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DUKE UNIVERSITY NEWS
Duke University Office of News & Communications
http://www.dukenews.duke.edu
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FOR IMMEDIATE RELEASE: June ________________________
CONTACT: Chris Privett
(919) 660-8090
chris.privett@duke.edu
DUKE MBA STUDENTS OFFER SMALL BUSINESS CONSULTING SERVICES
DURHAM, N.C. –- MBA students at Duke University’s Fuqua School of Business want to help small businesses in the Triangle area that need consulting help but cannot afford to pay the typical fees of consulting agencies.
Through the Fuqua Small Business Consulting program, MBA students can take a course for credit to help companies solve their business problems, and companies can benefit from the students’ analyses and recommendations related to their business challenges.
Over the past 25 years, Fuqua students have assisted more than 300 local companies through this consulting program. Past activities have included: improving accounting systems, financial analysis; diagnosing management problems; inventory control; operations; information technology; improving company web pages; market surveys to develop market strategies; human resources; and manufacturing.
Last year, Fuqua teams worked with: BioMedomics, The Chordoma Foundation; Durham Affordable Housing Coalition; Healing With CAARE, Inc.; Southern Energy Management; and Triangle Brewing Company, Inc. The consulting work included specific recommendations and a detailed implementation plan. Each client was extremely pleased with the results.
Several of the recommendations have already begun to be implemented.
To be considered for the program, businesses must meet the following criteria:
-- Be in business for at least one year;
-- Be within a one-hour drive of Duke;
-- Have revenues exceeding $100,000 for the past business year;
-- Management is willing to provide financial data (one-year minimum) and operational data to the student consultants;
--Management is willing to be available to meet with the student team a minimum of five times during the course of the consulting engagement (October 2008 through April 2009);
-- Management will pay a $200 administrative fee if accepted into the consulting program.
Other organizations that have participated recently are: Bridges Consulting Group, FlightGest (charter flights; pilot training; airplane maintenance and FAA certification assistance); Four Square Restaurant; NSTAR Global Services, Inc. (Randy Nelson President); PharmaDirections (Dr. Rick Soltero, President); Tumbling Colors, Inc. (Chuck Stewart, President); Zycare, Inc. (Sandra Cumming, President); Scotties Building Services; Triangle Sports Group; and Virtual Heroes (video game producer for Department of Defense training).
“Students are eager to take their classroom knowledge and apply it to real-world situations,” said Bill Sax, who begins his 22nd year of teaching at Fuqua this fall. “Organizations benefit from the practical advice they receive from the students, who average five years’ business experience between their undergraduate studies and before entering The Duke MBA program.”
Non-profit organizations are welcome in the program. Past participating not-for-profit organizations are:
The students select those clients that best match the experience, interests and abilities of the consulting teams. Once selected, business owners meet with the student team to discuss the problems to be addressed.
The students begin the consulting project in October and hold about five or six meetings with the client through April. It is critical that the students have access to the financial data of the company, regardless of the problems to be studied, Sax said: “Without complete financial information, it is like trying to decorate a house in the dark.”
Sax regularly reviews the students’ progress until they successfully complete the project with a formal oral and written presentation for the client. Every student signs a letter of confidentiality before the consulting engagement begins.
The Fuqua School of Business is now accepting applications for the fall 2008 consulting program. The application deadline is August 31.
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Interested parties can obtain a brochure and application by calling Beverly James at (919) 660-7789 or via e-mail at texas@duke.edu.
The program application, brochure, and overview are also available online at www.fuqua.duke.edu/studentconsulting. Click on Small Businesses on the left side, then on application, brochure and overview on the right.
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