INDUSTRY ARCHIVE: Finance
Whitney Johnson
Dare to Risk, Risk to Dream
October 16, 2007 | by Noah on the writeup.. Jay on the Video | Permalink
Whitney Johnson left a seven figure Wall Street job in an effort to help women dream. Her BLOG, Dare to Dream, states: “women in the U.S. may be placated, even pampered, but because we aren’t dreaming, we are also desperate and depressed.” Whitney hopes to inspire other women to dream as big as she has. With a degree in music from Brigham Young University, Whitney moved, with her husband, to New York City, where she was promptly told she would be a good secretary. Whitney took the opportunity, but went back to school for accounting, and was soon placed on the administrative track on Wall Street.
Ten years later Whitney left Wall Street ranked among the best investors in the world. “Every time you make a big decision,” says Whitney, “there’s a push and a pull.” The push, she says, was reaching the ceiling of accomplishment in investing. The pull was turning forty, which she calls a “mid-life opportunity.”
Now, she counts blogging and managing a hedge fund among her pursuits. Whitney’s advice for those pursuing their dreams is to simply “go out and try. Don’t be afraid. You have to be willing to take risks to dream.”
Whitney’s BLOG is found at: www.daretodream.typepad.com
Brad Feld
Serving to Support
September 6, 2007 | by Noah on the writeup...Zach on the Video | Permalink
Brad Feld, managing director at Foundry Group and Mobius Venture Capitol, has been in the technology business for a long time. He started his first company out of his fraternity at MIT, and hasn’t looked back. Since selling his initial company, after 8 years of growth and management, in 1993, Brad now serves to support other entrepreneurs.
Brad has been around for some time, and his advice comes from success, failure and a whole lot of effort. “Passion,” Brad says, “Is critical, but not sufficient,” especially in the way that passion may cloud the process of discussion, or argument.
From starting his own company, to now helping others do the same, Brad has gained an invaluable perspective. “The entrepreneurs I love to work with,” Brad says, “Are guys who have had a success and a failure, and not necessarily in that order.” Brad recognizes that what he has learned from failure, has been infinitely more valuable that what has learned from success. His advice for those looking to enter the world of entrepreneurship? “Try different things.” Don’t set yourself down a single path, when ultimately, many paths could lead to equal success.
Mary Gilbaugh
Controlling the Cap
July 10, 2007 | by noah | Permalink
From a young age Mary Gilbaugh knew she wanted to work in professional sports, but her corporate accounting career path took a few bends before her childhood dream would be realized. After running track for two years at USC, Mary confidently entered the world of corporate accounting only to realize the fifteen hour days were not for her. On November 11th, 2004 Mary’s longtime friend, USMC 2nd Lt. JP Blecksmith, was killed in Fallujah, Iraq.
Allowed a leave of absence, Mary took the opportunity to co-found the JP Blecksmith Foundation which sponsors an annual memorial 5k in San Marino, California. After returning from the leave of absence, Mary took another corporate job, always alert however, to other opportunities in her field.
What began as a “why not” application has left Mary the controller for one of the best and most exciting teams in the NBA. Although Ms. Gilbaugh enjoyed each of her previous employment opportunities, the Phoenix Suns allowed her a normal life; the responsibility in no way watered down, Mary now has free time after work to run her foundation, work out, or bring her father to Sun’s games. Her parents, both employment loyalists, were skeptical of her decision to leave, but Mary knew what she wanted, and went out and got it.
She offers this advice to those who feel career pressure from their parents “Just because it’s something [parents] don’t understand doesn’t mean that it isn’t right for you.” A job will always be repetitive, but if you are passionate about what you do and where you do it, repetition does not have to be boring.
Matthew Klentak
Go With the Pitch
July 14, 2006 | by brett | Permalink
Using baseball terminology, there are times in life where you have to go with the pitch to be successful. For all of those high and outside fastballs, those low and away curves or pitches that you fight off in an 0-2 count you have to go with the pitch in order to put the ball in play. Here is a story of a guy that has been able to foul off 0-2 pitches and drive low and away curves into right field.
On the busy corner of 46th street and Park Avenue in New York City, a high-rise building adds to the skyline of the city and is also the place where Matt Klentak goes to work everyday. As we entered the building we went through an elaborate security system that took our picture. After going through the Star Wars-like turnstiles we made our way to the gold elevators at the end of the freshly waxed marble floor. Stepping into the elevator we were joined a lady that worked in the building. She asked what floor we were headed to. “Thirty-four,” I replied. The number alone seemed to impress her, or so I’d like to think. Moments later, we exited the elevator and found ourselves in the place where the magic happens; the Office of the Commissioner of Major League Baseball.
Walking through the doors of that office for a baseball fan is like a child walking through the doors of Willy Wonka’s Chocolate Factory. There was memorabilia everywhere including photos, bats, balls, you name it. Tamir managed to take a seat but I was too intrigued to rest my legs. I mean, how often do you get to see that kind of stuff? In time I managed to find my seat and pretended to read a baseball magazine until Matt arrived. We walked down to the 31st floor and listened to the story of a guy who was determined to work in sports from the get go.
At Dartmouth College, Matt played baseball all four years and was the team captain his senior year. He graduated in 2002 with a degree in economics. When he graduated he was debating on what to do with his life. He had been debating this question since his junior year in college, when he spent a term abroad in France. He wrote down everything that he liked to do, one at a time, and came up with a list consisting of travel, baseball, math, working with people and business. After looking over this list endless times Matt came to the conclusion that he’d like to work in baseball. So he started his journey to get into the business by using a baseball connection to write a letter requesting an informational interview.
The interview went well, and Matt’s interest in getting into the baseball was sparked further. During the summer of his junior year he managed to land an internship in the Baseball Operations department in the Office of Major League Baseball. He got a sense for the corporate life and was able to work on some great projects. His favorite part was living and breathing baseball all day, everyday. He “drank the Kool-aid” and decided that yes, the business of baseball was the direction that he wanted to go. Now it’s easy to read this and assume that the internship went great, he was promised a job when he graduated and now here he is still working with MLB. That is not the case.
His senior year in college he was faced with college recruiters. His friends lined up to buy their new suits and work on their resumes. Matt felt the pressure to go along with his friends and look for a position in the financial services industry. He tested the waters with a few financial firms and had a standing offer with a firm he had interned for in Boston. Weighing his decision of “bonds vs. baseball,” he decided that home runs were way more appealing than current price/yield ratios. Having made this decision, he decided to continue his pursuit of working in sports.
So Matt graduated with no job lined up and wondered what he should do for a living. That summer he worked at a baseball camp and worked full-time as a teacher’s assistant in his mom’s office from 7-2. He made sure to keep his dream of working in baseball in sight. When he got home at 2:30 everyday that summer he called baseball clubs in order to make contacts. He hoped that these efforts would lead him to his goal.
Matt used the advice that was given to him, which was “to never hang up the phone or leave an interview without getting the contact information for another person” (something that the Pursue The Passion Team has found very useful). Using this method, he was able to get the contact info for Theo Epstein, who is now the General Manager of the Red Sox. They talked on the phone for about an hour about how Theo got into baseball and how Matt could get his foot in the door. When Epstein was hired as the Red Sox GM, Matt decided to send him an email congratulating him on the new position and to thank him again for their talk. A week later he received an email from Jed Hoyer, an intern who would later become the Red Sox’ assistant GM. Hoyer asked Matt if he was interested in interviewing for an internship with the organization. After a month-long interview process Matt received a a call from Hoyer informing him that he did not get the position.

Handling the news professionally, Matt simply asked him to keep his eyes and ears open for anything that he hears with the Red Sox or any other organization and left it at that. A month later Matt got a call from Hoyer saying that a similar position with the Colorado Rockies was available. Hoyer gave Matt the necessary contact information so that he could apply.
He gave the Rockies’ Thad Levine a call, had a good conversation and was put in touch with someone else there. Within two days Matt was offered a full-time, one year internship in the baseball operations department. The offer was contingent on him moving to Colorado within ten days to start the job. This was not a difficult decision. Matt dropped everything and drove to Colorado to start his first real job in baseball!
The move proved to be a great step and a confidence builder. Matt made some great friends and contacts in his time in Denver. While there he was exposed to many things including the draft, the trade deadline, arbitration, and many full-time projects. Things were going great and towards the end of his internship Matt hoped to stay with the organization. During the last week of his internship however, Matt learned that he would not be hired on due to the financial situation of the Rockies.
Dan O’Dowd, the General Manager of the Rockies brought Matt into his office one day where they discussed what Matt wanted to do in life. After talking for a while, Dan picked up the phone and called a friend of his in the Commissioner’s Office at Major League Baseball to see if they had a place for a determined, hard working kid.
Given the job experience with the Rockies, Matt was able to land a part-time job in the labor department of Major League Baseball with the expectations that the job would last a few months. Having little money in New York City, one of the most expensive cities in the world, Matt phoned a friend in Queens and asked if he could stay with him for a while. Matt made the move and ended up sleeping on his friend’s leather couch for six months during the “dog days of summer.”
After the three months were up in his new job at the Commissioner’s Office, Matt had a meeting with his boss. This time around, Matt was too valuable of an asset to let go. He was offered a full-time permanent position, which had been created for him. His hard work and dedication had landed him in an actual position in Major League Baseball!
He has now been with the department for two and half years and works as a Senior Coordinator in Salary and Contract Administration. He acts as a consultant to the 30 teams in baseball, and gives advice to teams in regards to spending their money wisely with the intention to keep a team’s bottom line down.
His advice to students that want to get into sports:
“There really is no one way to get into sports. There are so many avenues. Make contacts, don’t be shy. Follow the leads that you’re given. Who would have known that Theo would become the GM a month after I talked to him? You kind of just have to go with what you’re given. In my case, I had to move to Denver and take several internships. Other people might work at a consulting firm for a few years and then make the transition into sports. Also, learn how to write. There’s no bigger turnoff than getting a cover letter or resume with typos in it. Work on those skills. But the best way is to make phone calls and meet face to face with people. You also have to love sports.”
After the interview, we had to ask about Bud Selig and what he was like to work with. We found out that the commissioner himself works primarily in his Milwaukee office, yet we managed to get the invite into his New York “office,” which could be larger than some apartments in New York City. We got to see his desk and the world championship trophy stationed behind the “catbird seat” of the Commissioner. Matt even let us sit in it! Pretty cool stuff to cap off our visit to the MLB office and our interview with Matt!
Postscript: Matt Klentak is now the Director of Baseball Operations for the Baltimore Orioles.
Ronnie Ghenender
LRG Clothing Co.
May 18, 2006 | by brett | Permalink
Ronnie Ghenender is a financial partner for the Lifted Research Group Clothing Company, better known as LRG. The retail industry has always been a part of Mr. Ghenender’s life as his father was a dress manufacturer. Ronnie has excelled in the retail business for over 40 years.
Five years ago, two up-and-coming entrepreneurs (Jonas & Robert) approached Ronnie with an innovative business plan and sample products seeking investment funds. Upon viewing the sample product, Ronnie said, “it just went ‘Boing,’” and he knew immediately that LRG was a promising investment.
In the first few years, unforeseen expenses led Ronnie to invest twice the estimated initial amount. He advised that retail investors shouldm “always expect to invest the same amount as you first put in because you never know what’s going to happen.” Today, LRG is one of the leading clothing companies. The brand represents the curiousity and innovation of youth culture. As a result of its success, Ronnie has enjoyed a healthy return on his investment.
Ronnie said that the essential aspect of business is money. You must have enough money to implement your business plan and you must adhere to that plan. But more importantly, Ronnie says that “the only way to be good at something is to have a passion for what you do. Don’t even bother if you don’t have passion because you can’t be good at something you don’t love.”
When asked about the relevance of college courses to the retail industry, Ronnie explained that, “nothing is as defined as school has you believe.” With regards to selling Ronnie proclaims that “you are only as good as what you sell. You’ve got to have something good to sell to be good in sales.” He also warns that the nature of the business is extremely competitive: “People will do anything not to fail, regardless of morals or ethics.” Ronnie has achieved an impressive level of success in his 40 year career and says, “to have your money work for you, instead of you work for your money is the American dream.”
Dan Fumai
Accounting for the San Diego Padres
| by brett | Permalink
Dan Fumai is the Vice President Controller for the San Diego Padres. after spending eleven years with the accounting firm PriceWaterhouseCoopers. His goal while attending Boston University was to become a partner in an accounting firm. Interestingly enough, he was one year away from accomplishing that goal when he left the firm for the Padres after eleven years of service. When asked why he left, he still wasn’t sure but said that it was aonce in a lifetime opportunity that he could not resist.
Dan works mainly with baseball’s Debt Service Rule and said that 25% of his responsibilities with the organzation are devoted to the rule. When asked what he enjoyed most about his both his position with PWC and now with the Padres, he responded by saying that the people you work with is the most important thing. “If you don’t enjoy the person you work for or the people you work with, then you will not be happy even if you are getting paid double the amount of money.”
His advice to students is to express your interests to your employer so that they will provide you with opportunities that you will enjoy. Mr. Fumai communicated his love for sports to PWC, so they couldn’t really blame him when he packed his bags and headed for San Diego. When asked on how students should go about getting a job in sports, he said, “try and meet as many people as they can so that they can think of you for openings that may arise. “It’s not who you know, but who knows you.”
Andrew Avella
Hawaii Getaway Leads to Financial Passion
May 11, 2006 | by brett | Permalink
Andrew Avella is founder and principal of the Retirement Portfolio Specialists, which assists individuals and business owners in understanding their retirement plan alternatives. He is a University of Arizona graduate and has worked in the financial services industry for more than ten years with companies such as OppenheimerFunds and the Vanguard Group.
Andrew’s story is very interesting in that he paved his own path and was able to find success by taking the road less traveled. When he graduated college, he bought a one way ticket to Hawaii, spending 3 1/2 years on the island. After reading an investment book on Waikiki Beach, he realized that the financial services industry was someplace that he could see himself working in. He bought a plane ticket to Chicago, where he began searching for a job. He wanted to gain experience and a more in-depth understanding of the business.
Now in his tenth year in the industry, he has opened his own firm. With his one year anniversary approaching this month, Andrew has built up his clientele and is actively involved within the community.
The advice that he offered college students was that there is no shortcut to success and that what you get out of an activity is the result of what you put in. He put an emphasis on education, saying that if he could change one thing about his college experience that he would pursue a master’s degree. He also said that students should take advantage of the opportunities that are available to them. He advised to get involved with internships in order to gain experience. He also said to join groups in order to meet people that can be mentors as you make the transition between school and work. Lastly, he warns students to be aware of your appearance because if you are unshaven or your shirt is wrinkled, then people will remember that!
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