2017: Walter Carlson, M.D.

If any University of Sioux Falls business graduate students wondered who "that guy" was in their 2011 MBA courses, their wonderings were reasonable. They undoubtedly never expected to sit next to a 60-year-old orthopedic surgeon while pursuing their graduate degrees, and they certainly did not anticipate Dr. Walter Carlson having the time to dedicate to his studies in order to end up top of their class..For that surprise and subsequent knock down the class rankings, they can thank First Dakota National Bank President Larry Ness for inviting Carlson to join his board of directors. After one meeting at the Yankton, S.D.-based bank, Carlson declared he was not properly prepared for the job.."I've been so used to having good education and continuing education over my career that for me to be comfortable taking on the fiduciary responsibilities of a bank, I think I needed to understand their vocabulary and their language in terms of organizational culture and business finance," Carlson said. "I'm not an accountant, but I can now better read the various income statements and balance sheets. They're not all Greek.".If they were Greek, rest assured Carlson would become fluent. It is that approach — so thorough it is different — that led Ness to approach Carlson about joining his board.."I have lots of doctors who are friends, but I wouldn't want any of them on a board," Ness said. "This guy thinks differently… I served with him on a couple of things, and I thought, this guy is thinking. He's not just listening to what the executive of this organization happens to tell us. I value that a lot. I value different thought processes.".Those different thought processes led Carlson to think it was a good idea to agree to meetings in Yankton despite his surgical practice being headquartered more than an hour away in Sioux Falls. They led him to earn that MBA, and they bring him to still more bank director education..Carlson has completed both levels of Southern Methodist University's Graduate School of Banking workshops for bank directors. Ness once attended a directors' seminar alongside the surgeon. The reactions he saw throughout the room may not have rivaled those of Carlson's business school classmates, but they were of the same tone.."Most of these directors are there because they have a tee time at 2:00," Ness said. "Walt says, okay, but what about this? He is really interested in what directors should be looking for and thinking about.."I know some of those guys at some of those meetings; when Walt started asking questions, they were looking at their watches. But they were not dumb questions. They were to the point.".Those questions began at Carlson's kitchen table, but his wife did not allow her husband to take the shortcut of relying on her. After reading his first board meeting packet and attending the meeting, he returned home as shocked as a spinal surgeon can be.."I said to my wife, who happens to have an MBA, 'I don't think I understood a single thing they said,'" Carlson said. "She said, 'Well, you got yourself into this, you better get yourself out of it.'".Carlson immediately signed up for the pre-requisites necessary for his master's in business administration, and now that degree infiltrates his practice almost as often as his medical license does. Oftentimes, he feels the knowledge bases run parallel.."Every day I see people. We don't call them customers, we call them patients," he said. "We're there to help, advise and direct them if we can as to what is good for their health.."I've noticed with banks their patients are their customers.".Walking the halls of his surgical practice, Carlson tries to add to that customer base.."I've helped some of my younger partners with financial encounters with our bank and other financial questions that they have," he said. "Many times, as young practitioners who have very little financial experience, they need to gain good advice and understand the importance of a banking relationship.".Ness referred to Walt's advocacy for First Dakota National Bank in a bit simpler terms: "The gospel according to Walt.".If Carlson hears that, he just might go get a license as a minister.