills as the “official cake mix” sponsor of quished one of his SLOC titles, CFO. focus should be—not on the mistakes of a the Olympics.” Suddenly, the headlines The bobsled Bullock and Romney few people; and 3. The Olympic brand is had changed from “Coke Puts Olympics have been riding for the last three years is unique and its ideals an important bond on Notice” to “Coke Spends $40 Million about to cross the finish line. It’s been a between nations and peoples. The mes- to Promote Olympic Torch Relay.” white-knuckle ride, from scandal and sage worked with local companies such as Coke isn’t the only one spending budget deficit to break even and public O.C. Tanner—the company that designed money on the Olympics. People around acclaim. To 11 September.“It changed our and produced the Olympic medals—and the world have been scooping up tickets, perspective and some of our priorities,” Questar Gas, as well as the federal govern- even bidding for them on auctions that Bullock says. “The world needs these ment, which has become incredibly sup- SLOC conducts on Ebay. In fact, two front Games more than ever.” It’s sentiments like portive, according to Bullock.“The easiest row seats to a figure skating event at the these, and not chains, that have kept him in part of selling is going back to somebody Delta Center went for $11,000—each. The his seat, looking for ways to keep the Salt who’s already bought and had a great more important fact is that more than 60 Lake Winter Olympics on course and out of experience and asking them to sign up percent of the tickets go for less than $50, trouble.“Salt Lake City owes a huge debt of gratitude to both Fraser and Mitt Romney,” sloc budget november 2001 Mayor Anderson emphasizes. When Romney came a calling, it was $ Bullock’s father’s admonition to serve that made him say yes. And it’s the Washington Post test that has guided his decisions from then on. “Anything I do or say could be on the front of the Washington Post tomor- row,” he reminds himself. “So I remember to be open, honest, and direct.”And to stay on the bobsled to the finish line.

about the author Gregory Taggart is a contributor to Bloomberg Personal Finance magazine when he’s not teaching honors writing at BYU. He received his BS in business management from BYU in 1978 and his JD from University of Wyoming in 1980. school news

Undergraduate Accountancy Program to the Varsity Theatre, “we ushered in a lot PricewaterhouseCoopers spoke on e-business’ Draws National Attention of people who wouldn’t normally attend,” impact on information technology and the he said. need for trust. “Privacy and confidentiality E-business Day, held 21 September, must be at the core of an e-business process hosted keynote speaker John Richards, asso- for consumers to have trust,” he said. ciate director of the eBusiness Center, former Owen Cherrington, director of the eBusiness vice president of InfoSpace, Inc., and Center, said he was pleased at the number of founder of the first Internet Yellow Pages. nonbusiness students in attendance at the Richards discussed lessons learned from the event. dot-com blowout. “The rise and fall of dot “Many of the students that were there The Marriott School’s passion for excellence coms does not reduce the importance of the are applying information technology in their and progress has once again earned national Internet as a medium of communication,” he fields. We were happy to see them there,” he recognition. Public Accounting Report and said. He emphasized that Internet technolo- said. “It shows that our efforts to service the the U.S. News & World Report ranked BYU’s gy can streamline business processes and entire campus community are paying off.” undergraduate accounting program third facilitate customer, supplier, and employee The eBusiness Center is an excellent and sixth, respectively, in the nation for the interaction. “Dot coms were the dress resource for students and companies seeking second year in a row. rehearsal for real ‘e-business,’” he said. recruitment opportunities. Interested parties “We are constantly improving our cur- Following Richards, breakout-session should contact the center at riculum to better meet the demands of a speaker Richard Pettingill of ebusiness.byu.edu or (801) 422-2815. rapidly changing business world,” said Boyd C. Randall, chair of the School of Marriott School Establishes Institute of Financial Services Accountancy and Information Systems. “But our real success lies in the dedication of our The creation of the H. Taylor Peery Institute of Financial faculty and the quality of our students.” Services was formally announced 26 September at the Joseph Smith Memorial Building in Salt Lake City. Dean Ned C. Hill E-business Day Successfully Executed announced the new institute at a private banquet honoring Peery. “The financial industry has been greatly impacted by technology, new financial instruments, deregulation, and glob- alization,” Hill said. “The Peery Institute will help us create programs and curricula to prepare hundreds of students each As Jared Hansen sat in information systems year to enter the world H. Taylor Peery helped create.” 201 waiting for class to start, he underwent The institute is made possible by a $3 million endowment provided by Taylor’s chil- an internal struggle on ways to build his dren—Nancy Peery Marriott and her husband, Richard, and Richard Peery and his wife, resume. Professor Bryan Geddes began the Mimi. “We’re grateful for the generous contributions that honor H. Taylor Peery,” said class by promoting the Rollins Center for Merrill J. Bateman, president of BYU. “Students going through the Peery Institute will eBusiness. Sufficiently intrigued by his pro- have a global reach and a tremendous impact for good.” fessor’s endorsement, Hansen attended an One of the first Stanford MBA graduates, Peery recognized the importance of educa- information meeting for the center. At that tion and applying classroom learning to every aspect of life. He followed a simple motto, point, Hansen, a senior from Prescott, “Grasp life by learning all you can.” Arizona, majoring in business management “We deeply appreciate this unique naming opportunity that fits so beautifully with with a marketing emphasis, became aware of our father’s beliefs, talents, and example,” said Nancy Peery Marriott. “Future generations the potential of the eBusiness Center and the will benefit from his humility and talents. The institute will build and bless many lives.” value it could add to his resume. Stephen Nadauld, professor of business management, will serve as director of the Hansen has now been with the institute. He has also been awarded the H. Taylor Peery Professorship of Financial Services. eBusiness Center for more than a year and is The H. Taylor Peery Institute will focus on attracting high-quality faculty, developing the center’s student advisory lead for public new course material, fostering research, and providing students with employment oppor- relations and continuing education. He said, tunities, internships, and field studies. It will also serve as an intermediary between students “We don’t have unsuccessful events.” E-busi- and financial service professionals—forming active partnerships with financial leaders ness Day was no exception. Because the and bringing students one step closer to the industry. event was moved from the Marriott School

winter 2002 27 School News

Businesses interested in creating a partnership Student News some of the challenges we encounter in serv- with the eBusiness Center should contact ing our clients,” said Mark Chain, Deloitte & Owen Cherrington at (801) 422-3196. Deloitte & Touche Names Marriott Touche national director of recruiting. Accounting Students National Each team was given a unique case for Korean Professor Conducts E-business Champions which it had to identify the major account- Research at Marriott School ing issues, develop a research plan, and pro- A team of six Marriott School accountancy pose a solution. Teams were judged on their The Rollins Center for students was selected as the National identification of relevant accounting issues eBusiness is pleased to Champion at the sixth annual Deloitte & and the effectiveness of their solutions and host professor Kijo Touche National Student Case Seminar in presentations. Cho from Kyungnam Scottsdale, Arizona, last April. In addition to benefiting from the learn- University in The six team members included Shawn ing experience, each member of the winning Kyungnam, Korea. Anderson from Jerome, Idaho; Joelle team received a $1,000 cash scholarship. Cho is visiting the Critchfield from Sandy, Utah; Tamralyn Marriott School for a Davis from Murray, Utah; Daniel Hopkin Students Build Housing Web Site for year to conduct e-business research. from Needham, Mass.; Samuel Mulliner 2002 Olympics His research interests include account- from San Jose, Calif.; and Ned Prusse from ing information systems, the influence of Southlake, Texas—all graduate students in Back in 1994, information systems on users and decision- the Marriott School’s MAcc program. Ryan Dame’s making, ethical decision making and the effect BYU was one of only six universities to family wanted to of culture, e-commerce, and the evaluation of qualify for the competition. This is the sec- attend the intellectual capital. ond year in a row the team from the Atlanta Olympic While at BYU, he will continue to teach Marriott School has placed within the top Games. But there an online e-commerce course to his students two at the accounting competition. was one minor problem: they didn’t have a in Korea. Cho will be at the Marriott School “The objective of this seminar is to place to stay. All of the hotels were booked, through August 2002. Cho can be reached at help students learn more about the current and after hours of searching for housing, his [email protected]. state of practice and to see and experience family found an LDS bishop in the Atlanta area who knew of someone looking to rent out their home. Cody Strong That was enough to inspire Dame, then Cody Strong, a second-year MPA student, never expected to return a student at Ricks College, to write and sub- to Norway so soon after his mission. But, in the spring of 2000, mit a marketing plan to Distributive Strong found himself in Lillehammer, site of the 1994 Winter Education Clubs of America (DECA). He Olympic Games. He was collecting research as part of a Marriott proposed a housing idea that placed third at School field study being conducted for the Salt Lake Organizing the national college competition in Florida. Committee. Strong, along with four MBA students, Ryan B. The plan linked homeowners with out-of- Cropper, O. Billy Gonzales, Kurt Hawes, and Bryce Harbertson, state patrons, giving residents a chance to earn were asked to determine how to best use Utah Olympic Park (UOP) a little extra cash and visitors a place to stay. facilities following the 2002 Winter Olympic Games. To start their research, the team After earning recognition for his mar- began contacting former host cities. Strong, a fluent Norwegian speaker, had volunteered keting plan, Dame transferred to BYU to to contact facilities managers in Lillehammer. study marketing communications and busi- “My contacts in Norway were very surprised that I could write and speak Norwegian ness. At BYU, he met two others with similar so well,” he said. They were so surprised, in fact, that they invited Strong to Lillehammer to entrepreneurial interests and said, “This is tour and examine their facilities firsthand, offering to cover his room and board and assist my idea. Let’s build it.” Dame, a senior from him in his research. Ontario, Oregon, brought on Erik Baty, an Strong soon found himself compiling research in Norway to help Utah’s Olympic economics major from Salt Lake City, and venues find ways to generate income after the games. “The skills we learned in the class- Ryan Gee, a computer science major from room enabled us to fit together the pieces of information gathered from Norway and other Chicago, to help create the web site that sites into solid recommendations for Utah Olympic Park,” he said. would become a major hub for housing at Park officials were so impressed with the students’ research that they not only acted on the Salt Lake 2002 Olympic Games. the team’s recommendation to purchase wheeled bobsleds for a summer ride program but Housing2002.com serves as a classified also tried to hire several members of the team away from their graduate programs. Though page where individuals can list their proper- Strong elected to finish his MPA degree, he accepted a part-time position assisting the park’s ty for $35.99 a month or a one-time fee of business manager. $195. When the site was first developed, Dame said there were only two to three sign-

28 MARRIOTT School News

Fifteen-Year-Old Graduates from Marriott School

Benjamin O. Austin said his Marriott School peers treated him normally after getting over the initial shock of his age. Fifteen-year old Austin became the youngest graduate in Marriott School history as he walked across the stage to receive his diploma in August. Born 21 October 1985, Austin was home schooled by his parents in Elk Ridge, Utah. Once he had completed his high school requirements, Austin enrolled at BYU when he was thirteen years old for the 1999 spring term. “I came to BYU because it is, academically, the top institution in the state, and I wanted to be in an LDS environment,” Austin said. “I chose the Marriott School because I liked business and could discuss my interests in my classes and with my professors.” Austin stayed in school year-round for the next seven semesters—averaging seventeen credit hours per semester—and graduated with a bachelors of science in general business management and a minor in mathematics. Now that he has his degree, Austin plans to pursue a few Internet-related entrepreneurial ventures. “I’ve already designed one web site, and I’ve got a few offers to do some more,” he said. “I’d also like to get into e-commerce and sell software.” “Someone will eventually break the record [of being the youngest graduate],” Austin said. “I care more about what I will go on to do. If I can use this opportunity to start work early, that’s what will really matter.” Austin said in the future he plans to earn an MBA and serve a mission for The Church of Jesus Christ of Latter-day Saints.

ups a month. Now five or six are signing up and design, database engineer and moving through positions in daily, he said. management, and marketing, sales, and business management. A member of the Marriott School’s visual basic. The focus of his career has been on market- student entrepreneur group, Dame initially Anderson’s teaching ing, and he has filled the roll of vice presi- wanted to create an e-commerce web site. experience includes dent of marketing in three companies— After founding Housing2002.com, Dame adjunct professor- Mylex Corporation, Vinca Corporation, and and partners started a residential real estate ships with Carnegie Storage Dimensions. Brashier’s areas of marketing company, which was sold in Mellon and expertise include strategic positioning, project March to Access Technologies. Dame is now Duquesne Universities. management, and business management. senior vice president of Access Technology Services based in Irvine, California. Vaughn Armstrong— F. Greg Burton— Baty and Gee also work full-time for Armstrong earned his Burton, CPA, earned Access Technologies. Last year, Dame PhD in business his PhD from the brought on Marissa Grover, a sophomore administration with University of South majoring in communications from South an emphasis in Carolina and his MAcc Jordan, Utah. finance from Arizona and BA from Utah Grover, now actively involved in main- State University, his State University. He has taining the housing web site, said, “All we do is JD from the J. Reuben published articles in advertise; the choices are up to the renters”— Clark Law School at BYU, and his BS in the Journal of Management Information meaning individuals decide what to charge mathematics from BYU. Before pursuing his Systems, Accounting, Organizations and renters and how to list their property. PhD, Armstrong practiced civil, real estate, Society, and Research in Accounting Regulation. Homes can be advertised by applying administrative, and tax law for thirteen He is a member of the American Institute of online at Housing2002.com or by calling years. His teaching experience includes an Certified Public Accountants, the American (801) 427-8990. assistant professorship at Washington State Accounting Association, Decision Sciences University and research and teaching assist- Institute, and the California Society of Faculty News antships at Arizona State University. Certified Public Accountants.

New Faculty Members Hired in 2001 Greg Brashier— C. Brooklyn Derr— Brashier earned his BS Derr earned his EdD Bonnie Brinton Anderson—Anderson from BYU in electri- from Harvard earned her PhD from Carnegie Mellon cal engineering. University in organi- University in information systems and deci- Brasier has had a long zational behavior and sion sciences and her BS and MAcc in and varied career in his BA from the accountancy from the Marriott School. Her the high-tech indus- University of areas of expertise include systems analysis try, beginning as an California—Berkeley

winter 2002 29 School News

in political science. He has written two making, stock price Shannon L. Leikam— books: Cross-Cultural Leadership reactions to earnings Leikam earned her Development, published in 2001, and restatements, and the PhD from Oklahoma Internationalizing Managers: A Personal effect of information State University in Journey, published in 1999. technology on SEC business administra- disclosures. His work tion, her MBA from Rex L. Facer II—Facer has been published in Oregon State is completing his PhD MIS Quarterly and University, and her BS in public administra- Accounting and Finance. from Western Oregon State College in busi- tion from the University ness with an emphasis in accountancy. Her of Georgia after earning Curtis D. LeBaron— expertise is in managerial accounting, cost his BA and MPA from LeBaron earned his accounting, and financial accounting. BYU. His research PhD from the Leikam’s research interests include activity- interests include public University of Texas- based and functional-based costing; agency and private organizational differences and Austin in communica- model and reporting flexibility; capital asset local government revenue and budget prac- tions, his MA from the pricing models; accounting information tices. He has published articles in several jour- University of Utah in sources; and tolerance for ambiguity. nals including Public Administration Review, communications, and Journal of Public Affairs Education, and Public a BA from BYU in English. His research Dean Longmore— Administration Quarterly. interests include language and social interac- Longmore earned his tion within institutional and organizational PhD from the William G. Heninger—Heninger earned his settings. LeBaron has introduced the University of Missouri- PhD from the University of Georgia in busi- Marriott School to new uses of digital video Columbia in finance, ness administration and his MAcc from the technology. His work has been published in his MBA from the Marriott School. His research interests Language and Gesture, Research on Language University of Utah, and include media differences in group decision- and Social Interaction, and Human Studies. his BA from BYU in industrial management. He has presented and published extensively on topics including Professor Writes Guide to E-Communication human-life valuation, investment appraisal, capital budgeting, common-stock valuation, Kristen B. DeTienne says she’s quicker to spot another person’s international finance, financial institution per- email mistakes than her own. She is also aware of the plethora of formance, debt financing, and inventory man- search engines available to job hunters. Recognizing a need for a agement. Longmore has taught at Idaho State resource on efficient technology use, DeTienne, associate professor University, the University of Missouri- of organizational leadership and strategy, authored the Guide to Columbia, and the University of Utah. Electronic Communication. “The proliferation of technology has given people the ability to Blake T. Lunsford— communicate—and confuse—like never before,” DeTienne said. Lunsford, CPT, earned “It’s important that people become comfortable and competent in its use.” DeTienne his commission and a states that we’re given these tools without the background training and protocol on how BA in computer infor- to use them appropriately. For example, “not everyone reads—or likes—email,” she notes. mation systems from “Beware of overdependence and overreliance on technology that filters out nonverbal Troy State University. aspects of communication,” she writes in her book. Between earning his DeTienne also advises readers to write email subject lines descriptively and informa- commission and tively. For instance, instead of “Re: The Bell Project,” write “Urgent meeting May 2 re Bell becoming an assistant professor of aerospace Project.” Other tips offered in the book include: studies at BYU, Lunsford served as a project • Keep voice mail messages well organized, short, and clear, and avoid playing phone manager and hardware integration engineer tag with voice mail by leaving a time when you can be reached. at Hanscom AFB, Massachussetts, and as a • Keep font size large during computer-aided presentations, and avoid cluttering commander at Kelly AFB, Texas. slides with too much information. Audiences should be able to read an entire visual in fif- teen seconds. Roger D. Maher—Colonel Maher is the new • Remember voice and email messages can be forwarded to others. “Just because a commander of the Air Force ROTC program password is required to access your email doesn’t mean employers can’t or won’t read it,” at BYU. He is a graduate of Air Command DeTienne said. “Employers can read incoming and outgoing mail, so never write anything and Staff College, Armed Forces Staff in an email that you wouldn’t want your boss to see.” College in Norfolk Virginia, and Air War

30 MARRIOTT School News

College, Maxwell AFB University, a BBA in George W. Romney Institute of Public in Alabama. Maher management from Management Undergoes Administrative also earned an MA Prairie View A&M Changes from the University of University, and expects Southern California in to complete his PhD Gloria Wheeler, associate professor of public systems management from Emory University management, has assumed the responsibility and a BA in economics in 2002. His academic as associate director of the George W. Romney and French from BYU. expertise is in interna- Institute of Public Management, responsible tional relations theory, international conflict, for on-campus student advisement and Andrew J. Mayer— and intelligence and national security. curriculum needs. Dale Wright continues as Mayer’s training Weisler’s military expertise is in military intel- an associate director with responsibilities for includes completion of ligence and small unit leadership. the executive MPA program. Neil Brady,pro- primary leadership fessor of public management replaced training, basic non- Dean Albrecht Given Wheeler as group leader of the institute. commissioned officer, Top University Honor “Gloria brings many years of experi- advanced noncommis- ence in dealing with the students and cur- sioned officer, special The highest faculty riculum and Dale has a great interest in the forces qualification special operations train- honor BYU extends success of the EMPA program,” said Robert ing, Russian basic language, jump master, has been awarded to Parsons, chair of the Romney Institute. CAT II sniper, CAT I sniper, and military professor of account- “Neil’s extensive research provides a role freefall courses. He is an assistant professor ancy and associate model as he mentors other faculty relative to of military science. dean of the Marriott their research productivity.” School W. Steve Noel M.B. Namauu— Albrecht. Albrecht has Marriott School Teams Up with Korea’s Namauu, CPT, earned been named this year’s Karl G. Maeser LG Electronics a BA from the Distinguished Faculty Lecturer. Cited by University of Utah, a Accounting Today Magazine as one of the top Nineteen businessmen from LG Electronics MAS in management one hundred most influential accounting returned to Korea with a new arsenal of from Embry-Riddle professionals in the nation, Albrecht was pre- change-management skills after completing Aeronautical sented the BYU honor by President Merrill J. an intensive summer organizational- University, and has Bateman at the Annual University Conference development program at the Marriott School. completed basic training, advance individual 27 August. “Our goal was to teach these managers training, airborne school, aviation officer “Steve’s work capacity is without peer,” how to introduce and accelerate new ideas as basic course, air assault school, initial entry said Ned C. Hill, dean of the Marriott internal change agents, not as consultants rotary wing, aircraft qualification combined School. “He is an amazing resource for the brought in from the outside,” said Michael logistics officers advance course, and com- Marriott School.” Thompson, Organizational Leadership and bined Army services staff school. He is an Strategy Department chair. assistant professor of military Science. Faculty Member Awarded National The nineteen businessmen spent five Council Professorship weeks developing their change-management Brett T. Swigert— skills by attending seminars and lectures and Swigert, CPT, earned Terry Lee, associate participating in case studies. his BA in communica- professor of business Christopher Meek, associate professor tions from BYU, his management, has been of organizational behavior, and Young Kee commission in 1996 awarded the National Kim, LGE vice president of human resources through the Air Force Advisory Council and a Marriott School alumnus, first brought ROTC program at Professorship. Lee was LGE employees in groups of two or three to BYU, and entered the selected on the basis of the Marriott School to earn master’s degrees Air Force 20 Dec 1996. He served as an intel- long and distinguished in organizational behavior eight years ago. ligence officer, assistant flight commander, service to the Marriott School. Among many “We were able to provide a unique, and chief of an executive protection team for other assignments, Lee served for several customized educational program because of the president of the United States. He is an years as director of the undergraduate the organizational change knowledge of the assistant professor of aerospace studies. business management program and associ- Marriott School’s MOB faculty and the ate director of the department of business language capability of our former gradu- Gregory A. Weisler—Major Weisler earned management. The award is funded by the ates,” said Kate Kirkham, director of the an MA in international relations from Baylor National Advisory Council. MOB program.

winter 2002 31 alumni news

Marriott Alum Contestant on Who Wants to Be a Millionaire?

Intel business analyst Jason Packham said there might be a correlation between his winnings on ABC’s Who Wants to Be a Millionaire? and his BYU education. One question asked on the show was, “In which of these languages is the first-person singular subject pronoun always capitalized?” Packham gave the correct answer: English. “My undergraduate degree helped me with that one,” he said. Packham, who studied English as an undergrad and attended the Marriott School for his MBA, appeared as a contestant on the show 22 August. A quick and accurate ordering of rock bands according to first album release placed Packham in the hot seat with the chance of winning $1 million. “I wouldn’t say it’s always been a huge dream of mine to go on the show—I was never much of a game show fan,” Packham said. “But I always liked trivia stuff.” He began contacting the show in 1999 and called several times. His persistence paid off early this year when he called a couple more times and finally got through. He answered three multiple-choice questions correctly and was asked to appear on the show. “Realistically, I didn’t think there was much chance [of winning a million], but you always wonder,”Packham said. “I could’ve gone back to New York and won nothing, and it would’ve been a fun trip.” But Packham didn’t walk away empty handed. Correctly answering a series of questions earned him $16,000. Packham said he was stumped by the last question which, had he answered correctly, would have taken him to the next level of earnings. “I had no idea, and I wasn’t about to take a wild guess—$15,000 was at stake.”Having already used his three lifelines, Packham passed on the question and walked away with $16,000. “Everyone agreed the last question was pretty tough, so that was comforting,”he said. “Maybe I should’ve taken more international courses at the Marriott School,” he said. “Then, maybe I’d have known which countries comprise the island of New Guinea.” What is Packham going to do with the money? “I already spent it,”he said. “We bought a baby grand piano.” Packham earned his BA in English from BYU in 1994 and his MBA from the Marriott School in 1996. He and his wife, Amanda, reside in Harron, Utah, with their two children.

Alumnus Funds Professorship and it takes to be successful.” Alumni Board Launches Burst Projects Scholarships Jenkins launched and ran two busi- nesses, WinFiles.com and Vservers.com, The Marriott School Alumni Board held their Stephen Jenkins, a 1996 Marriott School while he was a student and said he owes semi-annual meeting 18-19 October. Board MBA graduate, and his wife, Kay-dawn, have much of his success to the one-on-one members divided into committees to plan contributed half a million dollars to fund a guidance he received from several professors. their work for the next six months. professorship and several scholarships at the He has since sold the two businesses he The newly formed Global Business Marriott School. started at BYU and, with the help of partners, Committee met with the Center for The Jenkins’ donation will benefit both has launched a new venture— International Business Education and faculty and students by funding a $300,000 CheatCodes.com—a video-game information Research to develop strategies for the school’s professorship and four student scholarships resource. global business initiatives. totaling $175,000. The Jenkins named two of “It’s particularly gratifying to see a The Alumni Relations Committee is the scholarships after their children, youthful entrepreneur have such great suc- helping organize the upcoming Management Brooklyn and Chandler. The couple also cess and then turn around and help others Conference by gathering speaker and topic donated $25,000 to the Marriott School do the same,” said Donald H. Livingstone, suggestions. The committee also discussed Dean’s Annual Fund, where other university director of the Center for Entrepreneurship. effective ways to network at the conference. donors matched the contribution two-to-one. “Steve is a great example of what the center The Fundraising Committee is working “The professorship is designed to assist is all about.” with Dean Ned C. Hill to increase Marriott professors who are dedicated to teaching Donations sent to the Marriott School School alumni giving. The committee made students how to utilize the latest business Dean’s Annual Fund before 31 December plans to follow up on donations from Alumni technology,” Jenkins said. “The odds are really 2001, may qualify for matching or double Board members. The Undergraduate against you when you start a business. We matching funds. Information is available from Programs Committee is working to increase want to help students with an interest in Ron Seamons at [email protected] or participation in the student mentor program. entrepreneurship and technology learn what at (801) 422-3801. Board members were encouraged to sign up

32 MARRIOTT Alumni News to be guest lecturers in classes or other ing private/public funding for professional and controller for Marriott School settings. sports. City-County Credit Peterson serves on the fundraising Union in Minneapolis, New Alumni Board Members committee. He earned his BS in zoology controller for from BYU in 1979 and his MBA from BYU Minnesota Online, Mary Carlston joins in 1981. He resides in Phoenix, Arizona, with and auditor for Arthur the board as an his wife, Brooke. Andersen in undergraduate Minneapolis. Clark committee member. Douglas E. Witt is County employees and medical professionals Carlston is vice presi- director of merchant in Southern Nevada have a high-quality dent of GMAC relations for THC, a financial institution with one of the highest Commercial division of Flying J savings and dividend rates in the country. Mortgage based in and a joint venture Tew is heavily involved in the credit Irvine, California, where she assists in with Conoco Corp. union industry, serving as chairman of the training and supervising. Carlston gradu- He is assigned to Client Group Board for SUMMIT tated with a BA from BYU in 1970. She develop and oversee Information Systems, a FiServ company that resides in Mission Viejo, California, with relationships with other major oil industry provides data processing software to credit her husband Gregory. companies. Witt has a wide base of experi- unions worldwide. Tew also serves on the ence in strategic and ground-level market- advisory board for American Share Robert Hild is a ing, particularly within the Internet area. Insurance, the largest private deposit insur- principal with Invest Witt serves on the undergraduate commit- ance company in the country, serving thou- West Capital, LLC, a tee. He earned his BS in business manage- sands of state-chartered credit unions. subsidiary of Invest ment from BYU in 1983. He and his wife, Tew earned his MAcc from BYU in West Financial Donna, reside in Midvale, Utah. 1981. He and his wife, Patricia, reside in Las Corporation, a private Vegas with three of their four children. equity firm with more Class Notes than $650 million 1983 under management. Hild serves on the 1970 alumni relations committee. He earned his Kyle Kelley is a partner in Kelley & BS in accountancy and his MBA from BYU Richard B. Turnbow, Goldberg, LLP—a fifteen-member CPA firm in 1984 and 1986, respectively. He and his CPA, is chief operating in the Orlando, Florida, region. Kelley is one wife, Janet, reside in Mill Creek, Washington. officer for the law firm of the founders of the 1993-established firm. of Mitchell, McNutt & He earned his MAcc from BYU in 1983. He Mitch C. Hill serves Sams, based in Tupelo, and his wife, Garla, reside in Lake Mary, on the global business Mississippi. Florida. committee. Hill is Turnbow is the president and chief author of numerous 1984 financial officer of articles and materials on legal-industry WorkWell Systems, finances including Successful Law Firm David K. Harris is a finance manager for Inc., based in San Juan Financial Management and has served as an Hewlett-Packard’s computer systems organi- Capistrano, California. expert witness on financial management top- zation. He and his wife, Jolene, have five Before joining WorkWell, Hill served as chief ics. Since 1978 Turnbow has served as the children, two of whom are students at BYU. financial officer of buy.com, Inc. He earned executive director of six different law firms. He received his MAcc from BYU in 1984. his BS in accountancy from BYU in 1982 He received his BS in accountancy from and his MBA from Harvard in 1987. He BYU in 1970. He and his wife, Judy, reside in 1985 resides in Cota de Caza, California, with his Tupelo, Mississippi. They have seven chil- wife, Julie. dren and eleven grandchildren. Matt S. Owen is the partner in charge of transaction advisory services for Northern Mark Peterson is chief 1981 California and the Pacific Northwest for financial officer of the Andersen. Before holding this position, he Phoenix Coyotes NHL Wayne Tew serves as president and CEO for was on a three-year assignment in Korea. team. He has been Clark County Credit Union of Las Vegas. Owen earned his MAcc from BYU in 1985. heavily involved in the Tew has held various positions at several He and his wife, Leslie, have three children Coyote’s push for a financial institutions, including vice president and live in Danville, California. new arena and acquir-

winter 2002 33 Alumni News

Grad Leads Wharton MBA Group on African Adventure

When Rob Smoot earned his MBA from the Wharton School at the University of Pennsylvania, he wanted to shout it from the mountaintops. Smoot celebrated the culmination of his education by leading forty fellow students to Africa’s highest point—the peak of Mount Kilimanjaro—19,341 feet above the vast African plains. Smoot, along with two other Wharton grads, planned a trip to East Africa for a two-week safari and the five-day ascent of Kilimanjaro’s Marangu Route. Preparations for the May–June 2001 trip began months in advance. A series of information meetings addressing costs, safety, and logistics were enough to convince students to sign up. “It didn’t take too much effort, because so many were spend- ing signing bonuses,” Smoot said. Accompanying the group were cooks, guides, and the mandatory two porters per person, totaling more than 120 people. Although the climb involved risk, the group experienced little misfortune. “When you’re climbing at high altitude, there’s a lot of danger involved. Several turned back, suffering from altitude sickness, and two had to be carried down the mountain on stretchers,” Smoot said. “In the end, thirty-seven of us summated, which is probably more of a testament to our stubbornness and will power than to our physical condition or ability.” Kilimanjaro was not Smoot’s first climbing expedition and likely will not be his last. In January he joined a team of ten MBA students and alumni on a Wharton Leadership Venture and summated both Pinchincha and Cayambe peaks near Quito, Ecuador. During the trip, the team learned and applied leadership principles through their climbing and teamwork experiences on the mountain. “This was a more tech- nical climb, requiring glacier skills and equipment,” Smoot said. The group plans to reunite on the peaks of Peru in 2003, hoping to reach new heights above twenty thousand feet. Smoot earned his BS in accountancy and information systems from the Marriott School with a minor in Latin American studies in 1996. He worked as a consultant for Arthur Andersen in San Francisco for three years before moving to Philadelphia in 1999 for his MBA in marketing and entrepreneurial management at Wharton. Smoot resides in San Diego, where he is working as an entrepreneur and independent consultant.

1986 ed from the Marriott School with a degree Franks took a job with Andersen Consulting, in accountancy, and Michelle graduated now Accenture. Three years later, Franks left Mark L. Preslar is a senior technology ana- with a degree in taxation. Andersen to found and manage a systems lyst for Founders Mutual Funds. He earned consulting company called Prestige his BS in accountancy from BYU in 1986. He Bill Herlin is manager of an international Consulting. Together with his partner and has four children and resides in Castle Rock, division of Tricon Global Restaurants, Inc.— brother, Mark, Franks attracted such clients as Colorado. the parent company of Pizza Hut, KFC, and Geneva, Folio, The Church of Jesus Christ of Taco Bell. He manages ERP-system imple- Latter-day Saints, and Novell. 1987 mentation projects in China and Taiwan. After two years of entrepreneurship, Herlin enjoys spending his free time with his Franks successfully negotiated the sale of Michelle (Corbett) Hughes was promoted five children. They recently moved into a Prestige and accepted a job offer with Novell. to financial analyst at San Jose Water new home in Frisco, Texas. He earned his BS “Working for a specialized company has Company after spending nine years as the in information systems-audit in 1992 from many benefits,” Franks says. “But after a cou- internal auditor and utility plant accountant. the Marriott School. ple of years, I was a little too comfortable She and her husband, David, have a two- and unchallenged. I needed change.” This year old son and live in San Jose, Kent Stephens has been hired as assistant need for change drew Franks back into the California. She graduated with a BS in superintendent for business services with the consulting industry. Franks is married to the accountancy from BYU in 1987. Salt Lake City School District. Stephens former Tara Tripple. They have two daugh- earned his BS in finance in 1988 and his ters and reside in Alpine, Utah. 1992 MBA from the Marriott School in 1992. 1996 Greg and Michelle Bretzing, who both 1993 earned BS degrees from the Marriott School Michael Dane Broberg is a manager with in 1992, reside in Manassas, Virginia. Greg Lane Franks is senior business development Andersen Business Consulting in Portland. was recently promoted to supervisory special manager at Cap Gemini, Ernst & Young’s high He resides in Tigard, Oregon. He earned his agent with the FBI in the money-laundering growth division. After graduating from the MAcc from the Marriott School in 1996. unit in Washington, D.C. Michelle is a full- Marriott School in 1993 with a degree in time mom to their three girls. Greg graduat- management and an emphasis in finance,

34 MARRIOTT Alumni News

1997 Bryant Powell is assistant to the city manag- Nielson was pleased er of Apache Junction, Arizona. Apache this summer when Adam L. Schader, CPA, has been promoted Junction is located in the Phoenix metropol- KPMG offered him a to manager in Andersen’s Business Process itan area, east of Mesa. position as senior Risk Consulting Group after less than four Before serving with the city of Apache auditor in Salt Lake years with the company. Schader has an Junction, Powell was senior budget and City with the added active twenty-two-month-old and enjoys management analyst for the city of San bonus of occasionally spending time with him and his wife, Elaine. Antonio. In this position, he supervised working in Denver. He earned his MAcc from the Marriott budget and management analysts and coor- His new job responsibilities include oversee- School in 1997. dinated grant management efforts ing specific audits and managing staff and related to budget development. He and his assistant auditors. Todd Titensor founded Candesa while fin- wife, Jenny, have one child and reside in Nielson earned his MAcc from the ishing his MBA at the Marriott School. Apache Junction. Powell earned a BA from Marriott School in 1999. He and his wife, Candesa created the Shrek.com web site Southern Utah University in 1996 and an Tasha, reside in Salt Lake City with their two along with other multimedia projects. The MPA from the Marriott School in 1998. children Porter and Sophie. company was ranked eleventh in Utah’s list of top one hundred fastest growing compa- 1999 2000 nies. To qualify for the list, a company is required to sustain a 200 percent growth rate Chad Nielson has looked forward to moving Becky Tate Orser and her husband, Rob, over a five-year stretch, from 1996 to 2000. back to mountainous country ever since he have returned to their roots—Denver, Titensor earned his BA in Spanish from BYU moved to Houston, Texas, three years ago to Colorado. Becky is working for @Lightspeed, in 1987 and his EMBA from the Marriott work as an auditor for Ernst & Young. An a corporate Internet data center headquar- School in 1997. He resides in Orem, Utah, avid skier, backpacker, and river runner, tered in Denver. She was hired as a business with his wife, Kathleen, and four children. 1998 MPA Alum Made Editor of Government Journal Robert Brody Buhler is a senior consultant Peter Christensen launched his writing career as an undergrad with Accenture. Buhler’s responsibilities working for The Daily Universe. He was promoted from sports include managing a development team in reporter to editor and then to editor-in-chief—filling numerous implementing a Siebel system for a large other positions while on staff. “If I had my druthers, I might have client. Upon deployment it will be the largest ended up being a sports writer,” Christensen said. Siebel implementation to date. Before join- Instead, he chose to write about a topic he could “support a ing Accenture, Buhler founded and managed family on and that would serve as a greater impact on society,” he Data Solutions, a systems design and devel- said. That’s where Christensen’s MPA degree came in handy. opment company that focused on small to Christensen is editor of Government Finance Review—the leading journal in the mid-size clients. Buhler, his wife, Keary, and field of public financial management. Christensen said his MPA education provided him their one-year-old son, Spencer, reside in with the knowledge of the public sector and government finance necessary to fill the Reston, Virginia. He earned his MAcc from position. “That’s what attracted them to hire me—I understood the editorial as well as the Marriott School in 1998. the technical aspects,” he said. “That combo made me an attractive candidate.” “This is the fastest I’ve seen someone go from a ‘who’s he?’ to a ‘who’s who’ [in gov- Brett Paul Greathouse is a senior consultant ernment finance],” said Lennis Knighton, professor of public management at the specializing in Clarify, Siebel, and Oracle Romney Institute of Public Management. Christensen was Knighton’s graduate assistant CRM implementations for eLoyalty. His for a year while an MPA student. “I’ve never worked with anyone who wrote better,” responsibilities include architecting CRM Knighton said of Christensen. “He will probably have as much influence as anyone in applications to map to organization-specific America on the development of literature in the field of government financial management.” business. Greathouse has been with eLoyalty Government Finance Review, headquartered in Chicago, has a circulation of fifteen since it founding, having joined Technology thousand that caters to state and local government finance officers, academics, and Systems Company’s (TSC) Customer private-sector consultants. Relationship Management group before it Before his editorial position, Christensen was an accountant for the City of Sierra was spun off into eLoyalty in February 2000. Vista, Arizona. He earned his undergraduate degree in 1998 from BYU in public relations Greathouse graduated from the Marriott and his MPA from the Marriott School in 2000. He and his wife, Allyson, reside in School in 1998 in business management Naperville, Illinois, with their two children. with an emphasis in information systems. He resides in Newport Beach, California.

winter 2002 35 Alumni News

analyst, but “I that capitalize their intellectual property Alumni discussed “Managing Your guess they assets. Wang resides in the Washington, Career in an Economic Downturn.” Their found out I was D.C., area. She earned her MPA from the next meeting, 28 September, featured Dean creative,” she Marriott School in 2001. Ned C. Hill who spoke on the future of e- said, because commerce in the new millennium. she has since Management Society News Helping newcomers create a professional been moved to network was a major factor in the establish- the marketing Management Society Volunteer ment of the chapter. “There was a kernel of department, where she creates ads and assists Alumni Leadership Conference individuals here who were aware that a BYU in managing the sales program. management society concept existed,” said Before relocating to Colorado, Becky The Management Society Volunteer Alumni Mark Bethers, chapter president. and Rob helped found CityNet, a small Leadership Conference was held 4-5 October “We realized that many have been Orem business that installed Internet net- at BYU and Aspen Grove. The theme of this transplanted here from California and Utah works into apartment complexes. The year’s conference, “Higher, Faster, Stronger,” and consequentially rooted away from their entrepreneurial effort won the state of was exemplified by lecture topics ranging professional associates. This is a good way Utah’s 2000 Entrepreneur Challenge. Rob from personal spirituality in difficult times for them to make new connections.” works as a financial analyst for First Data to networking/placement opportunities for Other officers include: Ritchie W. Taylor, and is a junior studying science at the management society chapters. Speakers also secretary; Anthony D. Camara, treasurer; University of Colorado. Becky earned a BS addressed chapter event planning strategies Bryant (Buddy) Ferguson, program director; from the Marriott School in business man- and finance management. Peter Peets, public relations director; and agement in 2000. Seventy-five alumni leaders representing Annikka DeSommer, membership director. twenty-six chapters—four of which were 2001 international—participated in the confer- Hong Kong Chapter ence. Keynote speaker Jeffrey Marsh, profes- Student/Alumni Event Brandon Jones is a sor of ancient scripture at BYU, spoke on business analyst with ways in which chapter leaders fit into the The Hong Kong chapter of the Marriott Intel’s eBusiness bigger picture at BYU. School Management Society hosted an Group. His responsi- Rixa Oman, assistant to the dean, said event 5 June where 120 BYU alumni and bilities include identi- Marsh encouraged and motivated attendees two groups of EMBA students were in fying and recom- by telling chapter success stories. “Those in attendance. The event, complete with mending solutions for attendance came away with skills, ideas, and speakers and dinner, took place at the weaknesses in infor- motivation to better their respective chap- Grand Ballroom of the Sheraton Hong mation systems data quality, pinpointing the ters,” she said. Kong Hotel. Four successful businessper- needs of Intel buyers and providing them Robert Parsons completed his two-year sons lectured on various industry topics, with the data they need to make decisions. term as chair of the national steering com- followed by a panel discussion. Jones earned his BS in management mittee. Sharon Worlton was put in as the “Response to the presentations made and MISM from the Marriott School in new chair with John Toronto as vice chair. by the speakers was very positive,” said Cora 2001. He and his wife, Wendy, have a one- Worlton and Toronto come to the Wong, president of the Hong Kong chapter. year-old daughter and reside in Phoenix, Management Society national committee “Not only did the EMBA students benefit Arizona. with a strong background in and commit- from the talks given by the speakers but the ment to the society. Worlton served as the BYU alumni who are now building their Greg Jorgensen is a tax consulting associate Chicago chapter president, and Toronto has own careers were pleased with the students’ for PricewaterhouseCoopers in Washington, been the chapter president in Salt Lake and a interest in what was being shared.” D.C. His responsibilities include consulting board member. The presenters included Stanley Fong, on technology and dot-com projects and operations manager of Inscriber reducing tax liability for major dot-com North Carolina Chapter Seeks to Keep Technology Corporation, Canada; P.J. companies. Jorgensen earned his BS in Alumni Connected Rogers, vice president of West East accountancy from the Marriott School in Consulting; Candy Lau, assistant general 2001. He and his wife, Kristin, reside in Thanks to the efforts of Dave DeFranco, the manager of Nelson Jewelry Arts Co.; and Sterling, Virginia, with their son Andrew. new Research Triangle Park chapter of the William Giauque, professor of business Management Society is off to a great start. management at the Marriott School. Xinli Wang works as a paralegal for Based in Raleigh, North Carolina, the chap- The event was sponsored by Jack Lau,a Dickstein Shapiro & Oshinsky LLP. The ter held its kick-off meeting 13 July 2001 at successful Hong Kong business leader. Lau Washington, D.C.-based law firm works the Cary Ward building in Cary, North earned his BS at BYU–Hawaii in 1981 and with companies in developing strategies Carolina. his MBA from the Marriott School in 1983.

36 MARRIOTT Management Society

MANAGEMENT SOCIETY HAWAII, HONOLULU NEW YORK, NEW YORK VIRGINIA, BLUE RIDGE CHAPTER PRESIDENTS John P. Monahan Scott Trotter Cheryl Morris (808) 395-4079 (H) (212) 580-1919 (W) (540) 776-6937 (W) AND AREA CONTACTS [email protected] [email protected] [email protected]

ALABAMA, BIRMINGHAM IDAHO, BOISE N. CAROLINA, RALEIGH VIRGINIA, RICHMOND Frank Sutton Roger Wright (919) 522-0441 (W) Jon Blaser (205) 939-8311 (W) (208) 322-6340 (W) Mark Bethers [email protected] [email protected] [email protected] [email protected] VIRGINIA, SOUTHERN ARIZONA, MESA/PHOENIX IDAHO, IDAHO FALLS COLUMBUS, OHIO VIRGINIA UNIVERSITY Sterling A. Baer Paul Ahlstrom Larry Thomas (Blue Ridge Subchapter) (602) 217-2298 (W) (208) 525-4047 (W) (614) 781-0472 Jordan Councill [email protected] [email protected] (540) 261-4388 ILLINOIS, CHICAGO [email protected] CALIFORNIA, EAST BAY Paul S. Haglund OREGON, EUGENE R. Jay Ripley (312) 558-9000 (W) Chris Yorges WASHINGTON, D.C. (925) 827-4692 (W) [email protected] (541) 465-9492 Mark A. Dickson [email protected] [email protected] (202) 223-1685 (W) INDIANA, INDIANAPOLIS [email protected] CALIFORNIA, LOS ANGELES Steve Morgan OREGON, PORTLAND Dennis Fors (317) 277-7577 (H) Rick Garlock WASHINGTON, SEATTLE (231) 345-8059 (W) (503) 296-5232 Robert Haynie [email protected] KANSAS, KANSAS CITY [email protected] (206) 654-7590 Erik Blankmeyer CALIFORNIA, ORANGE COUNTY (913) 851-4150 (W) OREGON, SALEM WYOMING, AFTON William Chapman [email protected] Eric Koford Noel N. Nelson (714) 550-7720 (W) (503) 370-7293 (H) (307) 883-4853 [email protected] MARYLAND, BALTIMORE Jon Michael Anderton PENNSYLVANIA, PHILADELPHIA international chapters CALIFORNIA, SACRAMENTO (410) 895-4603 (W) Joe Kerry Whitney F. Washburn [email protected] (610) 361-0355 (H) ARGENTINA, BUENOS AIRES (916) 638-8400 (W) [email protected] Claudio Salerno [email protected] MASSACHUSETTS, BOSTON 54-3327-458-343 (W) Doug Precourt TENNESSEE, CHATTANOOGA [email protected] CALIFORNIA, SAN DIEGO (617) 832-5901 (W) Mark Mendenhall Mike Hood (423) 755-4406 (W) AUSTRALIAN-SYDNEY (760) 752-7848 (W) MICHIGAN, DETROIT [email protected] Jonathon Fisher [email protected] Rob Schoenhals 61-2-9489 3746 (W) (248) 576-2969 (W) TENNESSEE, NASHVILLE [email protected] CALIFORNIA, SAN FRANCISCO [email protected] (615) 754-5198 (W) Richard Hutchins Juli Bennett BRAZIL, SAO PAULO (415) 356-8008 (W) MINNESOTA, MINNEAPOLIS [email protected] Helton Vecchi [email protected] Jere Clune (5511) 5563-8222 ext. 2177 (W) (763) 391-0417 (W) TEXAS, DALLAS [email protected] CALIFORNIA, SOUTH BAY [email protected] Jeffrey A. Secrest Jack Little (972) 578-1877 (W) CANADA, CALGARY (408) 351-4231 (W) MISSOURI, SPRINGFIELD [email protected] Robert E. Price [email protected] David Warren (403) 213-5407 (W) (417) 831-4100 (W) TEXAS, EL PASO CALIFORNIA, VENTURA [email protected] Alan Gluth CHILE, SANTIAGO David Watts (915) 546-8209 (W) Jose R. Riveros (888) 680-1239 NEBRASKA, OMAHA [email protected] Keith Rhoades 56-2-735-1423 (W/Fax) CALIFORNIA, VISALIA (402) 280-6120 (W) TEXAS, HOUSTON [email protected] S. Dee Baughman Elmo Robinson (559) 622-2401 (W) NEVADA, LAS VEGAS (281) 648-6400 (W) HONG KONG [email protected]. Michael Ballard [email protected] Cora Wong (702) 731-6001 (W) (852) 2525-7406 COLORADO, DENVER [email protected] UTAH, CAMPUS CHAPTER [email protected] Robert Roden Brigham Young University (303) 464-5226 (W) NEVADA, RENO (801) 422-5791 KOREA [email protected] Mitch Larson Lee L. Wright (775) 856-7555(W) UTAH, SALT LAKE CITY (822) 7914-3216 (W) FLORIDA, EMERALD COAST [email protected] David Guzy Dennis Conger (801) 699-9183 (M) SINGAPORE (850) 837-5366 (W) NEW HAMPSHIRE, NEW ENGLAND [email protected] AC Ho CHAPTER (65) 838 9201 (W) FLORIDA, ORLANDO Lance Spencer UTAH, ST. GEORGE [email protected] Dave Portlock (603) 791-5286 (W) Doug Pearce (407) 352-7006 (W) [email protected] (435) 635-2212 UNITED KINGDOM [email protected] [email protected] Rowland Elvidge NEW MEXICO, ALBUQUERQUE 01727-863995(H) GEORGIA, ATLANTA Keith Mortensen UTAH, UTAH VALLEY [email protected] Greg Bluth (505) 896-8996 X4 (W) Cameron K. Martin (770) 330-8116 (W) [email protected] (801) 222-8179 (W) [email protected] [email protected] MARRIOTT SCHOOL NONPROFIT BRIGHAM YOUNG UNIVERSITY ORGANIZATION 730 TANNER BUILDING U.S. POSTAGE PROVO, UTAH 84602 PAID PROVO, UTAH PERMIT NO. 49 ADDRESS SERVICE REQUESTED

Left to right, front: Ruby The Marriott School gratefully acknowledges the family of H. Taylor Peery for and Elder David B. Haight. Back: Mimi their support of the Marriott School. The family’s generous contribution made DeWitt Peery, Dick T. Peery, Karen Haight possible the establishment of the H. Taylor Peery Institute of Financial Services. Huntsman, Nancy Peery Marriott, Julie Marriott The institute was formally announced at a banquet 26 September at the Joseph Keenan, and Richard E. Smith Memorial Building in Salt Lake City. (See news article, p. 27.) Marriott.

photo by Mark A. Philbrick/BYU