Leadership and business strategy: The stakes are high, the recommendations real

KALAMAZOO, Mich.—The buzz as you enter Sleeping Giant Capital is undeniable—students engaged in problem-solving and debate, all professionally dressed and ready to do the challenging work of understanding how businesses evolve and thrive. 

Sleeping Giant Capital is a place-based investment firm with a focus on West Michigan companies and preserving local ownership of area companies. Led by Dr. Doug Lepisto and Dr. Derrick McIver, the firm is the lynchpin of Western Michigan University’s leadership and business strategy (LBS) program. Sleeping Giant Capital’s operating businesses become clients for the Leadership and Business Strategy Practicum, an advanced experience for students majoring or minoring in the program where they spend a semester diving into primary and secondary research to answer critical questions. The work centers on developing strategies for growth, innovative business models and potential new markets for the operating companies.

The student growth throughout the sequence of LBS courses is exponential, but they all start with the first class—Leading in Business Organizations.

Leadership and life

“It’s okay to say ‘I don’t know,’” says Lepisto as he talks with a group of students in the Leading in Business Organizations course. “Don’t try to fake it. You can say ‘That is a question we haven’t researched yet.’” He adds, “It’s okay to be nervous the first time you present in front of a group. It’s natural, and the more you practice, the more confident you will be. You’ll be able to anticipate how to handle evolving dynamics in a meeting.”

Lepisto is not just introducing foundational business concepts to students, he is guiding them in developing authenticity and self-assurance as professionals, as well as healthy habits as students.

“When I was looking for an elective course to take that would help me in the professional world, I decided that this class would be a really good fit based on what I had heard about it,” says Mady Muir from Saline, Michigan. “I have some social anxiety, and I knew that the experience I would gain in public presentations and interpersonal connections would really help me practice people skills. Today, I appear a lot less nervous even if I still have some internal nerves. I am progressing.”

The class was the right choice for Muir, which she reflects on quite a bit as a senior approaching graduation.

“This course has pushed me outside my comfort zone and taught me so much about myself. I am heading off to graduate school for accounting in the fall, but if I had more time, I would continue in LBS. I am actually really bummed that I can’t take more classes like this.”

Beyond business fundamentals, Muir notes she has learned the importance of surrounding yourself with people you aspire to be like, as well as prioritizing school and career goals and not getting distracted from her goals by social life during college.

For some students, the course content is so compelling that what started as exploring leadership and business strategy has turned into a second major and potential career. “When I started this course, I felt like I was good at talking with people and expressing ideas clearly,” says Cadelyn Takace from Kalamazoo, Michigan. “It is humbling to practice these skills and realize you need to up the level of your professional communication. I have gained so much from this course that I have decided to add a semester to my time at Western and get the LBS major.”

In this course, students are introduced to the key elements of being a business analyst, and it is Lepisto’s guidance and mentorship that gets them ready for that role. And the connection between professor and students is felt the moment you walk into the room.

“I would recommend this course to anyone,” says Travis Fraley from Canton, Michigan. “The first day of class, Doug already knew our names. He interacts with us more as a coach rather than a teacher. He has inspired me to work harder and be a better person.” 

It’s a sentiment that many in the class share. 

“Doug is the most amazing person and teacher I have ever met in my entire education,” says Ja’Don Brown-Warren from Detroit, Michigan. “He really cares for all his students and puts a lot of energy into his teaching. I am so thankful for all I have learned from him during this semester.” 

The relationship between Lepisto and the students is critical, as are the bonds between peers in the course. Additionally, student mentors in the Leadership and Business Strategy Practicum visit this class and share expectations of what it means to be a business analyst for Sleeping Giant Capital and to lead an analyst team.

Taking problem solving and leadership to the next level

Working in depth on a project with a Sleeping Giant Capital operating company is the core of the Leadership and Business Strategy Practicum. For 16 weeks, students work with the professors and a mentor to provide different approaches to solving the same business issue.

In the spring 2026 semester, students focused their analyst efforts on two companies—Pondera Leadership Consulting and Rep-Lite, both of which are led by CEO Kelly Conway.

The practicum is an experience where working and learning co-evolve. It isn’t a job and it isn’t an internship. It is a structured iterative process with support that allows students to go far beyond the entry-level work that they might encounter in their first job and also bypass case studies or simulations. Student teams approach the same questions for the CEO of one of Sleeping Giant Capital’s operating companies with a common data set, particularly company and industry financials. Across 12 teams, students work as analysts and lead business analysts alongside Sleeping Giant’s team to recommend new markets and entry strategies. 

“The data should guide the recommendations always,” McIver shared in a recent class. “This isn’t opinion. This is about what we know or don’t know from the data we were able to collect. Look at everything—data that supports a hypothesis you had, as well as what is surprising and takes you down a new path. There will still be questions that we didn’t get to or areas where the data did not tell us a clear story.” 

McIver’s advice is key for many of the student teams. 

“Adapting our recommendation for new markets based on the data we gathered has been a challenge,” says Grace Olds from Pinckney, Michigan. “We initially expected more data, but the nature of cold calling limited our results despite strong effort from the team. Overall, our approach has been thorough and grounded in the research we’ve conducted over the semester, focusing on shaping a clear narrative for the client. While the recommendation is still a work in progress, I’m excited to refine and present it.”

When stakes are high, tensions also are, and that is something Olds has navigated. “One of the most valuable aspects of the LBS program is working alongside highly opinionated, driven individuals. With that naturally comes tension, especially on a project of this caliber, but that tension has made our work stronger. It pushes us to question assumptions, consider perspectives we might have otherwise overlooked and arrive at more well-rounded recommendations.”

The students in the practicum have all taken the Pondera Virtual Assessment, a robust personality assessment developed by one of the companies they are consulting for. Looking at the results, students are more aware of their leadership styles, embracing that tension can be a driver of better outcomes versus a barrier.

When Olds reflects on what the LBS program has given her, a few things spring to mind immediately: Accountability in a team, professional collaboration and better team and leadership skills. 

“The easier route would be for Sleeping Giant Capital to hire professional analysts to do this work,” says Lepisto. “But we believe in the potential to teach our students the fundamentals of business analysis and leadership through this process. The student teams deliver well-researched, compelling recommendations with a real value proposition for our clients, and we all get to be involved with helping the next generation of business leaders grow and develop.” 

The fact that the stakes are high and the recommendations are real is what makes the LBS model work. “This class really prepares you for the business world,” says Teague Shipka from Northville, Michigan. “The real-time feedback in this course, combined with the opportunity to continually refine a project, has been the most valuable experience I’ve had. It has taught me lessons I’ll carry with me both as an individual and as a professional.”

Seeing the students through this advanced consulting experience is Craig Hopkins, MBA’97, chief information officer for the City of San Antonio, who serves as a mentor and is Sleeping Giant Capital’s chief practicum officer.  

“I spend the first few weeks coaching them, being a sounding board, and providing them with both empathy and a vote of confidence that they will deliver outstanding recommendations to the client,” says Hopkins.

Then the script flips after midterms, and Hopkins stands in as the client, playing the role of CEO, pushing the students to give their best effort. Key feedback from Hopkins at this stage includes the importance of distilling data into a succinct, effective message for the client. He also encourages students to slow down their rate of speech when speaking with the client and to take on the feedback they get in the course from their peers, professors and him.

“There is no set syllabus in this course, and we pivot as information evolves,” says Jacob Madonia from Naperville, Illinois. “This format was a big learning curve for me, but I have challenged myself to be flexible. I can see that I am more prepared than ever before through the real-world nature of the work in this class. I also have been introspective about my leadership and communication style. I have learned better teamwork in this class, too.”

For Lepisto and McIver, the goal is simple. “All of our clients have unique business issues. We solve those problems in a better way,” says Lepisto. 

And for the CEOs and students who benefit from the process, it’s not just a better way—it’s the best way.

Leadership and business strategy

Leadership and business strategy gives students a competitive advantage and accelerates their careers, no matter their major. LBS can be taken as minor or a co-major with another WMU degree program and trains students on the skills most desired by top companies—leadership, teamwork and strategic problem solving. Through unique consulting experiences with Sleeping Giant Capital’s portfolio companies, students grow personally and professionally in a community of hard-working, ambitious peers.

Sleeping Giant Capital

Sleeping Giant Capital is pioneering a place-based alternative to private equity—a model designed to preserve and grow the next generation of businesses in American communities. Focused on the generational transition of closely held businesses, the firm utilizes $150M in permanent capital, prepared leaders and place-based ownership to deliver market-rate financial returns while strengthening regional economies.

Dr. Doug Lepisto and Dr. Derrick McIver are WMU associate professors of management who co-founded Sleeping Giant Capital. They were recently named overall Newsmakers of the Year by Crain’s Grand Rapids Business for their leadership of the place-based investment firm. The pair took the top honor among 48 finalists in 16 industry categories and also won their category as Newsmakers of the Year in banking and finance. 

For more WMU news, arts and events, visit WMU News online.