A Bond Between Two Bills

Bill Walter, ’72 MBA, matriculated at the University of Minnesota “straight from the jungles of Vietnam.” Attending business school “changed my life,” he says.

It’s partly in gratitude, then, that Walter and Jodi Billy, the widow of his longtime friend and fellow business school graduate Bill Van Dyke, ’76 MBA, have made a major gift to the Connecting Carlson project. It’s a donation that comes from the heart, in a number of ways.

Van Dyke and Walter both served in the Vietnam War. Van Dyke was a lieutenant in the U.S. Army’s artillery division, while Walter served in the Navy’s Seabees. After earning their MBAs from what would later be named the Carlson School of Management, the men, whom friends often referred to as “the Bills,” built successful business careers. 

From 1996 to 2005, Van Dyke served as CEO of Donaldson Co., a manufacturer of industrial filters headquartered in Bloomington, Minnesota. Walter launched Heartland Realty Investors, a Minneapolis-based multifamily real estate business that now operates in 12 states. Over the years, the Bills also maintained their connection with the Carlson School. They spurred the creation of the Military Veterans Initiative by establishing a scholarship fund that provides up to 20 two-year veterans fellowships for each incoming MBA class.

Though Van Dyke died of cancer in 2014, the partnership between the Bills has continued. Billy—Van Dyke’s widow—and Walter have directed that their Connecting Carlson donation be used specifically for a new common space on the second floor that will honor and celebrate military and veteran students, as well as the donors who have supported them through the scholarships. It will include a wall identifying each student and the year they were awarded their degrees. “This is a really nice way to further recognize the sacrifice, dedication, and contribution of our armed services,” Billy says. 

Billy adds that she believes Connecting Carlson “could be a big attraction to the students as well as prospective students.” Making a more inviting space within the Carlson School building (which will be named for Marilyn Carlson Nelson, the driving force behind the structure’s redesign) could “improve the ability of the University to attract talent,” Billy says. 

Walter sees his gift to the Connecting Carlson project in part as a way to honor those who’ve served their country, particularly Van Dyke. “Everyone at the Carlson School welcomed me with open arms when I came back from Vietnam,” he says. “It was a lifesaver for me. I was trying to figure things out.” 

While serving as a volunteer leader for the Carlson School, he has encountered numerous military veterans—most of whom served in the Middle East—who’ve expressed similar sentiments. “I meet these people everywhere,” Walter says. “They come up to me and say, ‘This has changed my life. I was losing my family, I was going in horrible directions. But this [earning a Carlson School degree] gave me purpose.’” 

In this sense, Walter’s gift commemorates the bond with both the Carlson School and with his comrades in arms across the decades, including his late friend. “I’ve gained far more from giving than what I’ve received,” Walter says. “That’s what this is all about for me.”