\u201cI\u2019m naturally pretty risk-averse, so entrepreneurship wasn\u2019t something I was seriously considering,\u201d says Mercado. \u201cI was intimidated by the failure rates, and honestly, I didn\u2019t yet have the confidence in myself to take that kind of leap.\u201d<\/p>\n
Two years later \u2014 and just months from graduation \u2014 the EMBA Capstone course<\/a> would enhance how each thought about the complexities of a real-world business situation.<\/p>\n The course is designed as a simulation with students playing all sides of a business opportunity: whether it\u2019s a seller, a board member, head of product development, an investor, head of marketing or the CEO. As the culminating experience of the Kellogg EMBA journey, students draw on what they have learned across the program and from many years of real-world experience, and apply it to a complex, novel and realistic business challenge \u2014 independent from faculty instruction. After the EMBA Program, alumni careers are self-directed, and the course is designed to prepare students for future situations.<\/p>\n
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<\/p>\n Executive MBA Program<\/p>\n
<\/p>\n Split into groups, Mercado found herself on one side while Baeg was on the other.\u00a0<\/p>\n \u201cOur team had a conflict of interest and even though it was a simulation, I had genuine stress about the conflict and felt it went against my personal values,\u201d says Baeg. \u201cThe Capstone truly mimics real life. The negotiation, the relationships, the interactions between all parties. As a student, you also get a taste for how you might react in different situations. The Capstone really lets you practice the human element of deal making.\u201d<\/p>\n After completing the course, Mercado was considering acquiring a business but hadn\u2019t started the process of identifying, evaluating and pursuing the purchase of an existing privately held company \u2014 though the course provided a valuable inside look at business dynamics.<\/p>\n \u201cOne of the biggest things the Capstone taught me is that valuation isn\u2019t as simple as applying a multiple to EBITDA,\u201d says Mercado. \u201cIt depends on the growth levers a particular buyer can bring to the business, how much they can leverage, what other opportunities they have available and what they believe they can do with the company over time.\u201d<\/p>\n Mercado says she also learned how much emotional intelligence matters in a deal.\u00a0\u00a0<\/p>\n There\u2019s a real human element to acquisitions, and the highest offer doesn\u2019t automatically win. Understanding the motivations and perspectives of the seller can be just as important as the economics.\u201d<\/p>\n As the course neared its end, Mercado and Baeg each set out on their career journeys. Six months post-graduation they had a revelation.<\/p>\n \u201cWe realized that our skillsets were highly complementary,\u201d says Mercado. \u201cWe decided to join forces, and that ultimately led to the formation of Elytra Holdings.\u201d<\/p>\n
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<\/p>\n With backgrounds in strategic finance and product and technology operations, respectively, Baeg and Mercado are now nearly a year into an endeavor looking to acquire, operate, and grow SaaS or professional services businesses.\u00a0<\/p>\n \u201cMy Kellogg MBA changed the trajectory of my life,\u201d says Baeg. \u201cThrough the EMBA Program I\u2019ve met many friends, including my business partner. This support team has been so helpful and responsive during the process of trying to acquire a business, and as an alumna, we have had access to so many events and networking opportunities.\u201d<\/p>\n Elytra Holdings is named for the hardened coating that protects a butterfly\u2019s wings. As the company takes flight, Baeg credits Kellogg with creating space to migrate to new careers.<\/p>\n \u201cI can\u2019t remember how many times I\u2019ve said, \u201cRemember this happening during Capstone,\u201d says Baeg. \u201cWhile I had a strong grasp on the financial side of things and I had even done mergers and acquisitions work, it\u2019s very different pursuing entrepreneurship through acquisition<\/a>, especially when you are self-funded and it\u2019s your own money. \u201cThe Capstone helped us understand that process and I was able to take away key insights on how I might handle a deal on a personal level.\u201d\u00a0\u00a0<\/p>\n Mercado agrees. The EMBA Program created an environment for growth. \u201cAs I progressed through the program, my confidence grew alongside my business acumen, and I was exposed to a whole new set of possibilities for creating wealth and building a career beyond the traditional 9-to-5,\u201d she says. \u201cKellogg was truly life-changing and transformative.\u201d<\/p>\n \u00a0<\/p>\n
\n \u201cMy Kellogg MBA changed the trajectory of my life. Through the EMBA Program I\u2019ve met many friends, including my business partner. This support team has been so helpful and responsive during the process of trying to acquire a business, and as an alumna, we have had access to so many events and networking opportunities.\u201d
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\n Gina
\n Baeg ’25 MBA
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<\/p>\n![\"Gina](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/09\/kellogg-headshot-gina-baeg-528x440.jpg\")
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\n \u201cAs I progressed through the program, my confidence grew alongside my business acumen, and I was exposed to a whole new set of possibilities for creating wealth and building a career beyond the traditional 9-to-5.”
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\n Katrina
\n Mercado ’25 MBA
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<\/p>\n![\"Katrina](\"https:\/\/www.newsbeep.com\/nz\/wp-content\/uploads\/2026\/09\/kellogg-headshot-katrina-mercado-528x440.jpg\")
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