Jib A. Davidson, a Society of American Foresters Certified Forester (SAF) and the Florida Chair for the Southeastern Society of American Foresters (SESAF) will be attending the 2017 Timberland Investment Conference. Davidson will be representing the Florida Division, one of three Sate Divisions (Florida, Georgia and Alabama) that make up Southeastern Society of American Foresters. “This conference brings together timberland investors and foresters to share information to help achieve landowner objectives,” said Davidson. “The Florida SAF is solidly behind this conference, and I know that other members feel the same.”
Nine Forest Business students and one faculty member spent the first day of Thanksgiving break at ArborGen’ s SuperTree Nursery in Bellville, GA. ArborGen kindly hosted Langdale Center for Forest Business students for a comprehensive nursery tour on November 21st, 2016. Several students reached out to ArborGen in September with inquiries related to nursery operations and tree improvement. Upon discovering significant interest among students, ArborGen’ s Manager of Forest Planning and Analysis, Dr. Rafael De La Torre, offered to host the group for a nursery tour.
Dr. De La Torre, a UGA Alumnus, worked with his ArborGen colleagues to develop an agenda that exposed students to nursery and orchard operations, the fundamentals of the genetic improvement process and challenges related to producing more than 300 million seedlings for landowners across the globe. The Bellville nursery produces upwards of 40 million loblolly and slash pine seedlings each year in addition to a smaller hybrid poplar and sweet gum operation. Students acquired a greater understanding of the production process for open-pollinated, mass-controlled pollinated and varietal pine seedlings. ArborGen reforestation advisors, researchers and nursery managers graciously guided the group through each step of the process from pollination and cone collection to seedling lifting, packing and delivery. On behalf of UGA’ s Warnell School of Forestry and Natural Resources and The Langdale Center for Forest Business, we thank ArborGen for such a meaningful tour!
The Harley Langdale, Jr. Center for Forest Business welcomes Dr. Jon Caulfield as the newest addition to Warnell’s faculty. Caulfield joined Warnell in August of 2016 as the Hargreaves Distinguished Professor of Forest Finance, after 40 years in timberland investment, management and research. This tenure-tract, 35% teaching, 65% research appointment expands The Langdale Center’s nationally recognized program in forest finance. In addition to teaching courses in forest finance and economics, Professor Caulfield is developing a research program that will focus on forest finance and related topics.
Caulfield was previously Director of Research and Analysis for BTG Pactual (formerly RMK Timberland Group). He was responsible for research, analysis and distribution of forest products related economic and financial information to all areas of the timberland group.
Caulfield’s career began in 1976 when he worked as a management forester for the South African Department of Forestry. From 1984 to 1992 he was a faculty member at Auburn University School of Forestry, where he served as Assistant, then Associate Professor. From 1992 to 1996, Jon was Senior Forest Economist at Wachovia Timberland Investment Management, in Atlanta. From 1996 to 2000 he was Professor of Forest Finance at the University of Georgia Warnell School of Forest Resources, during which time he founded Timberland Fiduciary Research, a consulting firm. From 2000 to 2002 Caulfield was Vice President, Research and Investment Strategy for TimberVest, LLC. He holds Ph.D. (1984) and M.S. (1981) degrees in Forest Economics from North Carolina State University, and a B.S. (1975) in Forest Management from the State University of New York College of Environmental Science and Forestry. Jon is author or co-author of over 100 articles, book chapters, and proceedings papers on forest finance and management. Caulfield is a long-time member of The Society of American Foresters.
The addition of Dr. Caulfield to the Warnell Faculty allows the Langdale Center for Forest Business to continue to provide outstanding forest business educational program focusing on the economic and financial aspects of the resources, markets, businesses, and policies associated with managed forests.
On Friday, September 30th Weyerhaeuser hosted its eight annual golf tournament to benefit University of Georgia’s Langdale Center for Forest Business (LCFB). Sixty-five degrees and sunny made for a fun day at The Georgia Club for all 144 players from the forestry industry. On behalf of the LCFB, we thank the twenty corporate sponsors, in particular the Tournament Host, Weyerhaeuser, as well as three Tournament Sponsors – Jones Lang LaSalle, Drax Biomass and WestRock. The event raised $83,890 for the LCFB to support graduate student assistantships, and travel.
A Thursday evening dinner at Flinchum’s Phoenix Banquet Hall in UGA’s Whitehall Forest kicked off the event. More than 90 industry professionals, Center for Forest Business Faculty and graduate students attended the Thursday evening cocktail hour and low-country boil. Weyerhaeuser employees and UGA graduate students volunteered Friday to facilitate a fun day for each of the 36 teams on the course. To conclude the two-day event, Weyerhaeuser hosted all forest business graduate students for dinner Friday evening to network, discuss career paths and express support for the industry-relevant curriculum and exposure the LCFB offers its students.
A sincere thanks to our sponsors, volunteers and participants!
The Langdale Center for Forest Business (LCFB) sponsored six forest business graduate students to attend the Who Will Own the Forest Conference (WWOTF) in the Pacific Northwest. The WWOTF, organized by the World Forestry Center, takes place in Portland, Oregon each Fall. The conference is one of the primary timberland investment conferences attended by 400+/- industry professionals each year. The two and a half-day event covers various topics on the maturing and evolving asset, and examines the issues that will affect the demand for commercial timber, diversified values from forestland, and maximize returns to investors.
The LCFB offers sincere thanks to Outdoor Underwriters as well as Campbell Global for their support of these students in attending the WWOTF this year. The opportunity to attend conferences like WWOTF coupled with coursework focusing on core business and forest management provides exceptional exposure to and preparation for the many career paths available to our students. The LCFB is committed to providing relevant industry exposure such as attending WWOTF to its graduates as they approach graduation and enter the job market.
Left to right: Jack Durgin, Will Ficklen, John Mulloy, John Miller, Andrew Carey, Ty Gillespie.
PhD Fellowship Announcement
Fellowship: Three Ph.D. fellowships are available starting no later than Fall 2017 at Warnell School of Forestry & Natural Resources, University of Georgia. Research will concentrate on forest economics, management, and planning. Applicants must be U.S. citizens or native residents of U.S. territories. Underrepresented minorities and first generation college students are strongly encouraged to apply. Students will be responsible for organizing and analyzing data, preparing technical reports, presenting research findings at professional conferences, and drafting peer-reviewed publications. Students also will serve as teaching assistants for related classes at Warnell School and/or Terry College of Business. General information about these fellowships can be found at http://warnell.forestry.uga.edu/nnf/.
Stipend: This Ph.D. research assistantship includes a stipend of approximately $24,500/year for up to three years and a tuition waiver. Student will pay miscellaneous fees (about $1,117/semester) to the University.
Application: Please contact Drs. Mei, Bettinger, and Siry regarding these assistantship opportunities. To apply, we need your personal statement, CV, copies of academic transcripts, GRE scores, and three letters of reference. Details of the graduate program at the Warnell School including the application process and requirements can be found at http://warnell.uga.edu/grad/index.php.
Qualification: Passion for forest economics, management, and planning. Bachelor’s degree in economics or forestry is preferred. Master’s of Science degree is recommended. Quantitative skills are strongly desired. Student must be able to work as part of a team and be willing to collaborate with others at the Harley Langdale Jr. Center for Forest Business.
|Richard Bin Mei||Pete Bettinger||Jacek Siry|
|Forest finance & economics||Forest management & planning||Forest economics & management|
|(706) 542 5448||(706) 542 1187||(706) 542 3060|
University of Georgia: The University of Georgia (www.uga.edu) is a land grant/sea grant institution comprised of 17 schools and colleges founded in 1785. It has ~35,000 undergraduate, graduate, and professional students.
Daniel B. Warnell School of Forestry and Natural Resources: The Warnell School (www.warnell.uga.edu) is a professional school with 54 faculty, 200 undergraduates, and 174 graduate students, founded in 1905. The School offers Bachelor of Science, Master of Forest Resources, Master of Natural Resources, Master of Science, and Doctor of Philosophy degrees. Majors in the School include forestry, fisheries and wildlife, natural resources recreation and tourism, and water and soil resources. The School has a 740-acre forest less than 10 minutes from campus and 23,000 acres of forestland across the state for teaching and research.
Harley Langdale Jr. Center for Forest Business: The Center (www.ugacfb.com), housed in the Warnell School, was established in 1997 to integrate the business aspects of forest production and processing with the biological and ecological expectations of sustainable production. The Center provides timely, relevant education, research and service programs to business and industry leaders, forest landowners, and students. Its mission is to provide national leadership in education, research and service to forest industry and private landowners in these areas: the integration of sound forest business principles and practices with contemporary biological and quantitative methods to achieve sustainable forest production; the investigation of forest resources and forest industry alternatives that are economically competitive in the global marketplace; and the proposal of market-based solutions to forest resource problems and opportunities.
Download PDF: Warnell GRA announcement NNF – 2016
May 2016 Graduates: Seven Langdale Center for Forest Business (LCFB) students graduated in May of 2016. Five students graduated with a Master of Forest Resources (MFR) from the Warnell School of Forestry and Natural Resources. One student graduated with both an MFR and a Master of Business Administration from the Terry College of Business. One student graduated with a Master of Science in Forest Economics. These students have begun or will soon begin working for the following firms:
Company, Position, Location
Forest Investment Associates, Acquisitions Analyst, Atlanta, GA
ForestTech International, LLC, Forest Analyst, Watkinsville, GA
International Paper , Procurement, Savannah, GA
Klausner Lumber, LLC, Procurement/Projects, Live Oak, FL
US Trust, Specialty Asset Manager-Timberland, Atlanta, GA
Weyerhaeuser, Silviculture Forester, Gainesville, FL
Returning Students: Students returning for classes in the fall will be busy this summer with the following opportunities:
Company, Position, Location
Campbell Global, Forest Business Analyst Intern, Portland, OR
Campbell Global, Summer Analyst, Portland, OR
Canfor, Summer Analyst, Mobile, AL
Executive Money Managers, Operations & Compliance Officer, Marietta, GA
Forest Investment Associates, Summer Analyst, Atlanta, GA
Georgia Pacific, Procurement Intern, Madison, GA
MetLife Timberland Finance Group, Summer Analyst, Memphis, TN
Molpus Woodlands Group, Summer Analyst, Jackson, MS
Rayonier, Timber Marking, Yulee, FL
Southern Timber Solutions, Intern, Athens, GA
TimberMart-South, Research Assistant, Athens, GA
UGA, Research, Athens, GA
Westervelt, Wildlife and Consulting Intern, Statesboro, GA
Weyerhaeuser, Harvest Planning Intern, Brunswick, GA
Winfield Conservation Services , Conservation Easement Intern, Athens, GA
While pursing a graduate degree through the Langdale Center for Forest Business at UGA’s Warnell School of Forestry and Natural Resources, students are strongly encouraged to seek industry experience each summer. These real world experiences enrich classroom discussions, help students cultivate specific interests and provide opportunities to explore new career paths. Best of luck to our students this summer!
Six Langdale Center for Forest Business (LCFB) Students competed against Masters of Accounting and MBA Candidates in the annual ACG Cup in Atlanta, GA, April 1, 2016. The ACG Cup is a valuation competition sponsored by the Atlanta Chapter of the Association for Corporate Growth.
Leading Up to the Competition & ACG Cup Details
Students competing in this competition have taken a valuation course in the Terry College of Business at UGA. This course focuses on valuing entire business enterprises and estimating corporate value via the comparable companies approach, precedent transactions approach, discounted cash flow (DCF) approach, and leveraged buy-out (LBO) approach. The course also covers related topics including mergers and acquisitions, and financial distress.
Emory’s Goizueta Business School and Georgia Tech’s Scheller College of Business provide similar coursework for their competing students prior to the competition. The winning teams from Terry, Goizueta and Scheller will compete against each other in the final round of the ACG Cup on April 15, 2016 in Atlanta.
Each team receives mock business and financial profile information for a target company facing a strategic acquisition, disposition or IPO as well as business and financial profiles for a number of comparable companies in the same sector. With this information each group creates a financial model to valuate the target corporation as well as any alternative investment opportunities available to the target firm. Each group develops and delivers a recommendation in the form of a twenty-minute presentation to judges who serve as the mock board of directors of the target firm. Judges include a number of professionals from the finance sector.
The group made up exclusively of forest business students tied for second place against other UGA teams on April 1st. A Terry MBA group won round one on April 1st and will be moving on to compete against Goizueta and Scheller teams on April 15th.
Unique Opportunity for Forestry Students
Where else might a Masters of Forest Resources Candidate have the opportunity to take such coursework and be involved in a competition like the ACG Cup? This experience highlights the unique opportunities available to graduate students pursuing a degree through the Harley Langdale, Jr. Center for Forest Business and Warnell School of Forestry and Natural Resources at UGA. The unparalleled exposure to business coursework at the MBA-level through the Terry College of Business enables LCFB students to develop the necessary skills for positions of leadership in forest operations management, timberland investing, or education in the private or public sector. Go Dawgs!
Eight Masters of Forest Resources candidates joined the Center for Forest Business community this semester. This group will enrich the Center for Forest Business experience as it is made up of individuals with varying geographic and professional backgrounds. The group includes:
- Chase Bettis: 2015 BS in Forest Resources from UGA; experience with Rayonier in Georgia
- Andrew Carey: 2013 BA in Natural Resources from The University of the South; experience with Green Crow in the Pacific Northwest US
- Bradley Coley: 2015 BS in Forest Resources from UGA; experience with The Westervelt Company in Alabama
- Blake Hendley: 2015 BS in Forest Resources, Wildlife from UGA; experience with UGA Captive Deer Facility
- Margaret Hubbard: 1974 Bachelor of Business Administration from UGA; 1979 Masters of Decisions Science Georgia State University; CPA, Registered Investment Advisor & Timberland Owner
- John Miller: 2009 BS in Finance from Pennsylvania State University; 5 years experience in finance sector
- Ben Slui: 2014 Bachelor of Forest Science from The University of Canterbury, New Zealand native, experience with Rayonier in New Zealand
- Samuel Turner: 2015 BS in Real Estate Finance from The University of Alabama, experience with The Westervelt Company in Alabama
Contact and profile information for each of these students as well as all other students in the Center for Forest Business can be found here.
Hargreaves Distinguished Professor of Forest Finance
POSITION AND RESPONSIBILITIES: This is a 9-month (0.75-EFT), tenure-track, 35% teaching, 65% research appointment offered at the rank of Professor. This position reports directly to the Dean of the Warnell School of Forestry and Natural Resources (Warnell School) and is located in Athens, GA. The successful candidate will be expected work with faculty in the Harley Langdale Jr. Center for Forest Business to continue and expand a nationally recognized program in forest finance (www.ugacfb.com). He/she will develop an active and extramurally funded research program that will focus on forest finance and related topics. Individuals with experience in forestland investment management are especially encouraged to apply. The successful candidate will also be expected to provide quality instruction for a range of classes to help maintain the accreditation of the undergraduate (BSFR) forestry major and the Master of Forest Resources (MFR) degrees by the Society of American Foresters. Specifically, the incumbent will serve as the primary instructor for graduate courses in forest finance and will collaborate as needed with Langdale Center faculty in teaching other forest business courses. Teaching assignments may include courses in the Terry College of Business. The successful candidate is expected to advise/mentor undergraduate and graduate students, direct and serve on graduate student committees, serve on School/University committees, actively participate in professional/scientific societies, and constructively interact with forestry industry, NGOs and trade associations.
QUALIFICATIONS: Applicants must have a Ph.D. degree in forest finance, forest economics, finance, or in other closely related disciplines. One forestry degree from an SAF accredited forestry program, or of similar quality, is required. Evidence of exceptionally strong teaching, research, and service to merit appointment at the rank of professor. Evidence of successful instruction and research productivity with the potential to attract external funding is required. Significant private sector forest industry and academic experience is highly desirable. The successful candidate is expected to collaborate with other faculty and with external constituents in forest industry and trade associations. The candidate must also demonstrate an ability and willingness to successfully mentor undergraduate and graduate students.
THE STATE & UNIVERSITY: Georgia is well known for its quality of life, both in terms of outdoor and urban activities. The University of Georgia (www.uga.edu) is a land/sea grant institution comprised of 16 schools and colleges that is located <90 miles from Atlanta. Enrollment is about 35,000 undergraduate, graduate, and professional students. The Warnell School is a professional school with 57 faculty, 350 undergraduates, and 190 graduate students (www.warnell.uga.edu). The School offers Bachelor of Science in Forest Resources, Master of Forest Resources, Master of Natural Resources, Master of Science, and Doctor of Philosophy degrees in the areas of Forestry, Fisheries and Wildlife, Natural Resource Recreation and Tourism, and Water and Soil Resources. The School has a 740 acre (300 hectare) forest <10 minutes from campus and 23,000 acres (9,200 hectares) of forestland across the state for teaching and research. Georgia has a large and globally competitive forest products industry that contributes nearly $30 billion annually to the state’s economy.
APPLICATION: To ensure full consideration, candidates must submit a single PDF file including a cover letter, curriculum vitae, statements of teaching philosophy and research interests, unofficial transcripts of all college-level work, and contact information for three references by March 1, 2016. Individuals selected for our short list will be required to submit official college transcripts and three letters of reference. University policy requires all candidates to consent to a background investigation (www.hr.uga.edu). Finalists will be required to provide a signed consent form authorizing the University to conduct a background check. The background investigation will be conducted on a post offer/pre-employment basis. The starting date is negotiable, but August 5, 2016 is preferred. Send applications electronically as a single PDF file to: Mr. Robert L. Izlar, Chair, Hargreaves Professor Search Committee, Warnell School of Forestry and Natural Resources, University of Georgia, Athens, GA 30602-2152 (email@example.com).
The University of Georgia is an Equal Opportunity/Affirmative Action employer. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability, gender identity, sexual orientation, or protected veteran status.
Download PDF: 2016_Hargreaves_Finance