I Said, You Said: He’s the Entrepreneur: How Two Partners in a Marriage View the Entrepreneurial Search Fund Journey

Abstract

Justin Schulte (SOM ‘19) entered the Yale School of Management MBA program to discover how he could leave school on an entrepreneurial career track. Before arriving at Yale, Schulte had worked in Fortune 500-type organizations. While he enjoyed that experience and learned a great deal, he was ready to move in a direction where he could be his own boss, have more control over his life, and build some wealth for himself and his family.

During his studies, Justin learned about search funds, an investment vehicle where entrepreneurs can purchase businesses and immediately become the CEO. The case investigates how Justin and his partner viewed the journey of becoming an entrepreneur through a search fund.

This case was prepared for inclusion in Sage Business Cases primarily as a basis for classroom discussion or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use only within your university, and cannot be forwarded outside the university or used for other commercial purposes.

2024 Sage Publications, Inc. All Rights Reserved

Resources

Exhibit 1: Justin Schulte CV

The CV of Justin Schulte is as follows:

WILLIAM “JUSTIN” SCHULTE

education

YALE SCHOOL OF MANAGEMENT New Haven, CT

Master of Business Administration (MBA) 2019

GMAT: 740 (96th percentile)

Club Involvement: Christians in Business (co-lead). Africa Business Club (co-lead), Private Equity, Entrepreneurship

Recipient of Judith Bernstein Memorial Fund and Borg Fellowship

UNIVERSITY OF LOUISVILLE Louisville, KY

Master of Engineering (MEng.), Mechanical Engineering, summa cum laude 2010

Bachelor of Science (BS), Mechanical Engineering, summa cum laude 2009

Dean’s Scholar (GPA 3.92/4.0)

Led “5:16” Campus Ministry; Member of Tau Beta Pi Honor Society; various mission work with Highview Baptist Church; organized intramural sports teams

professional experience

GOSPEL & GRAIN (NGO supporting at-risk children in Ethiopia) Addis Ababa, Ethiopia

Business Development Intern 2018

Achieved a gross operating margin ow 24%, anticipated net margin over 13% for feasibility study on Baltena (Ethiopian spice mixtures) business to provide sustainable income to NGO

Researched market/industry, hired labor, procured raw materials, and oversaw operations to produce over 900 lbs of 7 Baltena products – accomplished in less than 2 months for under $3K (including start-up costs)

CUMMINS INC – SALES AND SERVICE Louisville, KY

Six Sigma Black Belt    2014–2017

Led a 6-member cross-functional team in developing Power Generation business processes for Cummins East Region (largest market in North America) – at time of departure, on plan to increase yearly service gross profit by $4M+

Trained and launched new field service software, decreasing paperwork processing time by 10% at local service branches

Coordinated field service fleet needs for territory (ordering, transferring, up-fit of $15M+ m vehicle assets)

CUMMINS INC – ENGINE BUSINESS (Engineering Development Program) Columbus, IN

Senior Customer Applications Engineer 2014

Conducted installation quality assurance testing on key customers’ highest volume line of industrial equipment, verifying full functionality of a pre-production engine 2 months ahead of schedule

Quality Engineering Manager, Columbia Mid-Range Engine Plant 2013–2014

Managed hourly quality team and automated recurring morning tasks, reducing daily waste by 45 minutes per employee

Identified root cause and resolved recurring defects (ex. cylinder head debris leak reduction from 2 daily to 1 weekly, saving ~$100K yearly)

Systems Performance Engineer 2011–2013

Demonstrated an 8% efficiency improvement on a government project engine by optimizing waste heat recovery system

Authored 1st Cummins Engineering Practice on calibrating waste heat recovery models

Design Engineer 2010–2011

Designed, analyzed, and procured air handling system on a prototype government demonstration engine, achieving 15% lower pressure drop than any previous production engine in the Heavy-Duty market

Mentor for new college hire and intern (selected by director of department 9 months in to 18-month rotation)

additional information

Board Member for Gospel & Grain (at-risk children’s center in Addis Ababa, Ethiopia) – 70% growth in children supported since joining board 1.5 years ago

Other Interests: Community group leader for “Young Married Couples Class” at Highview Baptist Church (Louisville, KY); Service project organization (Habitat for Humanity, Highview Homeless, Loving Louisville); International adoption advocacy; Organizing recreational sports teams, Weightlifting, Fishing.

A CV of Justin Schulte.

This case was prepared for inclusion in Sage Business Cases primarily as a basis for classroom discussion or self-study, and is not meant to illustrate either effective or ineffective management styles. Nothing herein shall be deemed to be an endorsement of any kind. This case is for scholarly, educational, or personal use only within your university, and cannot be forwarded outside the university or used for other commercial purposes.

2024 Sage Publications, Inc. All Rights Reserved

locked icon

Sign in to access this content

Get a 30 day FREE TRIAL

  • Watch videos from a variety of sources bringing classroom topics to life
  • Read modern, diverse business cases
  • Explore hundreds of books and reference titles