The Kentwood Crusaders were so close. Only one game stood between the girls team and advancement to the national high school rugby championship. “You’ve worked for this all year,” the coach barked. “You’re ready.” Softening her voice, she continued, “But no matter what happens on that field, I want you to remember one thing: ‘No reserves, no retreats, and no regrets.’”
Surrounded by her teammates, Jill Dempsey committed to leave it all on the field. While a penalty kick in overtime ended the Crusaders’ quest for the championship, she resolved to use her coach’s words as a maxim for life.
“I think about that experience daily and what it means for me,” she says. “I don’t want to live with regrets.”
And no one could accuse the former all-American of not living life to the fullest. Only four and a half years after earning her bachelor’s degree in management from the Marriott School, she’s successfully sold a business, landed a partnership at a private equity fund, and joined the board of a nonprofit school. Recently married and now Jill Dempsey Krishnamurthy, she’s a lover of international travel and a motorcycle enthusiast.
And although she doesn’t find enough time for cruising on her bike, Krishnamurthy makes a point of enjoying every ride.
Good Karma
Unlike many grads who struggle to land their dream job, Krishnamurthy nabbed the perfect position before graduating. She believes it was more than luck, though—it was karma.
Graduation was just weeks away when Krishnamurthy and a friend were chatting in the Tanner Building. Her friend casually asked, “If you could work anywhere after graduation, where would it be?”
“I’d love to work for Dolphin Capital,” Krishnamurthy replied without thinking.
At seven a.m. the next morning the phone rang. It was one of Dolphin Capital’s managing partners. In a serendipitous moment, he said his team had been thinking about it for some time and would love to offer Krishnamurthy a position.
“I was taken aback,” Krishnamurthy says. “But I’ve had many experiences when what you want to happen does. In those instances, you have to know it’s not a coincidence.”
Krishnamurthy became acquainted with the private equity firm based in Park City, Utah, during a finance class taught by one of Dolphin’s partners. Because she admired their entrepreneurial spirit, she accepted the job offer, without knowing where the company would take her.
“I’ve been really blessed to have people in my life who have been mentors for me,” Krishnamurthy explains. “They’re sort of like gutters in my life—keeping me in the frame of mind I need to be in and guiding me to the right experiences.”
Deal Flow
Dolphin was in its infancy when Krishnamurthy signed on. There were only a few partners, and the firm had just one acquisition, Winder Dairy. It wasn’t until the firm made another investment that the team decided to drastically flesh out its portfolio. Krishnamurthy helped develop a strategy, and the partners raised $50 million.
Since then the team has expanded its portfolio into eight companies. Its original investment has also transformed. It’s now Winder Farms, a mobile farmer’s market delivering organic food to more than 30,000 homes in Utah and Las Vegas.
While Dolphin has grown into a full-fledged private equity firm, the company has stuck with its small business roots. Unlike other firms where the partners spend all day building funds, Dolphin’s team stays closely tied to its portfolio companies
For example, Krishnamurthy spent much of 2009—nearly four days a week—on the marketing team of Dynamic Confections building momentum for the brand. The work paid off when a portion of the company was successfully sold to a New York confectioner at the end of the year.
“The work is varied and different every day,” Krishnamurthy says. “Sometimes it’s deal flow, and sometimes it’s heavy on the operational side, but it’s wearing all those hats that makes it fun.”
Continuing Education
One hat she has a particular fondness for is encouraging others, especially women, to pursue education and business careers.
Krishnamurthy currently sits on the board of Guadalupe Schools, a nonprofit organization that provides educational support to disadvantaged children and adults in Salt Lake City. And for the past year she’s worked to develop a private equity fund that would invest solely in women-run businesses. Krishnamurthy sees it as righting an inequality—half of all businesses are run by women, but those businesses receive only 2 to 3 percent of available funding.
As for how she feels about women in the workforce, Krishnamurthy says it’s a matter of doing what’s personally right.
“I don’t necessarily need to make the same decisions as everyone else,” Krishnamurthy says. “I’m happiest when I dream big.”
During her junior year of college, she faced the matter head-on. At twenty-one she could serve an LDS mission or continue her education and commit to a career in business. She completed the paperwork for a mission but still wondered if she’d made the right choice.
However, while attending a conference in Chicago, she received a clear impression—she needed to stay at BYU.
The next year brought amazing leadership opportunities her way: president of the Collegiate Entrepreneurs Organization, president of the Marriott School student body, and captain of the BYU rugby team. Krishnamurthy believes those opportunities were the answer to her prayers.
“There are times in life when you’re deciding between good and good,” Krishnamurthy says. “I’m sure it would have been good for me to go on a mission, but something else was in the plans.”
Business Instincts
Entrepreneurship, however, has always been part of the plan. In fact, Krishnamurthy displayed leadership and instinctive business skills early on.
When she was just seven years old, Krishnamurthy recognized the opportunity to start her own business. A conference was scheduled at American University near her home in Washington, D.C., and Krishnamurthy decided to open a concession stand.
The first day went well, but Krishnamurthy noticed that certain items sold better than others. In a move straight from Dolphin Capital’s playbook, she adjusted her business strategy and increased her profits the next day.
Another formative experience helped Krishnamurthy see the need for social entrepreneurship. While working on a church project, nine-year-old Krishnamurthy sponsored a food drive. The response from neighbors was remarkable, but things didn’t go so smoothly when Krishnamurthy called the food bank. It rejected the food, as did the next food bank and the next. In all, ten organizations turned the food down
Frustrated, Krishnamurthy called her aunt who lived downtown to see if she knew anyone who could use the provisions. Her aunt said there was a family in her neighborhood who had recently immigrated and might need some help.
“I still remember it very distinctly,” Krishnamurthy recalls. “There were six kids, the mom, and the dad. The shelves were completely bare.”
The experience changed her. She committed to always use her entrepreneurial talents to give back.
But years later when it came time to choose a major, Krishnamurthy wasn’t interested in management. She wanted to play rugby. She joined the BYU team and spent her first year passing the ball and taking general education classes.
When summer rolled around, she moved back to D.C. to find work. She quickly signed on at a local property management firm, although she knew nothing about the business. While watching the ins and outs of the management process, Krishnamurthy found her purpose.
“That summer was monumental,” Krishnamurthy says. “I knew I wanted to study business when I returned to school. It was like a calling.”
She immediately applied to the Marriott School and used her property management experience to start her own cleaning business. A year later she successfully sold the venture—not bad for a college junior.
The Love Boat
India has always fascinated Krishnamurthy. Her affinity for the culture led her to take an India guidebook as reading material on a family cruise. She didn’t know that book would change her life.
While toting the paperback through the ship’s cafeteria, she bumped into a young man who immediately noticed her book.
“You’re interested in India?” he asked. “That’s where I’m from.”
The pair started chatting and became fast friends. After the cruise they kept in touch via email and were reunited when Krishnamurthy took a dream trip to India. Her two-month-long foray into the world of spices and saris was life changing, but not just because of the cultural insights. “By the end of my trip, Senthil and I knew we wanted to be together,” Krishnamurthy smiles.
They embarked on an international courtship, bringing their relationship full circle when Senthil proposed on a cruise ship in 2009. The two were married in Salt Lake City last June and celebrated their union with an unusual reception: an Indian street fair, complete with imported food, traditional dancers, and a Taj Mahal photo booth.
“It was really special to see the blending of cultures and the total support from both families,” Krishnamurthy recalls.
The couple, who expect a baby boy in May, plans to split time between the United States and India. For Krishnamurthy, it’s easiest to relate her marriage to the world she’s always understood—business.
“I’ve dealt with mergers and acquisitions in business, but now I have a merger in my life—the merger of cultures and religion,” Krishnamurthy explains. “It’s not necessarily easy, but it’s about living life to the fullest and figuring out the best way to do it.”
No Reserves, No Retreats, No Regrets
It’s interesting to think about how Krishnamurthy’s life might have turned out had she not adopted her coach’s mantra years ago.
As it stands, her life has all the elements of a good rugby match: fierce determination to reach the goal and those inexplicable moments when destiny steps in to clench victory.
But for Krishnamurthy, success has never been about relying on fate.
“Opportunities always come with a purpose,” Krishnamurthy says. “There’s a lot of good you can do in your life, and particularly in your career, if you ask, ‘What doors are being opened?’”
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Article written by Megan Bingham
Photography by Bradley Slade
