Harbert College of Business
Spring 2025
INSIDE THIS ISSUE:
Strategy & Execution — Lofty goals and hard facts. Maintaining Workplace Culture — What are you missing? Peaceful Integration with A.I. — We can all get along. Congratulations! — Now what?
C-Suite — Featuring Billy Ainsworth
2 Harbert Magazine, Spring 2023
W icked, messy problems have no clear, right answer and no clear end point — they’re not solved and done. These problems usually exist in a fluid environment where challenges change, where stakeholders have different, often competing agendas, and where competition presents an ever-varying array of threats. Sounds like trying to craft and implement a business strategy. It’s not easy. Looking through the research, it doesn’t take long to see that most strategic efforts mostly fail. Could be a weakness in planning, communication or execution, but the end result is the same. Various studies have cited failure rates between 70 and 90 percent. With rates that high, how can strategy be important? But look at it another way. Strategy might be so important that even if it fails 90 percent of the time, it still makes a significant contribution to the progress of the enterprise. If a 10 percent success rate contributes to a firm’s profitability, think what a 20 percent rate could do. Strategy might be so valuable that even minor improvements in strategic implementation mean major improvements in business success. You could look at a firm’s strategy as the way it creates and captures value
and keeps creating and capturing over time. From that perspective, strategy is a goal — to create and capture value — and a means — how that value is created and captured. Value is usually produced by service to stakeholders. Now there are customer stakeholders, those who buy the products the firm creates; investor stakeholders, who look for a return on their dollar; and employee stakeholders, who expect compensation for the ways they create and capture. In the best of worlds, those groups should be aligned. They should all be headed in the same direction. If they are aligned, are they engaged? It’s not enough to yawn and say, “oh yeah, tell me what’s next.” To effectively implement strategy, those stakeholders must be active, motivated participants in the firm’s progress. That thought prompts some questions: do those stakeholders see the value of their efforts in the firm’s progress? Do customers, so appreciative of the products and services the firm provides, become not only its best marketers, but its innovation partners? Do investors, so pleased with their returns, continue to invest? Do employees know that the firm tolerates failure and rewards hard work and creativity? If you look at strategy that way, it’s more about service to stakeholders than command and control. Maybe start there; and give yourself a break. You won’t get it all right. You don’t have to.
Auburn in Birmingham
Auburn has played a significant role in Birmingham’s development and growth. As of May, the University has a new venue from which to teach, engage and collaborate. Auburn in Birmingham, is located in the former Hood-
HARBERT COLLEGE OF BUSINESS EXECUTIVE LEADERSHIP
JENNIFER MUELLER-PHILLIPS Dean and Wells Fargo Professor Harbert College of Business DUANE BRANDON Associate Dean of Research and Faculty Affairs MICHAEL WESSON Associate Dean of Graduate and Executive Programs
McPherson Building—an iconic fixture in the iron city’s landscape. After a $22 million, six-year renovation, the building, Auburn’s latest addition in Birmingham, highlights the university’s commitment to fostering growth and innovation across Alabama. Below, the Winchester Institute’s Greg Winchester speaks at CityBuilders, a real estate development symposium — and Auburn's first event held in the new Birmingham event space.
KEVEN YOST Associate Dean of Academic Affairs
HARBERT COLLEGE OF BUSINESS ADVANCEMENT & COMMUNICATIONS
PATRICK ALLEN Senior Director of Advancement
COLLEEN BOURDEAU Director of Communications and Marketing
CREATED BY THE MEDIA PRODUCTION GROUP
BRUCE KUERTEN Director JASON ADAMS Illustration, Design and Production
ELY BEYER Illustration JENNI HUNT Design and Production
CONTRIBUTORS
Carson Barnes Julie Bennett John DiJulio Tom Ensey
Rudy Gaines Teri Greene Jessamyn Saxon
Auburn University Harbert College of Business 509 Lowder Hall Auburn, AL 36849 (334) 844-4511 HarbertCollege@auburn.edu Auburn is an equal opportunity educational institution/employer. © 2025 Auburn University harbert.auburn.edu
Contents
AT HARBERT RESEARCH 8
FEATURES
The Less You Know The More You Owe Jitka Hilliard J.K. Lowder Family Professor Department of Finance
9
Buyer Beware Danny Qin Assistant Professor Department of Finance 10 Reciprocal Loyalty:
30
Strategy & Execution
Success Works Both Ways Chris Hopkins Jean Howard Lowe Professor Department of Marketing How To Count Smoke Greg Jenkins Ingwerson Professor of Accounting School of Accountancy Eric Negangard Assistant Professor School of Accountancy
11
NAMING EVENT
34 Maintaining Workplace Culture
12
Doors Open On The Winchester Institute For Real Estate Development Honoring Greg and Jan Winchester
OUTREACH 14
Centers, Institures, and Outreach Initiatives 20 Celebrating 25 Years of Mastery Graduate Executive Programs Milestone
SPOTLIGHTS CONVERSATIONS FROM THE C-SUITE 23 Billy Ainsworth (’78, marketing)
38 Peaceful Integration with A.I.
42 Congratulations! Now What?
46 Alumni Notes
Harbert Magazine, Spring 2025 5
THE HARBERT DIFFERENCE
The worth of education, of hard work, humility, of truth and compassion. These are the values that illuminate Auburn men and women — the values that bind the Auburn Family across generation and experience.
At Harbert
The Harbert College of Business distinguishes itself with a student experience that is second to none. This experience, rooted in the elements of the Auburn Creed, shapes graduates, who in their turn, shape the world.
Harbert Magazine, Spring 2025 7
At Harbert: Research
Jitka Hilliard J.K. Lowder Family Professor Department of Finance
The Less You Know The More You Owe
A recent study from Harbert and financial literacy. As the cost of a college education in the U.S. surges, the average student loan borrower carries more than $37,000 in debt. Many struggle with repayment, for years — even decades. Worse yet, many default. "Financial Literacy and Student Debt: Survey of College Students," led by Professor of Finance and J.K. Lowder Family Professor points to a surprising connection between crushing student debt Jitka Hilliard along with recent M.B.A. and M.S. Finance graduate Paul Davila, underscores the necessity of early financial literacy education to keep future college students out of the student loan mire. The researchers surveyed 31,000 Auburn undergraduates asking six financial questions — about risk and diversification, compound interest and mortgages, among others. The result: students with little or no debt had a better understanding of
financial basics than those carrying substantial loans. Hilliard calls this one of the most unexpected findings of the study. “We had anticipated that students taking on debt would possess a stronger grasp of financial concepts. However, our research showed that this was not the case, which was both surprising and concerning,” she said. The evolution and current state of the student loan system hasn’t helped matters. It started in 1958, when the Na- tional Defense Education Act began offering student loans to promote careers in engineering, science, and education — a response to the Soviet Union’s launch of Sputnik. In 1965, the Higher Education Act, or HEA, broadened student loans to cover all academic majors. In 1992, even after a Senate report had exposed waste, fraud, and abuse within the student loan system, Con- gress reauthorized the HEA, allowing students to access new, unsubsidized
loans regardless of financial need. By 1995, the U.S. Treasury was authorized to issue loans directly, driving student debt to $187 billion. In the past 12 years, that number has skyrocketed to $1.7 trillion. So, what are the lessons here? What can be done? “Our findings underscore an important issue: many students, especially those taking on significant debt, lack basic financial literacy,” Hilliard said. “The rising concern over student debt raises a critical question: do students fully understand the financial obligations they are committing to? Our research suggests they do not, highlighting the need for earlier financial education, perhaps starting at the high school level. By equipping students with a better understanding of loans, we can help ensure that student debt serves its intended purpose — making higher education more accessible and manageable.” HM
8 Harbert Magazine, Spring 2025
At Harbert: Research
Danny Qin Assistant Professor Department of Finance
Buyer Beware
I nformation drives stock pricing. No surprise there. And managers may “strategically” disclose that infor- mation to best advantage themselves and/or their company. No surprise there either. Publicly traded companies issue press releases all the time. However, to ensure the adequate flow of infor- mation when those releases announce events that could impact company earnings — “material” events — the Securities and Exchange Commission (SEC) mandates companies file form 8-K, stating that it “is to be filed or furnished within four business days after occurrence of the event.” Harbert Assistant Professor of Finance, Danny Qin and his research collaborators, Sean Cao (University of Maryland) and Tao Shu (Chinese University of Hong Kong) found a little quirk in the 8-K form. Their research led them to discover how firms exploit that quirk, how investors react, and who makes money and who doesn’t. For individual investors, it’s a cautionary tale. The SEC has some very specific instructions on 8-K filings — 24 detailed pages, in fact. But there’s one category to which the SEC dedicates merely 64 words: “Other Events” or
OE. The broad definition of OE news is “[that] not otherwise called for by this form [8-K], that the registrant deems of importance to security holders.” These instruc- tions are flexible enough to leave the door open for manipulation. Qin and his colleagues inves- tigate three questions. First, do firm managers manipulate Other Events? Yes, they do, particularly for “intangible” topics — hard to verify non-financial information. For example, a pharmaceutical company optimistically hints at a new clinical trial, or a company embroiled in a lawsuit, over-estimates a favorable resolution. Second, does the manipulation mislead small investors? It does. Individual investors trade strongly in accordance with the tone of “Other Events”. The more positive the tone, the more investors buy, and the more prices inflate. Because this reaction reflects potentially misleading information, the researchers find prices reverse long-run, hurting investors trading on OE. Third, why do firms strategically manipulate the tone when reporting Other Events? To gain from tempo- rarily inflating the stock price. For
example, managers can use positive tones in Other Events to temporarily drive stock prices up and increase the value of stock used to pay for merger deals. In contrast, sophisticated institutional investors do not appear to be swayed by “the tone of Other Events” — highlighting an important inequality in the markets which challenges the protection of investors. If the SEC doesn’t pay attention to this inequality and with the ambiguity of the OE rules, then there’s little legal recourse for shareholders and little risk for companies. Accordingly,
investor education is the only remaining course of action. Buyer Beware. HM
Harbert Magazine, Spring 2025 9
At Harbert: Research
Chris Hopkins Jean Howard Lowe Professor Department of Marketing
Reciprocal Loyalty: Success Works Both Ways
G ood research, much like quality data, is a set of facts looking for a story to tell. Individually they may be interesting, but brought together in the right way, they can tell you amazing things. When Chris Hopkins, Jean Howard Lowe Professor in Marketing, took a look at the huge sales staff at United Rental, the largest rental company in the U.S., he saw a trove of facts waiting to be mined, and wondered at the story they may unfold. It was helpful that United Rental is a friend of Auburn University, has hired many of her students, and partnered on a number of projects. So, Chris had a pretty good idea that if he asked the right research question of United Rental, they would avail the trove for him to explore. Chris and his team posited a model called “reciprocal loyalty” which attempts to demonstrate that “employee gratitude amplifies the impact of ethical leadership, which in turn fosters a more meaningful and fulfilling work environment, and that supportive management can foster this employee gratitude thus
enhancing positive employee outcomes and reducing negative ones.” That’s a heckuva research question to try and answer. But Chris and his team
went to work, utilizing the responses of the sales team at United Rental. Leaning into their combined decades of expertise they painstakingly built a research matrix for which wordcount here prevents description, but some of the key posited results were as follows: • Ethical leadership indeed has a positive relationship with work meaningfulness for employees and a negative relationship with job stress. • Good management support for employees seems to have a strong, positive effect on their gratitude toward the company. • Employee gratitude has a positive direct effect on their level of work meaningfulness.
While the study is still in its raw form and will undergo further analysis, Chris feels that, overall it “offers a comprehensive model that bridges the gap between ethical leadership, employee well-being, and sales performance. That ethical leadership is crucial for fostering work meaningfulness and reducing job stress, which ultimately makes salespeople happier and more productive.” The takeaway for companies with sales staffs would seem to be that if management acts with integrity, it fosters trust with sales staff, reduces job stress, enhances work meaningfulness and the end product is better sales numbers. If that’s the story that Chris and his team’s research seems to tell, then companies looking to boost their sales should perhaps give it a good read. HM
10 Harbert Magazine, Spring 2025
At Harbert: Research
Greg Jenkins Ingwersen Professor of Accounting School of Accountancy
Eric Negangard Assistant Professor School of Accountancy
Counting the Uncountable
S ay, you make cell phones. You’re mining over 60 different elements, putting together tens of thousands of inputs to make thousands of parts which are built by hundreds of suppliers and sub-suppliers. And once the hardware is together, there’s the software and the testing, and the packaging and shipping across the globe to hundreds of millions of customers. In 2023, Apple alone sold 235 million phones. The complexity and volume of the product, the convolution and size of the value chain are staggering. And that value chain doesn’t end when the product is in the hand of the customer. It doesn’t really end until the product has outlived its life and been broken down and recycled. Whether you are a manager or investor, how do you glean useful insights when a business and its products have this level of complexity? What if you could have a granular view of every aspect of a phone’s components from the first gram of aluminum mined to the last bit of copper and lithium recycled? And what if you could have that view for each of the phones you sold (all 235 million of them) in real time?
Some Auburn researchers have figured it out, and not only have they published some ground- breaking research, they’ve received a provisional patent to legally protect their invention. Two Auburn professors Greg Jenkins, Ingwersen Professor of Accounting, and Eric Negangard, Assistant Professor, have collaborated with Mark Sheldon, Associate Professor of Accounting at John Carroll University, to develop a potential solution to the tracking and reporting of products with an innovative combination of technologies — blockchain, non- fungible tokens (NFTs) and smart contracts. The technical particulars can get deep. But blockchain creates a distributed, secure ledger that’s private, unless permission has been granted. Companies have no fear of sharing information. An NFT can represent a unique digital or physical item — a component part and its related greenhouse gas emissions, for example —that can exist on this ledger. Now all details can be accounted for. And a smart contract, a software script, can automatically
create an NFT (think a marker for a component part and the related emissions), merge an NFT into a group of similar NFTs (think summarizing parts and emissions across firms in the value chain), destroy an NFT (once we’ve summed a company’s component parts and emissions into our own),or hold that NFT in escrow if we want to exchange items. According to the researchers, “This system creates a near real- time cradle-to-grave provenance for tangible assets and their associated components as they move through the value chain and allows each and every component to be counted and traced. Furthermore, all value chain participants can use this system to determine effectiveness and efficiency of their own individual role.” Applause is warranted. HM Learn more about this impactful research by listening to the podcast at aub.ie/emissionstracking
Harbert Magazine, Spring 2025 11
Doors Open On The Winchester Institute For Real Estate Development
Greg and Jan Winchester honored at the naming event celebration held at Horton Hardgrave Hall.
“Connecting these colleges and programs with the Institute will allow Auburn to become known throughout the industry as the best academic hub for real estate in our country.”
– Greg Winchester
12 Harbert Magazine, Spring 2025
At Harbert: Naming Event
J ust like so many other parents whose Auburn journey began with a kid going to school here, Greg Winchester started out as a Dad. His daughter Mary-Elsye came to Auburn, and during his many visits with his wife Jan, Greg came to love it. Little did he imagine that in September of 2024, after the fourth of his six kids had graduated from Auburn, that there would be a real estate institute here on the Plains, with his name on it. The Winchester Institute for Real Estate Development at Auburn University opened its doors in the Fall of 2022 with the help of a generous gift from Greg and Jan. The naming ceremony held at the atrium of Horton Hardgrave Hall on September 13 th , was in honor of that generosity. Greg has been involved with real estate development through his previous company, Trimont Real Estate Advisors, for many years — some of them not exactly for the faint of heart. As he puts it, he went through “four unforgettable economic downturns in the real estate industry and had a front row seat in the clean-up of over $30 billion of distressed assets.” Those downturns were largely attributable to less than astute business practices, and impressed upon Greg how vital it was to make improvements in the industry as a whole. Greg credits the late Dr. Harris Hollans and Professor Emeritus Michael Robinson who co-founded Auburn’s Masters of Real Estate Development program for the initial vision for the Institute, which he feels is a perfect fit for Auburn. “The world of real estate in all its variations, intersects with the major colleges and programs at the University, such as business, architecture, building science,
engineering, agriculture, forestry, hospitality, athletics, and others. Connecting these colleges and programs with the Institute will allow Auburn to become known throughout the industry as the best academic hub for real estate in our country.” The Institute will focus on better academic training for real estate professionals, high-level industry and community research, and national engagement. The idea is to help create a more unified real estate industry that embraces and encourages smart developments, that create thriving communities and great cities. Greg feels strongly that the Institute can lead the way toward those worthy aspirations. And maybe it’s the Auburn dad in Greg, but he also believes that instilling the values and ethics of the Auburn Creed in future real estate professionals will not only positively impact them, but the industry as a whole. One thing’s for sure, while his kids may have President Chris Roberts underscores the power of philanthropy at the Winchester Institute’s formal naming event. Through research, education and industry engagement, the Institute will have a significant impact on real estate development, nationwide.
graduated and moved on, Greg’s got a brand-new baby on the Plains – The Winchester Institute for Real Estate Development. And it’s only getting started.
At Harbert: Outreach
Centers, Institutes, and Outreach Initiatives
The college’s centers, institutes and outreach units create new opportunities for research and funding, enhance the student experience, engage industry, inform the state and the nation, and showcase innovation in ways that elevate Harbert’s reputation.
OUTREACH AT A GLANCE
• Auburn Technical Assistance Center • Center for Ethical • Center for Supply Chain Innovation • Harbert Investment Center • Winchester Institute for Real Estate Development
• Lowder Center for
Family Business and Entrepreneurship
Organizational Cultures
• New Venture Accelerator • Media Production Group • RFID Lab • Small Business Development Center • Thomas Walter Center for Technology Management
14 Harbert Magazine, Spring 2025
At Harbert: Outreach
AUBURN TECHNICAL ASSISTANCE CENTER (ATAC) Hank Czarnecki, Director Auburn Technical Assistance Center (ATAC) is the place for Lean and Six Sigma (L&SS) certification. ATACs Lean Leadership Boot Camp and Six Sigma Green Belt certification focus on experiential learning incorporating engaging and interactive simulations and exercises. ATAC is much more than a training entity, partnering with companies to improve their business results. ATAC's on-site process improvement coaches seek to understand an organization’s strategic needs, offer unbiased advice, and provide training and consulting services. For a business to have sustainable success, they must both improve their processes AND develop their team members. ATACs Organization Development Certificate Series teaches softer organizational development skills to grow team members and provide the foundation for change. ATAC strives to assist companies to develop critically thinking problem-solving team members improving the business every day.
Career Fairs are an opportunity for students and businesses to connect.
on aspects of ethical leadership. Most recently, Chuck Gallager a nationally recognized motivational speaker provided a compelling presentation on the psychological rationale behind ethical breaches in organizations. The Center continues to expand its teaching resources including cases, behavioral simulation and debate issues. The Center provides thought leadership pieces and op eds, most recently an op ed piece was published in The Hill, "How a $15k Bud Light giveaway needlessly cost AB InBev $27 billion." The piece was referenced on Fox's Hannity two months later. In addition, the Center wrote a piece for The Conversation, "Super Bowl Ads: It's Getting Harder to Score with Consumers" which was viewed by over 91,000 readers and picked up by Fast Company and many Hearst newspapers. The Center has been invited to field a team for the 2025 Daniels Fund National Ethics Case Competition. The Harbert students will compete against universities nationwide for $250,000 in prize money. The Center also produces academic research and has published
3 articles on ethical leadership and AI this year as well as revising the textbook Business Ethics: Ethical Decision Making and Cases. CENTER FOR SUPPLY CHAIN INNOVATION Brian Gibson, Director The Center for Supply Chain Innovation (CSCI) is actively engaged in connecting students and faculty to our industry partners. Our students learn from supply chain professionals through class projects and industry events. Our Supply Chain Management Department faculty engage with companies on CSCI research and advisory projects. This year, CSCI has facilitated semester-long consulting projects with Delta Flight Products, DHL Supply Chain, and Ferguson to address their supply chain challenges. Through these projects, students gain practical experience and build transferable skills in data analysis, process improvement, and problem solving.
Learn more: AuburnTechnicalAssistanceCenter.com
CENTER FOR ETHICAL ORGANIZATIONAL CULTURES O.C. Ferrell, Director The Center for Ethical Organizational Cultures continues to focus on ethical leadership, providing resources and activities for students, faculty and other stakeholders. The Center sponsors the Student Center for the Public Trust (SCPT) that provides ethical leadership certification for all Harbert students. In addition, the SCPT invites speakers in each semester to speak
Harbert Magazine, Spring 2025 15
At Harbert: Outreach
The Center for Supply Chain Innovation puts students and businesses together to address supply chain issues.
HARBERT INVESTMENT CENTER Tracy Richard, Executive Director With a continued focus on career readiness, the Harbert Investment Center continues to sponsor multiple practical application events. This fall, FMA held a full-day mergers and acquisitions simulation where Daniel Cannon, a career professional with 47 years of experience spanning banking, corporate strategy, venture capital, and blockchain, led students through Microsoft’s acquisition of Activision. Students took on roles within each company and the buyer/ seller banks and examined all facets of the M&A process. In addition, FMA’s annual Financial Leadership Summit featured three distinguished panelists: Rose Sink, CFO of Motiva; David Hoffmann, CEO of Mammoth Holdings and former CEO of Dunkin’ Brands; and Tom Hackett, CEO of Truist Securities.
Through the generosity of CSCI sponsors and donors, we funded more than 50 students this year to participate in case competitions and national conferences. Students traveled from Auburn to the CSCMP EDGE Conference in Nashville, the RILA Link Conference in Dallas, the McLeod Users Conference in Charlotte, and numerous other locations for events and tours. CSCI also supported a group of students to participate in a global study program in Trento, Italy. The CSCI team is working with individual companies and industry associations to address their supply chain needs. One recent engagement focused on a supply chain performance benchmarking study for a global restaurant chain. SCM doctoral students are working with CSCI on a future-focused
investigation of manufacturing challenges and opportunities, as well as an update on the state of the retail supply chain. CSCI has also hosted two industry- focused learning events this year. The Fusion Symposium and the CSCI Sponsors Forum gave our community opportunities to hear from industry thought leaders. Informative sessions on the supply chain impacts of artificial intelligence, sustainability initiatives, and talent development, highlighted the events. Fusion 2025 is slated for May 1, followed by the SCM Scholarship Golf Classic on May 2. Save the dates on your calendar! Updates on our research, events, and sponsorship opportunities can always be found on the CSCI website.
Learn more: AuburnSCM.org
“
In Fall 2024, the Center hosted Excel for Finance Bootcamp for students at no cost, providing them with a significant competitive advantage as they enter the job market. Topics cover an intensive mix of Excel shortcuts, finance, accounting, and valuation. The workshop will be led by former investment banker and current faculty member Utkarsh “Ute” Bhagat, who brings over 20 years of practitioner and instructor experience.
Prior to this program (FMA), students at Auburn didn’t have a clear path to a career in investment banking or asset management, it’s been exciting to watch the program grow. We now have … 100 percent full-time placement for our graduating seniors and 100 percent junior internship placement every year." Tracy Richard Executive Director Harbert Investment Center
In addition to several training programs, such as SIE prep and E-Money, the Auburn Finance Society has experiential student visits scheduled, including the Atlanta Fed and Chicago Board Options Exchange. These opportunities represent a substantial investment in students' future careers, equipping them with skills that are highly sought after by employers and often command premium salaries in the finance sector.
delivering practical entrepreneurial education across the state and the Auburn Ideas Jam offering a low- barrier platform for students and community members to pitch ideas. The Lowder Center is positioned at the beginning of the entrepreneurial pipeline, focusing on early-stage startups and micro-entrepreneurs and helping their businesses grow. MEDIA PRODUCTION GROUP Bruce Kuerten, Director The Media Production Group had another banner year. The unit renewed its $1.1M+ advertising grant with the National Highway Traffic Safety Administration and the Alabama Department of Economic and Community Affairs. This year, it expanded the grant to include research funding for Harbert’s Department of Business Analytics and Information Systems. The collaboration unites industry professionals with research pioneers and is expected to improve the effectiveness of the advertising campaign. The MPG designed the imaginative 2024 Dean’s Report which was distributed to AACSB Deans as well as high-value donors. MPG also received three Telly Awards — for a public service announcement on seat
LOWDER CENTER FOR FAMILY BUSINESS & ENTREPRENEURSHIP Joshua Sahib, Director
The Lowder Center for Family Business and Entrepreneurship continues to drive innovation and entrepreneurial growth across Auburn University and Alabama. This year, the Center proudly launched the Startup Studio at Auburn University, a new initiative funded by an Innovate Alabama grant. The Studio fills a critical gap in the state’s entrepreneurial ecosystem by offering services such as branding, web design, and video production to early-stage entrepreneurs at no cost. This allows startup founders to focus on their expertise while receiving support in areas where they may lack resources. In return, they provide business performance data that aids future research and grant applications. Additionally, the Lowder Center introduced the Business Builders Bash, an annual event that brings aspiring entrepreneurs together for a weekend of business development, networking, and competition. The program is Auburn’s spin on the popular Startup Weekend format. The Center’s other flagship programs remain vital, with EnergizeAL
Harbert Magazine, Spring 2025 17
Tracy Richard is named Executive Director of the Harbert Investment Center.
At Harbert: Outreach
belt use, innovative digital animation, and the effectiveness of work in the classroom. The latter two awards came from a collaboration with Paul Holley of Auburn’s CADC and Matt Reyes of Oklahoma State. Charged with nearly every aspect of the University’s Lifetime Achievement Awards, the MPG was responsible for print, video, set design as well as authorship, staging and direction. The MPG enjoyed a seamless collaboration with the creative staff of the Gogue Performing Arts Center, benefited from the performance of host Rudy Gaines (’78), and the talent of musician Khari Allen Lee. In the words of one participant, “the best awards ceremony ever.” The unit also contributed to the naming event for The Winchester Institute for Real Estate Development and the 25th Anniversary of the Graduate Executive Programs. NEW VENTURE ACCELERATOR Lou Bifano, Director The New Venture Accelerator supports those who are looking to start a new business or who may need help growing an existing one. It has a team of Entrepreneurs-in-Residence who offer their real-world experience through coaching, counseling, mentoring, and business idea pitch competitions. Open to students and faculty campus wide, the accelerator is managed and governed by the Harbert College of Business. Recently, a designated Kickstart
Fund within the Auburn University Foundation was formed to provide direct, non-dilutive grants to select New Venture Accelerator companies exhibiting best-in-class potential for success. The fund is designed to bridge the gap between new business formation and initial seed or Series A funding and will be administered under the oversight of the Harbert College and the New Venture Accelerator. Auburn University is fast developing a reputation as having one of the best entrepreneurship programs in the country. RFID LAB Justin Patton, Executive Director Auburn University’s RFID Lab is a research institute focused on the business case and execution of the RFID technology in a plethora of industries including logistics, aviation, food, retail, manufacturing and supply chain sectors. The advisory board for the lab includes 23 members that attend 3 meetings a year. These meetings provide the board members updates on research progress and the lab’s latest discoveries. With the help of the Harbert College of Business, the RFID Lab has employed hundreds of student employees, partnered with companies around the globe, and advanced RFID technology in ways never seen. It is with this growth and the support of the college of business that the lab is in the planning stages of building a brand new, state of the art lab in Auburn’s Research Park.
“The RFID lab specializes in retail, supply chain, and manufacturing and we work with partners like Walmart, Delta, McDonald's, and Nike. Recently we partnered
with the Los Alamos laboratory to enhance
collaboration and research, education, and workforce development.”
– Justin Patton Executive Director RFID Lab
The Auburn University RFID Lab is passionate about fostering growth for their student employees’ careers, including offering meetings and events with the lab’s various business partners. Upon graduation, many students who work for the lab are able to utilize these connections and secure valuable job offers to kick start their careers. The lab is eager to continue producing industry standards and create impacts not only on the RFID Industry, but the students who have found their place working for the lab.
18 Harbert Magazine, Spring 2025
New Venture Accelerator
Every year the TigerCage Competition awards over $100,000 to start-ups.
Here, Mark Forchette presents winner Holli Michaels of AbGlo with the First Place award.
The Digital Marketing Bootcamp is a three-hour training program that guides attendees through setting measurable marketing goals for their businesses and demonstrates how SEO, social media, and technology can help them achieve these goals. The expanded offerings build on a successful pilot program launched in 2023. During the pandemic, the ASBDC observed that companies with a stronger digital marketing presence were better positioned to serve their customers. The Digital Marketing Bootcamp will help small businesses
learn how to connect with a wider audience, ultimately fostering business growth. Larkin Jones, a business advisor at the Alabama SBDC at Auburn University, is one of the program's facilitators. For more information please visit the SBDC at aub.ie/SBDC or scan this QR code.
SMALL BUSINESS DEVELOPMENT CENTER Lindsay Bridges. Director
In Fall 2024, the Alabama SBDC at Auburn University focused on bringing the Digital Marketing Bootcamp program to rural communities in Alabama. The training is offered by the ASBDC through the U.S. Small Business Administration’s Portable Assistance program, which provides funds to support business education in rural areas impacted by weather- related disasters.
Harbert Magazine, Spring 2025 19
At Harbert: Graduate Executive Programs
Celebrating 25 Years of Mastery
In early fall of 1998, a group of bright and motivated new students came from across the country to begin their studies at Auburn University. But these were not your typical 18-year-old freshmen. This cohort included vice-presidents, division directors, and senior managers, and they averaged 39 years of age. All already had full- time jobs at major organizations, including BellSouth, Chrysler, Southern Company, and Sun Microsystems, among others. These men and women were the inaugural students in Auburn’s innovative new Executive MBA Program. Fast-forward 25 years, and that initial success has resulted in expansions that now include a Physician’s
Graduate Council, and then the Dean and I went to Provost Paul Parks. Dr. Parks gave me a very serious look and asked “do you really think this will work?” I replied “yes, sir, I believe it will.” He approved and we were off and running. In the 1990s, Executive MBA programs typically held weekend classes, and served their local region, so most programs were in or near urban areas. Auburn’s location meant developing a successful traditional program would be difficult, and so to compete with other Universities and serve the needs of potential students, the team behind the EMBA program turned to Auburn’s successful distance learning / Outreach MBA program. At that time, Outreach MBA students were mailed VHS tapes of recorded classroom lectures – the same lectures that on- campus students attended. But these lectures to younger full-time MBAs were not the best for managers with 10- 20 years of experience. To get the best of the personal connections of the Auburn campus experience with the convenience of distance learning, the EMBA program was designed as a blended program, with an on-campus residency week at the start of each semester. Students in the program would come to Auburn’s campus and attend classes and learn with their classmates and faculty in person for that week before shifting to a distance-learning model for the remainder of the term. This mix of face-to-face classes followed by online discussions permitted students who lived far from Auburn, or who might travel a great deal, the opportunity to come to class and build that connection to each other and to Auburn University, while maintaining the flexibility to balance the demands of full- time work and family. As the programs grew, and with the help of the Media Production Group, the EMBA programs shifted from VHS tapes to CDs and DVDs, and to iPods and iPads, and then to online video streaming. Faculty went into the TV studio to plan and record lectures, production values improved, and Auburn’s quality and reputation as a leader in this space continued to climb. This blended model allowed Auburn to recruit students from a wide geographic area, reaching those who otherwise could never have attended Auburn University.
Executive MBA Program, and a Master of Real Estate Development Program that have been ranked among the best. A sprawling alumni network now includes over a thousand accomplished professionals. These programs have contributed to building Auburn’s Harbert College of Business legacy of excellence in business education. With over a quarter-century of history, how did this success story come about? Daniel Gropper, MBA Director at the time and Associate Dean and Luck Professor Emeritus since 2013, credits the program’s success to the innovation with which it
Frank Oprandy, Executive Director of Graduate Executive Programs, presents a recognition award to Kim Kuerten, former Executive Director of the programs for 25 years. Kuerten has taken a new leadership role with The Winchester Institute.
was designed and delivered by the selected all-star group of faculty and staff. “Kim Kuerten, Stan Harris, Bob Niebuhr and I had various leadership roles, and with a broad faculty group founded the program. But all of that only happened because of the support of Dean Wayne Alderman and the Auburn University top leadership. I remember presenting this program to a skeptical
20 Harbert Magazine, Spring 2025
“
As Executive Programs undertakes the next 25 years, we’ll continue to deliver the relevant curriculum and student experience that develops outstanding business leaders. However, in today’s volatile marketplace we must anticipate change and be flexible and agile enough to stay at the forefront of executive education.”
– Frank Oprandy
In addition, each program included an international study week built into tuition, which was both a great learning experience and further increased the quality of the program, consistent with other top business schools. These international study trips also facilitated building connections with other great Universities around the world, which in turn enhanced Auburn University’s global reputation. Following the successful launch of the EMBA Program, Auburn partnered with the Southern Medical Association to launch a Physician’s Executive MBA Program in the fall of 1999. Custom corporate degree programs with Jostens and Pratt & Whitney followed. A decade later, the College of Architecture, Design and Construction partnered with the Harbert College Executive programs to start a Master of Real Estate Development, and that program was launched in 2010. All in all, alumni of these programs now number over one thousand, with incredibly successful alumni in many different industries, all over the world. Kim Kuerten, former and founding Executive Director of Graduate Executive Programs said, “at the time of the EMBA Program’s inception, there were some who doubted distance-learning programs. They were sometimes perceived as ‘less than’ on-campus courses. Our mix of residencies with distance learning is an innovation that works incredibly well.” These days, you’d be hard-pressed to find a major MBA program that doesn’t offer remote and hybrid learning options — and Auburn has twenty-five years more experience than most of them. The Auburn faculty and staff who launched these programs a quarter-century ago were not afraid to innovate in the classroom, in the TV studio, and online. Together, everyone contributed to the creation of top-quality programs that have supported Auburn’s continued ascension among top quality business schools. Even Dr. Parks would be impressed.
Attendees gather to celebrate a quarter century of success.
YEARS
Alumni Notes At Harbert: How We Think
Achieve Your Possible.
JEVON MC ALISTER EMBA Class of 2020 Engineering Program Manager Apple
You have the drive. You've gained the experience.
Now combine them with a nationally ranked executive business education and take your career to the next level.
Auburn Executive MBA Harbert College of Business
achieveyourpossible.mba
22 Harbert Magazine, Fall 2024 Harbert Magazine, Fall 2023 Harbert Business, Fall 2023 22 Harbert Magazine, Spring 2023
Spotlights
Conversations From The C-Suite Billy Ainsworth (’78, marketing) page 24
Humility for a leader is one of the most important things. Whatever success you have, there are a lot of people you have to credit for it. People talk about a self-made person — there’s no such thing. Many people contributed to your success.
Harbert Magazine, Spring 2025 23
CONVERSATIONS FROM THE C-SUITE FEATURING Billy Ainsworth
Auburn University Board of Trustees Member
24 Harbert Magazine, Spring 2025
Spotlights: C-Suite
William, “Billy” Ainsworth recently retired from a career that began in 1978 with a scrap metal business. In 1983 he founded Steel Processing Services. A decade later, that company was bought by Florida Progress and Ainsworth became CEO of Progress Rail Services. Progress Rail was acquired by Caterpillar, Inc. in 2006, and Ainsworth was eventually appointed Group President, Energy & Transportation. He currently lives in Guntersville, AL and serves on the Auburn University Board of Trustees .
W
tractors, anything metal eventually gets scraped, and there’s a whole network of scrap dealers throughout the United States. A mill may buy 100,000 tons a month. We know the scrap dealers and work with the mills and negotiate a price between the mills and the dealers. We would buy it from the dealers and sell it to the mills, and we would make a margin. HM: Early on, you worked for a few brokerage companies before starting your own. Ainsworth: I worked for three brokerage companies. the last one was Amex Steel out of Texas. I talked the owners of Amex into starting a small scrap processing operation in Albertville, Alabama close to Mueller Corporation. Mueller’s was the largest manufacturer of fire hydrants in the world and they purchased scrap steel. We had a machine called a rail breaker that would take railroad rails and break them into two-foot lengths for the mill. I owned a third of the Albertville operation. In late ’82, Amex was exporting scrap steel to Mexico. The peso devalued, and they were struggling financially. I went to the owners and said, “I’ve always wanted to have my own business, will you sell the business to me.” So, I bought them out for $15,000 and started Steel Processing Services. My first cousin, Steve Hayes, was working for Amex, and he purchased 49 percent. And what’s amazing, we didn’t have a bank line of credit. The first year we did $7 million in revenue, it was like the Wild West. I’d go out on the scrap yard and break rail or cut up rail cars. Then I’d go and take a shower and clean up and fly to visit the various railroads and tell them what a successful company we were going to be. I knew we would be one day, right?
Harbert Magazine: You stepped on the Auburn campus in the 70’s?
Ainsworth: Yes, my mom’s dream was for me to have a college education. I was accepted at Alabama and Auburn, and at the time was a big Alabama Fan. I thought I wanted to be an engineer, so I went to Auburn. And once I was at Auburn. I realized that I wasn’t cut out to be an engineer and changed majors to business. I wound up in marketing. And I call it divine intervention to get me to Auburn. I had great teachers, and they made a big difference in my life. Dr. Laumer, Dr. Guffey, and Dr. Horton who was the dean at the time, they helped me realize I could be whatever I wanted to be if I was willing Ainsworth: If you were in marketing the holy grail was to get a job offer from Procter & Gamble. Some of my teachers went to bat for me and I got an offer. But I also had offers from Texas Instruments, Central Bank, and a company called Luria Brothers, who was a large national scrap brokerage company. Procter & Gamble’s job was making $12,000 a year and Luria offered me $13,000 So, I accepted the one with more money and went to work in the scrap brokerage business in Atlanta. HM: Tell us a little about the scrap business? Ainsworth: I used to go to my high school reunions and try to explain the scrap business. And finally, I would say it’s like that show on TV, Sanford and Son. That’s what we do. Electric arc steel mills, melt scrap to make new steel. Automobiles get scraped. Buildings are torn down, to work hard and stay focused. HM: And after graduation?
Harbert Magazine, Spring 2025 25
Spotlights: C-Suite
understanding their business as well or better than they understand it. You have to spend a lot of time with your customers and know their needs, not only today’s needs, but what their needs are going to be in the future. My management philosophy is if I do the right five things and set the right five goals for the company, I’m going to win. I also want to be sure that the entire team has their five goals to support the company goals. And what I find is people will have a list of 20 things because they don’t know how to prioritize, what matters most. When Caterpillar developed its strategic goals in 2017, it was so simple. It was focused on profitable growth. And to achieve profitable growth, we were going to focus on operational excellence, services, and expanded offerings. Simple is always more successful. HM: That sounds like servant leadership. Ainsworth: Yes, I believe in servant leadership. The higher you go on the corporate ladder, the more people you serve. It’s called upending the pyramid. Leaders are there to serve the employees and to serve the customers. By doing that, you achieve great returns for your shareholders.
HM: So, you evolved that business? Ainsworth: Railroads generate a lot of scrap. There’s approximately 1.6 million rail cars in the country, and those have a life of 30 or 40 years. So, you can do the math. There’s going to be 40 to 50 thousand railcars a year scrapped. We started scrapping cars and we realized that the components off the cars could be reused. The railroads reconditioned those components in their own shops. It was like the automobile business was years ago when they owned iron ore mines and steel mills and most everything that was necessary to build an automobile. But eventually they outsourced those businesses and focused on their core business, assembling and selling autos. We figured that eventually the railroads would do the same thing and focus on their core transportation business and outsource non–core activities. So, we started positioning ourselves to provide these services to the railroads. On a railcar, you have steel wheels running on a steel rail. The wheels and rail wear down, but you can recondition them. We brought in people with the expertise, and we had one wheel shop and then two and then a network. In ’89 I went to one railroad and said, “Hey, you’re going to outsource your wheels one day.” They threw me out of the office; however, in 2000 we were awarded 100% of their business. We had a vision and developed a strategy to grow in the high-volume components that need to be serviced regularly. That produces a consistent income stream. We transitioned from just scrapping railcars into a railroad services business, reconditioning components. The wheels were just one part of our strategy. Over time, we built a whole portfolio of reconditioned rail components and select new components. HM: As you evolved, did you have a particular approach, a particular philosophy? Ainsworth: You can never lose sight of the customer and their needs. You have to create the best value for your customer. You must be willing to obsolete your own practices and say, “Hey, the industry’s going somewhere else and we’re willing to look at it a different way.” Because if you’re not willing to adapt, somebody else will. It’s
HM: From your perspective, does servant leadership apply across the org–chart?
Ainsworth: The people that have worked for me who have been successful are the ones that when they come into my office, it’s about the people that work for them. They are focused on helping their employees succeed, taking obstacles out of their way, helping them focus on key priorities. The people that aren’t as successful are the ones that come in and say, “Where’s my next move? I think it’s time for a raise.” And it’s okay to meet with your boss and talk about your goals occasionally, but over time the people that focus on their team’s success are the most successful. The person cleaning the plant is as important as the person in the executive office. And you have to show everyone how they contribute to the success of the company and make them feel good about it.
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