The Richmond MBA and Interbake Foods LLC

When Lake Wagner, GB’15, signed up for The Richmond MBA Mentoring Program, he hoped his mentor would share a background in the food industry. Wagner’s family owns and operates Dutt & Wagner of Virginia, Inc., the largest egg producer in the state, and he had gained several years of work experience in the egg industry before enrolling in graduate school. He shared, “I wanted to expand my knowledge and network within the industry, so I was paired with Selena Sanderson, W’90, executive vice president of Interbake Foods LLC.”

Richmond-based Interbake is the most experienced baker of Girl Scout cookies in the United States and the official licensed baker of Mrs. Fields prepackaged cookies sold across North America. The company makes a variety of cookie and cracker products for other customers as well.

Sanderson shared, “In the past two years after developing a great mentoring relationship with Lake, I became his client as well when we developed a Capstone Project that aligned his interest in marketing with his prior industry experience in a way that could be applied to Interbake. The project allowed Lake to utilize the marketing, finance and strategy knowledge he’s acquired through The Richmond MBA to recommend the growth of a new product line in a new channel for our company.  It was a win-win project.”

Wagner conducted research in consumer attitudes toward Interbake products, “purchasing trends and health trends in order to determine the competitive landscape as well as opportunities for expansion into new markets.”

Sanderson explained, “The objective was to build a strategic framework for us to expand into a new channel. The project included data gathering and analysis, developing a segmentation, targeting and positioning for a new product line as well as producing guidelines for implementation. Lake did a great job taking a lot of information and constructing a clear, creative and concise recommendation. We’ll be implementing some of Lake’s recommendations, and the project has also served to foster dialogue within our team for exploring new ways to grow our business.”

Harold Babb, professor of marketing, was chosen to be Wagner’s Capstone Project advisor due to his experience in strategic marketing. He explained, “Lake conducted extensive research to determine the market opportunities and financial feasibility for a new market entrance. Throughout the project, he was very responsive to direction and attentive to the importance of establishing a strong relationship with Interbake while managing the project expectations. As a result of his efforts, the project was very successful, and the entire process flowed smoothly. It was a pleasure to work with Lake.”

Wagner shared, “Most of our projects are group projects, and in that environment, we’re always able to develop and question ideas as a group. Working on the Capstone Project, I was grateful to be able to talk with Dr. Babb about my thoughts and to have him find the areas where I could improve my work. He was really available anytime I needed his guidance, and I thank him for that.”

Sanderson looked back on the Capstone Project. “Lake is a very self-directed, thoughtful and driven person. He was very good about staying on track to scope and seeking guidance and clarification during the project timeline. He’s grown considerably in the two years that I have worked with him, and I know he will be extremely successful in whatever he does.”

Wagner concluded, “I’ve always looked for challenges and greater opportunities in my career and life. One day, I hope to start my own food and beverage production and distribution company, and the education I’ve gained through The Richmond MBA will set me on the right path.”