Dordt finance team places 2nd nationally at elite business valuation competition

A four-student team from Dordt University’s Defender Capital Management program earned 2nd place nationally at the Georgia State University Business Valuation Competition, held November 15–16 in Atlanta.

The competition drew 34 universities from across the country, including major research institutions and nationally recognized business programs such as the University of Southern California, Emory University, the University of Maryland, Auburn University, and Rochester Institute of Technology, along with multiple teams from Notre Dame, Vanderbilt University, and Georgia State University.

Widely regarded as one of the most rigorous undergraduate finance competitions in the nation, the Business Valuation Challenge tasks teams with determining the market value of a real private company—a significantly more complex process than valuing a large public firm due to limited financial data and the absence of public market pricing. Students receive access to professional-grade valuation databases worth thousands of dollars and present their analysis to senior valuation professionals who serve as judges. Only five teams advance to the finals and present in person at Georgia State University's Buckhead campus.

This was Dordt’s first year participating.

After advancing to the final round, Dordt’s team ultimately secured 2nd place overall, outperforming several graduate-level master’s programs made up of Ivy-League undergraduates.

The team included Caleb Smit of Orange City, Iowa; Caden Koole of Windsor, Colorado; Sam Zylstra of Plymouth, Minnesota; and Nolan Karel of Grandville, Michigan—all double-majoring in accounting and business administration: finance.

Defender Capital Management is a student-run investment fund at Dordt University where senior analysts select and trade stocks listed on major indices (S&P 500, Dow Jones, Russell 1000) using rigorous research and decision-making procedures.

“It is extremely encouraging to know that my education at Dordt has prepared me in so many different ways,” says Karel. “It drove home the fact that a Christ-centered education in no way means sacrificing academic excellence or rigor—something that was evident throughout this competition.”

During the final round, the students delivered a 25-minute business valuation presentation followed by 15 minutes of technical questioning from a panel of valuation practitioners and investment professionals.

“What sets this group apart is their willingness to chase excellence when nobody’s watching,” says Dr. Jesse Veenstra, faculty advisor and assistant professor of finance. “They took ownership of the work, put in serious hours on their own, and built a confidence rooted in preparation. The technical skill was superb, but it was their maturity, character, and work ethic that made this result possible. What makes me proudest is how they carried themselves with humility, discipline, and a commitment to excellence, proving they can compete with any school in the country.”

In addition to the competition itself, students spent two days networking with peers from across the country as well as industry professionals, valuation specialists, and corporate recruiters—experience typically reserved for graduate cohorts.

Dordt was also the only institution from Iowa, Nebraska, or South Dakota to compete.

About Dordt University

As an institution of higher education committed to the Reformed Christian perspective, Dordt University equips students, faculty, alumni, and the broader community to work toward Christ-centered renewal in all aspects of contemporary life. Located in Sioux Center, Iowa, Dordt is a comprehensive university named to the best college lists by U.S. News and World Report, the Wall Street Journal, Times Higher Education, Forbes.com, Washington Monthly, and Princeton Review.