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These topics include hot button issues NACS is watching closely, as well as topics that are important to convenience retailers and their businesses.
Date: July 14-19, 2019
Location: The Wharton School | University of Pennsylvania, Philadelphia, PA
Invigorate Your Expertise
NACS Financial Leadership Class of 2018
The NACS Financial Leadership Program at Wharton is designed for high-potential convenience leaders who have been challenged by their companies to expand their financial insights and, in turn, provide greater value to their organizations. The curriculum includes case studies for the convenience and fuel retailing industry, using information from the NACS State of the Industry Report®, allowing attendees to hone their skills through exercises that are relevant and applicable to their organization.
Held on the University of Pennsylvania’s Ivy League campus, this program helps convenience leaders:
Wharton is renowned for its expertise in finance education, understanding the intricacies and implications that affect corporate finance, portfolio management and international finance.
“As the CEO of a small family business, I gained a great deal of insight into the financial metrics that can help my business grow.”
-Lisa Dell’Alba, President/CEO, Square One Markets, Inc.
For any questions or to request more information, please contact:
Who Should Attend?
Geared towards finance executives who are looking to take their department to the next level of sophistication and strategy by building a skill set that will go beyond the classroom and positively affect an organization’s bottom line, the NACS Financial Leadership Program is designed for these target audiences:
Participating Companies Include
The NACS Financial Leadership Program at Wharton is designed for high-potential convenience leaders who have been challenged by their companies to expand their financial insights and, in turn, provide greater value to their organizations. Check out the sessions planned for the 2019 program:
Leadership, Greg Shea
This session uses a highly interactive workshop approach to explore individual participant working definitions of leadership, the evolution of that definition, and its implications. Those definitions shape how we think, to be sure, but they also shape how leaders see and how they act. This work will serve both participant integration of the work of the week AND their plans for continued leadership development. The instructor will use leadership theory to structure and facilitate the discussion.
C-Suite Thinking, David Wessels
To drive best-in-class performance, executives need insightful tools to measure performance and proactively manage their business. In this session, we create a cutting-edge dashboard that gives executives better visibility into their business. Unlike most current performance indicators however, this dashboard will focus on how the metrics are interconnected in order to provide a holistic view of the business and avoid “managing to the metric”. Objectives include how to create an integrated set of performance metrics that provide insight into the performance of a business; identifying which operational levers have the greatest impact on the business; and determining when intervention is required and what it will take to a project back on track.
Competitive Strategy, Harbir Singh
In this session, participants examine processes for creating value from the customer's perspective. Specific topics may include developing a sound competitive strategy, implementing an adaptive planning process that harnesses the power of bottom-up understanding of market opportunities, the impact of top-down vision, gaining access to markets, product innovation, channel design decisions, and identifying the conditions for successful strategy renewal. Participants will review different strategies to achieve a market leadership position: operational excellence, customer intimacy, and performance superiority.
The Link between Corporate Strategy and Value Creation, David Wessels
Too often, organizations equate growth to value. But top-line growth can be deceiving. What really matters is whether the company's growth is profitable, whether it is sustainable, and how much investment is required to achieve it. During this session, participants examine how companies create shareholder value and why traditional performance measures, such as earnings per share and cash flow fail to measure value. They derive a simple valuation model, enabling them to tie value creation directly to corporate strategy. This session will teach participants to: Explicitly measure the company's key value drivers: return on investment and organic revenue growth. Prove why existing performance measures, such as earnings per share and cash flow, fail to measure value. Link financial measures directly to corporate strategy, mapping out historical financial targets to company initiatives.
Customer Centricity, Peter Fader
Customer Centricity: The Impact on Business Valuation More and more firms are talking about “customer centricity” as a new management framework that allows companies to use data to build stronger relationships with customers. But many companies have very different perspectives about what customer centricity means, and these definitions are often quite contradictory. This session serves to clarify this important concept and conveys what you really need to know about this general area. We start with some historical background to explain the evolving shift away from traditional “product-centric” thinking, then focus our attention on the definition/nature of customer centricity: we discuss what it is and isn’t, and touch on some of the key elements in implementing it successfully. We then dive into the financial implications: how does a customer-centric mindset change the way a company approaches valuation activities and communicates them to internal and external stakeholders?
Financial Forecasting and Financing Growth, David Wessels
Although strong growth can lead to tremendous gains in shareholder value, it can put a strain on a company's resources. In fact, many companies have grown themselves into bankruptcy. During this session, we construct an integrated set of financial statements in order to determine its potential for future growth. We identify financial levers to further enable additional growth and discuss why these levers often conflict with a company's market positioning. We close the session by deriving a simple formula that can predict a company's sustainable growth. This session will teach participants to: Develop a set of pro-forma financial statements; Determine the sustainable growth rate for any company, given its financial performance and sources of financing; Evaluate the effects of a company's strategic actions on revenue growth and market positioning.
Key Performance Indicators, David Wessels
For many of the rank and file, corporate-wide financial metrics appear impenetrable. Yet, collectively each employee affects the ability of the organization to create value. The company financial leadership must therefore build a bridge between employee actions and financial performance. This is done through a carefully crafted set of key performance indicators. Only then does each person know how they can drive value in their specific role.
Strategy Under Uncertainty/Scenario Planning, Jim Austin
Either as a stand-alone seminar or part of “Strategic Options and Initiatives”, this workshop introduces the key steps to scenario planning and applies the framework to help participants develop their own “alternatives” for the future. Using the futures developed, attendees can “stress test” existing strategies, or develop new strategic options that reduce risk, and increase growth opportunities given future uncertainty.
Strategic Execution, Jim Austin
As Larry Bossidy explains, good strategies are only as good as their execution. Unfortunately, most managers see strategy formulation and strategic execution as two separate efforts, rather than an integrated set of iterative moves. This half-day seminar will guide participants to understand: The ideal relationship between Strategy Development and its Execution; A simple, three-step model to optimize execution; How to drive change within their organization.
Growing the Enterprise through M&A, David Wessels
For years, academic studies have shown that acquirers' stocks underperform relative to the overall stock market and other comparable firms. History has repeated itself once again, as recent deals have produced similar disappointing results. Given estimates that that 80% of acquisition fail to return their cost of capital, we examine from an extremely critical eye, which deals have the best chance of creating value, which are destined to fail, and at what point we should walk away. After this session, you will be able to: Critically analyze empirical evidence regarding over-payment, success rates, and success predictors; Assign potential synergies into sources of “credible” value creation; Estimate and size required synergies using a bottom-up approach (via the business system) or a top-down approach (via the key value driver formula).
To get a better understanding of what the program offers, take a look at the Program Curriculum (PDF). The curriculum is subject to change.
The NACS Financial Leadership Program takes place on the campus of the prestigious Wharton School of the University of Pennsylvania and combines the exclusivity of an Ivy League education, and the intimacy of a small class environment and direct access to Wharton professors. Meet the 2019 speakers:
Jim Austin, a former senior executive at Baxter Healthcare, combines business strategy and organizational development theory with extensive industry experience. His expertise is in working with senior management on strategic planning, organizational change, strategy execution and new business growth. In June 2016, Springer published his book, Leading Strategic Change in an Era of Healthcare Transformation, co-authored with two other Brown University faculty, for healthcare leaders trying to drive transformational change in their institution.
He has tailored and delivered senior-level seminars for Wharton Executive Education on Strategy, Strategic Execution, Scenario Planning and Critical Thinking for a number of leading companies including Boston Scientific, Coca-Cola, Lincoln Financial, GE, and Hitachi. Jim is a Business Management Professor at the Lake Forest Graduate School of Management where he received the “Most Distinguished Corporate Education Faculty Member” (2009-10) and the “Learning Excellence” (2012) awards. He is also an Adjunct Faculty in the Department of Health Systems Management, College of Health Sciences, Rush University, where he teaches a graduate seminar on Healthcare Ethics.
From 2005-2016, Mr. Austin worked at Decision Strategies International, leaving as a Senior Principal. There he led numerous projects including scenarios of the future for a Medical Devices firm; R&D priorities for a major consumer products company; a strategic plan for the American College of Radiology; scenarios of the future for the League of Southeastern Credit Unions; a new vision/priorities at RAND Health and Board strategic planning facilitation for the United Nations Federal Credit Union. Jim now heads his own Executive Education/Consulting firm, JH Austin Associates, Inc.
Prior to joining Decision Strategies, Jim worked for 12 years at Baxter Healthcare, the last four as Vice President of Strategy Development for the Renal Division. Jim identified new business opportunities, facilitated annual strategy planning processes and worked with senior management on organizational development for this rapidly growing, nearly $2B Division. Before Baxter, Jim was Assistant to the President for ANCHOR HMO, a subsidiary of Rush Medical Center, Chicago. Prior to his move to Chicago, Jim worked as a Consultant for Arthur D. Little, Inc., where he led a number of large-scale planning, business development and strategic positioning studies. Between college and graduate school, Jim spent four years as an Economist/Planning Officer in the Ministry of Finance, Botswana.
Jim holds a B.A. in Economics and Politics from Yale University. He was a Special Student at the Massachusetts Institute of Technology in the Urban Studies Department, and received a joint Masters in Public Affairs (MPA) and a Masters in Urban and Regional Planning (MURP) from the Woodrow Wilson School, Princeton University. Jim was past Chairman of the Strategic Leadership Forum, a Board Member of the National Kidney Foundation of Illinois, a past Member of the Board of Directors for the University Club of Chicago, Treasurer of LaSalle Language Academy and Member of the Admissions Committee for the Latin School of Chicago.
Peter S. Fader
Peter S. Fader is the Frances and Pei-Yuan Chia Professor of Marketing at the Wharton School of the University of Pennsylvania. His expertise centers around the analysis of behavioral data to understand and forecast customer shopping/purchasing activities. He works with firms from a wide range of industries, such as telecommunications, financial services, gaming/entertainment, retailing, and pharmaceuticals. Managerial applications focus on topics such as customer relationship management, lifetime value of the customer, and sales forecasting for new products. Much of his research highlights the consistent (but often surprising) behavioral patterns that exist across these industries and other seemingly different domains.
In addition to his various roles and responsibilities at Wharton, Professor Fader co-founded a predictive analytics firm (Zodiac) in 2015, which was sold to Nike in 2018. He then co-founded (and continues to run) Theta Equity Partners to commercialize his more recent work on “customer-based corporate valuation.”
Fader is the author of Customer Centricity: Focus on the Right Customers for Strategic Advantage and coauthor with Sarah E. Toms of the book The Customer Centricity Playbook. He has been quoted or featured in the New York Times, the Wall Street Journal, the Economist, the Washington Post, and on NPR, among other media. In 2017, Advertising Age named Professor Fader as one of its inaugural “25 Marketing Technology Trailblazers,” and was the only academic on the list.
Gregory P. Shea, Ph.D
Gregory P. Shea, Ph.D., consults, teaches, researches, and writes in the areas of organizational and individual change, leadership, group effectiveness, and conflict resolution. He is a Senior Fellow at the Wharton School’s Center for Leadership and Change, Adjunct Professor of Management at the Wharton School of the University of Pennsylvania and of its Aresty Institute of Executive Education, Adjunct Senior Fellow at the Leonard Davis Institute of Health Economics at the Wharton School, President of Shea & Associates, Inc, Senior Consultant at the Center for Applied Research, and a principal in the Coxe Group, an international consulting firm serving the design professions. He served as Academic Director for the Johnson and Johnson/Wharton Program for Health System CEO’s and for fourteen years as Academic Director for the Johnson and Johnson/Wharton Fellows Program for Nurse Executives. His awards include an Excellence in Teaching Award from Wharton. He is a member of the Academy of Management and the American Psychological Association.
He has co-authored We Can Fix Healthcare: The Future Is Now (2016), Leading Successful Change: 8 Keys to Making Change Work (2013), Your Job Survival Guide: A Manual for Thriving in Change (2009), American Healthcare & the Consumer Experience (2005), and The Phantom Stethoscope: A Field Manual for Finding an Optimistic Future in Medicine (1999) and has contributed chapters to the following books: Business Management for the Curious: Why Study Business Management (2015), Strategic Thinking and Entrepreneurial Action in Health Care (2007), Medicine and Business (2000), Handbook of Industrial and Organizational Psychology (2nd edition; 1992), Managing Hospitals (1991), and Research in Personnel and Human Resource Management (Volume 5; 1987). Dr. Shea's writing has appeared in the Sloan Management Review, Journal of Applied Management, Journal of Applied Behavior Science, Journal of Conflict Resolution, British Journal of Social Psychology, Journal of Management Development, Healthcare Transformation, Nursing Administration Quarterly, Annals of Surgery, and School Administrator. He serves as Associate Editor of Healthcare Transformation and has also served as contributing editor to the Journal of Applied Behavioral Science and as a reviewer for Group and Organization Management, Journal of Applied Psychology, Management Decision, Personnel Psychology, Personality and Social Psychology Bulletin, Psychology Bulletin, and the American Journal of Medical Quality.
Dr. Shea is a Phi Beta Kappa graduate of Harvard College and holds an M.Sc. in Management Studies from the London School of Economics and an M.A., M. Phil., and Ph.D. in Administrative Science from Yale University. His website is http://gregoryshea.com/.
Harbir Singh, Ph.D
Harbir Singh is the Mack Professor of Management, co-director of the Mack Institute for Innovation Management, and faculty director of the Huntsman Program for International Studies and Business at the Wharton School. Committed to global business research and education, he has served as vice dean for Global Initiatives at the Wharton School. He focuses on the development of world-class capabilities and of sustainable competitive advantage. His main interests in research and teaching lie in three areas: strategic leadership, growth and innovation via alliances and acquisitions, and the evolution of competitive strategy.
Harbir has won multiple awards for outstanding research in strategic management at the Academy of Management in addition to awards for teaching. He received the Academy of International Business Decade Award for his co-authored work on determinants of modes of entry by multinational firms into new country markets. He was chair of the Business Policy and Strategy Division of the Academy of Management and is the former dean of the fellows of the Strategic Management Society. He is the author of several books on strategy and leadership in a global setting.
Harbir received his PhD at the University of Michigan. He is the academic director for several of Wharton’s open enrollment executive programs, including Creating and Implementing Strategy for Competitive Advantage and Driving Growth through Strategic Partnerships, and is a lead faculty member in the Mergers and Acquisitions program. Additionally, he teaches and directs numerous customized programs for companies and associations around the world.
Harbir has been a visiting faculty member at London Business School; Bocconi University in Milan; and the University of St. Gallen, Switzerland, as well as a founding faculty member of the Indian School of Business. He has also conducted executive seminars on competitive advantage, globalization, acquisitions, and alliances for many companies including IBM Corporation, Pfizer, Verizon, AT&T, and Daimler.
David Wessels, Ph.D
David Wessels is an Adjunct Professor at the Wharton School of the University of Pennsylvania. Named by BusinessWeek as one of the nation’s top business school instructors, David teaches courses on corporate valuation, investment banking, and venture capital to undergraduates, MBAs, and executives in Philadelphia and San Francisco. He has been recognized by his students with the school's top MBA teaching award, and recognized nationally for his research on organizational structure and financial performance. His book, Valuation: Measuring and Managing the Value of Companies, co-authored with McKinsey & Company partners Tim Koller and Marc Goedhart, is a standard text for corporate valuation and performance management.
In addition to his teaching on campus, Professor Wessels serves on the executive development and training faculties at Bank of America/Merrill Lynch, Boston Scientific, BP, Deloitte & Touche, The Estée Lauder Companies, Home Depot, Google, IBM, Lockheed Martin, McKinsey & Company, Medco Health Solutions, MetLife, Microsoft, Philips, Santander, Unisys, and UPS. He has also served as an advisor to the United States in WTO trade disputes regarding valuation and value creation.
Before joining Wharton, David served on finance faculty of the Goizueta Business School at Emory University. Prior to Emory, he was a management consultant with McKinsey & Company and a technology analyst for Boston-based Harbourvest Venture Partners. David holds a Ph.D. in finance from the Anderson School at UCLA, a B.S. in economics and a B.A.S in computer science from the University of Pennsylvania.
Registration for the 2019 NACS Financial Leadership Program at Wharton is closed. If you would like to get more information, or to inquire whether it may still be possible to attend, please contact Brandi Mauro at email@example.com or (703) 518-4223.
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The Wharton School | University of Pennsylvania
Steinberg Conference Center
255 South 38th Street
Philadelphia, PA 19104
Lodging at The Steinberg Conference Center on the University of Pennsylvania campus and scheduled meals are included in the total cost of the program. NACS will handle the booking of your room.