beautiful words of wisdom

1 VOLUME 68 - NUMBER 20 SUNDAY, MAY 21, 2006 INTERNET: WWW.BABSONFREEPRESS.COM President Barefoot's Words of Wisdom to Departing Class of 2006 Dear Members of the Class of 2006: Congratulations! Commencement represents an important milestone in your lives—a time to look back on your years at Babson and a time to look forward to all the opportunities that await you. You have accomplished a tremendous amount since you first came to campus. Faculty and staff have been impressed with your enthusiasm, energy, and effort. Your class has a considerable record of achievement— whether academic, athletic, artistic, or in community service. During the time you spent at Babson, you met others with different perspectives and from varied backgrounds; you learned that the advantages of being entrepreneurial extends to all parts of your lives, and you developed an appreciation for how management and liberal arts are connected and contribute to creativity and problem-solving. You will find that your indepth exposure to both areas will help you succeed not only professionally, but also in your personal lives. Whatever your future plans, we have prepared you to use the tools to succeed: how to be a contributing member of a team, how to assess opportunities and risks, and how to create value from an endeavor. We’ve provided you with these tools to encourage you to take charge and direct your own path; the rest is up to you. Keep in mind that whatever your goal, how you get there is as important as what you actually accomplish. Yes, you need to deliver results, but we hope you will do so in a way that brings out the best in others. That value is embedded in the Babson experience—and it is one you carry with you for the rest of your lives. One of the choices we hope you will make is to stay connected with Babson. You’ll find it personally rewarding and satisfying. Keep in touch with your classmates, faculty, and staff, and we will make an effort to stay in touch with you. Come back to campus for your class reunions. We’ll want to hear about your post-Babson undertakings. Whatever goals you choose to pursue, I want to wish you the very best of luck. We want you to know that you always will be a valued member of the Babson family—and we look forward to your frequent return. Sincerely Brian M. Barefoot ’66, P ’01 President Babson Free Press Becomes Financially Independent from Student Government Babson Free Press Wire Effective as of Fall 2006, the Babson College Free Press will become a financially independent organization. The paper will still be provided free of charge and remain dedicated to the mission of providing news for the benefit of the Babson community. To encourage this goal, Babson’s administration has been willing to keep the Free Press as an organization of the school however it will be breaking off from the financial support of the Student Government Association. Free Press Co-Editor in Chief, Will Pearce ’08, explains that “this decision is about attempting to become more efficient in part by streamlining our revenue. At a business school, it is natural to understand that all business ventures hope to eventually achieve this goal. I hope that great things will come from this decision.” Prior to officially beginning the process toward financial independence, Free Press executive board members met with a college newspaper media company and have signed a contract that works to ensure the paper’s success. The agreement has set up accounts with current and new advertisers that will provide the Free Press with enough revenue to operate normally. On-campus advertisers will still be encouraged to advertise and will not be greatly, if at all, affected by the changes. Co-Editor in Chief, Vanessa Williams ’07, explained that “the Free Press has worked very closely with members of Babson administration as well as the Office of Campus Life to establish an arrangement that will benefit both groups.” The organization will be responsible for its own operations and financial well-being, including, of course, paying its own taxes. However, as a Babson organization, the Free Press will still be able to remain in its current office in the media suite and have access to many of Babson’s resources including computers and ITSD. Unfortunately, the timing for the decision comes out of struggles with the relationship between the Free Press and SGA over the past few semesters. A few semesters ago, the Free Press, and other campus media groups, faced tremendous budget cuts that limited the operations capabilities of the organization. Throughout the past year, the Free Press has been attempting to gain back its previous financial controls, but has had little success. The Free Press no longer has access to a bank or mail account, and so staff members must pay expenses out of pocket and wait for a reimbursement, sometimes accumulating over $500 on personal credit cards at any given time. The Free Press was able to make some head way with SGA over obtaining resources for needed office supplies, but only after they were repeatedly told that office supplies could not be budgeted, and thus personally incurred the costs of paper, toner, envelopes, and more without reimbursement. With the current setup, the Free Press obtains annual advertising revenue, which as of 2005, must be handed over to SGA. The Free Press then submits a request for a budget approval to operate, which typically covers little more than printing costs. As of next semester, the Free Press will be able to immediately deposit advertising revenue and use cash resources to pay for operating costs rather than using personal accounts. By regaining control over its resources, the Free Press hopes to be able to increase advertising revenue and create an internally efficient system once again. Upon financial independence, the Free Press will also be able to pay its members a minimal salary. Before 2005, members were paid approximately $5 per article, an amount much below the article’s worth. However small the amount, members felt appreciated with their weekly $5 or $10 check, and this encouraged a sense of professionalism and responsibility to be a consistent writer, even during finals or other times of increased work. Most Free Press staff mem Babson Community Beyond Babson Park Rebecca Soon Advertising Director ploma. That’s it.” As cut and dry as that may sound, that’s the way that some alumni feel, and it surely shows in post-graduate philanthropy. Currently, we’re at 21% Participation Rate, where our peer schools are at about 4050% or more. So where’s the disconnect? Those in the business believe that Babson isn’t sharing the message about how colleges and other nonprofits work. Most students believe that our tuition pays for the full cost of our education, but that is simply incorrect. Full tuition pays for less than 95% of the average cost of educating a student, and then over 50% of the student body is given $20million annually in financial aid. At the end of the day, revenue from tuition pays for about 68% of operating costs. Investments, Executive Education revenue, and Alumni Philanthropy cover the remainder of the costs. President Barefoot explains that “We have to teach people from the moment they step in the door what the business model is for higher education. Having a healthy endowment allows us continue to provide higher quality programs and experiences for the students and community of Babson.” Fritz Fleischmann, Dean of Faculty, describes that Alumni Philanthropy is a self-fulfilling prophecy. With more resources, Babson can provide Continues on page 2... Watching my senior friends get handsome job offers, hunt for mini-apartments in huge cities, and say goodbye with an equal amount of smiles as tears, I can’t help but think about who I will actually see or talk to in the future. Here at Babson we are friends, suitemates, and even business partners. But we all have asked ourselves to what degree that community will transcend after we walk across stage and receive that coveted diploma. Many people have an extremely emotional attachment to their college, finding life-long friends there, and forming a strong bond with their alma mater. That in turn translates to high rates of alumni philanthropy and an increasing endowment, which allows schools to provide more and better programs to students and alumni. Harvard, considered by many to be one of the best colleges in the country, also has the largest endowment fund and one of the highest rates of alumni philanthropy. But Babson doesn’t seem to have the same kind of effect on students. Many have described the relationship that students feel with Babson as simply ‘transactional’. One graduating Senior recently explained to me, “I paid tuition for my educaContinues on page 2... tion, and I’m getting my di- 2 THE BABSON FREE PRESS NEWS Gross went on to explain, “Our goal in annual giving is to get people in the habit of giving.” Whatever amount it may be, it is vital to the success of the institution for alumni to be engaged. Fleischmann added, “It’s not about giving millions of dollars to Babson, it’s about giving something of yourself and being part of a community.” So how exactly does Babson propose to get alumni from around the world actively engaged in a postgraduate community? I have a hard enough time getting together for dinner with friends that have moved to Boston. The answer is a mix of exciting regional programs, social networks, and a well developed website portal for alumni. Jill Lawlor, Executive Director of Alumni Relations explains that, “Here at Alumni Relations, we are devoted to creating opportunities to help alumni put Babson in their life in a meaningful way that builds a strong and engaged community. It is important for alumni that Babson still has meaning in relevant ways and that we continue to provide meaning for them in their lives, regardless of their ability to write a check.” First on President Barefoot’s list is a new and exciting website portal that will offer alumni a place to stay abreast on what is happening in various business fields and industries. Temporarily being called ‘Babson on Demand’, the portal will also allow alumni to create social networks around various affinity groups be they business disciplines, sports, clubs, or graduation classes. Barefoot explained the importance of this program by stating, “We need to take the things that we’re good at and create a value proposition for our alumni that emphasis life-long learning and using Babson to help stay connected to what’s going on with business in the world.” You probably got an email from President Barefoot last week asking you to take a survey about web-use that will be used for ‘Babson on Demand.’ As of the last count, over 4,000 members of the Babson community from students and faculty to alumni and affiliates responded to the survey. Barefoot commented, “The high level of response is encouraging as it tells me that many people care about this project and believe that this is something that they can benefit from. I’m also very excited that the survey attracted responses from members of the community that want to be intimately involved in the creation process.” Lawlor described many other regional programs that provide support to alumni groups to enhance the network for graduating seniors as well as current alumni. Programs and events are volunteer driven, allowing alumni to design and customize programs for the alumni in their area with the support of Babson. Events have ranged from Happy Hour in Manhattan to a weekend BBQ in the South or tea tasting in London. Finally, explains Lawlor, “Babson is very proud of its motto that ‘Innovation is our Tradition’, as we should be. I hope to show people that here at Babson, ‘Tradition is Innovative.’ Creating traditions such as ‘Back to Babson’ and ‘Founder’s Day’ is important in encouraging a sense of institution pride and community.” At the end of the day, since the moment we got here, we have each been a member of this amazing community. SUNDAY, MAY 21, 2006 Babson Alumni Outside Babson College Gives Back to Alma Mater better programs, which give students a stronger sense of pride, which then translates to increased participation rate, et cetera. Dean Fleischmann goes on to explain that “This is a wonderful community that is kept alive by a spirit of giving. If we think of our relationship with Babson as merely transactional, we give up the chance to belong to a meaningful community. A fundamental change needs to occur that redefines the relationship of students and alumni to Babson from a merely transactional one to the idea of a mutual gift exchange and a life-long connection.” Babson has been working hard over the past few years to ensure that the Babson experience will not be limited to the four years that we are in school here, but will always be an active part of our lives. Barbara Gross, Associate Vice President of Alumni Development conveyed that “We’re very focused on providing ways for people to feel a meaningful connection to Babson. That in turn translates to philanthropy, as people will only give if they feel engaged.” Continuation of front page Babson has given us the tools to be successful, and some of each of our successes is due in part to the gifts of financial, professional, and emotional support that we have been given. Fleischmann described perfectly that, “Each generation of Babson students stands on the shoulders of its predecessors, and as we inherit this community, so do we inherit not only its rights, but also the responsibility to care for generations to come.” One recent graduate described that she gives back to Babson clubs that she was in as a member here because, “I gained so much from being a part of those organizations. I want to make sure that other people have the opportunity to share in the same experiences that I did.” Phil Shapiro, Babson’s own Vice President of Finance/Chief Financial Officer expressed that “One of the great things that I’ve found about philanthropy in my own life is that the interaction often means more to the person giving than the person receiving.” I too think that it is so important to continue to be a member of the Babson community beyond graduation. It is important not only to enContinues on page 3... You’re so-o-o BAIN . . . Dear John, Congratulations on you probably think this ad everything you’ve is about you… accomplished. Always pursue your interests and well, Jackman, it is . . . Mark know that we are sure you Love from Mom, Dad, Kara will enjoy all that you discover. We wish you every future success. Continuation of front page SGA would probably claim Love, Mom, Dad, and Jason bers commit over 20 hours a week to the paper between researching, writing, editing, and conducting general business. The salaries are by no means the motivation for a staff writer to become involved, but rather an incentive for consistent and professional participation with a small token. SGA executive board members denied the Free Press’s request this year to reinstate the small salaries to organization members. Explained the President of the board, SGA hoped that students were involved with their organizations because they liked it, not because they were getting paid. Although, that the same rationale does not apply to its own executive board members that get paid over $1,000 each annually. The Free Press is very excited about the prospects of programs and services that it may be able to offer to its members and the entire community in the future. Rebecca Soon, Advertising Director stated, “We are now, more than ever before, dedicated to ensuring that the paper serves the needs of the Babson community.” The Free Press hopes that by moving forward next fall as a financially independent organization, they will be more equip to do just that. 3 THE BABSON FREE PRESS CLASS OF 2006 me. Each time I do so I am brought back to perhaps the best times in my life!” “I do think that it is difficult to grasp these concepts and their significance while working hard on course work, juggling jobs and internships, volunteering, and being an organization leader. But as you become an alum it should be a time to reflect and give thanks to all those who made this experience a reality for you.” “It is my hope that in years to come you will be back on campus often, share your news with us – good or bad – as we are more than just the place you spent the last four years – we are part of your legacy. Be part of ours!” SUNDAY, MAY 21, 2006 Babson Alumni Gives Back sure the success of the organization and the continued stellar reputation of our degree, but also to know that we are investing in the future of our community and ensuring that others will have the same opportunities that we have had. To conclude, I’d just like to share an eloquent message from Carol Hacker, a woman who, like many of her colleagues, truly lives her own beautiful words. “Annually I return that gift of my education to the institutions I have intended – some years I give in the name of scholarships, some years to an organization I was involved in, some years I just make the donation and ask that it be in the name of a former faculty or staff memContinuation of page 2 ber who meant a great deal to AMY CHRISTINE WETMORE As parents, you’ve made us extremely proud of your accomplishments. Beyond the academic mastery you’ve demonstrated, your faithfulness to a higher calling has guided your decisions, your friendships and your contributions inside and outside of Babson. It is with heart-felt prayers that we share your excitement for the next part of your journey beyond Babson. May your every step be blessed and reflect the gifts you’ve been given—by Babson and your Lord. Dear Sam, Congratulations on your wonderful accomplishment. Much happiness in life and success in all of your future endeavors. I am confident that you will have much success in all you do. Love, Mom For Jon M.DePalma - - - JON ! ! - - You Have Always Amazed Us With All That You Have Done And Accomplished And How You Have Touched Others Along The Way! “WE LOVE YOU AND ARE SO PROUD OF YOU” is only the beginning of how we feel as you graduate to a GR8LIFE of your own. Mom, Dad and Nicole 4 THE BABSON FREE PRESS CONGRATULATIONS SUNDAY, MAY 21, 2006 Dear Craig, Congratulations on your graduation! Looking back on your four years at Babson it’s hard to believe all you have accomplished. We are very proud of you and wish you much happiness and continued success as you move to NewYork City and begin your career at Citigroup. Love, Mom, Dad, and Cara 5 THE BABSON FREE PRESS CLASS OF 2006 Congratulations Eric Alder Class of 2006 You’re an achiever and we are very Proud of your accomplishments at Babson College. Love always, From your grandparents Isidoro & Marila With all our love, respect & pride Dad, Mom, Alan & Alex SUNDAY, MAY 21, 2006 Gina, Congratulations! We are proud of you and all your accomplishments! Wishing nothing but the very best for you in all your future endeavors! Your future is as bright as your smile. Love, Dad, Mom, Jenni, Christina and Melissa 6 THE BABSON FREE PRESS CONGRATULATIONS SUNDAY, MAY 21, 2006 Jocelyn, Congratulations on the outstanding works you have accomplished, such an important achievement. You have every right to be proud of yourself. Graduation may mean no more school tests, but be prepare on the tests the world will give you and you will give yourself on the long way ahead of you, be confidant and be successful. Love from Dad and Mom Frank and Wendy Chao Hey Georgia, It’s hard to believe four years have passed. You’ve worked so hard to accomplish your dream of going to Babson. We’re all very very proud of you and love you very very much. Continue to work as hard maintaining your good work ethic, loyalty, and dedication, and definitely… you will be successful in anything you attempt. With our love Me’ agapi Dad, Mom, Billy, Irene Good Luck Class of 2006! Dear Chaim, Congratulations on your graduation! Your achievements in the classroom and within the Babson community are a testament to your hard work and values. We are very proud of you and wish you continued success, health and happiness as you begin the next exciting chapter in your life. Love, Dad, Mom and Sophie 7 THE BABSON FREE PRESS CLASS OF 2006 SUNDAY, MAY 21, 2006 To the Class of 2006, Best Wishes from All of Us Faculty and Staff Arts & Humanities Division and History & Society Division CONGRATULATIONS GREG!!! WE KNOW YOU WILL LIVE YOUR DREAMS AND DARE TO BE GREAT. WITH LOVE ALWAYS, MOM, DAD, JAMES, GRANDMA & NANA Congratulations Don!!! Mom, Dad, Ron, Anya, Julie, Benji, Eris, Drew, Dahlia, Pitza, Lil’ Dog, & Billie Bob 8 THE BABSON FREE PRESS CONGRATULATIONS Woody! Josehine Chaus JP Morgan Chase JPMorgan Chase JPMorgan Chase JPMorgan Chase JPMorgan Chase KPMG KPMG KPMG LLC - Boston Office KPMG LLP KPMG LLP KPMG, LLP Lehman Brothers Lehman Brothers Levent CEBI Liberty Mutual Group Lincoln Investment Planning Liz Claiborne Lufussa Me Meditech Mellon Financial Midnight Express Power Boats, Inc. Mistico Jewelry Myself Navigant Consulting Navigant Consulting NBC Universal New England Consulting Group New England Consulting Group New Star Financial Newmark Knight Frank Nickerson PME Nike, Inc Optiver Page Enterprises, Inc. Page Garment Exports Parker Global Strategies, LLC PriceWaterhouse Pricewaterhouse Coopers PriceWaterhouse Coopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PriceWaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers PricewaterhouseCoopers purificadores caracas PWC PwC Rabobank International Rabobank International Ralph Lauren Raytheon Robinsons Group of Companies Saldutti Family Business Samet & Company, PC Sears, Roebuck and Co. Self Self-Employed Shell SLG SMILES SolidWorks St. Paul Travelers Statistical Innovation Inc Strategic Financial Partners SunTrust Robinson Humphrey Suplysource Inc Taurus Investment Holdings LLC TFC CONSULTING The Kessler Group The Spa at Litchfield Hills Tiger Capital Group TJC TJX Company Trillium Trading Twins Enterprise U.S. Gas U.S. Sealcoat & U.S. Paving UBS Unilever United Gulf Management Wells Fargo Westfield Capital Management SUNDAY, MAY 21, 2006 Where They Are Going... Accenture AG Edwards Alejandro Bautista American Express Company Ameriprise Financial Services, Inc. Ameriprise Financial, Inc. Aon Corp. ARAMARK Babson College Bain Capital Banc of America Securities, LLP BDO Seidman BDO Seidman LLP BearingPoint BlackRock BlackRock Boston Globe Boston Realty Advisors Brian Burke Brown Brothers Harriman Bullhorn Bullhorn Bullhorn Inc. business solutoins inc Cambridge Associates Canaccord Adams Cancer Treatment Centers of America Capital Empire Managemnet Carey Manufacturing Carlos Palau Celerant Consulting CGI-AMS Christopher Cicchitelli CIT CIT CIT CIT Group Citigroup Citigroup Maghreb Clarkston Consulting Clarkston Consulting Crate and Barrel Davis Companies De Guardiola Advisors Deloitte & Touche Deloitte and Touche Digitas Droege & Company Electric Insurance Electric Insurance Company Ellis Building Corporation EMC EMC EMC EMC Corporation EMC Corporation EMC Corporation Enterprise Rent-A-Car Ernst & Young FactSet Research Systems Fast ATMs Fidelity Fidelity Investments Fidelity Investments Fidelity Investments Finard & Company FTI Consulting Gary Woolf General Electric Goldman Sachs & Co. Gopal Shroff Great American Group Guy Carpenter Hannafor Bros., Inc. Hannaford Bros Harris Associates LP Harris Williams & Co. Hearts on Fire Diamonds Hiroshi Ohara Hitachi Consulting HP Hood HSBC HSBC Holdings Insight Global Jacques Builders JAMAR Industral S.A. de C.V. Jefferies & Company Jerry’s Sport Center Joe Koplowitz John Hancock John Hancock John Hancock John Hancock Segway to the Future Andrew Woodward - Babson Class of 2006 Congratulations and Love from Dad, Mom and Lauren CONGRATULATIONS To ALEX STEIN And The Babson Graduating Class of 2006! We are so happy to be celebrating This wonderful time with you! Love, Mom, Dad, Eric, Josh, Christine, Grandma and Grandpa