Pivoting with Purpose feat. Will Eldridge '17

[00:00]Maya: Welcome to Owl Have You Know, a podcast from Rice Business. This episode is part of our Pivot Series, where guests share stories of transformation in their lives and careers.

[00:12]Brian: Welcome, everyone. I'm Brian Jackson, today's guest host on the Owl Have You Know Podcast. And I'm thrilled to interview Will Eldridge. I've gotten to know Will over the last three years serving on the Rice Business Alumni Association Board and now on the Executive Committee, as he's the current president-elect of the board.

Will, you're a twice Rice grad with degrees in engineering and accounting, then went on to get an MBA at Chicago Booth, and now you're making an impact at Bain & Co. My voice may not be ready for primetime, probably better suited for conference calls, but with a career path as fascinating as yours, Will, I've got to ask, do you have a favorite chapter in all these pivots, or are you still writing it?

[00:53]Will: Brian, it's great to be here. I'll say, for what it's worth, I think you definitely have the voice for podcasting. So, don't sell yourself short. As far as the pivoting goes, yeah, I would say my favorite pivot has been the original to the MAcc Program at the Jones School. Actually, I was a student in engineering and I actually applied to Ryerson Economics. They didn't have the business major that the Jones School currently has. But figuring out what I wanted to do was exploring the technical side of engineering. And while I really enjoyed it, did figure out I didn't want to be a practicing engineer. And through taking some accounting classes and meeting with Ben Lansford, who is the original and, to this day, program director of the MAcc, found my way into the world of accounting. And it was a great transition and really speaks to the program that Jones has brought back with the MAcc program, which is a pivot for almost everyone, right? Anyone from any background besides accounting can find their way to that next chapter. And I’m still riding the wave a little bit, as you say, but that was definitely the favorite one for me.

[02:00]Brian: That's great. So, tell me about Ben Lansford. You know, what type of impact did he have on you? Are there any memories from your time in the program that really stick out?

[02:08]Will: Yeah, of course. Ben is this amazing dad figure for a lot of us who found our way to the MAcc. I say that because he has these great dad jokes, but he also helps a lot of people find their way and is someone who has made accounting, which gets a bad rap in a lot of circles, you know, the favorite class that some people take. I've heard it from MBA students, that, you know, it's one of their best classes they've taken with him for MAcc students, that he's one of the best teachers they've had in his managerial accounting class.

And, you know, when they announced bringing this program back to Rice, there were no current or former students to speak to but Ben Lansford had been hired. And I got coffee with him, I remember, and started talking about the program, the opportunities. And it was just a great connection that I know he's made with a lot of the students going through the program. And he really helped me understand how I could marry my current background with a master's degree in accounting and make that transition, despite having not a lot of accounting experience yet and gave me that confidence to make the transition.

[03:02]Brian: Yeah. And I guess, when you're making a big change, the confidence is everything, right? And you did it having, you know, the experience and exposure from Rice. So, I guess, going back a little further, you know, why did you pick Rice for undergrad and then stick with it for the additional program through MAcc?

[03:18]Will: You know, it's, kind of, unfounded. At first, I grew up in the neighborhood, going to some Rice baseball games and wanted to go to Rice without really knowing why until I was looking at colleges and seeing it had the highest quality of life when I was applying, the happiest students. And it was an amazing academic institution with a lot of flexibility. People could change majors. You have the humanities, you have engineering, you have the social sciences. And that was very appealing to me as someone who was a little torn between the business and economics and more technical side on engineering.

As far as figuring out my path from engineering to the MAcc program, I, like a lot of people in their major, maybe you do an internship, maybe you learn a little bit more about the career path stemming from that and figure out it's not where you want to go as the next step in your career. And as one of those people, I started exploring other options besides civil and environmental engineering. Took a couple of accounting classes and realized I was decent at it and didn't hate it as much as most people.

So, it was actually a pretty good fit. And once I talked to Lansford about the opportunities in this program, started doing some research on working as a Big Four accountant, networking with those firms and applying for internships, I found myself on a path I was very excited about. And then, later on, in this community in Rice Business, beyond my four years as a Rice undergrad, that I was just so lucky to find and be a part of.

[05:00]Brian: So, you graduate, you have your master in accounting, and then you begin working at Deloitte. What was your experience like there? What were the main lessons?

[05:09]Will: Yeah. So, I absolutely love my time at Deloitte. I can't say enough great things about that firm and the company and the people there. And from day one, they tell you, you know, “Our product is the people that we have. We're a professional services company.” And when I joined the firm, I learned a ton. I mean, it was my first full-time job. I had an internship with them, but as anyone who has worked in public accounting will tell you, an internship in the summer compared to a full-time job in busy season, those are just worlds apart, which I don't advise people to do. Don't start in busy season if you're going down this path. But I started there, drinking from the fire hose, and just got up to speed very quickly on what it is we bring to our clients, how we work with them. I had a little bit the perception of, the auditor is here in a compliance role, and there's some tension with your clients. And really, you're there working together, trying to help them report things the proper way, get through any hurdles together.

You know, I want to find nothing. Ideally, you know, if everything's smooth sailing for you, it's smooth sailing for me. So, that was something I learned along the way. But just a phenomenal company, the learnings of working in audit and helping companies comply with regulations and document, their financials and their controls is just an amazing learning curve that you climb up and ramp up quickly.

[06:32]Brian: So, I was thinking, like, in terms of client management, you know, having worked in the trenches, right, you've joined conversations where folks think you're out to find the one missed numeric and decimal point that's been misplaced, how do you change that perception and really make it more of a symbiotic relationship?

[06:53]Will: It's a good question that we constantly fight as auditors or as a former auditor. The perception that we're the enemy is tough sometimes. People don't want the auditor knocking on the door. And I made a huge effort to befriend and get to know the clients that I was working with beyond, obviously, the financial reporting pieces I needed from them, which made them more willing to help me and understand. And then just align our incentives. Sometimes, they don't necessarily have the full picture that, “You legally have to be audited. But as far as that goes, I really want to help us get through this as smoothly as possible. And if we work together and you trust me, I'm happy to make this as little work for you as possible. You know, I will take on more of that burden.”

So, gaining their trust in that way and just making them understand that, “We're on the same side. We want this to be as little work as possible and as smooth as possible.” Obviously, we have rules and regulations we're following and have to follow areas. We have to dig deeper. But a lot of clients are very happy when they figure that out. And you said, “Oh, you know, the auditors, they're just doing their job and we're, kind of, on the same side.”

[08:04]Brian: That's great. So, you know, you're in this high-stress environment, you're working through the cycles of high and low, and you decide, “Okay, I want to go get my MBA.” What was the moment that triggered that? But then, you know, what was the goal? What were you trying to head towards?

[08:23]Will: You know, I don't remember a specific moment, but I will say I figured that I loved the client service aspect of the job I was in. I, at some point, figured out the accounting and financial reporting path wasn't what I wanted to do long term but I wanted to stay in client service. Did some exploring. I actually circled back to the Center for Career Development at Rice, reaching out to them to talk about different paths to explore and spoke to some other alums. Figured out I wanted to go into strategy consulting, so a bit more of results-oriented work, in some ways, but keeping that analysis piece that I had learned as an auditor when we're looking at trends. And with that, I figured out the best way to do that would be to go to business school to set myself up for that recruiting process and eventuality. So, I made a huge change from, you know, my dear swamp, that it's Houston that I love so much, to the coldest big city in the country, aside from Minneapolis. And as I went up to Chicago, I had a lot of concern from family and friends, because even among the people here in Houston, I am someone who likes it really hot.

[09:36]Brian: So, you did a two-year program in Chicago. And at the same time, you were serving on the Rice Business Alumni Association Board, correct?

[09:46]Will: That's right.

[09:47]Brian: You're on the Rice Business Alumni Association Board. Concurrently, you're serving as president of the Awty International School Alumni Board. Tell me about, kind of, what has driven you to volunteer and, in particular, you know, focusing on these alumni networks.

[10:02]Will: Yeah, it's funny. My dad is someone who's quite involved in volunteership and nonprofit board service. And he has served on the Awty Board of Trustees back in the day. He serves as the chairman for the French American Chamber of Commerce of Texas and the Humanities Advisory Board at Rice actually as well.

So, I had always seen him in some of these roles. And he had encouraged me to be open to these opportunities. And it's not something that I knew I wanted to do, but when I was approached from the head of advancement at Awty about joining their alumni board, you know, he really encouraged me to take that step and lean into it, hoping that it would be a great fit for me, based on what he knew about me, and he couldn't have been more right. And it's something that I love doing. I find it extremely rewarding to give back to these institutions that have invested in me and to bring people together who share something in a community, whether it's a direct connection of being in the school at the same time or having common career interests and finding that link later on. So, it's really just a way to get back that is very meaningful to me based on, you know, what these institutions and people who have come before me have invested in me.

[11:15]Brian: I think it's a great perspective and, like, giving back. And, you know, in a selfish way, too, there is, like, an added benefit to volunteering in these external organizations, right? Like, you learn how to be a leader, how to work across different industries and, you know, communicate with folks of all different class years and backgrounds. Like, that is a skill that we're able to, kind of, push. And we get to find out new strengths and new weaknesses and develop those. You know, having been on the board now for three years, being president-elect now, I'd be curious about, going into next year when your term starts in July, you know, what strength are you going to really leverage? And what do you hope to, maybe, expand on?

[11:58]Will: I would love to leverage the strength of mentorship. I care deeply about sharing my experiences with those who can benefit from learning about a chapter that's still yet to come for them that I have already been through. And that's something that I think we have amazing opportunities to get back the board and the CDO at Jones.

As far as expanding, maybe some more direct tools that we can assist students with, whether it be the Alumni in Residence Program that the CDO has, where we're connecting people to have conversations that can take a mentorship angle or a networking angle, or helping Rice Consulting rev on their new casebook and their networks that they form as a consulting group to help each other prepare for interviews. I think there are a lot of ways that we can get back there, and there's a huge willingness to get back in the community. So, all of that, with the overarching idea of making it easy for people to give back. And as long as it's easy for people to get back, I know that the Rice community is always there for the next wave of people coming through.

[13:09]Brian: That's such a great perspective. And I do think, like, all of what you're describing is wisdom, which is the compound interest of experience and you've gone through it. You've benefited from, you know, folks reaching out and these great conversations with alumni. So, I'd be curious, you know, in looking at consulting, when I think of it, all I think are the buzzwords. “Let's circle back. Let's pouch this. I'm over my skis.” I could probably think of 15 more. But, you know, what does your day-to-day look like? And, you know, if you had advice for someone thinking about pivoting into consulting, what would you recommend?

[13:46]Will: That's a good question, you know, the candid day-to-day, it's… the most consulting answer I could give you would be, it depends. But the days are long, usually, Monday through Thursday. Fridays are shorter. And usually, you have some other meetings and investments in extra 10, as we call them at Bain, affinity groups, fun at Bain, community service. And, you know, Monday through Thursday, you're often at the client site or at a different office co-locating with your team. There's a split of conversations with clients, turning materials, answer sessions throughout the day. And you generally start and end your day with a team huddle.

So, it's a very fast-paced way of working, where, twice a day, you're really giving an update on your work stream and your work product and revving immediately, you know, between the AM sync and the PM sync, and then the PM sync and some night work, and then the next day's AM sync.

So, advice on how to make the most of consulting, if you're going to pivot there, would be to work hard and be a sponge. The opportunities for learning are just abundant. You will learn at such a fast pace from the people around you and the words you get to do. And I think the process of having to turn materials and move things along and push forward on what is the driving answer on your different work streams really lends itself to this culture of learning and accelerated growth.

[15:23]Brian: That's great. So, you've been at Bain almost a year now.

[15:26]Will: That's right. It feels like longer, I will say it.

[15:30]Brian: So, in that time, and you could probably use high-level details, but what has been your most challenging project? And how have you navigated through it?

[15:40]Will: I think, at the beginning, I struggled with, on my first project, some ambiguity. Sometimes, you have a big task and it's hard to figure out at the beginning, how am I going to break this down and move this forward? And work plan for the next, you know, two or three weeks, what are all the parts of this work that have to happen? And looking to the future and coming up with an answer on what is going to happen, your hypothesis on what the core answer will be, or what needs to happen is really hard. And that's why companies hire us to come in and figure it out — because it's difficult. And it's one of the hardest parts of the job. And, you know, if it's something you've learned to, even if there's ambiguity and you don't know for certain, you gain some comfort with giving your best shot and coming up with a rationale to defend whatever it is you're putting forward. If my manager asks me, “Okay, but why, or why did you pick this or put this on the page,” anything that you've put forth, you need to have a way to back up and explain. And that rationalization skill and mindset has really helped me with the ambiguity, which is a challenging piece.

[16:52]Brian: So, you're often having to present these complex challenging, you know, issues and give a solution in a way that's incredibly clear, right? Beyond being clear in what you're saying, you've also got to have some credibility with them, right?

[17:09]Will: Mm-hmm.

[17:09]Brian: And I was just curious, like, what skills do you really draw upon to buy that credibility with your clients?

[17:16]Will: For one, approaching whatever you're presenting to them with a mindset of context reset, you're deep in the details, and it's hard to sometimes pull up and look at the work that you're presenting and remember the limited context that your client might have and how much else they have going on. So, there's definitely a level of empathizing that is really critical. And so, to put yourself in their shoes and think, you know, what are they coming at this from? What do they care about? What do they need to get out of this? And what is the one or two things they should take away from this conversation, is a good frame of mind to take. I took a leadership class at Booth where we talked specifically about empathizing and putting yourself in the shoes of those you work with. And we had some workshops in that class that have definitely helped me in the consulting role.

[18:09]Brian: That's great. So, Will, you're a native Houstonian, you grew up here, but you attended the Awty International School. Could you tell me a bit about the genesis of that?

[18:18]Will: Sure. You know, my maternal grandmother is from France and came over after the war. I would have to say hi to her on here, of course. I know she’s listening. Bonjour, Simone. Merci pour tout.

And it was really important to my mom that we preserve that French heritage. So, I had the good fortune of being enrolled in the Awty School's French program. And I don't think it was ever the plan for me to stay as long as I did. But, you know, found this amazingly rich international and francophone community there that, obviously, myself, my brother, we had a great time. And my family, as a whole, just really leaned in and loved that school and community. And I was lucky enough to take all my classes in French through middle school.

[19:02]Brian: Do you have your internal monologue in English, or is it in French?

[19:05]Will: You know, it's in English. And we spoke English at home, but I do dream in French, still, at decent amount. And certain math, I still do in French in my head, funny enough.

[19:20]Brian: So, when's the last time you were in Paris? I know we were talking a few days ago about the Rice campus there. Have you been?

[19:27]Will: You know, I haven't. And so, while the last time I was there was last winter, I think you and I need to go as soon as possible. Maybe next week we hop over to Paris. Yeah, I actually went on exchange to study at HEC in my second winter at Booth. So, I had a really nice time living in Paris and going to HEC for a few months, which I'd always wanted to do study abroad. Not something I managed to do as an undergrad. And, you know, second bite of the apple made it happen. I have yet to make it to the campus, but I have lived in the neighborhood it's in and walked by, actually, the block it's on. So, I am extremely eager to go and super proud of Rice for taking that step internationally for their presence in Paris. And can't wait to check it out with you sometime, man.

[20:13]Brian: Yeah, I know. We've got to plan an excursion. So, maybe, we can put a motion before the board.

[20:19]Will: Let's go. I will be our tour guide in the moraine. Show us around.

[20:23]Brian: You'll have to be my translator, too, because I am awful in any foreign language. It should be illegal for me to even drive.

[20:31]Will: No, no. [French 20:32].

[20:36]Brian: I have no idea what you said. Hopefully, it was nice. So, Will, I've been able to get to know you through the Rice Business Alumni Association Board. To me, the 19 members on there are, you know, fantastic. They're enthusiastic about Rice Business. They're excited about the future, and they're constantly trying to find ways to, you know, bolster the value of the school to the alumni community. I think you and I get to stand on the shoulders of some really great leaders, you know, Tracy, Tim, looking at David Holmes right now, who's the current president. From this experience and exposure and watching these other great people continue to contribute back to the school, you know, what's driving your commitment to stay on the board? And what excites you about the future of Rice Business?

[21:25]Will: Yeah. I mean, there's a lot to excite me about it. I will say my first original exposure to Rice Business and some of these people was when I was working at the Pub at Rice, at Willy's Pub in the basement across from the Jones School. And MBA Happy Hour, let me tell you, that's the best shift for anyone at the pub. And we were saying, these people who are tipping $2 on a $2 beer, they are making serious money. But it was funny. I actually did recognize several of the board members we've had the pleasure of working with from, serving them, and just chatting with them across the bar there.

In terms of joining the board and getting to work with these people, it's something I never knew that I was going to love so much and become such a part of my life. I was also extremely fortunate to have a mentor through all this and a close friend who's my dad. And my dad has served on many boards in his time. And it's something I always knew he did, but didn't really fully understand. But, you know, he's chaired the Humanities Advisory Board at Rice, the French-American Chamber of Commerce Board in Texas, and served on the Awty International School Board of Trustees back in the day, too. So, whenever I've been going through these steps, he was always someone I could turn to for advice and could help me figure out how to lean in a little deeper and encourage me to keep giving back even when I felt really stretched with work. And so, I've been extremely lucky.

It's been amazing to find this community of people who care so deeply and make it a priority in their lives to get back. And getting to see people excited about their passions, the way that our alumni board has carved out ways for people that didn't exist to get back in the ways that they're passionate about, has been really inspiring. And that's something that I want to keep doing and have taken with me to other alumni boards that I've worked with and, you know, gotten people to volunteer by encouraging them to recognize, “If you're passionate about something, we will help find a way for you to get back in that way.” And that's been one of my favorite things about the group of people we work with on the board.

[23:33]Brian: So, Will, you've finished business school. You made the pivot. And, you know, a lot of my classmates, even myself included, like, you go to business school to do a course correction. I would love just any advice you would offer for folks, you know, in the early stages, maybe about to apply and are thinking of this career two, three years away where they may end up going. What would you recommend?

[23:57]Will: I would say, keep your eyes on the prize right in front of you. Of course, do what you need to do to get to the one chapter out that you've come to business school to get to. But more broadly, if you can, look a little further. Try to think two chapters out. I think it's extremely valuable and something that pays off in the long run. So, if you're pivoting, you know, don't be afraid to think, “Well, not just where am I going now, but where might I want to be later?” You know, in my case, I've just started with Bain. And it's amazing. And I hope to ride it out. But something I've always thought of, given being from the energy capital of the world and half French, is, you know, the French energy ecosystem here. You know, it's something that I would like to tap into at some point. There are ample opportunities in Houston to work in that sphere. And that's something that I've thought of two steps out as well.

[24:54]Brian: That's great. And I have no doubt that you will be successful once you get there. So, I think we can take it to a different angle here. I've heard that you have a passion for crafting classic cocktails. I have yet to enjoy one of these classic cocktails. If you had to pick one that matched your personality, which would you choose, and why?

[25:16]Will: Well, you're definitely overdue. So, we'll grab one here shortly after this episode. My favorite cocktail is the Sazerac. And it is from Louisiana, New Orleans. It is a hybrid of, you know, American and French culture, just like myself, a little American rye whiskey and some French absinthe. And, you know, you throw a few back and you're going to have a good time, you know. And if you're spending a lot of time with me, we're going to have some fun. I promise that. So, big fan of the Sazerac, and I will make you one anytime.

[25:49]Brian: You've got a deal. I want to thank you, Will, for joining us on the Owl Have You Know Podcast and for letting me be your guest host. It's been such an honor and just a ton of fun. I think, you know, even working together for three years, there's always more that I learn about you where it's like, “This guy has got so many interesting parts to his background.” So, I appreciate you sharing and the advice you gave, and yeah.

[26:14]Will: Brian, thank you so much. It's been an honor and pleasure being here. Couldn't have asked for a better person to have this conversation with.

[26:20]Brian: I'm looking forward to that Sazerac.

[26:26]Maya: Thanks for listening. This has been Owl Have You Know, a production of Rice Business. You can find more information about our guests, hosts, and announcements on our website, business.rice.edu. Please subscribe and leave a rating wherever you find your favorite podcasts. We'd love to hear what you think. The hosts of Owl Have You Know are myself, Maya Pomroy, and Scott Gale.