1. Sheldon B. Lubar
School of Business
Yong-Cheol Kim, Ph.D.
Associate Professor
Finance
Lubar Hall S430D
P.O. Box 742
Milwaukee, WI
53201-0742
414 229-4997 office
ykim@uwm.edu
January 9, 2017
Mr. Vander Woude was one of the brightest students in my venture finance class in the fall semester
2016. Tim is ready for the class, i.e. he already reviewed class materials before the class, and he has questions
ready when the class materials are not clear. He fully utilizes the class, and when he still has questions, we go over
after the class until he understands it fully. He is the only person who earned “A” in the class of 25, and his “A” is
far above from the next person who received “A-”. Tim has finished and completed more than assigned works, by
working on suggested problems voluntarily. He has inquisitive mind and asked very good questions and
participated actively in the class. Actually, I would like have him to be in all my classes. I have no doubt that he will
be one of top 5% students once he is accepted to your program. On personal characteristics and traits, Tim will be
one of the most amiable person as well. He had asked me to write this recommendation, and I am glad to
recommend him, as he is one of very intelligent, likable and smart students in my teaching career of more than 30
years. I would rate him at top one percent in maturity, intelligence, team work, creativity and other relevant
factors.
My venture class discusses incentives and cash flows among three parties participating in the venture
business – entrepreneurs, venture capitalists and limited partners. The first half of the class focuses on incentives
and conflicts of interest among three parties and involves mostly verbal and concept discussions. Mr. Vander
Woude has no trouble in understanding the concepts and detailed nuances of aligning the interests of the three
parties. The second part of the course devotes on financing side of portfolio companies, and it involves graphical
and mathematical analysis of the LP valuation. In both segments of the course, he excelled other students and
more so in the second part of the course which involves security valuation and investment decisions. One thing I
like him to do is voluntary extra works. I suggested students to do research on real world cases involving venture
businesses, and he did not take that opportunity.
Tim’s background and experiences together with his diligent work ethics are the drivers in finishing his
study in the Lubar School of business successfully. I also learned that he participated in the finance project
competition and has done well with his team members that shows that he has leadership and organization skills
and is a good team worker. I strongly recommend Mr. Vander Woude, as one of most promising applicants to your
organization. I would rate him at the top one percent in the applicant pool.