Category: Class Acts

Jim Steele, MBA’82, knows what it’s like to be up against tough odds. Eight years ago he was diagnosed with Charcot-Marie-Tooth disease and spinocerebellar ataxia, both genetic neuromuscular conditions that have since left him disabled.

“I have partial symptoms of both, but the doctors can’t do anything for either one,” he says. “They’re progressive diseases, and unfortunately they’re doing just that—progressing.”

Steele, however, also knows that even the toughest of odds can lead to surprising outcomes. His work with Uganda Children’s Project, a nonprofit organization that he and his wife, Lisa, founded 11 years ago, is a testament to what can be accomplished in the face of adversity. Thanks to the group’s efforts, countless orphaned and desperately poor Ugandan children have enjoyed educational opportunities that otherwise would not have been possible.

“Something has to be done to help this disenfranchised class climb out of the ghetto,” he says. “Education gives them that chance.”

Uganda Children’s Project, which grew out of mission work at Steele’s church near Chattanooga, Tenn., currently has around 240 children and young adults paired with sponsors throughout the U.S., Europe and Australia. The group’s two full-time Ugandan employees are responsible for identifying potential children for the project, while Steele and his wife focus on the sponsorships.

“I draw upon my MBA experience for all of the finance, marketing and operations that go into this,” he says. “For example, we work in several foreign currencies right now, and trying to manage the exchange rate against a very unstable Ugandan shilling is difficult.”

An unstable currency is just one of the problems facing Uganda these days. Years of political turmoil, corruption and a devastating AIDS epidemic have all left their mark on the country. Yet Steele isn’t daunted by the challenges.

“We’ve never felt like we were called to deal with the big problems in Uganda,” he says. “We can only keep working our own way—child by child, sponsor by sponsor.”

Fittingly it’s the same philosophy that defines Steele’s own personal struggle against tough odds: Take things day by day, step by step, and relish the small victories.

For more information, visit ugandachildrensproject.org.

This past spring Bruce Brockenborough, EMBA’01, President and CEO of Hannan Supply Co., issued a challenge to the Executive MBA Class of 2011. If they would raise at least $145,000 for their class gift with 100 percent participation, he would pledge money of his own to help launch much-needed scholarships within the EMBA program. The Class of 2011 responded by raising a total of $150,000—the largest amount ever raised by an EMBA class—with every student contributing. Brockenborough followed through as well, and the combined gifts established both the Brockenborough Family Scholarship and EMBA 2011 Scholarship funds, which will provide financial support for deserving EMBA students.

Frank Bumstead, MBM’72, admits he really didn’t know what to expect when he enrolled in Vanderbilt’s Graduate School of Management in 1970, soon after finishing a tour in Vietnam as a mine warfare officer. The school, which had yet to adopt the Owen name, was young then and trying to establish its identity, much like Bumstead himself. Yet by the time the Dallas native graduated two years later, he had a strong appreciation for what the school had taught him.

“The most important thing the Owen School teaches you is how to learn,” he says. “It’s important to keep an open mind and commit to being a lifelong learner because the world changes. Two years from now, things won’t be the way they are today.”

That lesson has proven particularly valuable in Bumstead’s career. While an Owen student, he had a job with then Tennessee Gov. Winfield Dunn’s administration and thought that he might continue working in state government. Instead he ended up going in a very different direction: Since 1990, Bumstead has been a Principal with Flood, Bumstead, McCready & McCarthy (FBMM), a financial management firm representing clients in the music industry. Among those on the roster are country artists Keith Urban, Taylor Swift and Rascal Flatts, as well as acts like The Black Keys, Kings of Leon and Danger Mouse.

FBMM, which has offices in both Nashville and New York, is one of the few firms to offer clients what is known as tour accounting. “The money is in touring today,” Bumstead explains. “Years ago, artists toured so that they could sell records. Today they try to sell records so they can tour. Our job is to make sure that every nickel owed our clients actually gets to them and that their expenses are only the ones we and/or the clients authorized.”

Looking back on a career that has spanned 40 years, Bumstead can point to many things that have played a hand in his success, from education to effective business partnerships. Yet if he had to narrow it to one reason, he’d say it’s something he learned early on, growing up in a low-income family.

“I never felt entitled,” he says. “I always felt challenged and threatened. I felt like I had to work a little bit harder and learn a little bit more and be more attentive because I’m certainly not the sharpest knife in the drawer.”

This past spring Rachel V. Rose, MBA’05, Assistant General Counsel and Director of Business Development for BCE Healthcare Advisors, was given the task of developing a new website for her company. Unsure of where to send the requests for proposal, she sought the advice of her former professor and fellow alumnus, Bruce Lynskey, MBA’85, who used to teach entrepreneurship at the Owen School.

Lynskey recommended she talk with another Owen graduate: Jonathan Weindruch, BA’98, MBA’04, Founder and Principal at Websults, a website development firm. After Lynskey put Rose and Weindruch in contact, Websults ultimately was selected through the RFP process, and the website was completed successfully.

“Appreciating the caliber of graduates Owen produces and the faculty we were exposed to, it was reassuring to work with Jonathan, and I’m grateful that Bruce connected us,” Rose says.

Weindruch adds, “It’s always great to work with fellow Owen grads on website design and development projects. They view websites through the lens of an MBA, which in the end helps to produce better results. The shared Owen experience facilitates a great partnership and working relationship.”

Do you have an example of the Owen network in action? Send us your story at owenmagazine@vanderbilt.edu.

The CityOwen program is led by alumni around the country and provides value through networking opportunities, updates on the school and featured faculty or staff presentations. The program also helps strengthen the relationship between Owen and local communities in areas such as recruitment.

Birmingham: Sept. 8
C.T. Fitzpatrick, MBA’90, hosted an event at the offices of Vulcan Value Partners. David Owens, Professor of the Practice of Management and Innovation, spoke.

Boston: Oct. 4
Tim Clark, MBA’97; Frank Kimball, MBA’86; Van Simmons, BE’82, MBA’86; Kurt Volk, MBA’99; David Walker, MBA’89; and Derek Young, MBA’91, hosted the inaugural CityOwen Boston event at the Harvard Club.

Knoxville: Oct. 27
The inaugural CityOwen Knoxville event was held at the offices of Bush Brothers & Co.

Memphis: Sept. 14
Thomas Hussey, MBA’98, and Kevin Kimery, MBA’93, hosted an event at the Memphis Hunt and Polo Club.

New York: Oct. 12
Brian Appleton, MBA’02; Andrew Bogle, MBA’04; Shannon McDonald, MBA’04; and John Roberts, MBA’83, hosted the Wall Street Week Reception at the Union League Club.

South Florida: Oct. 18
Tom Janson, EMBA’02; Paul Jardon, IEMBA’99; John Mackle, IEMBA’99; and Laurencio Ronquillo, MBA’03, hosted the inaugural CityOwen South Florida event at Fadó Irish Pub in Miami.

If you are interested in starting a CityOwen group where you live, please contact Alumni Relations at (615) 322-7409.